American Woodmark announces fourth quarter operating results.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 19, 1995--American Woodmark Corp. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :AMWD) today announced net income for the fourth quarter ended April 30, 1995 of $1,201,000, or $.16 per share. Net income for the fourth quarter of the prior year was $1,159,000, or $.15 per share. Sales for the quarter were $49,684,000, an increase of 9.6% over the prior year. Gross margin declined to 22.4% from 24.3% the prior year. The decrease in gross margin was due to higher raw material costs and temporary production inefficiencies related to capital projects at several manufacturing facilities. Annual net income rose to $5,356,000, or $.71 per share, compared to $2,176,000, or $.29 per share for the prior year. Return on average equity increased to 18.4% from 8.6% the prior year. Sales increased 15.2% over the prior year to $197,351,000 with unit volume increases in all market channels. Gross margin improved to 23.5% of 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 from 21.4% the prior year. Higher average unit prices combined with favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. volume leverage on the company's fixed and semi-fixed costs more than offset increases in per unit material, labor and freight The price or compensation paid for the transportation of goods by a carrier. Freight is also applied to the goods transported by such carriers. The liability of a carrier for freight damaged, lost, or destroyed during shipment is determined by contract, statute, or costs. In addition, savings were generated from the reduction of warehouse space in the company's operations. The company ended the year with an improved financial position. Total debt was reduced by $5,158,000 while cash reserves Cash reserves See: Cash investments cash reserves Investment funds that are held in short-term assets such as Treasury bills and certificates of deposit until more permanent investment opportunities are available. increased $2,416,000. Long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. to total capital declined to 32.8% at year end. American Woodmark American Woodmark is a fully integrated, stock and semi-custom, just-in-time cabinet manufacturer, headquartered in Winchester, Virginia. The company operates 15 manufacturing facilities, in Arizona, Georgia, Indiana, Kentucky, Maryland, Minnesota, Oklahoma, Tennessee, Virginia, Corp. manufactures and distributes kitchen cabinets and vanities, serving both the remodeling remodeling /re·mod·el·ing/ (re-mod´el-ing) reorganization or renovation of an old structure. bone remodeling and new housing construction markets. Its products are sold on a national basis through a network of independent distributors and directly to home centers, major builders and home manufacturers. The company presently operates seven manufacturing facilities and six service centers across the country. -0-
American Woodmark Corp.
Financial Highlights
($ in thousands, except share data)
Operating Results
Three Months Ended Year Months Ended
April 30, April 30,
1995 1994 1995 1994
Net sales $49,684 $45,323 $ 197,351 $ 171,343 Cost of sales & distribution 38,561 34,311 151,033 134,682 Gross profit 11,123 11,012 46,318 36,661 SG&A Expense 8,810 8,548 35,648 30,225 Restructuring costs 0 159 516 1,013 Operating income 2,313 2,305 10,154 5,423 Interest & other expenses 265 461 1,332 1,900 Income tax expense 847 685 3,466 1,347 Net income 1,201 1,159 5,356 2,176 Earnings per share: Net income $0.16 $0.15 $0.71 $0.29 Average shares outstanding 7,549,819 7,531,225 7,544,385 7,528,526
Balance Sheet
April 30 April 30
1995 1994
Cash & cash equivalents $2,876 $460 Net customer receivables 19,639 18,845 Inventories 10,775 11,715 Other current assets 2,879 1,419 Total current assets 36,169 32,439 Property, plant & equipment 33,722 35,872 Other assets 4,517 4,010 Total assets 74,408 72,321 Loans payable 0 2,000 Current portion - LTD 2,800 3,158 Accounts payable & other accrued expenses 19,207 17,549 Total current liabilities 22,007 22,707 Long-term debt 15,534 18,334 Other liabilities 5,066 4,904 Total liabilities 42,607 45,945 Stockholder's equity 31,801 26,376 Total liabilities & stockholders' equity $74,408 $72,321 CONTACT: American Woodmark Corp. Glenn Eanes, 703/665-9100 |
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