Current Report
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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American Woodmark Corporation
ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On November 22, 2011, the Registrant issued a press release announcing results for its second quarter of fiscal year 2012 ended October 31, 2011. The press
release is attached hereto as Exhibit 99.1 and incorporated herein by reference.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(C) Exhibits.
99.1 Registrant’s Press Release dated November 22, 2011.
SIGNATURE
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)
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/s/ JONATHAN H. WOLK
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/s/ KENT B. GUICHARD
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Jonathan H. Wolk
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Kent B. Guichard
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Senior Vice President and Chief Financial Officer
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Chairman & Chief Executive Officer
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Date: November 22, 2011
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Date: November 22, 2011
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Signing on behalf of the registrant and as principal financial officer
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Signing on behalf of the registrant and as principal executive officer
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News Release
P. O. Box 1980
Winchester, VA 22604-8090
FOR IMMEDIATE RELEASE
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Contact:
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Glenn Eanes
Vice President and Treasurer
540-665-9100
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AMERICAN WOODMARK CORPORATION
ANNOUNCES SECOND QUARTER RESULTS
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WINCHESTER, Virginia (November 22, 2011) -- American Woodmark Corporation (NASDAQ: AMWD) today announced results for the second quarter of its fiscal year 2012, that ended on October 31, 2011.
Net sales rose by 19% to $128,418,000 compared with the second quarter of the prior fiscal year. Net sales rose by 20% during the six-month period ended October 31, 2011 compared with the comparable period of the prior fiscal year to $259,617,000. The Company experienced double digit sales gains in each of its sales channels during the second quarter of fiscal year 2012.
The Company generated a net loss of ($2,976,000) or ($0.21) per diluted share during the second quarter of fiscal year 2012, compared with a net loss of ($7,384,000) or ($0.52) per diluted share in the second quarter of its prior fiscal year. The Company generated a net loss of ($5,692,000) or ($0.40) per diluted share in the six-month period ended October 31, 2011, compared with a net loss of ($10,802,000) or ($0.76) per diluted share in the comparable period of the prior fiscal year.
Gross profit for the second quarter of fiscal year 2012 was 12.5% of net sales, compared with 9.1% in the second quarter of the prior fiscal year. Gross profit was 13.3% of net sales during the first six months of fiscal year 2012, compared with 11.2% of net sales during the comparable period of the prior fiscal year. The improvement in gross profit margin during the three and six month periods primarily reflected the beneficial impact of increased sales volume on direct labor and manufacturing overhead costs. These beneficial factors were partially offset by the unfavorable impact of higher material and fuel costs during both periods and by the impact of higher sales promotional costs during the six month period.
Selling, general and administrative costs improved to 16.1% of net sales in the second quarter of fiscal year 2012, down from 20.3% of net sales in the second quarter of the prior fiscal year. Selling, general and administrative costs improved to 16.6% of net sales in the first six months of fiscal year 2012, down from 19.3% in the comparable period of the prior fiscal year. The Company’s operating expense ratio was favorably impacted by cost containment efforts and a reduction in display and product launch costs compared with prior year levels.
The Company generated positive free cash flow (defined as cash provided by operating activities net of cash used for investing activities) of $1.1 million in the second quarter of fiscal year 2012, compared with positive free cash flow generated in the second quarter of the prior fiscal year of $5.5 million. The Company’s
free cash flow in the prior fiscal year was aided by proceeds from the sale of a closed plant and by a larger federal income tax refund than was received in the current fiscal year.
American Woodmark Corporation manufactures and distributes kitchen cabinets and vanities for the remodeling and new home construction markets. Its products are sold on a national basis directly to home centers, major builders and through
a network of independent distributors. The Company presently operates eleven 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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AMERICAN WOODMARK CORPORATION
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Unaudited Financial Highlights
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(in thousands, except share data)
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Operating Results
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Three Months Ended
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Six Months Ended
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October 31
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October 31
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2011
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2010
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2011
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2010
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Net Sales
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$ | 128,418 | $ | 107,613 | $ | 259,617 | $ | 216,916 | ||||||||
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Cost of Sales & Distribution
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112,304 | 97,797 | 225,096 | 192,713 | ||||||||||||
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Gross Profit
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16,114 | 9,816 | 34,521 | 24,203 | ||||||||||||
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Sales & Marketing Expense
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14,508 | 15,805 | 30,484 | 29,908 | ||||||||||||
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G&A Expense
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6,166 | 6,040 | 12,507 | 11,862 | ||||||||||||
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Restructuring Charges
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- | 16 | 15 | 39 | ||||||||||||
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Operating Loss
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(4,560 | ) | (12,045 | ) | (8,485 | ) | (17,606 | ) | ||||||||
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Interest & Other (Income) Expense
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(37 | ) | (87 | ) | (54 | ) | (113 | ) | ||||||||
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Income Tax Benefit
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(1,547 | ) | (4,574 | ) | (2,739 | ) | (6,691 | ) | ||||||||
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Net Loss
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$ | (2,976 | ) | $ | (7,384 | ) | $ | (5,692 | ) | $ | (10,802 | ) | ||||
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Earnings Per Share:
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Weighted Average Shares Outstanding - Diluted
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14,330,954 | 14,240,178 | 14,315,318 | 14,231,165 | ||||||||||||
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Loss Per Diluted Share
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$ | (0.21 | ) | $ | (0.52 | ) | $ | (0.40 | ) | $ | (0.76 | ) | ||||
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Condensed Consolidated Balance Sheet
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October 31
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April 30
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2011
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2011
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Cash & Cash Equivalents
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$ | 57,081 | $ | 55,420 | ||||
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Customer Receivables
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28,672 | 31,067 | ||||||
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Inventories
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24,748 | 24,471 | ||||||
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Other Current Assets
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8,510 | 9,458 | ||||||
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Total Current Assets
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119,011 | 120,416 | ||||||
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Property, Plant & Equipment
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95,413 | 100,628 | ||||||
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Restricted Cash
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14,419 | 14,419 | ||||||
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Other Assets
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33,891 | 32,907 | ||||||
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Total Assets
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$ | 262,734 | $ | 268,370 | ||||
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Current Portion - Long-Term Debt
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$ | 936 | $ | 928 | ||||
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Accounts Payable & Accrued Expenses
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46,851 | 49,916 | ||||||
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Total Current Liabilities
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47,787 | 50,844 | ||||||
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Long-Term Debt
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24,338 | 24,655 | ||||||
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Other Liabilities
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40,719 | 38,906 | ||||||
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Total Liabilities
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112,844 | 114,405 | ||||||
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Stockholders' Equity
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149,890 | 153,965 | ||||||
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Total Liabilities & Stockholders' Equity
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$ | 262,734 | $ | 268,370 | ||||
AMWD Announces Second Quarter Results
Page 4
November 22, 2011
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Condensed Consolidated Statements of Cash Flows
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Six Months Ended
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October 31
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2011
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2010
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Net Cash Provided by Operating Activities
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$ | 7,879 | $ | 7,591 | ||||
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Net Cash Used by Investing Activities
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(4,640 | ) | (2,426 | ) | ||||
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Free Cash Flow
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3,239 | 5,165 | ||||||
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Net Cash Used by Financing Activities
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(1,578 | ) | (2,532 | ) | ||||
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Net Increase in Cash and Cash Equivalents
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1,661 | 2,633 | ||||||
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Cash and Cash Equivalents, Beginning of Period
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55,420 | 53,233 | ||||||
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Cash and Cash Equivalents, End of Period
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$ | 57,081 | $ | 55,866 | ||||
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