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Form 8-K AMERICAN WOODMARK CORP For: Nov 22

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November 22, 2016 9:36 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):
November 22, 2016
 
 
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 November 22, 2016, the Registrant issued a press release announcing results for its second quarter of fiscal year 2017 ended October 31, 2016. 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 November 22, 2016.




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/ S. CARY DUNSTON
 
 
 
M. Scott Culbreth
 
S. Cary Dunston
Senior Vice President and Chief Financial Officer
 
President & Chief Executive Officer
 
 
 
Date: November 22, 2016
 
Date: November 22, 2016
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

awc_logoa03a02a01a01a06.jpg
 
 
 
P. O. Box 1980
 
Winchester, VA 22604-8090

 



Contact:
Kevin Dunnigan
Assistant Treasurer
540-665-9100




AMERICAN WOODMARK CORPORATION
ANNOUNCES SECOND QUARTER RESULTS

WINCHESTER, Virginia (November 22, 2016) -- American Woodmark Corporation (NASDAQ: AMWD) today announced results for its second fiscal quarter ended October 31, 2016.

Net sales for the second fiscal quarter increased 3% to $264.1 million compared with the same quarter of the prior fiscal year. Net sales for the first six months of the current fiscal year increased 7% to $522.2 million from the comparable period of the prior fiscal year. The Company experienced growth in both the new construction and dealer channels during the second quarter of fiscal year 2017.

Net income was $17.6 million ($1.07 per diluted share) for the second quarter of the current fiscal year compared with $18.2 million ($1.10 per diluted share) in the same quarter of the prior fiscal year. The Company was negatively impacted $0.03 per diluted share from a higher tax rate in the quarter due to a reduction in the domestic production deduction benefit. Net income for the first six months of the current fiscal year was $39.3 million ($2.39 per diluted share) compared with $33.3 million ($2.03 per diluted share) for the same period of the prior fiscal year.

Gross profit for the second quarter of the current fiscal year was 21.3% of net sales compared with 21.9% in the same quarter of the prior fiscal year. Gross profit for the first six months of the current fiscal year was 22.1% of net sales compared with 21.8% for the same period in the prior year. Gross profit in the current quarter was impacted by higher labor benefit costs and depreciation costs. Gross profit for the first six months of the current fiscal year was favorably impacted by higher sales volume, lower labor benefit costs and improved operating efficiency.

Selling, general and administrative costs for the second quarter of the fiscal year 2017 were 10.5% of net sales compared with 10.7% in the same quarter of the prior fiscal year. Selling, general and administrative costs for the first six months of the current fiscal year were 10.6% of net sales compared with 11.1% for the same period in the prior year. The improvement in the Company’s operating expense ratio in the current quarter and the first six months of the current fiscal year was driven by favorable leverage from increased sales, lower commissions and on-going expense control.

The Company generated net cash from operating activities of $40.1 million during the first half of fiscal year 2017 compared with $42.0 million during the same period in the prior year. The decrease in the Company’s cash from operating activities was driven primarily by lower increases in accounts payables and accrued expenses which was partially offset by lower increases in customer receivables and higher operating profitability. Net cash used by investing activities was $50.4 million during the first half of the current fiscal year compared with $25.8 million during the same period of the prior year due to an increased investment of $36.5 million in certificates of deposit which was partially offset by decreased investment in property, plant and equipment. Net cash used by financing activities of $8.5 million increased $7.8 million during the first half of the current fiscal year compared to the same period in the prior year as the company repurchased 139,800 shares of common stock at a cost of $10.4 million, a $3.4 million increase from the prior year, and proceeds from the exercise of stock options decreased $3.7 million.

- MORE -

AMWD Announces Second Quarter Results
Page 2
November 22, 2016




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.


AMERICAN WOODMARK CORPORATION










Unaudited Financial Highlights










(in thousands, except share data)










Operating Results













Three Months Ended

Six Months Ended



October 31

October 31



2016

2015

2016

2015










Net Sales

$
264,076


$
256,292


$
522,226


$
487,490

Cost of Sales & Distribution

207,924


200,240


406,757


381,265


Gross Profit

56,152


56,052


115,469


106,225

Sales & Marketing Expense

17,146


16,783


33,609


32,502

G&A Expense

10,675


10,733


21,607


21,464


Operating Income

28,331


28,536


60,253


52,259

Interest & Other (Income) Expense

(99
)

3


(137
)

5

Income Tax Expense

10,793


10,353


21,092


18,916


Net Income

$
17,637


$
18,180


$
39,298


$
33,338











Earnings Per Share:








Weighted Average Shares Outstanding - Diluted

16,440,321


16,472,645


16,410,652


16,446,937











Income Per Diluted Share

$
1.07


$
1.10


$
2.39


$
2.03




- MORE -

AMWD Announces Second Quarter Results
Page 3
November 22, 2016



Condensed Consolidated Balance Sheet
(Unaudited)



October 31

 April 30



2016

2016






Cash & Cash Equivalents

$
155,644


$
174,463

Investments - certificates of deposit

59,500


25,750

Customer Receivables

68,334


55,813

Inventories

40,744


39,319

Other Current Assets

8,669


6,864


Total Current Assets

332,891


302,209

Property, Plant & Equipment

103,222


99,332

Investments - certificates of deposit
 
22,500

 
18,250

Other Assets

35,897


46,569


Total Assets

$
494,510


$
466,360







Current Portion - Long-Term Debt

$
1,594


$
1,574

Accounts Payable & Accrued Expenses

94,672


90,739


Total Current Liabilities

96,266


92,313

Long-Term Debt

23,902


22,145

Other Liabilities

59,073


71,141


Total Liabilities

179,241


185,599

Stockholders' Equity

315,269


280,761


Total Liabilities & Stockholders' Equity

$
494,510


$
466,360


Condensed Consolidated Statements of Cash Flows
(Unaudited)



Six Months Ended



October 31



2016

2015






Net Cash Provided by Operating Activities

$
40,146


$
41,988

Net Cash Used by Investing Activities

(50,417
)

(25,795
)
Net Cash Used by Financing Activities

(8,548
)

(762
)
Net (Decrease) Increase in Cash and Cash Equivalents

(18,819
)

15,431

Cash and Cash Equivalents, Beginning of Period

174,463


149,541







Cash and Cash Equivalents, End of Period

$
155,644


$
164,972




- END -



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