American Woodmark (US:AMWD)2023-11-29 16:00Financial Performance - Net sales for the three months ended October 31, 2023, were $473.867 million, a decrease of 15.6% compared to $561.499 million in the same period of 2022[11] - Gross profit for the six months ended October 31, 2023, was $212.768 million, representing a 14.7% increase from $185.481 million in the same period of 2022[11] - Net income for the three months ended October 31, 2023, was $30.341 million, an increase of 5.4% from $28.784 million in the same period of 2022[14] - For the six months ended October 31, 2023, net income was $68,191,000, up from $48,854,000 in the prior year, reflecting a growth of 39.6%[38] - The company reported a total comprehensive income of $29.355 million for the three months ended October 31, 2023, down from $34.049 million in the same period of 2022[14] Assets and Liabilities - Total current assets as of October 31, 2023, were $402.065 million, up from $368.255 million as of April 30, 2023, reflecting an increase of 9.2%[7] - Total liabilities as of October 31, 2023, were $638.490 million, compared to $636.686 million as of April 30, 2023, indicating a slight increase of 0.3%[8] - The company’s total assets as of October 31, 2023, were $1.534 billion, a slight increase from $1.518 billion as of April 30, 2023[8] - Total current liabilities as of October 31, 2023, were $181.489 million, an increase from $178.124 million as of April 30, 2023[8] - Total shareholders' equity as of October 31, 2023, was $895.580 million, up from $873.788 million as of April 30, 2023[8] Cash Flow - The company reported a net cash provided by operating activities of $143,722,000 for the three months ended October 31, 2023, compared to $55,426,000 for the same period in 2022, indicating a significant increase of 158.5%[24] - Cash and cash equivalents increased to $96.381 million as of October 31, 2023, from $41.732 million as of April 30, 2023, marking a significant increase of 130.5%[7] - Cash and cash equivalents at the end of the period were $96,381,000, compared to $44,834,000 at the end of the same period in 2022, representing a 115.5% increase[26] Expenses - Selling and marketing expenses decreased to $22.685 million for the three months ended October 31, 2023, down from $24.651 million in the same period of 2022, a reduction of 8.0%[11] - The company recorded stock-based compensation expense of $4,402,000 for the three months ended October 31, 2023, compared to $3,389,000 for the same period in 2022, an increase of 29.8%[24] - Stock-based compensation expense for the six months ended October 31, 2023, was $4,402,000, compared to $3,389,000 in the same period of 2022, reflecting a 29.8% increase[24] Earnings Per Share - The basic net earnings per share for the three months ended October 31, 2023, was $1.86, compared to $1.73 for the same period in 2022, representing a growth of 7.5%[38] - The diluted net earnings per share for the six months ended October 31, 2023, was $4.13, compared to $2.94 for the same period in 2022, indicating an increase of 40.7%[38] - Basic net earnings per share for the six months ended October 31, 2023, was $4.16, up from $2.94 in 2022, indicating a 41.5% increase[39] Inventory and Receivables - Net customer receivables as of October 31, 2023, were $120.742 million, up from $119.163 million as of April 30, 2023, indicating a 1.3% increase[44] - Total inventories decreased to $162.062 million as of October 31, 2023, down from $190.699 million as of April 30, 2023, reflecting a 15.1% decline[46] Debt and Financing - The Company has a $500 million revolving loan facility with $206.3 million outstanding as of October 31, 2023, leaving approximately $323.2 million in available capacity[58] - The Company has $206.3 million outstanding on the Term Loan Facility and $163.8 million on the Revolving Facility as of October 31, 2023, with approximately $323.2 million available under the Revolving Facility[58] Tax and Compliance - The effective income tax rates for the three- and six-month periods ended October 31, 2023, were 25.0% and 23.3%, respectively, compared to 25.2% and 25.1% in the same periods of the previous year[67] - The Company was in compliance with all covenants included in the amended and restated credit agreement as of October 31, 2023[61] Customer Concentration - Customer A and Customer B represented 32.3% and 18.4% of the Company's gross customer receivables, respectively, as of October 31, 2023[71] - Customer A accounted for 27.9% of net sales for the three-month period ended October 31, 2023, while Customer B accounted for 13.0%[72]