EX-99.1 2 amwd-20130820ex991712675.htm EX-99.1 amwd-082013 8K Ex 99-1

 

 

Exhibit 99.1

News Release

                                                

 

 

 

AWC_Corp-Logo_PMS199_K_OT copy

 

P. O. Box 1980

 

Winchester, VA 22604-8090

 

FOR IMMEDIATE RELEASE

 

 

Contact:

Glenn Eanes

Vice President and Treasurer

540-665-9100

 

 

 

AMERICAN WOODMARK CORPORATION

ANNOUNCES FIRST QUARTER RESULTS

 

 

WINCHESTER, Virginia (August 20, 2013) -- American Woodmark Corporation (NASDAQ: AMWD) today announced results for its first fiscal quarter ended July 31, 2013.

 

Net sales rose by 20% compared with the first quarter of the prior fiscal year to $178.1 million.  The Company experienced growth in both the remodel and new construction sales channels during the first quarter of fiscal year 2014, led by new construction growth of more than 40%.    

 

Exclusive of after-tax restructuring charges, the Company generated $6.7 million ($0.43 per diluted share) of net income during the  first quarter of fiscal year 2014 versus $1.0 million ($0.07 per diluted share) of net income in the prior year.  Inclusive of after-tax restructuring charges, the Company generated $6.7 million ($0.43 per diluted share) of net income during the first quarter of fiscal 2014 versus $0.6 million ($0.04 per diluted share) of net income during the same quarter in the prior year. 

 

Gross profit for the first quarter of fiscal year 2014 was 18.9% of net sales, compared with 14.9% in the first quarter of the prior year.  Gross profit was favorably impacted by higher sales volume and improved operating efficiencies.  This favorability was partially offset by the impact of rising material costs and expenses under the Company’s pay-for-performance plans.   

 

Selling, general and administrative costs were 12.8% of net sales in the first quarter of fiscal year 2014, an improvement from 13.6% of net sales in the prior year’s first quarter.   The improvement in the Company’s operating expense ratio was driven by a combination of favorable leverage from increased sales levels and cost savings from modifications to the Company’s retirement programs, which were only partially offset by increases in both costs related to higher sales activity and increased performance-based compensation. 

 

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AMWD Announces First Quarter Results

Page 2

August 20, 2013

 

The Company generated free cash flow (defined as cash provided/(used) by operating activities net of cash used for investing activities) of  $(0.7) million during the first quarter of fiscal year 2014, compared with $(5.6) million during the same period in the prior year.  The improvement in the Company’s free cash flow was driven primarily by higher operating profitability and timing associated with tax payments.  These improvements were partially offset by the lack of proceeds from asset sales in the prior year and by increased accounts receivable due to both higher sales activity and timing associated with payments from customers. 

 

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

 

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

 

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AMWD Announces First Quarter Results

Page 3

August 20, 2013

 

 

 

 

 

 

 

 

AMERICAN WOODMARK CORPORATION

 

 

 

 

 

 

 

Unaudited Financial Highlights

 

 

 

 

 

 

 

(in thousands, except share data)

 

 

 

 

 

 

 

Operating Results

 

 

 

 

 

 

 

 

Three Months Ended

 

 

July 31

 

 

2013

 

2012

 

 

 

 

 

 

 

 

Net Sales

$
178,095 

 

$
148,252 

 

Cost of Sales & Distribution

 
144,380 

 

 
126,209 

 

Gross Profit

 
33,715 

 

 
22,043 

 

Sales & Marketing Expense

 
14,484 

 

 
14,520 

 

G&A Expense

 
8,401 

 

 
5,639 

 

Restructuring Charges

 
82 

 

 
777 

 

Insurance Proceeds

 
(94)

 

 
0 

 

Operating Income

 
10,842 

 

 
1,107 

 

Interest & Other (Income) Expense

 
160 

 

 
92 

 

Income Tax Expense

 
4,027 

 

 
454 

 

Net Income

$
6,655 

 

$
561 

 

 

 

 

 

 

 

 

Earnings Per Share:

 

 

 

 

 

 

Weighted Average Shares Outstanding - Diluted

 
15,373,260 

 

 
14,576,158 

 

 

 

 

 

 

 

 

Income Per Diluted Share

$
0.43 

 

$
0.04 

 

 

 

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AMWD Announces First Quarter Results

Page 4

August 20, 2013

 

 

 

 

 

 

 

Condensed Consolidated Balance Sheet

 

 

 

 

 

 

 

July 31

 

April 30

 

2013

 

2013

 

 

 

 

 

 

Cash & Cash Equivalents

$
100,440 

 

$
96,971 

Customer Receivables

 
45,276 

 

 
39,044 

Inventories

 
30,767 

 

 
29,338 

Other Current Assets

 
11,629 

 

 
12,565 

Total Current Assets

 
188,112 

 

 
177,918 

Property, Plant & Equipment

 
73,884 

 

 
74,064 

Other Assets

 
41,836 

 

 
42,011 

Total Assets

$
303,832 

 

$
293,993 

 

 

 

 

 

 

Current Portion - Long-Term Debt

$
1,231 

 

$
1,155 

Accounts Payable & Accrued Expenses

 
66,176 

 

 
67,953 

Total Current Liabilities

 
67,407 

 

 
69,108 

Long-Term Debt

 
23,618 

 

 
23,594 

Other Liabilities

 
54,431 

 

 
55,096 

Total Liabilities

 
145,456 

 

 
147,798 

Stockholders' Equity

 
158,376 

 

 
146,195 

Total Liabilities & Stockholders' Equity

$
303,832 

 

$
293,993 

 

 

 

 

 

 

 

 

Condensed Consolidated Statements of Cash Flows

 

 

 

 

 

 

 

Three Months Ended

 

July 31,

 

2013

 

2012

 

 

 

 

 

 

Net Cash Provided (Used) by Operating Activities

$
2,260 

 

$
(3,772)

Net Cash Used by Investing Activities

 
(2,950)

 

 
(1,863)

Free Cash Flow

 
(690)

 

 
(5,635)

 

 

 

 

 

 

Net Cash Provided (Used) by Financing Activities

 
4,159 

 

 
(185)

Net Increase (Decrease) in Cash and Cash Equivalents

 
3,469 

 

 
(5,820)

Cash and Cash Equivalents, Beginning of Period

 
96,971 

 

 
66,620 

 

 

 

 

 

 

Cash and Cash Equivalents, End of Period

$
100,440 

 

$
60,800 

 

 

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