WINCHESTER, VA -- American Woodmark Corp., a manufacturer and distributor of kitchen cabinets and vanities for the remodeling and new home construction markets, announced Feb. 20 the results for its third quarter of fiscal year 2007 ended January 31.
Net sales declined 16% from the prior year to $161,224,000 and net income for the quarter was $3,779,000 compared with a net income of $6,069,000 in the prior year. Gross profit was 18% of sales, up from 17.5% in the previous year, and selling, general and administrative costs were 15.1% of net sales, up from 12.5% of net sales in the prior year’s third quarter.
The company expects the sales trends it experienced in its third fiscal quarter to continue in its fourth quarter, ending April 30. The company also expects total core sales for the second half of fiscal 2007 to be down 7% to 9% below prior year levels, and total second half sales to decline by 15% to 17% as compared with prior years. The company expects its gross margin rate will approximate 20.5% for the fiscal year.
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