Company Quick10K Filing
American Woodmark
Price84.51 EPS5
Shares17 P/E16
MCap1,433 P/FCF10
Net Debt566 EBIT112
TEV1,999 TEV/EBIT18
TTM 2019-10-31, in MM, except price, ratios
10-Q 2020-01-31 Filed 2020-02-26
10-Q 2019-10-31 Filed 2019-11-26
10-Q 2019-07-31 Filed 2019-08-29
10-K 2019-04-30 Filed 2019-06-28
10-Q 2019-01-31 Filed 2019-02-27
10-Q 2018-10-31 Filed 2018-11-30
10-Q 2018-07-31 Filed 2018-08-31
10-K 2018-04-30 Filed 2018-06-29
10-Q 2018-01-31 Filed 2018-03-12
10-Q 2017-10-31 Filed 2017-12-05
10-Q 2017-07-31 Filed 2017-08-30
10-K 2017-04-30 Filed 2017-06-29
10-Q 2017-01-31 Filed 2017-02-28
10-Q 2016-10-31 Filed 2016-12-01
10-Q 2016-07-31 Filed 2016-08-30
10-K 2016-04-30 Filed 2016-06-29
10-Q 2016-01-31 Filed 2016-02-26
10-Q 2015-10-31 Filed 2015-11-25
10-Q 2015-07-31 Filed 2015-08-28
10-K 2015-04-30 Filed 2015-06-30
10-Q 2015-01-31 Filed 2015-02-27
10-Q 2014-10-31 Filed 2014-11-26
10-Q 2014-07-31 Filed 2014-08-29
10-K 2014-04-30 Filed 2014-06-30
10-Q 2014-01-31 Filed 2014-02-28
10-Q 2013-10-31 Filed 2013-11-27
10-Q 2013-07-31 Filed 2013-08-28
10-K 2013-04-30 Filed 2013-06-28
10-Q 2013-01-31 Filed 2013-02-27
10-Q 2012-10-31 Filed 2012-11-30
10-Q 2012-07-31 Filed 2012-08-29
10-K 2012-04-30 Filed 2012-06-29
10-Q 2012-01-31 Filed 2012-03-01
10-Q 2011-10-31 Filed 2011-12-01
10-Q 2011-07-31 Filed 2011-08-30
10-K 2011-04-30 Filed 2011-06-30
10-Q 2011-01-31 Filed 2011-03-01
10-Q 2010-10-31 Filed 2010-12-01
10-Q 2010-07-31 Filed 2010-08-31
10-K 2010-04-30 Filed 2010-06-30
10-Q 2010-01-31 Filed 2010-03-03
8-K 2020-04-16 Officers, Other Events, Exhibits
8-K 2020-04-06 Officers, Exhibits
8-K 2020-02-25 Earnings, Exhibits
8-K 2020-02-07 Officers
8-K 2019-11-26 Earnings, Exhibits
8-K 2019-08-27 Shareholder Vote
8-K 2019-08-27 Earnings, Exhibits
8-K 2019-07-11 Regulation FD, Exhibits
8-K 2019-05-28 Earnings, Exhibits
8-K 2019-05-23 Officers, Exhibits
8-K 2019-04-12 Regulation FD, Exhibits
8-K 2019-02-26 Earnings, Exhibits
8-K 2019-01-25 Enter Agreement, Exhibits
8-K 2018-11-29 Earnings, Exhibits
8-K 2018-11-27 Officers, Amend Bylaw, Exhibits
8-K 2018-09-07 Enter Agreement, Other Events, Exhibits
8-K 2018-08-27 Earnings, Exhibits
8-K 2018-08-23 Shareholder Vote
8-K 2018-05-29 Earnings, Exhibits
8-K 2018-03-09 Earnings, Exhibits
8-K 2018-02-12 Enter Agreement, Off-BS Arrangement, Other Events, Exhibits
8-K 2018-01-31 Enter Agreement, Other Events, Exhibits
8-K 2018-01-29 Regulation FD, Exhibits
8-K 2018-01-05 Enter Agreement, M&A, Off-BS Arrangement, Sale of Shares, Regulation FD, Exhibits

AMWD 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 6. Exhibits
EX-31.1 ex31120200131.htm
EX-31.2 ex31220200131.htm
EX-32.1 ex32120200131.htm

American Woodmark Earnings 2020-01-31

Balance SheetIncome StatementCash Flow
1.81.41.10.70.40.02012201420172020
Assets, Equity
0.50.40.30.20.10.02012201420172020
Rev, G Profit, Net Income
0.10.10.0-0.0-0.1-0.12012201420172020
Ops, Inv, Fin

Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended January 31, 2020
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _______________ to _______________

Commission File Number: 000-14798

American Woodmark Corporation
(Exact name of registrant as specified in its charter)

Virginia
 
54-1138147
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification No.)
 
 
 
 
 
561 Shady Elm Road,
Winchester,
Virginia
 
22602
(Address of principal executive offices)
 
(Zip Code)
 

(540) 665-9100
(Registrant's telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock
AMWD
NASDAQ

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  No
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes    No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,”  “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
 
Accelerated filer                 
 
Non-accelerated filer     
 
Smaller reporting company
 
 
 
 
Emerging growth company
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined by Rule 12b-2 of the Exchange Act).  Yes No
 
Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.
 
As of February 25, 202016,925,247 shares of the Registrant’s Common Stock were outstanding.





AMERICAN WOODMARK CORPORATION
 
FORM 10-Q
 
INDEX
 
 
PART I.
FINANCIAL INFORMATION
PAGE
NUMBER
 
 
 
Item 1.
Financial Statements (unaudited)
 
 
 
 
 
3
 
 
 
 
4
 
 
 
 
5
 
 
 
 
6
 
 
 
 
8
 
 
 
 
10-19
 
 
 
Item 2.
19-26
 
 
 
Item 3.
26
 
 
 
Item 4.
26
 
 
 
PART II.
OTHER INFORMATION
 
 
 
 
Item 1.
27
 
 
 
Item 1A.
27
 
 
 
Item 6.
28
 
 
 
29


2



PART I.  FINANCIAL INFORMATION
Item 1.  Financial Statements
AMERICAN WOODMARK CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share data) 
(Unaudited) 
 
January 31,
2020
 
April 30,
2019
ASSETS
 
 
 
Current assets
 
 
 
Cash and cash equivalents
$
47,063

 
$
57,656

Investments - certificates of deposit

 
1,500

Customer receivables, net
122,353

 
125,901

Inventories
121,930

 
108,528

Income taxes receivable
6,238


1,009

Prepaid expenses and other
14,627

 
11,441

Total current assets
312,211

 
306,035

Property, plant and equipment, net
208,780

 
208,263

Operating lease right-of-use assets
90,530



Customer relationship intangibles, net
178,861


213,111

Trademarks, net
3,056


5,555

Goodwill
767,612


767,612

Promotional displays, net
13,749

 
13,058

Deferred income taxes
783

 
773

Other assets
18,252

 
15,524

TOTAL ASSETS
$
1,593,834

 
$
1,529,931

LIABILITIES AND SHAREHOLDERS' EQUITY
 
 
 
Current liabilities
 
 
 
Accounts payable
$
66,378

 
$
61,277

Current maturities of long-term debt
2,309

 
2,286

Short-term lease liability - operating
20,837



Accrued compensation and related expenses
45,714

 
54,906

Accrued marketing expenses
12,855

 
12,979

Other accrued expenses
21,109

 
18,142

Total current liabilities
169,202

 
149,590

Long-term debt, less current maturities
600,573

 
689,205

Deferred income taxes
56,634


64,749

Long-term lease liability - operating
73,297



Other long-term liabilities
4,843

 
6,034

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 January 31, 2020: 16,925,247; at April 30, 2019: 16,849,026
358,562

 
352,424

Retained earnings
379,268

 
317,420

Accumulated other comprehensive loss - Defined benefit pension plans
(48,545
)
 
(49,491
)
Total shareholders' equity
689,285

 
620,353

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
$
1,593,834

 
$
1,529,931

See notes to unaudited condensed consolidated financial statements.
 
 
 

3



AMERICAN WOODMARK CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except share and per share data)
(Unaudited)
 
 
Three Months Ended
 
Nine Months Ended
 
January 31,
 
January 31,
 
2020
 
2019
 
2020
 
2019
 
 
 
 
 
 
 
 
Net sales
$
395,755

 
$
384,080

 
$
1,251,136

 
$
1,237,920

Cost of sales and distribution
323,407

 
307,227

 
997,219

 
978,569

Gross Profit
72,348

 
76,853

 
253,917

 
259,351

 
 
 
 
 
 
 
 
Selling and marketing expenses
21,401

 
22,215

 
62,539

 
68,139

General and administrative expenses
26,914

 
27,462

 
86,246

 
86,010

Restructuring charges, net

 
26

 
(207
)
 
2,061

Operating Income
24,033

 
27,150

 
105,339

 
103,141

 
 
 
 
 
 
 
 
Interest expense, net
6,924

 
8,836

 
22,448

 
27,204

Other (income) expense, net
(165
)
 
(5,812
)
 
(699
)
 
(6,137
)
Income Before Income Taxes
17,274

 
24,126

 
83,590

 
82,074

 
 
 
 
 
 
 
 
Income tax expense
4,470

 
5,717

 
21,742

 
20,410

 
 
 
 
 
 
 
 
Net Income
$
12,804

 
$
18,409

 
$
61,848

 
$
61,664

 
 
 
 
 
 
 
 
Weighted Average Shares Outstanding
 
 
 
 
 
 
 
Basic
16,922,231

 
17,186,456

 
16,902,255

 
17,425,385

Diluted
16,974,956

 
17,216,327

 
16,947,449

 
17,466,936

 
 
 
 
 
 
 
 
Net earnings per share
 
 
 
 
 
 
 
Basic
$
0.76

 
$
1.07

 
$
3.66

 
$
3.54

Diluted
$
0.75

 
$
1.07

 
$
3.65

 
$
3.53

 
 
 
 
 
 
 
 
See notes to unaudited condensed consolidated financial statements.


4



AMERICAN WOODMARK CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in thousands)
(Unaudited)
 
 
Three Months Ended
 
Nine Months Ended
 
January 31,
 
January 31,
 
2020
 
2019
 
2020
 
2019
 
 
 
 
 
 
 
 
Net income
$
12,804

 
$
18,409

 
$
61,848

 
$
61,664

 
 
 
 
 
 
 
 
Other comprehensive income, net of tax:
 
 
 
 
 
 
 
Change in pension benefits, net of deferred taxes of $107 and $105, and $322 and $315 for the three and nine months ended January 31, 2020 and 2019, respectively
315

 
307

 
946

 
921

 
 
 
 
 
 
 
 
Total Comprehensive Income
$
13,119

 
$
18,716

 
$
62,794

 
$
62,585

 
 
 
 
 
 
 
 
See notes to unaudited condensed consolidated financial statements.


5



AMERICAN WOODMARK CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(in thousands)
(Unaudited)

 
 

 

 

ACCUMULATED  

 
 
 

 

 

OTHER

TOTAL
 
COMMON STOCK

RETAINED

COMPREHENSIVE

SHAREHOLDERS'
(in thousands, except share data)
SHARES

AMOUNT

EARNINGS

LOSS

EQUITY
Balance, May 1, 2018
17,503,922


$
361,158


$
269,576


$
(49,069
)

$
581,665
















Net income




24,767




24,767

Other comprehensive income, 


 

 

 

 
net of tax






307


307

Stock-based compensation


786






786

Exercise of stock-based
 

 

 

 

 
compensation awards, net of amounts






 

 



withheld for taxes
43,048


(1,241
)





(1,241
)
Employee benefit plan
 

 

 

 

 
contributions
41,408


3,623






3,623

Balance, July 31, 2018
17,588,378


$
364,326


$
294,343


$
(48,762
)

$
609,907

 
 
 
 
 
 
 
 
 
 
Net income




18,488




18,488

Other comprehensive income, 


 

 

 

 
net of tax






307


307

Stock-based compensation


836






836

Exercise of stock-based
 

 

 

 

 
compensation awards, net of amounts






 

 



withheld for taxes
5,880









Stock repurchases
(189,633
)

(3,602
)

(9,597
)



(13,199
)
Balance, October 31, 2018
17,404,625


$
361,560


$
303,234


$
(48,455
)

$
616,339

 
 
 
 
 
 
 
 
 
 
Net income




18,409




18,409

Other comprehensive income, 


 

 

 

 
net of tax






307


307

Stock-based compensation


668






668

Stock repurchases
(439,081
)

(8,341
)

(19,410
)



(27,751
)
Balance, January 31, 2019
16,965,544


$
353,887


$
302,233


$
(48,148
)

$
607,972
















 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

6



 
 

 

 

ACCUMULATED  

 
 
 

 

 

OTHER

TOTAL
 
COMMON STOCK

RETAINED

COMPREHENSIVE

SHAREHOLDERS'
(in thousands, except share data)
SHARES

AMOUNT

EARNINGS

LOSS

EQUITY
Balance, May 1, 2019
16,849,026


$
352,424


$
317,420


$
(49,491
)

$
620,353













Net income




26,881




26,881

Other comprehensive income, 








 
net of tax






315


315

Stock-based compensation


897






897

Exercise of stock-based








 
compensation awards, net of amounts












withheld for taxes
20,923


(1,050
)





(1,050
)
Employee benefit plan








 
contributions
45,721


3,772






3,772

Balance, July 31, 2019
16,915,670


$
356,043


$
344,301


$
(49,176
)

$
651,168

 
 
 
 
 
 
 
 
 
 
Net income




22,163




22,163

Other comprehensive income, 








 
net of tax






316


316

Stock-based compensation


1,178






1,178

Exercise of stock-based








 
compensation awards, net of amounts












withheld for taxes
5,877


83






83

Balance, October 31, 2019
16,921,547


$
357,304


$
366,464


$
(48,860
)

$
674,908

 
 
 
 
 
 
 
 
 
 
Net income




12,804




12,804

Other comprehensive income, 








 
net of tax






315


315

Stock-based compensation


1,047






1,047

Exercise of stock-based








 
compensation awards, net of amounts












withheld for taxes
3,700


211






211

Balance, January 31, 2020
16,925,247


$
358,562


$
379,268


$
(48,545
)

$
689,285

 
 
 
 
 
 
 
 
 
 
See notes to unaudited condensed consolidated financial statements.
 
 





7



AMERICAN WOODMARK CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(Unaudited)
 
Nine Months Ended
 
January 31,
 
2020

2019
OPERATING ACTIVITIES
 

 
Net income
$
61,848


$
61,664

Adjustments to reconcile net income to net cash provided by operating activities:



Depreciation and amortization
73,362


70,284

Net loss on disposal of property, plant and equipment
350


661

Reduction in the carrying amount of operating lease right-of-use assets
19,462



Amortization of debt issuance costs
1,963


2,054

Unrealized gain on foreign exchange forward contracts
(244
)

(291
)
Gain on insurance recoveries


(580
)
Stock-based compensation expense
3,122


2,290

Deferred income taxes
(8,623
)

(5,757
)
Pension contributions in excess of expense
(964
)

(7,727
)
Net gain on debt forgiveness and modification


(5,171
)
Contributions of employer stock to employee benefit plan
3,772

 
3,623

Other non-cash items
314


(222
)
Changes in operating assets and liabilities:



Customer receivables
5,170


19,201

Income taxes receivable
(5,229
)

27,265

Inventories
(14,289
)

(11,731
)
Prepaid expenses and other assets
(6,785
)

(5,726
)
Accounts payable
4,438


(8,323
)
Accrued compensation and related expenses
(9,193
)
 
724

Operating lease liabilities
(16,731
)


Marketing and other accrued expenses
465


(4,288
)
Net cash provided by operating activities
112,208


137,950







INVESTING ACTIVITIES
 

 
Payments to acquire property, plant and equipment
(25,563
)

(26,294
)
Proceeds from sales of property, plant and equipment
321


59

Proceeds from insurance recoveries


580

Acquisition of business, net of cash acquired


(7,182
)
Maturities of certificates of deposit
1,500


7,000

Investment in promotional displays
(6,471
)

(5,462
)
Net cash used by investing activities
(30,213
)

(31,299
)






FINANCING ACTIVITIES
 

 
Payments of long-term debt
(91,833
)

(100,631
)
Proceeds from issuance of common stock
295


500

Repurchase of common stock


(40,950
)
Withholding of employee taxes related to stock-based compensation
(1,050
)

(1,739
)
Debt issuance cost


(232
)
Net cash used by financing activities
(92,588
)

(143,052
)






Net decrease in cash and cash equivalents
(10,593
)

(36,401
)







8



 
Nine Months Ended
 
January 31,
 
2020

2019
Cash and cash equivalents, beginning of period
57,656


78,410







Cash and cash equivalents, end of period
$
47,063


$
42,009







Supplemental cash flow information:
 
 
 
     Non-cash investing and financing activities:

 

          Property, plant and equipment included in accounts payable at period end
$
1,953

 
$
462





    Cash paid during the period for:



         Interest
$
17,322


$
23,442

       Income taxes
$
35,870


$
13,109

 
 
 
 
See notes to unaudited condensed consolidated financial statements.




9



AMERICAN WOODMARK CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note A--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 nine-month period ended January 31, 2020 are not necessarily indicative of the results that may be expected for the fiscal year ending April 30, 2020.  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, 2019 filed with the U.S. Securities and Exchange Commission (“SEC”).  

Goodwill and Intangible Assets: Goodwill represents the excess of purchase price over the net amount of identifiable assets acquired and liabilities assumed in a business combination measured at fair value. The Company does not amortize goodwill but evaluates for impairment annually, or whenever events or changes in circumstances indicate that the carrying value may not be recoverable.

In accordance with accounting standards, when evaluating goodwill, an entity has the option first to assess qualitative factors to determine whether events and circumstances indicate that it is more likely than not that goodwill is impaired. If after such assessment an entity concludes that the asset is not impaired, then the entity is not required to take further action. However, if an entity concludes otherwise, then it is required to determine the fair value of the asset using a quantitative impairment test, and if impaired, the associated assets must be written down to fair value. There were no impairment charges related to goodwill for the three- and nine-month periods ended January 31, 2020 and 2019.

Intangible assets consist of customer relationship intangibles and trademarks. The Company amortizes the cost of intangible assets over their estimated useful lives, which range from 3 to 6 years, unless such lives are deemed indefinite. There were no impairment charges related to intangible assets for the three- and nine-month periods ended January 31, 2020 and 2019.

Foreign Exchange Forward Contracts: In the normal course of business, the Company is subject to risk from adverse fluctuations in foreign exchange rates. The Company manages these risks through the use of foreign exchange forward contracts. The Company recognizes its outstanding forward contracts in the condensed consolidated balance sheets at their fair values. The Company does not designate the forward contracts as accounting hedges. The changes in the fair value of the forward contracts are recorded in other income, net in the condensed consolidated statements of income.

At January 31, 2020, the Company held forward contracts maturing from February 2020 to April 2020 to purchase 115.7 million Mexican pesos at exchange rates ranging from 19.74 to 19.91 Mexican pesos to one U.S. dollar. An asset of $0.2 million is recorded in prepaid expenses and other on the condensed consolidated balance sheets.

Note B--New Accounting Pronouncements
 
In December 2019, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") No.  2019-12, "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes," which simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. ASU 2019-12 is effective for the Company beginning May 1, 2021. Early adoption is permitted. The Company is currently reviewing the provisions of this new pronouncement and the impact, if any, the adoption of this guidance may have on financial position and results of operations.

In February 2016, the FASB issued ASU No. 2016-02, which requires lessees to recognize almost all leases on their balance sheet as a right-of-use ("ROU") asset and lease liability. The standard is effective for annual periods beginning after December 15, 2018. The standard provides for the option to elect a package of practical expedients upon adoption. The Company adopted the standard on May 1, 2019 using the modified retrospective transition approach and elected the package of practical expedients that allows it to forgo reassessment of lease classification for leases that have already commenced. The Company also elected the practical expedients to the new standard without restating comparative prior period financial information and to not recognize ROU assets and liabilities for operating leases with shorter than 12-month terms. On May 1, 2019, the Company recognized operating lease assets and operating lease liabilities of $80.4 million. The new standard did not have a material impact on the Company's results of operations or cash flows, or on its debt covenant calculations. ASU 2016-02 also requires entities to disclose

10



certain qualitative and quantitative information regarding the amount, timing, and uncertainty of cash flows arising from leases. Such disclosures are included in Note P--Leases.

Note C--Net Earnings Per Share
 
The following table sets forth the computation of basic and diluted net earnings per share:
 
 
Three Months Ended
 
Nine Months Ended
 
 
January 31,
 
January 31,
(in thousands, except per share amounts)
 
2020
 
2019
 
2020
 
2019
Numerator used in basic and diluted net earnings
 
 
 
 
 
 
 
 
per common share:
 
 
 
 
 
 
 
 
Net income
 
$
12,804

 
$
18,409

 
$
61,848

 
$
61,664

Denominator:
 
 
 
 
 
 
 
 
Denominator for basic net earnings per common
 
 
 
 
 
 
 
 
share - weighted-average shares
 
16,922

 
17,186

 
16,902

 
17,425

Effect of dilutive securities:
 
 
 
 
 
 
 
 
Stock options and restricted stock units
 
53

 
30

 
45

 
42

Denominator for diluted net earnings per common
 
 
 
 
 
 
 
 
share - weighted-average shares and assumed
 
 
 
 
 
 
 
 
conversions
 
16,975

 
17,216

 
16,947

 
17,467

Net earnings per share
 
 
 
 
 
 
 
 
Basic
 
$
0.76

 
$
1.07

 
$
3.66

 
$
3.54

Diluted
 
$
0.75

 
$
1.07

 
$
3.65

 
$
3.53



The Company repurchased a total of 439,081 and 628,714 shares of its common stock during the three- and nine-month periods ended January 31, 2019, respectively. There were no shares repurchased during the three- and nine-month periods ended January 31, 2020. There were no potentially dilutive securities for the three- and nine-month periods ended January 31, 2020, which were excluded from the calculation of net earnings per diluted share. An immaterial amount of potentially dilutive securities for the three- and nine-month periods ended January 31, 2019 were excluded from the calculation of net earnings per diluted share.

Note D--Stock-Based Compensation
 
The Company has various stock-based compensation plans. During the nine-months ended January 31, 2020, the Board of Directors of the Company approved grants of service-based restricted stock units ("RSUs") and performance-based RSUs to key employees and non-employee directors. The employee performance-based RSUs totaled 61,379 units and the employee and non-employee director service-based RSUs totaled 42,691 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 (or, for non-employee directors, serving on the Board of Directors) 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, while RSUs granted to non-employee directors vest daily over a two-year period from the date of the grant.

For the three- and nine-month periods ended January 31, 2020 and 2019, stock-based compensation expense was allocated as follows: 

11



 
 
Three Months Ended 
 January 31,

Nine Months Ended 
 January 31,
(in thousands)
 
2020

2019

2020

2019
Cost of sales and distribution
 
$
224

 
$
158

 
$
716

 
$
502

Selling and marketing expenses
 
240

 
64

 
713

 
449

General and administrative expenses
 
583

 
446

 
1,693

 
1,339

Stock-based compensation expense
 
$
1,047

 
$
668

 
$
3,122

 
$
2,290


 
During the nine months ended January 31, 2020, the Company also approved grants of 6,483 cash-settled performance-based restricted stock tracking units ("RSTUs") and 3,482 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 $0.2 million and $0.1 million for the three-month periods ended January 31, 2020 and 2019, respectively, and $0.4 million and $0.2 million for the nine-month periods ended January 31, 2020 and 2019, respectively. A liability for payment of the RSTUs is included in the condensed consolidated balance sheets in the amount of $0.7 million and $0.7 million as of January 31, 2020 and April 30, 2019, respectively.

Note E--Customer Receivables
 
The components of customer receivables were: 
 

January 31,

April 30,
(in thousands)

2020

2019
Gross customer receivables

$
128,815


$
132,145

Less:



 
Allowance for doubtful accounts

(460
)

(249
)
Allowance for returns and discounts

(6,002
)

(5,995
)







Net customer receivables

$
122,353


$
125,901

  

Note F--Inventories
 
The components of inventories were: 
 

January 31,

April 30,
(in thousands)

2020

2019
Raw materials

$
55,875


$
46,054

Work-in-process

45,230


43,794

Finished goods

37,018


34,873








Total FIFO inventories

138,123


124,721








Reserve to adjust inventories to LIFO value

(16,193
)

(16,193
)







Total inventories

$
121,930


$
108,528


 

12



Of the total inventory of $121.9 million at January 31, 2020, $72.9 million is carried under the FIFO method of accounting and $49.0 million is carried under the LIFO method. Of the total inventory of $108.5 million at April 30, 2019, $58.6 million is carried under the FIFO method and $49.9 million is carried under the LIFO method.
 
Note G--Property, Plant and Equipment

The components of property, plant and equipment were:
 
 
January 31,

April 30,
(in thousands)
 
2020

2019
Land
 
$
4,431


$
4,751

Buildings and improvements
 
115,004


114,421

Buildings and improvements - finance leases
 
11,676


11,202

Machinery and equipment
 
308,141


294,993

Machinery and equipment - finance leases
 
30,772


30,574

Construction in progress
 
18,000


7,002


 
488,024


462,943

Less accumulated amortization and depreciation
 
(279,244
)

(254,680
)

 





Total
 
$
208,780


$
208,263



Amortization and depreciation expense on property, plant and equipment amounted to $9.3 million and $9.0 million for the three months ended January 31, 2020 and 2019, respectively, and $27.6 million and $26.8 million for the nine months ended January 31, 2020 and 2019, respectively. Accumulated amortization on finance leases included in the above table amounted to $31.9 million and $30.8 million as of January 31, 2020 and April 30, 2019, respectively.

Note H--Intangibles

The components of customer relationship intangibles were:
 
 
January 31,

April 30,
(in thousands)
 
2020

2019
Customer relationship intangibles
 
$
274,000


$
274,000

Less accumulated amortization
 
(95,139
)

(60,889
)