American Woodmark pays $120 million of debt, intends to pay down more

By Devika Patel

Knoxville, Tenn., May 28 – American Woodmark Corp. paid down $120 million of its term loan facility last year, and top management intends to keep paying down debt.

“We’re going to continue to pay down the debt,” 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.

“We did a credit agreement modification earlier this calendar year.

“We did get some favorable terms with respect to the interest rates as well as some of the covenants around that and if we get below particular thresholds, it does open the door for us to perhaps look at repurchases again, so that’s something that may come up down the road, but for the time being, we’ll be focused on debt payment,” he said.

Long-term debt was $689,205,000 as of April 30, 2019, compared to $809,897,000 as of April 30, 2018.

Adjusted EBITDA for the fourth quarter was $63.8 million, compared to $65.3 million for the same quarter of the prior fiscal year.

Adjusted EBITDA for the year was $244.9 million, compared to $175.8 million for the prior year.

Free cash flow totaled $151.5 million for the year.

Cash and cash equivalents were $57,656,000 as of April 30, 2019, compared to $78.41 million as of April 30, 2018.

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

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