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

 
SOURCE American Woodmark Corporation

 

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