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):			August 19, 2014
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 August 19, 2014, the Registrant issued a press release announcing results for its first quarter of fiscal year 2015 ended July 31, 2014. 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 August 19, 2014.

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/ KENT B. GUICHARD
M. Scott Culbreth	Kent B. Guichard
Senior Vice President and Chief Financial Officer	Chairman & Chief Executive Officer
Date: August 19, 2014	Date: August 19, 2014
Signing on behalf of the registrant and as principal financial officer	Signing on behalf of the registrant and as principal executive officer

EX-99.1

P. O. Box 1980

Winchester, VA 22604-8090

Contact: Glenn Eanes Vice President and Treasurer 540-665-9100

AMERICAN WOODMARK CORPORATION

ANNOUNCES FIRST QUARTER RESULTS

WINCHESTER, Virginia (August 19, 2014) -- American Woodmark Corporation (NASDAQ: AMWD) today announced results for its first fiscal quarter ended July 31, 2014.

Net sales for the first fiscal quarter increased 19% to $211.9 million compared with the same quarter of the prior fiscal year. The Company experienced growth in both the remodeling and new construction channels during the first quarter of fiscal year 2015.

Net income was $9.2 million ($0.59 per diluted share) for the first quarter of the current fiscal year compared with $6.7 million ($0.43 per diluted share) for the first quarter of the prior fiscal year. Exclusive of one-time tax credits, the Company generated $8.2 million ($0.52 per diluted share) of net income for the first quarter of the current fiscal year compared with $6.7 million ($0.43 per diluted share) for the first quarter of the prior fiscal year. The Company recorded a tax benefit of $1.1 million during its first fiscal quarter ended July 31, 2014 related to the federal research and experimentation tax credit for fiscal years 2011 through 2014.

Gross profit for the first quarter of the current fiscal year was 17.5% of net sales compared with 18.9% in the same quarter of the prior year. Gross profit in the current quarter was favorably impacted by higher sales volume and improved operating efficiency that was more than offset by material inflation and costs associated with crewing and infrastructure to support higher levels of sales and installation activity.

Selling, general and administrative costs for the first quarter of the fiscal year 2015 were 11.3% of net sales compared with 12.8% in the same quarter of the prior year. The improvement in the Company’s operating expense ratio was driven by favorable leverage from increased sales and on-going expense control.

The Company generated net cash from operating activities of $9.3 million during the first quarter of fiscal year 2015 compared with $2.3 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 and changes in working capital, which included increases in inventory levels to support higher sales. Net cash used by investing activities was $3.3 million during the first quarter of the current fiscal year compared with $3.0 million during the same period of the prior year due primarily to increased investment in property, plant and equipment. Net cash used by financing activities increased $7.7 million during the first fiscal quarter compared to the same period in the prior year as the company repurchased 130,000 shares of common stock at a cost of $4.1 million and proceeds from the exercise of stock options decreased $3.6 million.

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

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AMWD Announces First Quarter Results

Page 2

August 19, 2014

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.

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AMWD Announces First Quarter Results

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August 19, 2014

AMERICAN WOODMARK CORPORATION
Unaudited Financial Highlights
(in thousands, except share data)
Operating Results
		Three Months Ended
		July 31
		2014		2013
Net Sales		$	211,917	$	178,095
Cost of Sales & Distribution		174,803		144,380
	Gross Profit	37,114		33,715
Sales & Marketing Expense		15,515		14,484
G&A Expense		8,411		8,401
Restructuring Charges, net		3		82
Insurance Proceeds		—		(94		)
	Operating Income	13,185		10,842
Interest & Other (Income) Expense		131		160
Income Tax Expense		3,816		4,027
	Net Income	$	9,238	$	6,655
Earnings Per Share:
Weighted Average Shares Outstanding - Diluted		15,768,884		15,373,260
Income Per Diluted Share		$	0.59	$	0.43

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AMWD Announces First Quarter Results

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August 19, 2014

Condensed Consolidated Balance Sheet
		July 31		April 30
		2014		2014
Cash & Cash Equivalents		$	138,121	$	135,700
Customer Receivables		51,374		46,475
Inventories		35,457		31,523
Other Current Assets		10,874		11,718
	Total Current Assets	235,826		225,416
Property, Plant & Equipment		74,530		74,049
Other Assets		30,094		30,599
	Total Assets	$	340,450	$	330,064
Current Portion - Long-Term Debt		$	1,266	$	1,146
Accounts Payable & Accrued Expenses		78,080		75,273
	Total Current Liabilities	79,346		76,419
Long-Term Debt		20,456		20,453
Other Liabilities		41,896		42,647
	Total Liabilities	141,698		139,519
Stockholders' Equity		198,752		190,545
	Total Liabilities & Stockholders' Equity	$	340,450	$	330,064

Condensed Consolidated Statements of Cash Flows
	Three Months Ended
	July 31
	2014			2013
Net Cash Provided by Operating Activities	$	9,267		$	2,260
Net Cash Used by Investing Activities	(3,272		)	(2,950		)
Free Cash Flow	5,995			(690		)
Net Cash Provided (Used) by Financing Activities	(3,574		)	4,159
Net Increase in Cash and Cash Equivalents	2,421			3,469
Cash and Cash Equivalents, Beginning of Period	135,700			96,971
Cash and Cash Equivalents, End of Period	$	138,121		$	100,440

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