Norcraft sees business momentum
Manufacturer of kitchen and bathroom cabinetry Norcraft Companies reported sales and earnings gains for its second quarter.
The Eagan, Minnesota-based company posted net sales of $97.6 million, up 8.1% from the previous quarter. It also saw net income increase from $9.1 million to $11.2 million.
“We are encouraged by our continued improvement on multiple fronts with growth in our net sales, net income and cash flow providing momentum into the back half of 2014,” stated Mark Buller, chairman and CEO. “Our ongoing shift in product mix towards higher end products remains on track for all our divisions as a result of our strategic growth initiatives. Our improved Adjusted EBITDA reflects our vigilant focus on costs, with our net income further benefiting from this focus and our dramatic reduction in interest expense. We are pleased with our progress during the quarter and excited to continue leveraging our well-positioned platform to further drive profits and cash flow.”
The company went public late last year.
ESL and Interlogix recall fire alarms
The Edwards (ESL) and Interlogix brands are recalling 33 models of their 400 and 500 series smoke alarms, citing a tendency to malfunction.
According to the Consumer Product Safety Commission, the alarms have been found to fail to alert consumers of a fire due to radio frequency interference.
There have yet to be any incidents or injuries reported, however.
The recall affects about 141,000 units in the U.S. and 13,000 in Canada of the 400 and 500 series Edwards (ESL) and Interlogix branded smoke detectors, which are identical. They are round, white and are about 6 inches across, with date codes 13084 through 14059.
The CPSC urged consumers to contact their security or fire system providers if they suspect they have may have an affected unit. Consumers can receive free replacement and free installation of new smoke detectors.
The Chinese-manufactured alarms were sold through contractors, dealers and installers for use in commercial buildings, hotels and motels, apartments, dormitories and homes between March 2013 and February 2014.
New director for 3M
3M has appointed Sondra Barbour to its board of directors.
Barbour currently is executive VP of Lockheed Martin’s Information Systems & Global Solutions business division and an officer of Lockheed Martin.
Prior to Barbour’s current position, she served as senior VP of the Enterprise Business Services organization and Lockheed’s chief information officer, heading all of the corporation’s internal information technology operations, including protecting the company’s infrastructure and information from cyber threats. Her experience also includes leadership in Shared Services and Internal Audit functions providing knowledge and oversight of supply chain activities, internal controls, and risk management.
“We are extremely pleased to welcome Ms. Barbour to our board,” said Inge Thulin, 3M chairman, president and CEO. “She is a talented and proven business leader with valuable insight and tremendous experience with leading large-scale information systems operations.”
Active in the global business community, Barbour has been a Director at Lockheed Martin Australia Pty Ltd, a subsidiary company focused on security and aerospace, since 2013. She was recognized by Fortune Magazine last year as one of the “50 Most Powerful Women in Business.”