U.S. – American Woodmark Corporation, a leading kitchen furniture manufacturer, announced results for its first fiscal quarter ended July 31, 2019.

Net sales for the first fiscal quarter decreased 0.4 percent to USD 427.4 million compared with the same quarter of the prior fiscal year. The Company experienced growth in the builder channel which was offset by declines in the home center and independent dealers and distributors channels during the first quarter of fiscal year 2020.

Net income was USD 26.9 million for the first quarter of the current fiscal year compared with USD 24.8 million in the same quarter of the prior fiscal year. Net income for the current quarter was positively impacted by lower sales and marketing expense and lower interest expense.

Adjusted EBITDA for the first fiscal quarter was USD 69.6 million, or 16.3 percent of net sales, compared to USD 68.1 million, or 15.9 percent of net sales, for the same quarter of the prior fiscal year.

“Despite the difficult market, we are very pleased with our financial performance in our first fiscal quarter,” said Cary Dunston, Chairman and CEO. “Our system is operating very efficiently, overcoming a number of cost headwinds as we continue to capitalize on integration synergies. Within the market, we once again over indexed in the builder channel, however repair and remodel remained challenging.”

American Woodmark Corporation manufactures and distributes kitchen, bath and home organization products for the remodeling and new home construction markets. Its products are sold on a national basis directly to home centers, builders and through a network of independent dealers and distributors. At July 31, 2019, the Company operated eighteen manufacturing facilities in the United States and Mexico and eight primary service centers located throughout the United States.