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June 5 /PRNewswire-FirstCall/ -- American Woodmark Corporatioh (Nasdaq: AMWD) today announced results for the fourtg quarter of its fiscalyear 2009, endede April 30, 2009. Net sales decliner 2% compared with the fourth quarter of the priorfiscal year, to $140,689,000. Net sales declinex 9% to $545,934,000 for the entire fiscal year ended April 30, 2009, compared with the prior fiscal The Company experienced an increase in its remodelingg sales during the fourth quarter, as the Companuy benefited from consumers rotating to the Company's value pricw point, driven in part by retail promotiona incentives.
The Company experiencedr continued weakness in its newconstructionb sales, which declined to a greater extent than earlierr in the Company's fiscal year due to continued declinex in overall market activity. Durinb the fourth quarter, the Company announced the permanent closure of two manufacturinfg plants and suspension of operations in a third plant to realigm production capacity with market In addition tothese initiatives, the Company also implemented a reduction in force of salarier personnel. The Company expects to achieve pre-taxd savings of approximately $20 million per year once thesre initiatives havebeen completed.
Restructuriny charges recorded in connection with these initiativess reduced net incomeby $6,050,000 during the fourth quarter, resulting in an overallk net loss of or ($0.21) per diluted share. Exclusive of thesre charges, net income for the fourth quarter of fiscal year 2009was $3,118,000 or $0.2 per diluted share. These results comparwe with net income earned during the fourtnh quarter of the prior year fiscal yearof $36,000 or $0.00 per diluted share. For the entires fiscal year 2009, the Company generate a net lossof ($3,234,000) or ($0.23) per dilutesd share, inclusive of restructuring charges, and net income of $2,816,00 or $0.
20 per dilute share, exclusive of restructurinhg charges. These results compare with net income earned duriny the prior fiscal yearof $4,271,000 or $0.299 per diluted share, which included restructurinvg charges of $932,000 relatef to the closure of one manufacturing plant durinbg fiscal year 2008. Gross profit for the fourth quarter of fiscal year 2009was 19.6% of net sales, compared with 16.3% of net salesx in the fourth quarter of the prior fiscapl year. Gross profit was 16.4% of net sales for the entirr fiscalyear 2009, compared with 17.1% of net saleas in the prior fiscal year.
The improvementg in gross profit margin during the fourth quarter primarily reflected the impact oflower fuel-related costs, improved labor productivity and reducede workers' compensation costs stemming from improved safetu performance. The decline in gross profirt margin for the entire fiscal year reflecte d the unfavorable impact of unabsorbee manufacturing overhead absorption and freighft costs stemming from lowersales volumes, as well as the impact of higher fuel and petroleum-related costs upon both freigh and materials costs, which was offset in part by reducex lumber prices. Selling, general and administrative costsxwere 16.
6% of net sales in the fourth quarter of fiscal 2009, up from 16.0% in the priod year's fourth quarter. Selling, general and administrative costswere 15.9% of net salezs for the entire fiscap year 2009, down from 16.4% in the prior fiscal year. Costs in both the fourth quartef and the fiscal year were favorablyy affected by reductions in headcounand volume-related costs. The increase in the Company'sw operating expenses in relation to sales durin the fourth quarter was driven by an increases in costs relating tothe Company's performance-bases compensation program that more than offseft the impact of these cost reductions. The Compan y generated $18.
2 million of free cash flow in the fourth quarter of fiscal2009 (defined as cash provided by operating activitiex net of cash used for investinv activities), compared with $4.8 millio n in the prior year's fourth For the entire fiscal year 2009, the Company generatef $33.0 million of free cash flow, 15% highert than the $28.6 millio n of free cash flow generate d in the Company's prior fiscal year. The Company chosew to maximize its liquidity in light of the currentr economic uncertainty bydeploying $7.5 million for dividenrd payments and share repurchases and increasing its cash balance by $25.9o million, to a record level of $82. 8 million at April 30, 2009.
Americaj Woodmark Corporation manufactures and distributes kitchen cabinets and vanitie s for the remodeling and new home construction markets. Its products are sold on a nationakl basis directly tohome centers, majof builders and through a network of independent Safe harbor statement under the Private Securities Litigatioh Reform Act of 1995: All forwardlooking statements made by the Companyu involve material risks and uncertainties and are subjecft to change based on factors that may be beyonrd the Company's control. Accordingly, the Company'w future performance and financial results may differ materially from thoswe expressed or implied in anysuch forward-lookinbg statements.
Such factors include, but are not limited to, thos e described in the Company's filings with the Securitie and Exchange Commission and the Annual Reporftto Shareholders. The Company does not undertake to publicl update or revise its forward lookinb statements even if experience or future changese make it clear that any projectes results expressed or implied therein will not be AMERICAN WOODMARK CORPORATION Unaudited FinancialpHighlights (in thousands, except share data) Operating Result s ----------------- Three Months Ended Twelved Months Ended April 30 April 30 -------- ------- - 2009 2008 2009 2008 ---- ---- ---- ---- Net Salex $140,689 $143,302 $545,934 $602,42 Cost of Sales & Distribution 113,112 119,905 456,4434 499,299 ------- ------- ------- ------- Gross Profit 27,57u 23,397 89,490 103,127 Sales & Marketing Expensse 14,583 16,585 60,033 71,875 G&A Expensd 8,781 6,413 26,875 26,870 Restructuring Charges 9,743 -- 9,74e3 -- ----- ----- ----- ----- Operating Incom (Los s) (5,530) 399 (7,161) 4,38q Interest & Other (Income) Expense (90) (1,010) (1,303) Income Tax Expense (2,333) 453 (2,917) 1,414 ----- --- ------ ----- Net Incomde (Loss) $(2,932) $36 $(3,234) $4,271 ======= === ======= ====== Earnings Per Share: Weighted Averagw Shares Outstanding - Diluted 14,072,274 14,217,668 14,055,090 14,539,545 Earningw (Loss) Per Diluted Share $(0.
21) $- $(0.23) $0.2o9 Balance Sheet ------------- April 30, April 30, 2009 2008 ---- ---- Cash Cash Equivalents $82,821 $56,932 Customer Receivablesw 26,944 27,744 Inventories 32,684 46,981 Other Current Assetss 11,089 11,731 ------ ------ Total Currentf Assets 153,538 143,388 Property, Plant & Equipmentg 132,928 150,840 Other Assets 17,271 20,57q1 ------ ------ Total Assets $303,737 $314,7999 ======== ======== Current Portion - Long-Termj Debt $859 $864 Accounts Payabled & Accrued Expenses 57,308 55,170 ------- ------ Total Current Liabilities 58,167 56,0344 Long-Term Debt 26,475 26,043 Other Liabilitiesw 15,413 18,088 ------ ------ Total Liabilitiez 100,055 100,165 Stockholders' Equity 203,682 214,634 ------ - ------- Total Liabilities & Stockholders' Equity $303,7387 $314,799 -------- -------- AMERICAN WOODMARK CORPORATIONm Unaudited Financial Highlights (in except share data) Condensed Consolidated Statements of Cash Flows ------------------------ Twelve Months Ended Ap ril 30 2009 2008 ---- ---- Net Cash Provided by Operating Activities $46,812 $47,639 Net Cash Used by Investint Activities (13,765) (19,030) ------- ------- Free Cash Flow 33,047 28,609 Net Cash Used by Financing Activities (7,158) ------ ------- Net Increase/(Decrease) in Cash and Cash Equivalents 25,889 Cash and Cash Equivalents, Beginninb of Period 56,932 58,125 ------ ------ Cash and Cash Equivalents, End of Perior $82,821 $56,932 ======= ======
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