WINCHESTER, Va., Feb. 22, 2011 /PRNewswire/ -- American Woodmark
Corporation (Nasdaq: AMWD) today announced results for the third
quarter of its fiscal year 2011, that ended on January 31, 2011.
Net sales rose by 25% compared with the third quarter of the
prior fiscal year to $111,443,000.
Net sales rose by 12% during the nine-month period ended
January 31, 2011 compared with the
comparable period of the prior fiscal year, to $328,359,000. The Company's sales results
in each of its sales channels grew at a double digit rate during
the third quarter of fiscal year 2011.
The Company generated a net loss of ($5,828,000) or ($0.41) per diluted share during the third
quarter of fiscal year 2011, compared with a net loss of
($9,121,000) or ($0.64) per diluted share in the third quarter of
its prior fiscal year. The Company generated a net loss of
($16,630,000) or ($1.17) per diluted share in the nine-month
period ended January 31, 2011,
compared with a net loss of ($20,807,000) or ($1.47) per diluted share in the comparable
period of the prior fiscal year. The Company's results in the
three- and nine-month periods of the prior fiscal year included a
net-of-tax restructuring benefit of $32,000 and $1,710,000 of net-of-tax restructuring charges,
respectively, relating to cost reduction initiatives completed in
the prior fiscal year. Exclusive of these charges, net loss
for the three- and nine-month periods ended January 31, 2010 was ($9,153,000) or ($0.65) per diluted share, and ($19,097,000) or ($1.35) per diluted share, respectively.
Gross profit for the third quarter of fiscal year 2011 was 10.9%
of net sales, compared with 6.6% in the third quarter of the prior
fiscal year. Gross profit was 11.1% of net sales during the
first nine months of fiscal year 2011, compared with 10.3% of net
sales during the comparable period of the prior fiscal year.
The improvement in gross profit margin during the three- and
nine-month periods primarily reflected the favorable impact of
labor efficiencies and more favorable absorption of fixed overhead
costs associated with higher sales volumes, offset in part by
increased sales promotion costs that were included as either
reductions of sales or increases to cost of sales, and increased
materials and fuel costs.
Selling, general and administrative costs were 19.3% of net
sales in the third quarter of fiscal year 2011, improved from 23.0%
of net sales in the third quarter of the prior fiscal year.
Selling, general and administrative costs were 19.3% of net
sales in the first nine months of fiscal year 2011, improved from
20.7% in the comparable period of the prior fiscal year. The
improvement in the Company's operating expense ratio was driven by
increased sales levels that enabled favorable leverage, combined
with reductions in general and administrative expenses.
The Company generated negative free cash flow (defined as cash
provided by operating activities net of cash used for investing
activities) of ($1.8 million) during
the third quarter of fiscal year 2011, driven primarily by the
timing of receipts and payments. The Company generated
positive free cash flow of $3.4
million during the first nine months of fiscal year 2011,
compared with negative free cash flow of ($8.1 million) in the first nine months of its
prior fiscal year.
American Woodmark Corporation manufactures and distributes
kitchen cabinets and vanities for the remodeling and new home
construction markets. Its products are sold on a national
basis directly to home centers, major builders and through a
network of independent distributors. The Company presently
operates eleven manufacturing facilities and nine service centers
across the country.
Safe harbor statement under the Private Securities Litigation
Reform Act of 1995: All forwardlooking statements made
by the Company involve material risks and uncertainties and are
subject to change based on factors that may be beyond the Company's
control. Accordingly, the Company's future performance and
financial results may differ materially from those expressed or
implied in any such forward-looking statements. Such factors
include, but are not limited to, those described in the Company's
filings with the Securities and Exchange Commission and the Annual
Report to Shareholders. The Company does not undertake to
publicly update or revise its forward looking statements even if
experience or future changes make it clear that any projected
results expressed or implied therein will not be realized.
AMWD-F AMWD-E
AMERICAN
WOODMARK CORPORATION
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Unaudited
Financial Highlights
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(in
thousands, except share data)
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Operating
Results
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Three Months
Ended
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Nine Months
Ended
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January
31
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January
31
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2011
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2010
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2011
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2010
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Net Sales
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$
111,443
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$
89,230
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$
328,359
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$
294,133
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Cost of Sales &
Distribution
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99,279
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83,318
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291,992
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263,718
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Gross Profit
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12,164
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5,912
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36,367
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30,415
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Sales & Marketing
Expense
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16,069
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14,189
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45,977
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42,048
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G&A Expense
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5,421
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6,370
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17,283
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18,977
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Restructuring Charges
(Benefit)
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16
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(51)
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55
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2,736
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Operating Loss
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(9,342)
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(14,596)
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(26,948)
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(33,346)
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Interest & Other (Income)
Expense
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(33)
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(2)
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(146)
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(55)
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Income Tax Benefit
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(3,481)
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(5,473)
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(10,172)
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(12,484)
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Net Loss
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$
(5,828)
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$
(9,121)
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$
(16,630)
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$
(20,807)
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Earnings Per
Share:
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Weighted Average Shares
Outstanding - Diluted
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14,263,320
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14,160,256
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14,241,883
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14,137,325
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Loss Per Diluted
Share
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$
(0.41)
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$
(0.64)
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$
(1.17)
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$
(1.47)
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Condensed
Consolidated Balance Sheet
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January
31
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April
30
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2011
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2010
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Cash & Cash
Equivalents
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$
52,542
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$ 53,233
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Customer Receivables
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28,111
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27,524
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Inventories
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23,497
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25,239
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Other Current Assets
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10,543
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17,048
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Total Current Assets
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114,693
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123,044
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Property, Plant &
Equipment
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103,804
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114,107
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Restricted Cash
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14,419
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14,419
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Other Assets
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32,858
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30,863
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Total Assets
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$
265,774
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$ 282,433
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Current Portion - Long-Term
Debt
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$
924
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$
893
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Accounts Payable & Accrued
Expenses
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46,005
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48,686
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Total Current
Liabilities
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46,929
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49,579
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Long-Term Debt
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24,812
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25,582
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Other Liabilities
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35,357
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31,954
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Total Liabilities
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107,098
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107,115
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Stockholders' Equity
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158,676
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175,318
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Total Liabilities &
Stockholders' Equity
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$
265,774
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$ 282,433
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Condensed
Consolidated Statements of Cash
Flows
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Nine Months
Ended
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January
31
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2011
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2010
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Net Cash Provided/(Used) by
Operating Activities
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$ 7,713
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$ (804)
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Net Cash Used by Investing
Activities
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(4,300)
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|
(7,310)
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Free Cash Flow
|
3,413
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|
(8,114)
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|
|
|
|
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|
Net Cash Used by Financing
Activities
|
(4,104)
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|
(18,419)
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|
Net Decrease in Cash and Cash
Equivalents
|
(691)
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|
(26,533)
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|
Cash and Cash Equivalents,
Beginning of Period
|
53,233
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|
82,821
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|
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Cash and Cash Equivalents, End
of Period
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$ 52,542
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$ 56,288
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AMERICAN
WOODMARK CORPORATION
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|
|
|
|
|
|
Unaudited
Financial Highlights
|
|
|
|
|
|
|
|
|
|
|
|
(in
thousands, except share data)
|
|
|
|
|
|
|
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|
|
Operating
Results
|
|
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|
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Three Months
Ended
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Nine Months
Ended
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|
January
31
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January
31
|
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|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales
|
$
111,443
|
|
$
89,230
|
|
$
328,359
|
|
$
294,133
|
|
Cost of Sales &
Distribution
|
99,279
|
|
83,318
|
|
291,992
|
|
263,718
|
|
|
Gross Profit
|
12,164
|
|
5,912
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|
36,367
|
|
30,415
|
|
Sales & Marketing
Expense
|
16,069
|
|
14,189
|
|
45,977
|
|
42,048
|
|
G&A Expense
|
5,421
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|
6,370
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|
17,283
|
|
18,977
|
|
Restructuring Charges
(Benefit)
|
16
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|
(51)
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|
55
|
|
2,736
|
|
|
Operating Loss
|
(9,342)
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|
(14,596)
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|
(26,948)
|
|
(33,346)
|
|
Interest & Other (Income)
Expense
|
(33)
|
|
(2)
|
|
(146)
|
|
(55)
|
|
Income Tax Benefit
|
(3,481)
|
|
(5,473)
|
|
(10,172)
|
|
(12,484)
|
|
|
Net Loss
|
$
(5,828)
|
|
$
(9,121)
|
|
$
(16,630)
|
|
$
(20,807)
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share:
|
|
|
|
|
|
|
|
|
Weighted Average Shares
Outstanding - Diluted
|
14,263,320
|
|
14,160,256
|
|
14,241,883
|
|
14,137,325
|
|
|
|
|
|
|
|
|
|
|
|
Loss Per Diluted
Share
|
$
(0.41)
|
|
$
(0.64)
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|
$
(1.17)
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|
$
(1.47)
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|
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|
|
|
|
|
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|
|
Condensed
Consolidated Balance Sheet
|
|
|
|
|
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|
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|
|
|
|
|
|
|
|
|
|
January
31
|
|
April
30
|
|
|
|
|
|
|
|
2011
|
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
Cash & Cash
Equivalents
|
|
|
|
|
$
52,542
|
|
$
53,233
|
|
Customer Receivables
|
|
|
|
|
28,111
|
|
27,524
|
|
Inventories
|
|
|
|
|
23,497
|
|
25,239
|
|
Other Current Assets
|
|
|
|
|
10,543
|
|
17,048
|
|
|
Total Current Assets
|
|
|
|
|
114,693
|
|
123,044
|
|
Property, Plant &
Equipment
|
|
|
|
|
103,804
|
|
114,107
|
|
Restricted Cash
|
|
|
|
|
14,419
|
|
14,419
|
|
Other Assets
|
|
|
|
|
32,858
|
|
30,863
|
|
|
Total Assets
|
|
|
|
|
$
265,774
|
|
$
282,433
|
|
|
|
|
|
|
|
|
|
|
|
Current Portion - Long-Term
Debt
|
|
|
|
|
$
924
|
|
$
893
|
|
Accounts Payable & Accrued
Expenses
|
|
|
|
|
46,005
|
|
48,686
|
|
|
Total Current
Liabilities
|
|
|
|
|
46,929
|
|
49,579
|
|
Long-Term Debt
|
|
|
|
|
24,812
|
|
25,582
|
|
Other Liabilities
|
|
|
|
|
35,357
|
|
31,954
|
|
|
Total Liabilities
|
|
|
|
|
107,098
|
|
107,115
|
|
Stockholders' Equity
|
|
|
|
|
158,676
|
|
175,318
|
|
|
Total Liabilities &
Stockholders' Equity
|
|
|
|
|
$
265,774
|
|
$
282,433
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statements
of Cash Flows
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months
Ended
|
|
|
|
|
|
|
|
January
31
|
|
|
|
|
|
|
|
2011
|
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
Net Cash Provided/(Used) by
Operating Activities
|
|
|
|
|
$
7,713
|
|
$
(804)
|
|
Net Cash Used by Investing
Activities
|
|
|
|
|
(4,300)
|
|
(7,310)
|
|
Free Cash Flow
|
|
|
|
|
3,413
|
|
(8,114)
|
|
|
|
|
|
|
|
|
|
|
|
Net Cash Used by Financing
Activities
|
|
|
|
|
(4,104)
|
|
(18,419)
|
|
Net Increase/(Decrease) in Cash
and Cash Equivalents
|
|
|
|
|
(691)
|
|
(26,533)
|
|
Cash and Cash Equivalents,
Beginning of Period
|
|
|
|
|
53,233
|
|
82,821
|
|
|
|
|
|
|
|
|
|
|
|
Cash and Cash Equivalents, End
of Period
|
|
|
|
|
$
52,542
|
|
$
56,288
|
|
|
|
|
|
|
|
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|
SOURCE American Woodmark Corporation