WINCHESTER, VA — American Woodmark Corp., manufacturer and distributor of kitchen cabinets and vanities, saw a net sales increase of 14% for fiscal year 2012, but recorded a net loss of $20 million — half of it due to the previously announced closure of two manufacturing plants and the realignment of its retirement program.
Fourth quarter sales for American Woodmark were up 10% to $136.2 million, with gains in sales to new home construction businesses, which was up 30%, offsetting a slight decline in business for remodeling. For the year sales were $515.8 million.
In April 2012 American Woodmark closed its wood component facility in Hardy County, WV, and a lumber milling center in Hazard, KY. CEO Kent Guichard said that the plant closures would reduce excess capacity as a result of waning consumer activity.
American Woodmark currently has nine operating plants, supplying national home improvement stores Home Depot and Loew's, as well as cabinetry for new construction and remodeling.
Have something to say? Share your thoughts with us in the comments below.