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):			May 30, 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))
Indicate by check mark whether the Registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company [ ]
If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]

American Woodmark Corporation

ITEM 2.02    RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On May 30, 2017, the Registrant issued a press release announcing results for its fourth quarter of fiscal year 2017 ended April 30, 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 May 30, 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: May 30, 2017	Date: May 30, 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

AMWD Announces Fourth Quarter Results

Page 1

May 30, 2017

Exhibit 99.1

P. O. Box 1980

Winchester, VA 22604-8090

Contact: Kevin Dunnigan Assistant Treasurer 540-665-9100

AMERICAN WOODMARK CORPORATION

ANNOUNCES FOURTH QUARTER RESULTS

WINCHESTER, Virginia (May 30, 2017) -- American Woodmark Corporation (NASDAQ: AMWD) today announced results for its fourth fiscal quarter ended April 30, 2017.

Net sales for the fourth fiscal quarter increased 7% to $258.7 million compared with the same quarter of the prior fiscal year. Net sales for the full fiscal year increased 9% to $1,030.2 million from the comparable period of the prior fiscal year. The Company experienced growth in all channels during the fourth quarter of fiscal year 2017.

Net income was $17.3 million ($1.06 per diluted share) for the fourth quarter of the current fiscal year compared with $13.4 million ($0.81 per diluted share) for the fourth quarter of the prior fiscal year. Exclusive of after-tax non-operating charges related to corporate business development expenses in fiscal 2017 and idle land disposal in fiscal 2016, the Company generated $18.6 million ($1.13 per diluted share) of net income for the fourth quarter of the current fiscal year compared with $14.2 million ($0.86 per diluted share) for the same period of the prior fiscal year.

Net income for the entire fiscal year 2017 was $71.2 million ($4.34 per diluted share) compared with $58.7 million ($3.57 per diluted share) for the same period of the prior fiscal year. Exclusive of after-tax non-operating charges related to corporate business development expenses in fiscal 2017 and idle land disposal in fiscal 2016, the Company generated $72.9 million ($4.45 per diluted share) of net income for the entire current fiscal year compared with $59.5 million ($3.62 per diluted share) for the same period of the prior fiscal year.

Gross profit for the fourth quarter of the current fiscal year was 22.3% of net sales compared with 20.3% in the same quarter of the prior year. Gross profit for the entire current fiscal year was 21.8% of net sales compared with 21.1% for the same period in the prior year. Gross profit in the current quarter and 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 fourth quarter of fiscal year 2017 were 12.1% of net sales compared with 11.1% in the same quarter of the prior year. Selling, general and administrative costs for the entire current fiscal year were 11.3% of net sales compared with 11.2% for the same period in the prior year. The Company’s expense ratio was negatively impacted in the current quarter and fiscal year by corporate business development expenses related to a potential M&A target that we ultimately decided not to pursue.

The Company generated net cash from operating activities of $77.1 million during the current fiscal year compared with $74.6 million during the same period in the prior year. The increase in the Company’s cash from operating activities was driven primarily by higher operating profitability and accrued expenses which was partially offset by higher discretionary contributions to the Company’s pension plans. Net cash used by investing activities was $53.7 million during the current fiscal year compared with $40.8 million during the same period of the prior year due to an increased net investment of $28.3 million in

- MORE -

AMWD Announces Fourth Quarter Results

Page 2

May 30, 2017

certificates of deposit, which was partially offset by decreased investment in property, plant and equipment. Net cash used by financing activities of $20.8 million increased $11.9 million during the current fiscal year compared to the same period in the prior year as the company reduced long-term debt by $7.2 million and realized a $5.7 million decrease in proceeds from the exercise of stock options. This impact was partially offset by a $3.2 million decrease in repurchases of common stock.

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					Twelve Months Ended
		April 30					April 30
		2017			2016		2017			2016
Net Sales		$	258,737		$	240,923	$	1,030,248		$	947,045
Cost of Sales & Distribution		201,166			192,052		805,612			747,351
	Gross Profit	57,571			48,871		224,636			199,694
Sales & Marketing Expense		18,851			17,313		70,979			66,489
G&A Expense		12,336			9,398		45,419			40,045
	Operating Income	26,384			22,160		108,238			93,160
Interest & Other (Income) Expense		(378		)	1,311		(687		)	1,374
Income Tax Expense		9,414			7,477		37,726			33,063
	Net Income	$	17,348		$	13,372	$	71,199		$	58,723
Earnings Per Share:
Weighted Average Shares Outstanding - Diluted		16,389,578			16,415,321		16,398,240			16,441,571
Income Per Diluted Share		$	1.06		$	0.81	$	4.34		$	3.57

- MORE -

AMWD Announces Fourth Quarter Results

Page 3

May 30, 2017

Condensed Consolidated Balance Sheet
(Unaudited)
		April 30		April 30
		2017		2016
Cash & Cash Equivalents		$	176,978	$	174,463
Investments - certificates of deposit		51,750		25,750
Customer Receivables		63,115		55,813
Inventories		42,859		39,319
Other Current Assets		4,526		6,864
	Total Current Assets	339,228		302,209
Property, Plant & Equipment		107,933		99,332
Investments - certificates of deposit		20,500		18,250
Other Assets		33,612		46,569
	Total Assets	$	501,273	$	466,360
Current Portion - Long-Term Debt		$	1,598	$	1,574
Accounts Payable & Accrued Expenses		99,899		90,739
	Total Current Liabilities	101,497		92,313
Long-Term Debt		15,279		22,145
Other Liabilities		32,048		71,141
	Total Liabilities	148,824		185,599
Stockholders' Equity		352,449		280,761
	Total Liabilities & Stockholders' Equity	$	501,273	$	466,360

Condensed Consolidated Statements of Cash Flows
(Unaudited)
	Twelve Months Ended
	April 30
	2017			2016
Net Cash Provided by Operating Activities	$	77,080		$	74,604
Net Cash Used by Investing Activities	(53,744		)	(40,773		)
Net Cash Used by Financing Activities	(20,821		)	(8,909		)
Net Increase in Cash and Cash Equivalents	2,515			24,922
Cash and Cash Equivalents, Beginning of Period	174,463			149,541
Cash and Cash Equivalents, End of Period	$	176,978		$	174,463

- END -