Woodmark Posts Third Qtr. Gains

by WOHe

Woodmark Posts Third Qtr. Gains

Winchester, VA American Woodmark Corp. has reported an increase
in both sales and net income for the company’s third fiscal
quarter, ended Jan. 31, 2001.

The publicly traded cabinet manufacturer, headquartered here,
said that third-quarter net income rose 29%, to just under $3.3
million, from about $2.6 million in the same quarter a year
earlier. The gain in income was coupled with a 10% sales increase,
to $101.2 million, for the quarter, the company noted.

Excluding the impact of its exit from the custom cabinet and
original equipment markets last year, sales growth in the third
quarter was 15%, American Woodmark said, adding that gross margins
increased to 26% from 24.3% the previous year.

The margin increase was attributed to improvements in material
utilization resulting from changes in product mix and price
reductions in certain raw materials.

“The economic outlook for the period covered by the company’s
fiscal fourth quarter is clearly uncertain,” American Woodmark
said, adding that it expects net sales for the fourth quarter
ending April 30 to increase between 8% and 10% over the prior
year.

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