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Section 1: 8-K (8-K)

Document
 
 
 
 
 
 
 
 
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported):
August 22, 2017
 
 
American Woodmark Corporation
(Exact name of registrant as specified in its charter)
 
 
Virginia
 
000-14798
 
54-1138147
(State or other jurisdiction
 
(Commission
 
(IRS Employer
of incorporation)
 
File Number)
 
Identification No.)
 
3102 Shawnee Drive, Winchester, Virginia
 
22601
(Address of principal executive offices)
 
(Zip Code)
 
Registrant’s telephone number, including area code:
(540) 665-9100
 
Not applicable
(Former name or former address, if changed since last report)
 
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
[ ] 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))




American Woodmark Corporation


ITEM 2.02    RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On August 22, 2017, the Registrant issued a press release announcing results for its first quarter of fiscal year 2018 ended July 31, 2017. The press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.

ITEM 9.01    FINANCIAL STATEMENTS AND EXHIBITS

(d)    Exhibits

Exhibit 99.1    Registrant’s Press Release dated August 22, 2017.





SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


AMERICAN WOODMARK CORPORATION
(Registrant)



 
 
/s/ M. SCOTT CULBRETH
 
/s/ S. CARY DUNSTON
 
 
 
M. Scott Culbreth
 
S. Cary Dunston
Senior Vice President and Chief Financial Officer
 
President & Chief Executive Officer
 
 
 
Date: August 22, 2017
 
Date: August 22, 2017
Signing on behalf of the registrant and as principal financial officer
 
Signing on behalf of the registrant and as principal executive officer
 
 
 



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Section 2: EX-99.1 (EXHIBIT 99.1)

Exhibit
AMWD Announces First Quarter Results
Page 1
August 22, 2017



Exhibit 99.1

390003915_awc_logoa03a02a01a01a10.jpg
 
 
 
P. O. Box 1980
 
Winchester, VA 22604-8090

 



Contact:
Kevin Dunnigan
Assistant Treasurer
540-665-9100




AMERICAN WOODMARK CORPORATION
ANNOUNCES FIRST QUARTER RESULTS

WINCHESTER, Virginia (August 22, 2017) -- American Woodmark Corporation (NASDAQ: AMWD) today announced results for its first fiscal quarter ended July 31, 2017.

Net sales for the first fiscal quarter increased 7% to $276.8 million compared with the same quarter of the prior fiscal year. The Company experienced growth in both the new construction and dealer channels during the first quarter of fiscal year 2018.

Net income was $22.3 million ($1.36 per diluted share) for the first quarter of the current fiscal year compared with $21.7 million ($1.32 per diluted share) for the first quarter of the prior fiscal year. The Company benefited $0.13 per diluted share in the first quarter of the current fiscal year and $0.06 per diluted share in the first quarter of the prior fiscal year from a lower tax rate due to a benefit from stock-based compensation transactions.

Gross profit for the first quarter of the current fiscal year was 21.1% of net sales compared with 23.0% in the same quarter of the prior year. Gross profit in the current quarter was unfavorably impacted by higher transportation costs, material inflation and higher healthcare costs. The prior year quarter benefited from an unusually low healthcare spend.

Selling, general and administrative costs for the first quarter of the current fiscal year were 10.0% of net sales compared with 10.6% in the same quarter of the prior year. The decrease in the Company’s operating expense ratio was driven by favorable leverage from increased sales and lower incentive compensation costs.

The Company generated net cash from operating activities of $26.6 million during the first quarter of fiscal year 2018 compared with $32.9 million during the same period in the prior year. The decline in the Company’s cash from operating activities was driven primarily by higher inventories to support increased sales and lower increases in accounts payable. Net cash used by investing activities was $21.2 million during the first quarter of the current fiscal year compared with $40.6 million during the same period of the prior year due to a $25.5 million reduced investment in certificates of deposit which was partially offset by increased investment in property, plant and equipment. Net cash used by financing activities of $6.8 million increased $2.5 million during the first quarter of the current fiscal year compared to the same period in the prior year as the company repurchased 56,700 shares of common stock at a cost of $5.6 million, a $0.5 million increase from the prior year, and proceeds from the exercise of stock options decreased $0.8 million.

American Woodmark Corporation manufactures and distributes kitchen cabinets and vanities for the remodeling and new home construction markets. Its products are sold on a national basis directly to home centers, major builders and through a network of independent distributors. The Company presently operates nine manufacturing facilities and seven service centers across the country.


- MORE -


AMWD Announces First Quarter Results
Page 2
August 22, 2017




Safe harbor statement under the Private Securities Litigation Reform Act of 1995: All forward-looking statements made by the Company involve material risks and uncertainties and are subject to change based on factors that may be beyond the Company's control. Accordingly, the Company's future performance and financial results may differ materially from those expressed or implied in any such forward-looking statements. Such factors include, but are not limited to, those described in the Company's filings with the Securities and Exchange Commission and the Annual Report to Shareholders. The Company does not undertake to publicly update or revise its forward looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized.



AMERICAN WOODMARK CORPORATION






Unaudited Financial Highlights






(in thousands, except share data)






Operating Results









Three Months Ended



July 31



2017

2016






Net Sales

$
276,827


$
258,150

Cost of Sales & Distribution

218,333


198,833


Gross Profit

58,494


59,317

Sales & Marketing Expense

18,153


16,463

G&A Expense

9,507


10,932


Operating Income

30,834


31,922

Interest & Other (Income) Expense

(538
)

(38
)
Income Tax Expense

9,091


10,299


Net Income

$
22,281


$
21,661







Earnings Per Share:




Weighted Average Shares Outstanding - Diluted

16,355,045


16,380,983







Income Per Diluted Share

$
1.36


$
1.32




- MORE -


AMWD Announces First Quarter Results
Page 3
August 22, 2017



Condensed Consolidated Balance Sheet
(Unaudited)



July 31

 April 30



2017

2017






Cash & Cash Equivalents

$
175,597


$
176,978

Investments - certificates of deposit

54,750


51,750

Customer Receivables

62,771


63,115

Inventories

44,477


42,859

Other Current Assets

4,828


4,526


Total Current Assets

342,423


339,228

Property, Plant & Equipment

115,427


107,933

Investments - certificates of deposit
 
27,000

 
20,500

Other Assets

32,359


33,612


Total Assets

$
517,209


$
501,273







Current Portion - Long-Term Debt

$
1,691


$
1,598

Accounts Payable & Accrued Expenses

97,473


99,899


Total Current Liabilities

99,164


101,497

Long-Term Debt

16,211


15,279

Other Liabilities

29,413


32,048


Total Liabilities

144,788


148,824

Stockholders' Equity

372,421


352,449


Total Liabilities & Stockholders' Equity

$
517,209


$
501,273


Condensed Consolidated Statements of Cash Flows
(Unaudited)



Three Months Ended



July 31



2017

2016






Net Cash Provided by Operating Activities

$
26,570


$
32,947

Net Cash Used by Investing Activities

(21,178
)

(40,571
)
Net Cash Used by Financing Activities

(6,773
)

(4,276
)
Net Decrease in Cash and Cash Equivalents

(1,381
)

(11,900
)
Cash and Cash Equivalents, Beginning of Period

176,978


174,463







Cash and Cash Equivalents, End of Period

$
175,597


$
162,563




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