American Woodmark Corporation Announces Fourth Quarter Results

        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