Norcraft Companies Investor Presentation - SNL
Norcraft Companies Investor Presentation
August 2014
Disclaimer
DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS:
The information contained in this presentation is for informational purposes only. Certain information contained in this presentation, particularly information regarding future economic performance, finances, and expectations and objectives of management constitutes forward-looking statements. Forwardlooking statements can be identified by the fact that they do not relate strictly to historical or current facts and generally contain words such as "believes," "expects," "may," "will," "should," "seeks," "approximately," "intends," "plans," "estimates" or "anticipates" or similar expressions. Our forwardlooking statements are subject to risks and uncertainties, which may cause actual results to differ materially from those projected or implied by the forward-looking statement.
Forward-looking statements are based on current expectations and assumptions and currently available data and are neither predictions nor guarantees of future events or performance. You should not place undue reliance on forward-looking statements, which speak only as of the date hereof. We do not undertake any responsibility to update or revise any forward-looking statements after they are made, whether as a result of new information, future events, or otherwise, except as required by applicable law. For a discussion of additional risks that you should consider before investing, you should review the "Risk Factors" section of the 10-K that we filed publicly with the Securities and Exchange Commission on March 31, 2014.
Financial Measures highlighted in this presentation may be non-GAAP financial measures such as Earnings Before Interest Expense, Income Tax, Depreciation and Amortization ("EBITDA"), Adjusted EBITDA and Free Cash Flow. Comparable GAAP financial measures and a reconciliation of GAAP financial measures to non-GAAP financial measures are available in the Appendix to this presentation.
2
Norcraft Overview
Leading kitchen / bathroom cabinetry manufacturer primarily focused on the dealer channel
? Leading cabinet maker in the North American dealer channel
? 5th largest overall
? Primarily focused on dealer channel (88% of net sales)
? National distribution capabilities and 6 manufacturing plants in North America
? Four divisions operate independently
? One integrated platform provides the ability to take advantage of the combined group's scale when appropriate
2013 Revenue by Channel
5% 7%
Dealers
Homebuilders
88%
Wholetailers
2013 Revenue by Division
7% 15%
28%
50%
Mid Continent StarMark UltraCraft Urban Effects
2013 End Market
37%
Home Repair & Remodeling
63%
New Residential
Construction
Source: Management
3
Experienced & Aligned Management Team
Name
Mark BMuallrekr Buller LeighLGeiingtehr Ginter KurKt WuratnWninagnenringer JohnJoShwnedSewenedeen SimSoinmSoonloSmoolnomon Phil BuPllheril Buller
Years with Norcraft
10 16 8 15 18 10
Years in Industry
25
Position
Chairman and Chief Executive Officer
22
Chief Financial Officer
15
President, Mid Continent
29
President, StarMark
35
President, UltraCraft
18
General Manager, Urban Effects
Highlights
? Highly experienced management team led by CEO Mark Buller, who has spent more than 25 years in the cabinet industry
? The Buller family has been a leader (investing and managing) in the cabinet industry for over 40 years ? Significant ownership position of the Company post-IPO
4
Culture and Track Record of Operational Excellence
Strategic initiatives have resulted in industry leading EBITDA margins and consistently taking market share during the downturn and the early stages of the recovery
Historical Sales Growth vs. Peers(1)
25.0% 15.0%
5.0% -5.0% -15.0% -25.0% -35.0%
-10.5% -11.5% 2007
-15.9% -20.2% 2008
-25.6% -26.4% 2009
6.4%
2.6% 5.7%
-12.5%
2010
2011
NCFT Peers
7.2% 5.6% 2012
17.6% 15.1%
13.1% 11.5%
2013
LTM 2Q 2014
Historical Adjusted EBITDA Margins vs. Peers(1) (2)
20.0% 15.0% 10.0%
5.0% 0.0%
18.2% 12.5%
15.4% 6.6%
14.6%
14.9%
13.7%
11.7%
2.5%
-0.9%
-0.9%
1.2%
12.5% 5.1%
13.0% 5.7%
-5.0%
2007
2008
2009
2010
2011
Source: Company filings.
(1)
Peers include cabinet segments or operations of publicly traded manufacturers
(2)
Please see Appendix for reconciliation of net income (loss) to Adjusted EBITDA
NCFT Peers
2012
2013
LTM 2Q 2014
5
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