-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, C8LDpR67RJUUG+XwvgCpP9LRwWMlDtc7r5uc3OuIWRlNvn7gjgWkX+R9f5HBHvgY nbiYnnqoIb6MJZke6FldYg== 0000950124-05-002348.txt : 20050412 0000950124-05-002348.hdr.sgml : 20050412 20050412081630 ACCESSION NUMBER: 0000950124-05-002348 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050412 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050412 DATE AS OF CHANGE: 20050412 FILER: COMPANY DATA: COMPANY CONFORMED NAME: UNIVERSAL FOREST PRODUCTS INC CENTRAL INDEX KEY: 0000912767 STANDARD INDUSTRIAL CLASSIFICATION: SAWMILLS, PLANNING MILLS, GENERAL [2421] IRS NUMBER: 381465835 STATE OF INCORPORATION: MI FISCAL YEAR END: 1229 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-22684 FILM NUMBER: 05745170 BUSINESS ADDRESS: STREET 1: 2801 EAST BELTLINE NE CITY: GRAND RAPIDS STATE: MI ZIP: 49525 BUSINESS PHONE: 6163646161 MAIL ADDRESS: STREET 1: 2801 EAST BELTLINE NE CITY: GRAND RAPIDS STATE: MI ZIP: 49505 8-K 1 k94158e8vk.txt CURRENT REPORT, DATED APRIL 12, 2005 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report: April 12, 2005 UNIVERSAL FOREST PRODUCTS, INC. (Exact name of registrant as specified in its charter) MICHIGAN 0-22684 38-1465835 (State or other jurisdiction (Commission (IRS Employer of Incorporation) File Number) Identification No.) 2801 EAST BELTLINE, NE GRAND RAPIDS, MICHIGAN 49525 (Addres of principal executive offices) (Zip Code) (616) 364-6161 (Registrant's telephone number, including area code) NONE (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 obligations of the registrant under any of the following provisions: [ ] 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)). Item 2.02 Results of Operations and Financial Condition On April 11, 2005, the Registrant issued a press release announcing its financial results for the quarter ended March 26, 2005. A copy of the Registrant's press release is attached as Exhibit 99(a) to this Current Report. Item 9.01 Financial Statements, Pro Forma Financial Information, and Exhibits (c) Exhibits 99(a) Press Release dated April 11, 2005. 2 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. UNIVERSAL FOREST PRODUCTS, INC. (Registrant) Dated: April 12, 2005 By: /s/ Michael R. Cole ---------------------------------------- Michael R. Cole, Chief Financial Officer and Treasurer 3 EXHIBIT INDEX Exhibit Number Document 99(a) Press Release dated April 11, 2005. 4 EX-99.(A) 2 k94158exv99wxay.txt PRESS RELEASE DATED APRIL 11, 2005 NEWS RELEASE - ----------AT THE COMPANY---------- Lynn Afendoulis Director, Corporate Communications 616/365-1502 FOR IMMEDIATE RELEASE MONDAY, APRIL 11, 2005 UNIVERSAL FOREST PRODUCTS, INC. REPORTS A 63% INCREASE IN DILUTED EARNINGS PER SHARE FOR 1ST QUARTER 2005 GRAND RAPIDS, Mich., April 11, 2005 - Universal Forest Products, Inc. (Nasdaq: UFPI) today announced a strong first quarter, marked by an increase in diluted earnings per share to $0.49, up 63.3% over diluted earnings per share of $0.30 reported for the same period last year. The Company posted net sales of $537.2 million, up 15.4% over net sales of $465.7 million in the first quarter of 2004. "In our 50th year, the story of our success continues to be one of strong, steady growth driven by the hard work of a dedicated workforce," said Universal CEO and Vice Chairman William G. Currie. "These results also reflect the strengths of our business model, which relies on diversification for continued balance and growth." Overall, the Company posted a sales increase of 15.4%, which includes an estimated 9% increase in unit sales. The remaining increase in sales was attributable to higher prices driven by the lumber market. By market, Universal posted first quarter sales of: - $177.6 million D-I-Y/retail, down 0.7% over last year; - $151.9 million in site-built construction, an increase of 32.3% over last year; - $111.3 million in industrial, up 17.2% over last year; and - $96.3 million in manufactured housing, a 25.2% increase over 2004. MORE... UNIVERSAL FOREST PRODUCTS, INC. PAGE 2 "We have not wavered in our commitment to and belief in the manufactured housing business and it has paid off," Currie said. "We've also emphasized growth in sales to the modular market and our performance there can be attributed to new proprietary products and to strong relationships we've forged over many decades. "Site-built construction and industrial remain strong growth markets for Universal," Currie added. "As the leading national supplier to both, we're gaining market share and continuing to consolidate these two large, fragmented markets." Sales to the D-I-Y/retail market experienced a decline in unit sales in the first quarter of 2005 over the same period of 2004, reflecting both the Company's efforts to create greater balance and diversification in its customer base and a late spring in the Northeast and Midwest. Currie noted that earnings from operations increased almost 39%, to $17.4 million in the first quarter 2005 from $12.5 million for the first quarter last year, which was well in excess of the Company's 9% increase in unit sales. Earnings in 2004 were affected by operating losses from a framing operation in the West. That business entity has since been downsized and is operating more efficiently. OUTLOOK The Company anticipates continued growth in its business in 2005 and reaffirms its annual targets of a 7% to 12% increase in unit sales and a 10% to 15% increase in net earnings over results reported for 2004. Universal Forest Products will conduct a conference call to discuss information included in this news release and related matters at 11:00 a.m. EDT on Tuesday, April 12, 2005. The conference call will be hosted by William G. Currie and will be available for analysts and institutional investors domestically at (866) 835-8893 or internationally at (703) 639-1409. Use conference call ID #680965. The conference call will be available simultaneously, and in its entirety, to all interested investors and news media through a webcast at www.ufpi.com. MORE... UNIVERSAL FOREST PRODUCTS, INC. PAGE 3 Celebrating its 50th anniversary, Universal Forest Products markets, manufactures and engineers wood and wood-alternative products for D-I-Y retail home centers, structural lumber products for the manufactured housing industry, engineered wood components for the site-built construction market and specialty wood packaging for various industries. Among the company's newest and fastest-growing ventures are framing services for the site-built sector. In conjunction with its customers, Universal uses its engineering and manufacturing expertise, coupled with highly skilled employees, to design and construct buildings and housing. For information about Universal Forest Products on the Internet, please visit the Company's web site at www.ufpi.com , or call 888-Buy-UFPI. Included in this report are certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements are based on the beliefs of the Company's management as well as on assumptions made by and information currently available to the Company at the time such statements were made. Actual results could differ materially from those included in such forward-looking statements. Investors are cautioned that all forward-looking statements involve risks and uncertainty. Among the factors that could cause actual results to differ materially are the following: Adverse lumber market trends, competitive activity, negative economic trends, government regulations, and weather. These risk factors and additional information are included in the Company's reports on Form 10K and 10Q on file with the Securities and Exchange Commission. HIGHLIGHTS TO FOLLOW UNIVERSAL FOREST PRODUCTS, INC. PAGE 3 CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED) FOR THE THREE MONTHS ENDED MARCH 2005/2004
QUARTER PERIOD YEAR TO DATE --------------------------------------- --------------------------------------- (IN THOUSANDS, EXCEPT PER SHARE DATA) 2005 2004 2005 2004 - ---------------------------------------- ------------------ ------------------ ------------------ ----------------- NET SALES $ 537,160 100% $ 465,665 100% $ 537,160 100% $ 465,665 100% COST OF GOODS SOLD 469,931 87.48 409,304 87.90 469,931 87.48 409,304 87.90 --------- --------- --------- --------- GROSS PROFIT 67,229 12.52 56,361 12.10 67,229 12.52 56,361 12.10 SELLING, GENERAL AND ADMINISTRATIVE EXPENSES 49,851 9.28 43,840 9.41 49,851 9.28 43,840 9.41 --------- --------- --------- --------- EARNINGS FROM OPERATIONS 17,378 3.24 12,521 2.69 17,378 3.24 12,521 2.69 OTHER EXPENSE (INCOME) INTEREST EXPENSE 3,775 0.70 3,631 0.78 3,775 0.70 3,631 0.78 INTEREST INCOME (149) -0.03 (83) -0.02 (149) -0.03 (83) -0.02 NET GAIN ON SALE OF REAL ESTATE AND INTEREST IN SUBSIDIARY (1,272) -0.24 (369) -0.08 (1,272) -0.24 (369) -0.08 --------- --------- --------- --------- 2,354 0.44 3,179 0.68 2,354 0.44 3,179 0.68 --------- --------- --------- --------- EARNINGS BEFORE INCOME TAXES AND MINORITY INTEREST 15,024 2.80 9,342 2.01 15,024 2.80 9,342 2.01 INCOME TAXES 5,759 1.07 3,644 0.78 5,759 1.07 3,644 0.78 --------- --------- --------- --------- EARNINGS BEFORE MINORITY INTEREST 9,265 1.72 5,698 1.22 9,265 1.72 5,698 1.22 MINORITY INTEREST (36) -0.01 (131) -0.03 (36) -0.01 (131) -0.03 --------- --------- --------- --------- NET EARNINGS $ 9,229 1.72 $ 5,567 1.20 $ 9,229 1.72 $ 5,567 1.20 ========= ========= ========= ========= EARNINGS PER SHARE - BASIC $ 0.51 $ 0.31 $ 0.51 $ 0.31 EARNINGS PER SHARE - DILUTED $ 0.49 $ 0.30 $ 0.49 $ 0.30 WEIGHTED AVERAGE SHARES OUTSTANDING 18,187 17,961 18,187 17,961 WEIGHTED AVERAGE SHARES OUTSTANDING WITH COMMON STOCK EQUIVALENTS 18,972 18,709 18,972 18,709
SUPPLEMENTAL SALES DATA
QUARTER PERIOD YEAR TO DATE ---------------------------------- ------------------------------ --- MARKET CLASSIFICATION 2005 % 2004 % 2005 % 2004 % - --------------------- --------- --- -------- --- --------- --- --------- --- DO-IT-YOURSELF/RETAIL $ 177,622 33% $178,885 38% $ 177,622 33% $ 178,885 38% SITE-BUILT CONSTRUCTION 151,901 28% 114,842 25% 151,901 28% 114,842 25% MANUFACTURED HOUSING 96,344 18% 76,975 17% 96,344 18% 76,975 17% INDUSTRIAL 111,293 21% 94,963 20% 111,293 21% 94,963 20% --------- --- -------- --- --------- --- --------- --- TOTAL $ 537,160 100% $465,665 100% $ 537,160 100% $ 465,665 100% --------- --- -------- --- --------- --- --------- ---
UNIVERSAL FOREST PRODUCTS, INC. PAGE 4 CONSOLIDATED BALANCE SHEETS (UNAUDITED) MARCH 2005/2004 (IN THOUSANDS)
ASSETS 2005 2004 - ------------------------------------------------ ---------- ---------- CURRENT ASSETS Cash and cash equivalents $ 28,396 $ 22,052 Accounts receivable 179,954 206,508 Inventories 286,835 219,204 Other current assets 15,429 6,009 ---------- ---------- TOTAL CURRENT ASSETS 510,614 453,773 OTHER ASSETS 8,303 8,523 INTANGIBLE ASSETS, NET 131,108 128,839 PROPERTY, PLANT AND EQUIPMENT, NET 218,369 211,533 ---------- ---------- TOTAL ASSETS $ 868,394 $ 802,668 ========== ==========
LIABILITIES AND SHAREHOLDERS' EQUITY 2005 2004 - ------------------------------------------------ ---------- ---------- CURRENT LIABILITIES Accounts payable and accrued liabilities $ 188,786 $ 167,869 Current portion of long-term debt and capital leases 21,910 6,010 ---------- ---------- TOTAL CURRENT LIABILITIES 210,696 173,879 LONG-TERM DEBT AND CAPITAL LEASES, LESS CURRENT PORTION 251,806 285,682 OTHER LIABILITIES 36,515 31,158 SHAREHOLDERS' EQUITY 369,377 311,949 ---------- ---------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 868,394 $ 802,668 ========== ==========
UNIVERSAL FOREST PRODUCTS, INC. PAGE 5 CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) FOR THE THREE MONTHS ENDED MARCH 2005/2004
(IN THOUSANDS) 2005 2004 - --------------------------------------------------------------------- ---------- ---------- CASH FLOWS FROM OPERATING ACTIVITIES: Net earnings $ 9,229 $ 5,567 Adjustments to reconcile net earnings to net cash from operating activities: Depreciation 7,345 6,672 Amortization of intangibles 544 471 Deferred income taxes 19 20 Minority interest 36 131 Loss on sale of interest in subsidiary - 193 Gain on sale of property, plant and equipment (1,131) (603) Changes in: Accounts receivable (28,643) (73,128) Inventories (73,913) (48,711) Accounts payable 36,108 37,850 Accrued liabilities and other (6,103) 1,184 ---------- ---------- NET CASH FROM OPERATING ACTIVITIES (56,509) (70,354) CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property, plant, and equipment (10,604) (7,295) Acquisitions, net of cash received - (5,360) Sale of interest in subsidiary - 4,679 Proceeds from sale of property, plant and equipment 2,295 740 Other, net 366 178 ---------- ---------- NET CASH FROM INVESTING ACTIVITIES (7,943) (7,058) CASH FLOWS FROM FINANCING ACTIVITIES: Net borrowings under revolving credit facilities 66,713 81,516 Repayment of long-term debt (138) (58) Proceeds from issuance of common stock 1,462 857 Distributions to minority shareholders (536) (125) Repurchase of common stock - (116) Other, net 73 (40) ---------- ---------- NET CASH FROM FINANCING ACTIVITIES 67,574 82,034 ---------- ---------- NET CHANGE IN CASH AND CASH EQUIVALENTS 3,122 4,622 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 25,274 17,430 ---------- ---------- CASH AND CASH EQUIVALENTS, END OF PERIOD $ 28,396 $ 22,052 ========== ==========
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