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Posted February 21, 2009 | Copyright © The Northern Virginia Daily
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Winchester cabinet maker turns a profit
WINCHESTER -- Cabinet maker American Woodmark Corp. swung into the black in the company's third quarter, posting a small profit on a bump in remodeling sales and continued costs savings.
The manufacturer announced Thursday net income of $23,000, or 0 cents a share, for the quarter ended Jan. 31, compared with a net loss of $2 million, or 14 cents a share, for the same three months of the prior fiscal year.
Sales were mostly flat at $131.1 million as remodeling customers responded to promotional incentives, the company said. However, new-construction sales continued to show weakness, it said.
For the first nine months of its fiscal year, American Woodmark reported a loss of $301,000, or 2 cents a share, on a 12 percent decline in sales, compared to earnings of $4.2 million, or 29 cents a share, for the prior fiscal year.
-- Daily Staff Report
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