2014

American Woodmark Corporation Announces Second Quarter Results

WINCHESTER, Va., Nov. 22, 2011 /PRNewswire/ -- American Woodmark Corporation (NASDAQ: AMWD) today announced results for the second quarter of its fiscal year 2012, that ended on October 31, 2011.  

Net sales rose by 19% to $128,418,000 compared with the second quarter of the prior fiscal year.  Net sales rose by 20% during the six-month period ended October 31, 2011 compared with the comparable period of the prior fiscal year to $259,617,000.  The Company experienced double digit sales gains in each of its sales channels during the second quarter of fiscal year 2012.

The Company generated a net loss of ($2,976,000) or ($0.21) per diluted share during the second quarter of fiscal year 2012, compared with a net loss of ($7,384,000) or ($0.52) per diluted share in the second quarter of its prior fiscal year.  The Company generated a net loss of ($5,692,000) or ($0.40) per diluted share in the six-month period ended October 31, 2011, compared with a net loss of ($10,802,000) or ($0.76) per diluted share in the comparable period of the prior fiscal year.

Gross profit for the second quarter of fiscal year 2012 was 12.5% of net sales, compared with 9.1% in the second quarter of the prior fiscal year. Gross profit was 13.3% of net sales during the first six months of fiscal year 2012, compared with 11.2% of net sales during the comparable period of the prior fiscal year.  The improvement in gross profit margin during the three and six month periods primarily reflected the beneficial impact of increased sales volume on direct labor and manufacturing overhead costs.  These beneficial factors were partially offset by the unfavorable impact of higher material and fuel costs during both periods and by the impact of higher sales promotional costs during the six month period.

Selling, general and administrative costs improved to 16.1% of net sales in the second quarter of fiscal year 2012, down from 20.3% of net sales in the second quarter of the prior fiscal year.  Selling, general and administrative costs improved to 16.6% of net sales in the first six months of fiscal year 2012, down from 19.3% in the comparable period of the prior fiscal year.  The Company's operating expense ratio was favorably impacted by cost containment efforts and a reduction in display and product launch costs compared with prior year levels.

The Company generated positive free cash flow (defined as cash provided by operating activities net of cash used for investing activities) of $1.1 million in the second quarter of fiscal year 2012, compared with positive free cash flow generated in the second quarter of the prior fiscal year of $5.5 million.  The Company's free cash flow in the prior fiscal year was aided by proceeds from the sale of a closed plant and by a larger federal income tax refund than was received in the current 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 eleven manufacturing facilities and nine service centers across the country.

Safe harbor statement under the Private Securities Litigation Reform Act of 1995:  All forwardlooking 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 AMWD-G

AMERICAN WOODMARK CORPORATION











Unaudited Financial Highlights











(in thousands, except share data)











Operating Results














Three Months Ended


Six Months Ended




October 31


October 31




2011


2010


2011


2010











Net Sales


$    128,418


$    107,613


$      259,617


$    216,916

Cost of Sales & Distribution


112,304


97,797


225,096


192,713


Gross Profit


16,114


9,816


34,521


24,203

Sales & Marketing Expense


14,508


15,805


30,484


29,908

G&A Expense


6,166


6,040


12,507


11,862

Restructuring Charges


-


16


15


39


Operating Loss


(4,560)


(12,045)


(8,485)


(17,606)

Interest & Other (Income) Expense


(37)


(87)


(54)


(113)

Income Tax Benefit


(1,547)


(4,574)


(2,739)


(6,691)


Net Loss


$      (2,976)


$      (7,384)


$        (5,692)


$    (10,802)











Earnings Per Share:









Weighted Average Shares Outstanding - Diluted


14,330,954


14,240,178


14,315,318


14,231,165











Loss Per Diluted Share


$        (0.21)


$        (0.52)


$          (0.40)


$        (0.76)











Condensed Consolidated Balance Sheet


















October 31


April 30








2011


2011











Cash & Cash Equivalents






$        57,081


$      55,420

Customer Receivables






28,672


31,067

Inventories






24,748


24,471

Other Current Assets






8,510


9,458


Total Current Assets






119,011


120,416

Property, Plant & Equipment






95,413


100,628

Restricted Cash






14,419


14,419

Other Assets






33,891


32,907


Total Assets






$      262,734


$    268,370











Current Portion - Long-Term Debt






$             936


$           928

Accounts Payable & Accrued Expenses






46,851


49,916


Total Current Liabilities






47,787


50,844

Long-Term Debt






24,338


24,655

Other Liabilities






40,719


38,906


Total Liabilities






112,844


114,405

Stockholders' Equity






149,890


153,965


Total Liabilities & Stockholders' Equity






$      262,734


$    268,370











Condensed Consolidated Statements of Cash Flows


















Six Months Ended








October 31








2011


2010











Net Cash Provided by Operating Activities






$          7,879


$        7,591

Net Cash Used by Investing Activities






(4,640)


(2,426)

Free Cash Flow






3,239


5,165











Net Cash Used by Financing Activities






(1,578)


(2,532)

Net Increase in Cash and Cash Equivalents






1,661


2,633

Cash and Cash Equivalents, Beginning of Period






55,420


53,233











Cash and Cash Equivalents, End of Period






$        57,081


$      55,866



SOURCE American Woodmark Corporation



RELATED LINKS
http://www.americanwoodmark.com

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