Michigan
(State or other Jurisdiction of Incorporation)
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0-22684
(Commission File Number)
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38-1465835
(IRS Employer Identification No.)
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2801 East Beltline, NE
Grand Rapids, Michigan
(Address of Principal Executive Offices)
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49525
(Zip Code)
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o
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425).
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o |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12).
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o
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)).
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o
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)).
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Item 2.02
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Results of Operations and Financial Condition
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Item 9.01
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Financial Statements, Pro Forma Financial Information, and Exhibits
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(c)
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Exhibits
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99(a)
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Press Release dated April 17, 2013.
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UNIVERSAL FOREST PRODUCTS, INC. | |||
(Registrant)
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|||
Dated: April 17, 2013
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By: |
/s/ Michael R. Cole
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Michael R. Cole, Chief Financial Officer and Treasurer
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Exhibit Number
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Document
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Press Release dated April 17, 2013.
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Quarter Period
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Year to Date
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|||||||||||||||||||||||||||||||
(In thousands, except per share data)
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2013
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2012
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2013
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2012
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||||||||||||||||||||||||||||
NET SALES
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$ | 554,494 | 100 | % | $ | 457,111 | 100 | % | $ | 554,494 | 100 | % | $ | 457,111 | 100 | % | ||||||||||||||||
COST OF GOODS SOLD
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497,315 | 89.7 | 403,445 | 88.3 | 497,315 | 89.7 | 403,445 | 88.3 | ||||||||||||||||||||||||
GROSS PROFIT
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57,179 | 10.3 | 53,666 | 11.7 | 57,179 | 10.3 | 53,666 | 11.7 | ||||||||||||||||||||||||
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
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48,228 | 8.7 | 45,778 | 10.0 | 48,228 | 8.7 | 45,778 | 10.0 | ||||||||||||||||||||||||
NET (GAIN) LOSS ON DISPOSITION OF ASSETS, EARLY RETIREMENT, AND
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(106 | ) | - | 95 | - | (106 | ) | - | 95 | - | ||||||||||||||||||||||
EARNINGS FROM OPERATIONS
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9,057 | 1.6 | 7,793 | 1.7 | 9,057 | 1.6 | 7,793 | 1.7 | ||||||||||||||||||||||||
OTHER EXPENSE, NET
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1,056 | 0.2 | 708 | 0.2 | 1,056 | 0.2 | 708 | 0.2 | ||||||||||||||||||||||||
EARNINGS BEFORE INCOME TAXES
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8,001 | 7,085 | 8,001 | 7,085 | ||||||||||||||||||||||||||||
INCOME TAXES
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2,245 | 0.4 | 2,699 | 0.6 | 2,245 | 0.4 | 2,699 | 0.6 | ||||||||||||||||||||||||
NET EARNINGS
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5,756 | 1.0 | 4,386 | 1.0 | 5,756 | 1.0 | 4,386 | 1.0 | ||||||||||||||||||||||||
LESS NET EARNINGS ATTRIBUTABLE TO NONCONTROLLING INTEREST
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(532 | ) | (0.1 | ) | (231 | ) | (0.1 | ) | (532 | ) | (0.1 | ) | (231 | ) | (0.1 | ) | ||||||||||||||||
NET EARNINGS ATTRIBUTABLE TO CONTROLLING INTEREST
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$ | 5,224 | 0.9 | $ | 4,155 | 0.9 | $ | 5,224 | 0.9 | $ | 4,155 | 0.9 | ||||||||||||||||||||
EARNINGS PER SHARE - BASIC
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$ | 0.26 | $ | 0.21 | $ | 0.26 | $ | 0.21 | ||||||||||||||||||||||||
EARNINGS PER SHARE - DILUTED
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$ | 0.26 | $ | 0.21 | $ | 0.26 | $ | 0.21 | ||||||||||||||||||||||||
COMPREHENSIVE INCOME
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6,171 | 5,444 | 6,171 | 5,444 | ||||||||||||||||||||||||||||
LESS COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST
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(828 | ) | (655 | ) | (828 | ) | (655 | ) | ||||||||||||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO CONTROLLING INTEREST
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$ | 5,343 | $ | 4,789 | $ | 5,343 | $ | 4,789 |
Quarter Period
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Year to Date
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|||||||||||||||||||||||||||||||
Market Classification
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2013
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%
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2012
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%
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2013
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%
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2012
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%
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||||||||||||||||||||||||
Retail Building Materials
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$ | 205,716 | 37 | % | $ | 196,117 | 42 | % | $ | 205,716 | 37 | % | $ | 196,117 | 42 | % | ||||||||||||||||
Residential Construction
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74,307 | 13 | % | 51,807 | 11 | % | 74,307 | 13 | % | 51,807 | 11 | % | ||||||||||||||||||||
Commercial Construction and Concrete Forming
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30,355 | 5 | % | 19,715 | 4 | % | 30,355 | 5 | % | 19,715 | 4 | % | ||||||||||||||||||||
Industrial
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160,457 | 29 | % | 133,670 | 29 | % | 160,457 | 29 | % | 133,670 | 29 | % | ||||||||||||||||||||
Manufactured Housing
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89,867 | 16 | % | 63,040 | 14 | % | 89,867 | 16 | % | 63,040 | 14 | % | ||||||||||||||||||||
Total Gross Sales
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560,702 | 100 | % | 464,349 | 100 | % | 560,702 | 100 | % | 464,349 | 100 | % | ||||||||||||||||||||
Sales Allowances
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(6,208 | ) | (7,238 | ) | (6,208 | ) | (7,238 | ) | ||||||||||||||||||||||||
Total Net Sales
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$ | 554,494 | $ | 457,111 | $ | 554,494 | $ | 457,111 |
ASSETS
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2013
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2012
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LIABILITIES AND EQUITY
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2013
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2012
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CURRENT ASSETS
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CURRENT LIABILITIES
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Restricted cash
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$ | 653 | $ | 653 |
Cash overdraft
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$ | 7,665 | $ | 4,935 | ||||||||
Accounts receivable
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232,954 | 192,427 |
Accounts payable
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93,597 | 75,347 | ||||||||||||
Inventories
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290,752 | 218,553 |
Accrued liabilities
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52,566 | 47,741 | ||||||||||||
Other current assets
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25,716 | 23,752 |
Current portion of long-term debt and capital leases
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- | 42,774 | ||||||||||||
TOTAL CURRENT ASSETS
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550,075 | 435,385 |
TOTAL CURRENT LIABILITIES
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153,828 | 170,797 | ||||||||||||
OTHER ASSETS
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17,589 | 15,712 | |||||||||||||||
INTANGIBLE ASSETS, NET
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171,203 | 167,242 |
LONG-TERM DEBT AND CAPITAL LEASE OBLIGATIONS, less current portion
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155,181 | 43,668 | ||||||||||||
PROPERTY, PLANT AND EQUIPMENT, NET
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228,083 | 221,704 |
OTHER LIABILITIES
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42,284 | 35,112 | ||||||||||||
EQUITY
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615,657 | 590,466 | |||||||||||||||
TOTAL ASSETS
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$ | 966,950 | $ | 840,043 |
TOTAL LIABILITIES AND EQUITY
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$ | 966,950 | $ | 840,043 |
(In thousands)
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2013
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2012
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||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
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Net earnings
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$ | 5,756 | $ | 4,386 | ||||
Adjustments to reconcile net earnings attributable to controlling interest to net cash from operating activities:
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||||||||
Depreciation
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7,140 | 7,178 | ||||||
Amortization of intangibles
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604 | 745 | ||||||
Expense associated with share-based compensation arrangements
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642 | 450 | ||||||
Excess tax benefits from share-based compensation arrangements
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- | (12 | ) | |||||
Expense associated with stock grant plans
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19 | 54 | ||||||
Deferred income taxes (credit)
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36 | (50 | ) | |||||
Equity in earnings of investee
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(42 | ) | (62 | ) | ||||
Net (gain) loss on sale or impairment of property, plant and equipment
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(127 | ) | (25 | ) | ||||
Changes in:
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- | - | ||||||
Accounts receivable
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(70,715 | ) | (65,005 | ) | ||||
Inventories
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(47,305 | ) | (23,392 | ) | ||||
Accounts payable
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27,417 | 25,585 | ||||||
Accrued liabilities and other
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12,001 | 5,327 | ||||||
NET CASH FROM OPERATING ACTIVITIES
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(64,574 | ) | (44,821 | ) | ||||
CASH FLOWS FROM INVESTING ACTIVITIES:
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Purchases of property, plant, and equipment
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(8,085 | ) | (7,860 | ) | ||||
Proceeds from sale of property, plant and equipment
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251 | 2,035 | ||||||
Acquisitions, net of cash received
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(8,600 | ) | - | |||||
Purchase of patents & product technology
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- | (21 | ) | |||||
Advances of notes receivable
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(383 | ) | - | |||||
Collections of notes receivable and related interest
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543 | 647 | ||||||
Cash restricted as to use
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6,178 | - | ||||||
Other, net
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6 | (302 | ) | |||||
NET CASH FROM INVESTING ACTIVITIES
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(10,090 | ) | (5,501 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES:
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Net borrowings under revolving credit facilities
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59,391 | 33,968 | ||||||
Debt issuance costs
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(6 | ) | (81 | ) | ||||
Proceeds from issuance of common stock
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80 | 1,036 | ||||||
Distributions to noncontrolling interest
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(330 | ) | (379 | ) | ||||
Excess tax benefits from share-based compensation arrangements
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- | 12 | ||||||
Other, net
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- | 3 | ||||||
NET CASH FROM FINANCING ACTIVITIES
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59,135 | 34,559 | ||||||
Effect of exchange rate changes on cash
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217 | 176 | ||||||
NET CHANGE IN CASH AND CASH EQUIVALENTS
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(15,312 | ) | (15,587 | ) | ||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
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7,647 | 10,652 | ||||||
CASH OVERDRAFT, END OF PERIOD
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$ | (7,665 | ) | $ | (4,935 | ) | ||
SUPPLEMENTAL INFORMATION:
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Interest paid
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$ | 417 | $ | 261 | ||||
Income taxes paid
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(6,199 | ) | 3,400 |