WINCHESTER, Va., Aug. 23, 2011 /PRNewswire/ -- American Woodmark
Corporation (NASDAQ: AMWD) today announced results for its first
quarter ended July 31, 2011.
Net sales improved by 20% compared with the first quarter of the
prior fiscal year to $131,199,000.
The Company experienced an increase in sales in both its remodel
and new construction sales channels compared with the first quarter
of its prior fiscal year.
The Company generated a net loss of ($2,716,000) or ($0.19) per diluted share during the first
quarter of the current fiscal year, compared with a net loss of
($3,418,000) or ($0.24) per diluted share in the first quarter of
its prior fiscal year.
Gross profit for the first quarter of fiscal year 2012 was 14.0%
of net sales, compared with 13.2% in the first quarter of the prior
fiscal year. The improvement in gross profit margin reflected
the beneficial impact of increased sales volume on direct labor and
manufacturing overhead costs. These beneficial factors were
partially offset by higher sales promotional expenses and by the
unfavorable impact of higher materials and fuel costs.
Selling, general and administrative costs were 17.0% of net
sales in the first quarter of the current fiscal year, down from
18.2% of net sales in the first quarter of the prior fiscal year.
The Company's operating expense ratio was favorably impacted
by the 20% improvement in net sales that more than offset the 12%
increase in costs.
The Company generated positive free cash flow of $2.1 million (defined as cash provided by
operating activities net of cash used for investing activities) in
the first quarter of the current fiscal year, compared with
negative free cash flow generated in the first quarter of the prior
fiscal year of $0.3 million.
The improvement in free cash flow was driven primarily by the
reduction in net loss and by the timing of cash receipts and
disbursements.
The Company ended the first quarter of fiscal year 2012 with
cash, cash equivalents and restricted cash of $70.5 million, up from $66.2 million one year ago, and a debt-to-capital
ratio of 13.9%.
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
Unaudited
Financial Highlights
(in
thousands, except share data)
Operating
Results
|
|
|
|
|
|
|
|
|
Three Months
Ended
July
31
|
|
|
|
2011
|
|
2010
|
|
|
|
|
|
|
|
Net Sales
|
$
131,199
|
|
$
109,303
|
|
Cost of Sales &
Distribution
|
112,792
|
|
94,916
|
|
|
Gross Profit
|
18,407
|
|
14,387
|
|
Sales & Marketing
Expense
|
15,976
|
|
14,103
|
|
G&A Expense
|
6,341
|
|
5,822
|
|
Restructuring Charges
|
15
|
|
23
|
|
|
Operating Loss
|
(3,925)
|
|
(5,561)
|
|
Interest & Other (Income)
Expense
|
(17)
|
|
(26)
|
|
Income Tax Benefit
|
(1,192)
|
|
(2,117)
|
|
|
Net Loss
|
$
(2,716)
|
|
$
(3,418)
|
|
|
|
|
|
|
|
Earnings Per
Share:
|
|
|
|
|
Weighted Average Shares
Outstanding - Diluted
|
14,299,683
|
|
14,222,151
|
|
|
|
|
|
|
|
Loss Per Diluted
Share
|
$
(0.19)
|
|
$
(0.24)
|
|
|
|
|
|
|
|
Condensed
Consolidated Balance Sheet
|
|
|
|
|
|
|
|
|
July
31
2011
|
|
April
30
2011
|
|
|
|
|
|
|
|
Cash & Cash
Equivalents
|
$
56,118
|
|
$
55,420
|
|
Customer Receivables
|
30,703
|
|
31,067
|
|
Inventories
|
25,186
|
|
24,471
|
|
Other Current Assets
|
9,909
|
|
9,458
|
|
|
Total Current Assets
|
121,916
|
|
120,416
|
|
Property, Plant &
Equipment
|
97,632
|
|
100,628
|
|
Restricted Cash
|
14,419
|
|
14,419
|
|
Other Assets
|
33,590
|
|
32,907
|
|
|
Total Assets
|
$
267,557
|
|
$
268,370
|
|
|
|
|
|
|
|
Current Portion - Long-Term
Debt
|
$
932
|
|
$
928
|
|
Accounts Payable & Accrued
Expenses
|
50,637
|
|
49,916
|
|
|
Total Current
Liabilities
|
51,569
|
|
50,844
|
|
Long-Term Debt
|
24,497
|
|
24,655
|
|
Other Liabilities
|
40,085
|
|
38,906
|
|
|
Total Liabilities
|
116,151
|
|
114,405
|
|
Stockholders' Equity
|
151,406
|
|
153,965
|
|
|
Total Liabilities &
Stockholders' Equity
|
$
267,557
|
|
$
268,370
|
|
|
|
|
|
|
|
Condensed
Consolidated Statements of Cash Flows
|
|
|
|
|
|
|
|
|
Three Months
Ended
July
31
|
|
|
|
2011
|
|
2010
|
|
|
|
|
|
|
|
Net Cash Provided by Operating
Activities
|
$
4,208
|
|
$
1,686
|
|
Net Cash Used by Investing
Activities
|
(2,087)
|
|
(2,035)
|
|
Free Cash Flow
|
2,121
|
|
(349)
|
|
|
|
|
|
|
|
Net Cash Used by Financing
Activities
|
(1,423)
|
|
(1,126)
|
|
Net Increase/(Decrease) in Cash
and Cash Equivalents
|
698
|
|
(1,475)
|
|
Cash and Cash Equivalents,
Beginning of Period
|
55,420
|
|
53,233
|
|
|
|
|
|
|
|
Cash and Cash Equivalents, End
of Period
|
$
56,118
|
|
$
51,758
|
|
|
|
|
|
|
SOURCE American Woodmark Corporation