WINCHESTER, VA - Cabinet, bath vanity and cabinetry refacing manufacturer American Woodmark Corp. (NASDAQ: AMWD) reported an 8 percent sales rise to almost $120 million for its third quarter ended January 31, 2011.
Cabinet and vanity sales gained more than 30 percent in its new construction business during the third quarter of fiscal year 2012, which more than offset a slight decline in its remodeling business, American Woodmark says.
Net sales rose 16 percent for the first nine months, to $379.6 million versus the year prior period. But the company generated a $8.5 million loss for that period, and an $2.4 million of it in the third quarter - in both cases excluding restructuring charges. American Woodmark is in the midst of closing two of its 11 plants, and resetting its pension obligations.
With those costs factored in, net loss for the 2012 third quarter was $9.1 million; $14.8 million for the nine-month period through January 31.
Gross profit for the third quarter reflecting the beneficial impact of increased sales on direct labor and manufacturing overhead costs. But higher materials, fuel and promotional costs cut into profits, says American Woodmark. It sells through Home Depot and Lowe's, major builders and through a network of independent distributors.
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