VIRGINIA
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54-1138147
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification No.)
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3102 Shawnee Drive, Winchester, Virginia
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22601
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(Address of principal executive offices)
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(Zip Code)
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Title of each class
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Name of each exchange on which registered
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Common Stock (no par value)
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NASDAQ Global Select Market
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Large accelerated filer
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Accelerated filer x
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Non-accelerated filer (Do not check if a smaller reporting company)
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Smaller reporting company
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Item 1.
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BUSINESS
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Item 1A.
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RISK FACTORS
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Item 1B.
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UNRESOLVED STAFF COMMENTS
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Item 2.
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PROPERTIES
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LOCATION
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DESCRIPTION
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Allegany County, MD
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Manufacturing Facility
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Berryville, VA
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Service Center*
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Coppell, TX
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Service Center*
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Gas City, IN
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Manufacturing Facility
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Hardy County, WV
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Manufacturing Facility*
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Houston, TX
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Satellite Service Center*
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Humboldt, TN
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Manufacturing Facility
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Huntersville, NC
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Service Center*
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Jackson, GA
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Manufacturing Facility
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Kingman, AZ
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Manufacturing Facility
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Kennesaw, GA
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Service Center*
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Montgomeryville, PA
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Service Center*
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Monticello, KY
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Manufacturing Facility
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Orange, VA
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Manufacturing Facility
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Orlando, FL
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Service Center*
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Raleigh, NC
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Satellite Service Center*
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Phoenix, AZ
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Service Center*
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Rancho Cordova, CA
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Service Center*
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Tampa, FL
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Service Center*
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Toccoa, GA
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Manufacturing Facility
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Winchester, VA
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Corporate Office*
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Winchester, VA
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Office (Customer Service)*
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Winchester, VA
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Office (MIS)*
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Winchester, VA
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Office (Product Dev./Logistics)*
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Item 3.
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LEGAL PROCEEDINGS
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Item 4.
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MINE SAFETY DISCLOSURES
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None.
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Name
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Age
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Position(s) Held During
Past Five Years
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Kent B. Guichard
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57
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Company Chairman, President and Chief Executive Officer from August 2009 to present; Company President and Chief Executive Officer from August 2007 to August 2009; Company Director from November 1997 to present.
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Jonathan H. Wolk
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51
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Company Senior Vice President and Chief Financial Officer from September 2010 to present; Company Vice President and Chief Financial Officer from December 2004 to September 2010; Company Corporate Secretary from May 2005 to present.
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S. Cary Dunston
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48
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Company Executive Vice President, Operations from September 2012 to present; Company Senior Vice President, Manufacturing and Supply Chain Services from October 2006 to September 2012.
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Bradley S. Boyer
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54
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Company Senior Vice President, Sales and Marketing Remodel from September 2010 to present; Company Vice President, Remodeling Sales and Marketing from July 2008 to September 2010; Company Vice President, Home Center Sales and Marketing from January 2005 to July 2008.
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Item 5.
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MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
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MARKET PRICE
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DIVIDENDS
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|||||||||||
(in dollars)
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High
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Low
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DECLARED
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|||||||||
FISCAL 2013
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||||||||||||
First quarter
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$ | 18.95 | $ | 15.46 | $ | 0.00 | ||||||
Second quarter
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23.30 | 16.45 | 0.00 | |||||||||
Third quarter
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29.28 | 21.66 | 0.00 | |||||||||
Fourth quarter
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36.68 | 27.63 | 0.00 | |||||||||
FISCAL 2012
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||||||||||||
First quarter
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$ | 22.51 | $ | 15.73 | $ | 0.09 | ||||||
Second quarter
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19.87 | 11.53 | 0.00 | |||||||||
Third quarter
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17.99 | 10.88 | 0.00 | |||||||||
Fourth quarter
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19.52 | 13.19 | 0.00 |
Item 6.
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SELECTED FINANCIAL DATA
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FISCAL YEARS ENDED APRIL 30
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||||||||||||||||||||
(in millions except per share data)
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2013 | 1 | 2012 | 1,2 | 2011 | 2 | 2010 | 2 | 2009 | 2 | ||||||||||
FINANCIAL STATEMENT DATA
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||||||||||||||||||||
Net sales
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$ | 630.4 | $ | 515.8 | $ | 452.6 | $ | 406.5 | $ | 545.9 | ||||||||||
Operating income (loss)
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17.2 | (33.4 | ) | (31.1 | ) | (37.3 | ) | (7.2 | ) | |||||||||||
Net income (loss)
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9.8 | (20.8 | ) | (20.0 | ) | (22.3 | ) | (3.2 | ) | |||||||||||
Earnings (loss) per share:
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||||||||||||||||||||
Basic
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0.67 | (1.45 | ) | (1.40 | ) | (1.58 | ) | (0.23 | ) | |||||||||||
Diluted
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0.66 | (1.45 | ) | (1.40 | ) | (1.58 | ) | (0.23 | ) | |||||||||||
Depreciation and amortization expense
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14.4 | 23.4 | 26.7 | 30.9 | 35.1 | |||||||||||||||
Total assets
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294.0 | 265.1 | 268.4 | 282.4 | 303.7 | |||||||||||||||
Long-term debt, less current maturities
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23.6 | 23.8 | 24.7 | 25.6 | 26.5 | |||||||||||||||
Total shareholders' equity
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146.2 | 130.0 | 154.0 | 175.3 | 203.7 | |||||||||||||||
Cash dividends declared per share
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0.00 | 0.09 | 0.36 | 0.36 | 0.36 | |||||||||||||||
Average shares outstanding
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||||||||||||||||||||
Basic
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14.6 | 14.3 | 14.3 | 14.1 | 14.1 | |||||||||||||||
Diluted
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14.8 | 14.3 | 14.3 | 14.1 | 14.1 | |||||||||||||||
PERCENT OF SALES
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||||||||||||||||||||
Gross profit
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16.3 | % | 12.9 | % | 11.7 | % | 12.0 | % | 16.4 | % | ||||||||||
Selling, general and administrative expenses
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13.5 | 16.2 | 18.5 | 20.5 | 15.9 | |||||||||||||||
Income (loss) before income taxes
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2.7 | (6.4 | ) | (6.6 | ) | (9.1 | ) | (1.1 | ) | |||||||||||
Net income (loss)
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1.5 | (4.0 | ) | (4.4 | ) | (5.5 | ) | (0.6 | ) | |||||||||||
RATIO ANALYSIS
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||||||||||||||||||||
Current ratio
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2.6 | 2.2 | 2.4 | 2.5 | 2.6 | |||||||||||||||
Inventory turnover3
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20.4 | 19.2 | 16.1 | 12.3 | 11.5 | |||||||||||||||
Collection period - days4
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31.4 | 30.0 | 30.1 | 32.9 | 33.5 | |||||||||||||||
Percentage of capital (long-term debt plus equity):
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||||||||||||||||||||
Long-term debt, less current maturities
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13.9 | % | 15.5 | % | 13.8 | % | 12.7 | % | 11.5 | % | ||||||||||
Equity
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86.1 | 84.5 | 86.2 | 87.3 | 88.5 | |||||||||||||||
Return on equity (average %)
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7.1 | (14.6 | ) | (12.2 | ) | (11.8 | ) | (1.5 | ) |
1 |
The Company announced plans to realign its manufacturing network during fiscal 2012. The impact of these initiatives in fiscal 2012 increased operating loss, net loss and loss per share by $15,917,000, $9,710,000 and $0.68, respectively. During fiscal 2013, the charges related to these initiatives decreased operating income, net income and earnings per share by $1,433,000, $874,000 and $.06, respectively.
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2 |
The Company performed a reduction-in-force of salaried personnel and announced plans to realign its manufacturing network during fiscal 2009. The impact of these initiatives in fiscal 2009 reduced operating income (loss), net income (loss) and earnings (loss) per share by $9,743,000, $6,050,000 and $0.43, respectively. During fiscal 2010, these initiatives increased operating loss, net loss and loss per share by $2,808,000, $1,722,000 and $0.12, respectively. During fiscal 2011, these initiatives increased operating loss, net loss and loss per share by $62,000, $39,000 and $0.00, respectively. During fiscal 2012, these initiatives increased operating loss, net loss and loss per share by $404,000, $246,000 and $0.01, respectively.
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3 |
Based on the average of beginning and ending inventory.
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4 |
Based on the ratio of average monthly customer receivables to average sales per day.
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Item 7.
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
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PERCENTAGE OF NET SALES
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||||||||
Fiscal Years Ended April 30
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||||||||
2013
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2012
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2011
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||||||
Net sales
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100.0
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%
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100.0
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%
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100.0
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%
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||
Cost of sales and distribution
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83.7
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87.1
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88.3
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|||||
Gross profit
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16.3
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12.9
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11.7
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|||||
Selling and marketing expenses
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9.1
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11.3
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13.5
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|||||
General and administrative expenses
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4.4
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4.9
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5.0
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|||||
Restructuring charges
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0.2
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3.2
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0.0
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|||||
Insurance recovery
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(0.1)
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0.0
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0.0
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|||||
Operating income (loss)
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2.7
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(6.5)
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(6.8)
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|||||
Interest expense/other (income) expense
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0.1
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(0.1)
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(0.2)
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|||||
Income (loss) before income taxes
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2.7
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(6.4)
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(6.6)
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|||||
Income tax expense (benefit)
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1.1
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(2.4)
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(2.2)
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|||||
Net income (loss)
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1.5
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(4.0)
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(4.4)
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·
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Creation of approximately 2 million private sector jobs in the U.S. during the Company’s fiscal years 2012 and 2013 (according to the U.S. Department of Labor);
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·
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A 15% improvement in Gross Private Residential Fixed Investment reported by the U.S. Department of Commerce during the most recent four quarters through the first quarter of calendar 2013, as compared with the same period one year ago;
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·
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Increases in total housing starts and single family housing starts during the Company’s fiscal 2013 of 32% and 28%, respectively, as compared to the Company’s fiscal 2012, according to the U.S. Department of Commerce;
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·
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The median price of existing homes sold in the U.S. improved for the first time in 7 years, rising by 10% during the Company’s fiscal 2013, according to data provided by the National Association of Realtors;
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·
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Consumer confidence, as reported by the University of Michigan, averaged 10% higher during the Company’s fiscal 2013 than in its prior fiscal year; and
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·
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Cabinet sales, as reported by members of the Kitchen Cabinet Manufacturers Association (KCMA), increased by 11% during fiscal 2013, suggesting an increase in both new construction and remodeling sales of cabinets.
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FISCAL YEARS ENDED APRIL 30
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||||||||||||||||||||
(in thousands)
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2013
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2012
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2011
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2013 vs. 2012 PERCENT CHANGE
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2012 vs. 2011 PERCENT CHANGE
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|||||||||||||||
Net sales
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$ | 630,437 | $ | 515,814 | $ | 452,589 | 22 | % | 14 | % | ||||||||||
Gross profit
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102,656 | 66,475 | 52,751 | 54 | 26 | |||||||||||||||
Selling and marketing expenses
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57,402 | 58,271 | 61,034 | (1 | ) | (5 | ) | |||||||||||||
General and administrative expenses
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27,575 | 25,329 | 22,709 | 9 | 12 | |||||||||||||||
Interest expense
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643 | 527 | 572 | 22 | (8 | ) |
·
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Labor and overhead costs improved by 3.6% as a percentage of net sales compared with the prior fiscal year, as the combination of the increased sales volume and the plant closures caused both a decrease in overhead costs and improved absorption of fixed overhead costs, while labor costs became increasingly more efficient throughout fiscal 2013 as productivity gains were realized following the plant closures;
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·
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Materials and freight costs increased as a percentage of net sales by 1.6% during fiscal 2013 as compared with fiscal 2012, driven primarily by inflationary pressures in finishing materials, lumber, cartons, plywood, particleboard and paint, as well as from increased levels of outsourcing following the recent plant closures; and
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·
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Sales promotion costs improved by 1.4% of net sales during fiscal 2013 compared with the prior year, as a result of both an increased proportion of new construction sales to the Company’s total sales and reduced promotional activity. Sales promotions that involved the use of free products or cash reimbursements back to the Company’s large remodeling customers were deducted from gross margin as opposed to being classified as operating expenses.
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·
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Labor and overhead costs improved by 3.7% as a percentage of net sales during fiscal 2012 compared with the prior fiscal year, as increased sales volume caused increased productivity of direct labor and absorption of fixed overhead costs;
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·
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Materials and freight costs increased as a percentage of net sales by 1.8% during fiscal 2012 as compared with fiscal 2011, driven primarily by inflationary pressures in finishing materials, lumber, cartons, imported components, and diesel fuel; and
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·
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Sales promotion costs increased by 0.7% of net sales during fiscal 2012, as the Company chose to remain competitive with competitors’ promotional offerings to drive sales growth in a challenging market.
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FISCAL YEARS ENDED APRIL 30
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||||||||||||||||||||
(in thousands)
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Total Amounts
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2014
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2015-2016 | 2017-2018 |
2019 and Thereafter
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|||||||||||||||
Revolving credit facility
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$ | 10,000 | $ | -- | $ | 10,000 | $ | -- | $ | -- | ||||||||||
Economic development loans
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3,480 | -- | -- | -- | 3,480 | |||||||||||||||
Term loans
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3,530 | 349 | 763 | 2,418 | -- | |||||||||||||||
Capital lease obligations
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7,739 | 806 | 1,689 | 1,356 | 3,888 | |||||||||||||||
Interest on long-term debt1
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2,622 | 659 | 1,113 | 488 | 362 | |||||||||||||||
Operating lease obligations
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10,926 | 3,411 | 5,870 | 1,553 | 92 | |||||||||||||||
Pension contributions2
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33,208 | 2,258 | 10,020 | 15,700 | 5,230 | |||||||||||||||
Total
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$ | 71,505 | $ | 7,483 | $ | 29,455 | $ | 21,515 | $ | 13,052 |
|
1 Interest commitments under interest bearing debt consist of interest under the Company’s primary loan agreement, term loans and capitalized lease agreements. Amounts outstanding under the Company’s revolving credit facility, $10 million at April 30, 2013, bear a variable interest rate determined by the London Interbank Offered Rate (LIBOR) plus 2.625%. Interest under the Company’s term loans and capitalized lease agreements is fixed at rates between 2% and 6.5%. Interest commitments under interest bearing debt for the Company’s revolving credit facility are at LIBOR plus the spread as of April 30, 2013, throughout the remaining term of the facility.
|
|
2 The estimated cost of the Company’s two defined benefit pension plans is determined annually based upon the discount rate and other assumptions at fiscal year end. Future pension funding contributions beyond fiscal 2019 have not been determined at this time.
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(in millions)
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IMPACT OF 1% INCREASE
|
IMPACT OF 1% DECREASE
|
||||||
(decrease) increase
|
||||||||
Effect on annual pension expense
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$ | (1.1 | ) | $ | 1.1 | |||
Effect on projected pension benefit obligation
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$ | (21.1 | ) | $ | 26.9 |
Item 7A.
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QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|
Item 8.
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FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
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APRIL 30
|
||||||||
(in thousands, except share and per share data)
|
2013
|
2012
|
||||||
ASSETS
|
||||||||
Current Assets
|
||||||||
Cash and cash equivalents
|
$ | 96,971 | $ | 66,620 | ||||
Customer receivables, net
|
39,044 | 32,533 | ||||||
Inventories
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29,338 | 22,340 | ||||||
Prepaid expenses and other
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3,084 | 2,523 | ||||||
Deferred income taxes
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9,481 | 7,086 | ||||||
Total Current Assets
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177,918 | 131,102 | ||||||
Property, plant and equipment, net
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74,064 | 75,375 | ||||||
Restricted cash
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-- | 7,064 | ||||||
Promotional displays, net
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5,811 | 5,073 | ||||||
Deferred income taxes
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29,262 | 34,969 | ||||||
Other assets
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6,938 | 11,538 | ||||||
TOTAL ASSETS
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$ | 293,993 | $ | 265,121 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
||||||||
Current Liabilities
|
||||||||
Accounts payable
|
$ | 23,306 | $ | 19,492 | ||||
Current maturities of long-term debt
|
1,155 | 875 | ||||||
Accrued compensation and related expenses
|
26,213 | 21,963 | ||||||
Accrued marketing expenses
|
10,159 | 8,756 | ||||||
Other accrued expenses
|
8,275 | 8,135 | ||||||
Total Current Liabilities
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69,108 | 59,221 | ||||||
Long-term debt, less current maturities
|
23,594 | 23,790 | ||||||
Defined benefit pension liabilities
|
53,696 | 50,547 | ||||||
Other long-term liabilities
|
1,400 | 1,543 | ||||||
Shareholders' Equity
|
||||||||
Preferred stock, $1.00 par value; 2,000,000 shares authorized, none issued
|
-- | -- | ||||||
Common stock, no par value; 40,000,000 shares authorized; issued and outstanding shares: at April 30, 2013: 14,822,580, at April 30, 2012: 14,395,273
|
107,165 | 96,205 | ||||||
Retained earnings
|
71,180 | 61,422 | ||||||
Accumulated other comprehensive loss -
|
||||||||
Defined benefit pension plans
|
(32,150 | ) | (27,607 | ) | ||||
Total Shareholders' Equity
|
146,195 | 130,020 | ||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
|
$ | 293,993 | $ | 265,121 | ||||
See notes to consolidated financial statements.
|
FISCAL YEARS ENDED APRIL 30
|
||||||||||||
(in thousands, except per share data)
|
2013
|
2012
|
2011
|
|||||||||
Net sales
|
$ | 630,437 | $ | 515,814 | $ | 452,589 | ||||||
Cost of sales and distribution
|
527,781 | 449,339 | 399,838 | |||||||||
Gross Profit
|
102,656 | 66,475 | 52,751 | |||||||||
Selling and marketing expenses
|
57,402 | 58,271 | 61,034 | |||||||||
General and administrative expenses
|
27,575 | 25,329 | 22,709 | |||||||||
Restructuring charges
|
1,433 | 16,321 | 62 | |||||||||
Insurance proceeds
|
(975 | ) | -- | -- | ||||||||
Operating Income (Loss)
|
17,221 | (33,446 | ) | (31,054 | ) | |||||||
Interest expense
|
643 | 527 | 572 | |||||||||
Other income
|
(162 | ) | (685 | ) | (1,666 | ) | ||||||
Income (Loss) Before Income Taxes
|
16,740 | (33,288 | ) | (29,960 | ) | |||||||
Income tax expense (benefit)
|
6,982 | (12,502 | ) | (9,942 | ) | |||||||
Net Income (Loss)
|
$ | 9,758 | $ | (20,786 | ) | $ | (20,018 | ) | ||||
SHARE INFORMATION
|
||||||||||||
Earnings (loss) per share
|
||||||||||||
Basic
|
$ | 0.67 | $ | (1.45 | ) | $ | (1.40 | ) | ||||
Diluted
|
0.66 | (1.45 | ) | (1.40 | ) | |||||||
Cash dividends per share
|
0.00 | 0.09 | 0.36 | |||||||||
See notes to consolidated financial statements.
|
FISCAL YEARS ENDED APRIL 30
|
||||||||||||
(in thousands)
|
2013
|
2012
|
2011
|
|||||||||
Net income (loss)
|
$ | 9,758 | $ | (20,786 | ) | $ | (20,018 | ) | ||||
Other comprehensive loss net of tax:
|
||||||||||||
Change in pension benefits, net of deferred taxes
|
||||||||||||
of $2,905, $3,624 and $294, respectively
|
(4,543 | ) | (5,669 | ) | (460 | ) | ||||||
Total Comprehensive Income (Loss)
|
$ | 5,215 | $ | (26,455 | ) | $ | (20,478 | ) | ||||
See notes to consolidated financial statements.
|
||||||||||||
ACCUMULATED
|
||||||||||||||||||||
OTHER
|
TOTAL
|
|||||||||||||||||||
COMMON STOCK
|
RETAINED
|
COMPREHENSIVE
|
SHAREHOLDERS'
|
|||||||||||||||||
(in thousands, except share data)
|
SHARES
|
AMOUNT
|
EARNINGS
|
LOSS
|
EQUITY
|
|||||||||||||||
Balance, May 1, 2010
|
14,205,462 | $ | 88,153 | $ | 108,643 | $ | (21,478 | ) | $ | 175,318 | ||||||||||
Net loss
|
(20,018 | ) | (20,018 | ) | ||||||||||||||||
Other comprehensive loss,
|
||||||||||||||||||||
net of tax
|
(460 | ) | (460 | ) | ||||||||||||||||
Stock-based compensation
|
3,995 | 3,995 | ||||||||||||||||||
Adjustments to excess tax
|
||||||||||||||||||||
benefit from stock-based
|
||||||||||||||||||||
compensation
|
(1,347 | ) | (1,347 | ) | ||||||||||||||||
Cash dividends
|
(5,130 | ) | (5,130 | ) | ||||||||||||||||
Exercise of stock-based
|
||||||||||||||||||||
compensation awards
|
27,401 | 394 | 394 | |||||||||||||||||
Employee benefit plan
|
||||||||||||||||||||
contributions
|
62,677 | 1,213 | 1,213 | |||||||||||||||||
Balance, April 30, 2011
|
14,295,540 | $ | 92,408 | $ | 83,495 | $ | (21,938 | ) | $ | 153,965 | ||||||||||
Net loss
|
(20,786 | ) | (20,786 | ) | ||||||||||||||||
Other comprehensive loss,
|
||||||||||||||||||||
net of tax
|
(5,669 | ) | (5,669 | ) | ||||||||||||||||
Stock-based compensation
|
3,413 | 3,413 | ||||||||||||||||||
Adjustments to excess tax
|
||||||||||||||||||||
benefit from stock-based
|
||||||||||||||||||||
compensation
|
(859 | ) | (859 | ) | ||||||||||||||||
Cash dividends
|
(1,287 | ) | (1,287 | ) | ||||||||||||||||
Exercise of stock-based
|
||||||||||||||||||||
compensation awards
|
19,410 | 12 | 12 | |||||||||||||||||
Employee benefit plan
|
||||||||||||||||||||
contributions
|
80,323 | 1,231 | 1,231 | |||||||||||||||||
Balance, April 30, 2012
|
14,395,273 | $ | 96,205 | $ | 61,422 | $ | (27,607 | ) | $ | 130,020 | ||||||||||
Net income
|
9,758 | 9,758 | ||||||||||||||||||
Other comprehensive loss,
|
||||||||||||||||||||
net of tax
|
(4,543 | ) | (4,543 | ) | ||||||||||||||||
Stock-based compensation
|
3,509 | 3,509 | ||||||||||||||||||
Adjustments to excess tax
|
||||||||||||||||||||
benefit from stock-based
|
||||||||||||||||||||
compensation
|
(650 | ) | (650 | ) | ||||||||||||||||
Exercise of stock-based
|
||||||||||||||||||||
compensation awards
|
328,490 | 5,768 | 5,768 | |||||||||||||||||
Employee benefit plan
|
||||||||||||||||||||
contributions
|
98,817 | 2,333 | 2,333 | |||||||||||||||||
Balance, April 30, 2013
|
14,822,580 | $ | 107,165 | $ | 71,180 | $ | (32,150 | ) | $ | 146,195 | ||||||||||
See notes to consolidated financial statements.
|
FISCAL YEARS ENDED APRIL 30
|
||||||||||||
(in thousands)
|
2013
|
2012
|
2011
|
|||||||||
OPERATING ACTIVITIES
|
||||||||||||
Net income (loss)
|
$ | 9,758 | $ | (20,786 | ) | $ | (20,018 | ) | ||||
Adjustments to reconcile net income (loss) to net cash provided
|
||||||||||||
by operating activities:
|
||||||||||||
Depreciation and amortization
|
14,431 | 23,387 | 26,703 | |||||||||
Net loss on disposal of property, plant and equipment
|
231 | 180 | 209 | |||||||||
Impairment loss related to restructuring activities
|
270 | 7,913 | -- | |||||||||
(Gain) loss on sales of assets held for sale
|
(481 | ) | 111 | (982 | ) | |||||||
Gain on insurance recoveries
|
(975 | ) | -- | -- | ||||||||
Stock-based compensation expense
|
3,509 | 3,413 | 3,995 | |||||||||
Deferred income taxes
|
5,789 | (12,290 | ) | (8,185 | ) | |||||||
Pension contributions (in excess of) less than expense
|
(4,299 | ) | 4,528 | 6,907 | ||||||||
Tax benefit from stock-based compensation
|
(18 | ) | -- | (80 | ) | |||||||
Other non-cash items
|
944 | 867 | (971 | ) | ||||||||
Changes in operating assets and liabilities:
|
||||||||||||
Customer receivables
|
(6,825 | ) | (1,533 | ) | (3,514 | ) | ||||||
Inventories
|
(7,068 | ) | 115 | 331 | ||||||||
Prepaid expenses and other assets
|
(1,669 | ) | (320 | ) | 5,709 | |||||||
Accounts payable
|
3,814 | 923 | 4,534 | |||||||||
Accrued compensation, marketing and other accrued expenses
|
7,116 | 9,545 | (1,442 | ) | ||||||||
Net Cash Provided by Operating Activities
|
24,527 | 16,053 | 13,196 | |||||||||
INVESTING ACTIVITIES
|
||||||||||||
Payments to acquire property, plant and equipment
|
(8,860 | ) | (6,679 | ) | (4,952 | ) | ||||||
Proceeds from sales of property, plant and equipment
|
80 | 15 | 3 | |||||||||
Proceeds from sales of assets held for sale
|
6,447 | 56 | 2,939 | |||||||||
Proceeds from insurance recoveries
|
975 | -- | -- | |||||||||
Investment in promotional displays
|
(4,759 | ) | (3,310 | ) | (3,456 | ) | ||||||
Net Cash Used by Investing Activities
|
(6,117 | ) | (9,918 | ) | (5,466 | ) | ||||||
FINANCING ACTIVITIES
|
||||||||||||
Payments of long-term debt
|
(1,019 | ) | (1,021 | ) | (892 | ) | ||||||
Change in restricted cash
|
7,064 | 7,355 | -- | |||||||||
Tax benefit from stock-based compensation
|
18 | -- | 80 | |||||||||
Proceeds from issuance of common stock and other
|
5,878 | 18 | 399 | |||||||||
Payment of dividends
|
-- | (1,287 | ) | (5,130 | ) | |||||||
Net Cash Provided (Used) by Financing Activities
|
11,941 | 5,065 | (5,543 | ) | ||||||||
Net Increase in Cash and Cash Equivalents
|
30,351 | 11,200 | 2,187 | |||||||||
Cash and Cash Equivalents, Beginning of Year
|
66,620 | 55,420 | 53,233 | |||||||||
Cash and Cash Equivalents, End of Year
|
$ | 96,971 | $ | 66,620 | $ | 55,420 | ||||||
See notes to consolidated financial statements.
|
APRIL 30
|
||||||||
(in thousands)
|
2013
|
2012
|
||||||
Gross customer receivables
|
$ | 41,397 | $ | 34,572 | ||||
Less:
|
||||||||
Allowance for doubtful accounts
|
(148 | ) | (93 | ) | ||||
Allowance for returns and discounts
|
(2,205 | ) | (1,946 | ) | ||||
Net customer receivables
|
$ | 39,044 | $ | 32,533 |
APRIL 30
|
||||||||
(in thousands)
|
2013
|
2012
|
||||||
Raw materials
|
$ | 11,823 | $ | 9,412 | ||||
Work-in-process
|
17,170 | 14,543 | ||||||
Finished goods
|
11,318 | 8,734 | ||||||
Total FIFO inventories
|
40,311 | 32,689 | ||||||
Reserve to adjust inventories to LIFO value
|
(10,973 | ) | (10,349 | ) | ||||
Total LIFO inventories
|
$ | 29,338 | $ | 22,340 |
APRIL 30
|
||||||||
(in thousands)
|
2013
|
2012
|
||||||
Land
|
$ | 5,929 | $ | 5,929 | ||||
Buildings and improvements
|
65,245 | 65,750 | ||||||
Buildings and improvements - capital leases
|
11,202 | 11,202 | ||||||
Machinery and equipment
|
177,393 | 169,406 | ||||||
Machinery and equipment - capital leases
|
26,966 | 26,685 | ||||||
Construction in progress
|
1,494 | 2,908 | ||||||
288,229 | 281,880 | |||||||
Less accumulated amortization and depreciation
|
(214,165 | ) | (206,505 | ) | ||||
Total
|
$ | 74,064 | $ | 75,375 |
FISCAL YEARS ENDING APRIL 30
|
||||||||||||||||||||||||||||
(in thousands)
|
2014
|
2015
|
2016
|
2017
|
2018
|
2019 AND THERE- AFTER
|
TOTAL OUTSTAND- ING
|
|||||||||||||||||||||
Revolving credit facility
|
$ | -- | $ | -- | $ | 10,000 | $ | -- | $ | -- | $ | -- | $ | 10,000 | ||||||||||||||
Economic development loans
|
-- | -- | -- | -- | -- | 3,480 | 3,480 | |||||||||||||||||||||
Term loans
|
349 | 370 | 393 | 411 | 2,007 | -- | 3,530 | |||||||||||||||||||||
Capital lease obligations
|
806 | 835 | 854 | 763 | 593 | 3,888 | 7,739 | |||||||||||||||||||||
Total
|
$ | 1,155 | $ | 1,205 | $ | 11,247 | $ | 1,174 | $ | 2,600 | $ | 7,368 | $ | 24,749 | ||||||||||||||
Less current maturities
|
$ | 1,155 | ||||||||||||||||||||||||||
Total long-term debt
|
$ | 23,594 |
FISCAL YEARS ENDED APRIL 30
|
||||||||||||
(in thousands, except per share amounts)
|
2013
|
2012
|
2011
|
|||||||||
Numerator used in basic and diluted earnings (loss) per common share:
|
||||||||||||
Net income (loss)
|
$ | 9,758 | $ | (20,786 | ) | $ | (20,018 | ) | ||||
Denominator:
|
||||||||||||
Denominator for basic earnings (loss) per common share -
|
||||||||||||
weighted-average shares
|
14,563 | 14,344 | 14,252 | |||||||||
Effect of dilutive securities:
|
||||||||||||
Stock options and restricted stock units
|
270 | -- | -- | |||||||||
Denominator for diluted earnings (loss) per common share -
|
||||||||||||
weighted-average shares and assumed conversions
|
14,833 | 14,344 | 14,252 | |||||||||
Net earnings (loss) per share
|
||||||||||||
Basic
|
$ | 0.67 | $ | (1.45 | ) | $ | (1.40 | ) | ||||
Diluted
|
$ | 0.66 | $ | (1.45 | ) | $ | (1.40 | ) |
FISCAL YEARS ENDED APRIL 30
|
||||||||||||
2013
|
2012
|
2011
|
||||||||||
Weighted-average fair value of grants
|
$
|
7.39
|
$
|
5.43
|
$
|
8.87
|
||||||
Expected volatility
|
42.5
|
%
|
35.1
|
%
|
49.1
|
%
|
||||||
Expected term in years
|
6.1
|
6.0
|
6.2
|
|||||||||
Risk-free interest rate
|
1.09
|
%
|
2.24
|
%
|
2.64
|
%
|
||||||
Expected dividend yield
|
0.0
|
%
|
2.0
|
%
|
1.7
|
%
|
NUMBER OF OPTIONS
|
REMAINING CONTRACTUAL TERM
|
WEIGHTED AVERAGE EXERCISE PRICE
|
AGGREGATE INTRINSIC VALUE (in thousands)
|
|||||||||||||
Outstanding at April 30, 2010
|
2,105,515 | 5.6 | $ | 29.03 | $ | 295 | ||||||||||
Granted
|
115,000 | 9.1 | 20.87 | -- | ||||||||||||
Exercised
|
(27,000 | ) | -- | 14.80 | 216 | |||||||||||
Cancelled or expired
|
(588,159 | ) | -- | 29.58 | -- | |||||||||||
Outstanding at April 30, 2011
|
1,605,356 | 5.7 | $ | 28.48 | $ | 29 | ||||||||||
Granted
|
130,000 | 9.1 | 18.16 | -- | ||||||||||||
Exercised
|
(1,200 | ) | -- | 14.93 | 6 | |||||||||||
Cancelled or expired
|
(109,396 | ) | -- | 28.82 | -- | |||||||||||
Outstanding at April 30, 2012
|
1,624,760 | 5.1 | $ | 27.64 | $ | -- | ||||||||||
Granted
|
125,000 | 9.1 | 17.62 | -- | ||||||||||||
Exercised
|
(251,799 | ) | -- | 23.35 | 1,868 | |||||||||||
Cancelled or expired
|
(96,148 | ) | -- | 31.03 | -- | |||||||||||
Outstanding at April 30, 2013
|
1,401,813 | 4.8 | $ | 27.27 | $ | 9,272 | ||||||||||
Vested and expected to vest in the future at April 30, 2013
|
1,375,039 | 4.7 | $ | 27.43 | $ | 8,871 | ||||||||||
Exercisable at April 30, 2013
|
1,156,809 | 4.0 | $ | 29.17 | $ | 5,509 |
OPTIONS OUTSTANDING
|
OPTIONS EXERCISABLE
|
|||||||||||||||||||||
OPTION PRICE
|
REMAINING
|
EXERCISE
|
EXERCISE
|
|||||||||||||||||||
PER SHARE
|
OPTIONS
|
LIFE
|
PRICE
|
OPTIONS
|
PRICE
|
|||||||||||||||||
$ | 17.62-$18.16 | 223,334 | 8.7 | $ | 17.86 | 14,998 | $ | 18.16 | ||||||||||||||
$ | 20.87-$26.85 | 497,467 | 5.0 | 24.05 | 460,799 | 24.30 | ||||||||||||||||
$ | 28.97-$34.63 | 658,400 | 3.4 | 32.39 | 658,400 | 32.39 | ||||||||||||||||
$ | 38.37-$42.17 | 22,612 | 1.5 | 41.73 | 22,612 | 41.73 | ||||||||||||||||
1,401,813 | 1,156,809 |
PERFORMANCE-BASED RSUS
|
SERVICE-BASED RSUS
|
TOTAL RSUS
|
WEIGHTED AVERAGE GRANT DATE FAIR VALUE
|
|||||||||||||
Issued and outstanding, April 30, 2010
|
117,900 | 60,500 | 178,400 | $ | 21.99 | |||||||||||
Granted
|
125,475 | 61,825 | 187,300 | $ | 19.25 | |||||||||||
Cancelled due to non-achievement of performance goals
|
(63,145 | ) | -- | (63,145 | ) | $ | 22.10 | |||||||||
Settled in common stock
|
(364 | ) | (260 | ) | (624 | ) | $ | 22.10 | ||||||||
Forfeited
|
(5,296 | ) | (2,965 | ) | (8,261 | ) | $ | 21.96 | ||||||||
Issued and outstanding, April 30, 2011
|
174,570 | 119,100 | 293,670 | $ | 20.25 | |||||||||||
Granted
|
134,250 | 64,750 | 199,000 | $ | 17.00 | |||||||||||
Cancelled due to non-achievement of performance goals
|
(48,870 | ) | -- | (48,870 | ) | $ | 19.81 | |||||||||
Settled in common stock
|
(666 | ) | (17,951 | ) | (18,617 | ) | $ | 21.15 | ||||||||
Forfeited
|
(22,208 | ) | (10,171 | ) | (32,379 | ) | $ | 19.30 | ||||||||
Issued and outstanding, April 30, 2012
|
237,076 | 155,728 | 392,804 | $ | 18.75 | |||||||||||
Granted
|
129,075 | 63,025 | 192,100 | $ | 17.76 | |||||||||||
Cancelled due to non-achievement of performance goals
|
(24,311 | ) | -- | (24,311 | ) | $ | 17.09 | |||||||||
Settled in common stock
|
(49,546 | ) | (58,328 | ) | (107,874 | ) | $ | 20.66 | ||||||||
Forfeited
|
(13,189 | ) | (5,425 | ) | (18,614 | ) | $ | 17.91 | ||||||||
Issued and outstanding, April 30, 2013
|
279,105 | 155,000 | 434,105 | $ | 17.96 |
(in thousands)
|
2013
|
2012
|
2011
|
|||||||||
Cost of sales and distribution
|
$ | 606 | $ | 531 | $ | 735 | ||||||
Selling and marketing expenses
|
859 | 715 | 842 | |||||||||
General and administrative expenses
|
2,044 | 2,167 | 2,418 | |||||||||
Stock-based compensation expense, before income taxes
|
$ | 3,509 | $ | 3,413 | $ | 3,995 |
APRIL 30
|
||||||||
(in thousands)
|
2013
|
2012
|
||||||
CHANGE IN PROJECTED BENEFIT OBLIGATION
|
||||||||
Projected benefit obligation at beginning of year
|
$ | 136,264 | $ | 120,059 | ||||
Service cost
|
-- | 5,305 | ||||||
Interest cost
|
6,261 | 6,533 | ||||||
Actuarial losses
|
10,801 | 26,318 | ||||||
Benefits paid
|
(3,897 | ) | (3,293 | ) | ||||
Curtailments
|
-- | (18,658 | ) | |||||
Projected benefit obligation at end of year
|
$ | 149,429 | $ | 136,264 | ||||
CHANGE IN PLAN ASSETS
|
||||||||
Fair value of plan assets at beginning of year
|
$ | 85,717 | $ | 83,334 | ||||
Actual return on plan assets
|
8,993 | 2,805 | ||||||
Company contributions
|
4,920 | 2,871 | ||||||
Benefits paid
|
(3,897 | ) | (3,293 | ) | ||||
Fair value of plan assets at end of year
|
$ | 95,733 | $ | 85,717 | ||||
Funded status of the plans
|
$ | (53,696 | ) | $ | (50,547 | ) | ||
Unamortized prior service cost
|
-- | -- | ||||||
Unrecognized net actuarial loss
|
52,703 | 45,255 | ||||||
Accrued benefit cost
|
$ | (993 | ) | $ | (5,292 | ) |
AMOUNTS RECOGNIZED IN THE CONSOLIDATED BALANCE SHEETS
|
||||||||
Defined benefit pension liabilities
|
$ | (53,696 | ) | $ | (50,547 | ) | ||
Accumulated other comprehensive loss
|
52,703 | 45,255 | ||||||
Net amount recognized
|
$ | (993 | ) | $ | (5,292 | ) |
PENSION BENEFITS
|
||||||||||||
(in thousands)
|
2013
|
2012
|
2011
|
|||||||||
COMPONENTS OF NET PERIODIC PENSION BENEFIT COST
|
||||||||||||
Service cost
|
$ | -- | $ | 5,305 | $ | 4,717 | ||||||
Interest cost
|
6,261 | 6,533 | 6,268 | |||||||||
Expected return on plan assets
|
(6,563 | ) | (6,533 | ) | (6,159 | ) | ||||||
Amortization of prior service cost
|
-- | 53 | 85 | |||||||||
Curtailment loss
|
-- | 331 | -- | |||||||||
Recognized net actuarial loss
|
923 | 1,710 | 1,996 | |||||||||
Pension benefit cost
|
$ | 621 | $ | 7,399 | $ | 6,907 |
FISCAL YEARS ENDED APRIL 30
|
||||||||
2013
|
2012
|
|||||||
WEIGHTED-AVERAGE ASSUMPTIONS TO DETERMINE BENEFIT OBLIGATIONS
|
||||||||
Discount rate
|
4.21 | % | 4.66 | % |
FISCAL YEARS ENDED APRIL 30
|
||||||||||||
2013
|
2012
|
2011
|
||||||||||
WEIGHTED-AVERAGE ASSUMPTIONS TO DETERMINE NET PERIODIC PENSION BENEFIT COST
|
||||||||||||
Discount rate
|
4.66 | % | 5.66%/4.76 | % 1 | 5.91 | % | ||||||
Expected return on plan assets
|
7.5 | % | 8.0 | % | 8.0 | % | ||||||
Rate of compensation increase
|
* | 4.0 | % | 4.0 | % | |||||||
1 The discount rate was 5.66% from May 1, 2011 to December 31, 2011 and 4.76% from January 1, 2012 to April 30, 2012. The rate changed during fiscal 2012 as a result of the required re-measurement of the Company's pension liability upon its decision to freeze its pension plans.
|
||||||||||||
* The rate of compensation increase is not applicable for periods beyond April 30, 2012 because the Company froze its pension plans effective as of that date.
|
FISCAL YEAR
|
BENEFIT PAYMENTS (in thousands)
|
|||
2014
|
$ | 4,247 | ||
2015
|
4,698 | |||
2016
|
5,156 | |||
2017
|
5,511 | |||
2018
|
5,888 | |||
Years 2019-2023
|
35,710 |
FAIR VALUE MEASUREMENTS AT APRIL 30, 2013
|
|||||||||||||||||
(in thousands)
|
TOTAL
|
QUOTED PRICES IN ACTIVE MARKETS (LEVEL 1)
|
SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)
|
SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)
|
|||||||||||||
Cash Equivalents
|
$ | 315 | $ | 315 | $ | -- | $ | -- | |||||||||
Equity Collective Funds:1
|
|||||||||||||||||
Equity Index Value Fund
|
19,202 | -- | 19,202 | -- | |||||||||||||
Equity Index Growth Fund
|
19,245 | -- | 19,245 | -- | |||||||||||||
Small Cap Index Fund
|
5,632 | -- | 5,632 | -- | |||||||||||||
International Equity Fund
|
3,932 | -- | 3,932 | -- | |||||||||||||
Fixed Income Collective Funds:1
|
|||||||||||||||||
Core Fixed Income Fund
|
17,407 | -- | 17,407 | -- | |||||||||||||
Capital Preservation Fund
|
30,000 | -- | 30,000 | -- | |||||||||||||
Total
|
$ | 95,733 | $ | 315 | $ | 95,418 | $ | -- | |||||||||
FAIR VALUE MEASUREMENTS AT APRIL 30, 2012
|
|||||||||||||||||
(in thousands)
|
TOTAL
|
QUOTED PRICES IN ACTIVE MARKETS (LEVEL 1)
|
SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)
|
SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)
|
|||||||||||||
Cash Equivalents
|
$ | 273 | $ | 273 | $ | -- | $ | -- | |||||||||
Equity Collective Funds:1
|
|||||||||||||||||
Equity Index Value Fund
|
16,850 | -- | 16,850 | -- | |||||||||||||
Equity Index Growth Fund
|
17,094 | -- | 17,094 | -- | |||||||||||||
Small Cap Index Fund
|
5,002 | -- | 5,002 | -- | |||||||||||||
International Equity Fund
|
3,315 | -- | 3,315 | -- | |||||||||||||
Fixed Income Collective Funds:1
|
|||||||||||||||||
Core Fixed Income Fund
|
25,824 | -- | 25,824 | -- | |||||||||||||
Capital Preservation Fund
|
17,359 | -- | 17,359 | -- | |||||||||||||
Total
|
$ | 85,717 | $ | 273 | $ | 85,444 | $ | -- | |||||||||
1 The Collective Trust Funds are valued by applying each plan's ownership percentage in the fund to the fund's net assets at fair value at the valuation date.
|
PLAN ASSET ALLOCATION
|
||||||||||||
2013
|
2013
|
2012
|
||||||||||
APRIL 30
|
TARGET
|
ACTUAL
|
ACTUAL
|
|||||||||
Equity Funds
|
50.0 | % | 50.2 | % | 49.5 | % | ||||||
Fixed Income Funds
|
50.0 | % | 49.8 | % | 50.5 | % | ||||||
Total
|
100.0 | % | 100.0 | % | 100.0 | % |
FISCAL YEARS ENDED APRIL 30
|
||||||||||||
(in thousands)
|
2013
|
2012
|
2011
|
|||||||||
CURRENT EXPENSE (BENEFIT)
|
||||||||||||
Federal
|
$ | 1,031 | $ | (36 | ) | $ | (2,368 | ) | ||||
State
|
162 | (176 | ) | 611 | ||||||||
Total current expense (benefit)
|
1,193 | (212 | ) | (1,757 | ) | |||||||
DEFERRED EXPENSE (BENEFIT)
|
||||||||||||
Federal
|
4,859 | (10,115 | ) | (6,065 | ) | |||||||
State
|
930 | (2,175 | ) | (2,120 | ) | |||||||
Total deferred expense (benefit)
|
5,789 | (12,290 | ) | (8,185 | ) | |||||||
Total expense (benefit)
|
6,982 | (12,502 | ) | (9,942 | ) | |||||||
Other comprehensive loss
|
(2,905 | ) | (3,624 | ) | (294 | ) | ||||||
Total comprehensive income tax expense (benefit)
|
$ | 4,077 | $ | (16,126 | ) | $ | (10,236 | ) |
FISCAL YEARS ENDED APRIL 30
|
||||||||||||
2013
|
2012
|
2011
|
||||||||||
Federal statutory rate
|
35.0 | % | 35.0 | % | 35.0 | % | ||||||
Effect of:
|
||||||||||||
Tax basis adjustment
|
0.0 | % | (1.7 | ) % | (3.3 | ) % | ||||||
Meals and entertainment
|
1.5 | (0.8 | ) | (0.8 | ) | |||||||
Other
|
1.1 | 0.0 | (0.8 | ) | ||||||||
Total
|
2.6 | % | (2.5 | ) % | (4.9 | ) % | ||||||
Effective federal income tax rate
|
37.6 | % | 32.5 | % | 30.1 | % | ||||||
State income taxes, net of federal tax effect
|
4.1 | 5.1 | 3.1 | |||||||||
Effective income tax rate
|
41.7 | % | 37.6 | % | 33.2 | % |
APRIL 30
|
||||||||
(in thousands)
|
2013
|
2012
|
||||||
Deferred tax assets:
|
||||||||
Pension benefits
|
$ | 20,563 | $ | 18,238 | ||||
Accounts receivable
|
3,983 | 3,103 | ||||||
Product liability
|
700 | 735 | ||||||
Employee benefits
|
11,243 | 10,878 | ||||||
Net operating loss carryforward
|
1,099 | 6,686 | ||||||
Income tax credits
|
1,088 | 747 | ||||||
Depreciation
|
73 | 896 | ||||||
Other
|
496 | 772 | ||||||
Total
|
39,245 | 42,055 | ||||||
Deferred tax liabilities:
|
||||||||
Inventory
|
502 | -- | ||||||
Net deferred tax asset
|
$ | 38,743 | $ | 42,055 |
APRIL 30
|
||||||||
(in thousands)
|
2013
|
2012
|
||||||
PRODUCT WARRANTY RESERVE
|
||||||||
Beginning balance
|
$ | 1,885 | $ | 1,738 | ||||
Accrual for warranties
|
9,839 | 8,605 | ||||||
Settlements
|
(9,929 | ) | (8,458 | ) | ||||
Ending balance at fiscal year end
|
$ | 1,795 | $ | 1,885 |
FISCAL YEAR
|
OPERATING
(in thousands)
|
CAPITAL
(in thousands)
|
||||||
2014
|
$ | 3,411 | $ | 997 | ||||
2015
|
3,102 | 997 | ||||||
2016
|
2,768 | 986 | ||||||
2017
|
1,336 | 866 | ||||||
2018
|
217 | 678 | ||||||
2019 (and thereafter)
|
92 | 4,140 | ||||||
$ | 10,926 | $ | 8,664 | |||||
Less amounts representing interest (2%)
|
(925 | ) | ||||||
Total obligations under capital leases
|
$ | 7,739 |
PERCENT OF ANNUAL GROSS SALES
|
||||||||||||
2013
|
2012
|
2011
|
||||||||||
Customer A
|
35.7 | 41.5 | 38.7 | |||||||||
Customer B
|
22.8 | 26.0 | 34.2 |
FAIR VALUE MEASUREMENTS AS OF APRIL 30, 2013
|
||||||||||||
(in thousands)
|
LEVEL 1
|
LEVEL 2
|
LEVEL 3
|
|||||||||
ASSETS:
|
||||||||||||
Money market funds
|
$ | 38,875 | $ | -- | $ | -- | ||||||
Mutual funds
|
1,311 | -- | -- | |||||||||
Total assets at fair value
|
$ | 40,186 | $ | -- | $ | -- | ||||||
FAIR VALUE MEASUREMENTS AS OF APRIL 30, 2012
|
||||||||||||
(in thousands)
|
LEVEL 1
|
LEVEL 2
|
LEVEL 3
|
|||||||||
ASSETS:
|
||||||||||||
Money market funds
|
$ | 38,874 | $ | -- | $ | -- | ||||||
Mutual funds
|
1,357 | -- | -- | |||||||||
Total assets at fair value
|
$ | 40,231 | $ | -- | $ | -- |
(in thousands)
|
||||
2012 Restructuring Plan
|
||||
Restructuring reserve balance as of April 30, 2012
|
$ | 2,817 | ||
Additions
|
196 | |||
Payments
|
(3,000 | ) | ||
Reserve balance as of April 30, 2013
|
$ | 13 |
FISCAL 2013
|
07/31/12
|
10/31/12
|
01/31/13
|
04/30/13
|
||||||||||||
(in thousands, except per share amounts)
|
||||||||||||||||
Net sales
|
$ | 148,252 | $ | 159,760 | $ | 151,346 | $ | 171,079 | ||||||||
Gross profit
|
22,043 | 24,794 | 23,507 | 32,312 | ||||||||||||
Income before income taxes
|
1,015 | 3,371 | 3,476 | 8,878 | ||||||||||||
Net income
|
561 | 1,950 | 2,057 | 5,190 | ||||||||||||
Earnings per share
|
||||||||||||||||
Basic
|
$ | 0.04 | $ | 0.13 | $ | 0.14 | $ | 0.36 | ||||||||
Diluted
|
$ | 0.04 | $ | 0.13 | $ | 0.14 | $ | 0.35 | ||||||||
FISCAL 2012
|
07/31/11
|
10/31/11
|
01/31/12
|
04/30/12
|
||||||||||||
(in thousands, except per share amounts)
|
||||||||||||||||
Net sales
|
$ | 131,199 | $ | 128,418 | $ | 119,976 | $ | 136,221 | ||||||||
Gross profit
|
18,407 | 16,114 | 14,588 | 17,366 | ||||||||||||
Loss before income taxes
|
(3,908 | ) | (4,523 | ) | (15,653 | ) | (9,204 | ) | ||||||||
Net loss
|
(2,716 | ) | (2,976 | ) | (9,114 | ) | (5,980 | ) | ||||||||
Loss per share
|
||||||||||||||||
Basic
|
$ | (0.19 | ) | $ | (0.21 | ) | $ | (0.63 | ) | $ | (0.42 | ) | ||||
Diluted
|
$ | (0.19 | ) | $ | (0.21 | ) | $ | (0.63 | ) | $ | (0.42 | ) |
/s/ KENT B. GUICHARD
|
Kent B. Guichard
|
Chairman and Chief Executive Officer
|
/s/ JONATHAN H. WOLK
|
Jonathan H. Wolk
|
Senior Vice President and Chief Financial Officer
|
Item 9.
|
CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
|
Item 9A.
|
CONTROLS AND PROCEDURES
|
Item 9B.
|
OTHER INFORMATION
|
|
PART III
|
Item 10.
|
DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
|
Item 11.
|
EXECUTIVE COMPENSATION
|
Item 12.
|
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS
|
Equity Compensation Plan Information
|
||||||||||||
Plan Category
|
Number of securities to be issued upon exercise of outstanding options, warrants and rights
|
Weighted average exercise price of outstanding options, warrants and rights
|
Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a))
|
|||||||||
(a)
|
(b)
|
(c)
|
||||||||||
Equity compensation plans approved by security holders(1)
|
-- | -- | 1,133,999 | |||||||||
Options
|
1,401,813 | $ | 27.27 | |||||||||
Performance-based restricted stock units
|
279,105 | N/A | (2) | |||||||||
Service-based restricted stock units
|
155,000 | N/A | (2) | |||||||||
Equity compensation plans not approved by security holders(3)
|
-- | -- | -- | |||||||||
Total
|
1,835,918 | $ | 27.27 | 1,133,999 | ||||||||
(1) At April 30, 2013, the Company had stock option and restricted stock unit awards outstanding under four different plans: 1999 Stock Option Plan for Employees, Amended and Restated 2004 Stock Incentive Plan for Employees, 2006 Non-Employee Directors Equity Ownership Plan and 2011 Non-Employee Directors Equity Ownership Plan.
|
||||||||||||
(2) Excludes exercise price for restricted stock units issued under the Amended and Restated 2004 Stock Incentive Plan for Employees, 2006 Non-Employee Directors Equity Ownership Plan and 2011 Non-Employee Directors Equity Ownership Plan because they are converted into common stock on a one-for-one basis at no additional cost.
|
||||||||||||
(3) The Company does not have equity compensation plans that have not been approved by the Company's security holders.
|
Item 13.
|
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
|
Item 14.
|
PRINCIPAL ACCOUNTING FEES AND SERVICES
|
Item 15.
|
EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
|
|
(a) 1.
|
Financial Statements
|
|
(a) 2.
|
Financial Statement Schedules
|
|
(a) 3.
|
Exhibits
|
3.1 (a)
|
Articles of Incorporation as amended effective August 12, 1987 (incorporated by reference to Exhibit 3.1 to the Registrant’s Form 10-Q for the quarter ended January 31, 2003; Commission File No. 000-14798).
|
3.1 (b)
|
Articles of Amendment to the Articles of Incorporation effective September 10, 2004 (incorporated by reference to Exhibit 3.1 to the Registrant’s Form 8-K as filed on August 31, 2004; Commission File No. 000-14798).
|
3.2
|
Bylaws - as amended and restated December 14, 2009 (incorporated by reference to Exhibit 3.2 to the Registrant’s Form 10-K for the fiscal year ended April 30, 2010; Commission File No. 000-14798).
|
4.1
|
The Articles of Incorporation and Bylaws of the Registrant as currently in effect (incorporated by reference to Exhibits 3.1 and 3.2).
|
4.2
|
Amended and Restated Stockholders' Agreement (incorporated by reference to Exhibit 4.2 to the Registrant’s Form S-1 for the fiscal year ended April 30, 1986; Commission File No. 33-6245).
|
Pursuant to Regulation S-K, Item 601(b)(4)(iii), instruments that define the rights of holders of the Registrant's long-term debt securities, where the long-term debt securities authorized under each such instrument do not exceed 10% of the Registrant's total assets, have been omitted and will be furnished to the Securities and Exchange Commission upon request.
|
|
10.1 (a)
|
Credit Agreement, dated as of December 2, 2009, between the Company and Wells Fargo Bank, N.A. (incorporated by reference to Exhibit 10.1 to the Registrant’s Form 10-Q for the quarter ended October 31, 2009; Commission File No. 000-14798).
|
10.1 (b)
|
Revolving Line of Credit Note, dated as of December 2, 2009, made by the Company in favor of Wells Fargo Bank, N.A. (incorporated by reference to Exhibit 10.3 to the Registrant’s Form 10-Q for the quarter ended October 31, 2009; Commission File No. 000-14798).
|
10.1 (c)
|
Amendment to Revolving Line of Credit Note and Credit Agreement, dated as of January 3, 2012, made by the Company in favor of Wells Fargo Bank, N.A. (incorporated by reference to Exhibit 10.1 to the Registrant’s Form 10-Q for the quarter ended January 31, 2012; Commission File No. 000-14798).
|
10.1 (d)
|
Second Amendment to Revolving Line of Credit Note and Credit Agreement, dated as of May 29, 2012, between the Company and Wells Fargo Bank, N.A. (incorporated by reference to Exhibit 10.1(e) of the Registrant’s Form 10-K for the fiscal year ended April 30, 2012; Commission File No. 000-14798 ).
|
10.1 (e)
|
Third Amendment to Revolving Line of Credit Note and Credit Agreement, dated as of March 18, 2013, between the Company and Wells Fargo Bank, N.A. (incorporated by reference to Exhibit 10.1 to the Registrant’s Form 8-K as filed on March 19, 2013; Commission File No. 000-14798).
|
10.1 (f)
|
Security Agreement (Financial Assets), dated as of April 26, 2012, between the Compnay and Wells Fargo Bank, N.A. (incorporated by reference to Exhibit 10.1 of the Registrant’s Form 10-Q for the quarter ended July 31, 2012; Commission File No. 000-14798).
|
10.1 (g)
|
Addendum to Security Agreement (Financial Assets), effective as of April 26, 2012, made by the Company in favor of Wells Fargo Bank, N.A. (incorporated by reference to Exhibit 10.1(i) of the Registrant’s Form 10-K for the fiscal year ended April 30, 2012; Commission File No. 000-14798).
|
10.1 (h)
|
Security Agreement, dated as of May 29, 2012, made by the Company in favor of Wells Fargo Bank, N.A. (incorporated by reference to Exhibit 10.1(j) of the Registrant’s Form 10-K for the fiscal year ended April 30, 2012; Commission File No. 000-14798).
|
10.1 (i)
|
Loan Agreement, dated as of February 9, 2005, by and between the Company and the Maryland Economic Development Corporation (incorporated by reference to Exhibit 10.1(n) to the Registrant’s Form 10-K for the fiscal year ended April 30, 2005; Commission File No. 000-14798).
|
10.1 (j)
|
First Amendment to Loan Agreement, dated as of April 4, 2008, by and between the Company and Maryland Economic Development Corporation (incorporated by reference to Exhibit 10.1(d) to the Registrant’s Form 10-K for the fiscal year ended April 30, 2008; Commission File No. 000-14798).
|
10.1 (k)
|
Second Amendment to Loan Agreement, dated as of April 23, 2013, by and between the Company and Maryland Economic Development Corporation (Filed Herewith).
|
10.6 (a)(i)
|
Lease and Agreement, dated as of November 1, 1984, between the Company and Amwood Associates (incorporated by reference to Exhibit 10.6(a) to the Registrant’s Form S-1 for the fiscal year ended April 30, 1986; Commission File No. 33-6245).
|
10.6 (a)(ii)
|
Fourth Amendment to Lease and Agreement, dated as of April 1, 2011, between the Company and Amwood Associates (incorporated by reference to Exhibit 10.6 of the Registrant’s Form 10-K for the fiscal year ended April 30, 2012; Commission File No. 000-14798).
|
10.6 (b)
|
Lease, dated as of December 15, 2000, between the Company and the Industrial Development Board of The City of Humboldt, Tennessee (incorporated by reference to Exhibit 10.6(d) to the Registrant’s Form 10-K for the fiscal year ended April 30, 2001; Commission File No. 000-14798).
|
10.7 (a)
|
1999 Stock Option Plan (incorporated by reference to Appendix B to the Registrant’s Form DEF-14A as filed on July 15, 1999; Commission File No. 000-14798).*
|
10.7 (b)
|
Amended and Restated 2004 Stock Incentive Plan for Employees (incorporated by reference to Appendix B to the Registrant’s DEF-14A as filed on July 12, 2006; Commission File No. 000-14798).*
|
10.7 (c)
|
Amendment to Amended and Restated 2004 Stock Incentive Plan for Employees, dated as of June 16, 2009 (incorporated by reference to Exhibit 10.3 to the Registrant’s Form 10-Q for the quarter ended July 31, 2009; Commission File No. 000-14798).*
|
10.7 (d)
|
Second Amendment to Amended and Restated 2004 Stock Incentive Plan for Employees, dated as of May 21, 2010 (incorporated by reference to Exhibit 10.1 to the Registrant’s Form 10-Q for the quarter ended July 31, 2010; Commission File No. 000-14798).*
|
10.7 (e)
|
2006 Non-Employee Directors Equity Ownership Plan (incorporated by reference to Appendix A to the Registrant’s DEF-14A as filed on July 12, 2006; Commission File No. 000-14798).*
|
10.7 (f)
|
Amendment to 2006 Non-Employee Directors Equity Ownership Plan, dated as of August 27, 2009 (incorporated by reference to Exhibit 10.4 to the Registrant’s Form 10-Q for the quarter ended July 31, 2009; Commission File No. 000-14798).*
|
10.7 (g)
|
2011 Non-Employee Directors Equity Ownership Plan (incorporated by reference to Appendix A to the Registrant’s DEF-14A as filed on June 30, 2011; Commission File No. 000-14798).*
|
10.8 (a)
|
Form of Grant Letter used in connection with awards of stock options granted under the Company’s Amended and Restated 2004 Stock Incentive Plan for Employees (incorporated by reference to Exhibit 10.5 to the Registrant’s Form 8-K as filed on June 5, 2013; Commission File No. 000-14798).*
|
10.8 (b)
|
Form of Grant Letter used in connection with awards of service-based restricted stock units granted under the Company’s Amended and Restated 2004 Stock Incentive Plan for Employees (incorporated by reference to Exhibit 10.6 to the Registrant’s Form 8-K as filed on June 5, 2013; Commission File No. 000-14798).*
|
10.8 (c)
|
Form of Grant Letter used in connection with awards of performance-based restricted stock units granted under the Company’s Amended and Restated 2004 Stock Incentive Plan for Employees (incorporated by reference to Exhibit 10.7 to the Registrant’s Form 8-K as filed on June 5, 2013; Commission File No. 000-14798).*
|
10.8 (d)
|
Form of Grant Letter used in connection with awards of service-based restricted stock units granted under the Company’s 2006 Non-Employee Directors Equity Ownership Plan (incorporated by reference to Exhibit 10.1 to the Registrant’s Form 10-Q for the quarter ended October 31, 2010; Commission File No. 000-14798).*
|
10.8 (e)
|
Form of Grant Letter used in connection with awards of service-based restricted stock units granted under the Company’s 2011 Non-Employee Directors Equity Ownership Plan (incorporated by reference to Exhibit 10.1 to the Registrant’s Form 10-Q for the quarter ended October 31, 2011; Commission File No. 000-14798).*
|
10.8 (f)
|
Employment Agreement for Mr. Kent B. Guichard (incorporated by reference to Exhibit 10.1 to the Registrant’s Form 8-K as filed on June 5, 2013; Commission File No. 000-14798).*
|
10.8 (g)
|
Employment Agreement for Mr. Jonathan H. Wolk (incorporated by reference to Exhibit 10.2 to the Registrant’s Form 8-K as filed on June 5, 2013; Commission File No. 000-14798).*
|
10.8 (h)
|
Employment Agreement for Mr. S. Cary Dunston (incorporated by reference to Exhibit 10.3 to the Registrant’s Form 8-K as filed on June 5, 2013; Commission File No. 000-14798).*
|
10.8 (i)
|
Employment Agreement for Mr. Bradley S. Boyer (incorporated by reference to Exhibit 10.4 to the Registrant’s Form 8-K as filed on June 5, 2013; Commission File No. 000-14798).*
|
10.10 (a)
|
Promissory Note, dated July 30, 1998, made by the Company in favor of Amende Cabinet Corporation, a wholly owned subsidiary of the Company (incorporated by reference to Exhibit 10.10(f) to the Registrant’s Form 10-K for the fiscal year ended April 30, 1999; Commission File No. 000-14798).
|
10.10 (b)
|
Loan Agreement, dated as of November 13, 2002, between the Company and Perry, Harlan, Leslie, Brethitt Regional Industrial Authority, Inc. (incorporated by reference to Exhibit 10.1 to the Registrant’s Form 10-Q for the quarter ended January 31, 2003; Commission File No. 000-14798).
|
10.10 (c)
|
Loan Agreement, dated as of December 31, 2001, between the Company and Amende Cabinet Corporation, a wholly owned subsidiary of the Company (incorporated by reference to Exhibit 10.8(k) to the Registrant’s Form 10-K for the fiscal year ended April 30, 2002; Commission File No. 000-14798).
|
10.10 (d)
|
Equipment Lease, dated as of June 30, 2004, between the Company and the West Virginia Economic Development Authority dated (incorporated by reference to Exhibit 10.1(l) to the Registrant’s Form 10-Q for the quarter ended July 31, 2004; Commission File No. 000-14798).
|
10.10 (e)
|
West Virginia Facility Lease, dated as of July 30, 2004, between the Company and the West Virginia Economic Development Authority (incorporated by reference to Exhibit 10.1(m) to the Registrant’s Form 10-Q for the quarter ended July 31, 2004; Commission File No. 000-14798).
|
21
|
Subsidiary of the Company (Filed Herewith).
|
23.1
|
Consent of KPMG LLP, Independent Registered Public Accounting Firm (Filed Herewith).
|
31.1
|
Certification of the Chief Executive Officer Pursuant to Rule 13a-14(a) of the Exchange Act (Filed Herewith).
|
31.2
|
Certification of the Chief Financial Officer Pursuant to Rule 13a-14(a) of the Exchange Act (Filed Herewith).
|
32.1
|
Certification of the Chief Executive Officer and Chief Financial Officer Pursuant to Rule 13a-14(b) of the Exchange Act and 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Filed Herewith).
|
101
|
Interactive Data File for the Registrant’s Annual Report on Form 10-K for the year ended April 30, 2013 formatted in XBRL (eXtensible Business Reporting Language): (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Operations, (iii) Consolidated Statements of Comprehensive Income (Loss); (iv) Consolidated Statements of Shareholders’ Equity, (v) Consolidated Statements of Cash Flows, and (vi) Notes to Consolidated Financial Statements (Filed Herewith).#
|
|
*Management contract or compensatory plan or arrangement.
|
Description (a)
|
Balance at Beginning of Year
|
Additions (Reductions) Charged to Cost and Expenses
|
Other
|
Deductions
|
Balance at End of Year
|
|||||||||||||||
Year ended April 30, 2013:
|
||||||||||||||||||||
Allowance for doubtful accounts
|
$ | 93 | $ | 92 | $ | -- | $ | (37) |
(b)
|
$ | 148 | |||||||||
Reserve for cash discounts
|
$ | 645 | $ | 8,174 |
(c)
|
$ | -- | $ | (8,150) |
(d)
|
$ | 669 | ||||||||
Reserve for sales returns and allowances
|
$ | 1,301 | $ | 7,496 |
(c)
|
$ | -- | $ | (7,261) | $ | 1,536 | |||||||||
Year ended April 30, 2012:
|
||||||||||||||||||||
Allowance for doubtful accounts
|
$ | 67 | $ | 123 | $ | -- | $ | (97) |
(b)
|
$ | 93 | |||||||||
Reserve for cash discounts
|
$ | 710 | $ | 7,317 |
(c)
|
$ | -- | $ | (7,382) |
(d)
|
$ | 645 | ||||||||
Reserve for sales returns and allowances
|
$ | 1,194 | $ | 7,040 |
(c)
|
$ | -- | $ | (6,933) | $ | 1,301 | |||||||||
Year ended April 30, 2011:
|
||||||||||||||||||||
Allowance for doubtful accounts
|
$ | 114 | $ | 74 | $ | -- | $ | (121) |
(b)
|
$ | 67 | |||||||||
Reserve for cash discounts
|
$ | 630 | $ | 7,174 |
(c)
|
$ | -- | $ | (7,094) |
(d)
|
$ | 710 | ||||||||
Reserve for sales returns and allowances
|
$ | 1,257 | $ | 6,324 |
(c)
|
$ | -- | $ | (6,387) | $ | 1,194 |
8
|
||
American Woodmark Corporation
|
||
(Registrant)
|
||
June 28, 2013
|
/s/ KENT B. GUICHARD
|
|
Kent B. Guichard
Chairman and Chief Executive Officer
|
June 28, 2013
|
/s/ KENT B. GUICHARD
|
June 28, 2013
|
/s/ VANCE W. TANG
|
|||
Kent B. Guichard
Chairman and Chief Executive Officer
(Principal Executive Officer)
Director
|
Vance W. Tang
Director
|
|||||
June 28, 2013
|
/s/ JONATHAN H. WOLK
|
June 28, 2013
|
/s/ JAMES G. DAVIS, JR.
|
|||
Jonathan H. Wolk
Senior Vice President and Chief Financial Officer
(Principal Financial Officer and Principal Accounting Officer)
|
James G. Davis, Jr.
Director
|
|||||
June 28, 2013
|
/s/ WILLIAM F. BRANDT, JR.
|
June 28, 2013
|
/s/ MARTHA M. DALLY
|
|||
William F. Brandt, Jr.
Director
|
Martha M. Dally
Director
|
|||||
June 28, 2013
|
/s/ DANIEL T. HENDRIX
|
June 28, 2013
|
/s/ KENT J. HUSSEY
|
|||
Daniel T. Hendrix
Director
|
Kent J. Hussey
Director
|
|||||
June 28, 2013
|
/s/ CAROL B. MOERDYK
|
June 28, 2013
|
/s/ ANDREW B. COGAN
|
|||
Carol B. Moerdyk
Director
|
Andrew B. Cogan
Director
|
|||||
Name of Subsidiary
|
Jurisdiction of Incorporation
|
Securities Ownership
|
Amende Cabinet Corporation
|
Virginia
|
100%
|
1.
|
I have reviewed this report on Form 10-K of American Woodmark Corporation;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a.
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b.
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c.
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d.
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
a.
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
b.
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
8
|
|
Date: June 28, 2013
|
/s/ KENT B. GUICHARD
|
Kent B. Guichard
|
|
Chairman and Chief Executive Officer
|
|
(Principal Executive Officer)
|
1.
|
I have reviewed this report on Form 10-K of American Woodmark Corporation;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a.
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b.
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c.
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d.
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
a.
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
b.
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Date: June 28, 2013
|
/s/ JONATHAN H. WOLK
|
Jonathan H. Wolk
|
|
Senior Vice President and Chief Financial Officer
|
|
(Principal Financial Officer)
|
1.
|
The Annual Report on Form 10-K of American Woodmark Corporation for the annual period ended April 30, 2013, as filed with the Securities and Exchange Commission on the date hereof (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
2.
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
Date: June 28, 2013
|
/s/ KENT B. GUICHARD |
Kent B. Guichard
|
|
Chairman and Chief Executive Officer
|
|
(Principal Executive Officer)
|
|
Date: June 28, 2013
|
/s/ JONATHAN H. WOLK |
Jonathan H. Wolk
|
|
Senior Vice President and Chief Financial Officer
|
|
(Principal Financial Officer)
|
|
Income Taxes
|
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 30, 2013
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Income Taxes [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Note I -- Income Taxes
Income tax expense was comprised of the following:
The Company's effective income tax rate varied from the federal statutory rate as follows:
Income taxes paid were $1,219,000, $229,000 and $235,000 for fiscal years 2013, 2012 and 2011, respectively.
The significant components of deferred tax assets and liabilities were as follows:
The net operating loss carryforward value for April 30, 2013 contained in the above table includes amounts pertaining to various state net operating loss carryforwards with various expiration dates.
Management believes it is more likely than not that the Company will realize its gross deferred tax assets due to expected future taxable income and the reversal of taxable temporary differences.
|
Consolidated Statements Of Operations (USD $)
In Thousands, except Per Share data, unless otherwise specified |
12 Months Ended | ||
---|---|---|---|
Apr. 30, 2013
|
Apr. 30, 2012
|
Apr. 30, 2011
|
|
Consolidated Statements Of Operations [Abstract] | |||
Net sales | $ 630,437 | $ 515,814 | $ 452,589 |
Cost of sales and distribution | 527,781 | 449,339 | 399,838 |
Gross Profit | 102,656 | 66,475 | 52,751 |
Selling and marketing expenses | 57,402 | 58,271 | 61,034 |
General and administrative expenses | 27,575 | 25,329 | 22,709 |
Restructuring charges | 1,433 | 16,321 | 62 |
Insurance proceeds | (975) | 0 | 0 |
Operating Income (Loss) | 17,221 | (33,446) | (31,054) |
Interest expense | 643 | 527 | 572 |
Other income | (162) | (685) | (1,666) |
Income (Loss) Before Income Taxes | 16,740 | (33,288) | (29,960) |
Income tax expense (benefit) | 6,982 | (12,502) | (9,942) |
Net Income (Loss) | $ 9,758 | $ (20,786) | $ (20,018) |
Earnings (loss) per share | |||
Basic | $ 0.67 | $ (1.45) | $ (1.40) |
Diluted | $ 0.66 | $ (1.45) | $ (1.40) |
Cash dividends per share | $ 0.00 | $ 0.09 | $ 0.36 |
Customer Receivables
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 30, 2013
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Customer Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Customer Receivables | Note B -- Customer Receivables
The components of customer receivables were:
|
Summary Of Significant Accounting Policies (Policy)
|
12 Months Ended |
---|---|
Apr. 30, 2013
|
|
Summary Of Significant Accounting Policies [Abstract] | |
Principles Of Consolidation And Basis Of Presentation | Principles of Consolidation and Basis of Presentation: The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary. Significant inter-company accounts and transactions have been eliminated in consolidation.
|
Revenue Recognition | Revenue Recognition: The Company recognizes revenue when product is delivered to the customer and title has passed. Revenue is based on invoice price less allowances for sales returns, cash discounts and other deductions.
|
Cost Of Sales And Distribution | Cost of Sales and Distribution: Cost of sales and distribution includes all costs associated with the manufacture and distribution of the Company’s products including the costs of shipping and handling.
|
Advertising Costs | Advertising Costs: Advertising costs are expensed as incurred. Advertising expenses for fiscal years 2013, 2012 and 2011 were $36.5 million, $37.4 million and $30.0 million, respectively.
|
Cash And Cash Equivalents | Cash and Cash Equivalents: Cash in excess of operating requirements is invested in money market accounts which are carried at cost (which approximates fair value). The Company considers all highly liquid short-term investments with an original maturity of three months or less when purchased to be cash equivalents. Cash equivalents were $38.9 million and $31.8 million at April 30, 2013 and 2012, respectively.
|
Inventories | Inventories: Inventories are stated at lower of cost or market. Inventory costs are determined by the last-in, first-out (LIFO) method.
The LIFO cost reserve is determined in the aggregate for inventory and is applied as a reduction to inventories determined on the first-in, first-out method (FIFO). FIFO inventory cost approximates replacement cost.
|
Property, Plant And Equipment | Property, Plant and Equipment: Property, plant and equipment is stated on the basis of cost less accumulated depreciation. Depreciation is provided by the straight-line method over the estimated useful lives of the related assets, which range from 15 to 30 years for buildings and improvements and 3 to 10 years for machinery and equipment. Assets under capital leases are amortized over the shorter of their estimated useful lives or the term of the related lease.
|
Impairment Of Long-Lived Assets | Impairment of Long-Lived Assets: The Company reviews its long-lived assets for impairment when events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. During fiscal years 2013, 2012 and 2011, the Company concluded no impairment existed, except for impairments related to restructuring activities.
|
Promotional Displays | Promotional Displays: The Company invests in promotional displays in retail stores to demonstrate product features, product and quality specifications and serve as a training tool for retail kitchen designers. The Company invests in these long-lived productive assets to provide the aforementioned benefits. The Company's investment in promotional displays is carried at cost less applicable amortization. Amortization is provided by the straight-line method on an individual display basis over periods of 30 to 36 months (the estimated period of benefit). Promotional display amortization expense for fiscal years 2013, 2012 and 2011 was $4.0 million, $5.6 million and $7.9 million, respectively, and is included in selling and marketing expenses.
|
Income Taxes | Income Taxes: The Company accounts for deferred income taxes utilizing the asset and liability method, whereby deferred tax assets and liabilities are recognized based on the tax effects of temporary differences between the financial statement amounts and the tax basis of assets and liabilities, using enacted tax rates in effect for the year in which these items are expected to reverse. At each reporting date, the Company evaluates the need for a valuation allowance to adjust deferred tax assets and liabilities to an amount that more likely than not will be realized.
|
Pensions | Pensions: The Company has two non-contributory defined benefit pension plans covering many of the Company’s employees hired before April 30, 2012. Both defined benefit pension plans were frozen effective April 30, 2012. The Company recognizes the overfunded or underfunded status of its defined benefit pension plans, measured as the difference between the fair value of plan assets and the benefit obligation, in its consolidated balance sheets. The Company also recognizes the actuarial gains and losses and the prior service costs, credits and transition costs as a component of other comprehensive income (loss), net of tax.
|
Stock-Based Compensation | Stock-Based Compensation: The Company recognizes stock-based compensation expense based on the grant date fair value over the requisite service period.
|
Recent Accounting Pronouncements | Recent Accounting Pronouncements: In February 2013, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2013-02, “Comprehensive Income (Topic 220): Reporting Amounts Reclassified Out of Accumulated Other Comprehensive Income,” which requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. The ASU does not change the current requirements for reporting net income or other comprehensive income in financial statements. The ASU is effective prospectively for fiscal years and interim periods within those years beginning after December 15, 2012. The adoption of ASU 2013-02 is not expected to have a significant impact on the Company’s results of operations or financial position.
In June 2011, the FASB issued ASU No. 2011-05, “Comprehensive Income (Topic 220): Presentation of Comprehensive Income,” which requires an entity to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income, or in two separate but consecutive statements. Additionally, ASU 2011-05 eliminates the option to present comprehensive income and its components as part of the statement of shareholders’ equity. The ASU does not change the items that must be reported in other comprehensive income. The Company adopted this guidance effective May 1, 2012 and now includes Statements of Comprehensive Income (Loss) in its financial statements.
In December 2011, the FASB issued ASU No. 2011-12, “Comprehensive Income (Topic 220): Deferral of the Effective Date of Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in ASU No. 2011-05.” The amendments were made to allow FASB time to redeliberate whether to present on the face of the financial statements the effects of reclassifications out of accumulated other comprehensive income on the components of net income and other comprehensive income.
|
Use Of Estimates | Use of Estimates: The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during each reporting period. Actual results could differ from those estimates.
|
Restructuring Charges (Narrative) (Details) (USD $)
|
12 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 30, 2013
|
Apr. 30, 2012
|
Apr. 30, 2011
|
Apr. 30, 2009
2009 Restructuring Plan[Member]
segment
|
Jan. 31, 2012
2012 Restructuring Plan [Member]
segment
|
Apr. 30, 2013
2012 Restructuring Plan [Member]
segment
|
Apr. 30, 2012
2012 Restructuring Plan [Member]
|
Apr. 30, 2013
2012 Restructuring Plan [Member]
Facilities-Related [Member]
|
Apr. 30, 2013
2012 Restructuring Plan [Member]
Building Impairment [Member]
|
Apr. 30, 2013
2012 Restructuring Plan [Member]
Severance And Separations Costs [Member]
|
Apr. 30, 2013
2012 Restructuring Plan [Member]
Professional Fees [Member]
|
Apr. 30, 2013
2012 And 2009 Restructuring Plan [Member]
|
Apr. 30, 2012
2012 And 2009 Restructuring Plan [Member]
|
Apr. 30, 2011
2012 And 2009 Restructuring Plan [Member]
|
|
Restructuring Cost and Reserve [Line Items] | ||||||||||||||
Plants committed to close | 2 | 2 | ||||||||||||
Number of manufacturing plants held for sale | 2 | |||||||||||||
Pre-tax restructuring charges | $ 1,433,000 | $ 16,321,000 | $ 62,000 | $ 1,400,000 | $ 15,900,000 | $ 700,000 | $ 300,000 | $ 200,000 | $ 200,000 | $ 1,400,000 | $ 16,300,000 | $ 62,000 | ||
Reserve for restructuring charges | 13,000 | 2,817,000 | ||||||||||||
Impairment charge relating to plants included as held for sale | 300,000 | |||||||||||||
Net book value of plants recoverable | 2,700,000 | |||||||||||||
Recognized recurring operating costs for closed facilities | 900,000 | |||||||||||||
Recognized gain from sale of plant | $ 300,000 |
Employee Benefit And Retirement Plans (Schedule Of Expected Future Benefit Payments) (Details) (USD $)
In Thousands, unless otherwise specified |
Apr. 30, 2013
|
---|---|
Employee Benefit And Retirement Plans [Abstract] | |
2014 | $ 4,247 |
2015 | 4,698 |
2016 | 5,156 |
2017 | 5,511 |
2018 | 5,888 |
Years 2019-2023 | $ 35,710 |
Accounting For Uncertainty In Income Taxes
|
12 Months Ended |
---|---|
Apr. 30, 2013
|
|
Accounting For Uncertainty In Income Taxes [Abstract] | |
Accounting For Uncertainty In Income Taxes | Note J -- Accounting for Uncertainty in Income Taxes
The Company accounts for its income tax uncertainties in accordance with ASC Topic 740, “Income Taxes.” The Company had no liability relating to uncertain tax positions for the years ended April 30, 2013 and 2012.
With minor exceptions, the Company is currently open to audit by tax authorities for tax years ending April 30, 2010 through April 30, 2013. The Company is currently not under federal audit.
|
Summary Of Significant Accounting Policies (Details) (USD $)
|
12 Months Ended | ||
---|---|---|---|
Apr. 30, 2013
item
|
Apr. 30, 2012
|
Apr. 30, 2011
|
|
Advertising costs | $ 36,500,000 | $ 37,400,000 | $ 30,000,000 |
Cash equivalents | 38,900,000 | 31,800,000 | |
Impairment of long-lived assets | 0 | 0 | 0 |
Number of non-contributory defined benefit pension plans | 2 | ||
Promotional Display [Member]
|
|||
Amortization | $ 4,000,000 | $ 5,600,000 | $ 7,900,000 |
Maximum [Member] | Building And Building Improvements [Member]
|
|||
Property, Plant and Equipment, Useful Life | 30 years | ||
Maximum [Member] | Machinery And Equipment [Member]
|
|||
Property, Plant and Equipment, Useful Life | 10 years | ||
Maximum [Member] | Promotional Display [Member]
|
|||
Property, Plant and Equipment, Useful Life | 36 years | ||
Minimum [Member] | Building And Building Improvements [Member]
|
|||
Property, Plant and Equipment, Useful Life | 15 years | ||
Minimum [Member] | Machinery And Equipment [Member]
|
|||
Property, Plant and Equipment, Useful Life | 3 years | ||
Minimum [Member] | Promotional Display [Member]
|
|||
Property, Plant and Equipment, Useful Life | 30 years |
Property, Plant And Equipment (Tables)
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 30, 2013
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant And Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components Of Property, Plant And Equipment |
|
Inventories (Tables)
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 30, 2013
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components Of Inventories |
|
Stock-Based Compensation (Narrative) (Details) (USD $)
|
12 Months Ended | ||
---|---|---|---|
Apr. 30, 2013
ShareBasedCompensationPlan
|
Apr. 30, 2012
|
Apr. 30, 2011
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of stock-based compensation plans | 2 | ||
Stock-based compensation expense | $ 3,509,000 | $ 3,413,000 | $ 3,995,000 |
Common stock shares available for awards | 1,133,999 | ||
Total fair value of options vested | 1,200,000 | 2,400,000 | 3,300,000 |
Total unrecognized compensation expense related to unvested stock options granted | 900,000 | ||
Expected to be recognized over a weighted average period | 1 year 9 months 18 days | ||
Cash received from options exercised | 5,900,000 | 0 | 400,000 |
Tax benefit realized from the tax deduction from option exercises | 729,000 | 3,000 | 84,000 |
Vesting period, years | 3 years | ||
Contractual terms, years | 4 years | ||
Employees [Member]
|
|||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Contractual terms, years | 10 years | ||
Employee And Non Employee Director Service Based Restricted Stock Units [Member]
|
|||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period, years | 2 years | ||
Restricted Stock Units (RSUs) [Member]
|
|||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total unrecognized compensation expense related to unvested stock options granted | $ 2,700,000 | ||
Expected to be recognized over a weighted average period | 1 year 8 months 12 days | ||
Vesting period, years | 3 years | ||
Stock Options [Member]
|
|||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period, years | 3 years | ||
Maximum [Member] | Non Employee Directors [Member]
|
|||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Contractual terms, years | 10 years | ||
Maximum [Member] | Stock Options [Member]
|
|||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Contractual terms, years | 10 years | ||
Minimum [Member] | Non Employee Directors [Member]
|
|||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Contractual terms, years | 4 years |
Credit Concentration (Tables)
|
12 Months Ended | ||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 30, 2013
|
|||||||||||||||||||||||||||||||
Credit Concentration [Abstract] | |||||||||||||||||||||||||||||||
Summary Of Percentage Of Sales |
|
Inventories (Details) (USD $)
|
12 Months Ended | ||
---|---|---|---|
Apr. 30, 2013
|
Apr. 30, 2012
|
Apr. 30, 2011
|
|
Inventories [Abstract] | |||
Raw materials | $ 11,823,000 | $ 9,412,000 | |
Work-in-process | 17,170,000 | 14,543,000 | |
Finished goods | 11,318,000 | 8,734,000 | |
Total FIFO inventories | 40,311,000 | 32,689,000 | |
Reserve to adjust inventories to LIFO value | (10,973,000) | (10,349,000) | |
Total LIFO inventories | 29,338,000 | 22,340,000 | |
Liquidation of LIFO based inventories | $ 0 | $ 125,000 | $ 34,000 |
Stock-Based Compensation (Schedule Of Stock Options Oustanding Activity)(Details) (USD $)
|
12 Months Ended |
---|---|
Apr. 30, 2013
|
|
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options outstanding | 1,401,813 |
Options exercisable | 1,156,809 |
$17.62 - $18.16 [Member]
|
|
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Option price per share, lower range limit | $ 17.62 |
Option price per share, upper range limit | $ 18.16 |
Options outstanding | 223,334 |
Options outstanding remaining life | 8 years 8 months 12 days |
Options outstanding exercise price | $ 17.86 |
Options exercisable | 14,998 |
Options exercisable exercise price | $ 18.16 |
$20.87- $26.85 [Member]
|
|
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Option price per share, lower range limit | $ 20.87 |
Option price per share, upper range limit | $ 26.85 |
Options outstanding | 497,467 |
Options outstanding remaining life | 5 years |
Options outstanding exercise price | $ 24.05 |
Options exercisable | 460,799 |
Options exercisable exercise price | $ 24.30 |
$28.97 - $34.63 [Member]
|
|
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Option price per share, lower range limit | $ 28.97 |
Option price per share, upper range limit | $ 34.63 |
Options outstanding | 658,400 |
Options outstanding remaining life | 3 years 4 months 24 days |
Options outstanding exercise price | $ 32.39 |
Options exercisable | 658,400 |
Options exercisable exercise price | $ 32.39 |
$38.37 - $42.17[Member]
|
|
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Option price per share, lower range limit | $ 38.37 |
Option price per share, upper range limit | $ 42.17 |
Options outstanding | 22,612 |
Options outstanding remaining life | 1 year 6 months |
Options outstanding exercise price | $ 41.73 |
Options exercisable | 22,612 |
Options exercisable exercise price | $ 41.73 |
Employee Benefit And Retirement Plans (Tables)
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 30, 2013
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Employee Benefit And Retirement Plans [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation Of Benefit Obligations, Plan Assets, And Funded Status |
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Net Periodic Pension Cost |
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Schedule Of Assumptions Used To Determine Benenfit Obligations And Earnings Effects For Pension Plans |
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Schedule Of Expected Future Benefit Payments |
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Schedule Of Pension Assets By Major Category Of Plan Assets And Type Of Fair Value Measurements |
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Schedule Of Allocation Of Plan Assets |
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Commitments And Contingencies (Schedule Of Minimum Rental Requirements)(Details) (USD $)
In Thousands, unless otherwise specified |
Apr. 30, 2013
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Commitments And Contingencies [Abstract] | |
2014 | $ 3,411 |
2015 | 3,102 |
2016 | 2,768 |
2017 | 1,336 |
2018 | 217 |
2019 (and thereafter) | 92 |
Total, Operating | 10,926 |
Capital Leases, Future Minimum Payments, Net Present Value [Abstract] | |
2014 | 997 |
2015 | 997 |
2016 | 986 |
2017 | 866 |
2018 | 678 |
2019 (and thereafter) | 4,140 |
Total, Capital | 8,664 |
Less amounts representing interest (2%) | (925) |
Total obligations under capital leases | $ 7,739 |
Commitments And Contingencies (Reconciliation Of Warranty Liability)(Details) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | |
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Apr. 30, 2013
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Apr. 30, 2012
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Commitments And Contingencies [Abstract] | ||
Beginning balance | $ 1,885 | $ 1,738 |
Accrual for warranties | 9,839 | 8,605 |
Settlements | (9,929) | (8,458) |
Ending balance at fiscal year end | $ 1,795 | $ 1,885 |
Loans Payable And Long-Term Debt (Schedule Of Debt Maturities)(Details) (USD $)
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Apr. 30, 2013
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Apr. 30, 2012
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Debt Instrument [Line Items] | ||
2014 | $ 1,155,000 | |
2015 | 1,205,000 | |
2016 | 11,247,000 | |
2017 | 1,174,000 | |
2018 | 2,600,000 | |
2019 and thereafter | 7,368,000 | |
Total outstanding | 24,749,000 | |
Less current maturities | 1,155,000 | 875,000 |
Total long-term debt | 23,594,000 | 23,790,000 |
Revolving Credit [Member]
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Debt Instrument [Line Items] | ||
2014 | 0 | |
2015 | 0 | |
2016 | 10,000,000 | |
2017 | 0 | |
2018 | 0 | |
2019 and thereafter | 0 | |
Total outstanding | 10,000,000 | |
Economic [Member]
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Debt Instrument [Line Items] | ||
2014 | 0 | |
2015 | 0 | |
2016 | 0 | |
2017 | 0 | |
2018 | 0 | |
2019 and thereafter | 3,480,000 | |
Total outstanding | 3,480,000 | |
Term Loans [Member]
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Debt Instrument [Line Items] | ||
2014 | 349,000 | |
2015 | 370,000 | |
2016 | 393,000 | |
2017 | 411,000 | |
2018 | 2,007,000 | |
2019 and thereafter | 0 | |
Total outstanding | 3,530,000 | |
Capital Lease [Member]
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Debt Instrument [Line Items] | ||
2014 | 806,000 | |
2015 | 835,000 | |
2016 | 854,000 | |
2017 | 763,000 | |
2018 | 593,000 | |
2019 and thereafter | 3,888,000 | |
Total outstanding | $ 7,739,000 |
Quarterly Financial Data (Details) (USD $)
In Thousands, except Per Share data, unless otherwise specified |
3 Months Ended | 12 Months Ended | |||||||||
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Apr. 30, 2013
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Jan. 31, 2013
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Oct. 31, 2012
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Jul. 31, 2012
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Apr. 30, 2012
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Jan. 31, 2012
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Oct. 31, 2011
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Jul. 31, 2011
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Apr. 30, 2013
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Apr. 30, 2012
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Apr. 30, 2011
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Quarterly Financial Data [Abstract] | |||||||||||
Net sales | $ 171,079 | $ 151,346 | $ 159,760 | $ 148,252 | $ 136,221 | $ 119,976 | $ 128,418 | $ 131,199 | $ 630,437 | $ 515,814 | $ 452,589 |
Gross profit | 32,312 | 23,507 | 24,794 | 22,043 | 17,366 | 14,588 | 16,114 | 18,407 | 102,656 | 66,475 | 52,751 |
Income (loss) before income taxes | 8,878 | 3,476 | 3,371 | 1,015 | (9,204) | (15,653) | (4,523) | (3,908) | 16,740 | (33,288) | (29,960) |
Net income (loss) | $ 5,190 | $ 2,057 | $ 1,950 | $ 561 | $ (5,980) | $ (9,114) | $ (2,976) | $ (2,716) | $ 9,758 | $ (20,786) | $ (20,018) |
Basic | $ 0.36 | $ 0.14 | $ 0.13 | $ 0.04 | $ (0.42) | $ (0.63) | $ (0.21) | $ (0.19) | $ 0.67 | $ (1.45) | $ (1.40) |
Diluted | $ 0.35 | $ 0.14 | $ 0.13 | $ 0.04 | $ (0.42) | $ (0.63) | $ (0.21) | $ (0.19) | $ 0.66 | $ (1.45) | $ (1.40) |
Customer Receivables (Tables)
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 30, 2013
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Customer Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components Of Customer Receivables |
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Consolidated Statements Of Comprehensive Income (Loss) (Parenthetical) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | ||
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Apr. 30, 2013
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Apr. 30, 2012
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Apr. 30, 2011
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Consolidated Statements Of Comprehensive Income (Loss) [Abstract] | |||
Pension benefit, deferred taxes | $ 2,905 | $ 3,624 | $ 294 |
Consolidated Statements Of Cash Flows (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | ||
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Apr. 30, 2013
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Apr. 30, 2012
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Apr. 30, 2011
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OPERATING ACTIVITIES | |||
Net income (loss) | $ 9,758 | $ (20,786) | $ (20,018) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 14,431 | 23,387 | 26,703 |
Net loss on disposal of property, plant and equipment | 231 | 180 | 209 |
Impairment loss related to restructuring activities | 270 | 7,913 | 0 |
(Gain) loss on sale of assets held for sale | (481) | 111 | (982) |
Gain on insurance recoveries | (975) | 0 | 0 |
Stock-based compensation expense | 3,509 | 3,413 | 3,995 |
Deferred income taxes | 5,789 | (12,290) | (8,185) |
Pension contributions (in excess) less than expense | (4,299) | 4,528 | 6,907 |
Tax benefit from stock-based compensation | (18) | 0 | (80) |
Other non-cash items | 944 | 867 | (971) |
Changes in operating assets and liabilities: | |||
Customer receivables | (6,825) | (1,533) | (3,514) |
Inventories | (7,068) | 115 | 331 |
Income taxes receivable and other assets | (1,669) | (320) | 5,709 |
Accounts payable | 3,814 | 923 | 4,534 |
Accrued compensation, marketing and other accrued expenses | 7,116 | 9,545 | (1,442) |
Net Cash Provided by Operating Activities | 24,527 | 16,053 | 13,196 |
INVESTING ACTIVITIES | |||
Payments to acquire property, plant, and equipment | (8,860) | (6,679) | (4,952) |
Proceeds from sales of property, plant, and equipment | 80 | 15 | 3 |
Proceeds from sale of assets held for sale | 6,447 | 56 | 2,939 |
Proceeds from insurance recoveries | 975 | 0 | 0 |
Investment in promotional displays | (4,759) | (3,310) | (3,456) |
Net Cash Used in Investing Activities | (6,117) | (9,918) | (5,466) |
FINANCING ACTIVITIES | |||
Payments of long-term debt | (1,019) | (1,021) | (892) |
Change in restricted cash | 7,064 | 7,355 | 0 |
Tax benefit from stock-based compensation | 18 | 0 | 80 |
Proceeds from issuance of common stock and other | 5,878 | 18 | 399 |
Payment of dividends | 0 | (1,287) | (5,130) |
Net Cash Provided (Used) by Financing Activities | 11,941 | 5,065 | (5,543) |
Net Increase in Cash And Cash Equivalents | 30,351 | 11,200 | 2,187 |
Cash and Cash Equivalents, Beginning of Year | 66,620 | 55,420 | 53,233 |
Cash and Cash Equivalents, End of Year | $ 96,971 | $ 66,620 | $ 55,420 |
Inventories
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 30, 2013
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Inventories [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories |
Note C -- Inventories
The components of inventories were:
There was no liquidation of LIFO based inventories in fiscal 2013 to impact net income. After tax losses were impacted by $125,000 and $34,000 in fiscal years 2012 and 2011, respectively, as a result of liquidation of LIFO based inventories.
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Summary Of Significant Accounting Policies
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12 Months Ended |
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Apr. 30, 2013
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Summary Of Significant Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies |
Note A -- Summary of Significant Accounting Policies
The Company manufactures and distributes kitchen cabinets and vanities for the remodeling and new home construction markets. The Company's products are sold across the United States through a network of independent dealers and distributors and directly to home centers and major builders.
The following is a description of the Company’s significant accounting policies:
Principles of Consolidation and Basis of Presentation: The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary. Significant inter-company accounts and transactions have been eliminated in consolidation.
Revenue Recognition: The Company recognizes revenue when product is delivered to the customer and title has passed. Revenue is based on invoice price less allowances for sales returns, cash discounts and other deductions.
Cost of Sales and Distribution: Cost of sales and distribution includes all costs associated with the manufacture and distribution of the Company’s products including the costs of shipping and handling.
Advertising Costs: Advertising costs are expensed as incurred. Advertising expenses for fiscal years 2013, 2012 and 2011 were $36.5 million, $37.4 million and $30.0 million, respectively.
Cash and Cash Equivalents: Cash in excess of operating requirements is invested in money market accounts which are carried at cost (which approximates fair value). The Company considers all highly liquid short-term investments with an original maturity of three months or less when purchased to be cash equivalents. Cash equivalents were $38.9 million and $31.8 million at April 30, 2013 and 2012, respectively.
Inventories: Inventories are stated at lower of cost or market. Inventory costs are determined by the last-in, first-out (LIFO) method.
The LIFO cost reserve is determined in the aggregate for inventory and is applied as a reduction to inventories determined on the first-in, first-out method (FIFO). FIFO inventory cost approximates replacement cost.
Property, Plant and Equipment: Property, plant and equipment is stated on the basis of cost less accumulated depreciation. Depreciation is provided by the straight-line method over the estimated useful lives of the related assets, which range from 15 to 30 years for buildings and improvements and 3 to 10 years for machinery and equipment. Assets under capital leases are amortized over the shorter of their estimated useful lives or the term of the related lease.
Impairment of Long-Lived Assets: The Company reviews its long-lived assets for impairment when events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. During fiscal years 2013, 2012 and 2011, the Company concluded no impairment existed, except for impairments related to restructuring activities.
Promotional Displays: The Company invests in promotional displays in retail stores to demonstrate product features, product and quality specifications and serve as a training tool for retail kitchen designers. The Company invests in these long-lived productive assets to provide the aforementioned benefits. The Company's investment in promotional displays is carried at cost less applicable amortization. Amortization is provided by the straight-line method on an individual display basis over periods of 30 to 36 months (the estimated period of benefit). Promotional display amortization expense for fiscal years 2013, 2012 and 2011 was $4.0 million, $5.6 million and $7.9 million, respectively, and is included in selling and marketing expenses.
Income Taxes: The Company accounts for deferred income taxes utilizing the asset and liability method, whereby deferred tax assets and liabilities are recognized based on the tax effects of temporary differences between the financial statement amounts and the tax basis of assets and liabilities, using enacted tax rates in effect for the year in which these items are expected to reverse. At each reporting date, the Company evaluates the need for a valuation allowance to adjust deferred tax assets and liabilities to an amount that more likely than not will be realized.
Pensions: The Company has two non-contributory defined benefit pension plans covering many of the Company’s employees hired before April 30, 2012. Both defined benefit pension plans were frozen effective April 30, 2012. The Company recognizes the overfunded or underfunded status of its defined benefit pension plans, measured as the difference between the fair value of plan assets and the benefit obligation, in its consolidated balance sheets. The Company also recognizes the actuarial gains and losses and the prior service costs, credits and transition costs as a component of other comprehensive income (loss), net of tax.
Stock-Based Compensation: The Company recognizes stock-based compensation expense based on the grant date fair value over the requisite service period.
Recent Accounting Pronouncements: In February 2013, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2013-02, “Comprehensive Income (Topic 220): Reporting Amounts Reclassified Out of Accumulated Other Comprehensive Income,” which requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. The ASU does not change the current requirements for reporting net income or other comprehensive income in financial statements. The ASU is effective prospectively for fiscal years and interim periods within those years beginning after December 15, 2012. The adoption of ASU 2013-02 is not expected to have a significant impact on the Company’s results of operations or financial position.
In June 2011, the FASB issued ASU No. 2011-05, “Comprehensive Income (Topic 220): Presentation of Comprehensive Income,” which requires an entity to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income, or in two separate but consecutive statements. Additionally, ASU 2011-05 eliminates the option to present comprehensive income and its components as part of the statement of shareholders’ equity. The ASU does not change the items that must be reported in other comprehensive income. The Company adopted this guidance effective May 1, 2012 and now includes Statements of Comprehensive Income (Loss) in its financial statements.
In December 2011, the FASB issued ASU No. 2011-12, “Comprehensive Income (Topic 220): Deferral of the Effective Date of Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in ASU No. 2011-05.” The amendments were made to allow FASB time to redeliberate whether to present on the face of the financial statements the effects of reclassifications out of accumulated other comprehensive income on the components of net income and other comprehensive income.
Use of Estimates: The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during each reporting period. Actual results could differ from those estimates.
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Property, Plant And Equipment (Details) (USD $)
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12 Months Ended | ||
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Apr. 30, 2013
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Apr. 30, 2012
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Apr. 30, 2011
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Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 288,229,000 | $ 281,880,000 | |
Less accumulated amortization and depreciation | (214,165,000) | (206,505,000) | |
Property, plant and equipment, Total | 74,064,000 | 75,375,000 | |
Amortization and depreciation expense on property, plant and equipment | 9,200,000 | 16,800,000 | 18,100,000 |
Accumulated amortization on capital leases | 26,600,000 | 26,600,000 | |
Land [Member]
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Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 5,929,000 | 5,929,000 | |
Building And Building Improvements [Member]
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Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 65,245,000 | 65,750,000 | |
Machinery And Equipment [Member]
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Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 177,393,000 | 169,406,000 | |
Building And Improvements Capital Leases [Member]
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Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 11,202,000 | 11,202,000 | |
Machinery And Equipment Capital Leases [Member]
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Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 26,966,000 | 26,685,000 | |
Construction In Progress [Member]
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Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 1,494,000 | $ 2,908,000 |
Loans Payable And Long-Term Debt (Tables)
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Loans Payable And Long-Term Debt [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Debt Maturities |
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Income Taxes (Tables)
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Apr. 30, 2013
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Income Taxes [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Income Tax Expense |
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Schedule Of Effective Income Tax Rate Reconciliation |
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Schedule Of Significant Components Of Deferred Tax Assets And Liabilities |
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Quarterly Financial Data (Tables)
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Apr. 30, 2013
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Quarterly Financial Data [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Quarterly Financial Information |
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Employee Benefit And Retirement Plans (Schedule Of Assumptions Used To Determine Benenfit Obligations And Earnings Effects For Pension Plans)(Details)
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12 Months Ended | ||||||||||
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Apr. 30, 2013
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Apr. 30, 2012
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Apr. 30, 2011
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Dec. 31, 2011
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Defined Benefit Plan Disclosure [Line Items] | |||||||||||
Discount rate | 4.21% | 4.66% | |||||||||
Pension Plans, Defined Benefit [Member]
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Defined Benefit Plan Disclosure [Line Items] | |||||||||||
Discount rate | 4.66% | 4.76% | [1] | 5.91% | 5.66% | [1] | |||||
Expected return on plan assets | 7.50% | 8.00% | 8.00% | ||||||||
Rate of compensation increase | [2] | 4.00% | 4.00% | ||||||||
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