American Woodmark swings to a profit
Winchester, Va.-based American Woodmark Corp. saw sales rise 26% in the fourth quarter, with double-digit gains in each of its sales channels.
Net sales for the quarter ended April 30 reached $171.1 million, as it swung to a profit of $5.2 million, compared with a fourth-quarter loss of $6.0 million in 2012.
The company manufactures and distributes kitchen cabinets and vanities for the remodeling and new home construction markets. Its products are sold on a national basis directly to home centers, major builders and through a network of independent distributors.
Boosted by new construction sales and an improving housing industry, net sales rose by 22% to $630.4 million during the company's entire fiscal year 2013. The company generated net income for the entire fiscal year 2013 of $9.8 million, compared with a net loss in fiscal year 2012 of $20.8 million.
The company said its performance was favorably impacted by reductions in labor and overhead costs associated with its previous restructuring actions, by the beneficial impact of higher sales volume and the absence of the prior year's inventory write-down. This favorability was partially offset by the impact of rising materials costs.