USA - American Woodmark Corporation announced results for its first fiscal quarter ended July 31, 2020. Net sales for the first fiscal quarter decreased 8.7 percent to USD 390.1 million compared with the same quarter of the prior fiscal year.
The Company experienced declines in all sales channels during the first quarter of fiscal 2021 as both the remodel and new construction markets were negatively impacted by the COVID-19 pandemic.
Net income was USD 16.5 million for the first quarter of fiscal 2021 compared with USD 26.9 million in the same quarter of the prior fiscal year. Net income for the first quarter of fiscal 2021 was negatively impacted by lower sales due to COVID-19, deleveraging of fixed costs across the Company and a decline in efficiency. The Company incurred pre-tax restructuring costs totaling USD 3.5 million during the first quarter of fiscal 2021 related to the permanent layoffs due to COVID-19 announced in the fourth quarter of fiscal 2020 and the first quarter of fiscal 2021 and the closure of its Humboldt, Tennessee manufacturing plant announced in June 2020.
Adjusted EBITDA for the first fiscal quarter was USD 57.0 million, or 14.6% of net sales, compared to USD 69.6 million, or 16.3% of net sales, for the same quarter of the prior fiscal year.
American Woodmark Corporation manufactures and distributes cabinets for kitchen, bath and home organization products for the remodeling and home construction markets. As of July 31, 2020, the Company operated seventeen manufacturing facilities in the United States and Mexico and eight service centers located throughout the United States.