UNITED STATES | ||||||
SECURITIES AND EXCHANGE COMMISSION | ||||||
Washington, D.C. 20549 | ||||||
FORM 8-K | ||||||
CURRENT REPORT | ||||||
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934 | ||||||
Date of Report (Date of earliest event reported): | November 24, 2015 | |||||
American Woodmark Corporation | ||||||
(Exact name of registrant as specified in its charter) | ||||||
Virginia | 000-14798 | 54-1138147 | ||||
(State or other jurisdiction | (Commission | (IRS Employer | ||||
of incorporation) | File Number) | Identification No.) | ||||
3102 Shawnee Drive, Winchester, Virginia | 22601 | |||||
(Address of principal executive offices) | (Zip Code) | |||||
Registrant’s telephone number, including area code: | (540) 665-9100 | |||||
Not applicable | ||||||
(Former name or former address, if changed since last report) | ||||||
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): | ||||||
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||||||
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||||||
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||||||
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
/s/ M. SCOTT CULBRETH | /s/ S. CARY DUNSTON | |
M. Scott Culbreth | S. Cary Dunston | |
Senior Vice President and Chief Financial Officer | President & Chief Executive Officer | |
Date: November 24, 2015 | Date: November 24, 2015 | |
Signing on behalf of the registrant and as principal financial officer | Signing on behalf of the registrant and as principal executive officer | |
P. O. Box 1980 | |
Winchester, VA 22604-8090 |
Contact: | Glenn Eanes Vice President and Treasurer 540-665-9100 |
AMERICAN WOODMARK CORPORATION ANNOUNCES SECOND QUARTER RESULTS AUTHORIZES STOCK REPURCHASE |
AMERICAN WOODMARK CORPORATION | |||||||||||||||||
Unaudited Financial Highlights | |||||||||||||||||
(in thousands, except share data) | |||||||||||||||||
Operating Results | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
October 31 | October 31 | ||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
Net Sales | $ | 256,292 | $ | 217,693 | $ | 487,490 | $ | 429,610 | |||||||||
Cost of Sales & Distribution | 200,240 | 180,712 | 381,265 | 355,515 | |||||||||||||
Gross Profit | 56,052 | 36,981 | 106,225 | 74,095 | |||||||||||||
Sales & Marketing Expense | 16,783 | 16,296 | 32,502 | 31,811 | |||||||||||||
G&A Expense | 10,733 | 8,245 | 21,464 | 16,656 | |||||||||||||
Restructuring Charges, net | — | — | — | 3 | |||||||||||||
Operating Income | 28,536 | 12,440 | 52,259 | 25,625 | |||||||||||||
Interest & Other (Income) Expense | 3 | 118 | 5 | 249 | |||||||||||||
Income Tax Expense | 10,353 | 4,651 | 18,916 | 8,467 | |||||||||||||
Net Income | $ | 18,180 | $ | 7,671 | $ | 33,338 | $ | 16,909 | |||||||||
Earnings Per Share: | |||||||||||||||||
Weighted Average Shares Outstanding - Diluted | 16,472,645 | 15,960,236 | 16,446,937 | 15,864,560 | |||||||||||||
Income Per Diluted Share | $ | 1.10 | $ | 0.48 | $ | 2.03 | $ | 1.07 |
Condensed Consolidated Balance Sheet | |||||||||
(Unaudited) | |||||||||
October 31 | April 30 | ||||||||
2015 | 2015 | ||||||||
Cash & Cash Equivalents | $ | 164,972 | $ | 149,541 | |||||
Investments - certificates of deposit | 29,250 | 35,500 | |||||||
Customer Receivables | 61,205 | 46,142 | |||||||
Inventories | 37,801 | 35,988 | |||||||
Other Current Assets | 15,730 | 14,324 | |||||||
Total Current Assets | 308,958 | 281,495 | |||||||
Property, Plant & Equipment | 101,776 | 85,516 | |||||||
Other Assets | 39,319 | 31,893 | |||||||
Total Assets | $ | 450,053 | $ | 398,904 | |||||
Current Portion - Long-Term Debt | $ | 1,541 | $ | 1,457 | |||||
Accounts Payable & Accrued Expenses | 99,698 | 83,333 | |||||||
Total Current Liabilities | 101,239 | 84,790 | |||||||
Long-Term Debt | 21,033 | 21,498 | |||||||
Other Liabilities | 60,854 | 62,774 | |||||||
Total Liabilities | 183,126 | 169,062 | |||||||
Stockholders' Equity | 266,927 | 229,842 | |||||||
Total Liabilities & Stockholders' Equity | $ | 450,053 | $ | 398,904 |
Condensed Consolidated Statements of Cash Flows | |||||||||
(Unaudited) | |||||||||
Six Months Ended | |||||||||
October 31 | |||||||||
2015 | 2014 | ||||||||
Net Cash Provided by Operating Activities | $ | 39,350 | $ | 18,637 | |||||
Net Cash Used by Investing Activities | (25,795 | ) | (25,984 | ) | |||||
Net Cash Provided by Financing Activities | 1,876 | 2,510 | |||||||
Net Increase (Decrease) in Cash and Cash Equivalents | 15,431 | (4,837 | ) | ||||||
Cash and Cash Equivalents, Beginning of Period | 149,541 | 135,700 | |||||||
Cash and Cash Equivalents, End of Period | $ | 164,972 | $ | 130,863 |