AMERICAN WOODMARK CORPORATION ANNOUNCES RECORD FOURTH QUARTER.WINCHESTER Winchester, town, England Winchester (wĭn`chĭstər), town (1991 pop. 34,127) and district, county seat of Hampshire, S central England. , Va--(BUSINESS WIRE)--June 24, 1997--American Woodmark Corporation (Nasdaq:AMWD) today announced its fifth consecutive quarter of record net income. Net income for the fourth quarter ended April 30, 1997, increased to $2,923,000, or $0.38 per share, compared with net income of $2,301,000, or $0.30 per share, in the fourth quarter of the prior year. The Company will pay a quarterly cash dividend of $0.02 per share on June June: see month. 30, 1997, to shareholders of record as of June 13, 1997. Fourth quarter net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight increased 7.8% over the prior year to a record $57,421,000. The sales increase was due primarily to improved economic conditions and the Company's market position with leading home centers. Gross margins improved to 28.8% from 26.0% in the fourth quarter of the previous year as favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. leverage from higher volume, improved material utilization utilization, n 1. the extent to which a given group uses a particular service in a specified period. Although usually expressed as the number of services used per year per 100 or per 1000 persons eligible for the service, utilization rates may be and increased productivity more than offset increases in raw lumber lumber, term for timber that has been cut into boards for use as a building material. The major steps in producing lumber involve logging (the felling and preparation of timber for shipment to sawmills), sawing the logs into boards, grading the boards according to costs. Net income for fiscal 1997 was $10,548,000, or $1.37 per share, compared with $3,846,000, or $0.51 per share, for the prior year. Total net sales were $219,402,000, an increase of 11.8% from fiscal 1996. The Company's gross margins improved to 27.8% in fiscal 1997 from 21.5% in the prior year. American Woodmark American Woodmark is a fully integrated, stock and semi-custom, just-in-time cabinet manufacturer, headquartered in Winchester, Virginia. The company operates 15 manufacturing facilities, in Arizona, Georgia, Indiana, Kentucky, Maryland, Minnesota, Oklahoma, Tennessee, Virginia, Corporation manufactures and distributes kitchen cabinets and vanities, serving both the remodeling remodeling /re·mod·el·ing/ (re-mod´el-ing) reorganization or renovation of an old structure. bone remodeling and new housing construction markets. Its products are sold on a national basis through a network of independent distributors and directly to home centers, major builders and home manufacturers. The Company presently operates seven manufacturing facilities and four service centers across the country. -0-
AMERICAN WOODMARK CORPORATION
Unaudited Financial Highlights
(in thousands, except share data)
Three Months Ended Year Ended
April 30, April 30,
1997 1996 1997 1996
Net sales $ 57,421 $ 53,267 $ 219,402 $ 196,237
Cost of sales and
distribution 40,874 39,436 158,356 153,982
Gross Profit 16,547 13,831 61,046 42,255
Selling, general and
administrative expenses 11,751 9,875 43,440 34,974
Operating income 4,796 3,956 17,606 7,281
Interest and other
income/expense 147 245 492 1,043
Provision for income taxes 1,726 1,410 6,566 2,392
Net Income $ 2,923 $ 2,301 $ 10,548 $ 3,846
Share Information:
Average shares outstanding 7,714,889 7,607,921 7,672,873 7,594,977
Net income per share $ 0.38 $ 0.30 $ 1.37 $ 0.51
Cash dividends paid per
share $ 0.02 $ --- $ 0.06 $ ---
Balance Sheet
April 30, April 30,
1997 1996
Cash and cash equivalents $ 17,339 $ 7,201
Customer receivables 20,488 19,709
Inventories 10,356 10,326
Other current assets 1,660 1,426
Total Current Assets 49,843 38,662
Property, plant and equipment 32,252 33,188
Other assets 5,062 4,486
Total Assets $ 87,157 $ 76,336
Current maturities of long-term debt $ 2,229 $ 2,719
Accounts payable and accrued expenses 24,172 20,534
Total Current Liabilities 26,401 23,253
Long-term debt, less current maturities 10,637 12,866
Other liabilities 3,821 4,372
Total Liabilities 40,859 40,491
Stockholders' Equity 46,298 35,845
Total Liabilities and Stockholders' Equity $ 87,157 $ 76,336
CONTACT: American Woodmark Corp., Winchester Glenn Eanes, 540-665-9100 |
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