EAGAN, MN - Cabinetry sales rose for Norcraft Holdings, but earnings fell 14.6 percent third quarter. Incoming orders flattened,as the housing market cooled with the expiration of the first-time home buyers' federal incentives earlier this year.
Net sales increased of Norcraft cabinetry, including stock, semi-custom and custom cabinets rose 2 percent to $65.9 million in the third quarter 2010. Norcraft manufactures both framed and full access construction style cabinets under mulitple brands: Mid Continent Cabinetry, Norcraft Cabinetry, UltraCraft, StarMark, Fieldstone and Brookwood.
Net income, meanwhile, fell 14.6 percent to $7.1 million for third quarter 2010.
"While 2010 started out strong, the expiration of the first-time
home-buyer's tax credit and other factors lead to disappointing incoming
orders during the last half of the year," says Norcraft president and CEO Mark Buller. Expecting "these challenging
conditions to persist through 2010 and into 2011, our efforts to cut costs and introduce new products and sales programs continue," Buller says.
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