0000794619-11-000010.txt : 20110603 0000794619-11-000010.hdr.sgml : 20110603 20110603075503 ACCESSION NUMBER: 0000794619-11-000010 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20110603 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20110603 DATE AS OF CHANGE: 20110603 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMERICAN WOODMARK CORP CENTRAL INDEX KEY: 0000794619 STANDARD INDUSTRIAL CLASSIFICATION: MILLWOOD, VENEER, PLYWOOD & STRUCTURAL WOOD MEMBERS [2430] IRS NUMBER: 541138147 STATE OF INCORPORATION: VA FISCAL YEAR END: 0410 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-14798 FILM NUMBER: 11890182 BUSINESS ADDRESS: STREET 1: 3102 SHAWNEE DRIVE CITY: WINCHESTER STATE: VA ZIP: 22601 BUSINESS PHONE: (540) 665-9100 MAIL ADDRESS: STREET 1: 3102 SHAWNEE DRIVE CITY: WINCHESTER STATE: VA ZIP: 22601 8-K 1 awcfy11q48kearningsdividend.htm FORM 8-K FY11 4TH QTR EARNINGS & DIVIDEND awcfy11q48kearningsdividend.htm


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):  June 3, 2011
     
 
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))

 
 
 

American Woodmark Corporation


ITEM 2.02                      RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On June 3, 2011, the Registrant issued a press release announcing results for its fourth quarter of fiscal year 2011 ended April 30, 2011.  The press release
is attached hereto as Exhibit 99.1 and incorporated herein by reference.

ITEM 8.01                      OTHER EVENTS

On June 3, 2011, the Registrant announced a quarterly cash dividend of $0.09 per share to be paid on June 27, 2011, to shareholders of record on June 13, 2011.  
The press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.

ITEM 9.01                      FINANCIAL STATEMENTS AND EXHIBITS

(C)  Exhibits.

99.1           Registrant’s Press Release dated June 3, 2011.

 
 
 

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

AMERICAN WOODMARK CORPORATION
(Registrant)

/s/ JONATHAN H. WOLK
  
/s/ KENT B. GUICHARD
     
     
Jonathan H. Wolk
  
Kent B. Guichard
Senior Vice President and Chief Financial Officer
  
Chairman, President & Chief Executive Officer
     
Date: June 3, 2011
  
Date: June 3, 2011
Signing on behalf of the registrant and as principal financial officer
  
Signing on behalf of the registrant and as principal executive officer
     



EX-99.1 2 awcex99-1pressrelease.htm FY11 4TH QTR EARNINGS & DIVIDEND PRESS RELEASE awcex99-1pressrelease.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
FOURTH QUARTER RESULTS AND DECLARES QUARTERLY DIVIDEND
 

WINCHESTER, Virginia (June 3, 2011) -- American Woodmark Corporation (NASDAQ: AMWD) today announced results for its fourth quarter and fiscal year ended April 30, 2011 (fiscal year 2011).

Net sales rose by 10% compared with the fourth quarter of the prior fiscal year to $124,230,000.  Net sales rose by 11% during the entire fiscal year 2011 to $452,589,000.

The Company generated a net loss of ($3.4 million) or ($0.24) per diluted share during the fourth quarter of fiscal year 2011, compared with a net loss of ($1.5 million) or ($0.11) per diluted share in the fourth quarter of its prior fiscal year.  The Company’s results from the fourth quarter of fiscal year 2011 included an adverse tax basis adjustment of $1.4 million, partially offset by a net-of-tax gain of $0.6 million that resulted from the sale of a building.  The Company’s results during the fourth quarter of its prior fiscal year included favorable income tax adjustments aggregating $0.9 million, and a net-of-tax insurance recovery of $0.8 million.  Excluding these non-recurring items in both periods, the Company’s net loss improved to ($2.6 million) or ($0.18) per diluted share in the fourth quarter of fiscal year 2011, from ($3.2 million) or ($0.22) per diluted share in the fourth quarter of fiscal year 2010.

The Company generated a net loss of ($20.0 million) or ($1.40) per diluted share during fiscal year 2011, compared with a net loss of ($22.3 million) or ($1.58) per diluted share in the prior fiscal year.  The Company’s results in the three- and twelve-month periods of the prior fiscal year included net-of-tax restructuring charges of $0.0 million and $1.7 million relating to cost reduction initiatives completed in the prior fiscal year. Exclusive of these charges, and of the fourth quarter items mentioned in the previous paragraph, the Company’s net loss improved to ($19.2 million) or ($1.35) per diluted share in fiscal year 2011, from ($22.3 million) or ($1.58) per diluted share in fiscal year 2010.

Gross profit for the fourth quarter of fiscal year 2011 was 13.2% of net sales, compared with 16.5% in the fourth quarter of the prior fiscal year.  Gross profit was 11.7% of net sales during the entire twelve months of fiscal year 2011, compared with 12.0% of net sales during the prior fiscal year.  The reduction in gross profit margin during the three- and twelve-month periods reflected the absence of the prior year’s insurance recovery, which improved gross margin in the prior year’s fourth quarter and entire fiscal year by 1.0% and 0.3% of net sales, respectively.  Gross margins were also adversely impacted by rising materials and freight costs and by increased sales promotion costs that were recorded as either reductions of sales or increases to cost of sales.  Somewhat offsetting these negatives, gross margins were also favorably impacted by labor efficiencies and by absorption of fixed overhead costs associated with higher sales volumes.
 
Selling, general and administrative costs were 16.5% of net sales in the fourth quarter of fiscal year 2011, improved from 19.9% of net sales in the fourth quarter of the prior fiscal year.  Selling, general and administrative costs were 18.5% of net sales for the entire fiscal year 2011, improved from 20.5% in the prior fiscal year.  The improvement in the Company’s operating expense ratio was driven by increased sales levels that enabled favorable leverage, combined with reductions in general and administrative expenses.

-MORE-
 
 
 
AMWD Announces Fourth Quarter Results and Declares Quarterly Dividend
Page 2
June 3, 2011

 
The Company generated positive free cash flow (defined as cash provided by operating activities net of cash used for investing activities) of $4.3 million during the fourth quarter of fiscal year 2011, compared with negative free cash flow of ($2.1 million) in the fourth quarter of its prior fiscal year. The Company improved its free cash flow by nearly $18 million during fiscal year 2011, improving to positive free cash flow of $7.7 million during the entire fiscal year 2011, compared with negative free cash flow of ($10.2 million) in its prior fiscal year.

The Company also announced today a quarterly cash dividend of $0.09 per share to be paid on June 27, 2011, to shareholders of record on June 13, 2011.

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



-MORE-
 
 
 
AMWD Announces Fourth Quarter Results and Declares Quarterly Dividend
Page 3
June 3, 2011


AMERICAN WOODMARK CORPORATION
  
                         
Unaudited Financial Highlights
  
                         
(in thousands, except share data)
  
                         
Operating Results
  
                         
   
Three Months Ended
    
Twelve Months Ended
  
   
April 30
    
April 30
  
   
2011
    
2010
    
2011
    
2010
  
                         
Net Sales
   $ 124,230     $ 112,407     $ 452,589     $ 406,540  
Cost of Sales & Distribution
     107,846       93,901       399,838       357,619  
Gross Profit
     16,384       18,506       52,751       48,921  
Sales & Marketing Expense
     15,057       14,886       61,034       56,935  
G&A Expense
     5,426       7,458       22,709       26,434  
Restructuring Charges
     7       72       62       2,808  
Operating Loss
     (4,106 )     (3,910 )     (31,054 )     (37,256 )
Interest & Other (Income) Expense
     (948 )     (146 )     (1,094 )     (201 )
Income Tax Expense (Benefit)
     230       (2,230 )     (9,942 )     (14,714 )
Net Loss
   $ (3,388 )   $ (1,534 )   $ (20,018 )   $ (22,341 )
                                 
Earnings Per Share:
                                
Weighted Average Shares Outstanding - Diluted
     14,283,033       14,173,450       14,251,917       14,146,133  
                                 
Loss Per Diluted Share
   $ (0.24 )   $ (0.11 )   $ (1.40 )   $ (1.58 )
                                 
Condensed Consolidated Balance Sheet
  
                                 
                   
April 30
    
April 30
  
                      2011       2010  
                                 
Cash & Cash Equivalents
                   $ 55,420     $ 53,233  
Customer Receivables
                     31,067       27,524  
Inventories
                     24,471       25,239  
Other Current Assets
                     9,458       17,048  
Total Current Assets
                     120,416       123,044  
Property, Plant & Equipment
                     100,628       114,107  
Restricted Cash
                     14,419       14,419  
Other Assets
                     32,907       30,863  
Total Assets
                   $ 268,370     $ 282,433  
                                 
Current Portion - Long-Term Debt
                   $ 928     $ 893  
Accounts Payable & Accrued Expenses
                     49,916       48,686  
Total Current Liabilities
                     50,844       49,579  
Long-Term Debt
                     24,655       25,582  
Other Liabilities
                     38,906       31,954  
Total Liabilities
                     114,405       107,115  
Stockholders' Equity
                     153,965       175,318  
Total Liabilities & Stockholders' Equity
                   $ 268,370     $ 282,433  

-MORE-
 
 
 
AMWD Announces Fourth Quarter Results and Declares Quarterly Dividend
Page 4
June 3, 2011

 
Condensed Consolidated Statements of Cash Flows
  
             
   
Twelve Months Ended
  
   
April 30
  
   
2011
    
2010
  
             
Net Cash Provided by Operating Activities
   $ 13,196     $ 1,292  
Net Cash Used by Investing Activities
     (5,466 )     (11,467 )
Free Cash Flow
     7,730       (10,175 )
                 
Net Cash Used by Financing Activities
     (5,543 )     (19,413 )
Net Increase/(Decrease) in Cash and Cash Equivalents
     2,187       (29,588 )
Cash and Cash Equivalents, Beginning of Period
     53,233       82,821  
                 
Cash and Cash Equivalents, End of Period
   $ 55,420     $ 53,233  


-END-











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