The following discussion should be read in conjunction with our unaudited
condensed consolidated financial statements and the related notes, both of which
are included in Part I, Item 1 of this report. The Company's critical accounting
policies are included in the Company's Annual Report on Form 10-K for the fiscal
year ended April 30, 2019.

 Forward-Looking Statements

This report contains statements concerning the Company's expectations, plans,
objectives, future financial performance, and other statements that are not
historical facts. These statements may be "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of 1995. In most
cases, the reader can identify forward-looking statements by words such as
"anticipate," "estimate," "forecast," "expect," "believe," "should," "could,"
"would," "plan," "may," "intend," "estimate," "prospect," "goal," "will,"
"predict," "potential" or other similar words. Forward-looking statements
contained in this report, including elsewhere in "Management's Discussion and
Analysis of Financial Condition and Results of Operations," are based on current
expectations and our actual results may differ materially from those projected
in any forward-looking statements. In addition, the Company participates in an
industry that is subject to rapidly changing conditions and there are numerous
factors that could cause the Company to experience a decline in sales and/or
earnings or deterioration in financial condition. Factors that could cause
actual results to differ materially from those in forward-looking statements
made in this report include but are not limited to:

• the loss of or a reduction in business from one or more of our key customers;

• negative developments in the U.S. housing market or general economy and the

impact of such developments on our and our customers' business, operations

and access to financing;

• competition from other manufacturers and the impact of such competition on


     pricing and promotional levels;


•    an inability to develop new products or respond to changing consumer
     preferences and purchasing practices;



                                       19

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• a failure to effectively manage manufacturing operations, alignment and

capacity or an inability to maintain the quality of our products;

• the impairment of goodwill, other intangible assets or our long-lived assets;

• an inability to obtain raw materials in a timely manner or fluctuations in

raw material and energy costs;

• information systems interruptions or intrusions or the unauthorized release

of confidential information concerning customers, employees or other third

parties;

• the cost of compliance with, or liabilities related to, environmental or


     other governmental regulations or changes in governmental or industry
     regulatory standards, especially with respect to health and safety and the
     environment;

• a failure to attract and retain certain members of management or other key

employees or other negative labor developments, including increases in the

cost of labor;

• risks associated with the implementation of our growth strategy;

• risks related to sourcing and selling products internationally and doing


     business globally, including the imposition of or increases in tariffs or
     duties on those products;

• unexpected costs resulting from a failure to maintain acceptable quality

standards;

• changes in tax laws or the interpretations of existing tax laws;

• the occurrence of significant natural disasters, including earthquakes,

fires, floods, and hurricanes or tropical storms;

• the unavailability of adequate capital for our business to grow and compete;

• increased buying power of large customers and the impact on our ability to

maintain or raise prices;

• the risk that the anticipated economic benefits, costs savings and other

synergies in connection with our acquisition of RSI are not fully realized

or take longer to realize than expected; and

• limitations on operating our business as a result of covenant restrictions

under our indebtedness, and our ability to pay amounts due under the Credit

Facilities, the Senior Notes and our other indebtedness.





Additional information concerning factors that could cause actual results to
differ materially from those in forward-looking statements is contained in this
report, including elsewhere in "Management's Discussion and Analysis of
Financial Condition and Results of Operations" and in Item 1A, "Risk Factors,"
and also in the Company's most recent Annual Report on Form 10-K for the fiscal
year ended April 30, 2019, filed with the SEC, including under Item 1A, "Risk
Factors," Item 7, "Management's Discussion and Analysis of Financial Condition
and Results of Operations," and Item 7A, "Quantitative and Qualitative
Disclosures about Market Risk." While the Company believes that these risks are
manageable and will not adversely impact the long-term performance of the
Company, these risks could, under certain circumstances, have a material adverse
impact on its operating results and financial condition.

Any forward-looking statement that the Company makes speaks only as of the date
of this report. The Company undertakes no obligation to publicly update or
revise any forward-looking statements or cautionary factors as a result of new
information, future events or otherwise, except as required by law.

Overview

American Woodmark Corporation manufactures and distributes kitchen, bath and
home organization products for the remodeling and new home construction
markets. Its products are sold on a national basis directly to home centers and
builders and through a network of independent dealers and distributors. On
January 31, 2020, the Company operated eighteen manufacturing facilities in the
United States and Mexico and eight primary service centers located throughout
the United States.

The three-month period ended January 31, 2020 was the Company's third quarter of its fiscal year that ends on April 30, 2020 ("fiscal 2020").

The Company's remodeling-based business was impacted by the following trends during the third quarter of the Company's fiscal 2020:

• The median price per existing home sold rose during the fourth calendar

quarter of 2019 compared to the same period one year ago by 6.5% according

to data provided by the National Association of Realtors, and existing


       home sales increased 5.8% during the fourth calendar quarter of 2019
       compared to the same period in the prior year;

• The unemployment rate improved to 3.6% as of January 2020 compared to 4.0%


       as of January 2019 according to data provided by the U.S. Department of
       Labor;

• Mortgage interest rates decreased with a thirty-year fixed mortgage rate

of approximately 3.62% in January 2020, a decrease of approximately 84

basis points compared to the same period in the prior year, according to

Freddie Mac; and

• Consumer sentiment as tracked by Thomson Reuters/University of Michigan


       increased from 91.2 in January 2019 to 99.8 in January 2020.




                                       20

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The Company believes there is no single indicator that directly correlates with
cabinet remodeling market activity. For this reason, the Company considers other
factors in addition to those discussed above as indicators of overall market
activity including credit availability, housing affordability and sales reported
by the Kitchen Cabinet Manufacturers Association ("KCMA"), a trade organization
that issues the aggregate sales that have been reported by its members including
the largest cabinet manufacturers in the United States. Based on the totality of
factors listed above, the Company believes that the cabinet remodeling market
decreased in the low-single digits during the third quarter of fiscal 2020.

The Company's remodeling sales, which consist of our independent dealer and
distributor channel sales and home center retail sales, increased 1.6% during
the third quarter and decreased 2.3% during the first nine months of fiscal 2020
compared to the same prior-year periods. Our independent dealer and distributor
channel decreased by 3.3% during the third quarter and 5.4% during the first
nine months of fiscal 2020 when compared to the comparable prior-year periods.
Our home center channel increased by 3.0% during the third quarter and decreased
1.4% during the first nine months of fiscal 2020 when compared to the comparable
prior-year periods.

New construction sales increased 5.3% in the third quarter and 6.3% in the first
nine months of fiscal 2020, when compared to the same periods of fiscal 2019.
The Company believes that fluctuations in single-family housing starts are the
best indicator of new construction cabinet activity.  Assuming a sixty to ninety
day lag between housing starts and the installation of cabinetry, single-family
housing starts increased 8.1% during the third quarter of the Company's fiscal
2020 over the comparable prior year period.  The Company believes it over
indexed the market on a unit basis within made-to-order framed builder direct,
which was offset by price, mix and declines in our frameless business.

The Company's total net sales increased 3.0% during the third quarter and 1.1% during the first nine months of fiscal 2020 compared to the same prior-year periods, which was driven primarily by growth in the builder channel.



The Company earned net income of $12.8 million for the third quarter of fiscal
2020, compared with $18.4 million in the third quarter of its prior fiscal year,
and earned net income of $61.8 million for the first nine months of fiscal 2020,
compared with $61.7 million in the same period of the prior year.

Results of Operations
                                     Three Months Ended                               Nine Months Ended
                                        January 31,                                      January 31,
(in thousands)             2020          2019        Percent Change        2020            2019         Percent Change

Net sales               $ 395,755     $ 384,080            3.0  %      $ 1,251,136     $ 1,237,920            1.1  %
Gross profit               72,348        76,853           (5.9 )           253,917         259,351           (2.1 )
Selling and marketing
expenses                   21,401        22,215           (3.7 )            62,539          68,139           (8.2 )
General and
administrative
expenses                   26,914        27,462           (2.0 )            86,246          86,010            0.3



Net Sales. Net sales were $395.8 million for the third quarter of fiscal 2020,
an increase of 3.0% compared with the third quarter of fiscal 2019.  For the
first nine months of fiscal 2020, net sales were $1,251.1 million, reflecting a
1.1% increase compared to the same period of fiscal 2019. The Company
experienced growth in the builder channel and stock home center business, which
was offset by declines in the made-to-order home center and independent dealers
and distributors channels during the third quarter and first nine months of
fiscal year 2020.

Gross Profit.  Gross profit margin for the third quarter of fiscal 2020 was
18.3%, compared with 20.0% for the same period of fiscal 2019.  Gross profit
margin was 20.3% for the first nine months of fiscal 2020, compared with 21.0%
in the first nine months of fiscal 2019.  Gross margin in the third quarter of
the current fiscal year was favorably impacted by higher sales volumes. These
favorable impacts were more than offset by operating inefficiencies, increased
tariffs, costs related to our particleboard supply disruption (see discussion
below) and duplicate rent and move costs related to our California facility move
of $1.6 million for the three-month period ended January 31, 2020. Gross margin
in the first nine months of the current fiscal year was favorably impacted by
higher sales volumes and improved operating efficiencies. These favorable
impacts were offset by increased tariffs, costs related to our particleboard
supply disruption (see discussion below) and duplicate rent and move costs
related to our California facility move of $2.4 million for the nine-month
period ended January 31, 2020.


                                       21
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Selling and Marketing Expenses.  Selling and marketing expenses were 5.4% of net
sales in the third quarter of fiscal 2020, compared with 5.8% of net sales for
same period in fiscal 2019. For the first nine months of fiscal 2020, selling
and marketing expenses were 5.0% of net sales, compared with 5.5% of net sales
for the same period of fiscal 2019.  Selling and marketing expenses as a
percentage of net sales decreased during the third quarter and first nine months
of fiscal 2020 as a result of lower spending and leverage from higher sales.

General and Administrative Expenses. General and administrative expenses were
6.8% of net sales in the third quarter of fiscal 2020, compared with 7.2% of net
sales in the third quarter of fiscal 2019 and 6.9% of net sales in the first
nine of fiscal 2020 compared with 6.9% of net sales in the same period of fiscal
2019. The decrease in general and administrative expenses as a percentage of net
sales during the third quarter was driven by lower spending and leverage from
higher sales.

Effective Income Tax Rates.  The Company's effective income tax rate for the
three- and nine-month periods ended January 31, 2020 and 2019 was 25.9% and
26.0%, respectively, compared with 23.7% and 24.9% in the comparable periods in
the prior fiscal year. The increase in the effective tax rate for the third
quarter as compared to the comparable period in the prior fiscal year was
primarily due to benefits from credits finalized with the filing of the fiscal
2018 tax return in the prior year. The overall increase in the effective tax
rate for the first nine months of fiscal 2020, as compared to the comparable
period in the prior year, was primarily due to a decrease in the benefit from
stock-based compensation transactions and benefits from credits finalized with
the filing of the fiscal 2018 tax return during fiscal 2019.

Non-GAAP Financial Measures. We have reported our financial results in accordance with generally accepted accounting principles (GAAP). In addition, we have discussed our financial results using the non-GAAP measures described below.

A reconciliation of these non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with GAAP is set forth below.



Management believes that these non-GAAP financial measures provide an additional
means of analyzing the current period's results against the corresponding prior
period's results. However, these non-GAAP financial measures should be viewed in
addition to, and not as a substitute for, the Company's reported results
prepared in accordance with GAAP. Our non-GAAP financial measures are not meant
to be considered in isolation or as a substitute for comparable GAAP measures
and should be read only in conjunction with our consolidated financial
statements prepared in accordance with GAAP.

Adjusted EPS per diluted share



We use Adjusted EPS per diluted share in evaluating the performance of our
business and profitability. Management believes that this measure provides
useful information to investors by offering additional ways of viewing the
Company's results by providing an indication of performance and profitability
excluding the impact of unusual and/or non-cash items. We define Adjusted EPS
per diluted share as diluted earnings per share excluding the per share impact
of (1) expenses related to the RSI acquisition and subsequent restructuring
charges, (2) the amortization of customer relationship intangibles and
trademarks, (3) net gain on debt forgiveness and modification and (4) the tax
benefit of RSI acquisition expenses and subsequent restructuring charges, the
net gain on debt forgiveness and modification and the amortization of customer
relationship intangibles and trademarks. The amortization of intangible assets
is driven by the RSI acquisition and will recur in future periods. Management
has determined that excluding amortization of intangible assets from our
definition of Adjusted EPS per diluted share will better help it evaluate the
performance of our business and profitability and we have also received similar
feedback from some of our investors regarding the same.

Adjusted EBITDA and Adjusted EBITDA margin



We use Adjusted EBITDA and Adjusted EBITDA margin in evaluating the performance
of our business, and we use each in the preparation of our annual operating
budgets and as indicators of business performance and profitability. We believe
Adjusted EBITDA and Adjusted EBITDA margin allow us to readily view operating
trends, perform analytical comparisons and identify strategies to improve
operating performance.

We define Adjusted EBITDA as net income adjusted to exclude (1) income tax
expense, (2) interest (income) expense, net, (3) depreciation and amortization
expense, (4) amortization of customer relationship intangibles and trademarks,
(5) expenses related to the RSI acquisition and subsequent restructuring
charges, (6) stock-based compensation expense, (7) gain/loss on asset disposals,
(8) unrealized gain/loss on foreign exchange forward contracts and (9) net gain
on debt forgiveness and modification. We believe Adjusted EBITDA, when presented
in conjunction with comparable GAAP measures, is useful for investors because
management uses Adjusted EBITDA in evaluating the performance of our business.


                                       22
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We define Adjusted EBITDA margin as Adjusted EBITDA as a percentage of net sales.


           Reconciliation of Adjusted Non-GAAP Financial Measures to the GAAP Equivalents
                                              Three Months Ended             Nine months ended
                                                  January 31,                   January 31,
(in thousands)                                2020          2019           2020            2019

Net income (GAAP)                          $  12,804     $  18,409     $    61,848     $    61,664
Add back:
   Income tax expense                          4,470         5,717          21,742          20,410
   Interest expense, net                       6,924         8,836          22,448          27,204
   Depreciation and amortization expense      12,585        11,308          36,612          33,534
Amortization of customer relationship
intangibles and
trademarks                                    12,250        12,250          36,750          36,750
EBITDA (Non-GAAP)                          $  49,033     $  56,520     $   179,400     $   179,562
Add back:
   Acquisition related expenses (1)               60           593          

(29 ) 4,002


 Change in foreign exchange forward
contracts (2)                                   (148 )        (490 )        

(244 ) (291 )


   Net gain on debt forgiveness and
modification (3)                                   -        (5,171 )        

- (5,171 )


   Stock-based compensation expense            1,047           668           3,122           2,290
   Loss on asset disposal                        133            76             350             661
Adjusted EBITDA (Non-GAAP)                 $  50,125     $  52,196     $   182,599     $   181,053

Net Sales                                  $ 395,755     $ 384,080     $ 1,251,136     $ 1,237,920
Adjusted EBITDA margin (Non-GAAP)               12.7 %        13.6 %        

14.6 % 14.6 %




(1) Acquisition related expenses are comprised of expenses related to the RSI
acquisition and the subsequent restructuring charges that the Company incurred.
(2) In the normal course of business the Company is subject to risk from adverse
fluctuations in foreign exchange rates. The Company manages these risks through
the use of foreign exchange forward contracts. The changes in the fair value of
the forward contracts are recorded in other (income) expense in the operating
results.
(3) The Company had loans and interest forgiven relating to four separate
economic development loans totaling $5.5 million and the Company incurred $0.3
million in loan modification expense related to an amendment to the credit
agreement during the third quarter of fiscal 2019.

A reconciliation of Adjusted EBITDA and Adjusted EBITDA margin as projected for
fiscal 2020 is not provided because we do not forecast net income as we cannot,
without unreasonable effort, estimate or predict with certainty various
components of net income.

Adjusted EBITDA. Adjusted EBITDA for the third quarter of fiscal 2020 was $50.1
million or 12.7% of net sales compared to $52.2 million or 13.6% of net sales
for the same quarter of the prior fiscal year. Adjusted EBITDA for the first
nine months of the fiscal year was $182.6 million or 14.6% of net sales compared
to $181.1 million or 14.6% of net sales for the same period of the prior fiscal
year. The decrease in Adjusted EBITDA for the third quarter of fiscal 2020 is
primarily due to tariffs, operating inefficiencies, costs related to our
particleboard supply disruption and duplicate rent and move costs related to our
California facility move which were partially offset by sales growth.

                                       23
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                            Reconciliation of Net Income to Adjusted Net Income
                                                Three Months Ended                 Nine months ended
                                                   January 31,                        January 31,
(in thousands, except share data)             2020              2019             2020             2019

Net income (GAAP)                        $      12,804     $     18,409     $     61,848     $     61,664
Add back:
Acquisition related expenses                        60              593              (29 )          4,002
Amortization of customer relationship
intangibles and
trademarks                                      12,250           12,250           36,750           36,750
   Net gain on debt forgiveness and
modification                                         -           (5,171 )              -           (5,171 )
Tax benefit of add backs                        (3,127 )         (1,972 )         (9,327 )         (9,061 )
Adjusted net income (Non-GAAP)           $      21,987     $     24,109

$ 89,242 $ 88,184



Weighted average diluted shares             16,974,956       17,216,327       16,947,449       17,466,936
Adjusted EPS per diluted share
(Non-GAAP)                               $        1.30     $       1.40     $       5.27     $       5.05



Outlook.  The Company tracks several metrics, including but not limited to
housing starts, existing home sales, mortgage interest rates, new jobs growth,
GDP growth and consumer confidence, which it believes are leading indicators of
overall demand for kitchen and bath cabinetry. The Company believes that housing
starts will remain positive, driven by low unemployment rates, low mortgage
rates and growth in new household formation. However, the Company expects that
while the cabinet remodeling market will show modest improvement during the
remainder of fiscal 2020, it will continue to be below historical averages.

The Company expects that industry-wide cabinet remodeling sales will continue to
be challenged. Growth is expected at a low single digit rate during the
Company's fiscal 2020. The Company's home center market share is expected to
remain at normalized levels for fiscal 2020, however this is heavily dependent
upon competitive promotional activity. The Company expects to maintain or
slightly grow its market share with independent dealers and regain market share
within its distributor channel, however we believe the overall market will
continue to soften with relatively flat growth.

Based on available information, it is expected that new residential construction
starts will grow approximately low single digits during fiscal 2020. The
Company's new residential construction direct business is expected to increase
at a faster rate than the market rate for single family housing starts due to
continued market share gains.

In total, the Company expects that it will grow sales at a low single digit rate
for fiscal 2020.  This growth rate is very dependent upon overall industry and
economic growth. The Company's margins were negatively impacted in the
nine-month period ended January 31, 2020 by $2.4 million for the move of one of
our California facilities and $3.0 million due to net particle board supply
disruption costs. Due to ongoing tariff costs and particle board
pricing/transportation costs the Company expects adjusted EBITDA margins for
fiscal 2020 to decrease slightly compared with prior year results.

Particleboard Supply



Due to a catastrophic fire at a key Southeast supplier plant in May 2019 and the
supplier's subsequent decision to shutter operations at two additional plants,
the Company is currently experiencing higher costs in the supply of
particleboard, a key input component to the build of our cabinetry.  The Company
has qualified suitable capacity from additional suppliers.

The Company has recognized costs in excess of insurance reimbursements related
to our particleboard supply disruption of $0.5 million and $3.0 million for the
three- and nine-month periods ended January 31, 2020. Management currently
expects that these events will continue to have a negative impact on at least
our fourth quarter of fiscal 2020.  Our results could continue to be negatively
impacted by higher pricing and incremental transportation costs of $1.5 to $1.9
million per quarter until fully resolved.

The Company maintains property insurance, including business
interruption/dependent property coverage with a limit of $5 million. The company
realized a $5 million reimbursement during the nine-month period ended January
31, 2020, on the $5 million limit, which is included in gross profit on the
Company's condensed consolidated statement of income.


                                       24
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Liquidity and Capital Resources



The Company's cash and cash equivalents and investments in certificates of
deposit totaled $47.1 million at January 31, 2020, representing a $12.1 million
decrease from its April 30, 2019 levels. At January 31, 2020, total long-term
debt (including current maturities) was $602.9 million, a decrease of $88.6
million from its balance at April 30, 2019. The Company's ratio of long-term
debt to total capital was 46.6% at January 31, 2020, compared with 52.6% at
April 30, 2019.

The Company's main source of liquidity is its cash and cash equivalents on hand
and cash generated from its operating activities. The Company can also borrow up
to $100 million under the Revolving Facility. Approximately $94.5 million was
available under this facility as of January 31, 2020.

As of January 31, 2020, $125.0 million was outstanding on each of the Initial
Term Loan and the Delayed Draw Term Loan for a total of $250.0 million. Amounts
outstanding under the Credit Facilities bear interest based on a fluctuating
rate measured by reference to either, at the Company's option, a base rate plus
an applicable margin ranging between 0.00% and 1.00% or LIBOR plus an applicable
margin ranging between 1.00% and 2.00%, with the applicable margin being
determined by reference to the Company's then-current "Total Funded Debt to
EBITDA Ratio." The Company also incurs a quarterly commitment fee on the average
daily unused portion of the Revolving Facility during the applicable quarter at
a rate per annum also determined by reference to the Company's then-current
"Total Funded Debt to EBITDA Ratio." As of January 31, 2020, the applicable
margin with respect to base rate loans and LIBOR loans was 0.50% and 1.50%,
respectively, and the commitment fee was 0.18%.

The Company is required to repay the aggregate outstanding amounts under the
Initial Term Loan and the Delayed Draw Term Loan in certain specified quarterly
installments that began on April 30, 2018. The Credit Facilities mature on
December 29, 2022.

As of January 31, 2020, the Company's previously issued $350 million in
aggregate principal amount of Senior Notes remained outstanding. Interest on the
Senior Notes accrues at an annual rate of 4.875% and is payable semi-annually in
arrears on March 15 and September 15 of each year. The Senior Notes mature on
March 15, 2026.

The Credit Agreement and the indenture governing the Senior Notes restrict the
ability of the Company and certain of the Company's subsidiaries to, among other
things, incur additional indebtedness, create additional liens, make certain
investments, dispose of assets or engage in a merger or consolidation, engage in
certain transactions with affiliates, and make certain restricted payments,
including the payment of dividends or the repurchase or redemption of stock,
subject, in each case, to the various exceptions and conditions described in the
Credit Agreement and the indenture governing the Senior Notes.

See Note L--Loans Payable and Long-Term Debt for additional information about
the Credit Facilities and Senior Notes and a discussion of our compliance with
the covenants in the Credit Agreement and the indenture.

Cash provided by operating activities in the first nine months of fiscal 2020
was $112.2 million, compared with $138.0 million in the comparable period of
fiscal 2019. The decrease in the Company's cash from operating activities was
driven primarily by a decrease in cash inflows from income taxes and accrued
compensation and related expenses.

The Company's investing activities primarily consist of purchases and maturities
of certificates of deposit, investment in property, plant and equipment and
promotional displays. Net cash used for investing activities was $30.2 million
in the first nine months of fiscal 2020, compared with $31.3 million in the
comparable period of fiscal 2019. The decrease in cash used was due to a
decrease in cash received from maturities of certificates of deposit, offset by
the prior year payment of the working capital adjustment related to the
acquisition of RSI.

During the first nine months of fiscal 2020, net cash used by financing
activities was $92.6 million, compared with $143.1 million in the comparable
period of the prior fiscal year. The decrease in cash used was primarily driven
by the Company's payments of long-term debt of $91.8 million, a decrease of $8.8
million, and no stock repurchases in the current year, a decrease of $41.0
million.

On August 22, 2019, the Company's Board of Directors (the "Board") authorized a
stock repurchase program of up to $50 million of the Company's common shares.
Repurchases may be made from time to time in the open market, or through
privately negotiated transactions or otherwise, in compliance with applicable
laws, rules and regulations, at prices and on terms the Company deems
appropriate and subject to the Company's cash requirements for other purposes,
compliance with the covenants under the Credit Agreement and the indenture
governing the Senior Notes, and other factors management deems relevant. The
authorization does not obligate the Company to acquire a specific number of
shares during any period, and the authorization may be modified, suspended or
discontinued at any time at the discretion of the Board. Management expects to
fund any share repurchases using

                                       25
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available cash and cash generated from operations. Repurchased shares will become authorized but unissued common shares. The Company did not repurchase any of its shares during the fiscal quarter ended January 31, 2020.

Cash flow from operations combined with accumulated cash and cash equivalents on hand are expected to be more than sufficient to support forecasted working capital requirements, service existing debt obligations and fund capital expenditures for the remainder of fiscal 2020.

Seasonal and Inflationary Factors



Our business has been subject to seasonal influences, with higher sales
typically realized in our first and fourth fiscal quarters. General economic
forces and changes in our customer mix have reduced seasonal fluctuations in
revenue over the past few years. The costs of the Company's products are subject
to inflationary pressures and commodity price fluctuations. The Company has
generally been able over time to recover the effects of inflation and commodity
price fluctuations through sales price increases.

Critical Accounting Policies



The Company bases its estimates on historical experience and on various other
assumptions that are believed to be reasonable under the circumstances, the
results of which form the basis for making judgments about the carrying values
of assets and liabilities that are not readily apparent from other
sources. Actual results may differ from these estimates under different
assumptions or conditions. There have been no significant changes to the
Company's critical accounting policies as disclosed in the Company's Annual
Report on Form 10-K for the fiscal year ended April 30, 2019.

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