Winchester, VA — American Woodmark Corp., the publicly traded cabinet manufacturer based here, posted a decline in both net sales and net income for the first quarter of the company’s 2008 fiscal year, ended on July 31, 2007.
Net sales declined 25% from the first quarter of the prior fiscal year, to $166.1 million, as both remodeling sales and new construction sales fell, the company reported.
Net income for the three-month period was $5.1 million, compared with $13.4 million for the same quarter in the prior fiscal year.
Gross profit for the first quarter of fiscal 2008 was 20.7% of sales, as compared with 22.0% in the previous year, the manufacturer added.
American Woodmark officials said they expect that the prevailing credit conditions among lenders will cause the remodeling and new construction markets “to remain subdued until these conditions are resolved.”