WINCHESTER, Va., Nov. 22, 2011 /PRNewswire/ -- American Woodmark
Corporation (NASDAQ: AMWD) today announced results for the second
quarter of its fiscal year 2012, that ended on October 31, 2011.
Net sales rose by 19% to $128,418,000 compared with the second quarter of
the prior fiscal year. Net sales rose by 20% during the
six-month period ended October 31,
2011 compared with the comparable period of the prior fiscal
year to $259,617,000. The
Company experienced double digit sales gains in each of its sales
channels during the second quarter of fiscal year 2012.
The Company generated a net loss of ($2,976,000) or ($0.21) per diluted share during the second
quarter of fiscal year 2012, compared with a net loss of
($7,384,000) or ($0.52) per diluted share in the second quarter
of its prior fiscal year. The Company generated a net loss of
($5,692,000) or ($0.40) per diluted share in the six-month period
ended October 31, 2011, compared with
a net loss of ($10,802,000) or
($0.76) per diluted share in the
comparable period of the prior fiscal year.
Gross profit for the second quarter of fiscal year 2012 was
12.5% of net sales, compared with 9.1% in the second quarter of the
prior fiscal year. Gross profit was 13.3% of net sales during the
first six months of fiscal year 2012, compared with 11.2% of net
sales during the comparable period of the prior fiscal year.
The improvement in gross profit margin during the three and
six month periods primarily reflected the beneficial impact of
increased sales volume on direct labor and manufacturing overhead
costs. These beneficial factors were partially offset by the
unfavorable impact of higher material and fuel costs during both
periods and by the impact of higher sales promotional costs during
the six month period.
Selling, general and administrative costs improved to 16.1% of
net sales in the second quarter of fiscal year 2012, down from
20.3% of net sales in the second quarter of the prior fiscal year.
Selling, general and administrative costs improved to 16.6%
of net sales in the first six months of fiscal year 2012, down from
19.3% in the comparable period of the prior fiscal year. The
Company's operating expense ratio was favorably impacted by cost
containment efforts and a reduction in display and product launch
costs compared with prior year levels.
The Company generated positive free cash flow (defined as cash
provided by operating activities net of cash used for investing
activities) of $1.1 million in the
second quarter of fiscal year 2012, compared with positive free
cash flow generated in the second quarter of the prior fiscal year
of $5.5 million. The Company's
free cash flow in the prior fiscal year was aided by proceeds from
the sale of a closed plant and by a larger federal income tax
refund than was received in the current 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-G
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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Six Months
Ended
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October
31
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October
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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$
128,418
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$
107,613
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$
259,617
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$
216,916
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Cost of Sales &
Distribution
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112,304
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97,797
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225,096
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192,713
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Gross Profit
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16,114
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9,816
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34,521
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24,203
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Sales & Marketing
Expense
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14,508
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15,805
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30,484
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29,908
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G&A Expense
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6,166
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6,040
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12,507
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11,862
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Restructuring Charges
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-
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16
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15
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39
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Operating Loss
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(4,560)
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(12,045)
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(8,485)
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(17,606)
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Interest & Other (Income)
Expense
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(37)
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(87)
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(54)
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(113)
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Income Tax Benefit
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(1,547)
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(4,574)
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(2,739)
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(6,691)
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Net Loss
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$
(2,976)
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$
(7,384)
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$
(5,692)
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$
(10,802)
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Earnings Per
Share:
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Weighted Average Shares
Outstanding - Diluted
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14,330,954
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14,240,178
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14,315,318
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14,231,165
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Loss Per Diluted
Share
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$
(0.21)
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$
(0.52)
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$
(0.40)
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$
(0.76)
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Condensed
Consolidated Balance Sheet
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October
31
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April
30
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2011
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2011
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Cash & Cash
Equivalents
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$
57,081
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$
55,420
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Customer Receivables
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28,672
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31,067
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Inventories
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24,748
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24,471
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Other Current Assets
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8,510
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9,458
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Total Current Assets
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119,011
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120,416
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Property, Plant &
Equipment
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95,413
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100,628
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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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33,891
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32,907
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Total Assets
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$
262,734
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$
268,370
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Current Portion - Long-Term
Debt
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$
936
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$
928
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Accounts Payable & Accrued
Expenses
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46,851
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49,916
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Total Current
Liabilities
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47,787
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50,844
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Long-Term Debt
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24,338
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24,655
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Other Liabilities
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40,719
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38,906
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Total Liabilities
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112,844
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114,405
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Stockholders' Equity
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149,890
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153,965
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Total Liabilities &
Stockholders' Equity
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$
262,734
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$
268,370
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Condensed
Consolidated Statements of Cash Flows
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Six Months
Ended
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October
31
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2011
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2010
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Net Cash Provided by Operating
Activities
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$
7,879
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$
7,591
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Net Cash Used by Investing
Activities
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(4,640)
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(2,426)
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Free Cash Flow
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3,239
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5,165
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Net Cash Used by Financing
Activities
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(1,578)
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(2,532)
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Net Increase in Cash and Cash
Equivalents
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1,661
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2,633
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Cash and Cash Equivalents,
Beginning of Period
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55,420
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53,233
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Cash and Cash Equivalents, End
of Period
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$
57,081
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$
55,866
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SOURCE American Woodmark Corporation