WINCHESTER, Va., Feb. 21, 2012 /PRNewswire/ -- American Woodmark
Corporation (NASDAQ: AMWD) today announced results for the third
quarter of its fiscal year 2012, that ended on January 31, 2012.
Net sales rose by 8% compared with the third quarter of the
prior fiscal year, to $119,976,000.
Net sales rose by 16% during the nine-month period ended
January 31, 2012 compared with the
comparable period of the prior fiscal year, to $379,593,000. The Company experienced sales
gains of more than 30% in its new construction business during the
third quarter of fiscal year 2012 that more than offset a modest
decline in its remodeling business.
The Company generated a net loss excluding restructuring costs
of ($2,802,000) or ($0.19) per diluted share during the third
quarter of fiscal year 2012, compared with a net loss of
($5,828,000) or ($0.41) per diluted share in the third quarter of
its prior fiscal year. The Company generated a net loss
excluding restructuring costs of ($8,494,000) or ($0.59) per diluted share in the nine-month
period ended January 31, 2012,
compared with a net loss of ($16,630,000) or ($1.17) per diluted share in the comparable
period of the prior fiscal year.
The Company announced several initiatives in December 2011 to reduce capacity and costs,
including the permanent closure of two manufacturing plants, the
decision to place a previously closed manufacturing plant up for
sale, and the realignment of its retirement program, including the
freezing of its pension plans effective April 30, 2012. The Company is actively
working toward completing these initiatives by April 30, 2012. In connection with these
initiatives, the Company recorded net-of-tax charges of
($6,312,000), or ($0.44) per diluted share, during the third
quarter of fiscal year 2012. Inclusive of these charges, net loss
for the third quarter of fiscal year 2012 was ($9,114,000), or ($0.63) per diluted share, and ($14,806,000) or ($1.03) per diluted share for the nine-month
period ended January 31, 2012.
Gross profit for the third quarter of fiscal year 2012 was 12.2%
of net sales, compared with 10.9% in the third quarter of the prior
fiscal year. Gross profit was 12.9% of net sales during the
first nine months of fiscal year 2012, compared with 11.1% 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 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 materials and fuel costs during both
periods and by the impact of higher sales promotional costs during
the nine-month period.
Selling, general and administrative costs improved to 16.6% of
net sales in the third quarter of fiscal year 2012, down from 19.3%
of net sales in the third quarter of the prior fiscal year.
Selling, general and administrative costs improved to 16.6%
of net sales in the first nine 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 free cash flow (defined as cash provided
by operating activities net of cash used for investing activities)
of positive $2.6 million in the third
quarter of fiscal year 2012, compared with negative $1.8 million in the third quarter of its prior
fiscal year. For the nine-month period ended January 31, 2012, the Company's free cash flow
was positive $5.8 million, compared
with positive $3.4 million in the
comparable period of the 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 forwardlooking 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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2012
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2011
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2012
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2011
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Net Sales
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$
119,976
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$
111,443
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$
379,593
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$
328,359
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Cost of Sales &
Distribution
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105,388
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99,279
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330,484
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291,992
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Gross Profit
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14,588
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12,164
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49,109
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36,367
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Sales & Marketing
Expense
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13,671
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16,069
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44,155
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45,977
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G&A Expense
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6,273
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5,421
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18,780
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17,283
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Restructuring Charges
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10,347
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16
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10,362
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55
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Operating Loss
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(15,703)
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(9,342)
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(24,188)
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(26,948)
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Interest & Other (Income)
Expense
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(50)
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(33)
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(104)
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(146)
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Income Tax Benefit
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(6,539)
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(3,481)
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(9,278)
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(10,172)
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Net Loss
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$
(9,114)
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$
(5,828)
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$
(14,806)
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$
(16,630)
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Earnings Per
Share:
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Weighted Average Shares
Outstanding - Diluted
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14,361,953
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14,263,320
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14,330,863
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14,241,883
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Loss Per Diluted
Share
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$
(0.63)
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$
(0.41)
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$
(1.03)
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$
(1.17)
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Condensed
Consolidated Balance Sheet
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January
31
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April
30
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2012
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2011
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Cash & Cash
Equivalents
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$
59,227
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$
55,420
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Customer Receivables
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25,011
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31,067
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Inventories
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22,138
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24,471
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Other Current Assets
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9,481
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9,458
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Total Current Assets
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115,857
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120,416
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Property, Plant &
Equipment
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78,602
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100,628
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Restricted Cash
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14,403
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14,419
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Other Assets
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52,230
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32,907
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Total Assets
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$
261,092
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$
268,370
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Current Portion - Long-Term
Debt
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$
972
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$
928
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Accounts Payable & Accrued
Expenses
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47,892
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49,916
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Total Current
Liabilities
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48,864
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50,844
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Long-Term Debt
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23,887
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24,655
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Other Liabilities
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53,765
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38,906
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Total Liabilities
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126,516
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114,405
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Stockholders' Equity
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134,576
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153,965
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Total Liabilities &
Stockholders' Equity
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$
261,092
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$
268,370
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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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2012
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2011
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Net Cash Provided by Operating
Activities
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$
13,422
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$
7,713
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Net Cash Used by Investing
Activities
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(7,588)
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(4,300)
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Free Cash Flow
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5,834
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3,413
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Net Cash Used by Financing
Activities
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(2,027)
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(4,104)
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Net Increase/(Decrease) in Cash
and Cash Equivalents
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3,807
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(691)
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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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$
59,227
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$
52,542
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SOURCE American Woodmark Corporation