American Woodmark's Fiscal 4Q Results In Loss

WINCHESTER, Va. (AP) — Kitchen cabinet maker American Woodmark Corp. said Friday lower sales and higher relative compensation costs left it with a loss in its fiscal 2009 fourth quarter, but excluding one-time charges the company beat Wall Street expectations.

For the three months ended in April, the company lost $2.9 million, or 21 cents per share, compared with a profit a year earlier of $36 million, which broke even on a per-share basis.

However, excluding one-time charges for laying off salaried personnel and reducing production capacity, American Woodmark posted an adjusted profit of 22 cents per share.

Analysts polled by Thomson Reuters expected, on average, a per-share loss of 17 cents. Such estimates typically exclude one-time charges and gains.

"The increase in the company's operating expenses in relation to sales during the fourth quarter was driven by an increase in costs relating to the company's performance-based compensation program," American Woodmark said in a statement.

Sales for the three months slipped to $140.7 million from $143.3 million, still better than the $122.3 million analysts expected.

For the full 2009 fiscal year, American Woodmark lost $3.2 million, or 23 cents per share, on sales of $545.9 million compared with a profit in the 2008 fiscal year of $4.3 million, or 29 cents per share, on sales of $602.4 million.

American Woodmark shares rose $4.21, or 21 percent, to $23.80 in morning trading.