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
(Address of Principal Executive Offices)
|
49525
(Zip Code)
|
☐
|
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 (17CFR 240.14d-2(b)).
|
☐
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17CFR 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 February 18, 2015.
|
UNIVERSAL FOREST PRODUCTS INC.
|
|||
(Registrant)
|
|||
Dated: February 18, 2015
|
By:
|
/s/ Michael R. Cole
|
|
Michael R. Cole, Chief Financial Officer and Treasurer
|
Exhibit Number | Document |
99(a) | Press Release dated February 18, 2015. |
· | Fourth quarter: $204.9 million, up 22 percent over the fourth quarter of 2013 |
· | Year: $1.0 billion, up 10 percent over 2013 |
· | Fourth quarter: $224.4 million, up 10 percent over the fourth quarter of 2013 |
· | Year: $885.3 million, up 2 percent over 2013 |
· | Fourth quarter: $198.6 million, up 24.0 percent over the fourth quarter of 2013 |
· | Year: $783.8 million, up 12.0 percent over 2013 |
Quarter Period
|
Year to Date
|
|||||||||||||||||||||||||||||||
(In thousands, except per share data)
|
2014
|
2013
|
2014
|
2013
|
||||||||||||||||||||||||||||
NET SALES
|
$
|
620,090
|
100
|
%
|
$
|
525,738
|
100
|
%
|
$
|
2,660,329
|
100
|
%
|
$
|
2,470,448
|
100.0
|
%
|
||||||||||||||||
COST OF GOODS SOLD
|
547,335
|
88.3
|
461,509
|
87.8
|
2,334,987
|
87.8
|
2,189,896
|
88.6
|
||||||||||||||||||||||||
GROSS PROFIT
|
72,755
|
11.7
|
64,229
|
12.2
|
325,342
|
12.2
|
280,552
|
11.4
|
||||||||||||||||||||||||
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
|
56,940
|
9.2
|
50,042
|
9.5
|
229,775
|
8.6
|
204,390
|
8.3
|
||||||||||||||||||||||||
ANTI-DUMPING DUTY ASSESSMENTS
|
-
|
-
|
-
|
-
|
1,600
|
0.1
|
1,526
|
0.1
|
||||||||||||||||||||||||
NET (GAIN) LOSS ON DISPOSITION AND
|
||||||||||||||||||||||||||||||||
IMPAIRMENT OF ASSETS 1
|
18
|
-
|
621
|
0.1
|
(3,400
|
)
|
(0.1
|
)
|
368
|
-
|
||||||||||||||||||||||
EARNINGS FROM OPERATIONS
|
15,797
|
2.5
|
13,566
|
2.6
|
97,367
|
3.7
|
74,268
|
3.0
|
||||||||||||||||||||||||
OTHER EXPENSE, NET
|
(309
|
)
|
-
|
1,041
|
0.2
|
1,654
|
0.1
|
4,010
|
0.2
|
|||||||||||||||||||||||
EARNINGS BEFORE INCOME TAXES
|
16,106
|
2.6
|
12,525
|
2.4
|
95,713
|
3.6
|
70,258
|
2.8
|
||||||||||||||||||||||||
INCOME TAXES 1
|
5,149
|
0.8
|
3,865
|
0.7
|
34,149
|
1.3
|
24,454
|
1.0
|
||||||||||||||||||||||||
NET EARNINGS
|
10,957
|
1.8
|
8,660
|
1.6
|
61,564
|
2.3
|
45,804
|
1.9
|
||||||||||||||||||||||||
LESS NET EARNINGS ATTRIBUTABLE TO NONCONTROLLING INTEREST 1
|
(1,644
|
)
|
(0.3
|
)
|
(665
|
)
|
(0.1
|
)
|
(4,013
|
)
|
(0.2
|
)
|
(2,722
|
)
|
(0.1
|
)
|
||||||||||||||||
NET EARNINGS ATTRIBUTABLE TO CONTROLLING INTEREST
|
$
|
9,313
|
1.5
|
$
|
7,995
|
1.5
|
$
|
57,551
|
2.2
|
$
|
43,082
|
1.7
|
||||||||||||||||||||
EARNINGS PER SHARE - BASIC
|
$
|
0.46
|
$
|
0.40
|
$
|
2.87
|
$
|
2.16
|
||||||||||||||||||||||||
EARNINGS PER SHARE - DILUTED
|
$
|
0.46
|
$
|
0.40
|
$
|
2.86
|
$
|
2.15
|
||||||||||||||||||||||||
COMPREHENSIVE INCOME
|
9,685
|
8,191
|
59,407
|
45,020
|
||||||||||||||||||||||||||||
LESS COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST
|
(1,791
|
)
|
(631
|
)
|
(3,974
|
)
|
(2,730
|
)
|
||||||||||||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO CONTROLLING INTEREST
|
$
|
7,894
|
$
|
7,560
|
$
|
55,433
|
$
|
42,290
|
Quarter Period
|
Year to Date
|
|||||||||||||||||||||||
Market Classification
|
2014
|
2013
|
%
|
2014
|
2013
|
%
|
||||||||||||||||||
Retail
|
$
|
204,922
|
$
|
167,958
|
22
|
%
|
$
|
1,028,783
|
$
|
936,141
|
10
|
%
|
||||||||||||
Industrial
|
198,594
|
160,475
|
24
|
%
|
783,805
|
699,688
|
12
|
%
|
||||||||||||||||
Construction
|
224,387
|
204,297
|
10
|
%
|
885,348
|
868,083
|
2
|
%
|
||||||||||||||||
Total Gross Sales
|
627,903
|
532,730
|
18
|
%
|
2,697,936
|
2,503,912
|
8
|
%
|
||||||||||||||||
Sales Allowances
|
(7,813
|
)
|
(6,992
|
)
|
(37,607
|
)
|
(33,464
|
)
|
||||||||||||||||
Total Net Sales
|
$
|
620,090
|
$
|
525,738
|
$
|
2,660,329
|
$
|
2,470,448
|
ASSETS
|
2014
|
2013
|
LIABILITIES AND EQUITY
|
2014
|
2013
|
||||||||||||
|
|||||||||||||||||
CURRENT ASSETS
|
CURRENT LIABILITIES
|
||||||||||||||||
Restricted cash
|
405
|
720
|
Cash Overdraft
|
621
|
1,079
|
||||||||||||
Accounts receivable
|
195,912
|
180,452
|
Accounts payable
|
89,105
|
72,918
|
||||||||||||
Inventories
|
340,048
|
287,305
|
Accrued liabilities
|
85,734
|
65,102
|
||||||||||||
Other current assets
|
36,641
|
27,921
|
|
||||||||||||||
|
|||||||||||||||||
TOTAL CURRENT ASSETS
|
573,006
|
496,398
|
TOTAL CURRENT LIABILITIES
|
175,460
|
139,099
|
||||||||||||
|
|||||||||||||||||
OTHER ASSETS
|
10,644
|
13,452
|
|||||||||||||||
INTANGIBLE ASSETS, NET
|
191,881
|
169,727
|
LONG-TERM DEBT AND CAPITAL LEASE OBLIGATIONS
|
98,645
|
84,700
|
||||||||||||
OTHER LIABILITIES
|
50,135
|
43,454
|
|||||||||||||||
PROPERTY, PLANT AND EQUIPMENT, NET
|
248,269
|
237,410
|
EQUITY
|
699,560
|
649,734
|
||||||||||||
|
|||||||||||||||||
TOTAL ASSETS
|
$
|
1,023,800
|
$
|
916,987
|
TOTAL LIABILITIES AND EQUITY
|
$
|
1,023,800
|
$
|
916,987
|
(In thousands)
|
2014
|
2013
|
||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
Net earnings
|
$
|
61,564
|
$
|
45,804
|
||||
Adjustments to reconcile net earnings attributable to controlling interest to net cash from operating activities:
|
||||||||
Depreciation
|
33,913
|
31,091
|
||||||
Amortization of intangibles
|
2,410
|
2,473
|
||||||
Expense associated with share-based compensation arrangements
|
1,919
|
1,874
|
||||||
Excess tax benefits from share-based compensation arrangements
|
(14
|
)
|
(112
|
)
|
||||
Expense associated with stock grant plans
|
94
|
58
|
||||||
Loss reserve for notes receivable
|
-
|
15
|
||||||
Deferred income taxes (credit)
|
4,926
|
4,453
|
||||||
Equity in earnings of investee
|
(378
|
)
|
(201
|
)
|
||||
Net (gain) or loss on sale of property, plant and equipment
|
(3,400
|
)
|
297
|
|||||
Changes in:
|
||||||||
Accounts receivable
|
(9,710
|
)
|
(17,886
|
)
|
||||
Inventories
|
(49,575
|
)
|
(42,287
|
)
|
||||
Accounts payable and cash overdraft
|
15,390
|
7,835
|
||||||
Accrued liabilities and other
|
15,981
|
21,026
|
||||||
NET CASH FROM OPERATING ACTIVITIES
|
73,120
|
54,440
|
||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Purchases of property, plant, and equipment
|
(45,305
|
)
|
(40,023
|
)
|
||||
Proceeds from sale of property, plant and equipment
|
9,005
|
1,778
|
||||||
Acquisitions, net of cash received
|
(34,641
|
)
|
(11,478
|
)
|
||||
Purchase of patents & product technology
|
-
|
(143
|
)
|
|||||
Advances of notes receivable
|
(6,201
|
)
|
(2,673
|
)
|
||||
Collections of notes receivable and related interest
|
9,926
|
2,814
|
||||||
Cash restricted as to use
|
315
|
6,111
|
||||||
Other, net
|
(162
|
)
|
11
|
|||||
NET CASH FROM INVESTING ACTIVITIES
|
(67,063
|
)
|
(43,603
|
)
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Borrowings under revolving credit facilities
|
211,770
|
251,801
|
||||||
Repayments under revolving credit facilities
|
(197,825
|
)
|
(262,891
|
)
|
||||
Debt issuance costs
|
(724
|
)
|
(46
|
)
|
||||
Proceeds from issuance of common stock
|
541
|
2,144
|
||||||
Distributions to noncontrolling interest
|
(1,910
|
)
|
(1,460
|
)
|
||||
Capital contribution from noncontrolling interest
|
-
|
84
|
||||||
Dividends paid to shareholders
|
(12,205
|
)
|
(8,166
|
)
|
||||
Repurchase of common stock
|
(4,866
|
)
|
-
|
|||||
Excess tax benefits from share-based compensation arrangements
|
14
|
112
|
||||||
NET CASH FROM FINANCING ACTIVITIES
|
(5,205
|
)
|
(18,422
|
)
|
||||
Effect of exchange rate changes on cash
|
(852
|
)
|
(62
|
)
|
||||
NET CHANGE IN CASH AND CASH EQUIVALENTS
|
-
|
(7,647
|
)
|
|||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
|
-
|
7,647
|
||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD
|
$
|
-
|
$
|
-
|
||||
SUPPLEMENTAL INFORMATION:
|
||||||||
Interest paid
|
$
|
4,334
|
$
|
4,883
|
||||
Income taxes paid
|
38,475
|
14,427
|
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