Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Oct. 31, 2015 | Nov. 23, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Oct. 31, 2015 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
Entity Filer Category | Accelerated Filer | |
Entity Registrant Name | AMERICAN WOODMARK CORP | |
Entity Central Index Key | 794,619 | |
Current Fiscal Year End Date | --04-30 | |
Entity Common Stock, Shares Outstanding | 16,276,562 | |
Trading Symbol | amwd |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Oct. 31, 2015 | Apr. 30, 2015 |
Current Assets | ||
Cash and cash equivalents | $ 164,972 | $ 149,541 |
Investments - certificates of deposit | 29,250 | 35,500 |
Customer receivables, net | 61,205 | 46,142 |
Inventories | 37,801 | 35,988 |
Prepaid expenses and other | 4,513 | 4,758 |
Deferred income taxes | 11,217 | 9,566 |
Total Current Assets | 308,958 | 281,495 |
Property, plant and equipment, net | 101,776 | 85,516 |
Investments - certificates of deposit | 7,750 | 0 |
Promotional displays, net | 5,855 | 4,348 |
Deferred income taxes | 21,663 | 23,821 |
Other assets | 4,051 | 3,724 |
TOTAL ASSETS | 450,053 | 398,904 |
Current Liabilities | ||
Accounts payable | 39,857 | 34,288 |
Current maturities of long-term debt | 1,541 | 1,457 |
Accrued compensation and related expenses | 34,863 | 30,120 |
Accrued marketing expenses | 11,417 | 6,471 |
Income taxes payable | 1,545 | 1,791 |
Other accrued expenses | 12,016 | 10,663 |
Total Current Liabilities | 101,239 | 84,790 |
Long-term debt, less current maturities | 21,033 | 21,498 |
Defined benefit pension liabilities | 58,942 | 61,325 |
Other long-term liabilities | 1,912 | 1,449 |
Shareholders' Equity | ||
Preferred stock, $1.00 par value; 2,000,000 shares authorized, none issued | 0 | 0 |
Common stock, no par value; 40,000,000 shares authorized; issued and outstanding shares at October 31, 2015: 16,294,477; at April 30, 2015: 16,079,671 | 159,451 | 150,001 |
Retained earnings | 147,902 | 120,698 |
Accumulated other comprehensive loss - | ||
Defined benefit pension plans | (40,426) | (40,857) |
Total Shareholders' Equity | 266,927 | 229,842 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 450,053 | $ 398,904 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Oct. 31, 2015 | Apr. 30, 2015 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in usd per share) | $ 1 | $ 1 |
Preferred stock, shares authorized | 2,000,000 | 2,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, no par value (in usd per share) | ||
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, shares issued | 16,294,477 | 16,079,671 |
Common stock, shares outstanding | 16,294,477 | 16,079,671 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2015 | Oct. 31, 2014 | |
Income Statement [Abstract] | ||||
Net sales | $ 256,292 | $ 217,693 | $ 487,490 | $ 429,610 |
Cost of sales and distribution | 200,240 | 180,712 | 381,265 | 355,515 |
Gross Profit | 56,052 | 36,981 | 106,225 | 74,095 |
Selling and marketing expenses | 16,783 | 16,296 | 32,502 | 31,811 |
General and administrative expenses | 10,733 | 8,245 | 21,464 | 16,656 |
Restructuring charges, net | 0 | 0 | 0 | 3 |
Operating Income | 28,536 | 12,440 | 52,259 | 25,625 |
Interest expense | 57 | 150 | 111 | 314 |
Other income | (54) | (32) | (106) | (65) |
Income Before Income Taxes | 28,533 | 12,322 | 52,254 | 25,376 |
Income tax expense | 10,353 | 4,651 | 18,916 | 8,467 |
Net Income | $ 18,180 | $ 7,671 | $ 33,338 | $ 16,909 |
Weighted Average Shares Outstanding | ||||
Basic (in shares) | 16,282,881 | 15,672,198 | 16,231,870 | 15,602,150 |
Diluted (in shares) | 16,472,645 | 15,960,236 | 16,446,937 | 15,864,560 |
Net earnings per share | ||||
Basic (in usd per share) | $ 1.12 | $ 0.49 | $ 2.05 | $ 1.08 |
Diluted (in usd per share) | $ 1.10 | $ 0.48 | $ 2.03 | $ 1.07 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2015 | Oct. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 18,180 | $ 7,671 | $ 33,338 | $ 16,909 |
Other comprehensive income, net of tax: | ||||
Change in pension benefits, net of deferred tax benefit of $(138) and $(84), and $(275) and $(167), for the three and six months ended October 31, 2015 and 2014, respectively | 216 | 132 | 431 | 263 |
Total Comprehensive Income | $ 18,396 | $ 7,803 | $ 33,769 | $ 17,172 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2015 | Oct. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Other comprehensive income, deferred tax | $ (138) | $ (84) | $ (275) | $ (167) |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Oct. 31, 2015 | Oct. 31, 2014 | |
OPERATING ACTIVITIES | ||
Net income | $ 33,338 | $ 16,909 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 7,513 | 7,390 |
Net loss on disposal of property, plant and equipment | 82 | 32 |
Stock-based compensation expense | 1,795 | 1,764 |
Deferred income taxes | 3,813 | 1,209 |
Pension contributions in excess of expense | (1,677) | (1,465) |
Tax benefit from stock-based compensation | (3,599) | (35) |
Contributions of employer stock to employee benefit plan | 1,761 | 3,302 |
Other non-cash items | (2,807) | (702) |
Changes in operating assets and liabilities: | ||
Customer receivables | (15,296) | (8,452) |
Inventories | (2,317) | (4,732) |
Prepaid expenses and other assets | (831) | (75) |
Accounts payable | 5,569 | 2,027 |
Accrued compensation and related expenses | 4,743 | (1,470) |
Income taxes payable | (246) | (591) |
Other accrued expenses | 7,509 | 3,526 |
Net Cash Provided by Operating Activities | 39,350 | 18,637 |
INVESTING ACTIVITIES | ||
Payments to acquire property, plant and equipment | (21,131) | (6,347) |
Proceeds from sales of property, plant and equipment | 81 | 15 |
Investment in certificates of deposit, net | (1,500) | (18,000) |
Investment in promotional displays | (3,245) | (1,652) |
Net Cash Used by Investing Activities | (25,795) | (25,984) |
FINANCING ACTIVITIES | ||
Payments of long-term debt | (752) | (614) |
Proceeds from issuance of common stock | 5,987 | 7,850 |
Repurchase of common stock | (7,000) | (5,053) |
Notes receivable, net | 42 | 292 |
Tax benefit from stock-based compensation | 3,599 | 35 |
Net Cash Provided by Financing Activities | 1,876 | 2,510 |
Net Increase (Decrease) in Cash and Cash Equivalents | 15,431 | (4,837) |
Cash and Cash Equivalents, Beginning of Period | 149,541 | 135,700 |
Cash and Cash Equivalents, End of Period | $ 164,972 | $ 130,863 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Oct. 31, 2015 | |
Basis Of Presentation [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete consolidated financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the six -month period ended October 31, 2015 are not necessarily indicative of the results that may be expected for the fiscal year ending April 30, 2016 . The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes in the Company's Annual Report on Form 10-K for the fiscal year ended April 30, 2015 filed with the U.S. Securities and Exchange Commission (SEC). |
New Accounting Pronouncements
New Accounting Pronouncements | 6 Months Ended |
Oct. 31, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements | New Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, “Revenue from Contracts with Customers (Topic 606).” ASU 2014-09 supersedes the revenue recognition requirements in “Accounting Standard Codification 605 - Revenue Recognition” and most industry-specific guidance. The standard requires that entities recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which a company expects to be entitled in exchange for those goods or services. ASU 2014-09 permits the use of either the retrospective or cumulative effect transition method. In August 2015, the FASB issued ASU No. 2015-14, “Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date.” ASU 2015-14 defers the effective date of ASU 2014-09 by one year to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that period. The Company is currently assessing the impact ASU 2014-09 and ASU 2015-14 will have on its financial position and results of operations. |
Net Earnings Per Share
Net Earnings Per Share | 6 Months Ended |
Oct. 31, 2015 | |
Earnings Per Share [Abstract] | |
Net Earnings Per Share | Net Earnings Per Share The following table sets forth the computation of basic and diluted net earnings per share: Three Months Ended Six Months Ended October 31, October 31, (in thousands, except per share amounts) 2015 2014 2015 2014 Numerator used in basic and diluted net earnings per common share: Net income $ 18,180 $ 7,671 $ 33,338 $ 16,909 Denominator: Denominator for basic net earnings per common share - weighted-average shares 16,283 15,672 16,232 15,602 Effect of dilutive securities: Stock options and restricted stock units 190 288 215 262 Denominator for diluted net earnings per common share - weighted-average shares and assumed conversions 16,473 15,960 16,447 15,865 Net earnings per share Basic $ 1.12 $ 0.49 $ 2.05 $ 1.08 Diluted $ 1.10 $ 0.48 $ 2.03 $ 1.07 The Company repurchased a total of 78,232 and 33,326 shares of its common stock during the three-month periods ended October 31, 2015 and 2014 , respectively, and 108,787 and 163,326 shares of its common stock during the six -month periods ended October 31, 2015 and 2014 , respectively. There were no potentially dilutive securities for the three- and six-month periods ended October 31, 2015 , which were excluded from the calculation of net earnings per share. There were approximately 0.0 million and 0.2 million shares of common stock which were excluded from the calculation of net earnings per share during the three and six -month periods ended October 31, 2014 , respectively, as the effect would be anti-dilutive. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Oct. 31, 2015 | |
Share-based Compensation [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation The Company has various stock-based compensation plans. During the quarter ended October 31, 2015, the Board of Directors of the Company approved grants of a total of 6,300 service-based restricted stock units (RSUs) to non-employee directors. The service-based RSUs vest daily through the end of the two -year vesting period as long as the recipient continuously remains a member of the Board, and entitle the recipient to receive one share of the Company's common stock per unit granted. During the six-months ended October 31, 2015, the Board of Directors of the Company also approved grants of non-statutory stock options and service-based and performance-based RSUs to key employees. The employee non-statutory stock option grants totaled 30,700 shares of the Company’s common stock with an exercise price of $57.11 per share. The options vest evenly over a three -year period and have a ten -year contractual term. The employee performance-based RSUs totaled 48,201 units and the employee service-based RSUs totaled 16,049 units. The performance-based RSUs entitle the recipients to receive one share of the Company’s common stock per unit granted if applicable performance conditions are met and the recipient remains continuously employed with the Company until the units vest. The service-based RSUs entitle the recipients to receive one share of the Company’s common stock per unit granted if they remain continuously employed with the Company until the units vest. All of the Company’s RSUs granted to employees cliff-vest three years from the grant date. For the three- and six -month periods ended October 31, 2015 and 2014 , stock-based compensation expense was allocated as follows: Three Months Ended Six Months Ended (in thousands) 2015 2014 2015 2014 Cost of sales and distribution $ 141 $ 127 $ 299 $ 282 Selling and marketing expenses 250 216 530 473 General and administrative expenses 441 478 966 1,009 Stock-based compensation expense $ 832 $ 821 $ 1,795 $ 1,764 During the six months ended October 31, 2015 , the Board of Directors of the Company also approved grants of 7,616 cash-settled performance-based restricted stock tracking units (RSTUs) and 2,499 cash-settled service-based RSTUs for more junior level employees. Each performance-based RSTU entitles the recipient to receive a payment in cash equal to the fair market value of a share of the Company's common stock as of the payment date if applicable performance conditions are met and the recipient remains continuously employed with the Company until the units vest. The service-based RSTUs entitle the recipients to receive a payment in cash equal to the fair market value of a share of the Company's common stock as of the payment date if they remain continuously employed with the Company until the units vest. All of the RSTUs cliff-vest three years from the grant date. Since the RSTUs will be settled in cash, the grant date fair value of these awards is recorded as a liability until the date of payment. The fair value of each cash-settled RSTU award is remeasured at the end of each reporting period and the liability is adjusted, and related expense recorded, based on the new fair value. The Company recognized expense of $ 220 thousand and $ 115 thousand for the three-month periods ended October 31, 2015 and 2014, respectively, and $501 thousand and $164 thousand for the six -month periods ended October 31, 2015 and 2014 , respectively, related to RSTUs. A liability for payment of the RSTUs is included in the Company's balance sheets in the amount of $ 921 thousand and $ 420 thousand as of October 31, 2015 and April 30, 2015 , respectively. |
Customer Receivables
Customer Receivables | 6 Months Ended |
Oct. 31, 2015 | |
Accounts Receivable, Net [Abstract] | |
Customer Receivables | Customer Receivables The components of customer receivables were: October 31, April 30, (in thousands) 2015 2015 Gross customer receivables $ 63,951 $ 48,655 Less: Allowance for doubtful accounts (148 ) (173 ) Allowance for returns and discounts (2,598 ) (2,340 ) Net customer receivables $ 61,205 $ 46,142 |
Inventories
Inventories | 6 Months Ended |
Oct. 31, 2015 | |
Inventory, Net [Abstract] | |
Inventories | Inventories The components of inventories were: October 31, April 30, (in thousands) 2015 2015 Raw materials $ 17,542 $ 17,199 Work-in-process 18,582 18,095 Finished goods 16,159 14,797 Total FIFO inventories 52,283 50,091 Reserve to adjust inventories to LIFO value (14,482 ) (14,103 ) Total LIFO inventories $ 37,801 $ 35,988 Interim LIFO calculations are based on management’s estimates of expected year-end inventory levels and costs. Since these items are estimated, interim results are subject to the final year-end LIFO inventory valuation. |
Product Warranty
Product Warranty | 6 Months Ended |
Oct. 31, 2015 | |
Product Warranties Disclosures [Abstract] | |
Product Warranty | Product Warranty The Company estimates outstanding warranty costs based on the historical relationship between warranty claims and revenues. The warranty accrual is reviewed monthly to verify that it properly reflects the remaining obligation based on the anticipated expenditures over the balance of the obligation period. Adjustments are made when actual warranty claim experience differs from estimates. Warranty claims are generally made within two months of the original shipment date. The following is a reconciliation of the Company’s warranty liability, which is included in other accrued expenses on the balance sheet: Six Months Ended October 31, (in thousands) 2015 2014 Beginning balance at May 1 $ 2,643 $ 1,910 Accrual 8,269 7,777 Settlements (7,896 ) (7,084 ) Ending balance at October 31 $ 3,016 $ 2,603 |
Cash Flow
Cash Flow | 6 Months Ended |
Oct. 31, 2015 | |
Supplemental Cash Flow Information [Abstract] | |
Cash Flow | Cash Flow Supplemental disclosures of cash flow information: Six Months Ended October 31, (in thousands) 2015 2014 Cash paid during the period for: Interest $ 241 $ 301 Income taxes $ 15,563 $ 7,935 |
Pension Benefits
Pension Benefits | 6 Months Ended |
Oct. 31, 2015 | |
Pension and Other Postretirement Benefit Expense [Abstract] | |
Pension Benefits | Pension Benefits Effective April 30, 2012, the Company froze all future benefit accruals under the Company’s hourly and salary defined-benefit pension plans. Net periodic pension (benefit) cost consisted of the following for the three- and six -month periods ended October 31, 2015 and 2014 : Three Months Ended Six Months Ended October 31, October 31, (in thousands) 2015 2014 2015 2014 Interest cost $ 1,753 $ 1,617 $ 3,507 $ 3,233 Expected return on plan assets (2,035 ) (1,917 ) (4,071 ) (3,833 ) Recognized net actuarial loss 353 216 706 433 Net periodic pension (benefit) cost $ 71 $ (84 ) $ 142 $ (167 ) The Company expects to contribute $5.0 million to its pension plans in fiscal 2016, which represents both required and discretionary funding. As of October 31, 2015 , $1.8 million of contributions had been made. The Company made contributions of $4.3 million to its pension plans in fiscal 2015. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Oct. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The Company utilizes the hierarchy of fair value measurements to classify certain of its assets and liabilities based upon the following definitions: Level 1- Investments with quoted prices in active markets for identical assets or liabilities. The Company’s cash equivalents are invested in money market funds, mutual funds and certificates of deposit. The Company’s mutual fund investment assets represent contributions made and invested on behalf of the Company’s executive officers in a supplementary employee retirement plan. Level 2- Investments with observable inputs other than Level 1 prices, such as: quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. The Company has no Level 2 assets or liabilities. Level 3- Investments with unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company has no Level 3 assets or liabilities. The following table summarizes the fair values of assets that are recorded in the Company’s unaudited condensed consolidated financial statements as of October 31, 2015 and April 30, 2015 at fair value on a recurring basis (in thousands): Fair Value Measurements As of October 31, 2015 Level 1 Level 2 Level 3 ASSETS: Money market funds $ 30,481 $ — $ — Mutual funds 1,028 — — Certificates of deposit 37,000 — — Total assets at fair value $ 68,509 $ — $ — As of April 30, 2015 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 $ — $ — |
Loans Payable and Long-Term Deb
Loans Payable and Long-Term Debt | 6 Months Ended |
Oct. 31, 2015 | |
Debt Disclosure [Abstract] | |
Loans Payable and Long-Term Debt | Loans Payable and Long-Term Debt The Company's outstanding indebtedness and other obligations to Wells Fargo are unsecured. Under the terms of its revolving credit facility, the Company must (1) maintain at the end of each fiscal quarter a ratio of total liabilities to tangible net worth of not greater than 1.4 to 1.0; (2) maintain at the end of each fiscal quarter a ratio of cash flow to fixed charges of not less than 1.5 to 1.0 measured on a rolling four-quarter basis; and (3) comply with other customary affirmative and negative covenants. The Company was in compliance with all covenants specified in the credit facility as of October 31, 2015 , including as follows: (1) the Company’s ratio of total liabilities to tangible net worth at October 31, 2015 was 0.7 to 1.0; and (2) the Company's ratio of cash flow to fixed charges for its most recent four quarters was 3.15 to 1.0. |
Income Taxes
Income Taxes | 6 Months Ended |
Oct. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company’s effective income tax rate for the three and six month periods ended October 31, 2015 were 36.3% and 36.2% , respectively, compared with 37.7% and 33.4% , respectively, in the comparable periods of the prior fiscal year. The lower effective tax rate for the second quarter of fiscal 2016 was due to the Company operating at a higher net income than the prior year period and more favorable permanent tax differences. The higher effective tax rate for the first six months of fiscal 2016 was the result of a federal research and experimentation tax credit for fiscal years 2011 through 2014 of $1.1 million being recorded in the first quarter of fiscal 2015. |
Other Information
Other Information | 6 Months Ended |
Oct. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Other Information | Other Information The Company is involved in suits and claims in the normal course of business, including without limitation product liability and general liability claims, and claims pending before the Equal Employment Opportunity Commission. On at least a quarterly basis, the Company consults with its legal counsel to ascertain the reasonable likelihood that such claims may result in a loss. As required by FASB Accounting Standards Codification Topic 450, “Contingencies” (ASC 450), the Company categorizes the various suits and claims into three categories according to their likelihood for resulting in potential loss: those that are probable, those that are reasonably possible, and those that are deemed to be remote. Where losses are deemed to be probable and estimable, accruals are made. Where losses are deemed to be reasonably possible, a range of loss estimates is determined and considered for disclosure. In determining these loss range estimates, the Company considers known values of similar claims and consults with independent counsel. The Company believes that the aggregate range of loss stemming from the various suits and asserted and unasserted claims which were deemed to be either probable or reasonably possible was not material as of October 31, 2015 . |
Net Earnings Per Share (Tables)
Net Earnings Per Share (Tables) | 6 Months Ended |
Oct. 31, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth the computation of basic and diluted net earnings per share: Three Months Ended Six Months Ended October 31, October 31, (in thousands, except per share amounts) 2015 2014 2015 2014 Numerator used in basic and diluted net earnings per common share: Net income $ 18,180 $ 7,671 $ 33,338 $ 16,909 Denominator: Denominator for basic net earnings per common share - weighted-average shares 16,283 15,672 16,232 15,602 Effect of dilutive securities: Stock options and restricted stock units 190 288 215 262 Denominator for diluted net earnings per common share - weighted-average shares and assumed conversions 16,473 15,960 16,447 15,865 Net earnings per share Basic $ 1.12 $ 0.49 $ 2.05 $ 1.08 Diluted $ 1.10 $ 0.48 $ 2.03 $ 1.07 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Oct. 31, 2015 | |
Share-based Compensation [Abstract] | |
Stock-Based Compensation Expense Allocated | For the three- and six -month periods ended October 31, 2015 and 2014 , stock-based compensation expense was allocated as follows: Three Months Ended Six Months Ended (in thousands) 2015 2014 2015 2014 Cost of sales and distribution $ 141 $ 127 $ 299 $ 282 Selling and marketing expenses 250 216 530 473 General and administrative expenses 441 478 966 1,009 Stock-based compensation expense $ 832 $ 821 $ 1,795 $ 1,764 |
Customer Receivables (Tables)
Customer Receivables (Tables) | 6 Months Ended |
Oct. 31, 2015 | |
Accounts Receivable, Net [Abstract] | |
Components of Customer Receivables | The components of customer receivables were: October 31, April 30, (in thousands) 2015 2015 Gross customer receivables $ 63,951 $ 48,655 Less: Allowance for doubtful accounts (148 ) (173 ) Allowance for returns and discounts (2,598 ) (2,340 ) Net customer receivables $ 61,205 $ 46,142 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Oct. 31, 2015 | |
Inventory, Net [Abstract] | |
Components of Inventories | The components of inventories were: October 31, April 30, (in thousands) 2015 2015 Raw materials $ 17,542 $ 17,199 Work-in-process 18,582 18,095 Finished goods 16,159 14,797 Total FIFO inventories 52,283 50,091 Reserve to adjust inventories to LIFO value (14,482 ) (14,103 ) Total LIFO inventories $ 37,801 $ 35,988 |
Product Warranty (Tables)
Product Warranty (Tables) | 6 Months Ended |
Oct. 31, 2015 | |
Product Warranties Disclosures [Abstract] | |
Schedule of Warranty Liability | The following is a reconciliation of the Company’s warranty liability, which is included in other accrued expenses on the balance sheet: Six Months Ended October 31, (in thousands) 2015 2014 Beginning balance at May 1 $ 2,643 $ 1,910 Accrual 8,269 7,777 Settlements (7,896 ) (7,084 ) Ending balance at October 31 $ 3,016 $ 2,603 |
Cash Flow (Tables)
Cash Flow (Tables) | 6 Months Ended |
Oct. 31, 2015 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Disclosures of Cash Flow Information | Supplemental disclosures of cash flow information: Six Months Ended October 31, (in thousands) 2015 2014 Cash paid during the period for: Interest $ 241 $ 301 Income taxes $ 15,563 $ 7,935 |
Pension Benefits (Tables)
Pension Benefits (Tables) | 6 Months Ended |
Oct. 31, 2015 | |
Pension and Other Postretirement Benefit Expense [Abstract] | |
Net Periodic Pension (Benefit) Cost | Net periodic pension (benefit) cost consisted of the following for the three- and six -month periods ended October 31, 2015 and 2014 : Three Months Ended Six Months Ended October 31, October 31, (in thousands) 2015 2014 2015 2014 Interest cost $ 1,753 $ 1,617 $ 3,507 $ 3,233 Expected return on plan assets (2,035 ) (1,917 ) (4,071 ) (3,833 ) Recognized net actuarial loss 353 216 706 433 Net periodic pension (benefit) cost $ 71 $ (84 ) $ 142 $ (167 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Oct. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Assets on Recurring Basis | The following table summarizes the fair values of assets that are recorded in the Company’s unaudited condensed consolidated financial statements as of October 31, 2015 and April 30, 2015 at fair value on a recurring basis (in thousands): Fair Value Measurements As of October 31, 2015 Level 1 Level 2 Level 3 ASSETS: Money market funds $ 30,481 $ — $ — Mutual funds 1,028 — — Certificates of deposit 37,000 — — Total assets at fair value $ 68,509 $ — $ — As of April 30, 2015 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 $ — $ — |
Net Earnings Per Share (Schedul
Net Earnings Per Share (Schedule of Earnings Per Share, Basic and Diluted) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2015 | Oct. 31, 2014 | |
Earnings Per Share [Abstract] | ||||
Net income | $ 18,180 | $ 7,671 | $ 33,338 | $ 16,909 |
Denominator for basic net earnings per common share - weighted-average shares | 16,282,881 | 15,672,198 | 16,231,870 | 15,602,150 |
Effect of dilutive securities: | ||||
Stock options and restricted stock units | 189,764 | 288,038 | 215,067 | 262,410 |
Denominator for diluted net earnings per common share - weighted-average shares and assumed conversions | 16,472,645 | 15,960,236 | 16,446,937 | 15,864,560 |
Net earnings per share | ||||
Basic (in usd per share) | $ 1.12 | $ 0.49 | $ 2.05 | $ 1.08 |
Diluted (in usd per share) | $ 1.10 | $ 0.48 | $ 2.03 | $ 1.07 |
Net Earnings Per Share (Narrati
Net Earnings Per Share (Narrative) (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2015 | Oct. 31, 2014 | |
Earnings Per Share [Abstract] | ||||
Shares of its common stock repurchased | 78,232 | 33,326 | 108,787 | 163,326 |
Shares excluded from the calculation of net earnings per share | 0 | 0 | 0 | 200,000 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2015 | Oct. 31, 2014 | Apr. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period, years | 3 years | ||||
Granted non-statutory stock options to key employees (in shares) | 30,700 | ||||
Non-statutory stock options, weighted average exercise price (in usd per share) | $ 57.11 | ||||
Contractual terms, years | 10 years | ||||
Stock-based compensation expense | $ 832 | $ 821 | $ 1,795 | $ 1,764 | |
Liability for payment of the RSTUs | $ 34,863 | $ 34,863 | $ 30,120 | ||
Employee Service-Based RSUs [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total service-based RSUs granted (in shares) | 6,300 | ||||
Vesting period, years | 2 years | ||||
Common stock issuable per RSU granted (in shares) | 1 | ||||
Employee Performance-Based RSUs [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Awarded in period (in shares) | 48,201 | ||||
Common stock issuable per RSU granted (in shares) | 1 | ||||
Employee and Non Employee Director Service-Based RSUs [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Awarded in period (in shares) | 16,049 | ||||
Common stock issuable per RSU granted (in shares) | 1 | ||||
RSUs [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period, years | 3 years | ||||
Employee Performance-Based RSTUs [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Restricted stock units non vested grants (in shares) | 7,616 | ||||
Employee Service-Based RSTUs [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Restricted stock units non vested grants (in shares) | 2,499 | ||||
RSTUs [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period, years | 3 years | ||||
Stock-based compensation expense | $ 220 | $ 115 | $ 501 | $ 164 | |
Liability for payment of the RSTUs | $ 921 | $ 921 | $ 420 |
Stock-Based Compensation (Stock
Stock-Based Compensation (Stock-Based Compensation Expense Allocated) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2015 | Oct. 31, 2014 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $ 832 | $ 821 | $ 1,795 | $ 1,764 |
Cost of Sales and Distribution [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 141 | 127 | 299 | 282 |
Selling and Marketing Expenses [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 250 | 216 | 530 | 473 |
General and Administrative Expenses [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $ 441 | $ 478 | $ 966 | $ 1,009 |
Customer Receivables (Component
Customer Receivables (Components Of Customer Receivables ) (Details) - USD ($) $ in Thousands | Oct. 31, 2015 | Apr. 30, 2015 |
Accounts Receivable, Net [Abstract] | ||
Gross customer receivables | $ 63,951 | $ 48,655 |
Less: | ||
Allowance for doubtful accounts | (148) | (173) |
Allowance for returns and discounts | (2,598) | (2,340) |
Net customer receivables | $ 61,205 | $ 46,142 |
Inventories (Components Of Inve
Inventories (Components Of Inventories) (Details) - USD ($) $ in Thousands | Oct. 31, 2015 | Apr. 30, 2015 |
Inventory, Net [Abstract] | ||
Raw materials | $ 17,542 | $ 17,199 |
Work-in-process | 18,582 | 18,095 |
Finished goods | 16,159 | 14,797 |
Total FIFO inventories | 52,283 | 50,091 |
Reserve to adjust inventories to LIFO value | (14,482) | (14,103) |
Total LIFO inventories | $ 37,801 | $ 35,988 |
Product Warranty (Schedule Of W
Product Warranty (Schedule Of Warranty Liability) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Oct. 31, 2015 | Oct. 31, 2014 | |
Product Warranties Disclosures [Abstract] | ||
Warranty claims period | 2 months | |
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] | ||
Beginning balance | $ 2,643 | $ 1,910 |
Accrual | 8,269 | 7,777 |
Settlements | (7,896) | (7,084) |
Ending balance | $ 3,016 | $ 2,603 |
Cash Flow (Supplemental Disclos
Cash Flow (Supplemental Disclosures Of Cash Flow Information) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Oct. 31, 2015 | Oct. 31, 2014 | |
Supplemental Cash Flow Information [Abstract] | ||
Cash paid during the period for interest | $ 241 | $ 301 |
Cash paid during the period for income taxes | $ 15,563 | $ 7,935 |
Pension Benefits (Net Periodic
Pension Benefits (Net Periodic Pension Cost) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2015 | Oct. 31, 2014 | |
Pension and Other Postretirement Benefit Expense [Abstract] | ||||
Interest cost | $ 1,753 | $ 1,617 | $ 3,507 | $ 3,233 |
Expected return on plan assets | (2,035) | (1,917) | (4,071) | (3,833) |
Recognized net actuarial loss | 353 | 216 | 706 | 433 |
Net periodic pension (benefit) cost | $ 71 | $ (84) | $ 142 | $ (167) |
Pension Benefits (Narrative) (D
Pension Benefits (Narrative) (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Oct. 31, 2015 | Apr. 30, 2015 | |
Pension and Other Postretirement Benefit Expense [Abstract] | ||
Expected company contributions to pension plan | $ 5 | |
Pension contribution | $ 1.8 | $ 4.3 |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value Of Assets On Recurring Basis) (Details) - USD ($) $ in Thousands | Oct. 31, 2015 | Apr. 30, 2015 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | $ 68,509 | $ 69,528 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 0 | 0 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 0 | 0 |
Money Market Funds [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 30,481 | 30,480 |
Money Market Funds [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 0 | 0 |
Money Market Funds [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 0 | 0 |
Mutual Funds [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 1,028 | 1,048 |
Mutual Funds [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 0 | 0 |
Mutual Funds [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 0 | 0 |
Certificates of Deposit [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 37,000 | 38,000 |
Certificates of Deposit [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 0 | 0 |
Certificates of Deposit [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | $ 0 | $ 0 |
Loans Payable and Long-Term D40
Loans Payable and Long-Term Debt (Narrative) (Details) | 6 Months Ended |
Oct. 31, 2015 | |
Debt Instrument [Line Items] | |
Ratio of total liabilities to tangible net worth | 0.7 |
Ratio of cash flow to fixed charges | 3.15 |
Maximum [Member] | |
Debt Instrument [Line Items] | |
Ratio of total liabilities to tangible net worth | 1.4 |
Minimum [Member] | |
Debt Instrument [Line Items] | |
Ratio of cash flow to fixed charges | 1.5 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2015 | Oct. 31, 2014 | |
Income Tax Disclosure [Abstract] | ||||
Effective income tax rate | 36.30% | 37.70% | 36.20% | 33.40% |
Federal research and experimentation tax credit | $ 1.1 |