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8-K - 8-K - AMERICAN WOODMARK CORPamwd-20140603x8k.htm

 

Exhibit 99.1

 

 

 

AWC_Corp-Logo_PMS199_K_OT copy

 

P. O. Box 1980

 

Winchester, VA 22604-8090

 

 

 

 

 

 

 

Contact:

Glenn Eanes

Vice President and Treasurer

540-665-9100

 

 

 

 

 

 

AMERICAN WOODMARK CORPORATION

ANNOUNCES FOURTH QUARTER RESULTS

 

 

WINCHESTER, Virginia (June 3, 2014) -- American Woodmark Corporation (NASDAQ: AMWD) today announced results for its fourth fiscal quarter ended April  30, 2014.

 

Net sales for the fourth fiscal quarter increased 10% to $188.9 million compared with the same quarter of the prior fiscal year.  The Company experienced growth in both the remodeling and new construction channels during the fourth quarter of fiscal year 2014, with new construction growth exceeding 25%.    Net sales for the full fiscal year of $726.5 million increased 15% from the prior fiscal year.   

 

Net income was $5.6  million ($0.36 per diluted share) for the fourth quarter of the current fiscal year compared with $5.2 million ($0.35 per diluted share) for the fourth quarter of the prior fiscal year.  Exclusive of after-tax restructuring charges,  the Company generated $5.4 million ($0.34 per diluted share) of net income for the fourth quarter of the current fiscal year compared with $5.1 million ($0.34 per diluted share) for the fourth quarter of the prior fiscal year.

 

Net income for the entire fiscal year 2014 was $20.5 million ($1.31 per diluted share) compared with $9.8 million ($0.66 per diluted share) for fiscal year 2013.  Exclusive of after-tax restructuring charges and insurance proceeds, the Company generated $20.3 million ($1.29 per diluted share) of net income for the current fiscal year compared with $10.0 million ($0.68 per diluted share) for the prior fiscal year.     

 

Gross profit for the fourth quarter of the current fiscal year was 17.0% of net sales compared with 18.9% in the same quarter of the prior year.  Gross profit in the current quarter was favorably impacted by higher sales volume and improved labor efficiency that was more than offset by material inflation and costs associated with crewing and infrastructure to support higher levels of sales and installation activityGross profit for the entire current fiscal year was 17.1% of net sales compared with 16.3% for the same period in the prior year.  Gross profit in the twelve month period was favorably impacted by higher sales volume and improved labor efficiency.  This favorability was partially offset by higher material costs.    

 

Selling, general and administrative costs for the fourth quarter of the current fiscal year were 12.3% of net sales compared with 13.7% in the same quarter of the prior year.  Selling, general and administrative costs for the current fiscal year were 12.5% of net sales compared with 13.5% for the same period in the prior year.  The improvement in the Company’s operating expense ratio in both periods was driven by favorable leverage from increased sales and on-going expense control.

 

 


 

AMWD Announces Fourth Quarter Results

Page 2

June 3, 2014

 

The Company generated net cash from operating activities of $40.5 million during fiscal year 2014 compared with $24.5 million during the same period in the prior year.  The improvement in the Company’s cash from operating activities was driven primarily by higher operating profitability, lower increases in inventory levels to support higher sales, and lower pension contributions.  Net cash used by investing activities increased to $9.6 million during the current fiscal year compared with $6.1 million during the same period of the prior year due primarily to higher proceeds from asset sales in the prior year.   Net cash used by financing activities increased $6.0 million during the fiscal fourth quarter as the company repurchased 100,000 shares of common stock at a cost of $3.1 million and completed the sale of its Hazard County facility and retired associated debt of $3.2 million.

 

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 3, 2014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AMERICAN WOODMARK CORPORATION

 

 

 

 

 

 

 

 

 

 

 

 

Unaudited Financial Highlights

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands, except share data)

 

 

 

 

 

 

 

 

 

 

 

 

Operating Results

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

Twelve Months Ended

 

April 30

 

 

April 30

 

2014

 

2013

 

 

2014

 

 

2013

 

 

 

 

 

 

 

 

 

 

 

 

Net Sales

$

188,855 

 

$

171,079 

 

$

726,515 

 

$

630,437 

Cost of Sales & Distribution

 

156,668 

 

 

138,767 

 

 

602,338 

 

 

527,781 

Gross Profit

 

32,187 

 

 

32,312 

 

 

124,177 

 

 

102,656 

Sales & Marketing Expense

 

14,898 

 

 

14,826 

 

 

59,536 

 

 

57,402 

G&A Expense

 

8,326 

 

 

8,598 

 

 

30,881 

 

 

27,575 

Restructuring Charges, net

 

(395)

 

 

454 

 

 

(234)

 

 

1,433 

Insurance Proceeds

 

 

 

(576)

 

 

(94)

 

 

(975)

Operating Income

 

9,358 

 

 

9,010 

 

 

34,088 

 

 

17,221 

Interest & Other (Income) Expense

 

(46)

 

 

132 

 

 

418 

 

 

481 

Income Tax Expense

 

3,770 

 

 

3,688 

 

 

13,209 

 

 

6,982 

Net Income

$

5,634 

 

$

5,190 

 

$

20,461 

 

$

9,758 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings Per Share:

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Shares

 

 

 

 

 

 

 

 

 

 

 

Outstanding - Diluted

 

15,835,132 

 

 

15,178,970 

 

 

15,653,251 

 

 

14,832,688 

 

 

 

 

 

 

 

 

 

 

 

 

Income Per Diluted Share

$

0.36 

 

$

0.35 

 

$

1.31 

 

$

0.66 

 

 

 

-MORE-


 

AMWD Announces Fourth Quarter Results

Page 4

June 3, 2014

 

 

 

 

 

 

 

Condensed Consolidated Balance Sheet

 

 

 

 

 

 

 

April 30

 

April 30

 

2014

 

2013

 

 

 

 

 

 

Cash & Cash Equivalents

$

135,700 

 

$

96,971 

Customer Receivables

 

46,475 

 

 

39,044 

Inventories

 

31,523 

 

 

29,338 

Other Current Assets

 

11,718 

 

 

12,565 

Total Current Assets

 

225,416 

 

 

177,918 

Property, Plant & Equipment

 

74,049 

 

 

74,064 

Other Assets

 

30,599 

 

 

42,011 

Total Assets

$

330,064 

 

$

293,993 

 

 

 

 

 

 

Current Portion - Long-Term Debt

$

1,146 

 

$

1,155 

Accounts Payable & Accrued Expenses

 

75,273 

 

 

67,953 

Total Current Liabilities

 

76,419 

 

 

69,108 

Long-Term Debt

 

20,453 

 

 

23,594 

Other Liabilities

 

42,647 

 

 

55,096 

Total Liabilities

 

139,519 

 

 

147,798 

Stockholders' Equity

 

190,545 

 

 

146,195 

Total Liabilities & Stockholders' Equity

$

330,064 

 

$

293,993 

 

 

 

 

 

 

 

 

Condensed Consolidated Statements of Cash Flows

 

 

 

 

 

 

 

Twelve Months Ended

 

April 30

 

2014

 

2013

 

 

 

 

 

 

Net Cash Provided by Operating Activities

$

40,535 

 

$

24,527 

Net Cash Used by Investing Activities

 

(9,583)

 

 

(6,117)

Free Cash Flow

 

30,952 

 

 

18,410 

 

 

 

 

 

 

Net Cash Provided by Financing Activities

 

7,777 

 

 

11,941 

Net Increase in Cash and Cash Equivalents

 

38,729 

 

 

30,351 

Cash and Cash Equivalents, Beginning of Period

 

96,971 

 

 

66,620 

 

 

 

 

 

 

Cash and Cash Equivalents, End of Period

$

135,700 

 

$

96,971 

 

-END-