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Form 8-K AMERICAN WOODMARK CORP For: Feb 26

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February 26, 2015 8:27 AM EST

 
 
 
 
 
 
 
 
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported):
February 26, 2015
 
 
American Woodmark Corporation
(Exact name of registrant as specified in its charter)
 
 
Virginia
 
000-14798
 
54-1138147
(State or other jurisdiction
 
(Commission
 
(IRS Employer
of incorporation)
 
File Number)
 
Identification No.)
 
3102 Shawnee Drive, Winchester, Virginia
 
22601
(Address of principal executive offices)
 
(Zip Code)
 
Registrant’s telephone number, including area code:
(540) 665-9100
 
Not applicable
(Former name or former address, if changed since last report)
 
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))



American Woodmark Corporation


ITEM 2.02    RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On February 26, 2015, the Registrant issued a press release announcing results for its third quarter of fiscal year 2015 ended January 31, 2015. The press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.

ITEM 9.01    FINANCIAL STATEMENTS AND EXHIBITS

(d)    Exhibits

Exhibit 99.1    Registrant’s Press Release dated February 26, 2015.




SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


AMERICAN WOODMARK CORPORATION
(Registrant)



 
 
/s/ M. SCOTT CULBRETH
 
/s/ KENT B. GUICHARD
 
 
 
M. Scott Culbreth
 
Kent B. Guichard
Senior Vice President and Chief Financial Officer
 
Chairman & Chief Executive Officer
 
 
 
Date: February 26, 2015
 
Date: February 26, 2015
Signing on behalf of the registrant and as principal financial officer
 
Signing on behalf of the registrant and as principal executive officer
 
 
 




Exhibit 99.1

 
 
 
P. O. Box 1980
 
Winchester, VA 22604-8090

 



Contact:
Glenn Eanes
Vice President and Treasurer
540-665-9100




AMERICAN WOODMARK CORPORATION
ANNOUNCES THIRD QUARTER RESULTS

WINCHESTER, Virginia (February 26, 2015) -- American Woodmark Corporation (NASDAQ: AMWD) today announced results for its third fiscal quarter ended January 31, 2015.

Net sales for the third fiscal quarter increased 12% to $189.0 million compared with the same quarter of the prior fiscal year. Net sales for the first nine months of the current fiscal year increased 15% to $618.6 million from the comparable period of the prior fiscal year. The Company experienced growth in both the remodeling and new construction channels during the third quarter of fiscal year 2015, with new construction growth exceeding 15%.

Net income was $7.3 million ($0.45 per diluted share) for the third quarter of the current fiscal year compared with $2.9 million ($0.18 per diluted share) for the third quarter of the prior fiscal year. Exclusive of one-time tax credits, the Company generated $7.1 million ($0.44 per diluted share) of net income for the third quarter of the current fiscal year compared with $2.9 million ($0.18 per diluted share) for the same period of the prior fiscal year.

Net income for the first nine months of fiscal year 2015 was $24.2 million ($1.52 per diluted share) compared with $14.8 million ($0.95 per diluted share) for the same period of the prior fiscal year. Exclusive of one-time tax credits, the Company generated $23.0 million ($1.44 per diluted share) of net income for the first nine months of the current fiscal year compared with $14.8 million ($0.95 per diluted share) for the same period of the prior fiscal year.

Gross profit for the third quarter of the current fiscal year was 18.6% of net sales compared with 15.4% in the same quarter of the prior year. Gross profit for the first nine months of the current fiscal year was 17.7% of net sales compared with 17.1% for the same period in the prior year. Gross profit in the current quarter was favorably impacted by higher sales volume and improved operating efficiency. Gross profit for the first nine months of the current fiscal year was favorably impacted by higher sales volume and improved operating efficiency that was partially offset by material inflation and costs associated with crewing and infrastructure to support higher levels of sales and installation activity.

Selling, general and administrative costs for the third quarter of fiscal year 2015 were 12.8% of net sales compared with 12.4% in the same quarter of the prior year. Selling, general and administrative costs for the first nine months of the current fiscal year were 11.7% of net sales compared with 12.5% for the same period in the prior year. The increase in the Company’s operating expense ratio in the current quarter was driven by higher performance based compensation costs. The improvement in the Company’s operating expense ratio for the nine-month period was driven by favorable leverage from increased sales and on-going expense control.
  
The Company generated net cash from operating activities of $36.0 million during the first nine months of fiscal year 2015 compared with $23.5 million during the same period in the prior year. The improvement in the Company’s cash from operating activities was driven primarily by higher operating profitability and lower increases in customer receivables, which was partially offset by increases in inventory levels to support higher sales. Net cash used by investing activities was $43.5 million during the

- MORE -

AMWD Announces Third Quarter Results
Page 2
February 26, 2015



first nine months of the current fiscal year compared with $8.3 million during the same period of the prior year due primarily to a $29.5 million investment in short-term certificates of deposit and increased investment in property, plant and equipment. Net cash provided by financing activities decreased $9.5 million during the first nine months of the current fiscal year compared to the same period in the prior year, as the Company repurchased 163,326 shares of common stock at a cost of $5.1 million and proceeds from the exercise of stock options decreased $4.4 million.

American Woodmark Corporation manufactures and distributes kitchen cabinets and vanities for the remodeling and new home construction markets. Its products are sold on a national basis directly to home centers, major builders and through a network of independent distributors. The Company presently operates nine manufacturing facilities and seven service centers across the country.

Safe harbor statement under the Private Securities Litigation Reform Act of 1995: All forward‑looking statements made by the Company involve material risks and uncertainties and are subject to change based on factors that may be beyond the Company's control. Accordingly, the Company's future performance and financial results may differ materially from those expressed or implied in any such forward-looking statements. Such factors include, but are not limited to, those described in the Company's filings with the Securities and Exchange Commission and the Annual Report to Shareholders. The Company does not undertake to publicly update or revise its forward looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized.






- MORE -

AMWD Announces Third Quarter Results
Page 3
February 26, 2015



AMERICAN WOODMARK CORPORATION










Unaudited Financial Highlights










(in thousands, except share data)










Operating Results













Three Months Ended

Nine Months Ended



January 31

January 31



2015

2014

2015

2014










Net Sales

$
188,963


$
169,033


$
618,573


$
537,660

Cost of Sales & Distribution

153,846


143,032


509,361


445,670


Gross Profit

35,117


26,001


109,212


91,990

Sales & Marketing Expense

16,010


14,287


47,821


44,638

G&A Expense

8,054


6,564


24,710


22,555

Restructuring Charges, net

3


48


6


161

Insurance Proceeds

—


—


—


(94
)

Operating Income

11,050


5,102


36,675


24,730

Interest & Other (Income) Expense

74


149


323


464

Income Tax Expense

3,694


2,052


12,161


9,439


Net Income

$
7,282


$
2,901


$
24,191


$
14,827











Earnings Per Share:








Weighted Average Shares Outstanding - Diluted

16,131,140


15,827,666


15,953,420


15,595,342











Income Per Diluted Share

$
0.45


$
0.18


$
1.52


$
0.95








- MORE -

AMWD Announces Third Quarter Results
Page 4
February 26, 2015



Condensed Consolidated Balance Sheet









January 31

 April 30



2015

2014






Cash & Cash Equivalents

$
132,525


$
135,700

Investments - certificates of deposit

29,500


—

Customer Receivables

48,173


46,475

Inventories

34,871


31,523

Other Current Assets

12,573


11,718


Total Current Assets

257,642


225,416

Property, Plant & Equipment

79,774


74,049

Other Assets

25,931


30,599


Total Assets

$
363,347


$
330,064







Current Portion - Long-Term Debt

$
1,439


$
1,146

Accounts Payable & Accrued Expenses

76,857


75,273


Total Current Liabilities

78,296


76,419

Long-Term Debt

20,274


20,453

Other Liabilities

38,495


42,647


Total Liabilities

137,065


139,519

Stockholders' Equity

226,282


190,545


Total Liabilities & Stockholders' Equity

$
363,347


$
330,064


Condensed Consolidated Statements of Cash Flows









Nine Months Ended



January 31



2015

2014






Net Cash Provided by Operating Activities

$
35,997


$
23,544

Net Cash Used by Investing Activities

(43,516
)

(8,277
)
Free Cash Flow

(7,519
)

15,267







Net Cash Provided by Financing Activities

4,344


13,815

Net Increase (Decrease) in Cash and Cash Equivalents

(3,175
)

29,082

Cash and Cash Equivalents, Beginning of Period

135,700


96,971







Cash and Cash Equivalents, End of Period

$
132,525


$
126,053




- END -



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