EAGAN, MN -- Cabinetry manufacturer Norcraft Companies says net sales increased 6.4 percent to $262.6 million for fiscal 2010; net income from operations increased 19.9 percent to $24.7 million. But business slowed in the fourth quarter, when sales fell 1.3 percent and net income dropped 5.7 percent against the year prior period.
"The expiration of the first-time home-buyer's tax credit and other factors led to disappointing incoming orders during the last half of the year," says CEO Mark Buller. "We expect these challenging conditions to persist into 2011." Norcraft's holding company has used proceeds from new debt issues to retire earlier debt.
Norcraft Companies manufactures, assembles and finishes kitchen and bathroom cabinetry, including stock, semi-custom and custom cabinets. Our cabinets are manufactured in both framed and full access construction. We market our products through six brands: Mid Continent Cabinetry, Norcraft Cabinetry, UltraCraft, StarMark, Fieldstone and Brookwood.
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