WINCHESTER, VA -American Woodmark Corp (NASDAQ: AMWD) says fourth quarter net sales rose 10 percent to $124,230,000; while fiscal year sales rose 11 percent to $452,589,000 for the period ending April 30, 2011.
American Woodmark still generated a net fourth quarter loss of $3.4 million more than double the net loss ($1.5 million) from of its prior fiscal fourth quarter. An adverse tax basis adjustment of $1.4 million was partially offset by a net-of-tax gain of $600,000 from the sale of a building.
Excluding extraordinary non-recurring items in both periods, American Woodmark says its net loss improved to $2.6 million from $3.2 million in the fourth quarter of fiscal year 2010.
For the year a net loss of $20 million reflected an improvement of 2010 results of a $22.3 million loss. Without special restructuring charges American Woodmark, which manufactures and distributes kitchen cabinets and vanities for the remodeling and new home construction markets says its net loss improved to $19.2 million from $22.3 million in fiscal year 2010.
American Woodmark products are sold on a national basis directly to home centers such as Lowe's and The Home Depot, major builders and through a network of independent distributors. American Woodmark presently operates eleven manufacturing facilities and nine service centers across the country.
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