WINCHESTER, Va., Aug. 21, 2012 /PRNewswire/ -- American
Woodmark Corporation (NASDAQ: AMWD) today announced results for the
first quarter ended July 31, 2012, of
its fiscal year 2013 that ends on April
30, 2013.
Net sales rose by 13% compared with the first quarter of the
prior fiscal year to $148,252,000. The Company experienced sales
gains of more than 40% in its new construction business, while its
remodeling sales were in line with the prior year's first
quarter.
The Company generated net income excluding restructuring charges
of $1.0 million, or $0.07 per diluted share during the first
quarter of fiscal year 2013, compared with a net loss of
($2.7 million) or ($0.19) per diluted share in the first quarter of
its prior fiscal year. Results in the first quarter of fiscal
year 2013 included net-of-tax restructuring costs of $0.5 million, or $0.03 per diluted share, related to the permanent
closure of two manufacturing plants in April
2012 and May 2012.
Net income for the first quarter of fiscal year 2013
inclusive of these charges was $0.6
million, or $0.04 per
diluted share.
Gross profit for the first quarter of fiscal year 2013 was 14.9%
of net sales, compared with 14.0% of net sales in the prior year's
first quarter. Gross profit was favorably impacted by reductions in
fixed overhead costs associated with the plant closures and the
beneficial impact of higher sales volume. This favorability was
partially offset by the impact of rising materials costs and
operational inefficiencies connected with the transition of
production related to the plant closures.
Selling, general and administrative costs were 13.6% of net
sales in the first quarter of fiscal year 2013, improved from 17.0%
of net sales in the prior year's first quarter. The
improvement in the Company's operating expense ratio was driven by
increased sales levels that enabled favorable leverage, combined
with cost savings from modifications to the Company's retirement
programs and reduced spending on sales promotions and product
displays.
The Company generated free cash flow (defined as cash provided
by operating activities net of cash used for investing activities)
of ($5.6 million) during the first
quarter of fiscal year 2013, compared with $2.1 million in the prior year's first quarter.
The Company's adverse swing in free cash flow was primarily
related to plant closure and severance payments related to its
recently completed restructuring activities and the resumption of
contributions to its pension plans.
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 nine manufacturing facilities and nine service centers
across the country.
Safe harbor statement under the Private Securities Litigation
Reform Act of 1995: All forward‑looking 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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July
31
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2012
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2011
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Net
Sales
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$
148,252
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$
131,199
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Cost of
Sales & Distribution
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126,209
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112,792
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Gross
Profit
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22,043
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18,407
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Sales
& Marketing Expense
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14,520
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15,976
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G&A
Expense
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5,639
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6,341
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Restructuring Charges
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777
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15
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Operating
Income (Loss)
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1,107
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(3,925)
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Interest
& Other (Income) Expense
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92
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(17)
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Income Tax
Expense (Benefit)
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454
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(1,192)
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Net Income
(Loss)
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$
561
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$
(2,716)
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Earnings Per Share:
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Weighted
Average Shares Outstanding - Diluted
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14,568,740
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14,299,683
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Income
(Loss) Per Diluted Share
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$
0.04
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$
(0.19)
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Net income
(loss), as reported
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$
561
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$
(2,716)
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Restructuring Charges, net of tax
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473
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6
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Net income
(loss), excluding restructuring charges
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$
1,034
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$
(2,710)
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Income
(Loss) Per Diluted Share, excluding restructuring
charges
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$
0.07
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$
(0.19)
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Condensed Consolidated Balance
Sheet
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July
31
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April
30
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2012
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2012
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Cash &
Cash Equivalents
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$
60,800
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$
66,620
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Customer
Receivables
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33,793
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32,533
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Inventories
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24,478
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22,340
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Other
Current Assets
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12,711
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9,609
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Total
Current Assets
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131,782
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131,102
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Property,
Plant & Equipment
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73,501
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75,375
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Restricted
Cash
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7,064
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7,064
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Other
Assets
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48,371
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51,580
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Total
Assets
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$260,718
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$265,121
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Current
Portion - Long-Term Debt
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$
906
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$
875
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Accounts
Payable & Accrued Expenses
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54,696
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58,346
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Total
Current Liabilities
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55,602
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59,221
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Long-Term
Debt
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23,703
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23,790
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Other
Liabilities
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50,462
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52,090
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Total
Liabilities
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129,767
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135,101
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Stockholders' Equity
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130,951
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130,020
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Total
Liabilities & Stockholders' Equity
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$260,718
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$265,121
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Condensed Consolidated Statements of Cash
Flows
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Three
Months Ended
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July
31
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2012
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2011
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Net Cash
Provided (Used) by Operating Activities
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$
(3,772)
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$
4,208
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Net Cash
Used by Investing Activities
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(1,863)
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(2,087)
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Free Cash
Flow
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(5,635)
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2,121
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Net Cash
Used by Financing Activities
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(185)
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(1,423)
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Net
Increase/(Decrease) in Cash and Cash Equivalents
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(5,820)
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698
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Cash and
Cash Equivalents, Beginning of Period
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66,620
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55,420
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Cash and
Cash Equivalents, End of Period
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$60,800
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$56,118
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AMWD-F AMWD-E
SOURCE American Woodmark Corporation