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 October 15, 2014.
|
|
UNIVERSAL FOREST PRODUCTS, INC.
|
||
|
(Registrant)
|
|
|
|
|
|
|
Dated: October 15, 2014
|
By:
|
/s/ Michael R. Cole
|
|
|
|
Michael R. Cole, Chief Financial Officer
|
|
|
|
and Treasurer
|
|
Exhibit Number
|
|
Document
|
|
|
|
|
Press Release dated October 15, 2014.
|
News release
|
|
---------------AT THE COMPANY---------------
|
Lynn Afendoulis
|
Director, Corporate Communications
|
(616) 365-1502
|
Quarter Period
|
Year to Date
|
|||||||||||||||||||||||||||||
(In thousands, except per share data)
|
2014
|
2013
|
2014
|
2013
|
||||||||||||||||||||||||||
NET SALES
|
$
|
713,489
|
100
|
%
|
$
|
651,780
|
100
|
%
|
$
|
2,040,239
|
100
|
%
|
$
|
1,944,711
|
100.0
|
%
|
||||||||||||||
COST OF GOODS SOLD
|
623,903
|
87.4
|
573,491
|
88.0
|
1,787,652
|
87.6
|
1,729,027
|
88.9
|
||||||||||||||||||||||
GROSS PROFIT
|
89,586
|
12.6
|
78,289
|
12.0
|
252,587
|
12.4
|
215,684
|
11.1
|
||||||||||||||||||||||
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
|
59,936
|
8.4
|
53,020
|
8.1
|
172,835
|
8.5
|
154,348
|
7.9
|
||||||||||||||||||||||
ANTI-DUMPING DUTY ASSESSMENTS
|
-
|
-
|
887
|
0.1
|
1,600
|
0.1
|
887
|
-
|
||||||||||||||||||||||
NET GAIN ON DISPOSITION AND IMPAIRMENT OF ASSETS 1
|
(2,570
|
)
|
(0.4
|
)
|
(145
|
)
|
-
|
(3,418
|
)
|
(0.2
|
)
|
(253
|
)
|
-
|
||||||||||||||||
EARNINGS FROM OPERATIONS
|
32,220
|
4.5
|
24,527
|
3.8
|
81,570
|
4.0
|
60,702
|
3.1
|
||||||||||||||||||||||
OTHER EXPENSE, NET
|
552
|
0.1
|
982
|
0.2
|
1,963
|
0.1
|
2,969
|
0.2
|
||||||||||||||||||||||
EARNINGS BEFORE INCOME TAXES
|
31,668
|
4.4
|
23,545
|
3.6
|
79,607
|
3.9
|
57,733
|
3.0
|
||||||||||||||||||||||
INCOME TAXES 1
|
11,176
|
1.6
|
8,530
|
1.3
|
29,000
|
1.4
|
20,589
|
1.1
|
||||||||||||||||||||||
NET EARNINGS
|
20,492
|
2.9
|
15,015
|
2.3
|
50,607
|
2.5
|
37,144
|
1.9
|
||||||||||||||||||||||
LESS NET EARNINGS ATTRIBUTABLE TO NONCONTROLLING INTEREST 1
|
(1,258
|
)
|
(0.2
|
)
|
(924
|
)
|
(0.1
|
)
|
(2,369
|
)
|
(0.1
|
)
|
(2,057
|
)
|
(0.1
|
)
|
||||||||||||||
NET EARNINGS ATTRIBUTABLE TO CONTROLLING INTEREST
|
$
|
19,234
|
2.7
|
$
|
14,091
|
2.2
|
$
|
48,238
|
2.4
|
$
|
35,087
|
1.8
|
||||||||||||||||||
EARNINGS PER SHARE - BASIC
|
$
|
0.96
|
$
|
0.71
|
$
|
2.40
|
$
|
1.76
|
||||||||||||||||||||||
EARNINGS PER SHARE - DILUTED
|
$
|
0.96
|
$
|
0.71
|
$
|
2.40
|
$
|
1.76
|
||||||||||||||||||||||
COMPREHENSIVE INCOME
|
20,001
|
15,767
|
49,869
|
36,828
|
||||||||||||||||||||||||||
LESS COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST
|
(1,317
|
)
|
(1,106
|
)
|
(2,330
|
)
|
(2,098
|
)
|
||||||||||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO CONTROLLING INTEREST
|
$
|
18,684
|
$
|
14,661
|
$
|
47,539
|
$
|
34,730
|
SUPPLEMENTAL SALES DATA
|
||||||||||||||||||||||||
|
Quarter Period
|
Year to Date
|
||||||||||||||||||||||
Market Classification
|
2014
|
2013
|
%
|
2014
|
2013
|
%
|
||||||||||||||||||
Retail
|
$
|
272,469
|
$
|
247,182
|
10
|
%
|
$
|
823,861
|
$
|
768,174
|
7
|
%
|
||||||||||||
Industrial
|
211,344
|
186,385
|
13
|
%
|
585,211
|
539,213
|
9
|
%
|
||||||||||||||||
Construction
|
239,812
|
227,093
|
6
|
%
|
660,962
|
663,795
|
0
|
%
|
||||||||||||||||
Total Gross Sales
|
723,625
|
660,660
|
10
|
%
|
2,070,034
|
1,971,182
|
5
|
%
|
||||||||||||||||
Sales Allowances
|
(10,136
|
)
|
(8,880
|
)
|
(29,795
|
)
|
(26,471
|
)
|
||||||||||||||||
Total Net Sales
|
$
|
713,489
|
$
|
651,780
|
$
|
2,040,239
|
$
|
1,944,711
|
(In thousands)
|
|||||||||||||||||
ASSETS
|
2014
|
2013
|
LIABILITIES AND EQUITY
|
2014
|
2013
|
||||||||||||
CURRENT ASSETS
|
CURRENT LIABILITIES
|
||||||||||||||||
Cash and cash equivalents
|
$
|
26,184
|
$
|
5,151
|
Accounts payable
|
99,008
|
85,520
|
||||||||||
Restricted cash
|
720
|
720
|
Accrued liabilities
|
93,933
|
78,820
|
||||||||||||
Accounts receivable
|
257,235
|
241,990
|
|||||||||||||||
Inventories
|
273,665
|
232,209
|
|||||||||||||||
Other current assets
|
27,591
|
29,483
|
|||||||||||||||
TOTAL CURRENT ASSETS
|
585,395
|
509,553
|
TOTAL CURRENT LIABILITIES
|
192,941
|
164,340
|
||||||||||||
OTHER ASSETS
|
16,227
|
14,312
|
|||||||||||||||
INTANGIBLE ASSETS, NET
|
168,825
|
170,301
|
LONG-TERM DEBT AND CAPITAL LEASE OBLIGATIONS
|
84,700
|
84,700
|
||||||||||||
OTHER LIABILITIES
|
42,758
|
41,072
|
|||||||||||||||
PROPERTY, PLANTAND EQUIPMENT, NET
|
245,036
|
239,347
|
EQUITY
|
695,084
|
643,401
|
||||||||||||
|
|||||||||||||||||
|
|||||||||||||||||
TOTAL ASSETS
|
$
|
1,015,483
|
$
|
933,513
|
TOTAL LIABILITIES AND EQUITY
|
$
|
1,015,483
|
$
|
933,513
|
(In thousands)
|
2014
|
2013
|
||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
Net earnings
|
$
|
50,607
|
$
|
37,144
|
||||
Adjustments to reconcile net earnings attributable to controlling interest to net cash from operating activities:
|
||||||||
Depreciation
|
24,241
|
22,333
|
||||||
Amortization of intangibles
|
1,743
|
1,880
|
||||||
Expense associated with share-based compensation arrangements
|
1,445
|
1,442
|
||||||
Excess tax benefits from share-based compensation arrangements
|
(2
|
)
|
(8
|
)
|
||||
Expense associated with stock grant plans
|
81
|
49
|
||||||
Deferred income taxes (credit)
|
127
|
(83
|
)
|
|||||
Equity in earnings of investee
|
(246
|
)
|
(152
|
)
|
||||
Net gain on sale of property, plant and equipment
|
(3,418
|
)
|
(253
|
)
|
||||
Changes in:
|
||||||||
Accounts receivable
|
(76,642
|
)
|
(79,849
|
)
|
||||
Inventories
|
14,754
|
11,261
|
||||||
Accounts payable and cash overdraft
|
25,078
|
19,336
|
||||||
Accrued liabilities and other
|
32,760
|
34,580
|
||||||
NET CASH FROM OPERATING ACTIVITIES
|
70,528
|
47,680
|
||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Purchases of property, plant, and equipment
|
(31,676
|
)
|
(32,108
|
)
|
||||
Proceeds from sale of property, plant and equipment
|
6,463
|
1,319
|
||||||
Acquisitions, net of cash received
|
(7,135
|
)
|
(9,296
|
)
|
||||
Advances of notes receivable
|
(2,229
|
)
|
(1,990
|
)
|
||||
Collections of notes receivable and related interest
|
983
|
1,441
|
||||||
Cash restricted as to use
|
-
|
6,111
|
||||||
Other, net
|
(95
|
)
|
28
|
|||||
NET CASH FROM INVESTING ACTIVITIES
|
(33,689
|
)
|
(34,495
|
)
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Borrowings under revolving credit facilities
|
192,475
|
251,801
|
||||||
Repayments under revolving credit facilities
|
(192,475
|
)
|
(262,891
|
)
|
||||
Debt issuance costs
|
(11
|
)
|
(15
|
)
|
||||
Proceeds from issuance of common stock
|
297
|
839
|
||||||
Distributions to noncontrolling interest
|
(1,710
|
)
|
(1,460
|
)
|
||||
Dividends paid to shareholders
|
(4,214
|
)
|
(3,977
|
)
|
||||
Repurchase of common stock
|
(4,772
|
)
|
-
|
|||||
Excess tax benefits from share-based compensation arrangements
|
2
|
8
|
||||||
NET CASH FROM FINANCING ACTIVITIES
|
(10,408
|
)
|
(15,695
|
)
|
||||
Effect of exchange rate changes on cash
|
(247
|
)
|
14
|
|||||
NET CHANGE IN CASH AND CASH EQUIVALENTS
|
26,184
|
(2,496
|
)
|
|||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
|
-
|
7,647
|
||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD
|
$
|
26,184
|
$
|
5,151
|
||||
|
||||||||
SUPPLEMENTAL INFORMATION:
|
||||||||
Interest paid
|
$
|
2,475
|
$
|
2,850
|
||||
Income taxes paid
|
26,605
|
6,780
|