Universal Forest Products, Inc.

Page 1

 

 

Exhibit 99(a)

 

Image - Image1.jpeg

News release

 

---------------AT THE COMPANY---------------

Brandon Froysland

Director of Finance

(616) 365-1589

 

FOR IMMEDIATE RELEASE

Wednesday, February 20, 2019

 

 

 

UFPI Reports Record Fourth Quarter Sales and Operating Profits
- annual sales and profits also a record -
 

GRAND RAPIDS, Mich., Wednesday, Feb. 20, 2019 – Universal Forest Products, Inc. (Nasdaq: UFPI) today announced record net sales for the fourth quarter of 2018, and record net sales and net earnings for fiscal 2018.  EBITDA for the fourth quarter and full year were also records, up more than 11 percent and 12 percent, respectively, over the previous year.

“I’m pleased that the people of Universal were able to manage through significant fluctuations in the lumber market in 2018 and still post these outstanding results,” stated CEO Matt Missad. “The results attest to the strength of the diverse markets we serve, which mitigates our lumber market risk. Our improved operating margins, while partly helped by declining lumber prices during the fourth quarter, reflect our improved product mix and operational efficiencies.”

“We’ll continue to work to increase shareholder value by reinvesting capital in acquisitions, automation and new product development,” added Matt. “We’ll also buy back shares when market conditions warrant it, as they did during the fourth quarter.”

The company purchased 804,185 shares during the fourth quarter at an average price of $28.30.

The company’s comparison of year-over-year, fourth-quarter net earnings were impacted by two atypical factors. A $1.9 million pre-tax unrealized loss ($0.02 per share after tax) was recorded in the fourth quarter of 2018 on the company’s investments in equity securities. This represents a change in accounting from previous years when unrealized gains and losses of this nature were recorded directly to equity. In addition, a $6.4 million tax benefit was recorded in the fourth quarter of 2017 to reduce the company’s net deferred tax liability due to the change in tax law. The benefit improved fourth-quarter 2017 earnings by $0.10 a share.

 

-more-

 

 


 

Universal Forest Products, Inc.

Page 2

 

 

Fourth Quarter 2018 Highlights (comparisons on a year-over-year basis):

-

Operating profit was $45.4 million, up 9.5 percent

-

EBITDA of $63.6 million, up more than 11 percent

-

Net sales of $988.2 million represent a 2 percent increase

-

Unit sales accounted for 4 percent of the Company’s gross sales growth; acquisitions contributed 3 percent to unit growth while organic sales added 1 percent.  Falling lumber prices reduced gross sales by 3 percent

-

New product sales were $103 million, up 13 percent

Fiscal 2018 Highlights (comparisons on a year-over-year basis):

-

Operating profit was $207.3 million, up 14.2 percent

-

EBITDA of $267 million, up 12 percent

-

Net sales of $4.49 billion, up 14 percent

-

Unit sales accounted for 7 percent of the Company’s gross sales growth (this includes 3 percent from acquired businesses); price increases accounted for 7 percent

-

Year-to-date new product sales were $513 million, up 21 percent

By market, the Company reported the following 2018 results.

Retail

·

Fourth Quarter: $303.4 million in gross sales, down 8 percent over the fourth quarter of 2017. Lower unit sales and lower selling prices each accounted for 4 percent of the decrease.  Retail sales during this quarter did not have the same benefit from post-hurricane sales that the Company experienced in 2017 when total gross sales increased 20 percent.

·

Full Year: $1.66 billion in gross sales, up 11 percent over 2017, led by a 7 percent increase in selling prices and a 4 percent increase in unit sales. Acquisitions and organic growth each contributed 2 percent of the sales growth.

Industrial

·

Fourth Quarter: $390.5 million in gross sales, up 11 percent over the fourth quarter of 2017; unit sales growth accounted for 12 percent of gross sales, while falling prices reduced gross sales by 1 percent. 

·

Full Year: $1.56 billion in gross sales, up 16 percent over the previous year. Unit sales increased 10 percent, of which 5 percent came from acquisitions and 5 percent from organic growth.

 

 

 

-more-

 

 

 


 

Universal Forest Products, Inc.

Page 3

 


Construction

·

Fourth Quarter: $306.1 million in gross sales, up 1 percent over the fourth quarter of 2017, due to a 5 percent increase in unit sales and a 4 percent decrease in selling prices. Unit sales to commercial customers and residential customers rose 18 and 7 percent, respectively, while unit sales to manufactured housing customers fell 3 percent during the quarter. The decrease in manufactured housing sales is attributable to the high number of manufactured housing shipments recorded in 2017 due to hurricane damage in several Gulf Coast states.

·

Full Year: $1.35 billion in gross sales, up 15 percent over the previous year, driven by a 7 percent increase in unit sales and an 8 percent increase in prices.  Residential unit sales grew 7 percent, commercial unit sales grew 14 percent and manufactured housing unit sales grew 4 percent. Acquisitions contributed 1 percent to overall growth.

CONFERENCE CALL

Universal Forest Products will conduct a conference call to discuss information included in this news release and related matters at 8:30 a.m. ET on Thursday, February 21, 2019. The call will be hosted by CEO Matthew J. Missad and CFO Michael Cole, and will be available for analysts and institutional investors domestically at 866-518-4547, and internationally at 213-660-0879. Use conference pass code 8194375. The conference call will be available simultaneously and in its entirety to all interested investors and news media through a webcast at http://www.ufpi.com. A replay of the call will be available through March 21, 2019 at 855-859-2056, 404-537-3406 or 800-585-5367.

UNIVERSAL FOREST PRODUCTS, INC.

Universal Forest Products, Inc. is a holding company whose subsidiaries supply wood, wood composite and other products to three robust markets: retail, construction and industrial.  Founded in 1955, the Company is headquartered in Grand Rapids, Mich., with affiliates throughout North America, Europe, Asia and Australia. For more about Universal Forest Products, go to www.ufpi.com.

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act, as amended, that are based on management’s beliefs, assumptions, current expectations, estimates and projections about the markets we serve, the economy and the Company itself. Words like “anticipates,” “believes,” “confident,” “estimates,” “expects,” “forecasts,” “likely,” “plans,” “projects,” “should,” variations of such words, and similar expressions identify such forward-looking statements. These statements do not guarantee future performance and involve certain risks, uncertainties and assumptions that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence. The Company does not undertake to update forward-looking statements to reflect facts, circumstances, events, or assumptions that occur after the date the forward-looking statements are made. Actual results could differ materially from those included in such forward-looking statements. Investors are cautioned that all forward-looking statements involve risks and uncertainty. Among the factors that could cause actual results to differ materially from forward-looking statements are the following: fluctuations in the price of lumber; adverse or unusual weather conditions; adverse economic conditions in the markets we serve; government regulations, particularly involving environmental and safety regulations; and our ability to make successful business acquisitions. Certain of these risk factors as well as other risk factors and additional information are included in the Company's reports on Form 10-K and 10-Q on file with the Securities and Exchange Commission.

Non-GAAP Financial Information

This release includes certain financial information not prepared in accordance with U.S. GAAP. Because not all companies calculate non-GAAP financial information identically (or at all), the presentations herein may not be comparable to other similarly titled measures used by other companies.  Management considers EBITDA, a non-GAAP measure, an alternative performance measure which may provide useful information to investors.

 

 

 

 

 

# # #

 


 

Universal Forest Products, Inc.

Page 4

 

CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME (UNAUDITED)

FOR THE THREE AND TWELVE MONTHS ENDED

DECEMBER 2018/2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Period

Year to Date

(In thousands, except per share data)

    

2018

2017

2018

2017

NET SALES

 

$

988,179

  

100

$

966,091

  

100

$

4,489,180

  

100

$

3,941,182

  

100

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

COST OF GOODS SOLD 

 

 

850,536

 

86.1

 

 

836,932

 

86.6

 

 

3,896,286

 

86.8

 

 

3,398,356

 

86.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GROSS PROFIT

 

 

137,643

 

13.9

 

 

129,159

 

13.4

 

 

592,894

 

13.2

 

 

542,826

 

13.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SELLING,   GENERAL  AND ADMINISTRATIVE  EXPENSES

 

 

92,386

 

9.3

 

 

87,565

 

9.1

 

 

392,679

 

8.7

 

 

361,213

 

9.2

 

FOREIGN CURRENCY EXCHANGE LOSS

 

 

(657)

 

(0.1)

 

 

(150)

 

 —

 

 

(444)

 

 —

 

 

1,007

 

 —

 

NET LOSS (GAIN) ON DISPOSITION AND IMPAIRMENT OF ASSETS

 

 

475

 

 —

 

 

266

 

 —

 

 

(6,604)

 

(0.1)

 

 

(863)

 

 —

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EARNINGS FROM OPERATIONS

 

 

45,439

 

4.6

 

 

41,478

 

4.3

 

 

207,263

 

4.6

 

 

181,469

 

4.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OTHER EXPENSE, NET

 

 

4,548

 

0.5

 

 

1,203

 

0.1

 

 

9,410

 

0.2

 

 

5,462

 

0.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EARNINGS BEFORE INCOME TAXES

 

 

40,891

 

4.1

 

 

40,275

 

4.2

 

 

197,853

 

4.4

 

 

176,007

 

4.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INCOME TAXES

 

 

9,258

 

0.9

 

 

7,113

 

0.7

 

 

45,441

 

1.0

 

 

51,967

 

1.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET EARNINGS

 

 

31,633

 

3.2

 

 

33,162

 

3.4

 

 

152,412

 

3.4

 

 

124,040

 

3.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LESS NET EARNINGS ATTRIBUTABLE TO NONCONTROLLING INTEREST

 

 

(1,131)

 

(0.1)

 

 

(2,047)

 

(0.2)

 

 

(3,814)

 

(0.1)

 

 

(4,528)

 

(0.1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET EARNINGS ATTRIBUTABLE TO CONTROLLING INTEREST

 

$

30,502

 

3.1

 

$

31,115

 

3.2

 

$

148,598

 

3.3

 

$

119,512

 

3.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EARNINGS PER SHARE - BASIC

 

$

0.50

 

 

 

$

0.51

 

 

 

$

2.41

 

 

 

$

1.95

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EARNINGS PER SHARE - DILUTED

 

$

0.50

 

 

 

$

0.51

 

 

 

$

2.40

 

 

 

$

1.94

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

COMPREHENSIVE INCOME

 

 

29,726

 

 

 

 

33,152

 

 

 

 

147,336

 

 

 

 

130,170

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LESS COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST

 

 

(577)

 

 

 

 

(1,022)

 

 

 

 

(3,873)

 

 

 

 

(4,884)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

COMPREHENSIVE INCOME ATTRIBUTABLE TO CONTROLLING INTEREST

 

$

29,149

 

 

 

$

32,130

 

 

 

$

143,463

 

 

 

$

125,286

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SUPPLEMENTAL SALES DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Period

 

Year to Date

Market Classification

    

2018

    

2017

 

%

    

2018

    

2017

 

%

Retail

 

$

303,398

 

$

330,857

 

-8%

 

$

1,662,895

 

$

1,492,552

 

11%

Industrial

 

 

390,488

 

 

352,489

 

11%

 

 

1,557,011

 

 

1,341,319

 

16%

Construction

 

 

306,137

 

 

304,400

 

1%

 

 

1,345,843

 

 

1,172,332

 

15%

Total Gross Sales

 

 

1,000,023

 

 

987,746

 

1%

 

 

4,565,749

 

 

4,006,203

 

14%

Sales Allowances

 

 

(11,844)

 

 

(21,655)

 

45%

 

 

(76,569)

 

 

(65,021)

 

-18%

Total Net Sales

 

$

988,179

 

$

966,091

 

2%

 

$

4,489,180

 

$

3,941,182

 

14%


 

Universal Forest Products, Inc.

Page 5

 

CONSOLIDATED CONDENSED BALANCE SHEETS (UNAUDITED)

DECEMBER 2018/2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSETS

    

 

2018

    

 

2017

    

LIABILITIES AND EQUITY

    

 

2018

    

 

2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CURRENT ASSETS

 

 

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

27,316

 

$

28,339

 

Cash overdraft

 

$

27,367

 

$

25,851

 

Restricted cash

 

 

882

 

 

477

 

Accounts payable

 

 

136,901

 

 

140,106

 

Investments

 

 

14,755

 

 

11,269

 

Accrued liabilities

 

 

145,754

 

 

135,960

 

Accounts receivable

 

 

343,450

 

 

327,751

 

Current portion of debt

 

 

148

 

 

1,329

 

Inventories

 

 

556,220

 

 

460,308

 

 

 

 

 

 

 

 

 

Other current assets

 

 

52,655

 

 

35,343

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL CURRENT ASSETS

 

 

995,278

 

 

863,487

 

TOTAL CURRENT LIABILITIES

 

 

310,170

 

 

303,246

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OTHER ASSETS

 

 

24,597

 

 

17,592

 

 

 

 

 

 

 

 

 

INTANGIBLE ASSETS, NET

 

 

272,963

 

 

254,969

 

LONG-TERM DEBT AND CAPITAL LEASE OBLIGATIONS

 

 

202,130

 

 

144,674

 

 

 

 

 

 

 

 

 

OTHER LIABILITIES

 

 

46,564

 

 

42,734

 

PROPERTY, PLANT AND EQUIPMENT,  NET

 

 

354,710

 

 

328,629

 

EQUITY

 

 

1,088,684

 

 

974,023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL ASSETS

 

$

1,647,548

 

$

1,464,677

 

TOTAL LIABILITIES AND EQUITY

 

$

1,647,548

 

$

1,464,677

 

 


 

Universal Forest Products, Inc.

Page 6

 

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED)

FOR THE TWELVE MONTHS ENDED

DECEMBER 2018/2017

 

 

 

 

 

 

 

 

 

 

(In thousands)

    

 

2018

 

    

 

2017

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

 

 

Net earnings

 

$

152,412

 

 

$

124,040

 

Adjustments to reconcile net earnings to net cash from operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 

 

54,949

 

 

 

48,536

 

Amortization of intangibles

 

 

6,393

 

 

 

4,860

 

Expense associated with share-based and grant compensation arrangements

 

 

3,574

 

 

 

3,805

 

Deferred income taxes (credit)

 

 

857

 

 

 

(8,629)

 

Unrealized loss on investments and other

 

 

1,888

 

 

 

(25)

 

Net (gain) on disposition and impairment of assets

 

 

(6,604)

 

 

 

(863)

 

Changes in:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

(8,512)

 

 

 

(30,787)

 

Inventories

 

 

(84,304)

 

 

 

(49,262)

 

Accounts payable and cash overdraft

 

 

(5,213)

 

 

 

21,159

 

Accrued liabilities and other

 

 

1,245

 

 

 

23,749

 

NET CASH FROM OPERATING ACTIVITIES

 

 

116,685

 

 

 

136,583

 

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

 

 

Purchases of property, plant, and equipment

 

 

(95,862)

 

 

 

(71,116)

 

Proceeds from sale of property, plant and equipment

 

 

38,373

 

 

 

2,919

 

Acquisitions and purchase of noncontrolling interest, net of cash received

 

 

(54,017)

 

 

 

(60,587)

 

Purchases of investments

 

 

(13,338)

 

 

 

(13,518)

 

Proceeds from sale of investments

 

 

3,678

 

 

 

5,103

 

Other

 

 

(66)

 

 

 

(460)

 

NET CASH USED IN INVESTING ACTIVITIES

 

 

(121,232)

 

 

 

(137,659)

 

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

 

 

 

 

Borrowings under revolving credit facilities

 

 

732,370

 

 

 

758,287

 

Repayments under revolving credit facilities

 

 

(748,496)

 

 

 

(722,725)

 

Borrowings of debt

 

 

927

 

 

 

8,525

 

Repayments of debt

 

 

(5,540)

 

 

 

(13,347)

 

Issuance of long-term debt

 

 

75,000

 

 

 

 —

 

Proceeds from issuance of common stock

 

 

1,026

 

 

 

660

 

Distributions to noncontrolling interest

 

 

(3,139)

 

 

 

(4,032)

 

Dividends paid to shareholders

 

 

(22,072)

 

 

 

(19,607)

 

Repurchase of common stock

 

 

(24,629)

 

 

 

(12,977)

 

Other

 

 

(1,054)

 

 

 

(31)

 

NET CASH FROM (USED IN) FINANCING ACTIVITIES

 

 

4,393

 

 

 

(5,247)

 

 

 

 

 

 

 

 

 

 

Effect of exchange rate changes on cash

 

 

(464)

 

 

 

650

 

NET CHANGE IN CASH AND CASH EQUIVALENTS

 

 

(618)

 

 

 

(5,673)

 

 

 

 

 

 

 

 

 

 

ALL CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD

 

 

28,816

 

 

 

34,489

 

 

 

 

 

 

 

 

 

 

ALL CASH AND CASH EQUIVALENTS, END OF PERIOD

 

$

28,198

 

 

$

28,816

 

 

 

 

 

 

 

 

 

 

Reconciliation of cash and cash equivalents and restricted cash:

 

 

 

 

 

 

 

 

Cash and cash equivalents, beginning of period

 

$

28,339

 

 

$

34,091

 

Restricted cash, beginning of period

 

 

477

 

 

 

398

 

All cash and cash equivalents, beginning of period

 

$

28,816

 

 

$

34,489

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents, end of period

 

$

27,316

 

 

$

28,339

 

Restricted cash, end of period

 

 

882

 

 

 

477

 

All cash and cash equivalents, end of period

 

$

28,198

 

 

$

28,816

 

 

 

 

 

 

 

 

 

 

 

 

 


 

Universal Forest Products, Inc.

Page 7

 

 

EBITDA RECONCILIATION TO NET EARNINGS (UNAUDITED)

FOR THE THREE AND TWELVE MONTHS ENDED

DECEMBER 2018/2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Period

Year to Date

(In thousands)

 

2018

 

2017

2018

2017

Net Earnings

 

$

31,633

 

$

33,162

$

152,412

 

$

124,040

Interest  Expense

 

 

2,921

 

 

1,393

 

8,893

 

 

6,218

Taxes

 

 

9,258

 

 

7,113

 

45,441

 

 

51,967

Expense associated with Share-Based Compensation Arrangements

 

 

813

 

 

1,497

 

3,574

 

 

3,618

Net Loss (Gain) on Disposition and Impairment of Assets

 

 

475

 

 

(70)

 

(6,604)

 

 

(863)

Unrealized loss on investments

 

 

1,888

 

 

 -

 

1,888

 

 

 -

Depreciation Expense

 

 

14,459

 

 

12,881

 

54,949

 

 

48,536

Amortization of Intangibles

 

 

2,119

 

 

1,311

 

6,393

 

 

4,860

EBITDA

 

$

63,566

 

$

57,287

$

266,946

 

$

238,376

 


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SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
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SEC Filing Disclosures
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