Michigan
|
0-22684
|
38-1465835
|
(State or other Jurisdiction of Incorporation)
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
2801 East Beltline, NE
|
|
|
Grand Rapids, Michigan
|
49525
|
|
(Address of Principal Executive Offices)
|
(Zip Code)
|
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425). |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12). |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)). |
o | 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 |
Item 9.01 | Financial Statements, Pro Forma Financial Information, and Exhibits |
(c)
|
Exhibits
|
99(a)
|
Press Release dated April 16, 2014.
|
|
UNIVERSAL FOREST PRODUCTS, INC.
|
|
|
(Registrant)
|
|
|
|
|
Dated: April 16, 2014
|
By:
|
/s/ Michael R. Cole
|
|
|
Michael R. Cole, Chief Financial Officer
|
|
|
and Treasurer
|
Exhibit Number
|
Document
|
|
|
Press Release dated April 16, 2014.
|
news release
|
---------------AT THE COMPANY---------------
|
Lynn Afendoulis
|
Director, Corporate Communications
|
(616) 365-1502
|
|
FOR IMMEDIATE RELEASE
|
WEDNESDAY, APRIL 16, 2014
|
CONSOLIDATED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED
MARCH 2014/2013
|
|
Quarter Period
|
Year to Date
|
|||||||||||||||||||||||||||
(In thousands, except per share data)
|
2014
|
2013
|
2014
|
2013
|
|||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||
NET SALES
|
$
|
553,998
|
100
|
%
|
$
|
554,494
|
100
|
%
|
$
|
553,998
|
100
|
%
|
$
|
554,494
|
100.0
|
%
|
|||||||||||||
|
|||||||||||||||||||||||||||||
COST OF GOODS SOLD
|
487,986
|
88.1
|
496,676
|
89.6
|
487,986
|
88.1
|
496,676
|
89.6
|
|||||||||||||||||||||
|
|||||||||||||||||||||||||||||
GROSS PROFIT
|
66,012
|
11.9
|
57,818
|
10.4
|
66,012
|
11.9
|
57,818
|
10.4
|
|||||||||||||||||||||
|
|||||||||||||||||||||||||||||
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
|
53,908
|
9.7
|
48,228
|
8.7
|
53,908
|
9.7
|
48,228
|
8.7
|
|||||||||||||||||||||
ANTI-DUMPING DUTY ASSESSMENTS
|
-
|
-
|
639
|
0.1
|
-
|
-
|
639
|
0.1
|
|||||||||||||||||||||
NET GAIN ON DISPOSITION OF ASSETS
|
(524
|
)
|
(0.1
|
)
|
(106
|
)
|
-
|
(524
|
)
|
(0.1
|
)
|
(106
|
)
|
-
|
|||||||||||||||
|
|||||||||||||||||||||||||||||
EARNINGS FROM OPERATIONS
|
12,628
|
2.3
|
9,057
|
1.6
|
12,628
|
2.3
|
9,057
|
1.6
|
|||||||||||||||||||||
|
|||||||||||||||||||||||||||||
OTHER EXPENSE, NET
|
725
|
0.1
|
1,056
|
0.2
|
725
|
0.1
|
1,056
|
0.2
|
|||||||||||||||||||||
|
|||||||||||||||||||||||||||||
EARNINGS BEFORE INCOME TAXES
|
11,903
|
2.1
|
8,001
|
1.4
|
11,903
|
2.1
|
8,001
|
1.4
|
|||||||||||||||||||||
|
|||||||||||||||||||||||||||||
INCOME TAXES
|
4,235
|
0.8
|
2,245
|
0.4
|
4,235
|
0.8
|
2,245
|
0.4
|
|||||||||||||||||||||
|
|||||||||||||||||||||||||||||
NET EARNINGS
|
7,668
|
1.4
|
5,756
|
1.0
|
7,668
|
1.4
|
5,756
|
1.0
|
|||||||||||||||||||||
|
|||||||||||||||||||||||||||||
LESS NET EARNINGS ATTRIBUTABLE TO NONCONTROLLING INTEREST
|
(452
|
)
|
(0.1
|
)
|
(532
|
)
|
(0.1
|
)
|
(452
|
)
|
(0.1
|
)
|
(532
|
)
|
(0.1
|
)
|
|||||||||||||
|
|||||||||||||||||||||||||||||
NET EARNINGS ATTRIBUTABLE TO CONTROLLING INTEREST
|
$
|
7,216
|
1.3
|
$
|
5,224
|
0.9
|
$
|
7,216
|
1.3
|
$
|
5,224
|
0.9
|
|||||||||||||||||
|
|||||||||||||||||||||||||||||
EARNINGS PER SHARE - BASIC
|
$
|
0.36
|
$
|
0.26
|
$
|
0.36
|
$
|
0.26
|
|||||||||||||||||||||
|
|||||||||||||||||||||||||||||
EARNINGS PER SHARE - DILUTED
|
$
|
0.36
|
$
|
0.26
|
$
|
0.36
|
$
|
0.26
|
|||||||||||||||||||||
|
|||||||||||||||||||||||||||||
COMPREHENSIVE INCOME
|
6,968
|
6,171
|
6,968
|
6,171
|
|||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||
LESS COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST
|
(354
|
)
|
(828
|
)
|
(354
|
)
|
(828
|
)
|
|||||||||||||||||||||
|
|||||||||||||||||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO CONTROLLING INTEREST
|
$
|
6,614
|
$
|
5,343
|
$
|
6,614
|
$
|
5,343
|
|
Quarter Period
|
Year to Date
|
||||||||||||||||||||||
Market Classification
|
2014
|
2013
|
%
|
2014
|
2013
|
%
|
||||||||||||||||||
Retail
|
$
|
202,259
|
$
|
206,062
|
-2
|
%
|
$
|
202,259
|
$
|
206,062
|
-2
|
%
|
||||||||||||
Industrial
|
170,402
|
159,676
|
7
|
%
|
170,402
|
159,676
|
7
|
%
|
||||||||||||||||
Construction
|
189,536
|
194,964
|
-3
|
%
|
189,536
|
194,964
|
-3
|
%
|
||||||||||||||||
Total Gross Sales
|
562,197
|
560,702
|
0
|
%
|
562,197
|
560,702
|
0
|
%
|
||||||||||||||||
Sales Allowances
|
(8,199
|
)
|
(6,208
|
)
|
(8,199
|
)
|
(6,208
|
)
|
||||||||||||||||
Total Net Sales
|
$
|
553,998
|
$
|
554,494
|
$
|
553,998
|
$
|
554,494
|
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
MARCH 2014/2013
|
(In thousands)
|
|
||||||||||||||||
ASSETS
|
2014
|
2013
|
LIABILITIES AND EQUITY
|
2014
|
2013
|
||||||||||||
|
|
||||||||||||||||
CURRENT ASSETS
|
CURRENT LIABILITIES
|
||||||||||||||||
Cash and cash equivalents
|
$
|
-
|
$
|
-
|
Cash overdraft
|
$
|
12,151
|
$
|
7,665
|
||||||||
Restricted cash
|
720
|
653
|
Accounts payable
|
91,015
|
93,597
|
||||||||||||
Accounts receivable
|
242,433
|
232,954
|
Accrued liabilities
|
57,054
|
52,566
|
||||||||||||
Inventories
|
312,010
|
290,752
|
|
||||||||||||||
Other current assets
|
27,189
|
25,716
|
|
||||||||||||||
|
|
||||||||||||||||
TOTAL CURRENT ASSETS
|
582,352
|
550,075
|
TOTAL CURRENT LIABILITIES
|
160,220
|
153,828
|
||||||||||||
|
|
||||||||||||||||
OTHER ASSETS
|
13,064
|
17,589
|
|
||||||||||||||
INTANGIBLE ASSETS, NET
|
169,949
|
171,203
|
LONG-TERM DEBT AND CAPITAL LEASE OBLIGATIONS,
|
||||||||||||||
|
less current portion
|
143,471
|
155,181
|
||||||||||||||
PROPERTY, PLANT AND EQUIPMENT, NET
|
241,419
|
228,083
|
OTHER LIABILITIES
|
42,671
|
42,284
|
||||||||||||
|
EQUITY
|
660,422
|
615,657
|
||||||||||||||
|
|
||||||||||||||||
TOTAL ASSETS
|
$
|
1,006,784
|
$
|
966,950
|
TOTAL LIABILITIES AND EQUITY
|
$
|
1,006,784
|
$
|
966,950
|
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE THREE MONTHS ENDED
MARCH 2014/2013
|
(In thousands)
|
2014
|
2013
|
||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
Net earnings
|
$
|
7,668
|
$
|
5,756
|
||||
Adjustments to reconcile net earnings attributable to controlling interest to net cash from operating activities:
|
||||||||
Depreciation
|
7,691
|
7,140
|
||||||
Amortization of intangibles
|
586
|
604
|
||||||
Expense associated with share-based compensation arrangements
|
495
|
642
|
||||||
Expense associated with stock grant plans
|
29
|
19
|
||||||
Deferred income taxes (credit)
|
(150
|
)
|
36
|
|||||
Equity in earnings of investee
|
(51
|
)
|
(42
|
)
|
||||
Net gain on sale of property, plant and equipment
|
(602
|
)
|
(127
|
)
|
||||
Changes in:
|
||||||||
Accounts receivable
|
(61,825
|
)
|
(70,715
|
)
|
||||
Inventories
|
(23,980
|
)
|
(47,305
|
)
|
||||
Accounts payable
|
18,150
|
27,417
|
||||||
Accrued liabilities and other
|
(2,743
|
)
|
12,001
|
|||||
NET CASH FROM OPERATING ACTIVITIES
|
(54,732
|
)
|
(64,574
|
)
|
||||
|
||||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Purchases of property, plant, and equipment
|
(8,994
|
)
|
(8,085
|
)
|
||||
Proceeds from sale of property, plant and equipment
|
785
|
251
|
||||||
Acquisitions, net of cash received
|
(4,191
|
)
|
(8,600
|
)
|
||||
Advances of notes receivable
|
(2,462
|
)
|
(383
|
)
|
||||
Collections of notes receivable and related interest
|
473
|
543
|
||||||
Cash restricted as to use
|
-
|
6,178
|
||||||
Other, net
|
(36
|
)
|
6
|
|||||
NET CASH FROM INVESTING ACTIVITIES
|
(14,425
|
)
|
(10,090
|
)
|
||||
|
||||||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Net borrowings under revolving credit facilities
|
58,771
|
59,391
|
||||||
Debt issuance costs
|
(8
|
)
|
(6
|
)
|
||||
Proceeds from issuance of common stock
|
99
|
80
|
||||||
Distributions to noncontrolling interest
|
(701
|
)
|
(330
|
)
|
||||
NET CASH FROM FINANCING ACTIVITIES
|
58,161
|
59,135
|
||||||
|
||||||||
Effect of exchange rate changes on cash
|
(76
|
)
|
217
|
|||||
NET CHANGE IN CASH AND CASH EQUIVALENTS
|
(11,072
|
)
|
(15,312
|
)
|
||||
|
||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
|
(1,079
|
)
|
7,647
|
|||||
|
||||||||
CASH (CASH OVERDRAFT), END OF PERIOD
|
$
|
(12,151
|
)
|
$
|
(7,665
|
)
|
||
|
||||||||
SUPPLEMENTAL INFORMATION:
|
||||||||
Interest paid
|
$
|
281
|
$
|
417
|
||||
Income taxes paid (refunded)
|
1,681
|
(6,199
|
)
|