American Woodmark announces third 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)--Feb. 21, 1996--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 third fiscal quarter ended Jan. 31, 1996 of $559,000 or $.07 per share. Net income for the third quarter of the prior year was $1.1 million or $.15 per share. Sales for the quarter were $46,793,000, a decline of 2.8% from the prior year. The company continues to be unfavorably impacted by economic weakness in the home center industry, the company's largest single customer segment. Contributing to the sales decline was the impact of severe winter weather during January January: see month. in the midwestern Mid·west or Middle West A region of the north-central United States around the Great Lakes and the upper Mississippi Valley. It is generally considered to include Ohio, Indiana, Illinois, Michigan, Wisconsin, Minnesota, Iowa, Missouri, Kansas, and and northeastern regions of the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Gross margin as a percent of sales remained flat with the second quarter at 20%, down from 23% for the same quarter the prior year. The decline from prior year was the result of increased employee benefit expenses, higher freight costs and the impact of unfavorable leverage with lower volume on fixed and semi-fixed costs. 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 from the same quarter in the prior year due to reduced expenses related to the company's employee incentive plans and to lower payroll costs as the result of changes in management structure. Interest and Other Income/Expense was favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. impacted in the current period as the company received a tax refund Tax refund Money back from the government when too much tax has been paid or withheld from a salary. from the City of Winchester Winchester is a local government district in Hampshire, England, with city status. It covers an area of central Hampshire including the city of Winchester itself, and neighbouring towns and villages including New Alresford, Colden Common and Bishops Waltham. for property taxes paid in prior years. The Company maintained a strong financial position with an additional debt reduction of $1.3 million during the quarter. 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 improved to 29% at the end of the quarter. The debt reduction was achieved in addition to an aggressive capital spending capital spending Spending for long-term assets such as factories, equipment, machinery, and buildings that permits the production of more goods and services in future years. program for cost reduction projects. During the first nine months of the current fiscal year, the company has reinvested $4.9 million in capital projects. 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 four service centers across the country. -0-
American Woodmark Corp.
Financial Highlights
(In thousands, except share data)
Operating Results
Three Months Ended Nine Months Ended
Jan. 31 Jan. 31,
1996 1995 1996 1995
Net sales $46,793 $48,144 $ 142,970 $ 147,666 Cost of sales & distribution 37,325 37,089 114,546 112,472 Gross profit 9,468 11,055 28,424 35,194 SG&A Expense 8,377 8,971 25,099 26,838 Restructuring costs 0 0 0 516 Operating income 1,091 2,084 3,325 7,840 Interest & other income/expense 186 342 798 1,066 Income tax expense 346 640 982 2,619 Net income $559 $1,102 $1,545 $4,155 Earnings per share: Average shares outstanding 7,606,447 7,548,919 7,590,756 7,542,630 Net income per share $0.07 $0.15 $0.20 $0.55
Balance Sheet
Jan. 31 April 30
1996 1995
Cash & cash equivalents $1,196 $2,876 Customer receivables 20,336 19,639 Inventories 10,600 10,775 Other current assets 1,099 2,879 Total current assets 33,231 36,169 Property, plant & equipment 34,410 33,722 Other assets 4,681 4,517 Total assets $72,322 $74,408 Current portion - Long term debt $2,694 $2,800 Accounts payable & other accrued expenses 17,836 19,207 Total current liabilities 20,530 22,007 Long-term debt 13,427 15,534 Other liabilities 4,825 5,066 Total liabilities 38,782 42,607 Stockholders' equity 33,540 31,801 Total liabilities & stockholders' equity $72,322 $74,408 CONTACT: American Woodmark Corp. Glenn Eanes, 540/665-9100 |
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