0000794619-12-000023.txt : 20120821 0000794619-12-000023.hdr.sgml : 20120821 20120821084743 ACCESSION NUMBER: 0000794619-12-000023 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20120821 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20120821 DATE AS OF CHANGE: 20120821 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: 121046619 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 awcfy13q1earnings.htm FORM 8-K FY13 1ST QTR EARNINGS RELEASE awcfy13q1earnings.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):  August 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 August 21, 2012, the Registrant issued a press release announcing results for its first quarter of fiscal year 2013 ended July 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 August 21, 2012.

 
 
 

SIGNATURES

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: August 21, 2012
  
Date: August 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 awc99-1pressrelease.htm FY13 1ST QTR EARNINGS PRESS RELEASE awc99-1pressrelease.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 FIRST QUARTER RESULTS
 

WINCHESTER, Virginia (August 21, 2012) -- American Woodmark Corporation (NASDAQ: AMWD) today announced results for the first quarter ended July 31, 2012, of its fiscal year 2013 that ends on April 30, 2013.

Net sales rose by 13% compared with the first quarter of the prior fiscal year to $148,252,000.  The Company experienced sales gains of more than 40% in its new construction business, while its remodeling sales were in line with the prior year’s first quarter.

The Company generated net income excluding restructuring charges of $1.0 million, or $0.07 per diluted share during the first quarter of fiscal year 2013, compared with a net loss of ($2.7 million) or ($0.19) per diluted share in the first quarter of its prior fiscal year. Results in the first quarter of fiscal year 2013 included net-of-tax restructuring costs of $0.5 million, or $0.03 per diluted share, related to the permanent closure of two manufacturing plants in April 2012 and May 2012. Net income for the first quarter of fiscal year 2013 inclusive of these charges was $0.6 million, or $0.04 per diluted share.

Gross profit for the first quarter of fiscal year 2013 was 14.9% of net sales, compared with 14.0% of net sales in the prior year’s first quarter. Gross profit was favorably impacted by reductions in fixed overhead costs associated with the plant closures and the beneficial impact of higher sales volume. This favorability was partially offset by the impact of rising materials costs and operational inefficiencies connected with the transition of production related to the plant closures.

Selling, general and administrative costs were 13.6% of net sales in the first quarter of fiscal year 2013, improved from 17.0% of net sales in the prior year’s first quarter. The improvement in the Company’s operating expense ratio was driven by increased sales levels that enabled favorable leverage, combined with cost savings from modifications to the Company’s retirement programs and reduced spending on sales promotions and product displays.
 
 
The Company generated free cash flow (defined as cash provided by operating activities net of cash used for investing activities) of  ($5.6 million) during the first quarter of fiscal year 2013, compared with $2.1 million in the prior year’s first quarter. The Company’s adverse swing in free cash flow was primarily related to plant closure and severance payments related to its recently completed restructuring activities and the resumption of contributions to its pension plans.

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 nine 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 First Quarter Results
Page 2
August 21, 2012

 
AMERICAN WOODMARK CORPORATION
  
             
Unaudited Financial Highlights
  
             
(in thousands, except share data)
  
             
Operating Results
  
             
   
Three Months Ended
  
   
July 31
  
   
2012
    
2011
  
             
Net Sales
   $ 148,252     $ 131,199  
Cost of Sales & Distribution
     126,209       112,792  
Gross Profit
     22,043       18,407  
Sales & Marketing Expense
     14,520       15,976  
G&A Expense
     5,639       6,341  
Restructuring Charges
     777       15  
Operating Income (Loss)
     1,107       (3,925 )
Interest & Other (Income) Expense
     92       (17 )
Income Tax Expense (Benefit)
     454       (1,192 )
Net Income (Loss)
   $ 561     $ (2,716 )
                 
Earnings Per Share:
                
Weighted Average Shares Outstanding - Diluted
     14,568,740       14,299,683  
                 
Income (Loss) Per Diluted Share
   $ 0.04     $ (0.19 )
                 
Net income (loss), as reported
   $ 561     $ (2,716 )
Restructuring Charges, net of tax
     473       6  
Net income (loss), excluding restructuring charges
   $ 1,034     $ (2,710 )
                 
Income (Loss) Per Diluted Share, excluding restructuring charges
   $ 0.07     $ (0.19 )
                 

Condensed Consolidated Balance Sheet
  
             
   
July 31
    
April 30
  
   
2012
    
2012
  
             
Cash & Cash Equivalents
   $ 60,800     $ 66,620  
Customer Receivables
     33,793       32,533  
Inventories
     24,478       22,340  
Other Current Assets
     12,711       9,609  
Total Current Assets
     131,782       131,102  
Property, Plant & Equipment
     73,501       75,375  
Restricted Cash
     7,064       7,064  
Other Assets
     48,371       51,580  
Total Assets
   $ 260,718     $ 265,121  
                 
Current Portion - Long-Term Debt
   $ 906     $ 875  
Accounts Payable & Accrued Expenses
     54,696       58,346  
Total Current Liabilities
     55,602       59,221  
Long-Term Debt
     23,703       23,790  
Other Liabilities
     50,462       52,090  
Total Liabilities
     129,767       135,101  
Stockholders' Equity
     130,951       130,020  
Total Liabilities & Stockholders' Equity
   $ 260,718     $ 265,121  
                 


-MORE-
 
 
 
AMWD Announces First Quarter Results
Page 3
August 21, 2012



Condensed Consolidated Statements of Cash Flows
  
             
   
Three Months Ended
  
   
July 31
  
   
2012
    
2011
  
             
Net Cash Provided (Used) by Operating Activities
   $ (3,772 )   $ 4,208  
Net Cash Used by Investing Activities
     (1,863 )     (2,087 )
Free Cash Flow
     (5,635 )     2,121  
                 
Net Cash Used by Financing Activities
     (185 )     (1,423 )
Net Increase/(Decrease) in Cash and Cash Equivalents
     (5,820 )     698  
Cash and Cash Equivalents, Beginning of Period
     66,620       55,420  
                 
Cash and Cash Equivalents, End of Period
   $ 60,800     $ 56,118  
                 


-END-
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