0000794619-11-000035.txt : 20111122 0000794619-11-000035.hdr.sgml : 20111122 20111122082009 ACCESSION NUMBER: 0000794619-11-000035 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20111122 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20111122 DATE AS OF CHANGE: 20111122 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: 0411 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-14798 FILM NUMBER: 111220427 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 awcfy12q2earnings.htm FORM 8-K FY12 2ND QTR EARNINGS RELEASE awcfy12q2earnings.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):  November 22, 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 November 22, 2011, the Registrant issued a press release announcing results for its second quarter of fiscal year 2012 ended October 31, 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 November 22, 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 & Chief Executive Officer
     
Date: November 22, 2011
  
Date: November 22, 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 FY12 2ND QTR EARNINGS 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 SECOND QUARTER RESULTS
 

WINCHESTER, Virginia (November 22, 2011) -- 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.


-MORE-
 
 
 
AMWD Announces Second Quarter Results
Page 2
November 22, 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 Second Quarter Results
Page 3
November 22, 2011



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  
 
 
  -MORE-
 
 
AMWD Announces Second Quarter Results
Page 4
November 22, 2011


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  


-END-










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