WINCHESTER, Va., June 4, 2013 /PRNewswire/ -- American
Woodmark Corporation (NASDAQ: AMWD) today announced results for its
fourth quarter ended April 30,
2013.
Net sales rose by 26% compared with the fourth quarter of the
prior fiscal year to $171.1 million.
The Company experienced double digit sales gains in each of its
sales channels during the fourth quarter of fiscal year 2013, led
by new construction sales growth of more than 40%. Net sales rose
by 22% to $630.4 million during the
Company's entire fiscal year 2013.
The Company generated $5.1 million
of net income, or 34 cents per
diluted share, during the fourth quarter of its fiscal year 2013,
exclusive of an insurance recovery and restructuring charges that
combined to increase net income by less than $0.1 million and by less than one cent per diluted share. The Company's results
were substantially more favorable than in the fourth quarter of its
prior fiscal year, when the net loss was ($1.6 million) or ($0.11) per diluted share, exclusive of a
$0.7 million after-tax write-down of
slow-moving inventories and $3.6 million of after-tax restructuring
charges. Including all of these items, net income reported in the
fourth quarter of fiscal year 2013 was $5.2
million, or 34 cents per
diluted share, compared with a net loss in the fourth quarter of
fiscal year 2012 of ($6.0 million),
or ($0.42) per diluted share.
The Company generated net income for the entire fiscal year 2013
of $10.0 million, or 68 cents per diluted share, exclusive of the
insurance recovery and restructuring charges that combined to
reduce net income by $0.3 million, or 2
cents per diluted share. The Company's results were
substantially more favorable than the loss it experienced in fiscal
year 2012 of ($10.8 million), or
($0.76) per share, exclusive of
after-tax restructuring charges of $10.0 million. Inclusive of all of these items,
net income reported for fiscal year 2013 was $9.8 million, or 66 cents per diluted share,
compared with a net loss in fiscal year 2012 of ($20.8 million), or ($1.45) per diluted share.
Gross profit for the fourth quarter of fiscal year 2013 was
18.9% of net sales, compared with 12.7% in the prior year's fourth
quarter. Gross profit for the entire fiscal year 2013 was 16.3% of
net sales, compared with 12.9% in the prior fiscal year. Gross
profit was favorably impacted by reductions in labor and overhead
costs associated with the Company's previous restructuring actions,
by the beneficial impact of higher sales volume and the absence of
the prior year's inventory write-down. This favorability was
partially offset by the impact of rising materials
costs.
Selling, general and administrative costs were 13.7% of net
sales in the fourth quarter of fiscal year 2013, improved from
15.2% of net sales in the prior year's fourth quarter. Selling,
general and administrative costs improved to 13.5% of net sales for
the entire fiscal year 2013, down from 16.2% of net sales in 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, which more than offset increases
in costs related to the increased sales levels and increased
performance-based compensation.
The Company generated free cash flow (defined as cash provided
by operating activities net of cash used for investing activities)
of $20.3 million during the fourth quarter of fiscal year
2013, compared with $0.3 million in
the prior year's fourth quarter. The substantial improvement in the
Company's free cash flow was driven by the improvement in the
Company's operating profitability and favorability from the timing
of the Company's collections from its customers and payments to its
vendors, which offset unfavorability from this same factor earlier
in the Company's 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 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-E
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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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Twelve Months
Ended
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April
30
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April
30
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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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$
171,079
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$
136,221
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$
630,437
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$
515,814
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Cost of Sales &
Distribution
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138,767
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118,855
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527,781
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449,339
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Gross
Profit
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32,312
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17,366
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102,656
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66,475
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Sales & Marketing
Expense
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14,826
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14,116
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57,402
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58,271
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G&A
Expense
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8,598
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6,549
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27,575
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25,329
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Restructuring
Charges
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454
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5,959
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1,433
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16,321
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Insurance
Proceeds
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(576)
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-
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(975)
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-
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Operating Income
(Loss)
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9,010
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(9,258)
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17,221
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(33,446)
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Interest & Other
(Income) Expense
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132
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(54)
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481
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(158)
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Income Tax Expense
(Benefit)
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3,688
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(3,224)
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6,982
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(12,502)
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Net Income
(Loss)
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$
5,190
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$
(5,980)
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$
9,758
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$
(20,786)
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Earnings Per
Share:
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Weighted Average
Shares Outstanding - Diluted
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15,178,970
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14,382,784
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14,832,688
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14,343,630
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Income (Loss) Per
Diluted Share
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$
0.34
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$
(0.42)
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$
0.66
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$
(1.45)
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Net income (loss), as
reported
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$
5,190
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$
(5,980)
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$
9,758
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$
(20,786)
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Restructuring
Charges, net of tax
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277
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3,635
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874
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9,956
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Insurance proceeds,
net of tax
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(351)
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-
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(595)
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-
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Net income (loss),
excluding restructuring charges and insurance proceeds
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$
5,116
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$
(2,345)
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$
10,037
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$
(10,830)
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Income (Loss) Per
Diluted Share, excluding restructuring charges and insurance
proceeds
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$
0.34
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$
(0.16)
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$
0.68
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$
(0.76)
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Condensed
Consolidated Balance Sheet
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April
30
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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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$
96,971
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$
66,620
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Customer
Receivables
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39,044
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32,533
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Inventories
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29,338
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22,340
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Other Current
Assets
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12,565
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9,609
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Total Current
Assets
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177,918
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131,102
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Property, Plant &
Equipment
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74,064
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75,375
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Restricted
Cash
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-
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7,064
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Other
Assets
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42,011
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51,580
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Total
Assets
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$
293,993
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$
265,121
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Current Portion -
Long-Term Debt
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$
1,155
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$
875
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Accounts Payable
& Accrued Expenses
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67,953
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58,346
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Total Current
Liabilities
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69,108
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59,221
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Long-Term
Debt
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23,594
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23,790
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Other
Liabilities
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55,096
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52,090
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Total
Liabilities
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147,798
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135,101
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Stockholders'
Equity
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146,195
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130,020
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Total Liabilities
& Stockholders' Equity
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$
293,993
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$
265,121
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Condensed
Consolidated Statements of Cash Flows
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Twelve Months
Ended
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April
30
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2013
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2012
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Net Cash Provided by
Operating Activities
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$
24,527
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$
16,053
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Net Cash Used by
Investing Activities
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(6,117)
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(9,918)
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Free Cash
Flow
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18,410
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6,135
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Net Cash Provided by
Financing Activities
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11,941
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5,065
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Net Increase in Cash
and Cash Equivalents
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30,351
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11,200
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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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$
96,971
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$
66,620
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SOURCE American Woodmark Corporation