Current Report Filing (8-k)





UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):			February 25, 2016


American Woodmark Corporation
(Exact name of registrant as specified in its charter)


Virginia	000-14798		54-1138147
(State or other jurisdiction	(Commission		(IRS Employer
of incorporation)	File Number)		Identification No.)

3102 Shawnee Drive, Winchester, Virginia		22601
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code:			(540) 665-9100

Not applicable
(Former name or former address, if changed since last report)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

American Woodmark Corporation

ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On February 25, 2016, the Registrant issued a press release announcing results for its third quarter of fiscal year 2016 ended January 31, 2016. The press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

(d) Exhibits

Exhibit 99.1 Registrant’s Press Release dated February 25, 2016.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

AMERICAN WOODMARK CORPORATION

(Registrant)




/s/ M. SCOTT CULBRETH		/s/ S. CARY DUNSTON

M. Scott Culbreth		S. Cary Dunston
Senior Vice President and Chief Financial Officer		President & Chief Executive Officer

Date: February 25, 2016		Date: February 25, 2016
Signing on behalf of the registrant and as principal financial officer		Signing on behalf of the registrant and as principal executive officer

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 THIRD QUARTER RESULTS

WINCHESTER, Virginia (February 25, 2016) -- American Woodmark Corporation (NASDAQ: AMWD) today announced results for its third fiscal quarter ended January 31, 2016.

Net sales for the third fiscal quarter increased 16% to $218.6 million compared with the same quarter of the prior fiscal year. Net sales for the first nine months of the current fiscal year increased 14% to $706.1 million from the comparable period of the prior fiscal year. The Company experienced growth in all channels during the third quarter of fiscal year 2016.

Net income was $12.0 million ($0.73 per diluted share) for the third quarter of the current fiscal year compared with $7.3 million ($0.45 per diluted share) for the third quarter of the prior fiscal year. Net income for the first nine months of fiscal year 2016 was $45.4 million ($2.76 per diluted share) compared with $24.2 million ($1.52 per diluted share) for the same period of the prior fiscal year.

Gross profit for the third quarter of the current fiscal year was 20.4% of net sales compared with 18.6% in the same quarter of the prior year. Gross profit for the first nine months of the current fiscal year was 21.4% of net sales compared with 17.7% for the same period in the prior year. Gross profit in the current quarter and the first nine months of the current fiscal year was favorably impacted by higher sales volume and improved operating efficiency.

Selling, general and administrative costs for the third quarter of fiscal year 2016 were 11.8% of net sales compared with 12.8% in the same quarter of the prior year. Selling, general and administrative costs for the first nine months of the current fiscal year were 11.3% of net sales compared with 11.7% for the same period in the prior year. The improvement in the Company’s operating expense ratio in the current quarter and the first nine months of 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 $50.9 million during the first nine months of fiscal year 2016 compared with $36.0 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, which was partially offset by higher customer receivables, accounts payable and accrued expenses consistent with higher sales. Net cash used by investing activities was $33.7 million during the first nine months of the current fiscal year compared with $43.5 million during the same period of the prior year due to a $24.5 million reduced investment in certificates of deposit, which was partially offset by increased investment in promotional displays and property, plant and equipment of $14.7 million. Net cash used by financing activities of $2.1 million increased $6.4 million during the first nine months of the current fiscal year compared to the same period in the prior year as the company repurchased 176,343 shares of common stock at a cost of $12.0 million, a $6.9 million increase from the prior year.

American Woodmark Corporation manufactures and distributes kitchen cabinets and vanities for the remodeling and new home construction markets. Its products are sold on a national basis directly to home centers, major builders and through a network

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AMWD Announces Third Quarter Results

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February 25, 2016

of independent distributors. The Company presently operates nine manufacturing facilities and seven service centers across the country.

Safe harbor statement under the Private Securities Litigation Reform Act of 1995: All forward‑looking statements made by the Company involve material risks and uncertainties and are subject to change based on factors that may be beyond the Company's control. Accordingly, the Company's future performance and financial results may differ materially from those expressed or implied in any such forward-looking statements. Such factors include, but are not limited to, those described in the Company's filings with the Securities and Exchange Commission and the Annual Report to Shareholders. The Company does not undertake to publicly update or revise its forward looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized.



AMERICAN WOODMARK CORPORATION

Unaudited Financial Highlights

(in thousands, except share data)

Operating Results

		Three Months Ended				Nine Months Ended
		January 31				January 31
		2016		2015		2016		2015

Net Sales		$	218,632	$	188,963	$	706,122	$	618,573
Cost of Sales & Distribution		174,034		153,846		555,299		509,361
	Gross Profit	44,598		35,117		150,823		109,212
Sales & Marketing Expense		16,674		16,010		49,176		47,821
G&A Expense		9,183		8,054		30,647		24,710
Restructuring Charges, net		—		3		—		6
	Operating Income	18,741		11,050		71,000		36,675
Interest & Other (Income) Expense		58		74		63		323
Income Tax Expense		6,670		3,694		25,586		12,161
	Net Income	$	12,013	$	7,282	$	45,351	$	24,191

Earnings Per Share:
Weighted Average Shares Outstanding - Diluted		16,457,308		16,131,140		16,450,394		15,953,420

Income Per Diluted Share		$	0.73	$	0.45	$	2.76	$	1.52

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AMWD Announces Third Quarter Results

Page 3

February 25, 2016



Condensed Consolidated Balance Sheet
(Unaudited)
		January 31		April 30
		2016		2015

Cash & Cash Equivalents		$	164,679	$	149,541
Investments - certificates of deposit		23,000		35,500
Customer Receivables		49,529		46,142
Inventories		38,096		35,988
Other Current Assets		19,536		14,324
	Total Current Assets	294,840		281,495
Property, Plant & Equipment		102,869		85,516
Investments - certificates of deposit		17,500		—
Other Assets		31,507		31,893
	Total Assets	$	446,716	$	398,904

Current Portion - Long-Term Debt		$	1,574	$	1,457
Accounts Payable & Accrued Expenses		86,265		83,333
	Total Current Liabilities	87,839		84,790
Long-Term Debt		23,634		21,498
Other Liabilities		57,452		62,774
	Total Liabilities	168,925		169,062
Stockholders' Equity		277,791		229,842
	Total Liabilities & Stockholders' Equity	$	446,716	$	398,904



Condensed Consolidated Statements of Cash Flows
(Unaudited)
	Nine Months Ended
	January 31
	2016			2015

Net Cash Provided by Operating Activities	$	50,923		$	35,997
Net Cash Used by Investing Activities	(33,679		)	(43,516		)
Net Cash Provided (Used) by Financing Activities	(2,106		)	4,344
Net Increase (Decrease) in Cash and Cash Equivalents	15,138			(3,175		)
Cash and Cash Equivalents, Beginning of Period	149,541			135,700

Cash and Cash Equivalents, End of Period	$	164,679		$	132,525