American Woodmark Q1 net sales rise
Winchester, Va.-based American Woodmark posted first-quarter net income excluding restructuring charges of $1.0 million, compared with a net loss of $2.7 million in the first quarter of its prior fiscal year.
Results in the first quarter included net-of-tax restructuring costs of $0.5 million, related to the permanent closure of two manufacturing plants in April 2012 and May 2012. Net income for the first quarter of fiscal year 2013 inclusive of these charges was $0.6 million.
Net sales in the first quarter ended July 31 totaled $148.25 million, up 13% from $131.20 million in the prior-year quarter. The company experienced sales gains of more than 40% in its new construction business, while its remodeling sales were in line with the prior year's first quarter.
American Woodmark manufactures and distributes kitchen cabinets and vanities for the remodeling and new home construction markets.