Michigan
(State or other Jurisdiction of Incorporation)
|
0-22684
(Commission File Number)
|
38-1465835
(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 (17 CFR 240.14d-2(b)). |
☐ | 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 15, 2015. |
UNIVERSAL FOREST PRODUCTS, INC.
|
||
(Registrant)
|
||
Dated: April 15, 2015
|
By:
|
/s/ Michael R. Cole
|
Michael R. Cole, Chief Financial Officer
|
||
and Treasurer
|
Exhibit Number | Document |
99(a) | Press Release dated April 15, 2015. |
Quarter Period
|
Year to Date
|
|||||||||||||||||||||||||||||||
(In thousands, except per share data)
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
||||||||||||||||||||||||
NET SALES
|
$
|
633,025
|
100
|
%
|
$
|
553,998
|
100
|
%
|
$
|
633,025
|
100
|
%
|
$
|
553,998
|
100.0
|
%
|
||||||||||||||||
COST OF GOODS SOLD
|
553,443
|
87.4
|
487,986
|
88.1
|
553,443
|
87.4
|
487,986
|
88.1
|
||||||||||||||||||||||||
GROSS PROFIT
|
79,582
|
12.6
|
66,012
|
11.9
|
79,582
|
12.6
|
66,012
|
11.9
|
||||||||||||||||||||||||
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
|
61,705
|
9.7
|
53,908
|
9.7
|
61,705
|
9.7
|
53,908
|
9.7
|
||||||||||||||||||||||||
NET (GAIN) LOSS ON DISPOSITION AND IMPAIRMENT OF ASSETS
|
14
|
-
|
(524
|
)
|
(0.1
|
)
|
14
|
-
|
(524
|
)
|
(0.1
|
)
|
||||||||||||||||||||
EARNINGS FROM OPERATIONS
|
17,863
|
2.8
|
12,628
|
2.3
|
17,863
|
2.8
|
12,628
|
2.3
|
||||||||||||||||||||||||
OTHER EXPENSE, NET
|
955
|
0.2
|
725
|
0.1
|
955
|
0.2
|
725
|
0.1
|
||||||||||||||||||||||||
EARNINGS BEFORE INCOME TAXES
|
16,908
|
2.7
|
11,903
|
2.1
|
16,908
|
2.7
|
11,903
|
2.1
|
||||||||||||||||||||||||
INCOME TAXES
|
6,104
|
1.0
|
4,235
|
0.8
|
6,104
|
1.0
|
4,235
|
0.8
|
||||||||||||||||||||||||
NET EARNINGS
|
10,804
|
1.7
|
7,668
|
1.4
|
10,804
|
1.7
|
7,668
|
1.4
|
||||||||||||||||||||||||
LESS NET EARNINGS ATTRIBUTABLE TO NONCONTROLLING INTEREST
|
(642
|
)
|
(0.1
|
)
|
(452
|
)
|
(0.1
|
)
|
(642
|
)
|
(0.1
|
)
|
(452
|
)
|
(0.1
|
)
|
||||||||||||||||
NET EARNINGS ATTRIBUTABLE TO CONTROLLING INTEREST
|
$
|
10,162
|
1.6
|
$
|
7,216
|
1.3
|
$
|
10,162
|
1.6
|
$
|
7,216
|
1.3
|
||||||||||||||||||||
EARNINGS PER SHARE - BASIC
|
$
|
0.51
|
$
|
0.36
|
$
|
0.51
|
$
|
0.36
|
||||||||||||||||||||||||
EARNINGS PER SHARE - DILUTED
|
$
|
0.51
|
$
|
0.36
|
$
|
0.51
|
$
|
0.36
|
||||||||||||||||||||||||
COMPREHENSIVE INCOME
|
9,801
|
6,968
|
9,801
|
6,968
|
||||||||||||||||||||||||||||
LESS COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST
|
(498
|
)
|
(354
|
)
|
(498
|
)
|
(354
|
)
|
||||||||||||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO CONTROLLING INTEREST
|
$
|
9,303
|
$
|
6,614
|
$
|
9,303
|
$
|
6,614
|
Quarter Period
|
Year to Date
|
|||||||||||||||||||||||
Market Classification
|
2015
|
2014
|
%
|
2015
|
2014
|
%
|
||||||||||||||||||
Retail
|
$
|
229,885
|
$
|
200,984
|
14
|
%
|
$
|
229,885
|
$
|
200,984
|
14
|
%
|
||||||||||||
Industrial
|
211,162
|
171,651
|
23
|
%
|
211,162
|
171,651
|
23
|
%
|
||||||||||||||||
Construction
|
200,722
|
189,562
|
6
|
%
|
200,722
|
189,562
|
6
|
%
|
||||||||||||||||
Total Gross Sales
|
641,769
|
562,197
|
14
|
%
|
641,769
|
562,197
|
14
|
%
|
||||||||||||||||
Sales Allowances
|
(8,744
|
)
|
(8,199
|
)
|
(8,744
|
)
|
(8,199
|
)
|
||||||||||||||||
Total Net Sales
|
$
|
633,025
|
$
|
553,998
|
$
|
633,025
|
$
|
553,998
|
(In thousands)
|
|||||||||||||||||
ASSETS
|
2015
|
2014
|
LIABILITIES AND EQUITY
|
2015
|
2014
|
||||||||||||
CURRENT ASSETS
|
CURRENT LIABILITIES
|
||||||||||||||||
Cash and cash equivalents
|
$
|
22,888
|
$
|
-
|
Cash Overdraft
|
$
|
21,585
|
$
|
12,151
|
||||||||
Restricted cash
|
710
|
720
|
Accounts payable
|
114,225
|
91,015
|
||||||||||||
Accounts receivable
|
260,926
|
242,433
|
Accrued liabilities
|
79,347
|
57,054
|
||||||||||||
Inventories
|
404,711
|
312,010
|
|||||||||||||||
Other current assets
|
19,984
|
27,189
|
|||||||||||||||
TOTAL CURRENT ASSETS
|
709,219
|
582,352
|
TOTAL CURRENT LIABILITIES
|
215,157
|
160,220
|
||||||||||||
OTHER ASSETS
|
9,674
|
13,064
|
|||||||||||||||
INTANGIBLE ASSETS, NET
|
193,113
|
169,949
|
LONG-TERM DEBT AND CAPITAL LEASE OBLIGATIONS
|
187,020
|
143,471
|
||||||||||||
OTHER LIABILITIES
|
50,309
|
42,671
|
|||||||||||||||
PROPERTY, PLANT AND EQUIPMENT, NET
|
255,462
|
241,419
|
EQUITY
|
714,982
|
660,422
|
||||||||||||
TOTAL ASSETS
|
$
|
1,167,468
|
$
|
1,006,784
|
TOTAL LIABILITIES AND EQUITY
|
$
|
1,167,468
|
$
|
1,006,784
|
(In thousands)
|
2015
|
2014
|
||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
Net earnings
|
$
|
10,804
|
$
|
7,668
|
||||
Adjustments to reconcile net earnings attributable to controlling interest to net cash from operating activities:
|
||||||||
Depreciation
|
8,996
|
7,691
|
||||||
Amortization of intangibles
|
983
|
586
|
||||||
Expense associated with share-based compensation arrangements
|
378
|
495
|
||||||
Expense associated with stock grant plans
|
27
|
29
|
||||||
Deferred income taxes (credit)
|
(193
|
)
|
(150
|
)
|
||||
Equity in earnings of investee
|
(83
|
)
|
(51
|
)
|
||||
Net (gain) or loss on sale of property, plant and equipment
|
14
|
(602
|
)
|
|||||
Changes in:
|
||||||||
Accounts receivable
|
(63,148
|
)
|
(61,825
|
)
|
||||
Inventories
|
(64,422
|
)
|
(23,980
|
)
|
||||
Accounts payable and cash overdraft
|
45,219
|
29,222
|
||||||
Accrued liabilities and other
|
10,880
|
(2,743
|
)
|
|||||
NET CASH FROM OPERATING ACTIVITIES
|
(50,545
|
)
|
(43,660
|
)
|
||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Purchases of property, plant, and equipment
|
(15,102
|
)
|
(8,994
|
)
|
||||
Proceeds from sale of property, plant and equipment
|
50
|
785
|
||||||
Acquisitions, net of cash received
|
(2,740
|
)
|
(4,191
|
)
|
||||
Advances of notes receivable
|
(1,273
|
)
|
(2,462
|
)
|
||||
Collections of notes receivable and related interest
|
5,790
|
473
|
||||||
Cash restricted as to use
|
(150
|
)
|
-
|
|||||
Other, net
|
(16
|
)
|
(36
|
)
|
||||
NET CASH FROM INVESTING ACTIVITIES
|
(13,441
|
)
|
(14,425
|
)
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Borrowings under revolving credit facilities
|
140,303
|
106,318
|
||||||
Repayments under revolving credit facilities
|
(52,718
|
)
|
(47,547
|
)
|
||||
Debt issuance costs
|
(9
|
)
|
-
|
|||||
Proceeds from issuance of common stock
|
469
|
99
|
||||||
Distributions to noncontrolling interest
|
(939
|
)
|
(701
|
)
|
||||
Repurchase of common stock
|
(78
|
)
|
-
|
|||||
Other, net
|
-
|
(8
|
)
|
|||||
NET CASH FROM FINANCING ACTIVITIES
|
87,028
|
58,161
|
||||||
Effect of exchange rate changes on cash
|
(154
|
)
|
(76
|
)
|
||||
NET CHANGE IN CASH AND CASH EQUIVALENTS
|
22,888
|
-
|
||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
|
-
|
-
|
||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD
|
$
|
22,888
|
$
|
-
|
||||
SUPPLEMENTAL INFORMATION:
|
||||||||
Interest paid
|
$
|
374
|
$
|
281
|
||||
Income taxes paid
|
(9,709
|
)
|
1,681
|