WINCHESTER, Va., June 3, 2011 /PRNewswire/ --American Woodmark
Corporation (NASDAQ: AMWD) today announced results for its fourth
quarter and fiscal year ended April 30,
2011 (fiscal year 2011).
Net sales rose by 10% compared with the fourth quarter of the
prior fiscal year to $124,230,000.
Net sales rose by 11% during the entire fiscal year 2011 to
$452,589,000.
The Company generated a net loss of ($3.4
million) or ($0.24) per
diluted share during the fourth quarter of fiscal year 2011,
compared with a net loss of ($1.5
million) or ($0.11) per
diluted share in the fourth quarter of its prior fiscal year.
The Company's results from the fourth quarter of fiscal year
2011 included an adverse tax basis adjustment of $1.4 million, partially offset by a net-of-tax
gain of $0.6 million that resulted
from the sale of a building. The Company's results during the
fourth quarter of its prior fiscal year included favorable income
tax adjustments aggregating $0.9
million, and a net-of-tax insurance recovery of $0.8 million. Excluding these non-recurring
items in both periods, the Company's net loss improved to
($2.6 million) or ($0.18) per diluted share in the fourth quarter
of fiscal year 2011, from ($3.2
million) or ($0.22) per
diluted share in the fourth quarter of fiscal year 2010.
The Company generated a net loss of ($20.0 million) or ($1.40) per diluted share during fiscal year
2011, compared with a net loss of ($22.3
million) or ($1.58) per
diluted share in the prior fiscal year. The Company's results
in the three- and twelve-month periods of the prior fiscal year
included net-of-tax restructuring charges of $0.0 million and $1.7
million relating to cost reduction initiatives completed in
the prior fiscal year. Exclusive of these charges, and of the
fourth quarter items mentioned in the previous paragraph, the
Company's net loss improved to ($19.2
million) or ($1.35) per
diluted share in fiscal year 2011, from ($22.3 million) or ($1.58) per diluted share in fiscal year
2010.
Gross profit for the fourth quarter of fiscal year 2011 was
13.2% of net sales, compared with 16.5% in the fourth quarter of
the prior fiscal year. Gross profit was 11.7% of net sales
during the entire twelve months of fiscal year 2011, compared with
12.0% of net sales during the prior fiscal year. The
reduction in gross profit margin during the three- and twelve-month
periods reflected the absence of the prior year's insurance
recovery, which improved gross margin in the prior year's fourth
quarter and entire fiscal year by 1.0% and 0.3% of net sales,
respectively. Gross margins were also adversely impacted by
rising materials and freight costs and by increased sales promotion
costs that were recorded as either reductions of sales or increases
to cost of sales. Somewhat offsetting these negatives, gross
margins were also favorably impacted by labor efficiencies and by
absorption of fixed overhead costs associated with higher sales
volumes.
Selling, general and administrative costs were 16.5% of net
sales in the fourth quarter of fiscal year 2011, improved from
19.9% of net sales in the fourth quarter of the prior fiscal year.
Selling, general and administrative costs were 18.5% of net
sales for the entire fiscal year 2011, improved from 20.5% in 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 positive free cash flow (defined as cash
provided by operating activities net of cash used for investing
activities) of $4.3 million during
the fourth quarter of fiscal year 2011, compared with negative free
cash flow of ($2.1 million) in the
fourth quarter of its prior fiscal year. The Company improved its
free cash flow by nearly $18 million
during fiscal year 2011, improving to positive free cash flow of
$7.7 million during the entire fiscal
year 2011, compared with negative free cash flow of ($10.2 million) in its prior fiscal year.
The Company also announced today a quarterly cash dividend of
$0.09 per share to be paid on
June 27, 2011, to shareholders of
record on June 13, 2011.
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.
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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Twelve
Months Ended
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April
30
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April
30
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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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$
124,230
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$
112,407
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$
452,589
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$
406,540
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Cost of Sales &
Distribution
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107,846
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93,901
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399,838
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357,619
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Gross Profit
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16,384
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18,506
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52,751
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48,921
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Sales & Marketing
Expense
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15,057
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14,886
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61,034
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56,935
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G&A Expense
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5,426
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7,458
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22,709
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26,434
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Restructuring Charges
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7
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72
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62
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2,808
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Operating Loss
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(4,106)
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(3,910)
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(31,054)
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(37,256)
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Interest & Other (Income)
Expense
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(948)
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(146)
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(1,094)
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(201)
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Income Tax Expense
(Benefit)
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230
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(2,230)
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(9,942)
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(14,714)
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Net Loss
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$
(3,388)
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$
(1,534)
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$
(20,018)
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$
(22,341)
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Earnings Per
Share:
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Weighted Average Shares
Outstanding - Diluted
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14,283,033
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14,173,450
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14,251,917
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14,146,133
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Loss Per Diluted
Share
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$
(0.24)
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$
(0.11)
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$
(1.40)
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$
(1.58)
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Condensed
Consolidated Balance Sheet
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April
30
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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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$
55,420
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$
53,233
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Customer Receivables
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31,067
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27,524
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Inventories
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24,471
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25,239
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Other Current Assets
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9,458
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17,048
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Total Current Assets
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120,416
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123,044
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Property, Plant &
Equipment
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100,628
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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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32,907
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30,863
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Total Assets
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$
268,370
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$
282,433
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Current Portion - Long-Term
Debt
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$
928
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$
893
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Accounts Payable & Accrued
Expenses
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49,916
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48,686
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Total Current
Liabilities
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50,844
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49,579
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Long-Term Debt
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24,655
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25,582
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Other Liabilities
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38,906
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31,954
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Total Liabilities
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114,405
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107,115
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Stockholders' Equity
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153,965
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175,318
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Total Liabilities &
Stockholders' Equity
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$
268,370
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$
282,433
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Condensed
Consolidated Statements of Cash Flows
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Twelve
Months Ended
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April
30
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2011
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2010
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Net Cash Provided by Operating
Activities
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$
13,196
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$
1,292
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Net Cash Used by Investing
Activities
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(5,466)
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(11,467)
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Free Cash Flow
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7,730
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(10,175)
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Net Cash Used by Financing
Activities
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(5,543)
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(19,413)
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Net Increase/(Decrease) in Cash
and Cash Equivalents
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2,187
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(29,588)
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Cash and Cash Equivalents,
Beginning of Period
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53,233
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82,821
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Cash and Cash Equivalents, End
of Period
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$
55,420
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$
53,233
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AMWD-F
AMWD-E
SOURCE American Woodmark Corporation