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):			June 2, 2015
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 June 2, 2015, the Registrant issued a press release announcing results for its fourth quarter of fiscal year 2015 ended April 30, 2015. 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 June 2, 2015.

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: June 2, 2015	Date: June 2, 2015
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

Exhibit 99.1

P. O. Box 1980

Winchester, VA 22604-8090

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

AMERICAN WOODMARK CORPORATION

ANNOUNCES FOURTH QUARTER RESULTS

WINCHESTER, Virginia (June 2, 2015) -- American Woodmark Corporation (NASDAQ: AMWD) today announced results for its fourth fiscal quarter ended April 30, 2015.

Net sales for the fourth fiscal quarter increased 10% to $206.9 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 fourth quarter of fiscal year 2015, with new construction growth exceeding 15%. Net sales for the full fiscal year of $825.5 million increased 14% from the prior fiscal year.

Net income was $11.3 million ($0.69 per diluted share) for the fourth quarter of the current fiscal year compared with $5.6 million ($0.36 per diluted share) for the fourth quarter of the prior fiscal year. Exclusive of after-tax restructuring charges, the Company generated $11.2 million ($0.68 per diluted share) of net income for the fourth quarter of the current fiscal year compared with $5.4 million ($0.34 per diluted share) for the same period of the prior fiscal year.

Net income for the entire fiscal year 2015 was $35.5 million ($2.21 per diluted share) compared with $20.5 million ($1.31 per diluted share) for the same period of the prior fiscal year. Exclusive of after tax restructuring charges and one-time tax credits, the Company generated $34.2 million ($2.10 per diluted share) of net income for the current fiscal year compared with $20.3 million ($1.29 per diluted share) for the same period of the prior fiscal year

Gross profit for the fourth quarter of the current fiscal year was 20.9% of net sales compared with 17.0% in the same quarter of the prior year. Gross profit for the entire current fiscal year was 18.5% of net sales compared with 17.1% for the same period in the prior year. Gross profit in the current quarter was favorably impacted by higher sales volume and improved operating efficiency. Gross profit for the current fiscal year was favorably impacted by higher sales volume and improved operating efficiency that was partially 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 fourth quarter of fiscal year 2015 were 12.4% of net sales compared with 12.3% in the same quarter of the prior year. Selling, general and administrative costs for the entire current fiscal year were 11.9% of net sales compared with 12.5% for the same period in the prior year. The increase in the Company’s operating expense ratio in the current quarter was driven by launch costs and customer training expenses. The improvement in the Company’s operating expense ratio for the current fiscal year was driven by favorable leverage from increased sales and on-going expense control.

The Company generated net cash from operating activities of $58.7 million during fiscal year 2015 compared with $40.5 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 lower increases in customer receivables which was partially offset by increases in inventory levels to support higher sales. Net cash used by investing activities was $56.6 million during the current fiscal year compared with $9.6 million during the same period of the prior year due primarily to a $35.5 million investment in short-term

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AMWD Announces Fourth Quarter Results

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June 2, 2015

certificates of deposit and increased investment in property, plant and equipment. Net cash provided by financing activities increased $3.9 million during the current fiscal year compared to the same period in the prior year, primarily by reducing debt payments by $3.2 million. Additional activities include lower proceeds from the exercise of stock options of $1.1 million and additional common stock repurchases at a cost of $1.9 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 seven service centers across the country.

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 Fourth Quarter Results

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June 2, 2015

AMERICAN WOODMARK CORPORATION
Unaudited Financial Highlights
(in thousands, except share data)
Operating Results
		Three Months Ended						Twelve Months Ended
		April 30						April 30
		2015			2014			2015			2014
Net Sales		$	206,892		$	188,855		$	825,465		$	726,515
Cost of Sales & Distribution		163,572			156,668			672,933			602,338
	Gross Profit	43,320			32,187			152,532			124,177
Sales & Marketing Expense		16,483			14,898			64,304			59,536
G&A Expense		9,063			8,326			33,773			30,881
Restructuring Charges, net		(246		)	(395		)	(240		)	(234		)
Insurance Proceeds		—			—			—			(94		)
	Operating Income	18,020			9,358			54,695			34,088
Interest & Other (Income) Expense		(15		)	(46		)	308			418
Income Tax Expense		6,727			3,770			18,888			13,209
	Net Income	$	11,308		$	5,634		$	35,499		$	20,461
Earnings Per Share:
Weighted Average Shares Outstanding - Diluted		16,297,241			15,835,132			16,037,453			15,653,251
Income Per Diluted Share		$	0.69		$	0.36		$	2.21		$	1.31

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AMWD Announces Fourth Quarter Results

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June 2, 2015

Condensed Consolidated Balance Sheet
(Unaudited)
		April 30		April 30
		2015		2014
Cash & Cash Equivalents		$	149,541	$	135,700
Investments - certificates of deposit		35,500		—
Customer Receivables		46,142		46,475
Inventories		35,988		31,523
Other Current Assets		14,324		11,718
	Total Current Assets	281,495		225,416
Property, Plant & Equipment		85,516		74,049
Other Assets		31,893		30,599
	Total Assets	$	398,904	$	330,064
Current Portion - Long-Term Debt		$	1,457	$	1,146
Accounts Payable & Accrued Expenses		83,333		75,273
	Total Current Liabilities	84,790		76,419
Long-Term Debt		21,498		20,453
Other Liabilities		62,774		42,647
	Total Liabilities	169,062		139,519
Stockholders' Equity		229,842		190,545
	Total Liabilities & Stockholders' Equity	$	398,904	$	330,064

Condensed Consolidated Statements of Cash Flows
(Unaudited)
	Twelve Months Ended
	April 30
	2015			2014
Net Cash Provided by Operating Activities	$	58,737		$	40,535
Net Cash Used by Investing Activities	(56,606		)	(9,583		)
Free Cash Flow	2,131			30,952
Net Cash Provided by Financing Activities	11,710			7,777
Net Increase in Cash and Cash Equivalents	13,841			38,729
Cash and Cash Equivalents, Beginning of Period	135,700			96,971
Cash and Cash Equivalents, End of Period	$	149,541		$	135,700

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