Masonite International Corporation ("Masonite") (NYSE: DOOR) today announced preliminary results for the full year and the fourth quarter ended December 29, 2013.
- Net sales for the full year and fourth quarter ended December 29, 2013 are expected to be between $1,728.5 to $1,733.5 million and $418.0 to $423.0 million, respectively as compared to the full year and fourth quarter ended December 31, 2012 of $1,676.0 million and $418.2 million, respectively.
- Adjusted EBITDA for the full year and fourth quarter ended December 29, 2013 are expected to be between $104.7 to $106.9 million and $16.7 to $18.9 million, respectively as compared to the full year and fourth quarter ended December 31, 2012 of $97.3 million and $25.6 million, respectively.
“2013 was a critical year in Masonite’s business transformation,” said Fred Lynch, President and Chief Executive Officer. “The strategic tuck-in acquisition program we initiated three years ago has helped make us a market leader in the seven product categories we target and has positioned us well for what we expect to be a multi-year recovery in the U.S. housing market.” Mr. Lynch continued, “We are also encouraged by recently conducted retail price shops showing consumer prices for our products have increased which should translate into positive pricing trends across all of our North American residential distribution channels in 2014.”
“As expected and previously disclosed, 2013 fourth quarter Adjusted EBITDA will be below the fourth quarter of 2012 due in part to the inclusion of a $3.3 million business interruption insurance recovery in the year ago period and approximately $2.0 million dollars of operational items incurred in our North America segment such as the decision to slow certain production and reduce inventory levels, costs associated with optimizing our new automated manufacturing process at Denmark, South Carolina and incremental costs related to the recently added Home Depot Nevada and Arizona market,” said Mark Erceg, Executive Vice President and Chief Financial Officer. “Additionally, our Europe, Asia and Latin America segment’s fourth quarter results were negatively impacted, by approximately $4.5 million dollars, related to the combination of the integration of Masisa, the decision to discontinue sales into Poland and product quality issues in Israel.”