American Woodmark fell deeper into the red during its fiscal fourth quarter reporting a net loss of just under $6 million, compared to a $3.4 million loss a year ago, the company announced on June 5. The loss comes despite a 10% rise in sales to $136.2 million for the quarter ended April 30.
The Winchester, Va.-based cabinet and vanity manufacturer more than doubled its operating loss from a year ago, to finish at $9.3 million. Restructuring charges of $6 million, compared to only $7,000 during the same period last year, helped to drive operating loss further into the red. Excluding such restructuring charges, American Woodmark’s net loss came out to $2.3 million. Gross profit increased by $1 million to $17.4 million as cost of sales and distribution also grew 10% to $118.9 million.
For the year, the company reported a $20.8 million net loss, a slight increase over the $20 million loss reported the year prior. Net sales for the year jumped 14% to $515.8 million. Operating loss was $33.4 million, which is just over $2 million deeper than it was for fiscal 2011.
The company reported restructuring costs of $16.3 million for fiscal 2012, compared to only $62,000 in fiscal 2011. Gross profit jumped 26% to $66.5 million as cost of sales and distribution increased 12% to $449.3 million.
American Woodmark produces cabinetry under various brand names, including Timberlake Cabinetry and Waypoint Living Spaces. Its products are sold throughout the country directly to home centers, major builders and through a network of independent dealers and distributors.