American Woodmark (AMWD) to Close Several Plants, Sees $18M-$20M in Pre-Tax Charges
Tweet
Share
E-mailGet Alerts AMWD Hot Sheet
Price: $48.09 --0%
Financial Fact:
General and administrative expenses: 10.68M
Today's EPS Names:
BTTX, VAXX, ELYS, More
Financial Fact:
General and administrative expenses: 10.68M
Today's EPS Names:
BTTX, VAXX, ELYS, More
Join SI Premium – FREE
American Woodmark Corporation (Nasdaq: AMWD), announced today that the continuing housing slump has led to the decision to reduce production capacity and to implement changes in certain elements of the Company's long term retirement plans.
In a realignment of the Company's manufacturing network, the Company will close a component facility in Hardy County, West Virginia and a lumber dimension operation in Hazard, Kentucky. The Company has also made the decision to offer the assembly plant in Tahlequah, Oklahoma, idled in early 2009, for sale.
The Company presently estimates total pre-tax costs associated with these actions of approximately $18.0 million to $20.0 million ($11.0 million to $12.5 million net of tax), including approximately $11.0 million to $13.0 million of non-cash charges. The Company expects to recognize substantially all these charges during its third fiscal quarter ending January 31, 2012. Once all actions have been completed, the Company expects to realize ongoing annual cost savings of approximately $16.5 million to $18.5 million.
In a realignment of the Company's manufacturing network, the Company will close a component facility in Hardy County, West Virginia and a lumber dimension operation in Hazard, Kentucky. The Company has also made the decision to offer the assembly plant in Tahlequah, Oklahoma, idled in early 2009, for sale.
The Company presently estimates total pre-tax costs associated with these actions of approximately $18.0 million to $20.0 million ($11.0 million to $12.5 million net of tax), including approximately $11.0 million to $13.0 million of non-cash charges. The Company expects to recognize substantially all these charges during its third fiscal quarter ending January 31, 2012. Once all actions have been completed, the Company expects to realize ongoing annual cost savings of approximately $16.5 million to $18.5 million.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Boeing names Ryan Shedd as new SVP and controller
- Alzamend Neuro (ALZN) files for 98.4M share offering by selling stockholders
- Wolfspeed (WOLF) Misses Q4 EPS by 174c; Offers Guidance
Create E-mail Alert Related Categories
Corporate News, GuidanceSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
