Amendment No. 1
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)). |
The Form 8-K previously filed on July 16, 2014 that provided updated balance sheet information.
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 July 16, 2014. |
|
|
UNIVERSAL FOREST PRODUCTS, INC.
|
|
|
(Registrant)
|
|
|
|
Dated: July 16, 2014
|
By:
|
/s/ Michael R. Cole
|
|
|
Michael R. Cole, Chief Financial Officer and Treasurer
|
Exhibit Number | Document |
99(a) | Press Release dated July 16, 2014. |
|
Quarter Period
|
Year to Date
|
||||||||||||||||||||||||||||||
(In thousands, except per share data)
|
2014
|
2013
|
2014
|
2013
|
||||||||||||||||||||||||||||
NET SALES
|
$
|
772,752
|
100
|
%
|
$
|
738,436
|
100
|
%
|
$
|
1,326,751
|
100
|
%
|
$
|
1,292,930
|
100.0
|
%
|
||||||||||||||||
|
||||||||||||||||||||||||||||||||
COST OF GOODS SOLD
|
675,764
|
87.4
|
658,220
|
89.1
|
1,163,750
|
87.7
|
1,154,896
|
89.3
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
GROSS PROFIT
|
96,988
|
12.6
|
80,216
|
10.9
|
163,001
|
12.3
|
138,034
|
10.7
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
|
58,989
|
7.6
|
53,102
|
7.2
|
112,899
|
8.5
|
101,329
|
7.8
|
||||||||||||||||||||||||
ANTI-DUMPING DUTY ASSESSMENTS
|
1,600
|
0.2
|
-
|
-
|
1,600
|
0.1
|
639
|
-
|
||||||||||||||||||||||||
NET GAIN ON DISPOSITION OF ASSETS
|
(324
|
)
|
-
|
(3
|
)
|
-
|
(848
|
)
|
(0.1
|
)
|
(109
|
)
|
-
|
|||||||||||||||||||
|
||||||||||||||||||||||||||||||||
EARNINGS FROM OPERATIONS
|
36,723
|
4.8
|
27,117
|
3.7
|
49,350
|
3.7
|
36,175
|
2.8
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
OTHER EXPENSE, NET
|
686
|
0.1
|
931
|
0.1
|
1,411
|
0.1
|
1,987
|
0.2
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
EARNINGS BEFORE INCOME TAXES
|
36,037
|
4.7
|
26,186
|
3.5
|
47,939
|
3.6
|
34,188
|
2.6
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
INCOME TAXES
|
13,588
|
1.8
|
9,813
|
1.3
|
17,824
|
1.3
|
12,058
|
0.9
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
NET EARNINGS
|
22,449
|
2.9
|
16,373
|
2.2
|
30,115
|
2.3
|
22,130
|
1.7
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
LESS NET EARNINGS ATTRIBUTABLE TO NONCONTROLLING INTEREST
|
(660
|
)
|
(0.1
|
)
|
(601
|
)
|
(0.1
|
)
|
(1,111
|
)
|
(0.1
|
)
|
(1,133
|
)
|
(0.1
|
)
|
||||||||||||||||
|
||||||||||||||||||||||||||||||||
NET EARNINGS ATTRIBUTABLE TO
|
||||||||||||||||||||||||||||||||
CONTROLLING INTEREST
|
$
|
21,789
|
2.8
|
$
|
15,772
|
2.1
|
$
|
29,004
|
2.2
|
$
|
20,997
|
1.6
|
||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
EARNINGS PER SHARE - BASIC
|
$
|
1.08
|
$
|
0.79
|
$
|
1.44
|
$
|
1.05
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
EARNINGS PER SHARE - DILUTED
|
$
|
1.08
|
$
|
0.79
|
$
|
1.44
|
$
|
1.05
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
COMPREHENSIVE INCOME
|
22,960
|
14,889
|
29,928
|
21,062
|
||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
LESS COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST
|
(719
|
)
|
(164
|
)
|
(1,072
|
)
|
(992
|
)
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO CONTROLLING INTEREST
|
$
|
22,241
|
$
|
14,725
|
$
|
28,856
|
$
|
20,070
|
|
Quarter Period
|
Year to Date
|
||||||||||||||||||||||
Market Classification
|
2014
|
2013
|
%
|
2014
|
2013
|
%
|
||||||||||||||||||
Retail
|
$
|
349,134
|
$
|
314,948
|
11
|
%
|
$
|
551,393
|
$
|
521,010
|
6
|
%
|
||||||||||||
Industrial
|
203,464
|
193,133
|
5
|
%
|
373,866
|
352,808
|
6
|
%
|
||||||||||||||||
Construction
|
231,614
|
241,738
|
-4
|
%
|
421,150
|
436,704
|
-4
|
%
|
||||||||||||||||
Total Gross Sales
|
784,212
|
749,819
|
5
|
%
|
1,346,409
|
1,310,522
|
3
|
%
|
||||||||||||||||
Sales Allowances
|
(11,460
|
)
|
(11,383
|
)
|
(19,658
|
)
|
(17,592
|
)
|
||||||||||||||||
Total Net Sales
|
$
|
772,752
|
$
|
738,436
|
$
|
1,326,751
|
$
|
1,292,930
|
(In thousands)
|
|
||||||||||||||||
ASSETS
|
2014
|
2013
|
LIABILITIES AND EQUITY
|
2014
|
2013
|
||||||||||||
|
|
||||||||||||||||
CURRENT ASSETS
|
CURRENT LIABILITIES
|
||||||||||||||||
Restricted cash
|
720
|
753
|
Cash overdraft
|
$
|
13,659
|
$
|
3,407
|
||||||||||
Accounts receivable
|
286,422
|
270,949
|
Accounts payable
|
110,953
|
95,594
|
||||||||||||
Inventories
|
277,789
|
253,554
|
Accrued liabilities
|
79,786
|
65,746
|
||||||||||||
Other current assets
|
26,469
|
29,490
|
|
||||||||||||||
|
|
||||||||||||||||
TOTAL CURRENT ASSETS
|
591,400
|
554,746
|
TOTAL CURRENT LIABILITIES
|
204,398
|
164,747
|
||||||||||||
|
|
||||||||||||||||
OTHER ASSETS
|
13,669
|
18,023
|
LONG-TERM DEBT AND
|
||||||||||||||
INTANGIBLE ASSETS, NET
|
169,357
|
170,770
|
CAPITAL LEASE OBLIGATIONS
|
95,094
|
142,473
|
||||||||||||
PROPERTY, PLANT
|
OTHER LIABILITIES
|
42,652 | 42,200 | ||||||||||||||
AND EQUIPMENT, NET
|
247,453
|
233,773
|
EQUITY
|
679,735
|
627,892
|
||||||||||||
|
|
||||||||||||||||
TOTAL ASSETS
|
$
|
1,021,879
|
$
|
977,312
|
TOTAL LIABILITIES AND EQUITY
|
$
|
1,021,879
|
$
|
977,312
|
(In thousands)
|
2014
|
2013
|
||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
Net earnings
|
$
|
30,115
|
$
|
22,130
|
||||
Adjustments to reconcile net earnings attributable to controlling interest to net cash from operating activities:
|
||||||||
Depreciation
|
15,644
|
14,459
|
||||||
Amortization of intangibles
|
1,194
|
1,324
|
||||||
Expense associated with share-based compensation arrangements
|
932
|
1,073
|
||||||
Excess tax benefits from share-based compensation arrangements
|
-
|
(6
|
)
|
|||||
Expense associated with stock grant plans
|
58
|
36
|
||||||
Deferred income taxes (credit)
|
46
|
(79
|
)
|
|||||
Equity in earnings of investee
|
(104
|
)
|
(134
|
)
|
||||
Net gain on sale of property, plant and equipment
|
(931
|
)
|
(141
|
)
|
||||
Changes in: | ||||||||
Accounts receivable
|
(105,695
|
)
|
(108,893
|
)
|
||||
Inventories
|
10,776
|
(10,223
|
)
|
|||||
Accounts payable
|
38,062
|
29,473
|
||||||
Accrued liabilities and other
|
20,151
|
22,064
|
||||||
NET CASH FROM OPERATING ACTIVITIES
|
10,248
|
(28,917
|
)
|
|||||
|
||||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Purchases of property, plant, and equipment
|
(20,100
|
)
|
(21,532
|
)
|
||||
Proceeds from sale of property, plant and equipment
|
1,754
|
453
|
||||||
Acquisitions, net of cash received
|
(7,135
|
)
|
(9,296
|
)
|
||||
Advances of notes receivable
|
(3,287
|
)
|
(1,358
|
)
|
||||
Collections of notes receivable and related interest
|
888
|
749
|
||||||
Cash restricted as to use
|
-
|
6,078
|
||||||
Other, net
|
(159
|
)
|
(37
|
)
|
||||
NET CASH FROM INVESTING ACTIVITIES
|
(28,039
|
)
|
(24,943
|
)
|
||||
|
||||||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Net borrowings under revolving credit facilities
|
10,394
|
46,683
|
||||||
Debt issuance costs
|
(9
|
)
|
(11
|
)
|
||||
Proceeds from issuance of common stock
|
201
|
694
|
||||||
Distributions to noncontrolling interest
|
(1,101
|
)
|
(490
|
)
|
||||
Dividends paid to shareholders
|
(4,214
|
)
|
(3,977
|
)
|
||||
Excess tax benefits from share-based compensation arrangements
|
-
|
6
|
||||||
NET CASH FROM FINANCING ACTIVITIES
|
5,271
|
42,905
|
||||||
|
||||||||
Effect of exchange rate changes on cash
|
(60
|
)
|
(99
|
)
|
||||
NET CHANGE IN CASH AND CASH EQUIVALENTS
|
(12,580
|
)
|
(11,054
|
)
|
||||
|
||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
|
(1,079
|
)
|
7,647
|
|||||
|
||||||||
CASH OVERDRAFT, END OF PERIOD
|
$
|
(13,659
|
)
|
$
|
(3,407
|
)
|
||
|
||||||||
SUPPLEMENTAL INFORMATION:
|
||||||||
Interest paid
|
$
|
2,155
|
$
|
2,434
|
||||
Income taxes paid (refunded)
|
6,532
|
(910
|
)
|