American Woodmark turns first-quarter profit

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Winchester-based American Woodmark Corp. reported a profit of $561,000, or 4 cents a share, for the first quarter of its 2013 fiscal year, compared with a loss of $2.7 million, or 19 cents a share, during the same period last year.

The first quarter, which ended July 31, included tax restructuring costs related to the closing of two manufacturing plant last spring. Excluding those charges, first quarter net income was $1 million, 7 cents per share.

During the first quarter, net sales rose 13 percent to $148.3 million.  The company experienced sales gains of more than 40 percent in its new construction business, while its remodeling sales were in line with the prior year’s first quarter.

Gross profit for the first quarter of fiscal year 2013 was 14.9 percent of net sales, up from 14 percent the year before.

American Woodmark makes 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.  The company presently operates nine manufacturing facilities and nine service centers across the country.

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