American Woodmark Corporation announced results for its first fiscal quarter ended July 31, 2015. Net sales increased 9% to $231.2 million compared with the same quarter of the prior fiscal year.
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The company experienced growth in both the dealer and new construction channels during the first quarter of fiscal year 2016.
Net income was $15.2 million ($0.92 per diluted share) for the first quarter of the current fiscal year compared with $9.2 million ($0.59 per diluted share) for the first quarter of the prior fiscal year.
Gross profit for the first quarter of the current fiscal year was 21.7% of net sales compared with 17.5% in the same quarter of the prior year. Gross profit in the current quarter was favorably impacted by higher sales volume and improved operating efficiency.
Selling, general and administrative costs for the first quarter of the fiscal year 2016 were 11.4% of net sales compared with 11.3% in the same quarter of the prior year.
The increase in the company's operating expense ratio was driven by increased performance based compensation costs.
The company generated net cash from operating activities of $15 million during the first quarter of fiscal year 2016 compared with $9.3 million during the same period in the prior year.
The improvement in the company's cash from operating activities was driven primarily by higher operating profitability. Net cash used by investing activities was $15.3 million during the first quarter of the current fiscal year compared with $3.3 million during the same period of the prior year due primarily to increased investment in property, plant and equipment.
Net cash provided by financing activities was $3.8 million during the first quarter of the current fiscal year compared with a $3.6 million use of cash during the same period of the prior year.
The company repurchased 30,555 shares of common stock at a cost of $1.8 million, a $2.3 million reduction from the prior year, and realized increased proceeds from the exercise of stock options of $3 million. ■
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