EAGAN, Minn., Nov. 11, 2011 -- Norcraft Companies, L.P. (Norcraft) today reported financial results for the third quarter ended September 30, 2011.
Net sales increased $1.8 million, or 2.7%, from $65.9 million for the third quarter of 2010 to $67.7 million for the same quarter of 2011. Income from operations decreased $0.5 million, or 0.7%, from $7.1 million for the third quarter of 2010 to $6.6 million for the same quarter of 2011. Net income decreased $2.4 million, from $1.7 million for the third quarter of 2010 to a loss of $0.7 million for the same quarter of 2011.
Adjusted EBITDA (a non-GAAP measure and defined in the attached table) was $9.9 million for the third quarter of 2011 compared to $10.8 million for the same quarter of 2010.
"Difficult economic conditions have persisted through 2011, and we expect them to continue into 2012. We remain confident that recovery and growth in the new home construction and home improvement markets will eventually present a tremendous opportunity. However, we must remain patient and continue our aggressive efforts to competitively introduce new products and sales programs while containing costs as the timing of any recovery remains uncertain," commented President and CEO, Mark Buller.
Norcraft Companies is a leader in manufacturing, assembling and finishing kitchen and bathroom cabinetry in the U.S. 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.
Have something to say? Share your thoughts with us in the comments below.