American Woodmark Corp. more than doubled its net loss during its fiscal fourth quarter 2011 ended April 30 to $3.4 million, while net sales jumped 10% during the quarter to $124.2 million, the company reported today.
The Winchester, Va.-based cabinet maker also announced an 11% fall in gross profit from a year ago to $16.4 million. The operating loss deepened to $4.1 million during the quarter frm $3.9 million. Selling, general, and administrative costs accounted for only 17% of net sales, down from 20%.
The company said its increased net loss came in part because of tax issues, which reflect an adjusted basis of $1.4 million, partially offset by a net-of-tax gain of $600,000 due to the sale of a building.
For its entire fiscal year ended March 31, the company recorded net loss to $20 million, improving from the $22.3 million net loss in fiscal 2010. Sales improved 11% to $452.6 million, while gross profit jumped 8% to $52.8 million. The operating loss improved to $31 million from $37.3 million.
American Woodmark produces cabinets under its own name for Home Depot, under the Shenandoah and Potomac brand names for Lowe's, and under the Timberlake name for homebuilders. It operates 11 manufacturing facilities and nine service centers throughout the country.
