Sales up, earnings down at American Woodmark
Winchester, Va.-based American Woodmark Corp., a manufacturer of kitchen cabinets and other home products, reported sales increases for the fourth quarter ended April 30, as well as the full year. But earnings declined.
In the fourth quarter, the company reported a 10% sales gain to $124.2 million, up from $112.4 million in the same quarter last year. For the full year, sales increased to $452.6 million, up 11.3% from $406.5 million in the prior year.
Despite the sales gains, the company posted a net loss in the quarter of $3.4 million, compared with a net loss of $1.5 million in the prior-year quarter. For the full year, the company posted a loss of $20.0 million, slightly better than its loss of $22.3 million in fiscal 2010.
The company's results from the fourth quarter included an adverse tax basis adjustment of $1.4 million, partially offset by a net-of-tax gain of $0.6 million that resulted from the sale of a building.