Exhibit 99.1

 
 
 
P. O. Box 1980
 
Winchester, VA 22604-8090

 



Contact:
Glenn Eanes
Vice President and Treasurer
540-665-9100




AMERICAN WOODMARK CORPORATION
ANNOUNCES FOURTH QUARTER RESULTS

WINCHESTER, Virginia (June 2, 2015) -- American Woodmark Corporation (NASDAQ: AMWD) today announced results for its fourth fiscal quarter ended April 30, 2015.

Net sales for the fourth fiscal quarter increased 10% to $206.9 million compared with the same quarter of the prior fiscal year. The Company experienced growth in both the remodeling and new construction channels during the fourth quarter of fiscal year 2015, with new construction growth exceeding 15%. Net sales for the full fiscal year of $825.5 million increased 14% from the prior fiscal year.

Net income was $11.3 million ($0.69 per diluted share) for the fourth quarter of the current fiscal year compared with $5.6 million ($0.36 per diluted share) for the fourth quarter of the prior fiscal year. Exclusive of after-tax restructuring charges, the Company generated $11.2 million ($0.68 per diluted share) of net income for the fourth quarter of the current fiscal year compared with $5.4 million ($0.34 per diluted share) for the same period of the prior fiscal year.

Net income for the entire fiscal year 2015 was $35.5 million ($2.21 per diluted share) compared with $20.5 million ($1.31 per diluted share) for the same period of the prior fiscal year. Exclusive of after tax restructuring charges and one-time tax credits, the Company generated $34.2 million ($2.10 per diluted share) of net income for the current fiscal year compared with $20.3 million ($1.29 per diluted share) for the same period of the prior fiscal year

Gross profit for the fourth quarter of the current fiscal year was 20.9% of net sales compared with 17.0% in the same quarter of the prior year. Gross profit for the entire current fiscal year was 18.5% of net sales compared with 17.1% for the same period in the prior year. Gross profit in the current quarter was favorably impacted by higher sales volume and improved operating efficiency. Gross profit for the current fiscal year was favorably impacted by higher sales volume and improved operating efficiency that was partially offset by material inflation and costs associated with crewing and infrastructure to support higher levels of sales and installation activity.

Selling, general and administrative costs for the fourth quarter of fiscal year 2015 were 12.4% of net sales compared with 12.3% in the same quarter of the prior year. Selling, general and administrative costs for the entire current fiscal year were 11.9% of net sales compared with 12.5% for the same period in the prior year. The increase in the Company’s operating expense ratio in the current quarter was driven by launch costs and customer training expenses. The improvement in the Company’s operating expense ratio for the current fiscal year was driven by favorable leverage from increased sales and on-going expense control.
  
The Company generated net cash from operating activities of $58.7 million during fiscal year 2015 compared with $40.5 million during the same period in the prior year. The improvement in the Company’s cash from operating activities was driven primarily by higher operating profitability and lower increases in customer receivables which was partially offset by increases in inventory levels to support higher sales. Net cash used by investing activities was $56.6 million during the current fiscal year compared with $9.6 million during the same period of the prior year due primarily to a $35.5 million investment in short-term

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The following information was filed by American Woodmark Corp (AMWD) on Tuesday, June 2, 2015 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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