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 23, 2016
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 23, 2016, the Registrant issued a press release announcing results for its first quarter of fiscal year 2017 ended July 31, 2016. 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 23, 2016.

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/ S. CARY DUNSTON
M. Scott Culbreth	S. Cary Dunston
Senior Vice President and Chief Financial Officer	President & Chief Executive Officer
Date: August 23, 2016	Date: August 23, 2016
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: Kevin Dunnigan Assistant Treasurer 540-665-9100

AMERICAN WOODMARK CORPORATION

ANNOUNCES FIRST QUARTER RESULTS

WINCHESTER, Virginia (August 23, 2016) -- American Woodmark Corporation (NASDAQ: AMWD) today announced results for its first fiscal quarter ended July 31, 2016.

Net sales for the first fiscal quarter increased 12% to $258.2 million compared with the same quarter of the prior fiscal year. The Company experienced growth in all channels during the first quarter of fiscal year 2017.

Net income was $21.7 million ($1.32 per diluted share) for the first quarter of the current fiscal year compared with $15.2 million ($0.92 per diluted share) for the first quarter of the prior fiscal year. The Company benefited $0.06 per diluted share from a lower tax rate in the quarter due to the adoption of a new accounting standard that requires companies to reflect the tax benefit from stock-based compensation transactions in their tax rate and earnings per share.

Gross profit for the first quarter of the current fiscal year was 23.0% of net sales compared with 21.7% in the same quarter of the prior year. Gross profit in the current quarter was favorably impacted by higher sales volume, lower labor benefit costs and improved operating efficiency.

Selling, general and administrative costs for the first quarter of the fiscal year 2017 were 10.6% of net sales compared with 11.4% in the same quarter of the prior year. The decrease in the Company’s operating expense ratio was driven by favorable leverage from increased sales, lower display costs and on-going expense control.

The Company generated net cash from operating activities of $32.9 million during the first quarter of fiscal year 2017 compared with $17.7 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. Net cash used by investing activities was $40.6 million during the first quarter of the current fiscal year compared with $15.3 million during the same period of the prior year due to a $35.0 million investment in certificates of deposit which was partially offset by decreased investment in property, plant and equipment. Net cash used by financing activities of $4.3 million increased $5.4 million during the first quarter of the current fiscal year compared to the same period in the prior year as the company repurchased 72,400 shares of common stock at a cost of $5.1 million, a $3.3 million increase from the prior year, and proceeds from the exercise of stock options decreased $1.5 million.

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AMWD Announces First Quarter Results

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August 23, 2016

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.

AMERICAN WOODMARK CORPORATION
Unaudited Financial Highlights
(in thousands, except share data)
Operating Results
		Three Months Ended
		July 31
		2016			2015
Net Sales		$	258,150		$	231,198
Cost of Sales & Distribution		198,833			181,025
	Gross Profit	59,317			50,173
Sales & Marketing Expense		16,463			15,719
G&A Expense		10,932			10,731
	Operating Income	31,922			23,723
Interest & Other (Income) Expense		(38		)	2
Income Tax Expense		10,299			8,563
	Net Income	$	21,661		$	15,158
Earnings Per Share:
Weighted Average Shares Outstanding - Diluted		16,380,983			16,421,230
Income Per Diluted Share		$	1.32		$	0.92

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AMWD Announces First Quarter Results

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August 23, 2016

Condensed Consolidated Balance Sheet
(Unaudited)
		July 31		April 30
		2016		2016
Cash & Cash Equivalents		$	162,563	$	174,463
Investments - certificates of deposit		56,750		25,750
Customer Receivables		57,580		55,813
Inventories		39,954		39,319
Other Current Assets		5,726		6,864
	Total Current Assets	322,573		302,209
Property, Plant & Equipment		100,354		99,332
Investments - certificates of deposit		22,250		18,250
Other Assets		45,417		46,902
	Total Assets	$	490,594	$	466,693
Current Portion - Long-Term Debt		$	1,597	$	1,574
Accounts Payable & Accrued Expenses		95,182		90,739
	Total Current Liabilities	96,779		92,313
Long-Term Debt		23,121		22,478
Other Liabilities		68,998		71,141
	Total Liabilities	188,898		185,932
Stockholders' Equity		301,696		280,761
	Total Liabilities & Stockholders' Equity	$	490,594	$	466,693

Condensed Consolidated Statements of Cash Flows
(Unaudited)
	Three Months Ended
	July 31
	2016			2015
Net Cash Provided by Operating Activities	$	32,947		$	17,655
Net Cash Used by Investing Activities	(40,571		)	(15,295		)
Net Cash (Used) Provided by Financing Activities	(4,276		)	1,119
Net (Decrease) Increase in Cash and Cash Equivalents	(11,900		)	3,479
Cash and Cash Equivalents, Beginning of Period	174,463			149,541
Cash and Cash Equivalents, End of Period	$	162,563		$	153,020

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