We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
American Woodmark Corp | NASDAQ:AMWD | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
1.32 | 1.39% | 96.01 | 95.25 | 96.79 | 96.01 | 94.13 | 94.56 | 122,717 | 01:00:00 |
Large accelerated filer
|
[X]
|
Accelerated filer
|
[ ]
|
|
Non-accelerated filer
|
[ ]
|
(Do not check if a smaller reporting company)
|
Smaller reporting company
|
[ ]
|
PART I
|
|
|
Item 1.
|
Business
|
2
|
Item 1A.
|
Risk Factors
|
3
|
Item 1B.
|
Unresolved Staff Comments
|
4
|
Item 2.
|
Properties
|
5
|
Item 3.
|
Legal Proceedings
|
6
|
Item 4.
|
Mine Safety Disclosures
|
6
|
|
Executive Officers of the Registrant
|
6
|
|
|
|
PART II
|
|
|
Item 5.
|
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
|
7
|
Item 6.
|
Selected Financial Data
|
8
|
Item 7.
|
Management's Discussion and Analysis of Financial Condition and Results of Operations
|
9
|
Item 7A.
|
Quantitative and Qualitative Disclosures About Market Risk
|
18
|
Item 8.
|
Financial Statements and Supplementary Data
|
19
|
Item 9.
|
Changes in and Disagreements With Accountants on Accounting and Financial Disclosure
|
45
|
Item 9A.
|
Controls and Procedures
|
45
|
Item 9B.
|
Other Information
|
45
|
|
|
|
PART III
|
|
|
|
|
|
Item 10.
|
Directors, Executive Officers and Corporate Governance
|
45
|
Item 11.
|
Executive Compensation
|
46
|
Item 12.
|
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
|
46
|
Item 13.
|
Certain Relationships and Related Transactions, and Director Independence
|
46
|
Item 14.
|
Principal Accounting Fees and Services
|
46
|
|
|
|
PART IV
|
|
|
Item 15.
|
Exhibits, Financial Statement Schedules
|
46
|
|
|
|
SIGNATURES
|
51
|
LOCATION
|
DESCRIPTION
|
Allegany County, MD
|
Manufacturing Facility
|
Austin, TX
|
Satellite Service Center*
|
Berryville, VA
|
Service Center*
|
Commerce City, CO
|
Satellite Service Center*
|
Coppell, TX
|
Service Center*
|
Fort Myers, FL
|
Satellite Service Center*
|
Gas City, IN
|
Manufacturing Facility
|
Hardy County, WV
|
Manufacturing Facility*
|
Houston, TX
|
Satellite Service Center*
|
Humboldt, TN
|
Manufacturing Facility
|
Huntersville, NC
|
Service Center*
|
Jackson, GA
|
Manufacturing Facility
|
Kingman, AZ
|
Manufacturing Facility
|
Kennesaw, GA
|
Service Center*
|
Las Vegas, NV
|
Satellite Service Center*
|
Montgomeryville, PA
|
Satellite Service Center*
|
Monticello, KY
|
Manufacturing Facility
|
Orange, VA
|
Manufacturing Facility
|
Orlando, FL
|
Service Center*
|
Phoenix, AZ
|
Service Center*
|
Raleigh, NC
|
Satellite Service Center*
|
Rancho Cordova, CA
|
Service Center*
|
San Antonio, TX
|
Satellite Service Center*
|
Tampa, FL
|
Satellite Service Center*
|
Toccoa, GA
|
Manufacturing Facility
|
Tucson, AZ
|
Satellite Service Center*
|
Winchester, VA
|
Corporate Office*
|
Winchester, VA
|
Office (Customer Service)*
|
Winchester, VA
|
Office (IT)*
|
Winchester, VA
|
Office (Product Development/Logistics)*
|
Name
|
Age
|
|
Position(s) Held During Past Five Years
|
S. Cary Dunston
|
51
|
|
Company President and Chief Executive Officer from August 2015 to present; Company President and Chief Operating Officer from August 2014 to August 2015; Company Executive Vice President and Chief Operating Officer from August 2013 to August 2014; Company Executive Vice President, Operations from September 2012 to August 2013; Company Senior Vice President, Manufacturing and Supply Chain Services from October 2006 to September 2012.
|
M. Scott Culbreth
|
45
|
|
Company Senior Vice President and Chief Financial Officer from February 2014 to present; Chief Financial Officer of Piedmont Hardware Brands from September 2013 to February 2014; Vice President, Finance – Various Segments from 2011 to September 2013 for Newell Rubbermaid; Vice President – Hardware from 2009 to 2011 for Newell Rubbermaid.
|
|
|
|
|
R. Perry Campbell
|
51
|
|
Company Senior Vice President of Sales and Marketing from March 2016 to present; Company Senior Vice President and General Manager, New Construction from August 2013 to March 2016; Company Vice President and General Manager, New Construction from May 2011 to August 2013; Company Vice President of Quality from February 2006 to April 2011.
|
|
|
|
|
Robert J. Adams, Jr.
|
50
|
|
Company Senior Vice President of Value Stream Operations from August 2015 to present; Company Vice President of Value Stream Operations from September 2012 to August 2015; Company Vice President of Manufacturing and Engineering from April 2012 to September 2012; Company Vice President of Engineering from July 2008 to April 2012.
|
|
MARKET PRICE
|
|
DIVIDENDS
|
||
(in dollars)
|
High
|
|
Low
|
|
DECLARED
|
|
|
|
|
|
|
FISCAL 2016
|
|
|
|
|
|
First quarter
|
$67.82
|
|
$48.34
|
|
$0.00
|
Second quarter
|
74.28
|
|
59.23
|
|
0.00
|
Third quarter
|
89.89
|
|
62.77
|
|
0.00
|
Fourth quarter
|
80.00
|
|
57.03
|
|
0.00
|
|
|
|
|
|
|
|
|
|
|
|
|
FISCAL 2015
|
|
|
|
|
|
First quarter
|
$33.11
|
|
$25.10
|
|
$0.00
|
Second quarter
|
41.85
|
|
29.37
|
|
0.00
|
Third quarter
|
43.20
|
|
37.02
|
|
0.00
|
Fourth quarter
|
56.44
|
|
40.97
|
|
0.00
|
|
Share Repurchases
|
|||||||||
|
Total Number of Shares Purchased
|
Average Price Paid
|
Total Number of Shares Purchased as Part of Publicly Announced
|
Approximate Dollar Value of Shares That May Yet Be Purchased Under the Programs (000)
|
||||||
|
(1)
|
Per Share
|
Programs
|
(1)
|
||||||
February 1 - 29, 2016
|
24,300
|
|
$
|
62.47
|
|
24,300
|
|
$
|
31,486
|
|
March 1 - 31, 2016
|
22,700
|
|
$
|
69.32
|
|
22,700
|
|
$
|
29,913
|
|
April 1 - 30, 2016
|
19,800
|
|
$
|
76.06
|
|
19,800
|
|
$
|
28,407
|
|
Quarter ended April 30, 2016
|
66,800
|
|
$
|
68.83
|
|
66,800
|
|
$
|
28,407
|
|
|
FISCAL YEARS ENDED APRIL 30
|
||||||||||||||||||
(in millions except per share data)
|
2016
|
|
2015
1
|
|
2014
1
|
|
2013
1
|
|
2012
1,2
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
FINANCIAL STATEMENT DATA
|
|
|
|
|
|
|
|
|
|
||||||||||
Net sales
|
$
|
947.0
|
|
|
$
|
825.5
|
|
|
$
|
726.5
|
|
|
$
|
630.4
|
|
|
$
|
515.8
|
|
Operating income (loss)
|
93.2
|
|
|
54.7
|
|
|
34.1
|
|
|
17.2
|
|
|
(33.4
|
)
|
|||||
Net income (loss)
|
58.7
|
|
|
35.5
|
|
|
20.5
|
|
|
9.8
|
|
|
(20.8
|
)
|
|||||
Earnings (loss) per share:
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic
|
3.61
|
|
|
2.25
|
|
|
1.34
|
|
|
0.67
|
|
|
(1.45
|
)
|
|||||
Diluted
|
3.57
|
|
|
2.21
|
|
|
1.31
|
|
|
0.66
|
|
|
(1.45
|
)
|
|||||
Depreciation and amortization expense
|
16.5
|
|
|
14.5
|
|
|
14.5
|
|
|
14.4
|
|
|
23.4
|
|
|||||
Total assets
|
466.7
|
|
|
398.9
|
|
|
330.1
|
|
|
294.0
|
|
|
265.1
|
|
|||||
Long-term debt, less current maturities
|
22.5
|
|
|
21.5
|
|
|
20.5
|
|
|
23.6
|
|
|
23.8
|
|
|||||
Total shareholders' equity
|
280.8
|
|
|
229.8
|
|
|
190.5
|
|
|
146.2
|
|
|
130.0
|
|
|||||
Cash dividends declared per share
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.09
|
|
|||||
Average shares outstanding
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic
|
16.3
|
|
|
15.8
|
|
|
15.3
|
|
|
14.6
|
|
|
14.3
|
|
|||||
Diluted
|
16.4
|
|
|
16.0
|
|
|
15.7
|
|
|
14.8
|
|
|
14.3
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
PERCENT OF SALES
|
|
|
|
|
|
|
|
|
|
||||||||||
Gross profit
|
21.1
|
%
|
|
18.5
|
%
|
|
17.1
|
%
|
|
16.3
|
%
|
|
12.9
|
%
|
|||||
Selling, general and administrative expenses
|
11.3
|
|
|
11.9
|
|
|
12.5
|
|
|
13.5
|
|
|
16.2
|
|
|||||
Income (loss) before income taxes
|
9.7
|
|
|
6.6
|
|
|
4.5
|
|
|
2.7
|
|
|
(6.4
|
)
|
|||||
Net income (loss)
|
6.2
|
|
|
4.3
|
|
|
2.7
|
|
|
1.5
|
|
|
(4.0
|
)
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
RATIO ANALYSIS
|
|
|
|
|
|
|
|
|
|
||||||||||
Current ratio
3
|
3.3
|
|
|
3.2
|
|
|
2.8
|
|
|
2.4
|
|
|
2.1
|
|
|||||
Inventory turnover
4
|
19.8
|
|
|
19.9
|
|
|
19.8
|
|
|
20.4
|
|
|
19.2
|
|
|||||
Collection period - days
5
|
35.6
|
|
|
31.6
|
|
|
32.8
|
|
|
31.4
|
|
|
30.0
|
|
|||||
Percentage of capital (long-term debt plus equity):
|
|
|
|
|
|
|
|
|
|
||||||||||
Long-term debt, less current maturities
|
7.4
|
%
|
|
8.6
|
%
|
|
9.7
|
%
|
|
13.9
|
%
|
|
15.5
|
%
|
|||||
Equity
|
92.6
|
|
|
91.4
|
|
|
90.3
|
|
|
86.1
|
|
|
84.5
|
|
|||||
Return on equity (average %)
|
23.0
|
|
|
16.9
|
|
|
12.2
|
|
|
7.1
|
|
|
(14.6
|
)
|
1
|
The Company announced plans to realign its manufacturing network during fiscal 2012. The impact of these initiatives in fiscal 2012 increased operating loss, net loss and loss per share by $15,917,000, $9,710,000 and $0.68, respectively. During fiscal 2013, the charges related to these initiatives decreased operating income, net income and earnings per share by $1,433,000, $874,000 and $0.06, respectively. During fiscal 2014, the credits related to these initiatives increased operating income, net income and earnings per share by $234,000, $142,000 and $0.01, respectively. During fiscal 2015, the credits related to these initiatives increased operating income, net income and earnings per share by $240,000, $147,000 and $0.01, respectively.
|
|
|
2
|
The Company performed a reduction-in-force of salaried personnel and announced plans to realign its manufacturing network during fiscal 2009. During fiscal 2012, these initiatives increased operating loss, net loss and loss per share by $404,000, $246,000 and $0.01, respectively.
|
|
|
3
|
Current assets for fiscal 2015, 2014, 2013 and 2012 have been retrospectively revised to reflect the early adoption of FASB ASU No. 2015-17, "Balance Sheet Classification of Deferred Taxes (Topic 740)."
|
|
|
4
|
Based on average beginning and ending inventory.
|
|
|
5
|
Based on the ratio of average monthly customer receivables to average sales per day.
|
|
PERCENTAGE OF NET SALES
|
|||||||
|
Fiscal Years Ended April 30
|
|||||||
|
2016
|
|
2015
|
|
2014
|
|||
Net sales
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
Cost of sales and distribution
|
78.9
|
|
|
81.5
|
|
|
82.9
|
|
Gross profit
|
21.1
|
|
|
18.5
|
|
|
17.1
|
|
Selling and marketing expenses
|
7.0
|
|
|
7.8
|
|
|
8.2
|
|
General and administrative expenses
|
4.3
|
|
|
4.1
|
|
|
4.3
|
|
Operating income
|
9.8
|
|
|
6.6
|
|
|
4.6
|
|
Interest expense/other (income) expense
|
0.1
|
|
|
—
|
|
|
0.1
|
|
Income before income taxes
|
9.7
|
|
|
6.6
|
|
|
4.5
|
|
Income tax expense
|
3.5
|
|
|
2.3
|
|
|
1.8
|
|
Net income
|
6.2
|
|
|
4.3
|
|
|
2.7
|
|
•
|
general economic or business conditions and instability in the financial and credit markets, including their potential impact on the Company's (i) sales and operating costs and access to financing; and (ii) customers and suppliers and their ability to obtain financing or generate the cash necessary to conduct their respective businesses;
|
•
|
the cyclical nature of the Company’s industry, which is particularly sensitive to changes in consumer confidence, the amount of consumers’ income available for discretionary purchases, and the availability and terms of consumer credit;
|
•
|
economic weakness in a specific channel of distribution;
|
•
|
the loss of sales from specific customers due to their loss of market share, bankruptcy or switching to a competitor;
|
•
|
risks associated with domestic manufacturing operations and suppliers, including fluctuations in capacity utilization and the prices and availability of key raw materials as well as fuel, transportation, warehousing and labor costs and environmental compliance and remediation costs;
|
•
|
the need to respond to price or product initiatives launched by a competitor;
|
•
|
the Company’s ability to successfully implement initiatives related to increasing market share, new products, maintaining and increasing its sales force and new product displays; and
|
•
|
sales growth at a rate that outpaces the Company’s ability to install new manufacturing capacity or a sales decline that requires reduction or realignment of the Company’s manufacturing capacity.
|
•
|
The unemployment rate improved by 7% compared to April 2015, falling to 5.0% as of April 2016 according to data provided by the U.S. Department of Labor;
|
•
|
A 10% improvement in Gross Private Residential Fixed Investment reported by the U.S. Department of Commerce during the most recent four quarters through the first quarter of calendar 2016, as compared with the same period one year ago;
|
•
|
Increases in single family housing starts during the Company’s fiscal 2016 of 10%, as compared to the Company’s fiscal 2015, according to the U.S. Department of Commerce;
|
•
|
Mortgage interest rates decreased with a 30-year fixed mortgage rate of 3.61% in April 2016, an improvement of approximately 6 basis points compared to April 2015;
|
•
|
The median price of existing homes sold in the U.S. rose by 6% during the Company’s fiscal 2016, according to data provided by the National Association of Realtors;
|
•
|
Consumer sentiment, as reported by the University of Michigan, averaged 3% higher during the Company’s fiscal 2015 than in its prior fiscal year; and
|
•
|
Cabinet sales, as reported by members of the Kitchen Cabinet Manufacturers Association (KCMA), increased by 9% during fiscal 2016, suggesting an increase in both new construction and remodeling sales of cabinets.
|
|
FISCAL YEARS ENDED APRIL 30
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||
(in thousands)
|
2016
|
|
2015
|
|
2014
|
|
2016 vs. 2015 PERCENT
CHANGE |
|
2015 vs. 2014 PERCENT
CHANGE |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Net sales
|
$
|
947,045
|
|
|
$
|
825,465
|
|
|
$
|
726,515
|
|
|
15
|
%
|
|
14
|
%
|
Gross profit
|
199,694
|
|
|
152,532
|
|
|
124,177
|
|
|
31
|
|
|
23
|
|
|||
Selling and marketing expenses
|
66,489
|
|
|
64,304
|
|
|
59,536
|
|
|
3
|
|
|
8
|
|
|||
General and administrative expenses
|
40,045
|
|
|
33,773
|
|
|
30,881
|
|
|
19
|
|
|
9
|
|
|||
Interest expense
|
378
|
|
|
515
|
|
|
728
|
|
|
(27
|
)
|
|
(29
|
)
|
|
FISCAL YEARS ENDED APRIL 30
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
(in thousands)
|
Total Amounts
|
|
2017
|
|
2018-2019
|
|
2020-2021
|
|
2022 and Thereafter
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Revolving credit facility
|
$
|
10,000
|
|
|
$
|
—
|
|
|
$
|
10,000
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Economic development loans
|
3,689
|
|
|
—
|
|
|
2,189
|
|
|
—
|
|
|
1,500
|
|
|||||
Capital lease obligations
|
7,165
|
|
|
1,574
|
|
|
2,182
|
|
|
1,327
|
|
|
2,082
|
|
|||||
Other long-term debt
|
3,198
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,198
|
|
|||||
Interest on long-term debt
1
|
3,273
|
|
|
602
|
|
|
931
|
|
|
366
|
|
|
1,374
|
|
|||||
Operating lease obligations
|
10,671
|
|
|
3,143
|
|
|
4,863
|
|
|
2,649
|
|
|
16
|
|
|||||
Pension contributions
2
|
42,334
|
|
|
7,304
|
|
|
15,150
|
|
|
13,600
|
|
|
6,280
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total
|
$
|
80,330
|
|
|
$
|
12,623
|
|
|
$
|
35,315
|
|
|
$
|
17,942
|
|
|
$
|
14,450
|
|
1
|
Interest commitments under interest bearing debt consist of interest under the Company’s primary loan agreement
and capitalized lease agreements. Amounts outstanding under the Company’s revolving credit facility, $10 million at April 30, 2016, bear a variable interest rate determined by the London Interbank Offered Rate (LIBOR) plus 1.5%. Interest under the Company’s capitalized lease agreements is fixed at rates between 2% and 6.5%. Interest commitments under interest bearing debt for the Company’s revolving credit facility are at LIBOR plus the spread as of April 30, 2016, throughout the remaining term of the facility.
|
2
|
The estimated cost of the Company’s two defined benefit pension plans is determined annually based upon the discount rate and other assumptions at fiscal year end. Future pension funding contributions beyond fiscal 2022
have not been determined at this time.
|
(in millions)
|
IMPACT OF 1% INCREASE
|
|
IMPACT OF 1% DECREASE
|
||||
(decrease) increase
|
|
|
|
||||
|
|
|
|
||||
Effect on annual pension expense
|
$
|
(1.3
|
)
|
|
$
|
1.2
|
|
|
|
|
|
||||
Effect on projected pension benefit obligation
|
$
|
(24.3
|
)
|
|
$
|
31.5
|
|
|
APRIL 30
|
||||||
(in thousands, except share and per share data)
|
2016
|
|
2015
|
||||
|
|
|
|
||||
ASSETS
|
|
|
|
||||
Current Assets
|
|
|
|
||||
Cash and cash equivalents
|
$
|
174,463
|
|
|
$
|
149,541
|
|
Investments - certificates of deposit
|
25,750
|
|
|
35,500
|
|
||
Customer receivables, net
|
55,813
|
|
|
46,142
|
|
||
Inventories
|
39,319
|
|
|
35,988
|
|
||
Prepaid expenses and other
|
6,864
|
|
|
4,758
|
|
||
Total Current Assets
|
302,209
|
|
|
271,929
|
|
||
|
|
|
|
|
|
||
Property, plant and equipment, net
|
99,332
|
|
|
85,516
|
|
||
Investments - certificates of deposit
|
18,250
|
|
|
—
|
|
||
Promotional displays, net
|
5,377
|
|
|
4,348
|
|
||
Deferred income taxes
|
32,574
|
|
|
33,387
|
|
||
Other assets
|
8,951
|
|
|
3,724
|
|
||
TOTAL ASSETS
|
$
|
466,693
|
|
|
$
|
398,904
|
|
|
|
|
|
||||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
||||
|
|
|
|
||||
Current Liabilities
|
|
|
|
||||
Accounts payable
|
$
|
35,011
|
|
|
$
|
34,288
|
|
Current maturities of long-term debt
|
1,574
|
|
|
1,457
|
|
||
Accrued compensation and related expenses
|
35,389
|
|
|
30,120
|
|
||
Accrued marketing expenses
|
8,075
|
|
|
6,471
|
|
||
Other accrued expenses
|
12,264
|
|
|
12,454
|
|
||
Total Current Liabilities
|
92,313
|
|
|
84,790
|
|
||
|
|
|
|
|
|
||
Long-term debt, less current maturities
|
22,478
|
|
|
21,498
|
|
||
Defined benefit pension liabilities
|
67,131
|
|
|
61,325
|
|
||
Other long-term liabilities
|
4,010
|
|
|
1,449
|
|
||
|
|
|
|
|
|
||
Shareholders' Equity
|
|
|
|
||||
Preferred stock, $1.00 par value; 2,000,000 shares authorized, none issued
|
—
|
|
|
—
|
|
||
|
|
|
|
|
|
||
Common stock, no par value; 40,000,000 shares authorized; issued and outstanding shares: at April 30, 2016: 16,244,041, at April 30, 2015: 16,079,671
|
163,290
|
|
|
150,001
|
|
||
Retained earnings
|
164,756
|
|
|
120,698
|
|
||
Accumulated other comprehensive loss -
|
|
|
|
||||
Defined benefit pension plans
|
(47,285
|
)
|
|
(40,857
|
)
|
||
Total Shareholders' Equity
|
280,761
|
|
|
229,842
|
|
||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
|
$
|
466,693
|
|
|
$
|
398,904
|
|
|
FISCAL YEARS ENDED APRIL 30
|
||||||||||
(in thousands, except per share data)
|
2016
|
|
2015
|
|
2014
|
||||||
|
|
|
|
|
|
|
|
|
|||
Net sales
|
$
|
947,045
|
|
|
$
|
825,465
|
|
|
$
|
726,515
|
|
Cost of sales and distribution
|
747,351
|
|
|
672,933
|
|
|
602,338
|
|
|||
Gross Profit
|
199,694
|
|
|
152,532
|
|
|
124,177
|
|
|||
|
|
|
|
|
|
|
|
|
|||
Selling and marketing expenses
|
66,489
|
|
|
64,304
|
|
|
59,536
|
|
|||
General and administrative expenses
|
40,045
|
|
|
33,773
|
|
|
30,881
|
|
|||
Restructuring charges, net
|
—
|
|
|
(240
|
)
|
|
(234
|
)
|
|||
Insurance proceeds
|
—
|
|
|
—
|
|
|
(94
|
)
|
|||
Operating Income
|
93,160
|
|
|
54,695
|
|
|
34,088
|
|
|||
|
|
|
|
|
|
|
|
|
|||
Interest expense
|
378
|
|
|
515
|
|
|
728
|
|
|||
Other (income) expense
|
996
|
|
|
(207
|
)
|
|
(310
|
)
|
|||
Income Before Income Taxes
|
91,786
|
|
|
54,387
|
|
|
33,670
|
|
|||
|
|
|
|
|
|
|
|
|
|||
Income tax expense
|
33,063
|
|
|
18,888
|
|
|
13,209
|
|
|||
|
|
|
|
|
|
|
|
|
|||
Net Income
|
$
|
58,723
|
|
|
$
|
35,499
|
|
|
$
|
20,461
|
|
|
|
|
|
|
|
||||||
SHARE INFORMATION
|
|
|
|
|
|
||||||
Earnings per share
|
|
|
|
|
|
||||||
Basic
|
$
|
3.61
|
|
|
$
|
2.25
|
|
|
$
|
1.34
|
|
Diluted
|
3.57
|
|
|
2.21
|
|
|
1.31
|
|
|
FISCAL YEARS ENDED APRIL 30
|
||||||||||
(in thousands)
|
2016
|
|
2015
|
|
2014
|
||||||
|
|
|
|
|
|
|
|
|
|||
Net income
|
$
|
58,723
|
|
|
$
|
35,499
|
|
|
$
|
20,461
|
|
|
|
|
|
|
|
|
|
|
|||
Other comprehensive income (loss) net of tax:
|
|
|
|
|
|
||||||
Change in pension benefits, net of deferred taxes
|
|
|
|
|
|
||||||
of $4,110, $9,510 and ($3,944), respectively
|
(6,428
|
)
|
|
(14,877
|
)
|
|
6,170
|
|
|||
|
|
|
|
|
|
|
|
|
|||
Total Comprehensive Income
|
$
|
52,295
|
|
|
$
|
20,622
|
|
|
$
|
26,631
|
|
|
|
|
|
|
|
|
ACCUMULATED
|
|
|
|||||||||
|
|
|
|
|
|
|
OTHER
|
|
TOTAL
|
|||||||||
|
COMMON STOCK
|
|
RETAINED
|
|
COMPREHENSIVE
|
|
SHAREHOLDERS'
|
|||||||||||
(in thousands, except share data)
|
SHARES
|
|
AMOUNT
|
|
EARNINGS
|
|
LOSS
|
|
EQUITY
|
|||||||||
Balance, May 1, 2013
|
14,822,580
|
|
|
$
|
107,165
|
|
|
$
|
71,180
|
|
|
$
|
(32,150
|
)
|
|
$
|
146,195
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income
|
|
|
|
|
20,461
|
|
|
|
|
20,461
|
|
|||||||
Other comprehensive loss,
|
|
|
|
|
|
|
|
|
|
|||||||||
net of tax
|
|
|
|
|
|
|
6,170
|
|
|
6,170
|
|
|||||||
Stock-based compensation
|
|
|
3,295
|
|
|
|
|
|
|
3,295
|
|
|||||||
Adjustments to excess tax
|
|
|
|
|
|
|
|
|
|
|||||||||
benefit from stock-based
|
|
|
|
|
|
|
|
|
|
|||||||||
compensation
|
|
|
600
|
|
|
|
|
|
|
600
|
|
|||||||
Exercise of stock-based
|
|
|
|
|
|
|
|
|
|
|||||||||
compensation awards, net of amounts
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
withheld for taxes
|
643,558
|
|
|
13,122
|
|
|
|
|
|
|
13,122
|
|
||||||
Stock repurchases
|
(100,000
|
)
|
|
(654
|
)
|
|
(2,487
|
)
|
|
|
|
(3,141
|
)
|
|||||
Employee benefit plan
|
|
|
|
|
|
|
|
|
|
|||||||||
contributions
|
110,160
|
|
|
3,843
|
|
|
|
|
|
|
3,843
|
|
||||||
Balance, April 30, 2014
|
15,476,298
|
|
|
$
|
127,371
|
|
|
$
|
89,154
|
|
|
$
|
(25,980
|
)
|
|
$
|
190,545
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income
|
|
|
|
|
35,499
|
|
|
|
|
35,499
|
|
|||||||
Other comprehensive income,
|
|
|
|
|
|
|
|
|
|
|||||||||
net of tax
|
|
|
|
|
|
|
(14,877
|
)
|
|
(14,877
|
)
|
|||||||
Stock-based compensation
|
|
|
3,497
|
|
|
|
|
|
|
3,497
|
|
|||||||
Adjustments to excess tax
|
|
|
|
|
|
|
|
|
|
|||||||||
benefit from stock-based
|
|
|
|
|
|
|
|
|
|
|||||||||
compensation
|
|
|
1,172
|
|
|
|
|
|
|
1,172
|
|
|||||||
Exercise of stock-based
|
|
|
|
|
|
|
|
|
|
|||||||||
compensation awards, net of amounts
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
withheld for taxes
|
599,124
|
|
|
12,842
|
|
|
|
|
|
|
12,842
|
|
||||||
Stock repurchases
|
(163,326
|
)
|
|
(1,098
|
)
|
|
(3,955
|
)
|
|
|
|
(5,053
|
)
|
|||||
Employee benefit plan
|
|
|
|
|
|
|
|
|
|
|||||||||
contributions
|
167,575
|
|
|
6,217
|
|
|
|
|
|
|
6,217
|
|
||||||
Balance, April 30, 2015
|
16,079,671
|
|
|
$
|
150,001
|
|
|
$
|
120,698
|
|
|
$
|
(40,857
|
)
|
|
$
|
229,842
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income
|
|
|
|
|
58,723
|
|
|
|
|
58,723
|
|
|||||||
Other comprehensive loss,
|
|
|
|
|
|
|
|
|
|
|||||||||
net of tax
|
|
|
|
|
|
|
(6,428
|
)
|
|
(6,428
|
)
|
|||||||
Stock-based compensation
|
|
|
3,609
|
|
|
|
|
|
|
3,609
|
|
|||||||
Adjustments to excess tax
|
|
|
|
|
|
|
|
|
|
|||||||||
benefit from stock-based
|
|
|
|
|
|
|
|
|
|
|||||||||
compensation
|
|
|
4,559
|
|
|
|
|
|
|
4,559
|
|
|||||||
Exercise of stock-based
|
|
|
|
|
|
|
|
|
|
|||||||||
compensation awards, net of amounts
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
withheld for taxes
|
375,928
|
|
|
5,288
|
|
|
|
|
|
|
|
5,288
|
|
|||||
Stock repurchases
|
(243,143
|
)
|
|
(1,928
|
)
|
|
(14,665
|
)
|
|
|
|
(16,593
|
)
|
|||||
Employee benefit plan
|
|
|
|
|
|
|
|
|
|
|||||||||
contributions
|
31,585
|
|
|
1,761
|
|
|
|
|
|
|
1,761
|
|
||||||
Balance, April 30, 2016
|
16,244,041
|
|
|
$
|
163,290
|
|
|
$
|
164,756
|
|
|
$
|
(47,285
|
)
|
|
$
|
280,761
|
|
|
FISCAL YEARS ENDED APRIL 30
|
||||||||||
(in thousands)
|
2016
|
|
2015
|
|
2014
|
||||||
|
|
|
|
|
|
||||||
OPERATING ACTIVITIES
|
|
|
|
|
|
||||||
Net income
|
$
|
58,723
|
|
|
$
|
35,499
|
|
|
$
|
20,461
|
|
Adjustments to reconcile net income to net cash and
|
|
|
|
|
|
||||||
cash equivalents provided by operating activities:
|
|
|
|
|
|
||||||
Depreciation and amortization
|
16,456
|
|
|
14,526
|
|
|
14,545
|
|
|||
Net loss on disposal of property, plant and equipment
|
1,576
|
|
|
153
|
|
|
123
|
|
|||
Gain on sales of assets held for sale
|
—
|
|
|
(250
|
)
|
|
(323
|
)
|
|||
Gain on insurance recoveries
|
—
|
|
|
—
|
|
|
(94
|
)
|
|||
Stock-based compensation expense
|
3,609
|
|
|
3,497
|
|
|
3,295
|
|
|||
Deferred income taxes
|
11,629
|
|
|
4,335
|
|
|
7,978
|
|
|||
Pension contributions in excess of expense
|
(4,732
|
)
|
|
(4,604
|
)
|
|
(2,039
|
)
|
|||
Excess tax benefit from stock-based compensation
|
(4,968
|
)
|
|
(1,887
|
)
|
|
(854
|
)
|
|||
Contributions of employer stock to employee benefit plan
|
1,761
|
|
|
6,217
|
|
|
3,843
|
|
|||
Other non-cash items
|
(3,489
|
)
|
|
(1,211
|
)
|
|
(2,634
|
)
|
|||
Changes in operating assets and liabilities:
|
|
|
|
|
|
||||||
Customer receivables
|
(9,938
|
)
|
|
288
|
|
|
(7,546
|
)
|
|||
Inventories
|
(4,276
|
)
|
|
(5,605
|
)
|
|
(2,875
|
)
|
|||
Prepaid expenses and other assets
|
(4,585
|
)
|
|
126
|
|
|
(1,236
|
)
|
|||
Accounts payable
|
723
|
|
|
5,113
|
|
|
5,869
|
|
|||
Accrued compensation and related expenses
|
5,269
|
|
|
1,963
|
|
|
1,943
|
|
|||
Income taxes payable
|
(1,791
|
)
|
|
1,201
|
|
|
526
|
|
|||
Marketing and other accrued expenses
|
5,811
|
|
|
(624
|
)
|
|
(447
|
)
|
|||
Net Cash Provided by Operating Activities
|
71,778
|
|
|
58,737
|
|
|
40,535
|
|
|||
|
|
|
|
|
|
||||||
INVESTING ACTIVITIES
|
|
|
|
|
|
||||||
Payments to acquire property, plant and equipment
|
(28,685
|
)
|
|
(20,015
|
)
|
|
(7,903
|
)
|
|||
Proceeds from sales of property, plant and equipment
|
846
|
|
|
22
|
|
|
81
|
|
|||
Proceeds from sales of assets held for sale
|
—
|
|
|
1,250
|
|
|
1,644
|
|
|||
Proceeds from insurance recoveries
|
—
|
|
|
—
|
|
|
94
|
|
|||
Purchases of certificates of deposit
|
(46,750
|
)
|
|
(40,750
|
)
|
|
—
|
|
|||
Maturities of certificates of deposit
|
38,250
|
|
|
5,250
|
|
|
—
|
|
|||
Investment in promotional displays
|
(4,434
|
)
|
|
(2,363
|
)
|
|
(3,499
|
)
|
|||
Net Cash Used by Investing Activities
|
(40,773
|
)
|
|
(56,606
|
)
|
|
(9,583
|
)
|
|||
|
|
|
|
|
|
||||||
FINANCING ACTIVITIES
|
|
|
|
|
|
||||||
Payments of long-term debt
|
(1,547
|
)
|
|
(1,309
|
)
|
|
(4,516
|
)
|
|||
Proceeds from long-term debt
|
3,196
|
|
|
1,500
|
|
|
—
|
|
|||
Excess tax benefit from stock-based compensation
|
4,968
|
|
|
1,887
|
|
|
854
|
|
|||
Proceeds from issuance of common stock and other
|
8,114
|
|
|
14,268
|
|
|
15,330
|
|
|||
Repurchase of common stock
|
(16,593
|
)
|
|
(5,053
|
)
|
|
(3,141
|
)
|
|||
Notes receivable, net
|
(4,221
|
)
|
|
417
|
|
|
(750
|
)
|
|||
Net Cash Provided (Used) by Financing Activities
|
(6,083
|
)
|
|
11,710
|
|
|
7,777
|
|
|||
|
|
|
|
|
|
|
|
|
|||
Net Increase in Cash and Cash Equivalents
|
24,922
|
|
|
13,841
|
|
|
38,729
|
|
|||
|
|
|
|
|
|
|
|
|
|||
Cash and Cash Equivalents, Beginning of Year
|
149,541
|
|
|
135,700
|
|
|
96,971
|
|
|||
|
|
|
|
|
|
|
|
|
|||
Cash and Cash Equivalents, End of Year
|
$
|
174,463
|
|
|
$
|
149,541
|
|
|
$
|
135,700
|
|
|
APRIL 30
|
||||||
(in thousands)
|
2016
|
|
2015
|
||||
Gross customer receivables
|
$
|
58,593
|
|
|
$
|
48,655
|
|
Less:
|
|
|
|
||||
Allowance for doubtful accounts
|
(171
|
)
|
|
(173
|
)
|
||
Allowance for returns and discounts
|
(2,609
|
)
|
|
(2,340
|
)
|
||
|
|
|
|
|
|
||
Net customer receivables
|
$
|
55,813
|
|
|
$
|
46,142
|
|
|
APRIL 30
|
||||||
(in thousands)
|
2016
|
|
2015
|
||||
Raw materials
|
$
|
17,634
|
|
|
$
|
17,199
|
|
Work-in-process
|
18,414
|
|
|
18,095
|
|
||
Finished goods
|
17,475
|
|
|
14,797
|
|
||
|
|
|
|
|
|
||
Total FIFO inventories
|
53,523
|
|
|
50,091
|
|
||
Reserve to adjust inventories to LIFO value
|
(14,204
|
)
|
|
(14,103
|
)
|
||
|
|
|
|
|
|
||
Total LIFO inventories
|
$
|
39,319
|
|
|
$
|
35,988
|
|
|
APRIL 30
|
||||||
(in thousands)
|
2016
|
|
2015
|
||||
Land
|
$
|
2,311
|
|
|
$
|
5,929
|
|
Buildings and improvements
|
80,042
|
|
|
69,412
|
|
||
Buildings and improvements - capital leases
|
11,202
|
|
|
11,202
|
|
||
Machinery and equipment
|
182,937
|
|
|
159,680
|
|
||
Machinery and equipment - capital leases
|
29,357
|
|
|
29,052
|
|
||
Construction in progress
|
2,556
|
|
|
12,581
|
|
||
|
308,405
|
|
|
287,856
|
|
||
Less accumulated amortization and depreciation
|
(209,073
|
)
|
|
(202,340
|
)
|
||
|
|
|
|
|
|
||
Total
|
$
|
99,332
|
|
|
$
|
85,516
|
|
|
FISCAL YEARS ENDING APRIL 30
|
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
(in thousands)
|
2017
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
2022 AND THERE-
AFTER |
|
TOTAL OUTSTANDING
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Revolving credit facility
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
10,000
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
10,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Economic development loans
|
—
|
|
|
—
|
|
|
2,189
|
|
|
—
|
|
|
—
|
|
|
1,500
|
|
|
3,689
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Capital lease obligations
|
1,574
|
|
|
1,265
|
|
|
917
|
|
|
710
|
|
|
617
|
|
|
2,082
|
|
|
7,165
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Other long-term debt
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,198
|
|
|
3,198
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total
|
$
|
1,574
|
|
|
$
|
1,265
|
|
|
$
|
13,106
|
|
|
$
|
710
|
|
|
$
|
617
|
|
|
$
|
6,780
|
|
|
$
|
24,052
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Less current maturities
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,574
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total long-term debt
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
22,478
|
|
|
FISCAL YEARS ENDED APRIL 30
|
||||||||||
(in thousands, except per share amounts)
|
2016
|
|
2015
|
|
2014
|
||||||
Numerator used in basic and diluted earnings per common share:
|
|
|
|
|
|
||||||
Net income
|
$
|
58,723
|
|
|
$
|
35,499
|
|
|
$
|
20,461
|
|
Denominator:
|
|
|
|
|
|
||||||
Denominator for basic earnings per common share -
|
|
|
|
|
|
||||||
weighted-average shares
|
16,256
|
|
|
15,764
|
|
|
15,299
|
|
|||
Effect of dilutive securities:
|
|
|
|
|
|
||||||
Stock options and restricted stock units
|
186
|
|
|
273
|
|
|
354
|
|
|||
Denominator for diluted earnings per common share -
|
|
|
|
|
|
||||||
weighted-average shares and assumed conversions
|
16,442
|
|
|
16,037
|
|
|
15,653
|
|
|||
Net earnings per share
|
|
|
|
|
|
||||||
Basic
|
$
|
3.61
|
|
|
$
|
2.25
|
|
|
$
|
1.34
|
|
Diluted
|
$
|
3.57
|
|
|
$
|
2.21
|
|
|
$
|
1.31
|
|
|
FISCAL YEARS ENDED APRIL 30
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
Weighted-average fair value of grants
|
$
|
18.59
|
|
|
$
|
9.25
|
|
|
$
|
14.46
|
|
Expected volatility
|
29.8
|
%
|
|
27.4
|
%
|
|
38.2
|
%
|
|||
Expected term in years
|
5.8
|
|
|
5.9
|
|
|
6.1
|
|
|||
Risk-free interest rate
|
2.16
|
%
|
|
2.19
|
%
|
|
1.59
|
%
|
|||
Expected dividend yield
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
NUMBER OF OPTIONS
|
|
REMAINING CONTRACTUAL TERM
|
|
WEIGHTED AVERAGE EXERCISE PRICE
|
|
AGGREGATE INTRINSIC VALUE
(in thousands) |
|||
Outstanding at April 30, 2013
|
1,401,813
|
|
|
4.8
|
|
$27.27
|
|
$
|
9,272
|
|
|
|
|
|
|
|
|
|
|
|
|
Granted
|
60,500
|
|
|
9.1
|
|
36.74
|
|
—
|
|
|
Exercised
|
(551,485
|
)
|
|
—
|
|
26.61
|
|
5,156
|
|
|
Cancelled or expired
|
(59,514
|
)
|
|
—
|
|
30.17
|
|
—
|
|
|
Outstanding at April 30, 2014
|
851,314
|
|
|
4.3
|
|
$28.16
|
|
$
|
3,121
|
|
|
|
|
|
|
|
|
|
|
|
|
Granted
|
66,600
|
|
|
9.1
|
|
29.92
|
|
—
|
|
|
Exercised
|
(508,639
|
)
|
|
—
|
|
28.05
|
|
7,209
|
|
|
Cancelled or expired
|
(11,200
|
)
|
|
—
|
|
32.64
|
|
—
|
|
|
Outstanding at April 30, 2015
|
398,075
|
|
|
5.0
|
|
$28.46
|
|
$
|
8,851
|
|
|
|
|
|
|
|
|
|
|
|
|
Granted
|
30,700
|
|
|
9.1
|
|
57.11
|
|
—
|
|
|
Exercised
|
(287,975
|
)
|
|
—
|
|
27.99
|
|
11,089
|
|
|
Cancelled or expired
|
(14,167
|
)
|
|
—
|
|
40.43
|
|
—
|
|
|
Outstanding at April 30, 2016
|
126,633
|
|
|
5.8
|
|
$35.15
|
|
$
|
4,773
|
|
|
|
|
|
|
|
|
|
|
|
|
Vested and expected to vest in the future at April 30, 2016
|
120,715
|
|
|
5.7
|
|
$34.97
|
|
$
|
4,572
|
|
Exercisable at April 30, 2016
|
46,599
|
|
|
1.7
|
|
$26.72
|
|
$
|
2,149
|
|
|
OPTIONS OUTSTANDING
|
|
OPTIONS EXERCISABLE
|
||||||||
OPTION PRICE
|
|
|
REMAINING
|
|
EXERCISE
|
|
|
|
EXERCISE
|
||
PER SHARE
|
OPTIONS
|
|
LIFE
|
|
PRICE
|
|
OPTIONS
|
|
PRICE
|
||
$22.77-$23.96
|
27,900
|
|
|
2.2
|
|
$23.32
|
|
27,900
|
|
|
$23.32
|
$29.92-$34.11
|
57,766
|
|
|
5.8
|
|
30.52
|
|
18,633
|
|
|
31.79
|
$36.74-$36.74
|
14,867
|
|
|
7.1
|
|
36.74
|
|
66
|
|
|
36.74
|
$57.11-$57.11
|
26,100
|
|
|
9.1
|
|
57.11
|
|
—
|
|
|
—
|
|
126,633
|
|
|
|
|
|
|
46,599
|
|
|
|
|
PERFORMANCE-BASED RSUs
|
|
SERVICE-BASED RSUs
|
|
TOTAL RSUs
|
|
WEIGHTED AVERAGE GRANT
DATE FAIR VALUE |
|||
Issued and outstanding, April 30, 2013
|
279,105
|
|
|
155,000
|
|
|
434,105
|
|
|
$17.96
|
|
|
|
|
|
|
|
|
|
|
|
Granted
|
75,600
|
|
|
44,092
|
|
|
119,692
|
|
|
$36.09
|
Cancelled due to non-achievement of performance goals
|
(23,384
|
)
|
|
—
|
|
|
(23,384
|
)
|
|
$17.62
|
Settled in common stock
|
(74,935
|
)
|
|
(60,310
|
)
|
|
(135,245
|
)
|
|
$19.75
|
Forfeited
|
(20,591
|
)
|
|
(15,407
|
)
|
|
(35,998
|
)
|
|
$23.12
|
Issued and outstanding, April 30, 2014
|
235,795
|
|
|
123,375
|
|
|
359,170
|
|
|
$22.79
|
|
|
|
|
|
|
|
|
|
|
|
Granted
|
79,500
|
|
|
40,100
|
|
|
119,600
|
|
|
$30.82
|
Cancelled due to non-achievement of performance goals
|
(16,218
|
)
|
|
—
|
|
|
(16,218
|
)
|
|
$36.18
|
Settled in common stock
|
(79,407
|
)
|
|
(54,861
|
)
|
|
(134,268
|
)
|
|
$17.45
|
Forfeited
|
(8,726
|
)
|
|
(4,764
|
)
|
|
(13,490
|
)
|
|
$27.78
|
Issued and outstanding, April 30, 2015
|
210,944
|
|
|
103,850
|
|
|
314,794
|
|
|
$27.15
|
|
|
|
|
|
|
|
|
|
|
|
Granted
|
48,201
|
|
|
22,349
|
|
|
70,550
|
|
|
$57.83
|
Cancelled due to non-achievement of performance goals
|
(19,657
|
)
|
|
—
|
|
|
(19,657
|
)
|
|
$29.92
|
Settled in common stock
|
(89,665
|
)
|
|
(46,950
|
)
|
|
(136,615
|
)
|
|
$19.57
|
Forfeited
|
(9,056
|
)
|
|
(3,537
|
)
|
|
(12,593
|
)
|
|
$40.99
|
Issued and outstanding, April 30, 2016
|
140,767
|
|
|
75,712
|
|
|
216,479
|
|
|
$40.88
|
(in thousands)
|
2016
|
|
2015
|
|
2014
|
||||||
Cost of sales and distribution
|
$
|
608
|
|
|
$
|
518
|
|
|
$
|
505
|
|
Selling and marketing expenses
|
1,079
|
|
|
954
|
|
|
801
|
|
|||
General and administrative expenses
|
1,922
|
|
|
2,025
|
|
|
1,989
|
|
|||
Stock-based compensation expense, before income taxes
|
$
|
3,609
|
|
|
$
|
3,497
|
|
|
$
|
3,295
|
|
|
PENSION BENEFITS
|
||||||||||
(in thousands)
|
2016
|
|
2015
|
|
2014
|
||||||
|
|
|
|
|
|
||||||
COMPONENTS OF NET PERIODIC PENSION BENEFIT COST
|
|
|
|
|
|
||||||
Interest cost
|
$
|
7,014
|
|
|
$
|
6,466
|
|
|
$
|
6,203
|
|
Expected return on plan assets
|
(8,142
|
)
|
|
(7,666
|
)
|
|
(7,113
|
)
|
|||
Recognized net actuarial loss
|
1,412
|
|
|
865
|
|
|
1,129
|
|
|||
Pension benefit cost
|
$
|
284
|
|
|
$
|
(335
|
)
|
|
$
|
219
|
|
|
FISCAL YEARS ENDED APRIL 30
|
||
|
2016
|
|
2015
|
|
|
|
|
WEIGHTED-AVERAGE ASSUMPTIONS TO DETERMINE BENEFIT OBLIGATIONS
|
|
|
|
Discount rate
|
4.06 %
|
|
4.19 %
|
|
FISCAL YEARS ENDED APRIL 30
|
||||
|
2016
|
|
2015
|
|
2014
|
|
|
|
|
|
|
WEIGHTED-AVERAGE ASSUMPTIONS TO DETERMINE NET PERIODIC PENSION BENEFIT COST
|
|
|
|
|
|
Discount rate
|
4.19 %
|
|
4.56 %
|
|
4.21%
|
Expected return on plan assets
|
7.5 %
|
|
7.5 %
|
|
7.5 %
|
FISCAL YEAR
|
BENEFIT PAYMENTS (in thousands)
|
||
|
|
||
2017
|
$
|
5,547
|
|
2018
|
5,903
|
|
|
2019
|
6,334
|
|
|
2020
|
6,696
|
|
|
2021
|
7,147
|
|
|
Years 2022-2026
|
41,024
|
|
FAIR VALUE MEASUREMENTS AT APRIL 30, 2016
|
|||||||||||||||
(in thousands)
|
TOTAL
|
|
QUOTED PRICES IN ACTIVE MARKETS (LEVEL 1)
|
|
SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)
|
|
SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)
|
||||||||
Cash Equivalents
|
$
|
10
|
|
|
$
|
10
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Equity Funds:
|
|
|
|
|
|
|
|
||||||||
Mutual Fund Equity
|
61,338
|
|
|
61,338
|
|
|
—
|
|
|
—
|
|
||||
Fixed Income Funds:
|
|
|
|
|
|
|
|
||||||||
Mutual Fund Tax Income
|
27,681
|
|
|
27,681
|
|
|
—
|
|
|
—
|
|
||||
Common and Collective Funds:
1
|
|
|
|
|
|
|
|
|
|
|
|
||||
Capital Preservation Fund
|
17,936
|
|
|
—
|
|
|
17,936
|
|
|
—
|
|
||||
Total
|
$
|
106,965
|
|
|
$
|
89,029
|
|
|
$
|
17,936
|
|
|
$
|
—
|
|
FAIR VALUE MEASUREMENTS AT APRIL 30, 2015
|
|||||||||||||||
(in thousands)
|
TOTAL
|
|
QUOTED PRICES IN ACTIVE MARKETS (LEVEL 1)
|
|
SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)
|
|
SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)
|
||||||||
Cash Equivalents
|
$
|
8
|
|
|
$
|
8
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Equity Funds:
|
|
|
|
|
|
|
|
||||||||
Mutual Fund Equity
|
62,533
|
|
|
62,533
|
|
|
—
|
|
|
—
|
|
||||
Fixed Income Funds:
|
|
|
|
|
|
|
|
||||||||
Mutual Fund Tax Income
|
28,408
|
|
|
28,408
|
|
|
—
|
|
|
—
|
|
||||
Common Collective Funds:
1
|
|
|
|
|
|
|
|
|
|
|
|
||||
Capital Preservation Fund
|
17,712
|
|
|
—
|
|
|
17,712
|
|
|
—
|
|
||||
Total
|
$
|
108,661
|
|
|
$
|
90,949
|
|
|
$
|
17,712
|
|
|
$
|
—
|
|
|
FISCAL YEARS ENDED APRIL 30
|
||||||||||
(in thousands)
|
2016
|
|
2015
|
|
2014
|
||||||
|
|
|
|
|
|
||||||
CURRENT EXPENSE
|
|
|
|
|
|
||||||
Federal
|
$
|
18,239
|
|
|
$
|
12,663
|
|
|
$
|
4,825
|
|
State
|
3,195
|
|
|
1,890
|
|
|
406
|
|
|||
Total current expense
|
21,434
|
|
|
14,553
|
|
|
5,231
|
|
|||
|
|
|
|
|
|
||||||
DEFERRED EXPENSE
|
|
|
|
|
|
||||||
Federal
|
10,179
|
|
|
3,024
|
|
|
6,076
|
|
|||
State
|
1,450
|
|
|
1,311
|
|
|
1,902
|
|
|||
Total deferred expense
|
11,629
|
|
|
4,335
|
|
|
7,978
|
|
|||
Total expense
|
33,063
|
|
|
18,888
|
|
|
13,209
|
|
|||
Other comprehensive income (loss)
|
(4,110
|
)
|
|
(9,510
|
)
|
|
3,944
|
|
|||
Total comprehensive income tax expense
|
$
|
28,953
|
|
|
$
|
9,378
|
|
|
$
|
17,153
|
|
|
FISCAL YEARS ENDED APRIL 30
|
|||||||
|
2016
|
|
2015
|
|
2014
|
|||
Federal statutory rate
|
35.0
|
%
|
|
35.0
|
%
|
|
35.0
|
%
|
Effect of:
|
|
|
|
|
|
|||
Research and experimentation tax credit
|
—
|
%
|
|
(2.3
|
)%
|
|
—
|
%
|
Meals and entertainment
|
0.3
|
|
|
0.5
|
|
|
0.8
|
|
Domestic production deduction
|
(2.5
|
)
|
|
(2.4
|
)
|
|
(1.8
|
)
|
Other
|
(0.1
|
)
|
|
0.1
|
|
|
0.7
|
|
Total
|
(2.3
|
)%
|
|
(4.1
|
)%
|
|
(0.3
|
)%
|
|
|
|
|
|
|
|
|
|
Effective federal income tax rate
|
32.7
|
%
|
|
30.9
|
%
|
|
34.7
|
%
|
State income taxes, net of federal tax effect
|
3.3
|
|
|
3.8
|
|
|
4.5
|
|
Effective income tax rate
|
36.0
|
%
|
|
34.7
|
%
|
|
39.2
|
%
|
FISCAL YEAR
|
OPERATING (in thousands)
|
|
CAPITAL (in thousands)
|
||||
2017
|
$
|
3,143
|
|
|
$
|
1,781
|
|
2018
|
2,533
|
|
|
1,402
|
|
||
2019
|
2,330
|
|
|
1,008
|
|
||
2020
|
2,090
|
|
|
774
|
|
||
2021
|
559
|
|
|
666
|
|
||
2022 (and thereafter)
|
16
|
|
|
2,152
|
|
||
|
$
|
10,671
|
|
|
$
|
7,783
|
|
Less amounts representing interest (2%)
|
|
|
(618
|
)
|
|||
Total obligations under capital leases
|
|
|
$
|
7,165
|
|
|
PERCENT OF ANNUAL GROSS SALES
|
||||
|
2016
|
|
2015
|
|
2014
|
Customer A
|
23.9%
|
|
26.5%
|
|
28.6%
|
Customer B
|
17.2%
|
|
18.6%
|
|
20.6%
|
|
FAIR VALUE MEASUREMENTS AS OF APRIL 30, 2016
|
||||||||||
(in thousands)
|
LEVEL 1
|
|
LEVEL 2
|
|
LEVEL 3
|
||||||
ASSETS:
|
|
|
|
|
|
||||||
Money market funds
|
$
|
30,490
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Mutual funds
|
998
|
|
|
—
|
|
|
—
|
|
|||
Certificates of deposit
|
47,500
|
|
|
—
|
|
|
—
|
|
|||
Total assets at fair value
|
$
|
78,988
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
||||||
|
FAIR VALUE MEASUREMENTS AS OF APRIL 30, 2015
|
||||||||||
(in thousands)
|
LEVEL 1
|
|
LEVEL 2
|
|
LEVEL 3
|
||||||
ASSETS:
|
|
|
|
|
|
||||||
Money market funds
|
$
|
30,480
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Mutual funds
|
1,048
|
|
|
—
|
|
|
—
|
|
|||
Certificates of deposit
|
38,000
|
|
|
—
|
|
|
—
|
|
|||
Total assets at fair value
|
$
|
69,528
|
|
|
$
|
—
|
|
|
$
|
—
|
|
FISCAL 2016
|
07/31/15
|
|
10/31/2015
|
|
01/31/16
|
|
04/30/16
|
||||||||
(in thousands, except per share amounts)
|
|
|
|
|
|
|
|
||||||||
Net sales
|
$
|
231,198
|
|
|
$
|
256,292
|
|
|
$
|
218,632
|
|
|
$
|
240,923
|
|
Gross profit
|
50,173
|
|
|
56,052
|
|
|
44,598
|
|
|
48,871
|
|
||||
Income before income taxes
|
23,721
|
|
|
28,533
|
|
|
18,683
|
|
|
20,849
|
|
||||
Net income
|
15,158
|
|
|
18,180
|
|
|
12,013
|
|
|
13,372
|
|
||||
Earnings per share
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
0.94
|
|
|
$
|
1.12
|
|
|
$
|
0.74
|
|
|
$
|
0.82
|
|
Diluted
|
$
|
0.92
|
|
|
$
|
1.10
|
|
|
$
|
0.73
|
|
|
$
|
0.81
|
|
|
|
|
|
|
|
|
|
||||||||
FISCAL 2015
|
07/31/14
|
|
10/31/2014
|
|
01/31/15
|
|
04/30/15
|
||||||||
(in thousands, except per share amounts)
|
|
|
|
|
|
|
|
||||||||
Net sales
|
$
|
211,917
|
|
|
$
|
217,693
|
|
|
$
|
188,963
|
|
|
$
|
206,892
|
|
Gross profit
|
37,114
|
|
|
36,981
|
|
|
35,117
|
|
|
43,320
|
|
||||
Income before income taxes
|
13,054
|
|
|
12,322
|
|
|
10,976
|
|
|
18,035
|
|
||||
Net income
|
9,238
|
|
|
7,671
|
|
|
7,282
|
|
|
11,308
|
|
||||
Earnings per share
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
0.59
|
|
|
$
|
0.49
|
|
|
$
|
0.46
|
|
|
$
|
0.71
|
|
Diluted
|
$
|
0.59
|
|
|
$
|
0.48
|
|
|
$
|
0.45
|
|
|
$
|
0.69
|
|
/s/ S. CARY DUNSTON
|
|
S. Cary Dunston
|
President and Chief Executive Officer
|
|
|
/s/ M. SCOTT CULBRETH
|
|
M. Scott Culbreth
|
Senior Vice President and Chief Financial Officer
|
(a)1.
|
Financial Statements
|
(a)2.
|
Financial Statement Schedules
|
(a)3.
|
Exhibits
|
3.1
|
Articles of Incorporation as amended effective September 10, 2004 (incorporated by reference to Exhibit 3.1 to the Registrant's Form 10-Q for the quarter ended July 31, 2004; Commission File No. 000-14798).
|
|
|
10.6 (b)
|
Lease, dated as of December 15, 2000, between the Company and the Industrial Development Board of The City of Humboldt, Tennessee (incorporated by reference to Exhibit 10.6(d) to the Registrant’s Form 10-K for the fiscal year ended April 30, 2001; Commission File No. 000-14798).
|
|
|
10.7 (a)
|
Second Amended and Restated 2004 Stock Incentive Plan for Employees (incorporated by reference to Appendix A to the Registrant’s DEF-14A as filed on June 28, 2013; Commission File No. 000-14798).*
|
|
|
10.7 (b)
|
2006 Non-Employee Directors Equity Ownership Plan (incorporated by reference to Appendix A to the Registrant's DEF-14A as filed on July 12, 2006; Commission File No. 000-14798).*
|
|
|
10.7 (c)
|
Amendment to 2006 Non-Employee Directors Equity Ownership Plan, dated as of August 27, 2009 (incorporated by reference to Exhibit 10.4 to the Registrant’s Form 10-Q for the quarter ended July 31, 2009; Commission File No. 000-14798).*
|
|
|
10.7 (d)
|
2011 Non-Empoyee Directors Equity Ownership Plan (incorporated by reference to Appendix A to the Registrant's DEF-14A as filed on June 30, 2011; Commission File No. 000-14798).*
|
|
|
10.7(e)
|
2015 Non-Employee Directors Restricted Stock Unit Plan (incorporated by reference to Appendix A to the Registrant's Definitive Proxy Statement on Schedule 14A as filed on June 30, 2015; Commission File No. 000-14798).
|
|
|
10.8 (a)
|
Form of Grant Letter used in connection with awards of stock options granted under the Company’s Second Amended and Restated 2004 Stock Incentive Plan for Employees (incorporated by reference to Exhibit 10.5 to the Registrant’s Form 8-K as filed on June 5, 2013; Commission File No. 000-14798).*
|
|
|
10.8 (b)
|
Form of Grant Letter used in connection with awards of service-based restricted stock units granted under the Company’s Second Amended and Restated 2004 Stock Incentive Plan for Employees (incorporated by reference to Exhibit 10.6 to the Registrant’s Form 8-K as filed on June 5, 2013; Commission File No. 000-14798).*
|
|
|
10.8 (c)
|
Form of Grant Letter used in connection with awards of performance-based restricted stock units granted under the Company’s Second Amended and Restated 2004 Stock Incentive Plan for Employees (incorporated by reference to Exhibit 10.7 to the Registrant’s Form 8-K as filed on June 5, 2013; Commission File No. 000-14798).*
|
|
|
10.8 (d)
|
Form of Grant Letter used in connection with restricted stock unit awards granted under the Company's Second Amended and Restated 2004 Stock Incentive Plan for Employees (incorporated by reference to Exhibit 10.1 to the Registrant’s Form 8-K as filed on June 10, 2016; Commission File No. 000-14798).*
|
|
|
10.8 (e)
|
Form of Grant Letter used in connection with awards of service-based restricted stock units granted under the Company’s 2011 Non-Employee Directors Equity Ownership Plan (incorporated by reference to Exhibit 10.1 to the Registrant’s Form 10-Q for the quarter ended October 31, 2011; Commission File No. 000-14798).*
|
|
|
10.8 (f)
|
Employment Agreement for Mr. M. Scott Culbreth (incorporated by reference to Exhibit 10.1 to the Registrant’s Form 8-K as filed on August 27, 2014; Commission File No. 000-14798).*
|
|
|
10.8 (g)
|
Employment Agreement for Mr. R. Perry Campbell (incorporated by reference to Exhibit 10.2 to the Registrant’s Form 8-K as filed on August 27, 2014; Commission File No. 000-14798).*
|
|
|
10.8(h)
|
Employment Agreement for Mr. S. Cary Dunston (incorporated by reference to Exhibit 10.1 to the Registrant’s Form 8-K as filed on August 31, 2015; Commission File No. 000-14798).*
|
|
|
10.8(i)
|
Letter of Understanding for Mr. Kent Guichard (incorporated by reference to Exhibit 10.2 to the Registrant’s Form 8-K as filed on August 31, 2015; Commission File No. 000-14798).*
|
|
|
10.8(j)
|
Employment Agreement for Mr. Robert Adams (incorporated by reference to Exhibit 10.3 to the Registrant’s Form 8-K as filed on August 31, 2015; Commission File No. 000-14798).*
|
|
|
10.10 (a)
|
Promissory Note, dated July 30, 1998, made by the Company in favor of Amende Cabinet Corporation, a wholly owned subsidiary of the Company (incorporated by reference to Exhibit 10.10(f) to the Registrant’s Form 10-K for the fiscal year ended April 30, 1999; Commission File No. 000-14798).
|
|
|
10.10 (b)
|
Loan Agreement, dated as of December 31, 2001, between the Company and Amende Cabinet Corporation, a wholly owned subsidiary of the Company (incorporated by reference to Exhibit 10.8(k) to the Registrant’s Form 10-K for the fiscal year ended April 30, 2002; Commission File No. 000-14798).
|
|
|
10.10 (c)
|
Equipment Lease, dated as of June 30, 2004, between the Company and the West Virginia Economic Development Authority (incorporated by reference to Exhibit 10.1(l) to the Registrant's Form 10-Q for the quarter ended July 31, 2004; Commission File No. 000-14798).
|
|
|
10.10 (d)
|
West Virginia Facility Lease, dated as of July 30, 2004, between the Company and the West Virginia Economic Development Authority (incorporated by reference to Exhibit 10.1(m) to the Registrant’s Form 10-Q for the quarter ended July 31, 2004; Commission File No. 000-14798).
|
|
|
21
|
Subsidiary of the Company (Filed Herewith).
|
|
|
23.1
|
Consent of KPMG LLP, Independent Registered Public Accounting Firm (Filed Herewith).
|
|
|
31.1
|
Certification of the Chief Executive Officer Pursuant to Rule 13a-14(a) of the Exchange Act (Filed Herewith).
|
|
|
31.2
|
Certification of the Chief Financial Officer Pursuant to Rule 13a-14(a) of the Exchange Act (Filed Herewith).
|
|
|
32.1
|
Certification of the Chief Executive Officer and Chief Financial Officer Pursuant to Rule 13a-14(b) of the Exchange Act and 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Furnished Herewith).
|
|
|
101
|
Interactive Data File for the Registrant’s Annual Report on Form 10-K for the year ended April 30, 2016 formatted in XBRL (eXtensible Business Reporting Language): (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Operations, (iii) Consolidated Statements of Comprehensive Income (Loss); (iv) Consolidated Statements of Shareholders’ Equity, (v) Consolidated Statements of Cash Flows, and (vi) Notes to Consolidated Financial Statements (Filed Herewith).
|
Description (a)
|
Balance at Beginning of Year
|
|
Additions (Reductions) Charged to
Cost and Expenses |
|
Other
|
|
Deductions
|
|
Balance at End of Year
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Year ended April 30, 2016:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Allowance for doubtful accounts
|
$
|
173
|
|
|
$
|
108
|
|
|
$
|
—
|
|
|
$
|
(110
|
)
|
(b)
|
$
|
171
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Reserve for cash discounts
|
$
|
746
|
|
|
$
|
9,570
|
|
(c)
|
$
|
—
|
|
|
$
|
(9,489
|
)
|
(d)
|
$
|
827
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Reserve for sales returns and allowances
|
$
|
1,594
|
|
|
$
|
7,833
|
|
(c)
|
$
|
—
|
|
|
$
|
(7,645
|
)
|
|
$
|
1,782
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Year ended April 30, 2015:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Allowance for doubtful accounts
|
$
|
102
|
|
|
$
|
184
|
|
|
$
|
—
|
|
|
$
|
(113
|
)
|
(b)
|
$
|
173
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Reserve for cash discounts
|
$
|
727
|
|
|
$
|
8,859
|
|
(c)
|
$
|
—
|
|
|
$
|
(8,840
|
)
|
(d)
|
$
|
746
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Reserve for sales returns and allowances
|
$
|
1,639
|
|
|
$
|
7,326
|
|
(c)
|
$
|
—
|
|
|
$
|
(7,371
|
)
|
|
$
|
1,594
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Year ended April 30, 2014:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Allowance for doubtful accounts
|
$
|
148
|
|
|
$
|
31
|
|
|
$
|
—
|
|
|
$
|
(77
|
)
|
(b)
|
$
|
102
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Reserve for cash discounts
|
$
|
669
|
|
|
$
|
8,529
|
|
(c)
|
$
|
—
|
|
|
$
|
(8,471
|
)
|
(d)
|
$
|
727
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Reserve for sales returns and allowances
|
$
|
1,536
|
|
|
$
|
7,245
|
|
(c)
|
$
|
—
|
|
|
$
|
(7,142
|
)
|
|
$
|
1,639
|
|
(a)
|
All reserves relate to accounts receivable.
|
(b)
|
Principally write-offs, net of collections.
|
(c)
|
Reduction of gross sales.
|
(d)
|
Cash discounts granted.
|
|
|
American Woodmark Corporation
|
|
|
(Registrant)
|
|
|
|
|
|
|
June 29, 2016
|
|
/s/ S. CARY DUNSTON
|
|
|
S. Cary Dunston
President and Chief Executive Officer
|
June 29, 2016
|
|
/s/ S. CARY DUNSTON
|
|
June 29, 2016
|
|
/s/ M. SCOTT CULBRETH
|
|
|
S. Cary Dunston President and Chief Executive Officer (Principal Executive Officer) Director
|
|
|
|
M. Scott Culbreth
Senior Vice President and Chief Financial Officer
(Principal Financial Officer and Principal Accounting Officer)
|
|
|
|
|
|
|
|
June 29, 2016
|
|
/s/ KENT B. GUICHARD
|
|
June 29, 2016
|
|
/s/ WILLIAM F. BRANDT, JR.
|
|
|
Kent B. Guichard
Chairman of the Board
Director
|
|
|
|
William F. Brandt, Jr.
Director
|
|
|
|
|
|
|
|
June 29, 2016
|
|
/s/ ANDREW B. COGAN
|
|
June 29, 2016
|
|
/s/ MARTHA M. DALLY
|
|
|
Andrew B. Cogan
Director
|
|
|
|
Martha M. Dally
Director
|
|
|
|
|
|
|
|
June 29, 2016
|
|
/s/ JAMES G. DAVIS, JR.
|
|
June 29, 2016
|
|
/s/ DANIEL T. HENDRIX
|
|
|
James G. Davis, Jr.
Director
|
|
|
|
Daniel T. Hendrix
Director
|
|
|
|
|
|
|
|
June 29, 2016
|
|
/s/ CAROL B. MOERDYK
|
|
June 29, 2016
|
|
/s/ DAVID W. MOON
|
|
|
Carol B. Moerdyk
Director
|
|
|
|
David W. Moon
Director
|
|
|
|
|
|
|
|
June 29, 2016
|
|
/s/ VANCE W. TANG
|
|
|
|
|
|
|
Vance W. Tang
Director
|
|
|
|
|
1 Year American Woodmark Chart |
1 Month American Woodmark Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions