American Woodmark reports tough first quarter
Kitchen cabinet and bath vanity maker American Woodmark saw earnings fall to $156,000 in the first quarter of 2009, down from earnings of $5.1 million in the same period last year.
Sales fell 16 percent to $139.2 million from $166.1 million in the same period last year.
The decline in sales was attributed to lower volume in both the company's remodeling and new construction customers.
The Winchester, Va.-based manufacturer also saw a decline in its profit margin, in part because of significantly higher freight and material costs. The company was able to reduce operating expenses by reducing head count in the first quarter.
American Woodmark distributes its products through home centers, major builders and a network of independent distributors.