Exhibit 99.1
P. O. Box 1980 | |
Winchester, VA 22604-8090 | |
Contact: | Kevin Dunnigan Assistant Treasurer 540-665-9100 |
AMERICAN WOODMARK CORPORATION ANNOUNCES FOURTH QUARTER RESULTS |
WINCHESTER, Virginia (June 2, 2016) -- American Woodmark Corporation (NASDAQ: AMWD) today announced results for its fourth fiscal quarter ended April 30, 2016.
Net sales for the fourth fiscal quarter increased 16% to $240.9 million compared with the same quarter of the prior fiscal year. Net sales for the full fiscal year increased 15% to $947.0 million from the comparable period of the prior fiscal year. The Company experienced growth in all channels during the fourth quarter of fiscal year 2016.
Net income was $13.4 million ($0.81 per diluted share) for the fourth quarter of the current fiscal year compared with $11.3 million ($0.69 per diluted share) for the fourth quarter of the prior fiscal year. Exclusive of after-tax non-operating charges related to idle land disposal of $0.8 million ($0.05 per diluted share), the Company generated $14.2 million ($0.86 per diluted share) of net income for the fourth quarter of the current fiscal year compared with $11.3 million ($0.69 per diluted share) for the same period of the prior fiscal year.
Net income for the entire fiscal year 2016 was $58.7 million ($3.57 per diluted share) compared with $35.5 million ($2.21 per diluted share) for the same period of the prior fiscal year. Exclusive of after-tax non-operating charges related to idle land disposal of $0.8 million ($0.05 per diluted share), the Company generated $59.5 million ($3.62 per diluted share) of net income for the entire current fiscal year compared with $35.5 million ($2.21 per diluted share) for the same period of the prior fiscal year.
Gross profit for the fourth quarter of the current fiscal year was 20.3% of net sales compared with 20.9% in the same quarter of the prior year. Gross profit for the entire current fiscal year was 21.1% of net sales compared with 18.5% for the same period in the prior year. Gross profit in the current quarter was unfavorably impacted by higher labor benefit costs and higher depreciation costs related to the previously announced plant expansion. Gross profit for the current fiscal year was favorably impacted by higher sales volume and improved operating efficiency.
Selling, general and administrative costs for the fourth quarter of fiscal year 2016 were 11.1% of net sales compared with 12.4% in the same quarter of the prior year. Selling, general and administrative costs for the entire current fiscal year were 11.3% of net sales compared with 11.9% for the same period in the prior year. The improvement in the Company’s operating expense ratio in the current quarter and the current fiscal year was driven by favorable leverage from increased sales and on-going expense control.
The Company generated net cash from operating activities of $71.8 million during fiscal year 2016 compared with $58.7 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 which was partially offset by higher customer receivables. Net cash used by investing activities was $40.8 million during the fiscal year compared with $56.6 million during the same period of the prior year due to a $27.0 million reduced investment in certificates of deposit, which was partially offset by increased investment in promotional
- MORE -
AMWD Announces Fourth Quarter Results
Page 2
June 2, 2016
displays and property, plant and equipment of $10.7 million. Net cash used by financing activities of $6.1 million increased $17.8 million during the fiscal year compared to the same period in the prior year as the company repurchased 243,143 shares of common stock at a cost of $16.6 million, an $11.5 million increase from the prior year, and proceeds from the exercise of stock options decreased $6.2 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 seven 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.
AMERICAN WOODMARK CORPORATION | |||||||||||||||||
Unaudited Financial Highlights | |||||||||||||||||
(in thousands, except share data) | |||||||||||||||||
Operating Results | |||||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||||
April 30 | April 30 | ||||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||||
Net Sales | $ | 240,923 | $ | 206,892 | $ | 947,045 | $ | 825,465 | |||||||||
Cost of Sales & Distribution | 192,052 | 163,572 | 747,351 | 672,933 | |||||||||||||
Gross Profit | 48,871 | 43,320 | 199,694 | 152,532 | |||||||||||||
Sales & Marketing Expense | 17,313 | 16,483 | 66,489 | 64,304 | |||||||||||||
G&A Expense | 9,398 | 9,063 | 40,045 | 33,773 | |||||||||||||
Restructuring Charges, net | — | (246 | ) | — | (240 | ) | |||||||||||
Operating Income | 22,160 | 18,020 | 93,160 | 54,695 | |||||||||||||
Interest & Other (Income) Expense | 1,311 | (15 | ) | 1,374 | 308 | ||||||||||||
Income Tax Expense | 7,477 | 6,727 | 33,063 | 18,888 | |||||||||||||
Net Income | $ | 13,372 | $ | 11,308 | $ | 58,723 | $ | 35,499 | |||||||||
Earnings Per Share: | |||||||||||||||||
Weighted Average Shares Outstanding - Diluted | 16,415,321 | 16,297,241 | 16,441,571 | 16,037,453 | |||||||||||||
Income Per Diluted Share | $ | 0.81 | $ | 0.69 | $ | 3.57 | $ | 2.21 | |||||||||
- MORE -
AMWD Announces Fourth Quarter Results
Page 3
June 2, 2016
Condensed Consolidated Balance Sheet | |||||||||
(Unaudited) | |||||||||
April 30 | April 30 | ||||||||
2016 | 2015 | ||||||||
Cash & Cash Equivalents | $ | 174,463 | $ | 149,541 | |||||
Investments - certificates of deposit | 25,750 | 35,500 | |||||||
Customer Receivables | 55,813 | 46,142 | |||||||
Inventories | 39,319 | 35,988 | |||||||
Other Current Assets | 6,864 | 4,758 | |||||||
Total Current Assets | 302,209 | 271,929 | |||||||
Property, Plant & Equipment | 99,332 | 85,516 | |||||||
Investments - certificates of deposit | 18,250 | — | |||||||
Other Assets | 46,902 | 41,459 | |||||||
Total Assets | $ | 466,693 | $ | 398,904 | |||||
Current Portion - Long-Term Debt | $ | 1,574 | $ | 1,457 | |||||
Accounts Payable & Accrued Expenses | 90,739 | 83,333 | |||||||
Total Current Liabilities | 92,313 | 84,790 | |||||||
Long-Term Debt | 22,478 | 21,498 | |||||||
Other Liabilities | 71,141 | 62,774 | |||||||
Total Liabilities | 185,932 | 169,062 | |||||||
Stockholders' Equity | 280,761 | 229,842 | |||||||
Total Liabilities & Stockholders' Equity | $ | 466,693 | $ | 398,904 | |||||
Condensed Consolidated Statements of Cash Flows | |||||||||
(Unaudited) | |||||||||
Twelve Months Ended | |||||||||
April 30 | |||||||||
2016 | 2015 | ||||||||
Net Cash Provided by Operating Activities | $ | 71,778 | $ | 58,737 | |||||
Net Cash Used by Investing Activities | (40,773 | ) | (56,606 | ) | |||||
Net Cash Provided (Used) by Financing Activities | (6,083 | ) | 11,710 | ||||||
Net Increase in Cash and Cash Equivalents | 24,922 | 13,841 | |||||||
Cash and Cash Equivalents, Beginning of Period | 149,541 | 135,700 | |||||||
Cash and Cash Equivalents, End of Period | $ | 174,463 | $ | 149,541 | |||||
- END -