EAGAN, MINN. -- Norcraft Companies, L.P. (Norcraft) today reported financial results for the second quarter ended June 30, 2011.
FINANCIAL RESULTS
Second Quarter of Fiscal 2011 Compared with Second Quarter of Fiscal 2010
Net sales increased $0.9 million, or 1.3%, from $74.1 million for the second quarter of 2010 to $75.0 million for the same quarter of 2011. Income from operations decreased $1.6 million, or 16.4%, from $9.3 million for the second quarter of 2010 to $7.7 million for the same quarter of 2011. Net income decreased $2.3 million, from $3.9 million for the second quarter of 2010 to $1.6 million for the same quarter of 2011.
Adjusted EBITDA (a non-GAAP measure and defined in the attached table) was $11.1 million for the second quarter of 2011 compared to $11.9 million for the same quarter of 2010.
"The soft industry demand caused by difficult economic conditions has persisted in the first half of 2011, and we anticipate the second half of 2011 to also be challenging. While we are optimistic about the longer-term recovery and growth in the new home construction and home improvement markets, the timing and strength of such recovery remain extremely difficult to predict with certainty. As a result, we will continue our aggressive efforts to competitively introduce new products and sales programs while containing costs," commented President and CEO, Mark Buller.
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GENERAL
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.
Second Quarter of Fiscal 2011 Compared with Second Quarter of Fiscal 2010
Net sales increased $0.9 million, or 1.3%, from $74.1 million for the second quarter of 2010 to $75.0 million for the same quarter of 2011. Income from operations decreased $1.6 million, or 16.4%, from $9.3 million for the second quarter of 2010 to $7.7 million for the same quarter of 2011. Net income decreased $2.3 million, from $3.9 million for the second quarter of 2010 to $1.6 million for the same quarter of 2011.
Adjusted EBITDA (a non-GAAP measure and defined in the attached table) was $11.1 million for the second quarter of 2011 compared to $11.9 million for the same quarter of 2010.
"The soft industry demand caused by difficult economic conditions has persisted in the first half of 2011, and we anticipate the second half of 2011 to also be challenging. While we are optimistic about the longer-term recovery and growth in the new home construction and home improvement markets, the timing and strength of such recovery remain extremely difficult to predict with certainty. As a result, we will continue our aggressive efforts to competitively introduce new products and sales programs while containing costs," commented President and CEO, Mark Buller.
.
GENERAL
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.
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