American Woodmark Corporation Announces Fourth Quarter Results PR Newswire WINCHESTER, Va., June 4, 2013 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 $3.6million 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 $0.3million, 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 chargesof $10.0 million. Inclusive of all of these items, net income reported for fiscal year 2013 was $9.8 million, or 66cents 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 AMERICAN WOODMARK CORPORATION Unaudited Financial Highlights (in thousands, except share data) Operating Results Three Months Ended Twelve Months Ended April 30 April 30 2013 2012 2013 2012 Net Sales $ $ $ $ 171,079 136,221 630,437 515,814 Cost of Sales & 138,767 118,855 527,781 449,339 Distribution Gross Profit 32,312 17,366 102,656 66,475 Sales & Marketing Expense 14,826 14,116 57,402 58,271 G&A Expense 8,598 6,549 27,575 25,329 Restructuring Charges 454 5,959 1,433 16,321 Insurance Proceeds (576) - (975) - Operating Income 9,010 (9,258) 17,221 (33,446) (Loss) Interest & Other (Income) 132 (54) 481 (158) Expense Income Tax Expense 3,688 (3,224) 6,982 (12,502) (Benefit) Net Income (Loss) $ $ $ $ 5,190 (5,980) 9,758 (20,786) Earnings Per Share: Weighted Average Shares 15,178,970 14,382,784 14,832,688 14,343,630 Outstanding - Diluted Income (Loss) Per Diluted $ $ $ $ Share 0.34 (0.42) 0.66 (1.45) Net income (loss), as $ $ $ $ reported 5,190 (5,980) 9,758 (20,786) Restructuring Charges, net 277 3,635 874 9,956 of tax Insurance proceeds, net of (351) - (595) - tax Net income (loss), excluding restructuring $ $ $ $ charges and insurance 5,116 (2,345) 10,037 (10,830) proceeds Income (Loss) Per Diluted Share, excluding $ $ $ $ restructuring charges and 0.34 (0.16) 0.68 (0.76) insurance proceeds Condensed Consolidated Balance Sheet April 30 April 30 2013 2012 Cash & Cash Equivalents $ $ 96,971 66,620 Customer Receivables 39,044 32,533 Inventories 29,338 22,340 Other Current Assets 12,565 9,609 Total Current Assets 177,918 131,102 Property, Plant & 74,064 75,375 Equipment Restricted Cash - 7,064 Other Assets 42,011 51,580 Total Assets $ $ 293,993 265,121 Current Portion - $ $ Long-Term Debt 1,155 875 Accounts Payable & Accrued 67,953 58,346 Expenses Total Current 69,108 59,221 Liabilities Long-Term Debt 23,594 23,790 Other Liabilities 55,096 52,090 Total Liabilities 147,798 135,101 Stockholders' Equity 146,195 130,020 Total Liabilities & $ $ Stockholders' Equity 293,993 265,121 Condensed Consolidated Statements of Cash Flows Twelve Months Ended April 30 2013 2012 Net Cash Provided by $ $ Operating Activities 24,527 16,053 Net Cash Used by Investing (6,117) (9,918) Activities Free Cash Flow 18,410 6,135 Net Cash Provided by 11,941 5,065 Financing Activities Net Increase in Cash and 30,351 11,200 Cash Equivalents Cash and Cash Equivalents, 66,620 55,420 Beginning of Period Cash and Cash Equivalents, $ $ End of Period 96,971 66,620 SOURCE American Woodmark Corporation Website: http://www.americanwoodmark.com Contact: Glenn Eanes, Vice President and Treasurer, 540-665-9100
American Woodmark Corporation Announces Fourth Quarter Results
Press spacebar to pause and continue. Press esc to stop.