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): | February 25, 2016 | |||||
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: February 25, 2016 | Date: February 25, 2016 | |
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 THIRD QUARTER RESULTS |
AMERICAN WOODMARK CORPORATION | |||||||||||||||||
Unaudited Financial Highlights | |||||||||||||||||
(in thousands, except share data) | |||||||||||||||||
Operating Results | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
January 31 | January 31 | ||||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||||
Net Sales | $ | 218,632 | $ | 188,963 | $ | 706,122 | $ | 618,573 | |||||||||
Cost of Sales & Distribution | 174,034 | 153,846 | 555,299 | 509,361 | |||||||||||||
Gross Profit | 44,598 | 35,117 | 150,823 | 109,212 | |||||||||||||
Sales & Marketing Expense | 16,674 | 16,010 | 49,176 | 47,821 | |||||||||||||
G&A Expense | 9,183 | 8,054 | 30,647 | 24,710 | |||||||||||||
Restructuring Charges, net | — | 3 | — | 6 | |||||||||||||
Operating Income | 18,741 | 11,050 | 71,000 | 36,675 | |||||||||||||
Interest & Other (Income) Expense | 58 | 74 | 63 | 323 | |||||||||||||
Income Tax Expense | 6,670 | 3,694 | 25,586 | 12,161 | |||||||||||||
Net Income | $ | 12,013 | $ | 7,282 | $ | 45,351 | $ | 24,191 | |||||||||
Earnings Per Share: | |||||||||||||||||
Weighted Average Shares Outstanding - Diluted | 16,457,308 | 16,131,140 | 16,450,394 | 15,953,420 | |||||||||||||
Income Per Diluted Share | $ | 0.73 | $ | 0.45 | $ | 2.76 | $ | 1.52 |
Condensed Consolidated Balance Sheet | |||||||||
(Unaudited) | |||||||||
January 31 | April 30 | ||||||||
2016 | 2015 | ||||||||
Cash & Cash Equivalents | $ | 164,679 | $ | 149,541 | |||||
Investments - certificates of deposit | 23,000 | 35,500 | |||||||
Customer Receivables | 49,529 | 46,142 | |||||||
Inventories | 38,096 | 35,988 | |||||||
Other Current Assets | 19,536 | 14,324 | |||||||
Total Current Assets | 294,840 | 281,495 | |||||||
Property, Plant & Equipment | 102,869 | 85,516 | |||||||
Investments - certificates of deposit | 17,500 | — | |||||||
Other Assets | 31,507 | 31,893 | |||||||
Total Assets | $ | 446,716 | $ | 398,904 | |||||
Current Portion - Long-Term Debt | $ | 1,574 | $ | 1,457 | |||||
Accounts Payable & Accrued Expenses | 86,265 | 83,333 | |||||||
Total Current Liabilities | 87,839 | 84,790 | |||||||
Long-Term Debt | 23,634 | 21,498 | |||||||
Other Liabilities | 57,452 | 62,774 | |||||||
Total Liabilities | 168,925 | 169,062 | |||||||
Stockholders' Equity | 277,791 | 229,842 | |||||||
Total Liabilities & Stockholders' Equity | $ | 446,716 | $ | 398,904 |
Condensed Consolidated Statements of Cash Flows | |||||||||
(Unaudited) | |||||||||
Nine Months Ended | |||||||||
January 31 | |||||||||
2016 | 2015 | ||||||||
Net Cash Provided by Operating Activities | $ | 50,923 | $ | 35,997 | |||||
Net Cash Used by Investing Activities | (33,679 | ) | (43,516 | ) | |||||
Net Cash Provided (Used) by Financing Activities | (2,106 | ) | 4,344 | ||||||
Net Increase (Decrease) in Cash and Cash Equivalents | 15,138 | (3,175 | ) | ||||||
Cash and Cash Equivalents, Beginning of Period | 149,541 | 135,700 | |||||||
Cash and Cash Equivalents, End of Period | $ | 164,679 | $ | 132,525 |