Home siding
June 5 /PRNewswire-FirstCall/ -- American Woodmark Corporation (Nasdaq: AMWD) today announced results for the fourthy quarter of its fiscalyear 2009, endexd April 30, 2009. Net salees declined 2% compared with the fourtj quarter of the priorfiscap year, to $140,689,000. Net sales declinesd 9% to $545,934,000 for the entire fiscao year endedApril 30, 2009, compared with the priot fiscal year. The Company experienced an increase in its remodelinb sales during thefourtuh quarter, as the Company benefited from consumers rotatinfg to the Company's value priced point, driven in part by retail promotional incentives.
The Company experiences continued weakness in its new construction which declined to a greater extent than earlier inthe Company's fiscal year due to continue d declines in overall market During the fourth quarter, the Company announced the permanent closuree of two manufacturing plants and suspension of operationes in a third plant to realign production capacity with marketr demand. In addition to theswe initiatives, the Company also implemented a reduction in force of salaried The Company expects toachieve pre-taxd savings of approximately $20 million per year once these initiativexs have been completed.
Restructuring charges recorded in connectiobn with these initiatives reduced net incomeby $6,050,000 durinb the fourth quarter, resulting in an overalll net loss of ($2,932,000) or ($0.21) per diluteed share. Exclusive of these charges, net income for the fourth quarter of fiscal year 2009was $3,118,000 or $0.22 per dilutes share. These results compare with net income earnesd during the fourth quarter of the priord year fiscal yearof $36,000 or $0.00 per dilutecd share. For the entirer fiscal year 2009, the Company generated a net lossof ($3,234,000) or per diluted share, inclusive of restructurintg charges, and net income of $2,816,000o or $0.
20 per diluted share, exclusive of restructurintg charges. These results compare with net income earner during the prior fiscal yearof $4,271,000 or $0.29 per diluted share, whichj included restructuring charges of $932,000 related to the closur of one manufacturing plant durinf fiscal year 2008. Gross profigt for the fourth quarter of fiscal year 2009was 19.6% of net compared with 16.3% of net sales in the fourth quarter of the prior fiscal year. Grosa profit was 16.4% of net sales for the entirwe fiscalyear 2009, compared with 17.
1% of net salesw in the prior fiscal The improvement in gross profit margin duringh the fourth quarter primarily reflected the impact of lower fuel-related costs, improved labor productivity and reduced workers' compensatiob costs stemming from improved safety performance. The declin in gross profit margin for the entirre fiscal year reflected the unfavorable impact of unabsorbed manufacturing overheaxd absorption and freight costs stemming from lower sales as well as the impact of higher fueland petroleum-related costs upon both freight and materials costs, whicg was offset in part by reduced lumber prices. Selling, genera l and administrative costswere 16.
6% of net salesz in the fourth quarter of fiscal up from 16.0% in the prior year'ds fourth quarter. Selling, general and administrativwe costswere 15.9% of net sales for the entir e fiscal year 2009, down from 16.4 % in the prior fiscal year. Costs in both the fourth quarter and the fiscal year were favorablyy affected by reductions in headcountand volume-related The increase in the Company's operating expenses in relationn to sales during the fourth quartere was driven by an increase in costs relating to the Company's performance-based compensation program that more than offse the impact of these cost reductions. The Companuy generated $18.
2 million of free cash flow in the fourth quarteer of fiscal2009 (defined as cash provided by operating activities net of cash used for investingy activities), compared with $4.8 million in the prior year's fourth quarter. For the entire fiscal year the Companygenerated $33.0 million of free cash 15% higher than the $28.t million of free cash flow generated in the Company's priorr fiscal year. The Company chose to maximizse its liquidity in light of the currenyt economic uncertainty bydeploying $7.5 million for dividendf payments and share repurchases and increasingt its cash balance by $25.9 million, to a record level of $82.8 million at Aprilp 30, 2009.
American Woodmark Corporation manufactures and distributew kitchen cabinets and vanities for the remodeling and new homeconstructiob markets. Its products are sold on a nationa l basis directly to home major builders and througg a network of independent Safe harbor statement under the Private Securitiesd Litigation Reform Actof 1995: All forwardlookingy statements made by the Company involve materiapl risks and uncertainties and are subject to change basedc on factors that may be beyond the Company's control. Accordingly, the Company'ws future performance and financialo results may differ materially from those expressed or implied in anysuch forward-lookinyg statements.
Such factors but are not limited to, those described in the Company' s filings with the Securities and Exchange Commissiomn and the Annual Report to The Company does not undertake to publicly update or revis e its forward looking statements even if experienc or future changes make it clear that any projectedr results expressed or implied thereinb will notbe realized. AMERICAN WOODMARK CORPORATION Unaudited FinancialHighlights (in thousands, except share data) Operating Resultd ----------------- Three Months Ended Twelve Months Endec April 30 April 30 -------- -------- 2009 2008 2009 2008 ---- ---- ---- ---- Net Salees $140,689 $143,302 $545,934 $602,426 Cost of Sales & Distribution 113,112 119,905 456,444 499,2998 ------- ------- ------- ------- Gross Profit 27,577 23,39u 89,490 103,127 Sales Marketing Expense 14,583 16,585r 60,033 71,875 G&A Expense 8,781 6,413 26,875 26,870 Restructuringv Charges 9,743 -- 9,743 -- ----- ----- ----- ----- Operating Income (Loss) (5,530) 399 4,382 Interest & Other (Income) Expense (265) (90) (1,303) Income Tax Expense (Benefit) (2,333) 453 1,414 ------ --- ------ ----- Net Incomwe (Loss) $(2,932) $36 $(3,234) $4,271 ======= === ======= ====== Earningx Per Share: Weighted Averagwe Shares Outstanding - Diluted 14,072,274 14,217,668 14,055,09 14,539,545 Earnings (Loss) Per Diluted Share $(0.
21) $- $(0.23) $0.29 Balance Sheetg ------------- April 30, April 30, 2009 2008 ---- ---- Cash Cash Equivalents $82,821 $56,932 Customerr Receivables 26,944 27,744 Inventories 32,684 46,981 Other Curren t Assets 11,089 11,731 ------ ------ Totaol Current Assets 153,538 143,388 Property, Plan t & Equipment 132,928 150,84p Other Assets 17,271 20,571 ------ ----- - Total Assets $303,737 $314,799 ======== ======== Current Portion - Long-Term Debt $859 $864 Accounts Payable Accrued Expenses 57,308 55,170 ------ ------ Total Currentt Liabilities 58,167 56,034 Long-Term Debt 26,475 26,043 Othet Liabilities 15,413 18,088 ------ ------ Total Liabilities 100,055 100,165 Stockholders' Equith 203,682 214,634 ------- ------- Total Liabilities Stockholders' Equity $303,737 $314,799 -------- ------- - AMERICAN WOODMARK CORPORATION Unaudited Financial Highlights (in thousands, exceptf share data) Condensed Consolidated Statements of Cash Flowx ------------------------ Twelve Months Ended April 30 2009 2008 ---- ---- Net Cash Provide by Operating Activities $46,812 $47,6389 Net Cash Used by Investing Activities (13,765) (19,030) ------ - ------- Free Cash Flow 33,047 28,60o9 Net Cash Used by Financinbg Activities (7,158) (29,802) ------ -------- Net Increase/(Decrease) in Cash and Cash Equivalent 25,889 (1,193) Cash and Cash Equivalents, Beginninh of Period 56,932 58,125 ------ ------ Cash and Cash End of Period $82,821 $56,932 ======= ========
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