WINCHESTER, Va., Feb. 19, 2013 /PRNewswire/ -- American
Woodmark Corporation (NASDAQ: AMWD) today announced results for the
third quarter ended January 31, 2013,
of its fiscal year that ends on April 30,
2013.
Net sales rose by 26% compared with the third quarter of the
prior fiscal year to $151.3 million.
Net sales rose by 21% to $459.4
million during the nine-month period ended January 31, 2013, compared with the comparable
period of the prior fiscal year. The Company experienced sales
gains in each of its sales channels during the third quarter of
fiscal year 2013, led by new construction sales growth of more than
50%.
The Company generated net income excluding restructuring charges
of $2.1 million, or $0.14 per diluted share during the third
quarter of fiscal year 2013, compared with a net loss of
($2.8 million) or ($0.20) per diluted share in the third quarter of
its prior fiscal year. The Company generated net income excluding
restructuring charges of $5.2 million
or $0.35 per diluted share in the
nine-month period ended January 31,
2013, compared with a net loss of ($8.5 million) or ($0.59) per diluted share in the comparable
period of the prior fiscal year. Results in fiscal year 2013
included net-of-tax restructuring costs of $0.1 million, or $0.00 per diluted share in the third quarter, and
$0.6 million, or $0.04 per diluted share in the first nine months,
related to the permanent closure of two manufacturing plants in
April 2012 and May 2012. Net income inclusive of these charges
for the third quarter and first nine months of fiscal year 2013 was
$2.1 million, or $0.14 per diluted share, and $4.6 million, or $0.31 per diluted share, respectively.
Gross profit for the third quarter of fiscal year 2013 was 15.5%
of net sales, compared with 12.2% of net sales in the prior year's
third quarter. Gross profit was 15.3% of net sales during the first
nine months of fiscal year 2013, compared with 12.9% of net sales
during the comparable period of the prior fiscal year. Gross profit
was favorably impacted by reductions in fixed overhead costs
associated with the plant closures, by the beneficial impact of
higher sales volume and by other cost savings realized from the
Company's restructuring. This favorability was partially offset by
the lingering impact of operational inefficiencies connected with
the transition of production related to the plant closures during a
period of rising sales, as well as rising materials costs.
Selling, general and administrative costs were 13.1% of net
sales in the third quarter of fiscal year 2013, improved from 16.6%
of net sales in the prior year's third quarter. Selling, general
and administrative costs improved to 13.4% of net sales in the
first nine months of fiscal year 2013, down from 16.6% of net sales
in the comparable period of 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 cost
savings from modifications to the Company's retirement
programs.
The Company generated free cash flow (defined as cash provided
by operating activities net of cash used for investing activities)
of $1.3 million during the third quarter of fiscal year 2013,
compared with $2.6 million in the
prior year's third quarter. The reduction in the Company's free
cash flow was driven by the timing of the Company's
collections from its customers and by contributions made
to the Company's pension plan, which more than offset the
impact of higher net income.
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.
AMWD-F and 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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Nine
Months Ended
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January
31
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January
31
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2013
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2012
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2013
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2012
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Net
Sales
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$
151,346
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$
119,976
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$
459,358
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$
379,593
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Cost of
Sales & Distribution
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127,839
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105,388
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389,014
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330,484
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Gross
Profit
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23,507
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14,588
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70,344
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49,109
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Sales
& Marketing Expense
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13,083
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13,671
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42,576
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44,155
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G&A
Expense
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6,714
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6,273
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18,977
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18,780
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Restructuring Charges
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118
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10,347
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979
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10,362
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Insurance
Proceeds
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-
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-
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(399)
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-
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Operating
Income (Loss)
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3,592
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(15,703)
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8,211
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(24,188)
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Interest
& Other (Income) Expense
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116
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(50)
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349
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(104)
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Income Tax
Expense (Benefit)
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1,419
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(6,539)
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3,294
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(9,278)
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Net Income
(Loss)
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$
2,057
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$
(9,114)
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$
4,568
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$
(14,806)
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Earnings Per Share:
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Weighted
Average Shares Outstanding - Diluted
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14,904,524
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14,361,953
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14,719,441
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14,315,318
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Income
(Loss) Per Diluted Share
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$
0.14
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$
(0.63)
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$
0.31
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$
(1.03)
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Net income
(loss), as reported
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$
2,057
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$
(9,114)
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$
4,568
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$
(14,806)
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Restructuring Charges, net of tax
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72
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6,312
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597
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6,321
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Net income
(loss), excluding restructuring charges
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$
2,129
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$
(2,802)
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$
5,165
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$
(8,485)
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Income
(Loss) Per Diluted Share, excluding restructuring
charges
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$
0.14
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$
(0.20)
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$
0.35
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$
(0.59)
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Condensed Consolidated Balance
Sheet
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January 31
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April 30
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2013
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2012
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Cash &
Cash Equivalents
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$
66,004
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$
66,620
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Customer
Receivables
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40,954
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32,533
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Inventories
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28,144
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22,340
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Other
Current Assets
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14,562
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9,609
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Total
Current Assets
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149,664
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131,102
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Property,
Plant & Equipment
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74,825
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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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39,213
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51,580
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Total
Assets
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$
270,766
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$
265,121
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Current
Portion - Long-Term Debt
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$
1,046
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$
875
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Accounts
Payable & Accrued Expenses
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58,755
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58,346
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Total
Current Liabilities
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59,801
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59,221
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Long-Term
Debt
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23,419
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23,790
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Other
Liabilities
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47,072
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52,090
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Total
Liabilities
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130,292
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135,101
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Stockholders' Equity
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140,474
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130,020
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Total
Liabilities & Stockholders' Equity
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$
270,766
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$
265,121
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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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2013
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2012
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Net Cash
Provided by Operating Activities
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$
2,636
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$
13,422
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Net Cash
Used by Investing Activities
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(4,571)
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(7,588)
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Free Cash
Flow
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(1,935)
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5,834
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Net Cash
Provided (Used) by Financing Activities
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1,319
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(2,027)
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Net
Increase/(Decrease) in Cash and Cash Equivalents
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(616)
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3,807
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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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$
66,004
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$
59,227
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SOURCE American Woodmark Corporation