Provides 2018 outlook with continued growth in
Net Sales and Adjusted EBITDA
Masonite International Corporation ("Masonite" or "the Company")
(NYSE:DOOR) today announced results for the three months and full
year ended December 31, 2017.
Business Highlights
Fourth Quarter 2017 versus Fourth Quarter 2016
- Net sales increased 6% to $509 million
versus $481 million.
- Net income attributable to Masonite
increased to $72 million from $15 million.
- Net income included $51 million of
non-cash tax benefits.
- Adjusted EBITDA* increased 6% to $64
million from $61 million.
Full Year 2017 versus Full Year 2016
- Net sales increased 3% to $2.03 billion
from $1.97 billion.
- Net income attributable to Masonite
increased to $152 million from $99 million.
- Net income included $53 million of
non-cash tax benefits.
- Adjusted EBITDA increased 1% to $256
million.
- Repurchased $120 million of common
shares.
"We are encouraged by the steps taken in 2017 that improved our
momentum in the second half of the year which we believe will
continue to benefit our 2018 performance," said Fred Lynch,
President and CEO. "We expect recent price actions and our sharp
focus on continued operational improvements to offset the stronger
inflationary pressures we are experiencing across the business,
positioning Masonite for resumed margin expansion in 2018."
Fourth Quarter 2017
Discussion
Net sales increased 6% to $509 million in the fourth quarter of
2017, from $481 million in the comparable period of 2016. The
increase in net sales was a result of a 2% increase in sales
volume, which includes the A&F Wood Products acquisition, a 2%
increase in average unit price (AUP), and a 2% benefit from foreign
exchange.
- North American Residential net sales
were $359 million, a 7% increase over the fourth quarter of 2016,
driven by a 4% increase in volume, a 2% increase in AUP, and a 1%
benefit from foreign exchange related to the Canadian dollar.
- Europe net sales were $73 million, a 7%
increase over the fourth quarter of 2016, due to an 8% benefit from
foreign exchange and a 4% increase in AUP. The gains were partially
offset by a 3% decrease in sales volume and a 1% decrease in the
sale of component products.
- Architectural net sales were $70
million, a 1% decrease from the fourth quarter of 2016, driven by a
4% decline in sales volume which was partially offset by a 3%
increase in AUP. Fourth quarter sales volume includes sales from
A&F Wood Products which contributed approximately $4 million in
the fourth quarter.
Total company gross profit increased 4% to $100 million in the
fourth quarter of 2017 compared to the fourth quarter of 2016.
Gross profit margin decreased 40 basis points to 19.7%, due
primarily to higher distribution costs.
Selling, general and administrative expenses (SG&A) of $60
million were down $4 million, or 6%, compared to the fourth quarter
of 2016. The decline in SG&A was driven by a $4 million
decrease in share based compensation expense. SG&A as a
percentage of net sales was 11.7%, a 150 basis point improvement
compared to the fourth quarter of 2016.
Net income attributable to Masonite increased $56 million to $72
million in the fourth quarter of 2017. Net income includes non-cash
tax benefits totaling $51 million, including $24 million from the
release of a valuation allowance previously recorded against
deferred tax assets in Canada, and $27 million related to U.S. tax
reform and a reduction of deferred tax liabilities in the U.S. due
to the lowered corporate tax rate.
Adjusted EBITDA* increased 6% to $64 million in the fourth
quarter of 2017 from $61 million in the fourth quarter of 2016.
Diluted earnings per share were $2.48 in the fourth quarter of
2017 compared to $0.50 in the comparable 2016 period. Diluted
adjusted earnings per share* were $0.71 in the fourth quarter of
2017 compared to $0.55 in the comparable 2016 period. The tax
adjustments amounted to $1.77 per share in the fourth quarter of
2017.
Masonite repurchased 139,473 of its common shares in the fourth
quarter, at an average price of $71.86.
Full Year Discussion
Net sales increased 3% to $2,033 million in the year ended
December 31, 2017, from $1,974 million in the comparable
period of 2016. The increase in net sales was the result of an AUP
increase of 2% and a volume increase of 1%.
- North American Residential net sales
were $1,429 million, a 6% increase over 2016, driven primarily by a
3% increase in sales volumes and a 2% increase in AUP.
- Europe net sales were $292 million, a
3% decrease from 2016, due to 4% of negative foreign exchange and a
1% decline in component sales partially offset by a 2% increase in
AUP.
- Architectural net sales were $288
million, a 3% decrease from 2016, driven by an 8% decline in sales
volume, partially offset by a 4% increase in average unit price and
higher component sales.
Total company gross profit decreased slightly to $407 million in
2017, compared to 2016. Gross profit margin decreased 80 basis
points to 20.0% in 2017, due to higher distribution costs and
increased manufacturing labor and overhead expenses primarily in
the first half of 2017.
Selling, general and administrative expenses (SG&A) of $247
million were down $14 million, or 5%, compared to 2016. The
decrease was driven by a $12 million decrease in personnel costs,
primarily due to a reduction in our incentive pay accrual, and a $6
million reduction of non-cash items in SG&A expenses, including
share based compensation. The decreases were partially offset by a
$4 million increase in marketing costs. SG&A as a percentage of
net sales was 12.1%, a 110 basis point improvement from 2016.
Net income attributable to Masonite increased $53 million to
$152 million in 2017. Net income includes the previously described
non-cash tax benefits of $53 million, the majority of which was
recognized in the fourth quarter of 2017.
Adjusted EBITDA* increased $3 million to $256 million in 2017,
from $253 million in 2016.
Diluted earnings per share were $5.09 in the 2017 fiscal year
compared to $3.17 in the comparable 2016 period. Diluted adjusted
earnings per share increased $0.30 to $3.33 in the 2017 fiscal year
compared to $3.03 in the comparable 2016 period. The previously
described tax adjustments accounted for $1.76 per share in the full
year.
Masonite repurchased 1,794,101 of its common shares at an
average price of $66.82, or $120 million in 2017.
2018 Outlook
The Company expects full-year 2018 net sales growth in the range
of six to eight percent, based on our expectations for modest
growth in the North American and European end markets, improvement
in average unit price, and incremental net sales from recent
acquisitions. Excluding anticipated impacts of foreign exchange,
the Company expects net sales growth of five to seven percent.
The Company expects 2018 Adjusted EBITDA to be in the range of
$280 million to $300 million and diluted adjusted earnings per
share of $3.70 to $4.20.
A quantitative reconciliation of Adjusted EBITDA and diluted
adjusted earnings per share outlook to the corresponding GAAP
information is not provided because the GAAP measures that are
excluded from Adjusted EBITDA outlook are difficult to predict and
are primarily dependent on future uncertainties. Items with future
uncertainties include restructuring costs, asset impairments, share
based compensation expense and gains/losses on sales of
subsidiaries and PP&E.
Masonite Earnings Conference
Call
The Company will hold a live conference call and webcast on
Thursday, February 22, 2018, to discuss the 2017 fourth quarter and
full year results.
The live audio webcast will begin at 9:00 a.m. ET and can be
accessed, together with the presentation, on the Masonite website
www.masonite.com. The webcast can be directly accessed at: Q4'17
Earnings Webcast. It is recommended that listeners log-on at least
10 minutes prior to the start of the call.
Telephone access to the live call will be available at
877-407-8289 (in the U.S.) or by dialing 201-689-8341 (outside
U.S.).
A telephone replay will be available approximately one hour
following completion of the call through March 8, 2018. To access
the replay, please dial 877-660-6853 (in the U.S.) or 201-612-7415
(outside U.S.). Enter Conference ID #13675896.
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 65 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
our 2018 outlook, housing and other markets, 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; 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
any shortage in supplies; our ability to keep pace with
technological developments; 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.
Non-GAAP Financial Measures and Related
Information
Our management reviews net sales and Adjusted EBITDA (as defined
below) to evaluate segment performance and allocate resources. Net
assets are not allocated to the reportable segments. Adjusted
EBITDA is a non-GAAP financial measure which does not have a
standardized meaning under GAAP and is unlikely to be comparable to
similar measures used by other companies. Adjusted EBITDA should
not be considered as an alternative to either net income or
operating cash flows 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. Adjusted EBITDA is defined
as net income (loss) attributable to Masonite adjusted to exclude
the following items: depreciation; amortization; share based
compensation expense; loss (gain) on disposal of property, plant
and equipment; registration and listing fees; restructuring costs;
asset impairment; loss (gain) on disposal of subsidiaries; interest
expense (income), net; loss on extinguishment of debt; other
expense (income), net; income tax expense (benefit); loss (income)
from discontinued operations, net of tax; and net income (loss)
attributable to non-controlling interest. This definition of
Adjusted EBITDA differs from the definitions of EBITDA contained in
the indenture governing the 2023 Notes and the credit agreement
governing the ABL Facility. 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. Adjusted EBITDA is used to evaluate and compare
the performance of the segments and it is one of the primary
measures used to determine employee incentive compensation.
Intersegment transfers are negotiated on an arm's length basis,
using market prices. We believe that Adjusted EBITDA, from an
operations standpoint, provides an appropriate way to measure and
assess segment performance. Our management team has established the
practice of reviewing the performance of each segment based on the
measures of net sales and Adjusted EBITDA. We believe that Adjusted
EBITDA is useful to users of the consolidated financial statements
because it provides the same information that we use internally to
evaluate and compare the performance of the segments and it is one
of the primary measures used to determine employee incentive
compensation.
The tables below sets forth a reconciliation of Adjusted EBITDA
to net income (loss) attributable to Masonite for the periods
indicated. We are not providing a quantitative reconciliation of
our Adjusted EBITDA or diluted Adjusted EPS outlook to the
corresponding GAAP information because the GAAP measures that we
exclude from our Adjusted EBITDA outlook are difficult to predict
and are primarily dependent on future uncertainties. Items with
future uncertainties include restructuring costs, asset
impairments, share based compensation expense and gains/losses on
sales of subsidiaries and PP&E.
Adjusted EBITDA margin is defined as Adjusted EBITDA divided by
Net Sales. Management believes this measure provides supplemental
information on how successfully we operate our business.
Adjusted EPS is diluted earnings per common share attributable
to Masonite (EPS) less asset impairment charges, loss (gain) on
disposal of subsidiaries, and other items, if any, that do not
relate to Masonite’s underlying business performance (each net of
related tax expense (benefit)). Beginning in the fourth quarter of
2017, we revised our calculation of Adjusted EPS to exclude the
beneficial impact of the deferred tax revaluation recognized as a
result of The Tax Cuts and Jobs Act of 2017 and the release of a
valuation allowance in Canada as such tax assets are likely to be
realized in future periods. The revision to this definition had no
impact on our reported Adjusted EPS for the three months or year
ended January 1, 2017. Management uses this measure to evaluate the
overall performance of the Company and believes this measure
provides investors with helpful supplemental information regarding
the underlying performance of the Company from period to period.
This measure may be inconsistent with similar measures presented by
other companies.
* See "Non-GAAP Financial Measures and Related Information" for
definition and reconciliation of non-GAAP measures.
MASONITE INTERNATIONAL CORPORATION SALES RECONCILIATION
AND ADJUSTED EBITDA BY REPORTABLE SEGMENT (In millions of
U.S. dollars) (Unaudited)
North
American
Residential
Segment
Europe
Segment
Architectural
Segment
Corporate
and Other
Consolidated % Change Fourth quarter
2016 net sales $ 336.7 $ 68.3 $ 70.2 $ 5.9 $ 481.0 Volume* 12.9
(2.2 ) (3.1 ) 0.7 8.3 1.7 % Average unit price 6.1 2.6 1.9 — 10.6
2.2 % Other (0.8 ) (0.6 ) 0.2 0.1 (1.0 ) (0.2 )% Foreign exchange
3.9 5.2 0.4 0.1 9.6 2.0 % Fourth
quarter 2017 net sales $ 358.8 $ 73.3 $ 69.6 $
6.8 $ 508.5 5.7 % Year over year growth, net sales
6.6 % 7.3 % (0.9 )% 15.3 % Fourth quarter 2016 Adjusted
EBITDA $ 49.9 $ 7.9 $ 5.8 $ (3.0 ) $ 60.6 Fourth quarter 2017
Adjusted EBITDA $ 50.5 $ 8.7 $ 8.6 $ (3.4 ) $ 64.5 Year over year
growth, Adjusted EBITDA 1.2 % 10.1 % 48.3 % nm 6.4 %
North
American
Residential
Segment
Europe
Segment
Architectural
Segment
Corporate
and Other
Consolidated % Change Year to date 2016
net sales $ 1,351.3 $ 301.2 $ 297.9 $ 23.6 $ 1,974.0 Volume* 44.0
0.3 (23.2 ) 0.8 21.9 1.1 % Average unit price 30.5 5.6 11.3 — 47.4
2.4 % Other (1.9 ) (3.1 ) 1.9 (0.7 ) (3.8 ) (0.2 )% Foreign
exchange 5.0 (12.1 ) 0.6 (0.1 ) (6.6 ) (0.3 )% Year
to date 2017 net sales $ 1,428.9 $ 291.9 $ 288.5
$ 23.6 $ 2,032.9 3.0 % Year over year growth,
net sales 5.7 % (3.1 )% (3.2 )% — % Year to date 2016
Adjusted EBITDA $ 212.6 $ 38.8 $ 25.2 $ (24.1 ) $ 252.5 Year to
date 2017 Adjusted EBITDA $ 200.2 $ 33.6 $ 30.1 $ (8.2 ) $ 255.6
Year over year growth, Adjusted EBITDA (5.8 )% (13.4 )% 19.4 % nm
1.2 %
(*) 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 Year Ended
December 31, 2017 January 1,
2017 December 31, 2017 January
1, 2017 Net sales $ 508,500 $ 481,027 $ 2,032,925 $
1,973,964 Cost of goods sold 408,386 384,533
1,625,942 1,564,319
Gross profit 100,114
96,494 406,983 409,645 Gross profit as a % of net sales 19.7 % 20.1
% 20.0 % 20.8 % Selling, general and administration expenses
59,608 63,488 246,855 260,364
Selling, general and administration
expenses as a
% of net sales
11.7 % 13.2 % 12.1 % 13.2 % Restructuring costs, net (136 )
1,314 850 1,445 Asset impairment — 1,511 — 1,511 Loss (gain) on
disposal of subsidiaries — — 212 (6,575 )
Operating income (loss) 40,642 30,181 159,066 152,900
Interest expense (income), net 8,804 7,028 30,153 28,178 Other
expense (income), net (634 ) (745 ) (1,091 ) (1,959 )
Income (loss) from continuing
operations
before income tax expense
(benefit)
32,472 23,898 130,004 126,681 Income tax expense (benefit) (40,802
) 6,196 (27,560 ) 21,787
Income (loss) from
continuing operations 73,274 17,702 157,564 104,894
Income (loss) from discontinued
operations, net
of tax
(65 ) (144 ) (583 ) (752 )
Net income (loss) 73,209 17,558
156,981 104,142
Less: net income (loss) attributable to
non
-controlling interest
1,397 2,128 5,242 5,520
Net income
(loss) attributable to Masonite $ 71,812 $ 15,430
$ 151,739 $ 98,622
Earnings (loss) per common share
attributable to
Masonite:
Basic $ 2.52 $ 0.51 $ 5.18 $ 3.25 Diluted $ 2.48 $ 0.50 $ 5.09 $
3.17
Earnings (loss) per common share from
continuing operations attributable to
Masonite:
Basic $ 2.53 $ 0.51 $ 5.20 $ 3.27 Diluted $ 2.48 $ 0.49 $ 5.11 $
3.19 Shares used in computing basic earnings per share
28,463,413 30,280,311 29,298,236 30,359,193 Shares used in
computing diluted earnings per share 28,969,630 31,010,490
29,814,659 31,101,076
MASONITE INTERNATIONAL
CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (In
thousands of U.S. dollars, except share amounts)
(Unaudited) ASSETS December 31,
2017
January 1,
2017
Current assets: Cash and cash equivalents $ 176,669 $ 71,714
Restricted cash 11,895 12,196 Accounts receivable, net 269,235
242,197 Inventories, net 234,042 225,940 Prepaid expenses 27,665
24,291 Income taxes receivable 2,364 2,399
Total
current assets 721,870 578,737 Property, plant and equipment,
net 573,559 542,088 Investment in equity investees 11,310 9,302
Goodwill 138,449 129,286 Intangible assets, net 182,484 190,154
Long-term deferred income taxes 29,899 9,478 Other assets, net
22,687 16,816
Total assets $ 1,680,258
$ 1,475,861
LIABILITIES AND EQUITY Current
liabilities: Accounts payable $ 94,497 $ 96,178 Accrued
expenses 126,759 133,799 Income taxes payable 869 1,201
Total current liabilities 222,125 231,178 Long-term
debt 625,657 470,745 Long-term deferred income taxes 60,820 70,423
Other liabilities 35,754 43,739
Total
liabilities 944,356 816,085 Commitments and Contingencies
Equity:
Share capital: unlimited shares
authorized, no par value, 28,369,877 and
29,774,784 shares issued and outstanding
as of December 31, 2017, and January
1, 2017, respectively
624,403 650,007 Additional paid-in capital 226,528 234,926
Accumulated deficit (18,150 ) (89,063 ) Accumulated other
comprehensive income (loss) (110,152 ) (148,986 )
Total equity
attributable to Masonite 722,629 646,884 Equity attributable to
non-controlling interests 13,273 12,892
Total
equity 735,902 659,776
Total liabilities and
equity $ 1,680,258 $ 1,475,861
MASONITE
INTERNATIONAL CORPORATION RECONCILIATION OF NON-GAAP
FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES (In
thousands of U.S. dollars, except share and per share amounts)
(Unaudited) Three Months Ended
Year Ended (In thousands)
December 31, 2017
January 1, 2017 December 31,
2017 January 1, 2017 Net income (loss)
attributable to Masonite $ 71,812 $ 15,430 $ 151,739 $ 98,622
Add: Asset impairment — 1,511 — 1,511 Add: Loss (gain) on
disposal of subsidiaries — — 212 (6,575 ) Add: Income tax benefit
as a result of U.S. Tax Reform (27,138 ) — (27,138 ) —
Add: Income tax benefit as a result of
the
release of valuation allowances *
(24,069 ) — (25,396 ) — Income tax impact of adjustments — —
— 737 Adjusted net income (loss) attributable
to Masonite $ 20,605 $ 16,941 $ 99,417 $
94,295
Diluted earnings (loss) per common
share
attributable to Masonite ("EPS")
$ 2.48 $ 0.50 $ 5.09 $ 3.17
Diluted adjusted earnings (loss) per
common
share attributable to Masonite
("Adjusted
EPS")
$ 0.71 $ 0.55 $ 3.33 $ 3.03
Shares used in computing diluted EPS
and
diluted Adjusted EPS
28,969,630 31,010,490 29,814,659 31,101,076
* Full year results for the year ended
December 31, 2017, were reclassified from the previously-presented
amounts in order to conform to the
current basis of presentation.
The weighted average number of shares outstanding utilized for
the diluted EPS and diluted Adjusted EPS calculation contemplates
the exercise of all currently outstanding SARs and the conversion
of all RSUs. The dilutive effect of such equity awards is
calculated based on the weighted average share price for each
fiscal period using the treasury stock method.
Three Months Ended December 31, 2017 (In thousands)
North
American
Residential
Europe Architectural
Corporate &
Other
Total Adjusted EBITDA $ 50,510 $ 8,734 $ 8,649 $
(3,427 ) $ 64,466 Less (plus): Depreciation 7,147 2,376 2,167 2,363
14,053 Amortization 865 2,111 2,351 1,266 6,593 Share based
compensation expense — — — 2,950 2,950
Loss (gain) on disposal of property,
plant and equipment
96 (220 ) 488 — 364 Restructuring costs — — 242 (378 ) (136 )
Interest expense (income), net — — — 8,804 8,804 Other expense
(income), net — (14 ) — (620 ) (634 ) Income tax expense (benefit)
— — — (40,802 ) (40,802 )
Loss (income) from discontinued
operations, net of tax
— — — 65 65
Net income (loss) attributable to non-
controlling interest
833 — — 564 1,397
Net income (loss) attributable to
Masonite
$ 41,569 $ 4,481 $ 3,401 $ 22,361 $
71,812
Three Months Ended January 1,
2017 (In thousands)
North
American
Residential
Europe Architectural
Corporate &
Other
Total Adjusted EBITDA $ 49,930 $ 7,905 $ 5,828 $
(3,014 ) $ 60,649 Less (plus): Depreciation 7,447 1,972 2,797 2,010
14,226 Amortization 870 1,997 1,773 888 5,528 Share based
compensation expense — — — 6,868 6,868
Loss (gain) on disposal of property,
plant and equipment
252 391 378 — 1,021 Restructuring costs — (2 ) 1,313 3 1,314 Asset
impairment — — 1,511 — 1,511 Loss (gain) on disposal of
subsidiaries — — — — — Interest expense (income), net — — — 7,028
7,028 Loss on extinguishment of debt — — — — — Other expense
(income), net — 411 — (1,156 ) (745 ) Income tax expense (benefit)
— — — 6,196 6,196
Loss (income) from discontinued
operations, net of tax
— — — 144 144
Net income (loss) attributable to non-
controlling interest
767 — — 1,361 2,128
Net income (loss) attributable to
Masonite
$ 40,594 $ 3,136 $ (1,944 ) $ (26,356 ) $ 15,430
Year Ended December 31, 2017 (In
thousands)
North
American
Residential
Europe Architectural
Corporate &
Other
Total Adjusted EBITDA $ 200,179 $ 33,564 $ 30,050 $
(8,225 ) $ 255,568 Less (plus): Depreciation 29,798 9,588 9,032
9,110 57,528 Amortization 3,369 7,867 8,742 4,397 24,375 Share
based compensation expense — — — 11,644 11,644
Loss (gain) on disposal of property,
plant and equipment
770 293 328 502 1,893 Restructuring costs — (27 ) 2,394 (1,517 )
850 Loss (gain) on disposal of subsidiaries — 212 — — 212 Interest
expense (income), net — — — 30,153 30,153 Other expense (income),
net — (24 ) — (1,067 ) (1,091 ) Income tax expense (benefit) — — —
(27,560 ) (27,560 )
Loss (income) from discontinued
operations, net of tax
— — — 583 583
Net income (loss) attributable to non-
controlling interest
3,519 — — 1,723 5,242
Net income (loss) attributable to
Masonite
$ 162,723 $ 15,655 $ 9,554 $ (36,193 ) $
151,739
Year Ended January 1, 2017 (In
thousands)
North
American
Residential
Europe Architectural
Corporate &
Other
Total Adjusted EBITDA $ 212,619 $ 38,795 $ 25,160 $
(24,061 ) $ 252,513 Less (plus): Depreciation 31,159 8,480 9,622
8,343 57,604 Amortization 4,383 9,069 7,999 3,276 24,727 Share
based compensation expense — — — 18,790 18,790
Loss (gain) on disposal of property,
plant and equipment
1,094 564 484 (31 ) 2,111 Restructuring costs — 19 1,313 113 1,445
Asset impairment — — 1,511 — 1,511 Loss (gain) on disposal of
subsidiaries — (1,431 ) — (5,144 ) (6,575 ) Interest expense
(income), net — — — 28,178 28,178 Other expense (income), net — 557
— (2,516 ) (1,959 ) Income tax expense (benefit) — — — 21,787
21,787
Loss (income) from discontinued
operations, net of tax
— — — 752 752
Net income (loss) attributable to non-
controlling interest
3,389 — — 2,131 5,520
Net income (loss) attributable to
Masonite
$ 172,594 $ 21,537 $ 4,231 $ (99,740 ) $
98,622
View source
version on businesswire.com: http://www.businesswire.com/news/home/20180221006376/en/
Masonite International Corporationjoanne freiberger, CPA,
CTP, IRC, 813-739-1808VP,
TREASURERjfreiberger@masonite.comorbrian prenoveau, CFA,
813-371-5839DIRECTOR, INVESTOR RELATIONSbprenoveau@masonite.com
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