Press release

American Woodmark Corporation announces $50 million stock repurchase program and corporate headquarters change in Winchester, Virginia

December 01, 2016

WINCHESTER, Va., Dec. 1, 2016 /PRNewswire/ -- American Woodmark Corporation (NASDAQ: AMWD) today announced that on November 30, 2016 the Board of Directors authorized an additional stock repurchase program of up to $50 million of the Company's outstanding common shares.  This authorization is in addition to the $15 million remaining from the November 2014 authorization and $1.5 million remaining from the November 2015 authorization.  Management expects to fund share repurchases using available cash and cash generated from operations.

The Company also announced that it will be building a new corporate headquarters in Winchester, Virginia.  The new space will consolidate employees that currently occupy four buildings in Winchester, Virginia and Frederick County, Virginia, in early 2018.  The new building will be self-funded for approximately $30 million.

American Woodmark worked closely with The Virginia Economic Development Partnership and with Frederick County to secure the project for Virginia.  Governor McAuliffe approved a $550,000 grant from the Commonwealth's Opportunity Fund to assist the County with the project.  "Ensuring companies like American Woodmark Corporation, that are central to the economic strength of a region, have the resources and support to thrive is a top priority for my administration," said Governor McAuliffe.  A Local Economic Development Grant was also approved by Frederick County for $350,000.

Cary Dunston, President and CEO commented, "At American Woodmark, we truly believe we differentiate ourselves in all we do based on our people and the incredible culture we have built.  As part of our 2019 Vision, we have challenged ourselves to take our culture to the next level.  As such, I am extremely excited that we will be creating a central corporate office, consolidating four facilities within the Winchester area.  By bringing our employees together at one location, we will further strengthen our interpersonal connections, drive efficiency in our day-to-day interactions and greatly enhance our ability to move our culture towards our vision."

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.

To view the original version on PR Newswire, visit: http://www.prnewswire.com/news-releases/american-woodmark-corporation-announces-50-million-stock-repurchase-program-and-corporate-headquarters-change-in-winchester-virginia-300371728.html

SOURCE American Woodmark Corporation

Related press releases

  • American Woodmark announces leadership transition
    American Woodmark announces leadership transition Jul 14, 2020 CFO Scott Culbreth named CEO; former CEO Cary Dunston retires; Paul Joachimczyk named CFO; Vance Tang elected Chairman; SVP of Sales Perry Campbell separates Read article
  • American Woodmark Corporation announces conditional full redemption of 4.875% senior notes due 2026
    American Woodmark Corporation announces conditional full redemption of 4.875% senior notes due 2026 Mar 26, 2021 WINCHESTER, Va.--(BUSINESS WIRE)-- American Woodmark Corporation (NASDAQ: AMWD) (the “Company”) today announced that it will give a notice of conditional full redemption to redeem all $350 million aggregate principal amount outstanding of its 4.875% Senior Notes due 2026 (the “Notes”) pursuant to the terms of the indenture governing the Notes (the “Redemption”). Read article
  • American Woodmark Corporation announces third quarter conference call on the internet
    American Woodmark Corporation announces third quarter conference call on the internet Feb 11, 2022 American Woodmark Corporation (NASDAQ: AMWD) will provide an online, real-time webcast of its conference call to discuss third quarter results on Thursday, February 24, 2022. Read article
  • American Woodmark Corporation announces fourth quarter conference call on the internet
    American Woodmark Corporation announces fourth quarter conference call on the internet May 17, 2016 American Woodmark Corporation (NASDAQ: AMWD) will provide an online, real-time webcast of its conference call to discuss fourth quarter results on Thursday, June 2, 2016. Read article
  • American Woodmark Corporation announces second quarter conference call on the internet
    American Woodmark Corporation announces second quarter conference call on the internet Nov 08, 2016 American Woodmark Corporation (NASDAQ: AMWD) will provide an online, real-time webcast of its conference call to discuss second quarter results on Tuesday, November 22, 2016. Read article
  • American Woodmark Corporation announces third quarter conference call on the internet
    American Woodmark Corporation announces third quarter conference call on the internet Feb 11, 2016 American Woodmark Corporation (NASDAQ: AMWD) will provide an online, real-time webcast of its conference call to discuss third quarter results on Thursday, February 25, 2016. Read article
  • American Woodmark Corporation announces retirement of Mr. William Brandt from the Board of Directors
    American Woodmark Corporation announces retirement of Mr. William Brandt from the Board of Directors May 17, 2016 American Woodmark Corporation (NASDAQ: AMWD) announced today that Mr. William Brandt has declined to seek re-election to the Company's Board of Directors at the next annual shareholders meeting. Read article
  • American Woodmark Corporation announces conditional partial redemption of $115 million in principal amount of 6 1/2% senior secured second lien notes due 2023 of RSI Home Products, Inc.
    American Woodmark Corporation announces conditional partial redemption of $115 million in principal amount of 6 1/2% senior secured second lien notes due 2023 of RSI Home Products, Inc. Jan 25, 2018 American Woodmark Corporation (NASDAQ: AMWD) ("American Woodmark") today announced that its wholly-owned subsidiary, RSI Home Products, Inc. ("RSI"), has elected to conditionally redeem 20%, or $115 million in principal amount, of the $575 million outstanding principal amount of its 6½% Senior Secured Second Lien Notes due 2023 Read article
  • American Woodmark Corporation announces commencement of Tender Offer and Consent Solicitation by its subsidiary, RSI Home Products, Inc., for up to $460 million in aggregate principal amount of RSI's 6½% senior secured second lien notes due 2023
    American Woodmark Corporation announces commencement of Tender Offer and Consent Solicitation by its subsidiary, RSI Home Products, Inc., for up to $460 million in aggregate principal amount of RSI's 6½% senior secured second lien notes due 2023 Jan 29, 2018 American Woodmark Corporation Announces Commencement Of Tender Offer And Consent Solicitation By Its Subsidiary, RSI Home Products, Inc., For Up To $460 Million In Aggregate Principal Amount Of RSI's 6½% Senior Secured Second Lien Notes Due 2023 Read article