EAGAN, Minn. -- Norcraft Companies, L.P. (Norcraft) today reports financial results for the second quarter ended June 30, 2012.
Second Quarter of Fiscal 2012 Compared with Second Quarter of Fiscal 2011
Net sales increased $0.8 million, or 1.1%, from $75.0 million for the second quarter of 2011 to $75.8 million for the same quarter of 2012. Income from operations decreased $1.0 million, or 12.9%, from $7.7 million for the second quarter of 2011 to $6.7 million for the same quarter of 2012. Net income (loss) decreased $2.1 million from net income of $1.6 million for the second quarter of 2011 to a net loss of $0.5 million for the same quarter of 2012.
EBITDA (a non-GAAP measure defined in the attached table) was $10.1 million for the second quarter of 2012 compared to $11.1 million for the same quarter of 2011.
"The cabinet industry has continued to see soft demand and a highly competitive landscape. While we expect those trends to persist for the balance of 2012, we are optimistic about a longer-term recovery in the new home construction and home improvement markets. As such, we will continue introducing new products and programs to be able to compete in this difficult market," commented President and CEO, Mark Buller.
Norcraft Companies is a leader in manufacturing, assembling and finishing kitchen and bathroom cabinetry in the U.S. and parts of Canada. We provide our customers with a single source for a broad range of high-quality cabinetry, including stock, semi-custom and custom cabinets manufactured in both framed and frameless, or full access construction. We market our products through six main brands: Mid Continent Cabinetry, Norcraft Cabinetry, UltraCraft, StarMark Cabinetry, Fieldstone Cabinetry and Brookwood.
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