WINCHESTER, Va., Aug. 20, 2013 /PRNewswire/ -- American
Woodmark Corporation (NASDAQ: AMWD) today announced results for its
first fiscal quarter ended July 31,
2013.
Net sales rose by 20% compared with the first quarter of the
prior fiscal year to $178.1
million. The Company experienced growth in both the
remodel and new construction sales channels during the first
quarter of fiscal year 2014, led by new construction growth of more
than 40%.
Exclusive of after-tax restructuring charges, the Company
generated $6.7 million ($0.43 per diluted share) of net income during the
first quarter of fiscal year 2014 versus $1.0 million ($0.07
per diluted share) of net income in the prior year. Inclusive
of after-tax restructuring charges, the Company generated
$6.7 million ($0.43 per diluted share) of net income during the
first quarter of fiscal 2014 versus $0.6
million ($0.04 per diluted
share) of net income during the same quarter in the prior
year.
Gross profit for the first quarter of fiscal year 2014 was 18.9%
of net sales, compared with 14.9% in the first quarter of the prior
year. Gross profit was favorably impacted by higher sales
volume and improved operating efficiencies. This favorability
was partially offset by the impact of rising material costs and
expenses under the Company's pay-for-performance plans.
Selling, general and administrative costs were 12.8% of net
sales in the first quarter of fiscal year 2014, an improvement from
13.6% of net sales in the prior year's first quarter. The
improvement in the Company's operating expense ratio was driven by
a combination of favorable leverage from increased sales levels and
cost savings from modifications to the Company's retirement
programs, which were only partially offset by increases in both
costs related to higher sales activity and increased
performance-based compensation.
The Company generated free cash flow (defined as cash
provided/(used) by operating activities net of cash used for
investing activities) of $(0.7)
million during the first quarter of fiscal year 2014,
compared with $(5.6) million during
the same period in the prior year. The improvement in the
Company's free cash flow was driven primarily by higher operating
profitability and timing associated with tax payments. These
improvements were partially offset by the lack of proceeds from
asset sales in the prior year and by increased accounts receivable
due to both higher sales activity and timing associated with
payments from customers.
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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July
31
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2013
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2012
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Net Sales
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$
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178,095
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$
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148,252
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Cost of Sales &
Distribution
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144,380
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126,209
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Gross
Profit
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33,715
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22,043
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Sales & Marketing
Expense
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14,484
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14,520
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G&A
Expense
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8,401
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5,639
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Restructuring
Charges
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82
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777
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Insurance
Proceeds
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(94)
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0
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Operating
Income
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10,842
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1,107
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Interest & Other
(Income) Expense
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160
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92
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Income Tax
Expense
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4,027
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454
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Net Income
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$
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6,655
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$
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561
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Earnings Per
Share:
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Weighted Average
Shares Outstanding - Diluted
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15,373,260
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14,576,158
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Income Per Diluted
Share
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$
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0.43
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$
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0.04
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Condensed
Consolidated Balance Sheet
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July
31
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April
30
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2013
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2013
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Cash & Cash
Equivalents
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$
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100,440
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$
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96,971
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Customer
Receivables
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45,276
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39,044
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Inventories
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30,767
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29,338
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Other Current
Assets
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11,629
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12,565
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Total Current
Assets
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188,112
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177,918
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Property, Plant &
Equipment
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73,884
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74,064
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Other
Assets
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41,836
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42,011
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Total
Assets
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$
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303,832
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$
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293,993
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Current Portion -
Long-Term Debt
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$
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1,231
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$
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1,155
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Accounts Payable
& Accrued Expenses
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66,176
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67,953
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Total Current
Liabilities
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67,407
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69,108
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Long-Term
Debt
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23,618
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23,594
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Other
Liabilities
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54,431
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55,096
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Total
Liabilities
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145,456
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147,798
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Stockholders'
Equity
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158,376
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146,195
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Total Liabilities
& Stockholders' Equity
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$
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303,832
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$
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293,993
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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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2013
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2012
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Net Cash Provided
(Used) by Operating Activities
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$
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2,260
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$
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(3,772)
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Net Cash Used by
Investing Activities
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(2,950)
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(1,863)
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Free Cash
Flow
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(690)
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(5,635)
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Net Cash Provided
(Used) by Financing Activities
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4,159
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(185)
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Net Increase
(Decrease) in Cash and Cash Equivalents
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3,469
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(5,820)
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Cash and Cash
Equivalents, Beginning of Period
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96,971
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66,620
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Cash and Cash
Equivalents, End of Period
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$
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100,440
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$
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60,800
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SOURCE American Woodmark Corporation