WINCHESTER, Va., Aug. 23, 2016 /PRNewswire/ -- American
Woodmark Corporation (NASDAQ: AMWD) today announced results for its
first fiscal quarter ended July 31,
2016.
Net sales for the first fiscal quarter increased 12% to
$258.2 million compared with the same
quarter of the prior fiscal year. The Company experienced
growth in all channels during the first quarter of fiscal year
2017.
Net income was $21.7 million
($1.32 per diluted share) for the
first quarter of the current fiscal year compared with $15.2 million ($0.92 per diluted share) for the first quarter of
the prior fiscal year. The Company benefited $0.06 per diluted share from a lower tax rate in
the quarter due to the adoption of a new accounting standard that
requires companies to reflect the tax benefit from stock-based
compensation transactions in their tax rate and earnings per
share.
Gross profit for the first quarter of the current fiscal year
was 23.0% of net sales compared with 21.7% in the same quarter of
the prior year. Gross profit in the current quarter was
favorably impacted by higher sales volume, lower labor benefit
costs and improved operating efficiency.
Selling, general and administrative costs for the first quarter
of the fiscal year 2017 were 10.6% of net sales compared with 11.4%
in the same quarter of the prior year. The decrease in the
Company's operating expense ratio was driven by favorable leverage
from increased sales, lower display costs and on-going expense
control.
The Company generated net cash from operating activities of
$32.9 million during the first
quarter of fiscal year 2017 compared with $17.7 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. Net cash used by
investing activities was $40.6
million during the first quarter of the current fiscal year
compared with $15.3 million during
the same period of the prior year due to a $35.0 million investment in certificates of
deposit which was partially offset by decreased investment in
property, plant and equipment. Net cash used by financing
activities of $4.3 million increased
$5.4 million during the first quarter
of the current fiscal year compared to the same period in the prior
year as the company repurchased 72,400 shares of common stock at a
cost of $5.1 million, a $3.3 million increase from the prior year, and
proceeds from the exercise of stock options decreased $1.5 million.
American Woodmark Corporation manufactures and distributes
kitchen cabinets and vanities for the remodeling and new home
construction markets. Its products are sold on a national
basis directly to home centers, major builders and through a
network of independent distributors. The Company presently
operates nine manufacturing facilities and seven service centers
across the country.
Safe harbor statement under the Private Securities Litigation
Reform Act of 1995: All forward‑looking statements made by
the Company involve material risks and uncertainties and are
subject to change based on factors that may be beyond the Company's
control. Accordingly, the Company's future performance and
financial results may differ materially from those expressed or
implied in any such forward-looking statements. Such factors
include, but are not limited to, those described in the Company's
filings with the Securities and Exchange Commission and the Annual
Report to Shareholders. The Company does not undertake to
publicly update or revise its forward looking statements even if
experience or future changes make it clear that any projected
results expressed or implied therein will not be realized.
AMERICAN WOODMARK
CORPORATION
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Unaudited
Financial Highlights
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(in thousands, except
share data)
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Operating
Results
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Three Months
Ended
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July
31
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2016
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2015
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Net Sales
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$
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258,150
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$
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231,198
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Cost of Sales &
Distribution
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198,833
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181,025
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Gross
Profit
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59,317
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50,173
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Sales & Marketing
Expense
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16,463
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15,719
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G&A
Expense
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10,932
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10,731
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Operating
Income
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31,922
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23,723
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Interest & Other
(Income) Expense
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(38)
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2
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Income Tax
Expense
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10,299
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8,563
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Net Income
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$
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21,661
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$
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15,158
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Earnings Per
Share:
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Weighted Average
Shares Outstanding - Diluted
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16,380,983
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16,421,230
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Income Per Diluted
Share
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$
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1.32
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$
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0.92
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Condensed
Consolidated Balance Sheet
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(Unaudited)
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July
31
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April
30
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2016
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2016
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Cash & Cash
Equivalents
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$
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162,563
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$
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174,463
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Investments -
certificates of deposit
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56,750
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25,750
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Customer
Receivables
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57,580
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55,813
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Inventories
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39,954
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39,319
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Other Current
Assets
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5,726
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6,864
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Total Current
Assets
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322,573
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302,209
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Property, Plant &
Equipment
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100,354
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99,332
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Investments -
certificates of deposit
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22,250
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18,250
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Other
Assets
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45,417
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46,902
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Total
Assets
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$
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490,594
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$
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466,693
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Current Portion -
Long-Term Debt
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$
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1,597
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$
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1,574
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Accounts Payable
& Accrued Expenses
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95,182
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90,739
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Total Current
Liabilities
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96,779
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92,313
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Long-Term
Debt
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23,121
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22,478
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Other
Liabilities
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68,998
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71,141
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Total
Liabilities
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188,898
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185,932
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Stockholders'
Equity
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301,696
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280,761
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Total Liabilities
& Stockholders' Equity
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$
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490,594
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$
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466,693
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Condensed
Consolidated Statements of Cash Flows
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(Unaudited)
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Three Months
Ended
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July
31
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2016
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2015
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Net Cash Provided by
Operating Activities
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$
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32,947
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$
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17,655
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Net Cash Used by
Investing Activities
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(40,571)
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(15,295)
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Net Cash (Used)
Provided by Financing Activities
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(4,276)
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1,119
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Net (Decrease)
Increase in Cash and Cash Equivalents
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(11,900)
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3,479
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Cash and Cash
Equivalents, Beginning of Period
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174,463
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149,541
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Cash and Cash
Equivalents, End of Period
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$
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162,563
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$
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153,020
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To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/american-woodmark-corporation-announces-first-quarter-results-300316648.html
SOURCE American Woodmark Corporation