0000794619-12-000032.txt : 20121120 0000794619-12-000032.hdr.sgml : 20121120 20121120082736 ACCESSION NUMBER: 0000794619-12-000032 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20121120 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20121120 DATE AS OF CHANGE: 20121120 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: 121216555 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 awcfy13q2earnings.htm FORM 8-K FY 13 2ND QTR EARNINGS RELEASE awcfy13q2earnings.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 20, 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 November 20, 2012, the Registrant issued a press release announcing results for its second quarter of fiscal year 2013 ended October 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 November 20, 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: November 20, 2012
  
Date: November 20, 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 FY13 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 20, 2012) -- American Woodmark Corporation (NASDAQ: AMWD) today announced results for the second quarter ended October 31, 2012, of its fiscal year 2013 that ends on April 30, 2013.

Net sales rose by 24% compared with the second quarter of the prior fiscal year to $159.8 million. Net sales rose by 19% during the six-month period ended October 31, 2012, compared with the comparable period of the prior fiscal year, to $308.0 million. The Company experienced double-digit sales gains in each of its sales channels during the second quarter of fiscal year 2013, led by new construction sales growth of more than 40%.

The Company generated net income excluding restructuring charges of $2.0 million, or $0.14 per diluted share during the second quarter of fiscal year 2013, compared with a net loss of ($3.0 million) or ($0.21) per diluted share in the second quarter of its prior fiscal year. The Company generated net income excluding restructuring charges of $3.0 million or $0.21 per diluted share in the six-month period ended October 31, 2012, compared with a net loss of ($5.7 million) or ($0.40) per diluted share in the comparable period of the prior fiscal year. Results in fiscal year 2013 included net-of-tax restructuring costs of $0.1 million, or $0.01 per diluted share in the second quarter, and $0.5 million, or $0.04 per diluted share in the first six months, related to the permanent closure of two manufacturing plants in April 2012 and May 2012. Net income inclusive of these charges for the second quarter and first six months of fiscal year 2013 was $2.0 million, or $0.13 per diluted share, and $2.5 million, or $0.17 per diluted share, respectively.

Gross profit for the second quarter of fiscal year 2013 was 15.5% of net sales, compared with 12.5% of net sales in the prior year’s second quarter. Gross profit was 15.2% of net sales during the first six months of fiscal year 2013, compared with 13.3% of net sales during the comparable period of the prior fiscal year. Gross profit was favorably impacted by reductions in fixed overhead costs associated with the plant closures and by the beneficial impact of higher sales volume. This favorability was partially offset by the impact of operational inefficiencies connected with the transition of production related to the plant closures during a period of rising sales, as well as rising materials costs.

Selling, general and administrative costs were 13.5% of net sales in the second quarter of fiscal year 2013, improved from 16.1% of net sales in the prior year’s second quarter. Selling, general and administrative costs improved to 13.6% of net sales in the

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AMWD Announces Second Quarter Results
Page 2
November 20, 2012
 

first six months of fiscal year 2013, down from 16.6% of net sales in the comparable period of 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 cost savings from modifications to the Company’s retirement programs.

The Company generated free cash flow (defined as cash provided by operating activities net of cash used for investing activities) of  $2.4 million during the second quarter of fiscal year 2013, compared with $1.1 million in the prior year’s second quarter. The net improvement in the Company’s free cash flow was driven by proceeds received from asset sales that more than offset the impact of payments related to its 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.

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AMWD Announces Second Quarter Results
Page 3
November 20, 2012
 

AMERICAN WOODMARK CORPORATION
  
                         
Unaudited Financial Highlights
  
                         
(in thousands, except share data)
  
                         
Operating Results
  
                         
   
Three Months Ended
    
Six Months Ended
  
   
October 31
    
October 31
  
   
2012
    
2011
    
2012
    
2011
  
                         
Net Sales
   $ 159,760     $ 128,418     $ 308,012     $ 259,617  
Cost of Sales & Distribution
     134,966       112,304       261,175       225,096  
Gross Profit
     24,794       16,114       46,837       34,521  
Sales & Marketing Expense
     14,973       14,508       29,493       30,484  
G&A Expense
     6,624       6,166       12,263       12,507  
Restructuring Charges
     84       -       861       15  
Insurance Proceeds
     (399 )     -       (399 )     -  
Operating Income (Loss)
     3,512       (4,560 )     4,619       (8,485 )
Interest & Other (Income) Expense
     141       (37 )     233       (54 )
Income Tax Expense (Benefit)
     1,421       (1,547 )     1,875       (2,739 )
Net Income (Loss)
   $ 1,950     $ (2,976 )   $ 2,511     $ (5,692 )
                                 
Earnings Per Share:
                                
Weighted Average Shares Outstanding - Diluted
     14,677,640       14,330,954       14,626,899       14,315,318  
                                 
Income (Loss) Per Diluted Share
   $ 0.13     $ (0.21 )   $ 0.17     $ (0.40 )
                                 
Net income (loss), as reported
   $ 1,950     $ (2,976 )   $ 2,511     $ (5,692 )
Restructuring Charges, net of tax
     51                 -       525       9  
Net income (loss), excluding restructuring charges
   $ 2,001     $ (2,976 )   $ 3,036     $ (5,683 )
                                 
Income (Loss) Per Diluted Share, excluding restructuring charges
   $ 0.14     $ (0.21 )   $ 0.21     $ (0.40 )

Condensed Consolidated Balance Sheet
  
             
   
October 31
    
April 30
  
   
2012
    
2012
  
             
Cash & Cash Equivalents
   $ 63,050     $ 66,620  
Customer Receivables
     41,172       32,533  
Inventories
     28,092       22,340  
Other Current Assets
     13,551       9,609  
Total Current Assets
     145,865       131,102  
Property, Plant & Equipment
     74,231       75,375  
Restricted Cash
     7,064       7,064  
Other Assets
     41,986       51,580  
Total Assets
   $ 269,146     $ 265,121  
                 
Current Portion - Long-Term Debt
   $ 959     $ 875  
Accounts Payable & Accrued Expenses
     60,301       58,346  
Total Current Liabilities
     61,260       59,221  
Long-Term Debt
     23,721       23,790  
Other Liabilities
     49,162       52,090  
Total Liabilities
     134,143       135,101  
Stockholders' Equity
     135,003       130,020  
Total Liabilities & Stockholders' Equity
   $ 269,146     $ 265,121  
 
 
 
AMWD Announces Second Quarter Results
Page 4
November 20, 2012
 
 
Condensed Consolidated Statements of Cash Flows
  
             
   
Six Months Ended
  
   
October 31
  
   
2012
    
2011
  
             
Net Cash Provided (Used) by Operating Activities
   $ (1,754 )   $ 7,879  
Net Cash Used by Investing Activities
     (1,480 )     (4,640 )
Free Cash Flow
     (3,234 )     3,239  
                 
Net Cash Used by Financing Activities
     (336 )     (1,578 )
Net Increase/(Decrease) in Cash and Cash Equivalents
     (3,570 )     1,661  
Cash and Cash Equivalents, Beginning of Period
     66,620       55,420  
                 
Cash and Cash Equivalents, End of Period
   $ 63,050     $ 57,081  
                 

-END-
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