WINCHESTER, Va., Aug. 20 /PRNewswire-FirstCall/ -- American Woodmark
Corporation (Nasdaq: AMWD) today announced results for the first quarter of
its fiscal year 2009, that ended on July 31, 2008.
Net sales declined 16% as compared with the first quarter of the prior
fiscal year to $139,153,000. The decline in sales to the Company's remodeling
and new construction customers each approximated the overall decline.
Net income for the first quarter of fiscal 2009 was $156,000, or $0.01 per
diluted share, compared with net income of $5,104,000, or $0.34 per diluted
share, in the prior year's first quarter.
Gross profit for the first quarter of fiscal 2009 was 15.9% of sales,
compared with 20.7% in the first quarter of the prior fiscal year. The decline
in gross profit margin primarily reflected the unfavorable impact of
inefficiencies in overhead and freight costs stemming from lower sales
volumes, as well as the impact of rising fuel prices upon freight and
materials costs.
Selling, general and administrative costs were 15.9% of net sales in the
first quarter of fiscal 2009, down from 16.2% of net sales in the prior year's
first quarter. The Company reduced its operating expenses by 18%, driven
primarily by reduced spending, lower headcount and a decline in other
volume-related costs.
The Company generated free cash flow of $7.4 million in the first quarter
of fiscal 2009 (defined as cash provided by operating activities net of cash
used for investing activities), and used this cash to return $3.6 million to
its shareholders in the form of stock repurchases of $2.4 million and dividend
payments of $1.2 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 fourteen 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.
AMWD-F AMWD-E
AMERICAN WOODMARK CORPORATION
Unaudited Financial Highlights
(in thousands, except share data)
Operating Results
Three Months Ended
July 31
----------------------------
2008 2007
------------- -------------
Net Sales $139,153 $166,056
Cost of Sales & Distribution 117,093 131,747
------------- -------------
Gross Profit 22,060 34,309
Sales & Marketing Expense 15,568 20,217
G&A Expense 6,542 6,667
------------- -------------
Operating Income (50) 7,425
Interest & Other (Income) Expense (261) (510)
Income Tax Expense 55 2,831
------------- -------------
Net Income $156 $5,104
============= =============
Earnings Per Share:
Weighted Average Shares Outstanding
- Diluted 14,099,805 15,067,562
Diluted Earnings Per Share $0.01 $0.34
Balance Sheet
July 31 April 30
2008 2008
------------- -------------
Cash & Cash Equivalents $60,430 $56,932
Customer Receivables 31,244 27,744
Inventories 43,460 46,981
Other Current Assets 10,490 11,731
------------- -------------
Total Current Assets 145,624 143,388
Property, Plant & Equipment 146,709 150,840
Other Assets 19,569 20,571
------------- -------------
Total Assets $311,902 $314,799
============= =============
Current Portion - Long-Term Debt $853 $864
Accounts Payable & Accrued Expenses 56,153 55,170
------------- -------------
Total Current Liabilities 57,006 56,034
Long-Term Debt 25,898 26,043
Other Liabilities 16,190 18,088
------------- -------------
Total Liabilities 99,094 100,165
Stockholders' Equity 212,808 214,634
------------- -------------
Total Liabilities & Stockholders'
Equity $311,902 $314,799
============= =============
Condensed Consolidated Statements of Cash Flows
Three Months Ended
July 31
------------------------------
2008 2007
------------- -------------
Net Cash Provided by Operating
Activities $10,617 $11,343
Net Cash Used by Investing Activities (3,233) (5,561)
------------- -------------
Free Cash Flow $7,384 $5,782
Net Cash Used by Financing Activities (3,886) (12,301)
------------- -------------
Net Increase/(Decrease) in Cash and
Cash Equivalents 3,498 (6,519)
Cash and Cash Equivalents, Beginning
of Period 56,932 58,125
------------- -------------
Cash and Cash Equivalents, End of
Period $60,430 $51,606
============= =============
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