American Woodmark Corporation Announces Fourth Quarter Results

WINCHESTER, Va., June 3, 2014 /PRNewswire/ -- American Woodmark Corporation (NASDAQ: AMWD) today announced results for its fourth fiscal quarter ended April 30, 2014.

Net sales for the fourth fiscal quarter increased 10% to $188.9 million compared with the same quarter of the prior fiscal year.  The Company experienced growth in both the remodeling and new construction channels during the fourth quarter of fiscal year 2014, with new construction growth exceeding 25%.  Net sales for the full fiscal year of $726.5 million increased 15% from the prior fiscal year.   

Net income was $5.6 million ($0.36 per diluted share) for the fourth quarter of the current fiscal year compared with $5.2 million ($0.35 per diluted share) for the fourth quarter of the prior fiscal year.  Exclusive of after-tax restructuring charges, the Company generated $5.4 million ($0.34 per diluted share) of net income for the fourth quarter of the current fiscal year compared with $5.1 million ($0.34 per diluted share) for the fourth quarter of the prior fiscal year.

Net income for the entire fiscal year 2014 was $20.5 million ($1.31 per diluted share) compared with $9.8 million ($0.66 per diluted share) for fiscal year 2013.  Exclusive of after-tax restructuring charges and insurance proceeds, the Company generated $20.3 million ($1.29 per diluted share) of net income for the current fiscal year compared with $10.0 million ($0.68 per diluted share) for the prior fiscal year.     

Gross profit for the fourth quarter of the current fiscal year was 17.0% of net sales compared with 18.9% in the same quarter of the prior year.  Gross profit in the current quarter was favorably impacted by higher sales volume and improved labor efficiency that was more than offset by material inflation and costs associated with crewing and infrastructure to support higher levels of sales and installation activity.  Gross profit for the entire current fiscal year was 17.1% of net sales compared with 16.3% for the same period in the prior year.  Gross profit in the twelve month period was favorably impacted by higher sales volume and improved labor efficiency.  This favorability was partially offset by higher material costs. 

Selling, general and administrative costs for the fourth quarter of the current fiscal year were 12.3% of net sales compared with 13.7% in the same quarter of the prior year.  Selling, general and administrative costs for the current fiscal year were 12.5% of net sales compared with 13.5% 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 and on-going expense control.

The Company generated net cash from operating activities of $40.5 million during fiscal year 2014 compared with $24.5 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, lower increases in inventory levels to support higher sales, and lower pension contributions.  Net cash used by investing activities increased to $9.6 million during the current fiscal year compared with $6.1 million during the same period of the prior year due primarily to higher proceeds from asset sales in the prior year.  Net cash used by financing activities increased $6.0 million during the fiscal fourth quarter as the company repurchased 100,000 shares of common stock at a cost of $3.1 million and completed the sale of its Hazard County facility and retired associated debt of $3.2 million.

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-E

 

AMERICAN WOODMARK CORPORATION











Unaudited Financial Highlights











(in thousands, except share data)











Operating Results














Three Months Ended


Twelve Months Ended




April 30


April 30




2014


2013


2014


2013











Net Sales


$           188,855


$           171,079


$           726,515


$           630,437

Cost of Sales & Distribution


156,668


138,767


602,338


527,781


Gross Profit


32,187


32,312


124,177


102,656

Sales & Marketing Expense


14,898


14,826


59,536


57,402

G&A Expense


8,326


8,598


30,881


27,575

Restructuring Charges, net


(395)


454


(234)


1,433

Insurance Proceeds


-


(576)


(94)


(975)


Operating Income


9,358


9,010


34,088


17,221

Interest & Other (Income) Expense


(46)


132


418


481

Income Tax Expense 


3,770


3,688


13,209


6,982


Net Income 


$               5,634


$               5,190


$             20,461


$               9,758











Earnings Per Share:









Weighted Average Shares









 Outstanding - Diluted


15,835,132


15,178,970


15,653,251


14,832,688











Income Per Diluted Share


$                 0.36


$                 0.35


$                 1.31


$                 0.66

 

 

Condensed Consolidated Balance Sheet










 April 30 


 April 30 




2014


2013







Cash & Cash Equivalents


$           135,700


$             96,971

Customer Receivables


46,475


39,044

Inventories


31,523


29,338

Other Current Assets


11,718


12,565


Total Current Assets


225,416


177,918

Property, Plant & Equipment


74,049


74,064

Other Assets


30,599


42,011


Total Assets


$           330,064


$           293,993







Current Portion - Long-Term Debt


$               1,146


$               1,155

Accounts Payable & Accrued Expenses


75,273


67,953


Total Current Liabilities


76,419


69,108

Long-Term Debt


20,453


23,594

Other Liabilities


42,647


55,096


Total Liabilities


139,519


147,798

Stockholders' Equity


190,545


146,195


Total Liabilities & Stockholders' Equity


$           330,064


$           293,993







Condensed Consolidated Statements of Cash Flows










Twelve Months Ended




April 30




2014


2013







Net Cash Provided by Operating Activities


$             40,535


$             24,527

Net Cash Used by Investing Activities


(9,583)


(6,117)

Free Cash Flow


30,952


18,410







Net Cash Provided by Financing Activities


7,777


11,941

Net Increase in Cash and Cash Equivalents


38,729


30,351

Cash and Cash Equivalents, Beginning of Period


96,971


66,620







Cash and Cash Equivalents, End of Period


$           135,700


$             96,971

 

 

SOURCE American Woodmark Corporation



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http://www.americanwoodmark.com

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