TAMPA, Fla.--(BUSINESS WIRE)--
Masonite International Corporation ("Masonite") (NYSE: DOOR) today
announced results for the three and six months ended June 29, 2014.
Executive Summary
-
Net sales increased $37.1 million or 8.2% to $490.2 million in the
second quarter of 2014 compared with the second quarter of 2013
primarily due to increases of 5.5% in average unit price and 3.4% in
unit volumes, which were partially offset by a 0.6% foreign exchange
headwind.
-
Net income attributable to Masonite increased $6.8 million to $5.6
million, or $0.18 per diluted share, in the second quarter of 2014
from a loss of $1.2 million, or $0.04 per diluted share, in the second
quarter of 2013.
-
Adjusted EBITDA1 increased $10.6 million or 31.6% to $44.1
million in the second quarter of 2014 from the second quarter of 2013,
the highest Adjusted EBITDA in five years.
-
Cash flow from operations was $25.7 million during the six months
ending June 29, 2014 compared to $2.5 million last year due to
improved business results and operational issues encountered during
the implementation of a new accounts payable processing system which
have temporarily extended payments beyond our normal trade terms.
-
Cash and cash equivalents stood at $187.5 million as of June 29, 2014,
versus $100.9 million on December 29, 2013.
“Previously announced price increases, a slowly improving U.S. housing
market and tight operational cost control allowed us to deliver our
strongest quarterly results in five years,” said
Fred Lynch
, President
and CEO. “While we believe we have not yet obtained a fair return for
the high quality products and services we provide, the improvement in
Adjusted EBITDA margin we achieved during the second quarter suggests
the balanced set of strategies we have been pursuing is moving us in the
right direction.”
1 See "Non-GAAP Financial Measure and Related Information"
for definition and reconciliation to net income (loss) attributable to
Masonite.
Second Quarter 2014 Discussion
Net sales increased 8.2% to $490.2 million in the three months ended
June 29, 2014, from $453.1 million in the comparable period of 2013.
Excluding the unfavorable impact of foreign exchange, net sales would
have increased by 8.7% to $492.7 million. The increase was primarily due
to a $25.1 million improvement in average unit price and a $15.5 million
increase in unit volumes partially offset by $2.5 million of negative
foreign exchange impact.
Total company gross profit increased to $78.6 million in the three
months ended June 29, 2014, from $64.7 million in the three months ended
June 30, 2013. Gross profit margin increased 170 basis points to 16.0%
of net sales in the second quarter of 2014, from 14.3% of net sales in
the second quarter of 2013, primarily due to price increases at North
American residential customers.
In the three months ended June 29, 2014, selling, general and
administrative expenses increased $2.5 million to $58.5 million, from
$56.0 million in the three months ended June 30, 2013. The increase in
SG&A expenses was driven by $2.6 million of SG&A incurred in the
Company's Door-Stop operations during the second quarter of 2014. Also
contributing to the increase was an additional $0.9 million of bad debt
expense and $0.7 million of share based compensation expense in the
second quarter of 2014 compared to the same period in 2013. These
increases were partially offset by a reduction of $1.7 million in losses
on disposals of property, plant and equipment. Overall, selling, general
and administrative expenses as a percentage of net sales decreased 50
basis points in the second quarter of 2014 to 11.9%, from 12.4% in the
second quarter of 2013.
Net income (loss) attributable to Masonite increased $6.8 million to
$5.6 million, or $0.18 per diluted share, in the three months ended
June 29, 2014 from a loss of $1.2 million, or $0.04 per diluted share,
in the three months ended June 30, 2013.
Adjusted EBITDA increased 31.6% to $44.1 million for the three months
ended June 29, 2014, from $33.5 million in the comparable period of 2013.
On June 6, 2014, an explosion occurred in the power plant of our
Estcourt Mill in South Africa which reduced the site’s ability to
generate steam and heat the kilns which, in turn, required the
production lines to cease operating for several weeks. Currently, the
mill is running at approximately half of Masonite's desired
output. Additional capacity is scheduled to come online during August
2014 which management believes will restore production to about 75% of
pre-incident levels with the balance expected to be restored during the
fourth quarter of 2014. The 2014 Adjusted EBITDA impact, before any
potential insurance recovery, is estimated to be between $6 and $7
million with the vast majority of the impact expected to fall within the
third quarter of 2014. Importantly, the Estcourt Mill is insured against
property loss and business interruption.
Year to date 2014 Discussion
Net sales increased 4.0% to $912.6 million in the six months ended
June 29, 2014, from $877.6 million in the comparable period of 2013.
Excluding the unfavorable impact of foreign exchange, net sales would
have increased by 5.0% to $921.6 million. The increase was primarily due
to a $49.2 million improvement in average unit prices. This increase was
partially offset by $9.0 million of negative foreign exchange impact and
a $3.6 million decline in unit volumes.
Total company gross profit increased to $131.6 million in the six months
ended June 29, 2014, from $115.1 million in the six months ended
June 30, 2013. Gross profit margin increased 130 basis points to 14.4%
of net sales in the first half of 2014, from 13.1% of net sales in the
first half of 2013, primarily due to price increases at North American
residential customers.
In the six months ended June 29, 2014, selling, general and
administrative expenses increased $13.3 million to $116.3 million, from
$103.0 million in the six months ended June 30, 2013. The increase was
partially driven by a $4.5 million benefit in the first quarter of 2013
related to a business interruption insurance claim associated with the
company's Marshfield acquisition and $3.3 million of SG&A incurred in
connection with the company's the Door-Stop operations during the period
of the first six months of 2014 subsequent to acquisition. Also
contributing to the increase were additional personnel costs of $1.8
million, bad debt expense of $1.5 million and share based compensation
expense of $1.2 million. Overall selling, general and administrative
expenses as a percentage of net sales increased 100 basis points in the
first half of 2014 to 12.7%, from 11.7% in 2013. Excluding the business
interruption insurance benefit, selling, general and administrative
expenses would have increased by 50 basis points.
Net loss attributable to Masonite increased $4.0 million to a loss of
$11.0 million, or $0.37 per diluted share, in the six months ended
June 29, 2014 from a loss of $7.0 million, or $0.25 per diluted share,
in the six months ended June 30, 2013.
Adjusted EBITDA increased 7.0% to $63.8 million for the six months ended
June 29, 2014, from $59.6 million in the comparable period of 2013.
Masonite Earnings Conference Call
The Company will hold a live conference call and webcast on August 7,
2014. Access to the live audio webcast beginning at 10:00 a.m. ET can be
obtained on the Masonite website under Investors > Events &
Presentations. The webcast can be accessed at: Q2'14
Webcast. The earnings presentation relating to the call and webcast
will also be available on the Masonite website in the same location.
Telephone access to the live call will be available at 877-407-3980 (in
the U.S.) or by dialing 201-689-8475 (outside U.S.).
A telephone replay will be available approximately one hour following
completion of the call through August 21, 2014. To access the replay,
please dial 877-660-6853 (in the U.S.) or 201-612-7415 (outside U.S.).
Enter Conference ID #13586620.
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. Masonite currently serves more than 7,000 customers
in over 80 countries. 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 improvements in
the housing market and related markets and the effects of our pricing
and other strategies, and the expected impact of the explosion at our
Estcourt Mill in South Africa. 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, general economic, market and business conditions; levels of
residential new construction, residential repair, renovation and
remodeling and non-residential building construction activity;
competition; our ability to successfully implement our business
strategy; 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 and to meet our debt service obligations,
including our obligations under our senior notes and our senior secured
asset-backed credit facility; labor relations (i.e., disruptions,
strikes or work stoppages), labor costs, and availability of labor;
increases in the costs of raw materials or any shortage in supplies; our
ability to keep pace with technological developments; the actions by,
and the continued success of, certain key customers; our ability to
maintain relationships with certain customers; new contractual
commitments; our ability to generate the benefits of our restructuring
activities; retention of key management personnel; environmental and
other government regulations; limitations on operating our business as a
result of covenant restrictions under our existing and future
indebtedness, including our senior notes and senior secured asset-based
credit facility; and other factors publicly disclosed by the company
from time to time.
Non-GAAP Financial Measure and Related
Information
Adjusted EBITDA is a measure used by management to measure operating
performance. Adjusted EBITDA is defined as net income (loss)
attributable to Masonite plus depreciation, amortization, restructuring
costs, loss (gain) on sale of property, plant and equipment, impairment,
registration and listing fees, interest expense, net, other expense
(income), net, income tax expense (benefit), loss (income) from
discontinued operations, net of tax, net income attributable to
non-controlling interest and share based compensation expense. Adjusted
EBITDA is not a measure of financial condition or profitability under
GAAP, and should not be considered as an alternative to (i) net income
(loss) or net income (loss) attributable to Masonite determined in
accordance with GAAP or (ii) operating cash flow determined in
accordance with GAAP. Additionally, Adjusted EBITDA is not intended to
be a measure of free cash flow for management's discretionary use, as it
does not include certain cash requirements such as interest payments,
tax payments and debt service requirements. We believe that the
inclusion of Adjusted EBITDA in this press release is appropriate to
provide additional information to investors about our operating
performance. Not all companies use identical calculations, and as a
result, this presentation of Adjusted EBITDA may not be comparable to
other similarly titled measures of other companies. Moreover, Adjusted
EBITDA as presented for financial reporting purposes herein, although
similar, is not the same as similar terms in the applicable covenants in
our ABL Facility or our senior notes. Adjusted EBITDA, as calculated
under our ABL Facility or senior notes would also include, among other
things, additional add-backs for amounts related to: cost savings
projected by us in good faith to be realized as a result of actions
taken or expected to be taken prior to or during the relevant period;
fees and expenses in connection with certain plant closures and layoffs;
and the amount of any restructuring charges, integration costs or other
business optimization expenses or reserve deducted in the relevant
period in computing consolidated net income, including any one-time
costs incurred in connection with acquisitions. The table below sets
forth a reconciliation of Adjusted EBITDA to net income (loss)
attributable to Masonite for the periods indicated.
MASONITE INTERNATIONAL CORPORATION
SALES RECONCILIATION AND ADJUSTED EBITDA BY REPORTABLE SEGMENT
(In millions of U.S. dollars)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North
America
|
|
Europe, Asia
and Latin
America
|
|
Africa
|
|
Total
|
|
% Change
|
Second quarter 2013 net sales
|
|
$
|
346.7
|
|
|
$
|
87.6
|
|
|
$
|
18.8
|
|
|
$
|
453.1
|
|
|
|
|
Volume*
|
|
18.5
|
|
|
6.1
|
|
|
(9.1
|
)
|
|
15.5
|
|
|
3.4
|
%
|
Average unit price
|
|
13.7
|
|
|
5.7
|
|
|
5.7
|
|
|
25.1
|
|
|
5.5
|
%
|
Other
|
|
(0.7
|
)
|
|
(0.3
|
)
|
|
—
|
|
|
(1.0
|
)
|
|
(0.2
|
)%
|
Foreign exchange
|
|
(5.5
|
)
|
|
4.4
|
|
|
(1.4
|
)
|
|
(2.5
|
)
|
|
(0.6
|
)%
|
Second quarter 2014 net sales
|
|
$
|
372.7
|
|
|
$
|
103.5
|
|
|
$
|
14.0
|
|
|
$
|
490.2
|
|
|
8.2
|
%
|
Year over year growth, net sales
|
|
7.5
|
%
|
|
18.2
|
%
|
|
(25.5
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second quarter 2013 Adjusted EBITDA
|
|
$
|
28.1
|
|
|
$
|
4.3
|
|
|
$
|
1.1
|
|
|
$
|
33.5
|
|
|
|
|
Second quarter 2014 Adjusted EBITDA
|
|
$
|
39.7
|
|
|
$
|
5.0
|
|
|
$
|
(0.7
|
)
|
|
$
|
44.1
|
|
|
31.6
|
%
|
Year over year growth, Adjusted EBITDA
|
|
41.3
|
%
|
|
16.3
|
%
|
|
(163.6
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North
America
|
|
Europe, Asia
and Latin
America
|
|
Africa
|
|
Total
|
|
% Change
|
Year to date 2013 net sales
|
|
$
|
666.0
|
|
|
$
|
176.3
|
|
|
$
|
35.3
|
|
|
$
|
877.6
|
|
|
|
|
Volume*
|
|
4.3
|
|
|
5.2
|
|
|
(13.1
|
)
|
|
(3.6
|
)
|
|
(0.4
|
)%
|
Average unit price
|
|
31.6
|
|
|
8.1
|
|
|
9.5
|
|
|
49.2
|
|
|
5.6
|
%
|
Other
|
|
(2.9
|
)
|
|
1.3
|
|
|
—
|
|
|
(1.6
|
)
|
|
(0.2
|
)%
|
Foreign exchange
|
|
(11.9
|
)
|
|
7.2
|
|
|
(4.3
|
)
|
|
(9.0
|
)
|
|
(1.0
|
)%
|
Year to date 2014 net sales
|
|
$
|
687.1
|
|
|
$
|
198.1
|
|
|
$
|
27.4
|
|
|
$
|
912.6
|
|
|
4.0
|
%
|
Year over year growth, net sales
|
|
3.2
|
%
|
|
12.4
|
%
|
|
(22.4
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year to date 2013 Adjusted EBITDA
|
|
$
|
48.6
|
|
|
$
|
8.9
|
|
|
$
|
2.2
|
|
|
$
|
59.6
|
|
|
|
|
Year to date 2014 Adjusted EBITDA
|
|
$
|
55.7
|
|
|
$
|
8.1
|
|
|
$
|
—
|
|
|
$
|
63.8
|
|
|
7.0
|
%
|
Year over year growth, Adjusted EBITDA
|
|
14.6
|
%
|
|
(9.0
|
)%
|
|
(100.0
|
)%
|
|
|
|
|
|
|
(*) Includes the incremental impact of 2013 and 2014 acquisitions.
MASONITE INTERNATIONAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands of U.S. dollars, except per share amounts)
(Unaudited)
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|
|
June 29,
2014
|
|
June 30,
2013
|
|
June 29,
2014
|
|
June 30,
2013
|
Net sales
|
|
$
|
490,176
|
|
|
$
|
453,093
|
|
|
$
|
912,636
|
|
|
$
|
877,617
|
|
Cost of goods sold
|
|
411,569
|
|
|
388,424
|
|
|
781,043
|
|
|
762,547
|
|
Gross profit
|
|
78,607
|
|
|
64,669
|
|
|
131,593
|
|
|
115,070
|
|
Gross profit as a % of net sales
|
|
16.0
|
%
|
|
14.3
|
%
|
|
14.4
|
%
|
|
13.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administration expenses
|
|
58,519
|
|
|
56,032
|
|
|
116,294
|
|
|
102,992
|
|
Selling, general and administration expenses as a % of net sales
|
|
11.9
|
%
|
|
12.4
|
%
|
|
12.7
|
%
|
|
11.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring costs
|
|
560
|
|
|
1,762
|
|
|
1,281
|
|
|
3,202
|
|
Operating income (loss)
|
|
19,528
|
|
|
6,875
|
|
|
14,018
|
|
|
8,876
|
|
Interest expense (income), net
|
|
10,594
|
|
|
8,208
|
|
|
20,587
|
|
|
16,458
|
|
Other expense (income), net
|
|
1,306
|
|
|
(363
|
)
|
|
1,487
|
|
|
(521
|
)
|
Income (loss) from continuing operations before income tax
expense (benefit)
|
|
7,628
|
|
|
(970
|
)
|
|
(8,056
|
)
|
|
(7,061
|
)
|
Income tax expense (benefit)
|
|
1,379
|
|
|
(408
|
)
|
|
1,398
|
|
|
(1,444
|
)
|
Income (loss) from continuing operations
|
|
6,249
|
|
|
(562
|
)
|
|
(9,454
|
)
|
|
(5,617
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from discontinued operations, net of tax
|
|
(170
|
)
|
|
(44
|
)
|
|
(312
|
)
|
|
(134
|
)
|
Net income (loss)
|
|
6,079
|
|
|
(606
|
)
|
|
(9,766
|
)
|
|
(5,751
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: net income (loss) attributable to non-controlling interest
|
|
499
|
|
|
605
|
|
|
1,240
|
|
|
1,285
|
|
Net income (loss) attributable to Masonite
|
|
$
|
5,580
|
|
|
$
|
(1,211
|
)
|
|
$
|
(11,006
|
)
|
|
$
|
(7,036
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per common share attributable to Masonite:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.19
|
|
|
$
|
(0.04
|
)
|
|
$
|
(0.37
|
)
|
|
$
|
(0.25
|
)
|
Diluted
|
|
$
|
0.18
|
|
|
$
|
(0.04
|
)
|
|
$
|
(0.37
|
)
|
|
$
|
(0.25
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per common share from continuing operations
attributable to Masonite:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.20
|
|
|
$
|
(0.04
|
)
|
|
$
|
(0.36
|
)
|
|
$
|
(0.25
|
)
|
Diluted
|
|
$
|
0.19
|
|
|
$
|
(0.04
|
)
|
|
$
|
(0.36
|
)
|
|
$
|
(0.25
|
)
|
MASONITE INTERNATIONAL CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands of U.S. dollars, except share amounts)
(Unaudited)
|
|
|
|
|
|
ASSETS
|
|
June 29,
2014
|
|
December 29,
2013
|
Current assets:
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
187,533
|
|
|
$
|
100,873
|
|
Restricted cash
|
|
13,305
|
|
|
13,831
|
|
Accounts receivable, net
|
|
285,553
|
|
|
243,823
|
|
Inventories, net
|
|
243,649
|
|
|
218,348
|
|
Prepaid expenses
|
|
23,269
|
|
|
22,371
|
|
Assets held for sale
|
|
3,535
|
|
|
3,408
|
|
Income taxes receivable
|
|
2,725
|
|
|
3,250
|
|
Current deferred income taxes
|
|
19,522
|
|
|
17,840
|
|
Total current assets
|
|
779,091
|
|
|
623,744
|
|
Property, plant and equipment, net
|
|
618,873
|
|
|
630,279
|
|
Investment in equity investees
|
|
8,057
|
|
|
7,483
|
|
Goodwill
|
|
99,161
|
|
|
78,404
|
|
Intangible assets, net
|
|
224,883
|
|
|
203,714
|
|
Long-term deferred income taxes
|
|
24,343
|
|
|
23,363
|
|
Other assets, net
|
|
25,177
|
|
|
24,158
|
|
Total assets
|
|
$
|
1,779,585
|
|
|
$
|
1,591,145
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
Accounts payable
|
|
$
|
129,082
|
|
|
$
|
98,936
|
|
Accrued expenses
|
|
155,374
|
|
|
128,924
|
|
Income taxes payable
|
|
318
|
|
|
732
|
|
Total current liabilities
|
|
284,774
|
|
|
228,592
|
|
Long-term debt
|
|
512,866
|
|
|
377,861
|
|
Long-term deferred income taxes
|
|
117,129
|
|
|
108,924
|
|
Other liabilities
|
|
46,626
|
|
|
50,206
|
|
Total liabilities
|
|
961,395
|
|
|
765,583
|
|
|
|
|
|
|
|
|
Equity:
|
|
|
|
|
|
|
Share capital: unlimited shares authorized, no par value, 29,659,450
and 29,085,021 shares issued and outstanding as of June 29, 2014,
and December 29, 2013, respectively.
|
|
653,654
|
|
|
646,196
|
|
Additional paid-in capital
|
|
227,136
|
|
|
230,306
|
|
Accumulated deficit
|
|
(71,183
|
)
|
|
(60,177
|
)
|
Accumulated other comprehensive income (loss)
|
|
(20,243
|
)
|
|
(19,601
|
)
|
Total equity attributable to Masonite
|
|
789,364
|
|
|
796,724
|
|
Equity attributable to non-controlling interests
|
|
28,826
|
|
|
28,838
|
|
Total equity
|
|
818,190
|
|
|
825,562
|
|
Total liabilities and equity
|
|
$
|
1,779,585
|
|
|
$
|
1,591,145
|
|
MASONITE INTERNATIONAL CORPORATION
RECONCILIATION OF NON-GAAP FINANCIAL MEASURE
TO GAAP FINANCIAL MEASURE
(In thousands of U.S. dollars)
(Unaudited)
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|
|
June 29, 2014
|
|
June 30, 2013
|
|
June 29, 2014
|
|
June 30, 2013
|
Adjusted EBITDA
|
|
$
|
44,050
|
|
|
$
|
33,461
|
|
|
$
|
63,768
|
|
|
$
|
59,638
|
|
Less (plus):
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
14,536
|
|
|
15,651
|
|
|
29,982
|
|
|
32,177
|
|
Amortization
|
|
5,593
|
|
|
4,336
|
|
|
11,284
|
|
|
8,606
|
|
Share based compensation expense
|
|
2,797
|
|
|
2,081
|
|
|
5,080
|
|
|
3,911
|
|
Loss (gain) on disposal of property, plant and equipment
|
|
1,036
|
|
|
852
|
|
|
2,123
|
|
|
962
|
|
Impairment
|
|
—
|
|
|
1,904
|
|
|
—
|
|
|
1,904
|
|
Restructuring costs
|
|
560
|
|
|
1,762
|
|
|
1,281
|
|
|
3,202
|
|
Interest expense (income), net
|
|
10,594
|
|
|
8,208
|
|
|
20,587
|
|
|
16,458
|
|
Other expense (income), net
|
|
1,306
|
|
|
(363
|
)
|
|
1,487
|
|
|
(521
|
)
|
Income tax expense (benefit)
|
|
1,379
|
|
|
(408
|
)
|
|
1,398
|
|
|
(1,444
|
)
|
Loss (income) from discontinued operations, net of tax
|
|
170
|
|
|
44
|
|
|
312
|
|
|
134
|
|
Net income (loss) attributable to non-controlling interest
|
|
499
|
|
|
605
|
|
|
1,240
|
|
|
1,285
|
|
Net income (loss) attributable to Masonite
|
|
$
|
5,580
|
|
|
$
|
(1,211
|
)
|
|
$
|
(11,006
|
)
|
|
$
|
(7,036
|
)
|
Source: Masonite International Corporation
Masonite International Corporation
Joanne Freiberger, 813-739-1808
Vice
President and Treasurer
investorrelations@masonite.com