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Share Name | Share Symbol | Market | Type |
---|---|---|---|
UFP Industries Inc | NASDAQ:UFPI | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
1.16 | 1.00% | 116.65 | 108.69 | 122.00 | 118.82 | 115.59 | 118.37 | 187,885 | 22:30:00 |
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 July 15, 2015. |
UNIVERSAL FOREST PRODUCTS, INC. | ||
(Registrant) | ||
Dated: July 15, 2015 | By: | /s/ Michael R. Cole |
Michael R. Cole, Chief Financial Officer | ||
and Treasurer |
Exhibit Number | Document |
99(a) | Press Release dated July 15, 2015. |
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME (UNAUDITED) FOR THE SIX MONTHS ENDED JUNE 2015/2014 | ||||||||||||||||||||||||
Quarter Period | Year to Date | |||||||||||||||||||||||
(In thousands, except per share data) | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||
NET SALES | $ | 838,171 | 100 | % | $ | 772,752 | 100 | % | $ | 1,471,195 | 100 | % | $ | 1,326,751 | 100 | % | ||||||||
COST OF GOODS SOLD | 725,728 | 86.6 | 675,764 | 87.4 | 1,279,170 | 86.9 | 1,163,750 | 87.7 | ||||||||||||||||
GROSS PROFIT | 112,443 | 13.4 | 96,988 | 12.6 | 192,025 | 13.1 | 163,001 | 12.3 | ||||||||||||||||
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | 68,431 | 8.2 | 58,989 | 7.6 | 130,136 | 8.8 | 112,899 | 8.5 | ||||||||||||||||
ANTI-DUMPING DUTY ASSESSMENTS | — | — | 1,600 | 0.2 | — | — | 1,600 | 0.1 | ||||||||||||||||
NET (GAIN) LOSS ON DISPOSITION AND IMPAIRMENT OF ASSETS | (176 | ) | — | (324 | ) | — | (162 | ) | — | (848 | ) | (0.1 | ) | |||||||||||
EARNINGS FROM OPERATIONS | 44,188 | 5.3 | 36,723 | 4.8 | 62,051 | 4.2 | 49,350 | 3.7 | ||||||||||||||||
OTHER EXPENSE, NET | 1,238 | 0.1 | 686 | 0.1 | 2,193 | 0.1 | 1,411 | 0.1 | ||||||||||||||||
EARNINGS BEFORE INCOME TAXES | 42,950 | 5.1 | 36,037 | 4.7 | 59,858 | 4.1 | 47,939 | 3.6 | ||||||||||||||||
INCOME TAXES | 16,066 | 1.9 | 13,588 | 1.8 | 22,170 | 1.5 | 17,824 | 1.3 | ||||||||||||||||
NET EARNINGS | 26,884 | 3.2 | 22,449 | 2.9 | 37,688 | 2.6 | 30,115 | 2.3 | ||||||||||||||||
LESS NET EARNINGS ATTRIBUTABLE TO NONCONTROLLING INTEREST | (908 | ) | (0.1 | ) | (660 | ) | (0.1 | ) | (1,550 | ) | (0.1 | ) | (1,111 | ) | (0.1 | ) | ||||||||
NET EARNINGS ATTRIBUTABLE TO CONTROLLING INTEREST | $ | 25,976 | 3.1 | $ | 21,789 | 2.8 | $ | 36,138 | 2.5 | $ | 29,004 | 2.2 | ||||||||||||
EARNINGS PER SHARE - BASIC | $ | 1.29 | $ | 1.08 | $ | 1.79 | $ | 1.44 | ||||||||||||||||
EARNINGS PER SHARE - DILUTED | $ | 1.28 | $ | 1.08 | $ | 1.79 | $ | 1.44 | ||||||||||||||||
COMPREHENSIVE INCOME | 26,358 | 22,960 | 36,159 | 29,932 | ||||||||||||||||||||
LESS COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST | (636 | ) | (719 | ) | (1,133 | ) | (1,077 | ) | ||||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO CONTROLLING INTEREST | $ | 25,722 | $ | 22,241 | $ | 35,026 | $ | 28,855 | ||||||||||||||||
SUPPLEMENTAL SALES DATA | |||||||||||||||||
Quarter Period | Year to Date | ||||||||||||||||
Market Classification | 2015 | 2014 | % | 2015 | 2014 | % | |||||||||||
Retail | $ | 376,219 | $ | 347,371 | 8 | % | 606,104 | 548,355 | 11 | % | |||||||
Industrial | 240,067 | 205,334 | 17 | % | 451,228 | 376,985 | 20 | % | |||||||||
Construction | 234,555 | 231,507 | 1 | % | 435,278 | 421,069 | 3 | % | |||||||||
Total Gross Sales | 850,841 | 784,212 | 8 | % | 1,492,610 | 1,346,409 | 11 | % | |||||||||
Sales Allowances | (12,670 | ) | (11,460 | ) | (21,415 | ) | (19,658 | ) | |||||||||
Total Net Sales | $ | 838,171 | $ | 772,752 | $ | 1,471,195 | $ | 1,326,751 |
CONSOLIDATED CONDENSED BALANCE SHEETS (UNAUDITED) JUNE 2015/2014 | |||||||||||||
(In thousands) | |||||||||||||
ASSETS | 2015 | 2014 | LIABILITIES AND EQUITY | 2015 | 2014 | ||||||||
CURRENT ASSETS | CURRENT LIABILITIES | ||||||||||||
Cash and cash equivalents | $ 24,756 | $ | — | Cash Overdraft | $ 21,933 | $ | 13,659 | ||||||
Restricted cash | 710 | 720 | Accounts payable | 114,354 | 107,653 | ||||||||
Accounts receivable | 302,538 | 286,422 | Accrued liabilities | 97,962 | 83,086 | ||||||||
Inventories | 330,235 | 277,789 | |||||||||||
Other current assets | 21,205 | 26,469 | |||||||||||
TOTAL CURRENT ASSETS | 679,444 | 591,400 | TOTAL CURRENT LIABILITIES | 234,249 | 204,398 | ||||||||
OTHER ASSETS | 9,986 | 13,669 | LONG-TERM DEBT AND | ||||||||||
INTANGIBLE ASSETS, NET | 192,505 | 169,357 | CAPITAL LEASE OBLIGATIONS | 122,303 | 95,094 | ||||||||
PROPERTY, PLANT | OTHER LIABILITIES | 50,302 | 42,652 | ||||||||||
AND EQUIPMENT, NET | 257,731 | 247,453 | EQUITY | 732,812 | 679,735 | ||||||||
TOTAL ASSETS | $ | 1,139,666 | $ | 1,021,879 | TOTAL LIABILITIES AND EQUITY | $ | 1,139,666 | $ | 1,021,879 |
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) FOR THE SIX MONTHS ENDED JUNE 2015/2014 | ||||||
(In thousands) | 2015 | 2014 | ||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||
Net earnings | $ | 37,688 | $ | 30,115 | ||
Adjustments to reconcile net earnings attributable to controlling interest | ||||||
to net cash from operating activities: | ||||||
Depreciation | 18,406 | 15,644 | ||||
Amortization of intangibles | 1,888 | 1,194 | ||||
Expense associated with share-based compensation arrangements | 874 | 932 | ||||
Excess tax benefits from share-based compensation arrangements | (33 | ) | — | |||
Expense associated with stock grant plans | 53 | 58 | ||||
Deferred income taxes (credit) | 3 | 46 | ||||
Equity in earnings of investee | (195 | ) | (129 | ) | ||
Net (gain) or loss on sale of property, plant and equipment | (162 | ) | (931 | ) | ||
Changes in: | ||||||
Accounts receivable | (104,929 | ) | (105,695 | ) | ||
Inventories | 9,806 | 10,776 | ||||
Accounts payable and cash overdraft | 45,798 | 47,343 | ||||
Accrued liabilities and other | 27,625 | 23,451 | ||||
NET CASH FROM OPERATING ACTIVITIES | 36,822 | 22,804 | ||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||
Purchases of property, plant, and equipment | (27,756 | ) | (20,100 | ) | ||
Proceeds from sale of property, plant and equipment | 1,085 | 1,754 | ||||
Acquisitions, net of cash received | (2,584 | ) | (7,135 | ) | ||
Purchases of noncontrolling interest | (1,256 | ) | — | |||
Advances of notes receivable | (3,083 | ) | (3,287 | ) | ||
Collections of notes receivable and related interest | 7,059 | 888 | ||||
Cash restricted as to use | (305 | ) | — | |||
Other, net | (58 | ) | (135 | ) | ||
NET CASH FROM INVESTING ACTIVITIES | (26,898 | ) | (28,015 | ) | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||
Borrowings under revolving credit facilities | 259,734 | 190,301 | ||||
Repayments under revolving credit facilities | (235,993 | ) | (179,907 | ) | ||
Debt issuance costs | (9 | ) | (9 | ) | ||
Proceeds from issuance of common stock | 725 | 201 | ||||
Dividends paid to shareholders | (8,050 | ) | (4,214 | ) | ||
Distributions to noncontrolling interest | (1,250 | ) | (1,101 | ) | ||
Repurchase of common stock | (78 | ) | — | |||
Excess tax benefits from share-based compensation arrangements | 33 | — | ||||
Effect of exchange rate changes on cash | 15,112 | 5,271 | ||||
Effect of exchange rate changes on cash | (280 | ) | (60 | ) | ||
NET CHANGE IN CASH AND CASH EQUIVALENTS | 24,756 | — | ||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | — | — | ||||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 24,756 | — | |||
SUPPLEMENTAL INFORMATION: | ||||||
Interest paid | $ | 2,430 | $ | 2,155 | ||
Income taxes paid | 1,375 | 6,532 |
1 Year UFP Industries Chart |
1 Month UFP Industries Chart |
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