EAGAN, MN — Kitchen and bath cabinetry manufacturer Norcraft Companies L.P. (Norcraft) and Norcraft Holdings L.P. (Holdings) reported a first quarter net sales increase of $2.4 million, or 3.8%, to $64.2 million compared to the first quarter of 2010. Income from operations decreased $0.3 million, or 6.6%, from $4.5 million for the first quarter of 2010 to $4.2 million for the same quarter of 2011.
"As expected, the difficult economic and industry conditions we experienced in the last half of 2010 have continued into 2011. While we have seen some relative stability in the demand for our products in recent weeks, we anticipate the second quarter of 2011 to be challenging as we will be comparing against sales growth in excess of 20 percent for the year ago quarter caused largely by the expiration of the first-time home-buyer's tax credit. As a result, we will persist in efforts to maintain costs while continuing to introduce new products and sales programs," President and CEO Mark Buller said in a statement.
Norcraft markets its cabinetry through the following brands: Mid Continent Cabinetry, Norcraft Cabinetry, UltraCraft, StarMark Cabinetry, Fieldstone Cabinetry and Brookwood.
Posted by Karen Koenig
Have something to say? Share your thoughts with us in the comments below.