0000794619-12-000006.txt : 20120221 0000794619-12-000006.hdr.sgml : 20120220 20120221082926 ACCESSION NUMBER: 0000794619-12-000006 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20120221 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20120221 DATE AS OF CHANGE: 20120221 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: 12625017 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 awcfy12q3earnings.htm FORM 8-K FY12 3RD QTR EARNINGS RELEASE awcfy12q3earnings.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):  February 21, 2012
     
 
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-12 under 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 February 21, 2012, the Registrant issued a press release announcing results for its third quarter of fiscal year 2012 ended January 31, 2012.  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 February 21, 2012.

 
 
 

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: February 21, 2012
  
Date: February 21, 2012
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 3RD 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 THIRD QUARTER RESULTS
 

WINCHESTER, Virginia (February 21, 2012) -- American Woodmark Corporation (NASDAQ: AMWD) today announced results for the third quarter of its fiscal year 2012, that ended on January 31, 2012.

Net sales rose by 8% compared with the third quarter of the prior fiscal year, to $119,976,000.  Net sales rose by 16% during the nine-month period ended January 31, 2012 compared with the comparable period of the prior fiscal year, to $379,593,000. The Company experienced sales gains of more than 30% in its new construction business during the third quarter of fiscal year 2012 that more than offset a modest decline in its remodeling business.

The Company generated a net loss excluding restructuring costs of ($2,802,000) or ($0.19) per diluted share during the third quarter of fiscal year 2012, compared with a net loss of ($5,828,000) or ($0.41) per diluted share in the third quarter of its prior fiscal year. The Company generated a net loss excluding restructuring costs of ($8,494,000) or ($0.59) per diluted share in the nine-month period ended January 31, 2012, compared with a net loss of ($16,630,000) or ($1.17) per diluted share in the comparable period of the prior fiscal year.

The Company announced several initiatives in December 2011 to reduce capacity and costs, including the permanent closure of two manufacturing plants, the decision to place a previously closed manufacturing plant up for sale, and the realignment of its retirement program, including the freezing of its pension plans effective April 30, 2012. The Company is actively working toward completing these initiatives by April 30, 2012. In connection with these initiatives, the Company recorded net-of-tax charges of ($6,312,000), or ($0.44) per diluted share, during the third quarter of fiscal year 2012. Inclusive of these charges, net loss for the third quarter of fiscal year 2012 was ($9,114,000), or ($0.63) per diluted share, and ($14,806,000) or ($1.03) per diluted share for the nine-month period ended January 31, 2012.

Gross profit for the third quarter of fiscal year 2012 was 12.2% of net sales, compared with 10.9% in the third quarter of the prior fiscal year. Gross profit was 12.9% of net sales during the first nine months of fiscal year 2012, compared with 11.1% of net sales during the comparable period of the prior fiscal year. The improvement in gross profit margin during the three- and nine-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 materials and fuel costs during both periods and by the impact of higher sales promotional costs during the nine-month period.

Selling, general and administrative costs improved to 16.6% of net sales in the third quarter of fiscal year 2012, down from 19.3% of net sales in the third quarter of the prior fiscal year. Selling, general and administrative costs improved to 16.6% of net sales in the first nine 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.

-MORE-
 
 
 
AMWD Announces Third Quarter Results
Page 2
February 21, 2012


The Company generated free cash flow (defined as cash provided by operating activities net of cash used for investing activities) of positive $2.6 million in the third quarter of fiscal year 2012, compared with negative $1.8 million in the third quarter of its prior fiscal year. For the nine-month period ended January 31, 2012, the Company’s free cash flow was positive $5.8 million, compared with positive $3.4 million in the comparable period of the prior 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 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 Third Quarter Results
Page 3
February 21, 2012


AMERICAN WOODMARK CORPORATION
  
                         
Unaudited Financial Highlights
  
                         
(in thousands, except share data)
  
                         
Operating Results
  
                         
   
Three Months Ended
    
Nine Months Ended
  
   
January 31
    
January 31
  
   
2012
    
2011
    
2012
    
2011
  
                         
Net Sales
   $ 119,976     $ 111,443     $ 379,593     $ 328,359  
Cost of Sales & Distribution
     105,388       99,279       330,484       291,992  
Gross Profit
     14,588       12,164       49,109       36,367  
Sales & Marketing Expense
     13,671       16,069       44,155       45,977  
G&A Expense
     6,273       5,421       18,780       17,283  
Restructuring Charges
     10,347       16       10,362       55  
Operating Loss
     (15,703 )     (9,342 )     (24,188 )     (26,948 )
Interest & Other (Income) Expense
     (50 )     (33 )     (104 )     (146 )
Income Tax Benefit
     (6,539 )     (3,481 )     (9,278 )     (10,172 )
Net Loss
   $ (9,114 )   $ (5,828 )   $ (14,806 )   $ (16,630 )
                                 
Earnings Per Share:
                                
Weighted Average Shares Outstanding - Diluted
     14,361,953       14,263,320       14,330,863       14,241,883  
                                 
Loss Per Diluted Share
   $ (0.63 )   $ (0.41 )   $ (1.03 )   $ (1.17 )

Condensed Consolidated Balance Sheet
  
             
   
January 31
    
April 30
  
   
2012
    
2011
  
             
Cash & Cash Equivalents
   $ 59,227     $ 55,420  
Customer Receivables
     25,011       31,067  
Inventories
     22,138       24,471  
Other Current Assets
     9,481       9,458  
Total Current Assets
     115,857       120,416  
Property, Plant & Equipment
     78,602       100,628  
Restricted Cash
     14,403       14,419  
Other Assets
     52,230       32,907  
Total Assets
   $ 261,092     $ 268,370  
                 
Current Portion - Long-Term Debt
   $ 972     $ 928  
Accounts Payable & Accrued Expenses
     47,892       49,916  
Total Current Liabilities
     48,864       50,844  
Long-Term Debt
     23,887       24,655  
Other Liabilities
     53,765       38,906  
Total Liabilities
     126,516       114,405  
Stockholders' Equity
     134,576       153,965  
Total Liabilities & Stockholders' Equity
   $ 261,092     $ 268,370  
 
-MORE-
 
 
AMWD Announces Third Quarter Results
Page 4
February 21, 2012
 
 
 
Condensed Consolidated Statements of Cash Flows
  
             
   
Nine Months Ended
  
   
January 31
  
   
2012
    
2011
  
             
Net Cash Provided by Operating Activities
   $ 13,422     $ 7,713  
Net Cash Used by Investing Activities
     (7,588 )     (4,300 )
Free Cash Flow
     5,834       3,413  
                 
Net Cash Used by Financing Activities
     (2,027 )     (4,104 )
Net Increase/(Decrease) in Cash and Cash Equivalents
     3,807       (691 )
Cash and Cash Equivalents, Beginning of Period
     55,420       53,233  
                 
Cash and Cash Equivalents, End of Period
   $ 59,227     $ 52,542  


-END-


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