Press Release

American Woodmark Corporation Announces First Quarter Results

Company Release - 8/20/2015 6:30 AM ET

WINCHESTER, Va., Aug. 20, 2015 /PRNewswire/ -- American Woodmark Corporation (NASDAQ: AMWD) today announced results for its first fiscal quarter ended July 31, 2015.

Net sales for the first fiscal quarter increased 9% to $231.2 million compared with the same quarter of the prior fiscal year.  The Company experienced growth in both the dealer and new construction channels during the first quarter of fiscal year 2016.

Net income was $15.2 million ($0.92 per diluted share) for the first quarter of the current fiscal year compared with $9.2 million ($0.59 per diluted share) for the first quarter of the prior fiscal year.

Gross profit for the first quarter of the current fiscal year was 21.7% of net sales compared with 17.5% in the same quarter of the prior year.  Gross profit in the current quarter was favorably impacted by higher sales volume and improved operating efficiency.

Selling, general and administrative costs for the first quarter of the fiscal year 2016 were 11.4% of net sales compared with 11.3% in the same quarter of the prior year.  The increase in the Company's operating expense ratio was driven by increased performance based compensation costs.

The Company generated net cash from operating activities of $15.0 million during the first quarter of fiscal year 2016 compared with $9.3 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.  Net cash used by investing activities was $15.3 million during the first quarter of the current fiscal year compared with $3.3 million during the same period of the prior year due primarily to increased investment in property, plant and equipment.  Net cash provided by financing activities was $3.8 million during the first quarter of the current fiscal year compared with a $3.6 million use of cash during the same period of the prior year.  The company repurchased 30,555 shares of common stock at a cost of $1.8 million, a $2.3 million reduction from the prior year, and realized increased proceeds from the exercise of stock options of $3.0 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 forwardlooking 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




July 31




2015


2014







Net Sales


$

231,198



$

211,917


Cost of Sales & Distribution


181,025



174,803



Gross Profit


50,173



37,114


Sales & Marketing Expense


15,719



15,515


G&A Expense


10,731



8,411


Restructuring Charges, net




3



Operating Income


23,723



13,185


Interest & Other (Income) Expense


2



131


Income Tax Expense


8,563



3,816



Net Income


$

15,158



$

9,238








Earnings Per Share:





Weighted Average Shares Outstanding - Diluted


16,421,230



15,768,884








Income Per Diluted Share


$

0.92



$

0.59


 

Condensed Consolidated Balance Sheet

(Unaudited)




July 31


 April 30




2015


2015







Cash & Cash Equivalents


$

153,020



$

149,541


Investments - certificates of deposit


37,750



35,500


Customer Receivables


53,106



46,142


Inventories


37,004



35,988


Other Current Assets


14,411



14,324



Total Current Assets


295,291



281,495


Property, Plant & Equipment


94,387



85,516


Other Assets


32,915



31,893



Total Assets


$

422,593



$

398,904








Current Portion - Long-Term Debt


$

1,511



$

1,457


Accounts Payable & Accrued Expenses


88,556



83,333



Total Current Liabilities


90,067



84,790


Long-Term Debt


21,287



21,498


Other Liabilities


61,975



62,774



Total Liabilities


173,329



169,062


Stockholders' Equity


249,264



229,842



Total Liabilities & Stockholders' Equity


$

422,593



$

398,904


 

Condensed Consolidated Statements of Cash Flows

(Unaudited)




Three Months Ended




July 31




2015


2014







Net Cash Provided by Operating Activities


$

15,017



$

9,267


Net Cash Used by Investing Activities


(15,295)



(3,272)


Net Cash Provided (Used) by Financing Activities


3,757



(3,574)


Net Increase in Cash and Cash Equivalents


3,479



2,421


Cash and Cash Equivalents, Beginning of Period


149,541



135,700








Cash and Cash Equivalents, End of Period


$

153,020



$

138,121


 

 

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SOURCE American Woodmark Corporation