American Woodmark Corporation Announces First Quarter Results

        American Woodmark Corporation Announces First Quarter Results

PR Newswire

WINCHESTER, Va., Aug. 20, 2013

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

AMERICAN WOODMARK CORPORATION
Unaudited Financial Highlights
(in thousands, except share data)
Operating Results
                                                    Three Months Ended
                                                    July 31
                                                    2013          2012
Net Sales                                           $ 178,095     $ 148,252
Cost of Sales & Distribution                          144,380       126,209
Gross Profit                                          33,715        22,043
Sales & Marketing Expense                             14,484        14,520
G&A Expense                                           8,401         5,639
Restructuring Charges                                 82            777
Insurance Proceeds                                    (94)          0
Operating Income                                      10,842        1,107
Interest & Other (Income) Expense                     160           92
Income Tax Expense                                    4,027         454
Net Income                                          $ 6,655       $ 561
Earnings Per Share:
Weighted Average Shares Outstanding - Diluted         15,373,260    14,576,158
Income Per Diluted Share                            $ 0.43        $ 0.04
Condensed Consolidated Balance Sheet
                                                    July 31       April 30
                                                    2013          2013
Cash & Cash Equivalents                             $ 100,440     $ 96,971
Customer Receivables                                  45,276        39,044
Inventories                                           30,767        29,338
Other Current Assets                                  11,629        12,565
Total Current Assets                                  188,112       177,918
Property, Plant & Equipment                           73,884        74,064
Other Assets                                          41,836        42,011
Total Assets                                        $ 303,832     $ 293,993
Current Portion - Long-Term Debt                    $ 1,231       $ 1,155
Accounts Payable & Accrued Expenses                   66,176        67,953
Total Current Liabilities                             67,407        69,108
Long-Term Debt                                        23,618        23,594
Other Liabilities                                     54,431        55,096
Total Liabilities                                     145,456       147,798
Stockholders' Equity                                  158,376       146,195
Total Liabilities & Stockholders' Equity            $ 303,832     $ 293,993
Condensed Consolidated Statements of Cash Flows
                                                    Three Months Ended
                                                    July 31,
                                                    2013          2012
Net Cash Provided (Used) by Operating Activities    $ 2,260       $ (3,772)
Net Cash Used by Investing Activities                 (2,950)       (1,863)
Free Cash Flow                                        (690)         (5,635)
Net Cash Provided (Used) by Financing Activities      4,159         (185)
Net Increase (Decrease) in Cash and Cash              3,469         (5,820)
Equivalents
Cash and Cash Equivalents, Beginning of Period        96,971        66,620
Cash and Cash Equivalents, End of Period            $ 100,440     $ 60,800





SOURCE American Woodmark Corporation

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