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):			February 27, 2017
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 February 27, 2017, the Registrant issued a press release announcing results for its third quarter of fiscal year 2017 ended January 31, 2017. 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 February 27, 2017.

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: February 27, 2017	Date: February 27, 2017
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 THIRD QUARTER RESULTS

WINCHESTER, Virginia (February 27, 2017) -- American Woodmark Corporation (NASDAQ: AMWD) today announced results for its third fiscal quarter ended January 31, 2017.

Net sales for the third fiscal quarter increased 14% to $249.3 million compared with the same quarter of the prior fiscal year. Net sales for the first nine months of the current fiscal year increased 9% to $771.5 million from the comparable period of the prior fiscal year. The Company experienced growth in both the new construction and remodel channels during the third quarter of fiscal year 2017.

Net income was $14.6 million ($0.89 per diluted share) for the third quarter of the current fiscal year compared with $12.0 million ($0.73 per diluted share) in the same quarter of the prior fiscal year. Net income for the first nine months of the current fiscal year was $53.9 million ($3.28 per diluted share) compared with $45.4 million ($2.76 per diluted share) for the same period of the prior fiscal year.

Gross profit for the third quarter of the current fiscal year was 20.7% of net sales compared with 20.4% in the same quarter of the prior fiscal year. Gross profit for the first nine months of the current fiscal year was 21.7% of net sales compared with 21.4% 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 first nine months of the current fiscal year was favorably impacted by higher sales volume, lower labor benefit costs and improved operating efficiency.

Selling, general and administrative costs for the third quarter of the fiscal year 2017 were 12.0% of net sales compared with 11.8% in the same quarter of the prior fiscal year. Selling, general and administrative costs for the first nine months of the current fiscal year were 11.1% of net sales compared with 11.3% for the same period in the prior year. The Company’s expense ratio was negatively impacted in the current quarter due to increased spending on product launches and non-recurring lease exit costs. The improvement in the Company’s operating expense ratio in the first nine months of the current fiscal year was driven by favorable leverage from increased sales, lower commissions and on-going expense control.

The Company generated net cash from operating activities of $51.7 million during the first nine months of fiscal year 2017 compared with $53.6 million during the same period in the prior year. The decrease in the Company’s cash from operating activities was driven primarily by higher discretionary contributions to the Company’s pension plans, which was partially offset by higher operating profitability. Net cash used by investing activities was $51.7 million during the first nine months of the current fiscal year compared with $33.7 million during the same period of the prior year due to an increased net investment of $29.3 million in certificates of deposit, which was partially offset by decreased investment in property, plant and equipment. Net cash used by financing activities of $11.2 million increased $6.4 million during the first nine months of the current fiscal year compared to the same period in the prior year as the company repurchased 178,118 shares of common stock at a cost of $13.4 million, a $1.4 million increase from the prior year, and proceeds from the exercise of stock options decreased $5.4 million.

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AMWD Announces Third Quarter Results

Page 2

February 27, 2017

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					Nine Months Ended
		January 31					January 31
		2017			2016		2017			2016
Net Sales		$	249,285		$	218,632	$	771,511		$	706,122
Cost of Sales & Distribution		197,689			174,034		604,446			555,299
	Gross Profit	51,596			44,598		167,065			150,823
Sales & Marketing Expense		18,519			16,674		52,128			49,176
G&A Expense		11,476			9,183		33,083			30,647
	Operating Income	21,601			18,741		81,854			71,000
Interest & Other (Income) Expense		(172		)	58		(309		)	63
Income Tax Expense		7,220			6,670		28,312			25,586
	Net Income	$	14,553		$	12,013	$	53,851		$	45,351
Earnings Per Share:
Weighted Average Shares Outstanding - Diluted		16,381,223			16,457,308		16,400,842			16,450,394
Income Per Diluted Share		$	0.89		$	0.73	$	3.28		$	2.76

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AMWD Announces Third Quarter Results

Page 3

February 27, 2017

Condensed Consolidated Balance Sheet
(Unaudited)
		January 31		April 30
		2017		2016
Cash & Cash Equivalents		$	163,216	$	174,463
Investments - certificates of deposit		56,750		25,750
Customer Receivables		59,488		55,813
Inventories		41,268		39,319
Other Current Assets		7,015		6,864
	Total Current Assets	327,737		302,209
Property, Plant & Equipment		103,123		99,332
Investments - certificates of deposit		21,500		18,250
Other Assets		37,999		46,569
	Total Assets	$	490,359	$	466,360
Current Portion - Long-Term Debt		$	1,577	$	1,574
Accounts Payable & Accrued Expenses		94,559		90,739
	Total Current Liabilities	96,136		92,313
Long-Term Debt		24,463		22,145
Other Liabilities		41,716		71,141
	Total Liabilities	162,315		185,599
Stockholders' Equity		328,044		280,761
	Total Liabilities & Stockholders' Equity	$	490,359	$	466,360

Condensed Consolidated Statements of Cash Flows
(Unaudited)
	Nine Months Ended
	January 31
	2017			2016
Net Cash Provided by Operating Activities	$	51,664		$	53,561
Net Cash Used by Investing Activities	(51,734		)	(33,679		)
Net Cash Used by Financing Activities	(11,177		)	(4,744		)
Net (Decrease) Increase in Cash and Cash Equivalents	(11,247		)	15,138
Cash and Cash Equivalents, Beginning of Period	174,463			149,541
Cash and Cash Equivalents, End of Period	$	163,216		$	164,679

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