WINCHESTER, Va. - American Woodmark Corporation (NASDAQ: AMWD) today announced results for its first fiscal quarter ended July 31, 2013.

Net sales rose by 20% compared with the first quarter of the prior fiscal year to $178.1 million. The Company experienced growth in both the remodel and new construction sales channels during the first quarter of fiscal year 2014, led by new construction growth of more than 40%.

Exclusive of after-tax restructuring charges, the Company generated $6.7 million ($0.43 per diluted share) of net income during the first quarter of fiscal year 2014 versus $1.0 million ($0.07 per diluted share) of net income in the prior year. Inclusive of after-tax restructuring charges, the Company generated $6.7 million ($0.43 per diluted share) of net income during the first quarter of fiscal 2014 versus $0.6 million ($0.04 per diluted share) of net income during the same quarter in the prior year.

Gross profit for the first quarter of fiscal year 2014 was 18.9% of net sales, compared with 14.9% in the first quarter of the prior year. Gross profit was favorably impacted by higher sales volume and improved operating efficiencies. This favorability was partially offset by the impact of rising material costs and expenses under the Company's pay-for-performance plans.

Selling, general and administrative costs were 12.8% of net sales in the first quarter of fiscal year 2014, an improvement from 13.6% of net sales in the prior year's first quarter. The improvement in the Company's operating expense ratio was driven by a combination of favorable leverage from increased sales levels and cost savings from modifications to the Company's retirement programs, which were only partially offset by increases in both costs related to higher sales activity and increased performance-based compensation.

The Company generated free cash flow (defined as cash provided/(used) by operating activities net of cash used for investing activities) of $(0.7) million during the first quarter of fiscal year 2014, compared with $(5.6) million during the same period in the prior year. The improvement in the Company's free cash flow was driven primarily by higher operating profitability and timing associated with tax payments. These improvements were partially offset by the lack of proceeds from asset sales in the prior year and by increased accounts receivable due to both higher sales activity and timing associated with payments from customers.

American Woodmark Corporation 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. The Company presently operates nine manufacturing facilities and nine service centers across the country.

Source: American Woodmark Corporation