American Woodmark 4Q sales fall 23%.WINCHESTER Winchester, town, England Winchester (wĭn`chĭstər), town (1991 pop. 34,127) and district, county seat of Hampshire, S central England. , VA -- American Woodmark American Woodmark is a fully integrated, stock and semi-custom, just-in-time cabinet manufacturer, headquartered in Winchester, Virginia. The company operates 15 manufacturing facilities, in Arizona, Georgia, Indiana, Kentucky, Maryland, Minnesota, Oklahoma, Tennessee, Virginia, reported fourth-quarter sales of $166.1 million for its 2007 fiscal year ended April 30, a decrease of 23% compared to the same period in 2006. The company said its core products' sales dropped by 15% "as remodeling remodeling /re·mod·el·ing/ (re-mod´el-ing) reorganization or renovation of an old structure. bone remodeling sales were roughly fiat [Latin, Let it be done.] In old English practice, a short order or warrant of a judge or magistrate directing some act to be done; an authority issuing from some competent source for the doing of some legal act. and new construction sales accounted for the decline." For the fiscal year, the company's net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight declined by $77 million or 9%. Reduced sales of the transitioned low-margin products accounted for $55 million of the net sales reduction, while core sales declined by $22 million or 3% as the company's 9% increase in remodeling sales was more than offset by a double-digit decline in new construction sales. Looking ahead to fiscal year 2008, American Woodmark expects that the market for remodeling and new construction will modestly improve as the year progresses. The company expects its total sales will be down 7% to 11% as compared with fiscal 2007 results. |
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