American Woodmark Corporation Announces Third Quarter Results

        American Woodmark Corporation Announces Third Quarter Results

PR Newswire

WINCHESTER, Va., Feb. 19, 2013

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 $0.14per diluted share during the third quarter of fiscal year
2013, compared with a net loss of ($2.8million) 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 $4.6million, 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 wasdriven
by the timing of the Company's collections from its customers and by
contributions made tothe 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
Unaudited Financial Highlights
(in thousands, except share data)
Operating Results
                        Three Months Ended            Nine Months Ended
                        January 31                    January 31
                        2013           2012           2013         2012
Net Sales               $         $         $       $     
                        151,346        119,976        459,358      379,593
Cost of Sales &         127,839        105,388        389,014      330,484
Distribution
      Gross Profit      23,507         14,588         70,344       49,109
Sales & Marketing       13,083         13,671         42,576       44,155
Expense
G&A Expense             6,714          6,273          18,977       18,780
Restructuring Charges   118            10,347         979          10,362
Insurance Proceeds      -              -              (399)        -
      Operating Income  3,592          (15,703)       8,211        (24,188)
      (Loss)
Interest & Other        116            (50)           349          (104)
(Income) Expense
Income Tax Expense      1,419          (6,539)        3,294        (9,278)
(Benefit)
      Net Income        $        $        $       $     
      (Loss)             2,057        (9,114)          4,568    (14,806)
Earnings Per Share:
Weighted Average
Shares Outstanding -    14,904,524     14,361,953     14,719,441   14,315,318
Diluted
Income (Loss) Per       $        $        $       $     
Diluted Share             0.14        (0.63)          0.31     (1.03)
Net income (loss), as   $        $        $       $     
reported                 2,057        (9,114)          4,568    (14,806)
Restructuring Charges,  72             6,312          597          6,321
net of tax
Net income (loss),      $        $        $       $     
excluding                2,129        (2,802)          5,165     (8,485)
restructuring charges
Income (Loss) Per
Diluted Share,          $        $        $       $     
excluding                 0.14        (0.20)          0.35     (0.59)
restructuring charges



Condensed Consolidated Balance Sheet
                                             January 31     April 30
                                             2013             2012
Cash & Cash Equivalents                      $    66,004   $    66,620
Customer Receivables                         40,954           32,533
Inventories                                  28,144           22,340
Other Current Assets                         14,562           9,609
  Total Current Assets                       149,664          131,102
Property, Plant & Equipment                  74,825           75,375
Restricted Cash                              7,064            7,064
Other Assets                                 39,213           51,580
  Total Assets                               $   270,766    $   265,121
Current Portion - Long-Term Debt             $     1,046  $      875
Accounts Payable & Accrued Expenses          58,755           58,346
  Total Current Liabilities                  59,801           59,221
Long-Term Debt                               23,419           23,790
Other Liabilities                            47,072           52,090
  Total Liabilities                          130,292          135,101
Stockholders' Equity                         140,474          130,020
  Total Liabilities & Stockholders'          $   270,766    $   265,121
  Equity



Condensed Consolidated Statements of Cash Flows
                                                Nine Months Ended
                                                January 31
                                                2013            2012
Net Cash Provided by Operating Activities       $           $    13,422
                                                2,636
Net Cash Used by Investing Activities           (4,571)         (7,588)
Free Cash Flow                                  (1,935)         5,834
Net Cash Provided (Used) by Financing           1,319           (2,027)
Activities
Net Increase/(Decrease) in Cash and Cash        (616)           3,807
Equivalents
Cash and Cash Equivalents, Beginning of         66,620          55,420
Period
Cash and Cash Equivalents, End of Period        $    66,004  $    59,227

SOURCE American Woodmark Corporation

Website: http://www.americanwoodmark.com
Contact: Glenn Eanes, Vice President and Treasurer, +1-540-665-9100
 
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