awcfy11q28kearnings.htm

News Release

P. O. Box 1980

Winchester, VA 22604-8090

FOR IMMEDIATE RELEASE

Contact:	Glenn Eanes
	Vice President and Treasurer
	540-665-9100

AMERICAN WOODMARK CORPORATION

ANNOUNCES SECOND QUARTER RESULTS

WINCHESTER, Virginia (November 24, 2010) -- American Woodmark Corporation (NASDAQ: AMWD) today announced results for the second quarter of its fiscal year 2011, that ended on October 31, 2010.

Net sales rose by 3% compared with the second quarter of the prior fiscal year to $107,613,000. Net sales rose by 6% during the six-month period ended October 31, 2010 compared with the comparable period of the prior fiscal year, to $216,916,000. The Company’s sales results in each of its sales channels approximated the overall rate of increase during the second quarter of fiscal year 2011.

The Company generated a net loss of ($7,384,000) or ($0.52) per diluted share during the second quarter of fiscal year 2011, compared with a net loss of ($5,279,000) or ($0.37) per diluted share in the second quarter of its prior fiscal year. The Company generated a net loss of ($10,802,000) or ($0.76) per diluted share in the six-month period ended October 31, 2010, compared with a net loss of ($11,685,000) or ($0.83) per diluted share in the comparable period of the prior fiscal year. The Company’s results in the three- and six-month periods of the prior fiscal year included $146,000 and $1,742,000 of net-of-tax restructuring charges relating to cost reduction initiatives completed in the prior fiscal year. Exclusive of these charges, net loss for the three- and six-month periods ended October 31, 2009 was ($5,133,000) or ( $0.36) per diluted share, and ($9,943,000) or ($0.70) per diluted share, respectively.

Gross profit for the second quarter of fiscal year 2011 was 9.1% of net sales, compared with 12.2% in the second quarter of the prior fiscal year. Gross profit was 11.2% of net sales during the first six months of fiscal year 2011, compared with 12.0% of net sales during the comparable period of the prior fiscal year. The decline in gross profit margin during the three- and six-month periods primarily reflected the unfavorable impact of increased sales promotion costs that were included as either reductions of sales or increases to cost of sales during the second quarter of fiscal year 2011.

Selling, general and administrative costs were 20.3% of net sales in the second quarter of fiscal year 2011, up from 20.1% of net sales in the second quarter of the prior fiscal year. Selling, general and administrative costs were 19.3% of net sales in the first six months of fiscal year 2011, down slightly from 19.7% in the comparable period of the prior fiscal year. The Company’s operating expense ratio was relatively consistent with prior year levels, as increased sales and marketing costs were offset by reductions in general and administrative expense.

The Company generated positive free cash flow (defined as cash provided by operating activities net of cash used for investing activities) of $5.5 million in the second quarter of fiscal year 2011, compared with negative free cash flow generated in the second quarter of the prior fiscal year of $2.0 million. The Company’s improvement in free cash flow was aided by the receipt of its federal income tax refund and by proceeds from the sale of a closed plant.

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 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 clea r that any projected results expressed or implied therein will not be realized.

-MORE-

AMWD Announces Second Quarter Results

Page 2

November 24, 2010

AMERICAN WOODMARK CORPORATION

Unaudited Financial Highlights

(in thousands, except share data)

Operating Results

	Three Months Ended						Six Months Ended
	October 31						October 31
	2010			2009			2010			2009

Net Sales	$	107,613		$	104,068		$	216,916		$	204,903
Cost of Sales & Distribution		97,797			91,399			192,713			180,400
Gross Profit		9,816			12,669			24,203			24,503
Sales & Marketing Expense		15,805			14,510			29,908			27,859
G&A Expense		6,040			6,380			11,862			12,607
Restructuring Charges		16			233			39			2,787
Operating Loss		(12,045	)		(8,454	)		(17,606	)		(18,750	)
Interest & Other (Income) Expense		(87	)		(7	)		(113	)		(53	)
Income Tax Benefit		(4,574	)		(3,168	)		(6,691	)		(7,012	)
Net Loss	$	(7,384	)	$	(5,279	)	$	(10,802	)	$	(11,685	)

Earnings Per Share:
Weighted Average Shares Outstanding - Diluted		14,240,178			14,138,091			14,231,165			14,125,859

Loss Per Diluted Share	$	(0.52	)	$	(0.37	)	$	(0.76	)	$	(0.83	)

Condensed Consolidated Balance Sheet

	October 31		April 30
	2010		2010

Cash & Cash Equivalents	$	55,866	$	53,233
Customer Receivables		27,721		27,524
Inventories		23,982		25,239
Other Current Assets		10,186		17,048
Total Current Assets		117,755		123,044
Property, Plant & Equipment		107,059		114,107
Restricted Cash		14,419		14,419
Other Assets		31,827		30,863
Total Assets	$	271,060	$	282,433

Current Portion - Long-Term Debt	$	926	$	893
Accounts Payable & Accrued Expenses		45,869		48,686
Total Current Liabilities		46,795		49,579
Long-Term Debt		25,275		25,582
Other Liabilities		34,233		31,954
Total Liabilities		106,303		107,115
Stockholders' Equity		164,757		175,318
Total Liabilities & Stockholders' Equity	$	271,060	$	282,433

-MORE-

AMWD Announces Second Quarter Results

Page 3

November 24, 2010

Condensed Consolidated Statements of Cash Flows

	Six Months Ended
	October 31
	2010			2009

Net Cash Provided/(Used) by Operating Activities	$	7,591		$	(6,438	)
Net Cash Used by Investing Activities		(2,426	)		(4,595	)
Free Cash Flow		5,165			(11,033	)

Net Cash Used by Financing Activities		(2,532	)		(2,397	)
Net Increase/(Decrease) in Cash and Cash Equivalents		2,633			(13,430	)
Cash and Cash Equivalents, Beginning of Period		53,233			82,821

Cash and Cash Equivalents, End of Period	$	55,866		$	69,391

-END-

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of
The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 24, 2010


American Woodmark Corporation
(Exact name of registrant as specified in its charter)


Virginia	000-14798		54-1138147
(State or other jurisdiction	(Commission		(IRS Employer
of incorporation)	file number)		Identification No.)

3102 Shawnee Drive, Winchester, Virginia		22601
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (540) 665-9100

Not applicable
(Former name or former address, if changed since last report)



Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

/s/ JONATHAN H. WOLK		/s/ KENT B. GUICHARD


Jonathan H. Wolk		Kent B. Guichard
Senior Vice President and Chief Financial Officer		President & Chief Executive Officer

Date: November 24, 2010		Date: November 24, 2010
Signing on behalf of the registrant and as principal financial officer		Signing on behalf of the registrant and as principal executive officer