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25.08.2020 12:30
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PR Newswire
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American Woodmark Corporation Announces First Quarter Results
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PR Newswire
WINCHESTER, Va., Aug. 25, 2020
WINCHESTER, Va., Aug. 25, 2020 /PRNewswire/ -- American Woodmark Corporation (NASDAQ: AMWD) (the "Company") today announced results for its first fiscal quarter ended July 31, 2020.
Net sales for the first fiscal quarter decreased 8.7% to $390.1 million compared with the same quarter of the prior fiscal year. The Company experienced declines in all sales channels during the first quarter of fiscal 2021 as both the remodel and new construction markets were negatively impacted by the COVID-19 pandemic.
Net income was $16.5 million ($0.97 per diluted share) for the first quarter of fiscal 2021 compared with $26.9 million ($1.59 per diluted share) in the same quarter of the prior fiscal year. Net income for the first quarter of fiscal 2021 was negatively impacted by lower sales due to COVID-19, deleveraging of fixed costs across the Company and a decline in efficiency. The Company incurred pre-tax restructuring costs totaling $3.5 million during the first quarter of fiscal 2021 related to the permanent layoffs due to COVID-19 announced in the fourth quarter of fiscal 2020 and the first quarter of fiscal 2021 and the closure of its Humboldt, Tennessee manufacturing plant announced in June 2020. Adjusted EPS per diluted share was $1.66 for the first quarter of fiscal 2021 compared with $2.13 in the same quarter of the prior fiscal year.
Adjusted EBITDA for the first fiscal quarter was $57.0 million, or 14.6% of net sales, compared to $69.6 million, or 16.3% of net sales, for the same quarter of the prior fiscal year.
"Our sales and net income were negatively impacted by COVID-19 during our first fiscal quarter, but our teams performed well and drove results that exceeded our initial expectations," said Scott Culbreth, President and CEO. "I want to personally thank all of our employees and suppliers for helping the Company navigate this difficult situation."
Cash provided by operating activities for the first fiscal quarter was $40.0 million and free cash flow totaled $32.2 million. As of July 31, 2020, the Company had $128.1 million of cash on hand with no term loan debt maturities until December 2022 plus access to $93.6 million of additional availability under its revolving credit facility.
About American Woodmark
American Woodmark Corporation manufactures and distributes kitchen, bath and home organization products for the remodeling and new home construction markets. Its products are sold on a national basis directly to home centers, builders and through a network of independent dealers and distributors. At July 31, 2020, the Company operated seventeen manufacturing facilities in the United States and Mexico and eight primary service centers located throughout the United States.
Use of Non-GAAP Financial Measures
We have presented certain financial measures in this press release which have not been prepared in accordance with U.S. generally accepted accounting principles (GAAP). Definitions of our non-GAAP financial measures and a reconciliation to the most directly comparable financial measure calculated in accordance with GAAP are provided below following the financial highlights under the heading "Non-GAAP Financial Measures."
Safe harbor statement under the Private Securities Litigation Reform Act 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. Such factors include, but are not limited to, those described in the Company's filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K. 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.
(AMWD – ER)
| AMERICAN WOODMARK CORPORATION | |||||||||||
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| Unaudited Financial Highlights | |||||||||||
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| (in thousands, except share data) | |||||||||||
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| Operating Results | |||||||||||
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| | | | Three Months Ended | ||||||||
| | | | July 31 | ||||||||
| | | | 2020 | | 2019 | ||||||
| | | | | | | ||||||
| Net sales | | $ | 390,087 | | | $ | 427,365 | | |||
| Cost of sales & distribution | | 309,949 | | | 332,846 | | |||||
| | Gross profit | | 80,138 | | | 94,519 | | ||||
| Sales & marketing expense | | 19,898 | | | 20,687 | | |||||
| General & administrative expense | | 29,983 | | | 29,432 | | |||||
| Restructuring charges | | 3,460 | | | (19) | | |||||
| | Operating income | | 26,797 | | | 44,419 | | ||||
| Interest expense, net | | 6,030 | | | 8,088 | | |||||
| Other income, net | | (1,688) | | | (7) | | |||||
| Income tax expense | | 5,970 | | | 9,457 | | |||||
| | Net income | | $ | 16,485 | | | $ | 26,881 | | ||
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| Earnings Per Share: | | | | | |||||||
| Weighted average shares outstanding - diluted | | 17,013,444 | | | 16,907,463 | | |||||
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| Net income per diluted share | | $ | 0.97 | | | $ | 1.59 | | |||
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| Condensed Consolidated Balance Sheet | |||||||||||
| (Unaudited) | |||||||||||
| | | | July 31 | | April 30 | ||||||
| | | | 2020 | | 2020 | ||||||
| | | | | | | ||||||
| Cash & cash equivalents | | $ | 128,055 | | | $ | 97,059 | | |||
| Customer receivables | | 123,301 | | | 106,344 | | |||||
| Inventories | | 126,700 | | | 111,836 | | |||||
| Other current assets | | 9,913 | | | 9,933 | | |||||
| | Total current assets | | 387,969 | | | 325,172 | | ||||
| Property, plant & equipment, net | | 199,088 | | | 203,824 | | |||||
| Operating lease assets, net | | 126,409 | | | 127,668 | | |||||
| Trademarks, net | | 1,389 | | | 2,222 Werbung Mehr Nachrichten zur American Woodmark Aktie kostenlos abonnieren
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