0000794619-12-000014.txt : 20120605 0000794619-12-000014.hdr.sgml : 20120605 20120605080650 ACCESSION NUMBER: 0000794619-12-000014 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20120605 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20120605 DATE AS OF CHANGE: 20120605 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMERICAN WOODMARK CORP CENTRAL INDEX KEY: 0000794619 STANDARD INDUSTRIAL CLASSIFICATION: MILLWOOD, VENEER, PLYWOOD & STRUCTURAL WOOD MEMBERS [2430] IRS NUMBER: 541138147 STATE OF INCORPORATION: VA FISCAL YEAR END: 0411 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-14798 FILM NUMBER: 12887749 BUSINESS ADDRESS: STREET 1: 3102 SHAWNEE DRIVE CITY: WINCHESTER STATE: VA ZIP: 22601 BUSINESS PHONE: (540) 665-9100 MAIL ADDRESS: STREET 1: 3102 SHAWNEE DRIVE CITY: WINCHESTER STATE: VA ZIP: 22601 8-K 1 awcfy12q4earnings.htm FORM 8-K FY12 4TH QTR EARNINGS RELEASE awcfy12q4earnings.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
     
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of
The Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported):  June 5, 2012
     
 
American Woodmark Corporation
(Exact name of registrant as specified in its charter)
     
 
Virginia
  
000-14798
  
54-1138147
(State or other jurisdiction
  
(Commission
  
(IRS Employer
of incorporation)
  
File Number)
  
Identification No.)
 
3102 Shawnee Drive, Winchester, Virginia
  
22601
(Address of principal executive offices)
  
(Zip Code)
 
Registrant’s telephone number, including area code:  (540) 665-9100
 
Not applicable
(Former name or former address, if changed since last report)
 
     
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
 Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
 Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
 
 Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))

 
 
 
 
American Woodmark Corporation


ITEM 2.02                      RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On June 5, 2012, the Registrant issued a press release announcing results for its fourth quarter of fiscal year 2012 ended April 30, 2012.  The press release is
attached hereto as Exhibit 99.1 and incorporated herein by reference.


ITEM 9.01                      FINANCIAL STATEMENTS AND EXHIBITS

(C)  Exhibits.

99.1           Registrant’s Press Release dated June 5, 2012.

 
 
 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

AMERICAN WOODMARK CORPORATION
(Registrant)

/s/ JONATHAN H. WOLK
  
/s/ KENT B. GUICHARD
     
     
Jonathan H. Wolk
  
Kent B. Guichard
Senior Vice President and Chief Financial Officer
  
Chairman & Chief Executive Officer
     
Date: June 5, 2012
  
Date: June 5, 2012
Signing on behalf of the registrant and as principal financial officer
  
Signing on behalf of the registrant and as principal executive officer
     

 
 EX-99.1 2 awc99-1pressrelease.htm FY12 4TH QTR EARNINGS PRESS RELEASE awc99-1pressrelease.htm
News Release

 
P. O. Box 1980
Winchester, VA  22604-8090
FOR IMMEDIATE RELEASE


Contact:
Glenn Eanes
Vice President and Treasurer
540-665-9100
 

AMERICAN WOODMARK CORPORATION
ANNOUNCES FOURTH QUARTER RESULTS
 

WINCHESTER, Virginia (June 5, 2012) -- American Woodmark Corporation (NASDAQ: AMWD) today announced results for the fourth quarter of its fiscal year 2012, ending April 30, 2012.

Net sales rose by 10% compared with the fourth quarter of the prior fiscal year to $136,221,000.  The Company experienced sales gains of more than 30% in its new construction business that more than offset a modest decline in its remodeling business during the fourth quarter of fiscal year 2012. Net sales rose by 14% during the entire fiscal year 2012 to $515,814,000.

The Company generated a net loss excluding restructuring charges of ($2.3 million) or ($0.16) per diluted share during the fourth quarter of fiscal year 2012, compared with a net loss of ($3.4 million) or ($0.24) per diluted share in the fourth quarter of its prior fiscal year. Results for both periods were impacted by nonrecurring transactions. Results in the fourth quarter of fiscal year 2012 included a $0.7 million after-tax write-down of slow moving inventories. Results in the fourth quarter of fiscal year 2011 included an adverse tax basis adjustment of $1.4 million and an after-tax gain of $0.6 million from the sale of a building. Excluding restructuring charges and these non-recurring items, the Company’s net loss improved to ($1.6 million) or ($0.11) per diluted share in the fourth quarter of fiscal year 2012, from ($2.6 million) or ($0.18) per diluted share in the fourth quarter of fiscal year 2011.

The Company’s net loss excluding restructuring charges for the entire fiscal year 2012 improved to ($10.8 million) or ($0.76) per diluted share, compared with a net loss of ($20.0 million) or ($1.40) per diluted share in the prior fiscal year. Excluding restructuring charges and the non-recurring items discussed above, the Company’s net loss improved to ($10.1 million) or ($0.71) per diluted share in fiscal year 2012, compared with ($19.2 million) or ($1.35) per diluted share in its prior fiscal year.

The Company previously announced several initiatives to reduce capacity and costs, including the permanent closure of two manufacturing plants and the realignment of its retirement program effective April 30, 2012. The two plants ceased operations in April 2012 and May 2012, respectively. In connection with these initiatives, the Company recorded net-of-tax charges during the fourth quarter of fiscal year 2012 of ($3.6 million), or ($0.26) per diluted share, and ($10.0 million) or ($0.69) per diluted share for the entire fiscal year 2012. Inclusive of these charges, net loss for the fourth quarter of fiscal year 2012 was ($6.0 million), or ($0.42) per diluted share, and for the entire fiscal year 2012 was ($20.8 million) or ($1.45) per diluted share.

Gross profit for the fourth quarter of fiscal year 2012 was 12.7% of net sales, compared with 13.2% of net sales in the fourth quarter of the prior fiscal year. Gross profit for the entire fiscal year 2012 was 12.9% of net sales, compared with 11.7% of net sales during the prior fiscal year. Gross profit for both the fourth quarter and the fiscal year was favorably impacted by labor efficiencies and the absorption of fixed overhead costs associated with higher sales volume. However, the aforementioned inventory write-down of 0.8% of net sales, as well as inefficiencies resulting from the Company’s restructuring efforts more than offset this favorability in the fourth quarter of 2012. Gross margins were also adversely impacted in the fourth quarter by rising materials and freight costs and by higher sales promotion costs.


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AMWD Announces Fourth Quarter Results
Page 2
June 5, 2012

 
Selling, general and administrative costs were 15.2% of net sales in the fourth quarter of fiscal year 2012, improved from 16.5% of net sales in the fourth quarter of the prior fiscal year. Selling, general and administrative costs were 16.2% of net sales for the entire fiscal year 2012, improved from 18.5% in the prior fiscal year. The improvement in the Company’s operating expense ratio was driven by increased sales levels that enabled favorable leverage, which more than offset an increase in general and administrative expenses that was driven by increased performance-based compensation.

The Company generated positive free cash flow (defined as cash provided by operating activities net of cash used for investing activities) of $0.3 million during the fourth quarter of fiscal year 2012, compared with positive $4.3 million in the fourth quarter of its prior fiscal year. The Company generated positive free cash flow of $6.1 million during fiscal year 2012, compared with positive $7.7 million in the prior fiscal year. The declines in free cash flow for the fourth quarter and entire fiscal year were driven by outflows pertaining to restructuring activities and the absence of proceeds from the prior year’s sale of a building.

American Woodmark Corporation manufactures and distributes kitchen cabinets and vanities for the remodeling and new home construction markets.  Its products are sold on a national basis directly to home centers, major builders and through a network of independent distributors.  The Company presently operates nine manufacturing facilities and nine service centers across the country.

Safe harbor statement under the Private Securities Litigation Reform Act of 1995:  All forward-looking statements made by the Company involve material risks and uncertainties and are subject to change based on factors that may be beyond the Company's control.  Accordingly, the Company's future performance and financial results may differ materially from those expressed or implied in any such forward-looking statements.  Such factors include, but are not limited to, those described in the Company's filings with the Securities and Exchange Commission and the Annual Report to Shareholders.  The Company does not undertake to publicly update or revise its forward looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized.






-MORE-
 
 
 
AMWD Announces Fourth Quarter Results
Page 3
June 5, 2012


AMERICAN WOODMARK CORPORATION
  
                         
Unaudited Financial Highlights
  
                         
(in thousands, except share data)
  
                         
Operating Results
  
                         
   
Three Months Ended
    
Twelve Months Ended
  
   
April 30
    
April 30
  
   
2012
    
2011
    
2012
    
2011
  
                         
Net Sales
   $ 136,221     $ 124,230     $ 515,814     $ 452,589  
Cost of Sales & Distribution
     118,855       107,846       449,339       399,838  
Gross Profit
     17,366       16,384       66,475       52,751  
Sales & Marketing Expense
     14,116       15,057       58,271       61,034  
G&A Expense
     6,549       5,426       25,329       22,709  
Restructuring Charges
     5,959       7       16,321       62  
Operating Loss
     (9,258 )     (4,106 )     (33,446 )     (31,054 )
Interest & Other (Income) Expense
     (54 )     (948 )     (158 )     (1,094 )
Income Tax Benefit
     (3,224 )     230       (12,502 )     (9,942 )
Net Loss
   $ (5,980 )   $ (3,388 )   $ (20,786 )   $ (20,018 )
                                 
Earnings Per Share:
                                
Weighted Average Shares Outstanding - Diluted
     14,382,784       14,283,033       14,343,630       14,251,917  
                                 
Loss Per Diluted Share
   $ (0.42 )   $ (0.24 )   $ (1.45 )   $ (1.40 )
                                 
Net loss, as reported
   $ (5,980 )   $ (3,388 )   $ (20,786 )   $ (20,018 )
Restructuring Charges, net of tax
     3,635       4       9,956       39  
Net loss, excluding restructuring charges
   $ (2,345 )   $ (3,384 )   $ (10,830 )   $ (19,979 )
                                 
Loss Per Diluted Share, excluding restructuring charges
   $ (0.16 )   $ (0.24 )   $ (0.76 )   $ (1.40 )
                                 


-MORE-
 
 
 
AMWD Announces Fourth Quarter Results
Page 4
June 5, 2012



Condensed Consolidated Balance Sheet
  
             
   
April 30
    
April 30
  
   
2012
    
2011
  
             
Cash & Cash Equivalents
   $ 66,620     $ 55,420  
Customer Receivables
     32,533       31,067  
Inventories
     22,340       24,471  
Other Current Assets
     9,609       9,458  
Total Current Assets
     131,102       120,416  
Property, Plant & Equipment
     75,375       100,628  
Restricted Cash
     7,064       14,419  
Other Assets
     51,580       32,907  
Total Assets
   $ 265,121     $ 268,370  
                 
Current Portion - Long-Term Debt
   $ 875     $ 928  
Accounts Payable & Accrued Expenses
     58,346       49,916  
Total Current Liabilities
     59,221       50,844  
Long-Term Debt
     23,790       24,655  
Other Liabilities
     52,090       38,906  
Total Liabilities
     135,101       114,405  
Stockholders' Equity
     130,020       153,965  
Total Liabilities & Stockholders' Equity
   $ 265,121     $ 268,370  

Condensed Consolidated Statements of Cash Flows
  
             
   
Twelve Months Ended
  
   
April 30
  
   
2012
    
2011
  
             
Net Cash Provided by Operating Activities
   $ 16,053     $ 13,196  
Net Cash Used by Investing Activities
     (9,918 )     (5,466 )
Free Cash Flow
     6,135       7,730  
                 
Net Cash Provided (Used) by Financing Activities
     5,065       (5,543 )
Net Increase in Cash and Cash Equivalents
     11,200       2,187  
Cash and Cash Equivalents, Beginning of Period
     55,420       53,233  
                 
Cash and Cash Equivalents, End of Period
   $ 66,620     $ 55,420  

-END-
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