American Woodmark Corporation Announces Fourth Quarter.Business Editors 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 27, 2000 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 (Nasdaq/NM: AMWD) today announced results for the fourth quarter ended April 30, 2000. Net income for the quarter, excluding one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. charges, was $4,464,000, or $0.55 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, compared with net income of $4,873,000, or $0.60 per diluted share, in the same period of the prior year. Results for the quarter included a one-time after-tax af·ter-tax also af·ter·tax adj. Relating to or being that which remains after payment, especially of income taxes: after-tax profits. restructuring charge restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. associated with the phase out of the Company's line of custom cabinets of $1,272,000, or $0.16 per diluted share. Net Income for the quarter was $3,191,000, or $0.39 per diluted share. 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 9% over the prior year to a record $102,119,000. Higher sales were the result of strong growth with the Company's strategic partners, particularly in the home center channel. Overall growth was controlled by the planned exit from certain non-strategic markets and by lower new construction activity in the Southwest Southwest or south west is the ordinal direction halfway between south and west, the opposite of northeast. Southwest or south west may also refer to:
Gross margins declined to 27.0% from 28.7% the previous year due primarily to higher labor, overhead and distribution costs distribution costs distribute npl → Vertriebskosten pl . The Company experienced higher labor costs due to the impact of new and inexperienced in·ex·pe·ri·ence n. 1. Lack of experience. 2. Lack of the knowledge gained from experience. in production employees hired to support the Company's growth. Higher overhead costs overhead costs see fixed costs. were the result of expenses incurred to increase production capacity in support of the rising demand for the Company's products. Higher distribution costs were the result of increases in standard freight rates Noun 1. freight rate - the charge for transporting something by common carrier; "we pay the freight"; "the freight rate is usually cheaper" freightage, freight from third party carriers and from rising fuel surcharges. Selling, general and administrative costs administrative costs, n.pl the overhead expenses incurred in the operation of a dental benefits program, excluding costs of dental services provided. decreased as a percent of sales due to lower expenses related to the Company's pay-for-performance See pay-per-click. incentive plans. The Company continued its aggressive capital expenditure program that began in the fourth quarter of the prior year to both increase overall production capacity and eliminate specific capacity restraints in component production. Major projects continue to be placed in service according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the Company's master expenditure plan. Net income for fiscal 2000 was $14,467,000 or $1.79 per diluted share, compared with $17,509,000 or $2.18 per diluted share, for the prior year. Net sales were $387,301,000, an increase of 18% from fiscal 1999. Gross margins declined to 26.2% in fiscal 2000 from 28.6% in the prior year. American Woodmark Corporation manufactures and distributes kitchen cabinets and vanities for the remodeling remodeling /re·mod·el·ing/ (re-mod´el-ing) reorganization or renovation of an old structure. bone remodeling and new home construction markets. Its products are sold on a national basis directly to home centers, major builders and home manufacturers and through a network of independent distributors. The Company presently operates ten manufacturing facilities and five service centers across the country. Safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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 forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . Such factors include, but are not limited to, those described in the Company's fillings 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.
AMERICAN WOODMARK CORPORATION
Unaudited Financial Highlights
(in thousands, except share data)
Operating Results
Three Months Ended
April 30
--------------------------
2000 1999
------------ ------------
Net Sales $102,119 $93,753
Cost of Sales & Distribution 74,512 66,808
----------- -----------
Gross Profit 27,607 26,945
Restructuring costs 1,530 0
SG&A Expense 20,218 19,341
----------- -----------
Operating Income 5,859 7,604
Interest & Other Income/Expense 206 (312)
Income Tax Expense 2,462 3,043
----------- -----------
Net Income $3,191 $4,873
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Earnings Per Share:
Weighted Average Shares
Outstanding - Diluted 8,081,540 8,119,464
Earnings Per Diluted Share $0.39 $0.60
Twelve Months Ended
April 30
------------------------
2000 1999
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Net Sales $387,301 $327,013
Cost of Sales & Distribution 285,859 233,414
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Gross Profit 101,442 93,599
Restructuring costs 1,530 0
SG&A Expense 75,251 65,688
----------- -----------
Operating Income 24,661 27,911
Interest & Other Income/Expense 106 (636)
Income Tax Expense 10,088 11,038
----------- -----------
Net Income $14,467 $17,509
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Earnings Per Share:
Weighted Average Shares
Outstanding - Diluted 8,095,172 8,046,662
Earnings Per Diluted Share $1.79 $2.18
Balance Sheet
April 30 April 30
2000 1999
------------- -----------
Cash & Cash Equivalents $ 4,183 $ 14,165
Customer Receivables 35,813 38,925
Inventories 22,739 18,008
Other Current Assets 4,900 3,423
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Total Current Assets 67,635 74,521
Property, Plant & Equipment 86,954 53,739
Other Assets 12,067 12,349
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Total Assets $ 166,656 $ 140,609
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Current Portion - Long-Term Debt $ 1,876 $ 1,974
Accounts Payable & Accrued
Expenses 43,708 43,061
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Total Current Liabilities 45,584 45,035
Long-Term Debt 22,009 11,435
Other Liabilities 6,451 5,802
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Total Liabilities 74,044 62,272
Stockholders' Equity 92,612 78,337
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Total Liabilities &
Stockholders' Equity $ 166,656 $ 140,609
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