0000794619-13-000015.txt : 20130604 0000794619-13-000015.hdr.sgml : 20130604 20130604083648 ACCESSION NUMBER: 0000794619-13-000015 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20130604 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20130604 DATE AS OF CHANGE: 20130604 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: 13889785 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 awcfy13q4earnings.htm FORM 8-K FY13 4TH QTR EARNINGS RELEASE awcfy13q4earnings.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 4, 2013
     
 
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 June 4, 2013, the Registrant issued a press release announcing results for its fourth quarter of fiscal year 2013 ended April 30, 2013.  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 4, 2013.

 
 
 

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: June 4, 2013
  
Date: June 4, 2013
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 4TH 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 FOURTH QUARTER RESULTS
 

WINCHESTER, Virginia (June 4, 2013) -- American Woodmark Corporation (NASDAQ: AMWD) today announced results for its fourth quarter ended April 30, 2013.

Net sales rose by 26% compared with the fourth quarter of the prior fiscal year to $171.1 million. The Company experienced double digit sales gains in each of its sales channels during the fourth quarter of fiscal year 2013, led by new construction sales growth of more than 40%. Net sales rose by 22% to $630.4 million during the Company’s entire fiscal year 2013.

The Company generated $5.1 million of net income, or 34 cents per diluted share, during the fourth quarter of its fiscal year 2013, exclusive of an insurance recovery and restructuring charges that combined to increase net income by less than $0.1 million and by less than one cent per diluted share. The Company’s results were substantially more favorable than in the fourth quarter of its prior fiscal year, when the net loss was ($1.6 million) or ($0.11) per diluted share, exclusive of a $0.7 million after-tax write-down of slow-moving inventories and $3.6 million of after-tax restructuring charges. Including all of these items, net income reported in the fourth quarter of fiscal year 2013 was $5.2 million, or 34 cents per diluted share, compared with a net loss in the fourth quarter of fiscal year 2012 of ($6.0 million), or ($0.42) per diluted share.

The Company generated net income for the entire fiscal year 2013 of $10.0 million, or 68 cents per diluted share, exclusive of the insurance recovery and restructuring charges that combined to reduce net income by $0.3 million, or 2 cents per diluted share. The Company’s results were substantially more favorable than the loss it experienced in fiscal year 2012 of ($10.8 million), or ($0.76) per share, exclusive of after-tax restructuring charges of $10.0 million. Inclusive of all of these items, net income reported for fiscal year 2013 was $9.8 million, or 66 cents per diluted share, compared with a net loss in fiscal year 2012 of ($20.8 million), or ($1.45) per diluted share.

Gross profit for the fourth quarter of fiscal year 2013 was 18.9% of net sales, compared with 12.7% in the prior year’s fourth quarter. Gross profit for the entire fiscal year 2013 was 16.3% of net sales, compared with 12.9% in the prior fiscal year. Gross profit was favorably impacted by reductions in labor and overhead costs associated with the Company’s previous restructuring actions, by the beneficial impact of higher sales volume and the absence of the prior year’s inventory write-down. This favorability was partially offset by the impact of rising materials costs.

Selling, general and administrative costs were 13.7% of net sales in the fourth quarter of fiscal year 2013, improved from 15.2% of net sales in the prior year’s fourth quarter. Selling, general and administrative costs improved to 13.5% of net sales for the entire fiscal year 2013, down from 16.2% of net sales 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 cost savings from modifications to the Company’s retirement programs, which more than offset increases in costs related to the increased sales levels and increased performance-based compensation.

 
-MORE-
 
AMWD Announces Fourth Quarter Results
Page 2
June 4, 2013
 
 
The Company generated free cash flow (defined as cash provided by operating activities net of cash used for investing activities) of  $20.3 million during the fourth quarter of fiscal year 2013, compared with $0.3 million in the prior year’s fourth quarter. The substantial improvement in the Company’s free cash flow was driven by the improvement in the Company’s operating profitability and favorability from the timing of the Company’s collections from its customers and payments to its vendors, which offset unfavorability from this same factor earlier in the Company’s 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 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 Fourth Quarter Results
Page 3
June 4, 2013


AMERICAN WOODMARK CORPORATION
  
                         
Unaudited Financial Highlights
  
                         
(in thousands, except share data)
  
                         
Operating Results
  
                         
   
Three Months Ended
    
Twelve Months Ended
  
   
April 30
    
April 30
  
   
2013
    
2012
    
2013
    
2012
  
                         
Net Sales
   $ 171,079     $ 136,221     $ 630,437     $ 515,814  
Cost of Sales & Distribution
     138,767       118,855       527,781       449,339  
Gross Profit
     32,312       17,366       102,656       66,475  
Sales & Marketing Expense
     14,826       14,116       57,402       58,271  
G&A Expense
     8,598       6,549       27,575       25,329  
Restructuring Charges
     454       5,959       1,433       16,321  
Insurance Proceeds
     (576 )     -       (975 )     -  
Operating Income (Loss)
     9,010       (9,258 )     17,221       (33,446 )
Interest & Other (Income) Expense
     132       (54 )     481       (158 )
Income Tax Expense (Benefit)
     3,688       (3,224 )     6,982       (12,502 )
Net Income (Loss)
   $ 5,190     $ (5,980 )   $ 9,758     $ (20,786 )
                                 
Earnings Per Share:
                                
Weighted Average Shares Outstanding - Diluted
     15,178,970       14,382,784       14,832,688       14,343,630  
                                 
Income (Loss) Per Diluted Share
   $ 0.34     $ (0.42 )   $ 0.66     $ (1.45 )
                                 
Net income (loss), as reported
   $ 5,190     $ (5,980 )   $ 9,758     $ (20,786 )
Restructuring Charges, net of tax
     277       3,635       874       9,956  
Insurance proceeds, net of tax
     (351 )     -       (595 )     -  
Net income (loss), excluding restructuring charges and insurance proceeds
   $ 5,116     $ (2,345 )   $ 10,037     $ (10,830 )
                                 
Income (Loss) Per Diluted Share, excluding restructuring charges and insurance proceeds
   $ 0.34     $ (0.16 )   $ 0.68     $ (0.76 )
                                 
 
-MORE-
 
AMWD Announces Fourth Quarter Results
Page 4
June 4, 2013
 
Condensed Consolidated Balance Sheet
  
                                 
                   
April 30
    
April 30
  
                      2013       2012  
                                 
Cash & Cash Equivalents
                   $ 96,971     $ 66,620  
Customer Receivables
                     39,044       32,533  
Inventories
                     29,338       22,340  
Other Current Assets
                     12,565       9,609  
Total Current Assets
                     177,918       131,102  
Property, Plant & Equipment
                     74,064       75,375  
Restricted Cash
                     -       7,064  
Other Assets
                     42,011       51,580  
Total Assets
                   $ 293,993     $ 265,121  
                                 
Current Portion - Long-Term Debt
                   $ 1,155     $ 875  
Accounts Payable & Accrued Expenses
                     67,953       58,346  
Total Current Liabilities
                     69,108       59,221  
Long-Term Debt
                     23,594       23,790  
Other Liabilities
                     55,096       52,090  
Total Liabilities
                     147,798       135,101  
Stockholders' Equity
                     146,195       130,020  
Total Liabilities & Stockholders' Equity
                   $ 293,993     $ 265,121  
                                 
Condensed Consolidated Statements of Cash Flows
  
                                 
                   
Twelve Months Ended
  
                   
April 30
  
                      2013       2012  
                                 
Net Cash Provided by Operating Activities
                   $ 24,527     $ 16,053  
Net Cash Used by Investing Activities
                     (6,117 )     (9,918 )
Free Cash Flow
                     18,410       6,135  
                                 
Net Cash Provided by Financing Activities
                     11,941       5,065  
Net Increase in Cash and Cash Equivalents
                     30,351       11,200  
Cash and Cash Equivalents, Beginning of Period
                     66,620       55,420  
                                 
Cash and Cash Equivalents, End of Period
                   $ 96,971     $ 66,620  
                                 

-END-
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