TAMPA, Fla.--(BUSINESS WIRE)--
Masonite International Corporation (NYSE:DOOR) announced today that its
Board of Directors approved a new share repurchase program pursuant to
which the Company intends to repurchase up to $250 million of its
outstanding common shares. This is in addition to the existing share
repurchase authorization approved in February 2017, under which
approximately $61 million remained available for repurchases as of May
9, 2018.
Any repurchases under the new and existing program will be made in the
open market, in privately negotiated transactions or otherwise, subject
to market conditions, applicable legal requirements, and other relevant
factors. The share repurchase programs do not obligate the Company to
acquire any particular amount of common shares, and it may be suspended
or terminated at any time at the Company’s discretion. The timing of the
repurchases and the actual amount repurchased will be determined by the
Company based on its evaluation of a variety of factors, including the
market price of the Company’s common shares, general market and economic
conditions, and other factors. Repurchases under the share repurchase
program are permitted to be made under one or more Rule 10b5-1 plans,
which would permit shares to be repurchased when the Company might
otherwise be precluded from doing so under applicable insider trading
laws.
“Our Board of Directors and management believe that Masonite’s shares
are an attractive investment opportunity. We believe our strong balance
sheet and expected cash flows will enable us to continue to invest in
internal and external opportunities, strengthen our business and create
shareholder value,” said Fred Lynch, President and Chief Executive
Officer.
About Masonite
Masonite International Corporation is a leading global designer and
manufacturer of interior and exterior doors for the residential new
construction; the residential repair, renovation and remodeling; and the
non-residential building construction markets. Since 1925, Masonite has
provided its customers with innovative products and superior service at
compelling values. Additional information about Masonite can be found at www.masonite.com.
Forward-looking Statements
This press release contains forward-looking information and other
forward-looking statements within the meaning of applicable Canadian
and/or U.S. securities laws, including our discussion of our additional
share repurchase program and the effects of our strategic initiatives.
When used in this press release, such forward-looking statements may be
identified by the use of such words as “may,” “might,” “could,” “will,”
“would,” “should,” “expect,” “believes,” “outlook,” “predict,”
“forecast,” “objective,” “remain,” “anticipate,” “estimate,”
“potential,” “continue,” “plan,” “project,” “targeting,” or the negative
of these terms or other similar terminology. Forward-looking statements
involve significant known and unknown risks, uncertainties and other
factors that may cause the actual results, performance or achievements
of Masonite, or industry results, to be materially different from any
future plans, goals, targets, objectives, results, performance or
achievements expressed or implied by such forward-looking statements. As
a result, such forward-looking statements should not be read as
guarantees of future performance or results, should not be unduly relied
upon, and will not necessarily be accurate indications of whether or not
such results will be achieved. Factors that could cause actual results
to differ materially from the results discussed in the forward-looking
statements include, but are not limited to, our ability to successfully
implement our business strategy; general economic, market and business
conditions, including foreign exchange rate fluctuation and inflation;
levels of residential new construction; residential repair, renovation
and remodeling; and non-residential building construction activity; the
United Kingdom's formal trigger of the two year process for its exit
from the European Union and related negotiations; competition; our
ability to manage our operations including integrating our recent
acquisitions and companies or assets we acquire in the future; our
ability to generate sufficient cash flows to fund our capital
expenditure requirements, to meet our pension obligations, and to meet
our debt service obligations, including our obligations under our senior
notes and our ABL Facility; labor relations (i.e., disruptions, strikes
or work stoppages), labor costs and availability of labor; increases in
the costs of raw materials or wages or any shortage in supplies or
labor; our ability to keep pace with technological developments; cyber
security threats and attacks; the actions taken by, and the continued
success of, certain key customers; our ability to maintain relationships
with certain customers; the ability to generate the benefits of our
restructuring activities; retention of key management personnel;
environmental and other government regulations; and limitations on
operating our business as a result of covenant restrictions under our
existing and future indebtedness, including our senior notes and our ABL
Facility.
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Source: Masonite International Corporation