8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):			November 22, 2016
American Woodmark Corporation
(Exact name of registrant as specified in its charter)
Virginia	000-14798		54-1138147
(State or other jurisdiction	(Commission		(IRS Employer
of incorporation)	File Number)		Identification No.)
3102 Shawnee Drive, Winchester, Virginia		22601
(Address of principal executive offices)		(Zip Code)
Registrant’s telephone number, including area code:			(540) 665-9100
Not applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

American Woodmark Corporation

ITEM 2.02    RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On November 22, 2016, the Registrant issued a press release announcing results for its second quarter of fiscal year 2017 ended October 31, 2016. The press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.

ITEM 9.01    FINANCIAL STATEMENTS AND EXHIBITS

(d)    Exhibits

Exhibit 99.1    Registrant’s Press Release dated November 22, 2016.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

AMERICAN WOODMARK CORPORATION

(Registrant)

/s/ M. SCOTT CULBRETH	/s/ S. CARY DUNSTON
M. Scott Culbreth	S. Cary Dunston
Senior Vice President and Chief Financial Officer	President & Chief Executive Officer
Date: November 22, 2016	Date: November 22, 2016
Signing on behalf of the registrant and as principal financial officer	Signing on behalf of the registrant and as principal executive officer

EX-99.1

Exhibit 99.1

P. O. Box 1980

Winchester, VA 22604-8090

Contact: Kevin Dunnigan Assistant Treasurer 540-665-9100

AMERICAN WOODMARK CORPORATION

ANNOUNCES SECOND QUARTER RESULTS

WINCHESTER, Virginia (November 22, 2016) -- American Woodmark Corporation (NASDAQ: AMWD) today announced results for its second fiscal quarter ended October 31, 2016.

Net sales for the second fiscal quarter increased 3% to $264.1 million compared with the same quarter of the prior fiscal year. Net sales for the first six months of the current fiscal year increased 7% to $522.2 million from the comparable period of the prior fiscal year. The Company experienced growth in both the new construction and dealer channels during the second quarter of fiscal year 2017.

Net income was $17.6 million ($1.07 per diluted share) for the second quarter of the current fiscal year compared with $18.2 million ($1.10 per diluted share) in the same quarter of the prior fiscal year. The Company was negatively impacted $0.03 per diluted share from a higher tax rate in the quarter due to a reduction in the domestic production deduction benefit. Net income for the first six months of the current fiscal year was $39.3 million ($2.39 per diluted share) compared with $33.3 million ($2.03 per diluted share) for the same period of the prior fiscal year.

Gross profit for the second quarter of the current fiscal year was 21.3% of net sales compared with 21.9% in the same quarter of the prior fiscal year. Gross profit for the first six months of the current fiscal year was 22.1% of net sales compared with 21.8% for the same period in the prior year. Gross profit in the current quarter was impacted by higher labor benefit costs and depreciation costs. Gross profit for the first six months of the current fiscal year was favorably impacted by higher sales volume, lower labor benefit costs and improved operating efficiency.

Selling, general and administrative costs for the second quarter of the fiscal year 2017 were 10.5% of net sales compared with 10.7% in the same quarter of the prior fiscal year. Selling, general and administrative costs for the first six months of the current fiscal year were 10.6% of net sales compared with 11.1% for the same period in the prior year. The improvement in the Company’s operating expense ratio in the current quarter and the first six months of the current fiscal year was driven by favorable leverage from increased sales, lower commissions and on-going expense control.

The Company generated net cash from operating activities of $40.1 million during the first half of fiscal year 2017 compared with $42.0 million during the same period in the prior year. The decrease in the Company’s cash from operating activities was driven primarily by lower increases in accounts payables and accrued expenses which was partially offset by lower increases in customer receivables and higher operating profitability. Net cash used by investing activities was $50.4 million during the first half of the current fiscal year compared with $25.8 million during the same period of the prior year due to an increased investment of $36.5 million in certificates of deposit which was partially offset by decreased investment in property, plant and equipment. Net cash used by financing activities of $8.5 million increased $7.8 million during the first half of the current fiscal year compared to the same period in the prior year as the company repurchased 139,800 shares of common stock at a cost of $10.4 million, a $3.4 million increase from the prior year, and proceeds from the exercise of stock options decreased $3.7 million.

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AMWD Announces Second Quarter Results

Page 2

November 22, 2016

American Woodmark Corporation manufactures and distributes kitchen cabinets and vanities for the remodeling and new home construction markets. Its products are sold on a national basis directly to home centers, major builders and through a network of independent distributors. The Company presently operates nine manufacturing facilities and seven service centers across the country.

Safe harbor statement under the Private Securities Litigation Reform Act of 1995: All forward-looking statements made by the Company involve material risks and uncertainties and are subject to change based on factors that may be beyond the Company's control. Accordingly, the Company's future performance and financial results may differ materially from those expressed or implied in any such forward-looking statements. Such factors include, but are not limited to, those described in the Company's filings with the Securities and Exchange Commission and the Annual Report to Shareholders. The Company does not undertake to publicly update or revise its forward looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized.

AMERICAN WOODMARK CORPORATION
Unaudited Financial Highlights
(in thousands, except share data)
Operating Results
		Three Months Ended					Six Months Ended
		October 31					October 31
		2016			2015		2016			2015
Net Sales		$	264,076		$	256,292	$	522,226		$	487,490
Cost of Sales & Distribution		207,924			200,240		406,757			381,265
	Gross Profit	56,152			56,052		115,469			106,225
Sales & Marketing Expense		17,146			16,783		33,609			32,502
G&A Expense		10,675			10,733		21,607			21,464
	Operating Income	28,331			28,536		60,253			52,259
Interest & Other (Income) Expense		(99		)	3		(137		)	5
Income Tax Expense		10,793			10,353		21,092			18,916
	Net Income	$	17,637		$	18,180	$	39,298		$	33,338
Earnings Per Share:
Weighted Average Shares Outstanding - Diluted		16,440,321			16,472,645		16,410,652			16,446,937
Income Per Diluted Share		$	1.07		$	1.10	$	2.39		$	2.03

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AMWD Announces Second Quarter Results

Page 3

November 22, 2016

Condensed Consolidated Balance Sheet
(Unaudited)
		October 31		April 30
		2016		2016
Cash & Cash Equivalents		$	155,644	$	174,463
Investments - certificates of deposit		59,500		25,750
Customer Receivables		68,334		55,813
Inventories		40,744		39,319
Other Current Assets		8,669		6,864
	Total Current Assets	332,891		302,209
Property, Plant & Equipment		103,222		99,332
Investments - certificates of deposit		22,500		18,250
Other Assets		35,897		46,569
	Total Assets	$	494,510	$	466,360
Current Portion - Long-Term Debt		$	1,594	$	1,574
Accounts Payable & Accrued Expenses		94,672		90,739
	Total Current Liabilities	96,266		92,313
Long-Term Debt		23,902		22,145
Other Liabilities		59,073		71,141
	Total Liabilities	179,241		185,599
Stockholders' Equity		315,269		280,761
	Total Liabilities & Stockholders' Equity	$	494,510	$	466,360

Condensed Consolidated Statements of Cash Flows
(Unaudited)
	Six Months Ended
	October 31
	2016			2015
Net Cash Provided by Operating Activities	$	40,146		$	41,988
Net Cash Used by Investing Activities	(50,417		)	(25,795		)
Net Cash Used by Financing Activities	(8,548		)	(762		)
Net (Decrease) Increase in Cash and Cash Equivalents	(18,819		)	15,431
Cash and Cash Equivalents, Beginning of Period	174,463			149,541
Cash and Cash Equivalents, End of Period	$	155,644		$	164,972

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