WINCHESTER, VA -- Kitchen cabinets and vanities maker American Woodmark Corp. reported a narrower loss for the fourth quarter ended April 30, 2010, helped in part by lower restructuring charges. Revenues dropped year-over-year, hurt by lower remodeling sales.
Net sales declined 20% compared with the fourth quarter of the prior fiscal year to $112.4 million. Net sales declined 26% to $406,5 million for the entire fiscal year ended April 30, 2010, (fiscal year 2010) compared with the prior fiscal year.
The company's remodeling sales declined in excess of the company's overall rate of decline during the fourth quarter of fiscal year 2010, while new construction sales increased over the prior year's fourth quarter by more than 20%. The company generated a net loss of $1.53 million during the fourth quarter of fiscal year 2010, compared with a net loss of $2,93 million in the fourth quarter of its prior fiscal year.
For its full fiscal year, American Woodmark generated a net loss of $22.34 millionil 30, 2010, compared with a net loss of $3,23 million for prior fiscal year.
Read American Woodmark's press release.
Have something to say? Share your thoughts with us in the comments below.