Company Overview of Norcraft Companies, L.P.
Norcraft Companies, L.P. manufactures, assembles, and finishes kitchen and bathroom cabinetry in the United States and Canada. It provides a range of cabinetry, including stock, semi-custom, and custom cabinets manufactured in framed and frameless, or full access, construction. The company markets its products under seven main brands, including Mid Continent Cabinetry, Norcraft Cabinetry, UltraCraft, StarMark Cabinetry, Fieldstone Cabinetry, Brookwood, and Urban Effects primarily through cabinetry dealers, home builders, and wholesale retailers to end users in the repair and remodeling and new home construction markets, contractors, builders, and home centers, as well as through national gal...
3020 Denmark Avenue
Eagan, MN 55121
Founded in 1966
Key Executives for Norcraft Companies, L.P.
Chief Executive Officer, President and Member of The Board of Managers of Norcraft Gp L L C
Chief Financial Officer and Principal Accounting Officer
President of Mid Continent
Compensation as of Fiscal Year 2014.
Norcraft Companies, L.P. Key Developments
Norcraft Companies, L.P. Enters into Senior First-Lien Secured Asset-Based Revolving Credit Facility
Nov 19 13
On November 14, 2013 (the Closing Date), Norcraft Companies, L.P. entered into a senior first-lien secured asset-based revolving credit facility with the lenders party thereto and Royal Bank of Canada, as administrative agent, collateral agent, issuing bank and swingline lender (the ABL Facility). The ABL Facility provides for aggregate commitments of up to $25.0 million (which may be increased by up to $10.0 million in certain circumstances), subject to a borrowing base. The ABL Facility includes a letter of credit sub-facility of up to $12.0 million until February 14, 2014 (and up to $10.0 million from and after February 14, 2014), and a swingline loan sub-facility for same-day borrowings of up to $5.0 million. The ABL Facility has a maturity date of November 14, 2018, except that if Norcraft Companies' 10.5% senior secured second lien notes due 2015 (the Existing Notes) are not refinanced, redeemed, defeased or otherwise discharged in full, the maturity date of the ABL Facility shall be the date that is 180 days prior to the maturity date of the Existing Notes. As of the Closing Date, there were no borrowings outstanding under the ABL Facility, approximately $5.6 million outstanding under a standby letter of credit (which remains undrawn) and borrowing availability was approximately $16.8 million. All borrowings under the ABL Facility are subject to the satisfaction of customary conditions, including absence of a default and accuracy of representations and warranties. Borrowings under the ABL Facility are limited by the availability under the borrowing base, which is the sum of: up to 90% of eligible accounts receivable, plus the lower of up to 70% of the cost of eligible inventory and up to 85% of the net recovery cost percentage of the cost of eligible inventory, plus 100% of qualified cash, less a reserve of $4 million and other customary reserves. Proceeds of the loans under the ABL Facility can be used for working capital and general corporate purposes. The ABL Facility provides Norcraft Companies with the right at any time to request up to $10 million of additional commitments under the facility. The existing lenders under the ABL Facility are under no obligation to provide any such additional commitments, and any increase in commitments is subject to customary conditions precedent. If Norcraft Companies were to request any such commitments, the facility size could be increased to up to $35 million, but Norcraft Companies' ability to borrow under the ABL Facility as increased would still be limited by the amount of the borrowing base. The interest rates per annum applicable to loans (other than swingline loans) under the ABL Facility are, at the option of Norcraft Companies, equal to either an alternate base rate or an adjusted LIBOR rate, in each case plus an applicable margin percentage. The alternate base rate is equal to the of: the corporate base rate of the administrative agent publicly announced as its prime rate as of such date; the federal funds effective rate plus 0.50% and the adjusted LIBOR rate for an interest period of one month beginning on such day plus 1.00%. The adjusted LIBOR rate is determined by reference to the corresponding deposits of U.S. dollars at the start of each interest period, adjusted for certain additional costs, and is fixed through each period. The initial applicable margin for borrowings under the ABL Facility is 1.00% per annum for alternate base rate loans and 2.00% per annum for adjusted LIBOR loans from the Closing Date through and including the last day of March 2014, each subject thereafter to a 0.25% increase or decrease, based on average historical excess availability during the preceding fiscal quarter. Swingline loans bear interest at the interest rate applicable to alternate base rate loans.
Norcraft Companies LP Announces Unaudited Consolidated Financial Results for the Third Quarter and Nine Months Ended September 30, 2013
Oct 21 13
Norcraft Companies LP announced unaudited consolidated financial results for the third quarter and nine months ended September 30, 2013. For the quarter, the company reported net sales of $91,570,000 against $73,863,000 for the same period a year ago. Income from operations was $7,018,000 against $4,654,000 for the same period a year ago. Net loss was $257,000 against net loss of $2,597,000 for the same period a year ago. Non-GAAP EBITDA was $10,201,000 against $7,955,000 for the same period a year ago. Non-GAAP adjusted EBITDA was $11,256,000 against $7,955,000 for the same period a year ago.
For the nine months, the company reported net sales of $259,202,000 against $217,550,000 for the same period a year ago. Income from operations was $21,987,000 against $16,142,000 for the same period a year ago. Net income was $223,000 against net loss of $5,631,000 for the same period a year ago. Net cash provided by operating activities was $21,119,000 against $10,280,000 for the same period a year ago. Purchase of property, plant and equipment was $2,894,000 against $2,387,000 for the same period a year ago. Non-GAAP EBITDA was $31,806,000 against $26,099,000 for the same period a year ago. Non-GAAP adjusted EBITDA was $32,861,000 against $26,099,000 for the same period a year ago.
Norcraft Companies LP Announces Unaudited Consolidated Financial Statements for the Second Quarter and Six Months Ended June 30, 2013
Aug 9 13
Norcraft Companies LP announced unaudited consolidated financial statements for the second quarter and six months ended June 30, 2013. For the quarter, the company reported net sales of $90,284,000 against $75,825,000 for the same period a year ago. Income from operations was $9,055,000 against $6,747,000 for the same period a year ago. Net income was $1,803,000 against net loss of $518,000 for the same period a year ago. Non-GAAP EBITDA was $12,325,000 against $10,113,000 for the same period a year ago.
For the six months, the company reported net sales of $167,632,000 against $143,687,000 for the same period a year ago. Income from operations was $14,969,000 against $11,488,000 for the same period a year ago. Net income was $480,000 against net loss of $3,034,000 for the same period a year ago. Net cash provided by operating activities was $6,292,000 against $2,107,000 for the same period a year ago. Purchase of property, plant and equipment was $2,168,000 against $1,438,000 for the same period a year ago. Non-GAAP EBITDA was $21,605,000 against $18,144,000 for the same period a year ago. For the first 6 months of the year, EBITDA was $21.6 million, up 19.1% from $18.1 million last year and as a percentage of net sales, 12.9% versus 12.6%.
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