American Woodmark repays $40 million, aims to repay $120 million more

By Devika Patel

Knoxville, Tenn., May 29 – American Woodmark Corp. repaid $40 million of its term loan facility in the last quarter and expects to use its expected $120 million of free cash flow generation in the upcoming year to pay down more term loan debt.

“The company paid down $40 million of its term loan facility during the quarter,” senior vice president and chief financial officer M. Scott Culbreth said on the company’s fourth quarter and year ended April 30 earnings conference call on Tuesday.

“[Expected] free cash flow generation of approximately $120 million will be utilized to further pay down the company’s term loan facility,” he said.

Fourth quarter adjusted EBITDA was $65.3 million, compared to $34.5 million for the same quarter of the prior fiscal year.

Full year adjusted EBITDA was $175.8 million, compared to $133.7 million for the prior fiscal year.

Free cash flow totaled $36.9 million for the entire fiscal year, compared to $51.5 million in 2017.

Cash and cash equivalents were $78.41 million as of April 30, 2018, compared to $176,978,000 as of April 30, 2017.

Long-term debt was $809,897,000 as of April 30, 2018, compared to $15,279,000 as of April 30, 2017.

Pro forma net leverage was just under 2.9x adjusted EBITDA at the end of the fourth quarter.

American Woodmark is a Winchester, Va., manufacturer of bath, kitchen and home organization products for the remodeling and new home construction markets.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.