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American Woodmark Corporation Announces Second Quarter Results



        American Woodmark Corporation Announces Second Quarter Results

Authorizes Stock Repurchase

PR Newswire

WINCHESTER, Va., Nov. 26, 2013

WINCHESTER, Va., Nov. 26, 2013 /PRNewswire/ -- American Woodmark Corporation
(NASDAQ: AMWD) today announced results for its second fiscal quarter ended
October 31, 2013.

Net sales for the second fiscal quarter increased 19% to $190.5 million
compared with the same quarter of the prior fiscal year. Net sales for the
first six months of the current fiscal year increased 20% to $368.6 million
from the comparable period of the prior fiscal year. The Company experienced
growth in both remodeling and new construction during the second quarter of
fiscal year 2014, with new construction growth in excess of 40%.

Net income was $5.3 million ($0.34 per diluted share) and $11.9 million ($0.77
per diluted share) for the three months and six months, respectively, of the
current fiscal year compared with $2.0 million ($0.13 per diluted share) and
$2.5 million ($0.17 per diluted share) for the three months and six months,
respectively, of the prior fiscal year. Exclusive of after-tax restructuring
charges and insurance proceeds, the Company generated $5.3 million ($0.34 per
diluted share) and $11.9 million ($0.77 per diluted share) of net income for
the three months and six months, respectively, of the current fiscal year
compared with $1.8 million ($0.12 per diluted share) and $2.8 million ($0.19
per diluted share) for the three months and six months, respectively, of the
prior fiscal year.

Gross profit for the second quarter of the current fiscal year was 16.9% of
net sales compared with 15.5% in the same quarter of the prior year. Gross
profit for the first six months of the current fiscal year was 17.9% of net
sales compared with 15.2% for the same period in the prior year. Gross profit
in both the three month and six month periods was favorably impacted by higher
sales volume and improved operating efficiencies. This favorability was
partially offset by rising material costs and payments earned by employees
under the Company's pay-for-performance plans.

Selling, general and administrative costs for the second quarter of the
current fiscal year were 12.3% of net sales compared with 13.5% in the same
quarter of the prior year. Selling, general and administrative costs for the
first six months of the current fiscal year were 12.5% of net sales compared
with 13.6% for the same period in the prior year. The improvement in the
Company's operating expense ratio in both periods was driven by favorable
leverage from increased sales, expense controls, and cost savings from
modifications to the Company's retirement programs. This favorability was
partially offset by increases in variable costs related to higher sales
activity and increased performance-based compensation.

The Company generated net cash from operating activities of $15.8 million
during the first six months of fiscal year 2014 compared with $(2.2) million
during the same period in the prior year. The improvement in the Company's
cash from operating activities was driven primarily by higher operating
profitability and timing associated with the payment of various accrued
liabilities. Net cash used by investing activities increased to $5.8 million
during the first six months of the current fiscal year compared with $1.1
million during the same period of the prior year due primarily to proceeds
from asset sales in the prior year which did not reoccur in the current fiscal
year.

The Board of Directors has authorized a stock repurchase program of up to $10
million of the Company's outstanding common shares, replacing all prior
programs which have been terminated. Regarding the repurchase program, Kent
Guichard, Chairman and Chief Executive Officer, commented, "After reviewing
the Company's current program, the Board made the decision that smaller
authorizations would provide more timely information regarding the
distribution of cash to our shareholders. Going forward, the Board will
approve repurchase authorizations that are most likely to occur within the
following twelve months."

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.

AMERICAN WOODMARK CORPORATION
Unaudited Financial Highlights
(in thousands, except share data)
Operating Results
                                Three Months Ended      Six Months Ended
                                October 31              October 31
                                2013        2012        2013        2012
Net Sales                       $ 190,532   $ 159,760   $ 368,627   $ 308,012
Cost of Sales & Distribution    158,258     134,966     302,638     261,175
       Gross Profit             32,274      24,794      65,989      46,837
Sales & Marketing Expense       15,867      14,973      30,351      29,493
G&A Expense                     7,590       6,624       15,991      12,263
Restructuring Charges           31          84          113         861
Insurance Proceeds              -           (399)       (94)        (399)
       Operating Income         8,786       3,512       19,628      4,619
Interest & Other (Income)       155         141         315         233
Expense
Income Tax Expense              3,360       1,421       7,387       1,875
       Net Income               $ 5,271     $ 1,950     $ 11,926    $ 2,511
Earnings Per Share:
Weighted Average Shares
                                15,581,605  14,677,640  15,479,180  14,626,899
Outstanding - Diluted
Income Per Diluted Share        $ 0.34      $ 0.13      $ 0.77      $ 0.17

Condensed Consolidated Balance Sheet
                                                    October 31       April 30
                                                    2013             2013
Cash & Cash Equivalents                             $      118,504   $ 96,971
Customer Receivables                                       49,159      39,044
Inventories                                                31,131      29,338
Other Current Assets                                       11,749      12,565
Total Current Assets                                       210,543     177,918
Property, Plant & Equipment                                73,774      74,064
Other Assets                                               40,523      42,011
Total Assets                                        $      324,840   $ 293,993
Current Portion - Long-Term Debt                    $      1,317     $ 1,155
Accounts Payable & Accrued Expenses                        73,325      67,953
Total Current Liabilities                                  74,642      69,108
Long-Term Debt                                             23,650      23,594
Other Liabilities                                          53,753      55,096
Total Liabilities                                          152,045     147,798
Stockholders' Equity                                       172,795     146,195
Total Liabilities & Stockholders' Equity            $      324,840   $ 293,993
Condensed Consolidated Statements of Cash Flows
                                                    Six Months Ended
                                                    October 31
                                                    2013            2012
Net Cash Provided (Used) by Operating Activities    $ 15,812        $ (2,153)
Net Cash Used by Investing Activities                 (5,796)         (1,081)
Free Cash Flow                                        10,016          (3,234)
Net Cash Provided (Used) by Financing Activities      11,517          (336)
Net Increase (Decrease) in Cash and Cash              21,533          (3,570)
Equivalents
Cash and Cash Equivalents, Beginning of Period        96,971          66,620
Cash and Cash Equivalents, End of Period            $ 118,504       $ 63,050

AMWD-F and AMWD-E

 

SOURCE American Woodmark Corporation

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