Virginia
|
54-1138147
|
|
(State or other jurisdiction of
|
(I.R.S. Employer
|
|
incorporation or organization)
|
Identification No.)
|
3102 Shawnee Drive, Winchester, Virginia
|
22601
|
|
(Address of principal executive offices)
|
(Zip Code)
|
Large accelerated filer o
|
Accelerated filer x
|
Non-accelerated filer o (Do not check if a smaller reporting company)
|
Smaller reporting company o
|
PAGE
|
||
PART I.
|
FINANCIAL INFORMATION
|
NUMBER
|
Item 1.
|
Financial Statements (unaudited)
|
|
Condensed Consolidated Balance Sheets--October 31, 2011 and April 30, 2011
|
3
|
|
Condensed Consolidated Statements of Operations--Three months ended October 31, 2011 and 2010; Six months ended October 31, 2011 and 2010
|
4
|
|
Condensed Consolidated Statements of Cash Flows--Six months ended October 31, 2011 and 2010
|
5
|
|
Notes to Condensed Consolidated Financial Statements--October 31, 2011
|
6-10
|
|
Item 2.
|
Management's Discussion and Analysis of Financial Condition and Results of Operations
|
11-16
|
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk
|
16
|
Item 4.
|
Controls and Procedures
|
16
|
PART II.
|
OTHER INFORMATION
|
|
Item 1.
|
Legal Proceedings
|
16
|
Item 1A.
|
Risk Factors
|
16-18
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
18
|
Item 6.
|
Exhibits
|
19
|
SIGNATURES
|
20
|
|
October 31,
|
April 30,
|
|||||||
2011
|
2011
|
|||||||
ASSETS
|
||||||||
Current Assets
|
||||||||
Cash and cash equivalents
|
$ | 57,081 | $ | 55,420 | ||||
Customer receivables, net
|
28,672 | 31,067 | ||||||
Inventories
|
24,748 | 24,471 | ||||||
Income taxes receivable and other
|
2,301 | 3,799 | ||||||
Deferred income taxes
|
6,209 | 5,659 | ||||||
Total Current Assets
|
119,011 | 120,416 | ||||||
Property, plant, and equipment, net
|
95,413 | 100,628 | ||||||
Restricted cash
|
14,419 | 14,419 | ||||||
Promotional displays, net
|
6,109 | 7,330 | ||||||
Deferred income taxes
|
23,053 | 21,178 | ||||||
Other assets
|
4,729 | 4,399 | ||||||
$ | 262,734 | $ | 268,370 | |||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
||||||||
Current Liabilities
|
||||||||
Accounts payable
|
$ | 15,429 | $ | 18,569 | ||||
Accrued compensation and related expenses
|
18,063 | 15,607 | ||||||
Current maturities of long-term debt
|
936 | 928 | ||||||
Accrued marketing expenses
|
5,606 | 7,408 | ||||||
Other accrued expenses
|
7,753 | 8,332 | ||||||
Total Current Liabilities
|
47,787 | 50,844 | ||||||
Long-term debt, less current maturities
|
24,338 | 24,655 | ||||||
Defined benefit pension liabilities
|
38,843 | 36,726 | ||||||
Other long-term liabilities
|
1,876 | 2,180 | ||||||
Shareholders’ Equity
|
||||||||
Preferred stock, $1.00 par value; 2,000,000 shares authorized, none issued
|
-- | -- | ||||||
Common stock, no par value; 40,000,000 shares authorized; issued and outstanding 14,357,593 shares at October 31, 2011; 14,295,540 shares at April 30, 2011
|
94,650 | 92,408 | ||||||
Retained earnings
|
76,516 | 83,495 | ||||||
Accumulated other comprehensive loss -
|
||||||||
Defined benefit pension plans
|
(21,276 | ) | (21,938 | ) | ||||
Total Shareholders’ Equity
|
149,890 | 153,965 | ||||||
$ | 262,734 | $ | 268,370 | |||||
See accompanying notes to condensed consolidated financial statements
|
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 and distribution
|
112,304 | 97,797 | 225,096 | 192,713 | ||||||||||||
Gross Profit
|
16,114 | 9,816 | 34,521 | 24,203 | ||||||||||||
Selling and marketing expenses
|
14,508 | 15,805 | 30,484 | 29,908 | ||||||||||||
General and administrative expenses
|
6,166 | 6,040 | 12,507 | 11,862 | ||||||||||||
Restructuring charges
|
-- | 16 | 15 | 39 | ||||||||||||
Operating Loss
|
(4,560 | ) | (12,045 | ) | (8,485 | ) | (17,606 | ) | ||||||||
Interest expense
|
137 | 144 | 274 | 292 | ||||||||||||
Other income
|
(174 | ) | (231 | ) | (328 | ) | (405 | ) | ||||||||
Loss Before Income Taxes
|
(4,523 | ) | (11,958 | ) | (8,431 | ) | (17,493 | ) | ||||||||
Income tax benefit
|
(1,547 | ) | (4,574 | ) | (2,739 | ) | (6,691 | ) | ||||||||
Net Loss
|
$ | (2,976 | ) | $ | (7,384 | ) | $ | (5,692 | ) | $ | (10,802 | ) | ||||
Net Loss Per Share
|
||||||||||||||||
Weighted average shares outstanding
|
||||||||||||||||
Basic
|
14,330,954 | 14,240,178 | 14,315,318 | 14,231,165 | ||||||||||||
Diluted
|
14,330,954 | 14,240,178 | 14,315,318 | 14,231,165 | ||||||||||||
Net loss per share
|
||||||||||||||||
Basic
|
$ | (0.21 | ) | $ | (0.52 | ) | $ | (0.40 | ) | $ | (0.76 | ) | ||||
Diluted
|
$ | (0.21 | ) | $ | (0.52 | ) | $ | (0.40 | ) | $ | (0.76 | ) | ||||
Cash dividends per share
|
$ | 0.00 | $ | 0.09 | $ | 0.09 | $ | 0.18 | ||||||||
See accompanying notes to condensed consolidated financial statements
|
Six Months Ended
|
||||||||
October 31
|
||||||||
2011
|
2010
|
|||||||
Operating Activities
|
||||||||
Net loss
|
$ | (5,692 | ) | $ | (10,802 | ) | ||
Adjustments to reconcile net loss to net cash provided (used) by operating activities:
|
||||||||
Depreciation and amortization
|
11,486 | 13,817 | ||||||
Net loss on disposal of property, plant, and equipment
|
69 | 67 | ||||||
Gain on sale of assets held for sale
|
-- | (60 | ) | |||||
Stock-based compensation expense
|
1,833 | 1,800 | ||||||
Deferred income taxes
|
(2,929 | ) | (5,454 | ) | ||||
Pension contributions less than expense
|
3,215 | 3,454 | ||||||
Tax benefit from stock-based compensation
|
-- | (57 | ) | |||||
Other non-cash items
|
(854 | ) | (553 | ) | ||||
Changes in operating assets and liabilities:
|
||||||||
Customer receivables
|
2,534 | 71 | ||||||
Inventories
|
(346 | ) | 1,072 | |||||
Income taxes receivable and other assets
|
449 | 6,254 | ||||||
Accounts payable
|
(3,140 | ) | 901 | |||||
Accrued compensation and related expenses
|
2,456 | (4,178 | ) | |||||
Other accrued expenses
|
(1,202 | ) | 1,259 | |||||
Net Cash Provided by Operating Activities
|
7,879 | 7,591 | ||||||
Investing Activities
|
||||||||
Payments to acquire property, plant, and equipment
|
(2,990 | ) | (2,264 | ) | ||||
Proceeds from sales of property, plant, and equipment
|
15 | 2 | ||||||
Proceeds from sale of assets held for sale
|
-- | 1,474 | ||||||
Investment in promotional displays
|
(1,665 | ) | (1,638 | ) | ||||
Net Cash Used by Investing Activities
|
(4,640 | ) | (2,426 | ) | ||||
Financing Activities
|
||||||||
Payments of long-term debt
|
(309 | ) | (274 | ) | ||||
Proceeds from issuance of common stock
|
18 | 247 | ||||||
Payment of dividends
|
(1,287 | ) | (2,562 | ) | ||||
Tax benefit from stock-based compensation
|
-- | 57 | ||||||
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 | ||||
See accompanying notes to condensed consolidated financial statements
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
October 31
|
October 31
|
|||||||||||||||
(in thousands, except per share amounts)
|
2011
|
2010
|
2011
|
2010
|
||||||||||||
Numerator used for both basic and diluted earnings (net loss) per share:
|
||||||||||||||||
Net loss
|
$ | (2,976 | ) | $ | (7,384 | ) | $ | (5,692 | ) | $ | (10,802 | ) | ||||
Denominator:
|
||||||||||||||||
Denominator for basic earnings (net loss) per share-weighted average shares
|
14,331 | 14,240 | 14,315 | 14,231 | ||||||||||||
Effect of dilutive securities:
|
||||||||||||||||
Stock options and restricted stock units
|
-- | -- | -- | -- | ||||||||||||
Denominator for diluted earnings (net loss) per share-weighted average shares and assumed conversions
|
14,331 | 14,240 | 14,315 | 14,231 | ||||||||||||
Net loss per share
|
||||||||||||||||
Basic
|
$ | (0.21 | ) | $ | (0.52 | ) | $ | (0.40 | ) | $ | (0.76 | ) | ||||
Diluted
|
$ | (0.21 | ) | $ | (0.52 | ) | $ | (0.40 | ) | $ | (0.76 | ) |
|
Three Months Ended
October 31,
|
Six Months Ended
October 31,
|
||||||||||||||
(in thousands)
|
2011
|
2010
|
2011
|
2010
|
||||||||||||
Cost of sales and distribution
|
$ | 138 | $ | 186 | $ | 298 | $ | 330 | ||||||||
Selling and marketing expenses
|
187 | 222 | 389 | 399 | ||||||||||||
General and administrative expenses
|
529 | 545 | 1,146 | 1,071 | ||||||||||||
Stock-based compensation expense
|
$ | 854 | $ | 953 | $ | 1,833 | $ | 1,800 |
October 31,
|
April 30,
|
|||||||
(in thousands)
|
2011
|
2011
|
||||||
Gross customer receivables
|
$ | 30,505 | $ | 33,039 | ||||
Less:
|
||||||||
Allowance for doubtful accounts
|
(98 | ) | (67 | ) | ||||
Allowance for returns and discounts
|
(1,735 | ) | (1,905 | ) | ||||
Net customer receivables
|
$ | 28,672 | $ | 31,067 |
October 31,
|
April 30,
|
|||||||
(in thousands)
|
2011
|
2011
|
||||||
Raw materials
|
$ | 9,759 | $ | 9,275 | ||||
Work-in-process
|
16,662 | 16,597 | ||||||
Finished goods
|
8,413 | 8,679 | ||||||
Total FIFO inventories
|
34,834 | 34,551 | ||||||
Reserve to adjust inventories to LIFO value
|
(10,086 | ) | (10,080 | ) | ||||
Total LIFO inventories
|
$ | 24,748 | $ | 24,471 |
Six Months Ended
|
||||||||
October 31
|
||||||||
(in thousands)
|
2011
|
2010
|
||||||
Beginning balance at May 1
|
$ | 1,738 | $ | 1,582 | ||||
Accrual
|
4,432 | 3,151 | ||||||
Settlements
|
(4,392 | ) | (3,244 | ) | ||||
Ending balance at October 31
|
$ | 1,778 | $ | 1,489 |
Six Months Ended
|
||||||||
October 31
|
||||||||
(in thousands)
|
2011
|
2010
|
||||||
Cash paid during the period for:
|
||||||||
Interest
|
$ | 185 | $ | 181 | ||||
Income taxes
|
$ | 160 | $ | 204 |
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
October 31
|
October 31
|
|||||||||||||||
(in thousands)
|
2011
|
2010
|
2011
|
2010
|
||||||||||||
Service cost
|
$ | 1,283 | $ | 1,180 | $ | 2,566 | $ | 2,359 | ||||||||
Interest cost
|
1,677 | 1,567 | 3,353 | 3,134 | ||||||||||||
Expected return on plan assets
|
(1,656 | ) | (1,540 | ) | (3,312 | ) | (3,080 | ) | ||||||||
Amortization of net loss
|
522 | 499 | 1,044 | 998 | ||||||||||||
Amortization of prior service cost
|
20 | 21 | 40 | 43 | ||||||||||||
Net periodic pension cost
|
$ | 1,846 | $ | 1,727 | $ | 3,691 | $ | 3,454 |
Level 1- Investments with quoted prices in active markets for identical assets or liabilities. The Company’s cash equivalents are invested in money market funds, mutual funds and United States Treasury instruments. The Company’s mutual fund investment assets represent contributions made and invested on behalf of the Company’s named executive officers in a supplementary employee retirement plan.
|
Level 2- Investments with observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. The Company has no Level 2 assets or liabilities.
|
Level 3- Investments with unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company has no Level 3 assets or liabilities.
|
Fair Value Measurements
|
||||||||||||
As of October 31, 2011
|
||||||||||||
Level 1
|
Level 2
|
Level 3
|
||||||||||
ASSETS:
|
||||||||||||
Money market funds
|
$ | 46,227 | $ | -- | $ | -- | ||||||
Mutual funds
|
1,504 | -- | -- | |||||||||
Total assets at fair value
|
$ | 47,731 | $ | -- | $ | -- | ||||||
As of April 30, 2011
|
||||||||||||
Level 1
|
Level 2
|
Level 3
|
||||||||||
ASSETS:
|
||||||||||||
Money market funds
|
$ | 61,226 | $ | -- | $ | -- | ||||||
Mutual funds
|
1,574 | -- | -- | |||||||||
Total assets at fair value
|
$ | 62,800 | $ | -- | $ | -- |
·
|
general economic or business conditions and instability in the financial and credit markets, including their potential impact on our (i) sales and operating costs and access to financing, (ii) customers and suppliers and their ability to obtain financing or generate the cash necessary to conduct their respective businesses;
|
·
|
the cyclical nature of the Company’s industry, which is particularly sensitive to changes in consumer confidence, the amount of consumers’ income available for discretionary purchases, and the availability and terms of consumer credit;
|
·
|
economic weakness in a specific channel of distribution;
|
·
|
the loss of sales from specific customers due to their loss of market share, bankruptcy or switching to a competitor;
|
·
|
risks associated with domestic manufacturing operations, including fluctuations in capacity utilization and the prices and availability of key raw materials as well as fuel, transportation, warehousing and labor costs and environmental compliance and remediation costs;
|
·
|
the need to respond to price or product initiatives launched by a competitor;
|
·
|
the Company’s ability to successfully implement initiatives related to increasing market share, new products, maintaining and increasing its sales force and new product displays; and
|
·
|
sales growth at a rate that outpaces the Company’s ability to install new capacity or a sales decline that requires reduction or realignment of the Company’s manufacturing capacity.
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||||||||||
October 31
|
October 31
|
|||||||||||||||||||||||
Percent
|
Percent
|
|||||||||||||||||||||||
(in thousands)
|
2011
|
2010
|
Change
|
2011
|
2010
|
Change
|
||||||||||||||||||
Net Sales
|
$ | 128,418 | $ | 107,613 | 19 | % | $ | 259,617 | $ | 216,916 | 20 | % | ||||||||||||
Gross Profit
|
16,114 | 9,816 | 64 | % | 34,521 | 24,203 | 43 | % | ||||||||||||||||
Selling and Marketing Expenses
|
14,508 | 15,805 | (8 | %) | 30,484 | 29,908 | 2 | % | ||||||||||||||||
General and Administrative Expenses
|
6,166 | 6,040 | 2 | % | 12,507 | 11,862 | 5 | % |
FISCAL YEARS ENDED APRIL 30
|
||||||||||||||||||||
(in thousands)
|
Total Amounts
|
2012
|
2013 – 2014 | 2015 – 2016 |
2017 and Thereafter
|
|||||||||||||||
Revolving credit facility
|
$ | 10,000 | $ | -- | $ | 10,000 | $ | -- | $ | -- | ||||||||||
Economic development loans
|
3,524 | -- | -- | -- | 3,524 | |||||||||||||||
Term loans
|
4,359 | 416 | 761 | 763 | 2,419 | |||||||||||||||
Capital lease obligations
|
7,700 | 512 | 1,057 | 1,099 | 5,032 | |||||||||||||||
Interest on long-term debt(a)
|
2,494 | 500 | 731 | 556 | 707 | |||||||||||||||
Operating lease obligations
|
15,772 | 3,707 | 5,909 | 5,079 | 1,077 | |||||||||||||||
Pension contributions(b)
|
35,936 | 2,871 | 18,565 | 14,500 | -- | |||||||||||||||
Total
|
$ | 79,785 | $ | 8,006 | $ | 37,023 | $ | 21,997 | $ | 12,759 |
(a)
|
Interest commitments under interest bearing debt consist of interest under the Company’s primary loan agreement, term loans and capitalized lease agreements. Amounts outstanding under the Company’s revolving credit facility, $10 million at April 30, 2011, bear a variable interest rate determined by the London Interbank Offered Rate (LIBOR) plus 1.25%. Interest under the Company’s term loans and capitalized lease agreements is fixed at rates between 2% and 6%. Interest commitments under interest bearing debt for the Company’s revolving credit facility are at LIBOR plus the spread as of April 30, 2011, throughout the remaining term of the facility.
|
(b)
|
The estimated cost of the Company’s two defined benefit pension plans is determined annually based upon the discount rate and other assumptions at fiscal year end. Future pension funding contributions beyond 2016 have not been determined at this time.
|
Exhibit Number
|
Description
|
3.1 (a)
|
Articles of Incorporation as amended effective August 12, 1987 (incorporated by reference to Exhibit 3.1 to the Registrant’s Form 10-Q for the quarter ended January 31, 2003; Commission File No. 000-14798).
|
3.1 (b)
|
Articles of Amendment to the Articles of Incorporation effective September 10, 2004 (incorporated by reference to Exhibit 3.1 to the Registrant’s Form 8-K as filed on August 31, 2004; Commission File No. 000-14798).
|
3.2
|
Bylaws – as amended and restated December 14, 2009 (incorporated by reference to Exhibit 3.2 to the Registrant’s Form 10-K for the fiscal year ended April 30, 2010; Commission File No. 000-14798).
|
4.1
|
The Articles of Incorporation and Bylaws of the Registrant as currently in effect (incorporated by reference to Exhibits 3.1 and 3.2).
|
4.2
|
Amended and Restated Stockholder’s Agreement (incorporated by reference to Exhibit 4.2 to the Registrant’s Form S-1 for year ended April 30, 1986; Commission File No. 33-6245).
Pursuant to Regulation S-K, Item 601(b)(4)(iii), instruments that define the rights of holders of the Registrant’s long-term debt securities, where the long-term debt securities authorized under each such instrument do not exceed 10 percent of the Registrant’s total assets, have been omitted and will be furnished to the Securities and Exchange Commission on request.
|
10.1
|
Form of Grant Letter used in connection with awards of service-based restricted stock units granted under the Company’s 2011 Non-Employee Directors Equity Ownership Plan (Filed Herewith).*
|
31.1
|
Certification of the Chief Executive Officer Pursuant to Rule 13a-14(a) of the Exchange Act (Filed Herewith).
|
31.2
|
Certification of the Chief Financial Officer Pursuant to Rule 13a-14(a) of the Exchange Act (Filed Herewith).
|
32.1
|
Certification of the Chief Executive Officer and Chief Financial Officer Pursuant to Rule 13a-14(b) of the Exchange Act and 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Filed Herewith).
|
101
|
Interactive Data File for the Registrant’s Quarterly Report on Form 10-Q for the quarter ended October 31, 2011 formatted in XBRL (eXtensible Business Reporting Language): (i) Condensed Consolidated Balance Sheets, (ii) Condensed Consolidated Statements of Operations, (iii) Condensed Consolidated Statements of Cash Flows, and (iv) Notes to Condensed Consolidated Financial Statements (Filed Herewith).#
|
/s/Jonathan H. Wolk
|
|
Jonathan H. Wolk
|
|
Senior Vice President and
Chief Financial Officer
|
|
Date: December 1, 2011
|
|
Signing on behalf of the
|
|
registrant and as principal
|
|
financial and accounting officer
|
I.
|
In consideration of your agreements contained in this letter, the Company hereby grants you ____ restricted stock units (RSU’s). Each RSU represents the right to receive one share of the voting common stock of the Company.
|
II.
|
Your Award carries the following provisions:
|
A.
|
The Award will mature on ________ (the “Maturity Date”). Except as provided below, in order to fully vest in the Award, you must be a member of the Board of Directors of the Company on the Maturity Date and must have provided continuous service as a member of the Board of Directors from ______ (the “Award Date”) through the Maturity Date.
|
B.
|
In the event your service on the Board of Directors of the Company ends prior to the Maturity Date, you will vest in a pro-rated portion of the Award. The number of shares that vest will be determined by dividing the number of days between the Award Date and your separation date, by the number of days between the Award Date and the Maturity Date, and multiplying by the number of RSUs contained in the Award. Your right to the remaining unvested shares will be forfeited at the time of your separation.
|
C.
|
Notwithstanding Sections II.A. or B. to the contrary, in the event a Change of Control occurs at any time before the Maturity Date, you will immediately vest in your right to receive the full amount of the Award if you are a member of the Company’s Board of Directors on the date of the Change of Control and have provided continuous service as a member of the Board of Directors from the Award Date through the date of the Change of Control.
|
(i)
|
The acquisition by any unrelated person of beneficial ownership (as that term is used for purposes of the Securities Exchange Act of 1934) of 50% or more of the then outstanding shares of common stock of the Company or the combined voting power of the then outstanding securities of the Company entitled to vote generally in the election of directors. The term “unrelated person” means any person other than (x) the Company and its Subsidiaries, (y) an employee benefit plan or trust of the Company or its Subsidiaries, and (z) a person who acquires stock of the Company pursuant to an agreement with the Company that is approved by the Board in advance of the acquisition, unless the acquisition results in a Change of Control pursuant to subsection (ii) below. For purposes of this subsection, a “person” means an individual, entity or group, as that term is used for purposes of the Act.
|
|
(ii)
|
Any tender or exchange offer, merger or other business combination, sale of assets or any combination of the foregoing transactions, and the Company is not the surviving corporation.
|
|
(iii)
|
A liquidation of the Company.
|
III.
|
Timing of the Company’s payment of your Award will vary, as follows:
|
|
A.
|
If you continuously serve as a director of the Company through the Maturity Date, Award payment will occur as soon as administratively practicable (within 60 days) after the Maturity Date.
|
|
B.
|
If you separate from the Company’s service as a director before the Maturity Date, payment of the vested portion of the Award will occur as soon as administratively practicable (within 60 days) after your separation date.
|
|
C.
|
If you become fully vested in your right to receive the Award because of a Change of Control that occurs before the Maturity Date, payment of the Award will occur as soon as administratively practicable (within 60 days) after the earlier of (i) your separation from service as a director of the Company for any reason on or after the date of the Change of Control or (ii) the Maturity Date.
|
IV.
|
Any distributions on the Award as defined herein will be made with a certificate of common shares.
|
V.
|
This Award is not transferable by you except by will or by the laws of descent and distribution.
|
VI.
|
In the event of changes in the structure of the Company, appropriate adjustments to the Award will be made according to the Plan.
|
VII.
|
In consideration of the grant of this Award, you agree that you will comply with such lawful conditions as the Board of Directors or the Compensation Committee may impose on the Award.
|
VIII.
|
This Award agreement does not constitute a contract for services nor does it guarantee you the right to remain in the service of the Company as a director or otherwise for any length of time.
|
IX.
|
Until the RSUs are converted into actual shares of the Company’s stock, your Award will not convey actual rights normally accruing to shareholders, including but not limited to the right to participate in shareholder votes or the right to receive dividends.
|
|
1.
|
I have reviewed this report on Form 10-Q of American Woodmark Corporation;
|
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
|
4.
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
|
a.
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
b.
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|
c.
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
|
d.
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
|
5.
|
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
|
a.
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
|
b.
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
/s/Kent B. Guichard
|
|
Kent B. Guichard
|
|
Chairman and Chief Executive Officer
|
|
(Principal Executive Officer)
|
|
Date: December 1, 2011
|
|
1.
|
I have reviewed this report on Form 10-Q of American Woodmark Corporation;
|
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
|
4.
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
|
a.
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
b.
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|
c.
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
|
d.
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
|
5.
|
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
|
a.
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
|
b.
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
/s/Jonathan H. Wolk
|
|
Jonathan H. Wolk
|
|
Senior Vice President and Chief Financial Officer
|
|
(Principal Financial Officer)
|
|
Date: December 1, 2011
|
|
1.
|
The Quarterly Report on Form 10-Q of American Woodmark Corporation for the quarter ended October 31, 2011 as filed with the Securities and Exchange Commission on the date hereof (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
|
2.
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
Date: December 1, 2011
|
/s/ Kent B. Guichard
|
|
Kent B. Guichard
|
||
Chairman and Chief Executive Officer
|
||
(Principal Executive Officer)
|
Date: December 1, 2011
|
/s/Jonathan H. Wolk
|
|
Jonathan H. Wolk
|
||
Senior Vice President and Chief Financial Officer
|
||
(Principal Financial Officer)
|
D!\@'Z`@,"#`(4`AT")@(O`C@"
M00)+`E0"70)G`G$">@*$`HX"F`*B`JP"M@+!`LL"U0+@`NL"]0,``PL#%@,A
M`RT#.`-#`T\#6@-F`W(#?@.*`Y8#H@.N`[H#QP/3`^`#[`/Y!`8$$P0@!"T$
M.P1(!%4$8P1Q!'X$C`2:!*@$M@3$!-,$X03P!/X%#044%]@8&!A8&)P8W!D@&609J!GL&C`:=!J\&P`;1!N,&
M]0<'!QD'*P<]!T\'80=T!X8'F0>L![\'T@?E!_@("P@?"#((1@A:"&X(@@B6
M"*H(O@C2".<(^PD0"24).@E/"60)>0F/":0)N@G/">4)^PH1"B<*/0I4"FH*
M@0J8"JX*Q0K<"O,+"PLB"SD+40MI"X`+F`NP"\@+X0OY#!(,*@Q##%P,=0R.
M#*<,P`S9#/,-#0TF#4`-6@UT#8X-J0W##=X-^`X3#BX.20YD#G\.FPZV#M(.
M[@\)#R4/00]>#WH/E@^S#\\/[!`)$"800Q!A$'X0FQ"Y$-<0]1$3$3$13Q%M
M$8P1JA')$>@2!Q(F$D429!*$$J,2PQ+C$P,3(Q-#$V,3@Q.D$\43Y10&%"<4
M211J%(L4K13.%/`5$A4T%585>!6;%;T5X!8#%B86219L%H\6LA;6%OH7'1=!
M%V47B1>N%](7]Q@;&$`891B*&*\8U1CZ&2`911EK&9$9MQG=&@0:*AI1&G<:
MGAK%&NP;%!L[&V,;BANR&]H<`APJ'%(<>QRC',P<]1T>'4<=:AZ4'KX>Z1\3'SX?:1^4'[\?ZB`5($$@;""8(,0@\"$<(4@A=2&A( &YXS'DJ>8EYYWI&>J5[!'MC>\)\(7R!?.%]07VA
M?@%^8G["?R-_A'_E@$>`J($*@6N!S8(P@I*"](-7@[J$'82`A..%1X6KA@Z&
M .+C5?#%GJ"^(
MDO\`5;Q;K4)[F29_)DV74LT&3X2_'.[M?#OQ,\/JR:K87A^S)?K'PTT2OC8X_Y:0]8S_LU
MV4IRC/V<]^GFC^?N)^'\)GV!?%G#LY2C>]>FW>K1JMW
Earnings (Net Loss) Per Share
|
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Oct. 31, 2011
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings (Net Loss) Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings (Net Loss) Per Share | NOTE D--EARNINGS (NET LOSS) PER SHARE
The following table sets forth the computation of basic and diluted earnings (net loss) per share:
Potentially dilutive securities of 119,000 and 30,000 shares for the three-month periods ended October 31, 2011 and 2010, respectively, and 134,000 and 36,000 shares for the six-month periods ended October 31, 2011 and 2010, respectively, have not been considered in the calculation of net loss per share, as the effect would be anti-dilutive. |
'0O
M:'1M;#L@8VAA '0O
M:'1M;#L@8VAA