WINCHESTER, Va., -- American Woodmark Corporation (NASDAQ: AMWD) today announced results for its first fiscal quarter ended July 31, 2014.

Net sales for the first fiscal quarter increased 19% to $211.9 million compared with the same quarter of the prior fiscal year.  The Company experienced growth in both the remodeling and new construction channels during the first quarter of fiscal year 2015. 

Net income was $9.2 million ($0.59 per diluted share) for the first quarter of the current fiscal year compared with $6.7 million ($0.43 per diluted share) for the first quarter of the prior fiscal year.  Exclusive of one-time tax credits, the Company generated $8.2 million ($0.52 per diluted share) of net income for the first quarter of the current fiscal year compared with $6.7 million ($0.43 per diluted share) for the first quarter of the prior fiscal year.  The Company recorded a tax benefit of $1.1 million during its first fiscal quarter ended July 31, 2014 related to the federal research and experimentation tax credit for fiscal years 2011 through 2014.

Gross profit for the first quarter of the current fiscal year was 17.5% of net sales compared with 18.9% 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 that was more than offset by material inflation and costs associated with crewing and infrastructure to support higher levels of sales and installation activity.

Selling, general and administrative costs for the first quarter of the fiscal year 2015 were 11.3% of net sales compared with 12.8% in the same quarter of the prior year.  The improvement in the Company's operating expense ratio was driven by favorable leverage from increased sales and on-going expense control.

The Company generated net cash from operating activities of $9.3 million during the first quarter of fiscal year 2015 compared with $2.3 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 and changes in working capital, which included increases in inventory levels to support higher sales.  Net cash used by investing activities was $3.3 million during the first quarter of the current fiscal year compared with $3.0 million during the same period of the prior year due primarily to increased investment in property, plant and equipment.  Net cash used by financing activities increased $7.7 million during the first fiscal quarter compared to the same period in the prior year as the company repurchased 130,000 shares of common stock at a cost of $4.1 million and proceeds from the exercise of stock options decreased $3.6 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 nine 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.

AMWD-E

 

AMERICAN WOODMARK CORPORATION

 

 

 

 

 

 

Unaudited Financial Highlights

 

 

 

 

 

 

(in thousands, except share data)

 

 

 

 

 

 

Operating Results

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

July 31

 

 

 

2014

 

2013

 

 

 

 

 

 

Net Sales

 

$           211,917

 

$           178,095

Cost of Sales & Distribution

 

174,803

 

144,380

 

Gross Profit

 

37,114

 

33,715

Sales & Marketing Expense

 

15,515

 

14,484

G&A Expense

 

8,411

 

8,401

Restructuring Charges, net

 

3

 

82

Insurance Proceeds

 

-

 

(94)

 

Operating Income

 

13,185

 

10,842

Interest & Other (Income) Expense

 

131

 

160

Income Tax Expense 

 

3,816

 

4,027

 

Net Income 

 

$               9,238

 

$               6,655

 

 

 

 

 

 

Earnings Per Share:

 

 

 

 

Weighted Average Shares Outstanding - Diluted

 

15,768,884

 

15,373,260

 

 

 

 

 

 

Income Per Diluted Share

 

$                 0.59

 

$                 0.43

 

 

 

 

 

 

 

 

 

AMERICAN WOODMARK CORPORATION

 

Unaudited Financial Highlights

 

(in thousands, except share data)

 

Condensed Consolidated Balance Sheet

 

 

 

 

 

 

 

 

 

 July 31 

 

 April 30 

 

 

 

2014

 

2014

 

 

 

 

 

 

Cash & Cash Equivalents

 

$           138,121

 

$           135,700

Customer Receivables

 

51,374

 

46,475

Inventories

 

35,457

 

31,523

Other Current Assets

 

10,874

 

11,718

 

Total Current Assets

 

235,826

 

225,416

Property, Plant & Equipment

 

74,530

 

74,049

Other Assets

 

30,094

 

30,599

 

Total Assets

 

$           340,450

 

$           330,064

 

 

 

 

 

 

Current Portion - Long-Term Debt

 

$               1,266

 

$               1,146

Accounts Payable & Accrued Expenses

 

78,080

 

75,273

 

Total Current Liabilities

 

79,346

 

76,419

Long-Term Debt

 

20,456

 

20,453

Other Liabilities

 

41,896

 

42,647

 

Total Liabilities

 

141,698

 

139,519

Stockholders' Equity

 

198,752

 

190,545

 

Total Liabilities & Stockholders' Equity

 

$           340,450

 

$           330,064

 

 

 

 

 

 

Condensed Consolidated Statements of Cash Flows

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

July 31

 

 

 

2014

 

2013

 

 

 

 

 

 

Net Cash Provided by Operating Activities

 

$               9,267

 

$               2,260

Net Cash Used by Investing Activities

 

(3,272)

 

(2,950)

Free Cash Flow

 

5,995

 

(690)

 

 

 

 

 

 

Net Cash Provided (Used) by Financing Activities

 

(3,574)

 

4,159

Net Increase in Cash and Cash Equivalents

 

2,421

 

3,469

Cash and Cash Equivalents, Beginning of Period

 

135,700

 

96,971

 

 

 

 

 

 

Cash and Cash Equivalents, End of Period

 

$           138,121

 

$           100,440

 

 

SOURCE American Woodmark Corporation

CONTACT: Glenn Eanes, Vice President and Treasurer, 540-665-9100

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