American Woodmark Corporation announced that on March 18, 2013, it entered into a third amendment to the revolving line of credit note and credit agreement with Wells Fargo Bank, National Association. The company also terminated certain security arrangements related to the credit facility, and, as a result, was able to eliminate its restricted cash balance of $7.1 million. Extends the maturity date for borrowings outstanding under the credit facility from May 29, 2014 to December 31, 2015. Provides that all indebtedness and other obligations of the company to Wells Fargo subject to the credit facility will continue to be secured by a security interest in substantially all of the company’s assets, but that all other security agreements under the credit facility, and the related security interests, have been terminated. Among other things, this change eliminates the requirement that restricted cash and securities be held as security for the company’s obligations to Wells Fargo. As a result, the company’s restricted cash was reduced by $7.1 million. Establishes a borrowing base under the Credit Facility, such that outstanding borrowings under the credit facility may not exceed the lesser of $35 million; and the sum of 75% of the company’s eligible accounts receivable (as defined in the amendment); 50% of the company’s eligible pre bill reserves (as defined in the amendment); and up to $20 million based on the appraised value of the company’s equipment.

American Woodmark Corp. announced unaudited consolidated earnings results for the third quarter and nine months ended January 31, 2013. For the quarter, the company reported net sales of $151,346,000 compared to $119,976,000 a year ago. Operating Income was $3,592,000 compared to operating loss of $15,703,000 a year ago. Net income was $2,057,000 compared to net loss of $9,114,000 for the same period a year ago. Income per diluted share was $0.14 compared to diluted loss per share of $0.63 a year ago. The company generated net income excluding restructuring charges of $2.1 million, or $0.14 per diluted share during the third quarter of fiscal year 2013, compared with a net loss of $2.8 million or $0.20 per diluted share in the third quarter of its prior fiscal year. The company generated operating cash flow of $4.4 million during the third quarter of fiscal 2013 compared with $5.5 million in the third quarter of its prior fiscal year. The decline was driven by the resumption of funding pension plan contributions and working capital investments made in receivables and inventories as business has grown. The company's investment in capital expenditures and promotional displays during the third quarter of fiscal 2013 was $3.1 million, roughly in line with the prior year's $2.9 million. For the nine months, the company reported net sales of $459,358,000 compared to $379,593,000 a year ago. Operating Income was $8,211,000 compared to operating loss of $24,188,000 a year ago. Net Income was $4,568,000 compared to net loss of $14,806,000 a year ago. Income per diluted share was $0.31 compared to diluted loss per share of $1.03 a year ago. Net Cash provided by operating activities was $2,636,000 compared to $13,422,000 a year ago. Negative free cash flow was $1,935,000 compared to positive free cash flow of $5,834,000 a year ago. The company generated net income excluding restructuring charges of $5.2 million or $0.35 per diluted share in the nine-month period ended January 31, 2013, compared with a net loss of $8.5 million or $0.59 per diluted share in the comparable period of the prior fiscal year. For the fiscal year's first 9 months, the company's gross investments and capital expenditures and promotional displays was $11.0 million, up over 40% from the prior year's $7.6 million. The year-to-date increase was driven by outlays for equipment to enhance production volumes and by increased promotional displays deployed with new customers.

American Woodmark Corp. announced that they will report Q3, 2013 results at 11:00 AM, US Eastern Standard Time on Feb 19, 2013