American Woodmark Corporation announced results for its fourth fiscal quarter ended April 30, 2019.
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Net sales for the fourth fiscal quarter increased 0.4% to $407 million compared with the same quarter of the prior fiscal year.
Net sales for the current fiscal year increased 32% to $1,645 million from the prior fiscal year.
American Woodmark Corporation experienced growth in the builder channel and independent dealers and distributors channel during the fourth quarter of fiscal year 2019.
The current fiscal year results include eight incremental months (May through December) of results from the Company's acquisition of RSI Home Products ("RSI"), which closed December 29, 2017.
Excluding the impact of the RSI acquisition, the Company experienced growth in all channels during fiscal year 2019 versus the comparable prior year period.
Net income was $22.0 million ($1.30 per diluted share) for the fourth quarter of the current fiscal year compared with $19.1 million ($1.08 per diluted share) in the same quarter of the prior fiscal year.
Net income for the current quarter was positively impacted by lower interest expense and taxes.
Net income for the current fiscal year was $83.7 million ($4.83 per diluted share) compared with $63.1 million ($3.77 per diluted share) for the prior fiscal year.
Adjusted EPS per diluted share was $1.87 for the fourth quarter of the current fiscal year compared with $1.64 in the same quarter of the prior fiscal year and $6.91 for the current fiscal year compared with $5.24 for the prior fiscal year.
Adjusted EBITDA for the fourth fiscal quarter was $63.8 million, or 15.7% of net sales, compared to $65.3 million, or 16.1% of net sales, for the same quarter of the prior fiscal year.
Adjusted EBITDA for the current fiscal year was $244.9 million, or 14.9% of net sales, compared to $175.8 million, or 14.1% of net sales, for the prior fiscal year.
The increase in the current fiscal year is primarily due to the inclusion of eight incremental months of results for RSI. ■
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