NTK Holdings/Nortek reports Q1 2009 results amid housing market downturn

NTK Holdings, the parent company of Nortek, reported first-quarter 2009 financial results with net sales of $439 million and operating earnings of $14.6 million. The company highlighted significant challenges from the housing market meltdown, reduced renovation spending, and ongoing cost-reduction initiatives. The filing also disclosed substantial liquidity concerns and the potential need for a debt restructuring, which could result in a change of control of Nortek.

“NTK Holdings continues to manage its business well considering the meltdown in the new housing market, the financial crisis impact on refinancings and foreclosures on existing homes and the reduced level of renovation and remodeling spending.”

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