WINCHESTER, VA - American Woodmark Corporation (NASDAQ: AMWD) fourth quarter 2015 sales increased 10% to $206.9 million, with growth in both the remodeling and new construction channels during the period. Growth in new construction cabinetry sales exceeded 15%.
It was also a good year overall, with American Woodmarket reporting net sales of $825.5 million, up 14% over 2014.
Net income for the quarter was $11.3 million for the fourth quarter, nearly double the $5.6 million for the fourth quarter of the prior fiscal year. Net income for the entire fiscal year 2015 was $35.5 million, a 75% gain on the $20.5 million for the prior fiscal year.
American Woodmark , which manufactures and distributes kitchen cabinets and vanities for the remodeling and new home construction markets sells directly to home centers, major builders and through a network of independent distributors. American Woodmark operates nine cabinetry manufacturing facilities and seven service centers across the country. American Woodmark manufactures cabinets under five major brands: American Woodmark, Shenandoah Cabinetry, Shenandoah Value Series, Timberlake Cabinetry, and Waypoint Living Spaces.
Here are their full financials:
AMERICAN WOODMARK CORPORATION | |||||||||||||||||
Unaudited Financial Highlights | |||||||||||||||||
(in thousands, except share data) | |||||||||||||||||
Operating Results | |||||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||||
April 30 | April 30 | ||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
Net Sales | $ | 206,892 | $ | 188,855 | $ | 825,465 | $ | 726,515 | |||||||||
Cost of Sales & Distribution | 163,572 | 156,668 | 672,933 | 602,338 | |||||||||||||
Gross Profit | 43,320 | 32,187 | 152,532 | 124,177 | |||||||||||||
Sales & Marketing Expense | 16,483 | 14,898 | 64,304 | 59,536 | |||||||||||||
G&A Expense | 9,063 | 8,326 | 33,773 | 30,881 | |||||||||||||
Restructuring Charges, net | (246) | (395) | (240) | (234) | |||||||||||||
Insurance Proceeds | — | — | — | (94) | |||||||||||||
Operating Income | 18,020 | 9,358 | 54,695 | 34,088 | |||||||||||||
Interest & Other (Income) Expense | (15) | (46) | 308 | 418 | |||||||||||||
Income Tax Expense | 6,727 | 3,770 | 18,888 | 13,209 | |||||||||||||
Net Income | $ | 11,308 | $ | 5,634 | $ | 35,499 | $ | 20,461 | |||||||||
Earnings Per Share: | |||||||||||||||||
Weighted Average Shares Outstanding - Diluted | 16,297,241 | 15,835,132 | 16,037,453 | 15,653,251 | |||||||||||||
Income Per Diluted Share | $ | 0.69 | $ | 0.36 | $ | 2.21 | $ | 1.31 | |||||||||
Condensed Consolidated Balance Sheet | |||||||||
(Unaudited) | |||||||||
April 30 | April 30 | ||||||||
2015 | 2014 | ||||||||
Cash & Cash Equivalents | $ | 149,541 | $ | 135,700 | |||||
Investments - certificates of deposit | 35,500 | — | |||||||
Customer Receivables | 46,142 | 46,475 | |||||||
Inventories | 35,988 | 31,523 | |||||||
Other Current Assets | 14,324 | 11,718 | |||||||
Total Current Assets | 281,495 | 225,416 | |||||||
Property, Plant & Equipment | 85,516 | 74,049 | |||||||
Other Assets | 31,893 | 30,599 | |||||||
Total Assets | $ | 398,904 | $ | 330,064 | |||||
Current Portion - Long-Term Debt | $ | 1,457 | $ | 1,146 | |||||
Accounts Payable & Accrued Expenses | 83,333 | 75,273 | |||||||
Total Current Liabilities | 84,790 | 76,419 | |||||||
Long-Term Debt | 21,498 | 20,453 | |||||||
Other Liabilities | 62,774 | 42,647 | |||||||
Total Liabilities | 169,062 | 139,519 | |||||||
Stockholders' Equity | 229,842 | 190,545 | |||||||
Total Liabilities & Stockholders' Equity | $ | 398,904 | $ | 330,064 | |||||
Condensed Consolidated Statements of Cash Flows | |||||||||
(Unaudited) | |||||||||
Twelve Months Ended | |||||||||
April 30 | |||||||||
2015 | 2014 | ||||||||
Net Cash Provided by Operating Activities | $ | 58,737 | $ | 40,535 | |||||
Net Cash Used by Investing Activities | (56,606) | (9,583) | |||||||
Free Cash Flow | 2,131 | 30,952 | |||||||
Net Cash Provided by Financing Activities | 11,710 | 7,777 | |||||||
Net Increase in Cash and Cash Equivalents | 13,841 | 38,729 | |||||||
Cash and Cash Equivalents, Beginning of Period | 135,700 | 96,971 | |||||||
Cash and Cash Equivalents, End of Period | $ | 149,541 | $ | 135,700 | |||||
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