TAMPA, Fla.--(BUSINESS WIRE)--
Masonite International Corporation ("Masonite" or "the Company") (NYSE:
DOOR) today announced results for the three and nine months ended
September 27, 2015.
Executive Summary
-
Net sales were essentially flat at $475.7 million for the third
quarter of 2015 compared with the third quarter of 2014. Excluding the
$26.0 million negative impact of foreign exchange, net sales would
have increased by 5.4% to $501.7 million.
-
Net loss attributable to Masonite was $16.3 million, or $0.54 per
diluted share, which includes non-cash charges of $35.9 million
related to the disposition of the Company's door business in France in
the third quarter of 2015.
-
Adjusted EBITDA1 increased $14.9 million, or 41.9%, to
$50.5 million in the third quarter of 2015 versus the comparable 2014
period.
-
Adjusted EBITDA margin increased 310 basis points to 10.6% in the
third quarter of 2015 versus 7.5% in the comparable 2014 period.
-
Increased estimated 2015 Adjusted EBITDA range to $193 million to $196
million.
“We achieved our sixth consecutive quarter of double digit adjusted
EBITDA growth in the third quarter with adjusted EBITDA growth of 42%
compared to the same period last year. Gross profit margin expanded 450
basis points in the quarter, which we believe reflects our continued
focus on improving the customer experience and achieving fair value for
our products and services,” said Fred Lynch, President and CEO. “Over
the last four months we also took significant steps to optimize our
portfolio with the divestiture of the door business in France, and the
acquisitions of PDS, National Hickman and, most recently, USA Wood Door.
We believe the combination of these actions will improve our overall
customer value proposition and will increase long term shareholder
value.”
Third Quarter 2015
Net sales were essentially flat at $475.7 million in the three months
ended September 27, 2015, from $476.1 million in the comparable period
of 2014. Excluding the $26.0 million unfavorable impact of foreign
exchange, net sales would have increased by 5.4% to $501.7 million. The
foreign exchange-adjusted increase was primarily due to a $31.5 million
improvement in average unit price and a $0.8 million increase in net
sales of other products, partially offset by $6.7 million of lower unit
volumes.
Total company gross profit increased to $87.5 million in the three
months ended September 27, 2015, from $66.2 million in the three months
ended September 28, 2014. Gross profit margin increased 450 basis points
to 18.4% of net sales in the third quarter of 2015, from 13.9% of net
sales in the third quarter of 2014, primarily due to increases in
average unit price.
Selling, general and administrative expenses (SG&A) as a percentage of
net sales increased 120 basis points in the third quarter of 2015 to
12.5%, from 11.3% in the third quarter of 2014. In the third quarter of
2015, SG&A increased $5.7 million to $59.6 million from $53.9 million in
the comparable 2014 period. The increase in SG&A was primarily driven by
an increase in personnel costs partially offset by the incremental
comparative benefit from the 2015 disposition of the Company's door
business in France, the 2014 exit from Israel and a beneficial foreign
exchange impact.
Net loss attributable to Masonite increased $6.3 million to $16.3
million, or $0.54 per diluted share in the third quarter of 2015 which
includes non-cash charges of $35.9 million related to the disposition of
the Company's door business in France versus the comparable 2014 period.
Adjusted EBITDA increased 41.9% to $50.5 million for the three months
ended September 27, 2015, from $35.6 million in the comparable period of
2014.
Year to date 2015
Net sales for the nine months ended September 27, 2015 were essentially
flat at $1.4 billion versus the comparable period of 2014. Excluding the
$72.5 million unfavorable impact of foreign exchange, net sales would
have increased 5.1%. The foreign exchange-adjusted increase was
primarily due to an $80.0 million improvement in average unit price,
partially offset by $7.9 million of lower unit volumes and a $1.9
million decrease in net sales of other products.
Total company gross profit increased to $255.9 million in the nine
months ended September 27, 2015, from $197.8 million in the nine months
ended September 28, 2014. Gross profit margin increased 430 basis points
to 18.5% of net sales in the first nine months of 2015, from 14.2% of
net sales in the first nine months of 2014, primarily due to increases
in average unit price.
Selling, general and administrative expenses (SG&A) as a percentage of
net sales increased 40 basis points in the nine months ended
September 27, 2015, to 12.7%, from 12.3% in the nine months ended
September 28, 2014. In the first nine months of 2015, SG&A increased to
$176.6 million compared to $170.1 million in the same 2014 period. The
increase in SG&A was primarily driven by increases in personnel costs
partially offset by the incremental comparative benefit from the 2015
disposition of the Company's door business in France, the 2014 exit from
Israel and a beneficial foreign exchange impact.
Net loss attributable to Masonite increased $12.9 million to $33.9
million, or $1.12 per diluted share in the first nine months of 2015
which includes non-cash charges of $35.9 million related to the
disposition of the Company's door business in France and the $28.0
million loss on extinguishment of debt versus the comparable 2014 period.
Adjusted EBITDA increased $48.0 million to $147.4 million for the nine
months ended September 27, 2015, from $99.4 million in the comparable
period of 2014.
Masonite Earnings Conference Call
The Company will hold a live conference call and webcast on November 5,
2015. The live audio webcast will begin at 10:00 a.m. ET and can be
accessed, together with the presentation, on the Masonite website under
Investors > Events & Presentations. The webcast can be directly accessed
at: Q3'15
Earnings Webcast.
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 November 19, 2015. To access the replay,
please dial 877-660-6853 (in the U.S.) or 201-612-7415 (outside U.S.).
Enter Conference ID #13622046.
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 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. 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. Beginning in the first quarter of 2015, we revised our
calculation of Adjusted EBITDA to separately exclude loss on
extinguishment of debt, which would be a component of other expense
(income), net, but is separately stated due to its magnitude.
Furthermore, in the third quarter of 2015, we revised our calculation of
Adjusted EBITDA to separately exclude loss (gain) on disposal of
subsidiaries. The revisions to this definition had no impact on our
reported Adjusted EBITDA for the three or nine months ended September
28, 2014. As revised, 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, asset
impairment, loss (gain) on disposal of subsidiaries, registration and
listing fees, interest expense, net, loss on extinguishment of debt,
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.
1 See "Non-GAAP Financial Measure and Related Information"
for definition and reconciliation of Adjusted EBITDA to net income
(loss) attributable to Masonite.
|
MASONITE INTERNATIONAL CORPORATION
SALES RECONCILIATION AND ADJUSTED EBITDA BY REPORTABLE SEGMENT
(In millions of U.S. dollars)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Europe,
|
|
|
|
|
|
|
|
|
|
|
|
Asia and
|
|
|
|
|
|
|
|
|
|
North
|
|
Latin
|
|
|
|
|
|
|
|
|
|
America
|
|
America
|
|
Africa
|
|
Total
|
|
% Change
|
|
Third quarter 2014 net sales
|
|
$
|
|
370.1
|
|
|
$
|
|
93.9
|
|
|
$
|
|
12.1
|
|
|
$
|
|
476.1
|
|
|
|
|
Volume*
|
|
(6.2
|
)
|
|
(3.8
|
)
|
|
3.3
|
|
|
(6.7
|
)
|
|
(1.4
|
)%
|
|
Average unit price
|
|
26.5
|
|
|
4.5
|
|
|
0.5
|
|
|
31.5
|
|
|
6.6
|
%
|
|
Other
|
|
0.7
|
|
|
0.1
|
|
|
—
|
|
|
0.8
|
|
|
0.2
|
%
|
|
Foreign exchange
|
|
(16.5
|
)
|
|
(6.9
|
)
|
|
(2.6
|
)
|
|
(26.0
|
)
|
|
(5.5
|
)%
|
|
Third quarter 2015 net sales
|
|
$
|
|
374.6
|
|
|
$
|
|
87.8
|
|
|
$
|
|
13.3
|
|
|
$
|
|
475.7
|
|
|
(0.1
|
)%
|
|
Year over year growth, net sales
|
|
1.2
|
%
|
|
(6.5
|
)%
|
|
9.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third quarter 2014 Adjusted EBITDA
|
|
$
|
|
36.3
|
|
|
$
|
|
1.9
|
|
|
$
|
|
(2.6
|
)
|
|
$
|
|
35.6
|
|
|
|
|
Third quarter 2015 Adjusted EBITDA
|
|
$
|
|
42.0
|
|
|
$
|
|
8.4
|
|
|
$
|
|
—
|
|
|
$
|
|
50.5
|
|
|
41.9
|
%
|
|
Year over year growth, Adjusted EBITDA
|
|
15.7
|
%
|
|
342.1
|
%
|
|
(100.0
|
)%
|
|
|
|
|
|
|
|
|
|
Europe,
|
|
|
|
|
|
|
|
|
|
|
|
Asia and
|
|
|
|
|
|
|
|
|
|
North
|
|
Latin
|
|
|
|
|
|
|
|
|
|
America
|
|
America
|
|
Africa
|
|
Total
|
|
% Change
|
|
Year to date 2014 net sales
|
|
$
|
|
1,057.2
|
|
|
$
|
|
292.1
|
|
|
$
|
|
39.5
|
|
|
$
|
|
1,388.8
|
|
|
|
|
Volume*
|
|
0.6
|
|
|
(11.0
|
)
|
|
2.5
|
|
|
(7.9
|
)
|
|
(0.6
|
)%
|
|
Average unit price
|
|
64.5
|
|
|
14.9
|
|
|
0.6
|
|
|
80.0
|
|
|
5.8
|
%
|
|
Other
|
|
1.0
|
|
|
(2.9
|
)
|
|
—
|
|
|
(1.9
|
)
|
|
(0.1
|
)%
|
|
Foreign exchange
|
|
(36.5
|
)
|
|
(30.6
|
)
|
|
(5.4
|
)
|
|
(72.5
|
)
|
|
(5.2
|
)%
|
|
Year to date 2015 net sales
|
|
$
|
|
1,086.8
|
|
|
$
|
|
262.5
|
|
|
$
|
|
37.2
|
|
|
$
|
|
1,386.5
|
|
|
(0.2
|
)%
|
|
Year over year growth, net sales
|
|
2.8
|
%
|
|
(10.1
|
)%
|
|
(5.8
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year to date 2014 Adjusted EBITDA
|
|
$
|
|
92.0
|
|
|
$
|
|
10.0
|
|
|
$
|
|
(2.6
|
)
|
|
$
|
|
99.4
|
|
|
|
|
Year to date 2015 Adjusted EBITDA
|
|
$
|
|
119.8
|
|
|
$
|
|
28.6
|
|
|
$
|
|
(1.0
|
)
|
|
$
|
|
147.4
|
|
|
48.3
|
%
|
|
Year over year growth, Adjusted EBITDA
|
|
30.2
|
%
|
|
186.0
|
%
|
|
(61.5
|
)%
|
|
|
|
|
(*) Includes the incremental impact of acquisitions and dispositions.
|
MASONITE INTERNATIONAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands of U.S. dollars, except share and per share
amounts)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
|
|
September 27,
|
|
September 28,
|
|
September 27,
|
|
September 28,
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
Net sales
|
|
$
|
|
475,650
|
|
$
|
|
476,124
|
|
$
|
|
1,386,543
|
|
|
$
|
|
1,388,760
|
|
Cost of goods sold
|
|
388,141
|
|
409,894
|
|
1,130,691
|
|
|
1,190,937
|
|
Gross profit
|
|
87,509
|
|
66,230
|
|
255,852
|
|
|
197,823
|
|
Gross profit as a % of net sales
|
|
18.4%
|
|
13.9%
|
|
18.5
|
%
|
|
14.2%
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administration expenses
|
|
59,590
|
|
53,855
|
|
176,569
|
|
|
170,149
|
|
Selling, general and administration expenses as a % of net sales
|
|
12.5%
|
|
11.3%
|
|
12.7
|
%
|
|
12.3%
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring costs
|
|
1,139
|
|
9,913
|
|
4,483
|
|
|
11,194
|
|
Asset impairment
|
|
9,439
|
|
—
|
|
9,439
|
|
|
—
|
|
Loss (gain) on disposal of subsidiaries
|
|
29,721
|
|
—
|
|
29,721
|
|
|
—
|
|
Operating income (loss)
|
|
(12,380)
|
|
2,462
|
|
35,640
|
|
|
16,480
|
|
Interest expense (income), net
|
|
7,179
|
|
10,447
|
|
25,719
|
|
|
31,034
|
|
Loss on extinguishment of debt
|
|
—
|
|
—
|
|
28,046
|
|
|
—
|
|
Other expense (income), net
|
|
(1,720)
|
|
(404)
|
|
(3,539
|
)
|
|
1,083
|
|
Income (loss) from continuing operations before income tax
expense (benefit)
|
|
(17,839)
|
|
(7,581)
|
|
(14,586
|
)
|
|
(15,637)
|
|
Income tax expense (benefit)
|
|
(2,510)
|
|
2,004
|
|
15,767
|
|
|
3,402
|
|
Income (loss) from continuing operations
|
|
(15,329)
|
|
(9,585)
|
|
(30,353
|
)
|
|
(19,039)
|
|
Income (loss) from discontinued operations, net of tax
|
|
(192)
|
|
(124)
|
|
(661
|
)
|
|
(436)
|
|
Net income (loss)
|
|
(15,521)
|
|
(9,709)
|
|
(31,014
|
)
|
|
(19,475)
|
|
Less: net income (loss) attributable to non-controlling interest
|
|
762
|
|
258
|
|
2,879
|
|
|
1,498
|
|
Net income (loss) attributable to Masonite
|
|
$
|
|
(16,283)
|
|
$
|
|
(9,967)
|
|
$
|
|
(33,893
|
)
|
|
$
|
|
(20,973)
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per common share attributable to Masonite:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
|
(0.54)
|
|
$
|
|
(0.34)
|
|
$
|
|
(1.12
|
)
|
|
$
|
|
(0.70)
|
|
Diluted
|
|
$
|
|
(0.54)
|
|
$
|
|
(0.34)
|
|
$
|
|
(1.12
|
)
|
|
$
|
|
(0.70)
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per common share from continuing operations
attributable to Masonite:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
|
(0.53)
|
|
$
|
|
(0.34)
|
|
$
|
|
(1.10
|
)
|
|
$
|
|
(0.69)
|
|
Diluted
|
|
$
|
|
(0.53)
|
|
$
|
|
(0.34)
|
|
$
|
|
(1.10
|
)
|
|
$
|
|
(0.69)
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in computing basic earnings per share
|
|
30,351,707
|
|
29,731,769
|
|
30,218,023
|
|
|
29,477,880
|
|
Shares used in computing diluted earnings per share
|
|
30,351,707
|
|
29,731,769
|
|
30,218,023
|
|
|
29,477,880
|
|
MASONITE INTERNATIONAL CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands of U.S. dollars, except share amounts)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
September 27,
|
|
December 28,
|
|
ASSETS
|
|
2015
|
|
2014
|
|
Current assets:
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
|
69,047
|
|
|
$
|
|
192,037
|
|
|
Restricted cash
|
|
12,768
|
|
|
13,187
|
|
|
Accounts receivable, net
|
|
265,844
|
|
|
241,721
|
|
|
Inventories, net
|
|
239,583
|
|
|
222,732
|
|
|
Prepaid expenses
|
|
21,162
|
|
|
21,103
|
|
|
Income taxes receivable
|
|
1,938
|
|
|
1,796
|
|
|
Current deferred income taxes
|
|
18,573
|
|
|
20,767
|
|
|
Total current assets
|
|
628,915
|
|
|
713,343
|
|
|
Property, plant and equipment, net
|
|
548,803
|
|
|
576,234
|
|
|
Investment in equity investees
|
|
8,383
|
|
|
8,827
|
|
|
Goodwill
|
|
118,065
|
|
|
99,199
|
|
|
Intangible assets, net
|
|
235,273
|
|
|
203,372
|
|
|
Long-term deferred income taxes
|
|
15,621
|
|
|
20,697
|
|
|
Other assets, net
|
|
16,839
|
|
|
16,744
|
|
|
Total assets
|
|
$
|
|
1,571,899
|
|
|
$
|
|
1,638,416
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
Accounts payable
|
|
$
|
|
129,002
|
|
|
$
|
|
98,199
|
|
|
Accrued expenses
|
|
141,177
|
|
|
137,681
|
|
|
Income taxes payable
|
|
2,720
|
|
|
1,361
|
|
|
Total current liabilities
|
|
272,899
|
|
|
237,241
|
|
|
Long-term debt
|
|
468,576
|
|
|
503,785
|
|
|
Long-term deferred income taxes
|
|
120,990
|
|
|
107,777
|
|
|
Other liabilities
|
|
47,814
|
|
|
54,114
|
|
|
Total liabilities
|
|
910,279
|
|
|
902,917
|
|
|
Commitments and Contingencies
|
|
|
|
|
|
Equity:
|
|
|
|
|
|
Share capital: unlimited shares authorized, no par value,
30,380,300 and 30,015,321 shares issued
|
|
662,774
|
|
|
657,292
|
|
|
and outstanding as of September 27, 2015, and December 28, 2014,
respectively.
|
|
|
|
|
|
|
|
Additional paid-in capital
|
|
227,055
|
|
|
225,918
|
|
|
Accumulated deficit
|
|
(131,410
|
)
|
|
(97,517
|
)
|
|
Accumulated other comprehensive income (loss)
|
|
(122,205
|
)
|
|
(76,259
|
)
|
|
Total equity attributable to Masonite
|
|
636,214
|
|
|
709,434
|
|
|
Equity attributable to non-controlling interests
|
|
25,406
|
|
|
26,065
|
|
|
Total equity
|
|
661,620
|
|
|
735,499
|
|
|
Total liabilities and equity
|
|
$
|
|
1,571,899
|
|
|
$
|
|
1,638,416
|
|
|
MASONITE INTERNATIONAL CORPORATION
RECONCILIATION OF NON-GAAP FINANCIAL MEASURE
TO GAAP FINANCIAL MEASURE
(In thousands of U.S. dollars)
(Unaudited)
|
|
|
|
|
|
|
|
Three Months Ended September 27, 2015
|
|
|
|
|
|
Europe, Asia
|
|
|
|
|
|
|
|
North
|
|
and Latin
|
|
|
|
|
|
(In thousands)
|
|
America
|
|
America
|
|
Africa
|
|
Total
|
|
Adjusted EBITDA
|
|
$
|
|
42,048
|
|
|
$
|
|
8,431
|
|
|
$
|
|
33
|
|
|
$
|
|
50,512
|
|
|
Less (plus):
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
10,227
|
|
|
3,649
|
|
|
678
|
|
|
14,554
|
|
|
Amortization
|
|
3,963
|
|
|
2,290
|
|
|
5
|
|
|
6,258
|
|
|
Share based compensation expense
|
|
1,490
|
|
|
—
|
|
|
—
|
|
|
1,490
|
|
|
Loss (gain) on disposal of property, plant and equipment
|
|
289
|
|
|
13
|
|
|
(11
|
)
|
|
291
|
|
|
Restructuring costs
|
|
492
|
|
|
219
|
|
|
428
|
|
|
1,139
|
|
|
Asset impairment
|
|
—
|
|
|
9,439
|
|
|
—
|
|
|
9,439
|
|
|
Loss (gain) on disposal of subsidiaries
|
|
—
|
|
|
29,721
|
|
|
—
|
|
|
29,721
|
|
|
Interest expense (income), net
|
|
12,788
|
|
|
(5,637
|
)
|
|
28
|
|
|
7,179
|
|
|
Other expense (income), net
|
|
(254
|
)
|
|
(1,466
|
)
|
|
—
|
|
|
(1,720
|
)
|
|
Income tax expense (benefit)
|
|
95
|
|
|
(2,241
|
)
|
|
(364
|
)
|
|
(2,510
|
)
|
|
Loss (income) from discontinued operations, net of tax
|
|
192
|
|
|
—
|
|
|
—
|
|
|
192
|
|
|
Net income (loss) attributable to non-controlling interest
|
|
762
|
|
|
—
|
|
|
—
|
|
|
762
|
|
|
Net income (loss) attributable to Masonite
|
|
$
|
|
12,004
|
|
|
$
|
|
(27,556
|
)
|
|
$
|
|
(731
|
)
|
|
$
|
|
(16,283
|
)
|
|
|
|
Three Months Ended September 28, 2014
|
|
|
|
|
|
Europe, Asia
|
|
|
|
|
|
|
|
North
|
|
and Latin
|
|
|
|
|
|
(In thousands)
|
|
America
|
|
America
|
|
Africa
|
|
Total
|
|
Adjusted EBITDA
|
|
$
|
|
36,329
|
|
|
$
|
|
1,902
|
|
|
$
|
|
(2,634
|
)
|
|
$
|
|
35,597
|
|
|
Less (plus):
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
9,344
|
|
|
5,328
|
|
|
1,170
|
|
|
15,842
|
|
|
Amortization
|
|
3,782
|
|
|
1,107
|
|
|
—
|
|
|
4,889
|
|
|
Share based compensation expense
|
|
2,255
|
|
|
—
|
|
|
—
|
|
|
2,255
|
|
|
Loss (gain) on disposal of property, plant and equipment
|
|
1,165
|
|
|
(929
|
)
|
|
—
|
|
|
236
|
|
|
Restructuring costs
|
|
80
|
|
|
9,832
|
|
|
1
|
|
|
9,913
|
|
|
Interest expense (income), net
|
|
17,377
|
|
|
(6,967
|
)
|
|
37
|
|
|
10,447
|
|
|
Other expense (income), net
|
|
(287
|
)
|
|
(117
|
)
|
|
—
|
|
|
(404
|
)
|
|
Income tax expense (benefit)
|
|
3,422
|
|
|
(12
|
)
|
|
(1,406
|
)
|
|
2,004
|
|
|
Loss (income) from discontinued operations, net of tax
|
|
124
|
|
|
—
|
|
|
—
|
|
|
124
|
|
|
Net income (loss) attributable to non-controlling interest
|
|
258
|
|
|
—
|
|
|
—
|
|
|
258
|
|
|
Net income (loss) attributable to Masonite
|
|
$
|
|
(1,191
|
)
|
|
$
|
|
(6,340
|
)
|
|
$
|
|
(2,436
|
)
|
|
$
|
|
(9,967
|
)
|
|
|
|
Nine Months Ended September 27, 2015
|
|
|
|
|
|
Europe, Asia
|
|
|
|
|
|
|
|
North
|
|
and Latin
|
|
|
|
|
|
(In thousands)
|
|
America
|
|
America
|
|
Africa
|
|
Total
|
|
Adjusted EBITDA
|
|
$
|
|
119,832
|
|
|
$
|
|
28,561
|
|
|
$
|
|
(1,036
|
)
|
|
$
|
|
147,357
|
|
|
Less (plus):
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
32,042
|
|
|
10,068
|
|
|
2,160
|
|
|
44,270
|
|
|
Amortization
|
|
12,121
|
|
|
4,118
|
|
|
5
|
|
|
16,244
|
|
|
Share based compensation expense
|
|
6,975
|
|
|
—
|
|
|
—
|
|
|
6,975
|
|
|
Loss (gain) on disposal of property, plant and equipment
|
|
844
|
|
|
32
|
|
|
(291
|
)
|
|
585
|
|
|
Restructuring costs
|
|
1,641
|
|
|
2,414
|
|
|
428
|
|
|
4,483
|
|
|
Asset impairment
|
|
—
|
|
|
9,439
|
|
|
—
|
|
|
9,439
|
|
|
Loss (gain) on disposal of subsidiaries
|
|
—
|
|
|
29,721
|
|
|
—
|
|
|
29,721
|
|
|
Interest expense (income), net
|
|
45,017
|
|
|
(19,426
|
)
|
|
128
|
|
|
25,719
|
|
|
Loss on extinguishment of debt
|
|
28,046
|
|
|
—
|
|
|
—
|
|
|
28,046
|
|
|
Other expense (income), net
|
|
(899
|
)
|
|
(2,640
|
)
|
|
—
|
|
|
(3,539
|
)
|
|
Income tax expense (benefit)
|
|
16,437
|
|
|
391
|
|
|
(1,061
|
)
|
|
15,767
|
|
|
Loss (income) from discontinued operations, net of tax
|
|
509
|
|
|
152
|
|
|
—
|
|
|
661
|
|
|
Net income (loss) attributable to non-controlling interest
|
|
2,879
|
|
|
—
|
|
|
—
|
|
|
2,879
|
|
|
Net income (loss) attributable to Masonite
|
|
$
|
|
(25,780
|
)
|
|
$
|
|
(5,708
|
)
|
|
$
|
|
(2,405
|
)
|
|
$
|
|
(33,893
|
)
|
|
|
|
Nine Months Ended September 28, 2014
|
|
|
|
|
|
Europe, Asia
|
|
|
|
|
|
|
|
North
|
|
and Latin
|
|
|
|
|
|
(In thousands)
|
|
America
|
|
America
|
|
Africa
|
|
Total
|
|
Adjusted EBITDA
|
|
$
|
|
92,017
|
|
|
$
|
|
9,964
|
|
|
$
|
|
(2,616
|
)
|
|
$
|
|
99,365
|
|
|
Less (plus):
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
28,825
|
|
|
14,033
|
|
|
2,966
|
|
|
45,824
|
|
|
Amortization
|
|
12,947
|
|
|
3,226
|
|
|
—
|
|
|
16,173
|
|
|
Share based compensation expense
|
|
7,335
|
|
|
—
|
|
|
—
|
|
|
7,335
|
|
|
Loss (gain) on disposal of property, plant and equipment
|
|
2,689
|
|
|
(330
|
)
|
|
—
|
|
|
2,359
|
|
|
Restructuring costs
|
|
482
|
|
|
10,705
|
|
|
7
|
|
|
11,194
|
|
|
Interest expense (income), net
|
|
52,275
|
|
|
(21,358
|
)
|
|
117
|
|
|
31,034
|
|
|
Other expense (income), net
|
|
(445
|
)
|
|
1,528
|
|
|
—
|
|
|
1,083
|
|
|
Income tax expense (benefit)
|
|
4,862
|
|
|
199
|
|
|
(1,659
|
)
|
|
3,402
|
|
|
Loss (income) from discontinued operations, net of tax
|
|
436
|
|
|
—
|
|
|
—
|
|
|
436
|
|
|
Net income (loss) attributable to non-controlling interest
|
|
1,498
|
|
|
—
|
|
|
—
|
|
|
1,498
|
|
|
Net income (loss) attributable to Masonite
|
|
$
|
|
(18,887
|
)
|
|
$
|
|
1,961
|
|
|
$
|
|
(4,047
|
)
|
|
$
|
|
(20,973
|
)
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20151104006759/en/
Source: Masonite International Corporation
Masonite International Corporation
Joanne Freiberger, 813-739-1808
Vice
President and Treasurer
investorrelations@masonite.com