EX-99.1 2 a20171107earningsrelease.htm EXHIBIT 99.1 2017.11.07 Earnings Release
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PRESS RELEASE     Exhibit 99.1
_________________________________________________________________________________


joanne freiberger, CPA, CTP
VP, TREASURER
jfreiberger@masonite.com
813.739.1808

brian prenoveau, CFA
DIRECTOR, INVESTOR RELATIONS
bprenoveau@masonite.com
813.371.5839


Masonite International Corporation Reports 2017 Third Quarter Financial Results


(Tampa, FL, November 7, 2017) - Masonite International Corporation ("Masonite" or "the Company") (NYSE: DOOR) today announced results for the three and nine months ended October 1, 2017.

Executive Summary - 3Q17 versus 3Q16
Net sales increased 6% to $518 million versus $490 million. Excluding foreign exchange, net sales increased 5%.
Net income attributable to Masonite decreased to $29 million versus $32 million.
Diluted earnings per share decreased to $1.00 from $1.03. Adjusted earnings per share* increased to $1.00 versus $0.89.
Adjusted EBITDA* increased 7% to $70 million versus $65 million.
Repurchased 1,155,713 shares of stock in the third quarter for approximately $72 million.


“We are encouraged by the improved volume trend and operational recovery in our business.  While the third quarter began with weak margins as we worked through higher cost inventory, they steadily improved each month,” said Fred Lynch, President and CEO. “With our manufacturing productivity back on track to levels we anticipated, we expect margin growth to resume, particularly in 2018 and beyond.”


* See "Non-GAAP Financial Measures and Related Information" for definition and reconciliation of non-GAAP measures.
                                                                                                                                  
masonite.com                                     otetm.jpg

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Third Quarter 2017 Discussion
Net sales increased 6% to $518 million in the third quarter of 2017, from $490 million in the comparable period of 2016. The increase in net sales was a result of a 3% increase in volume, due primarily to higher volumes in our North American Residential and Europe segments, a 2% increase in average unit price and a 1% benefit from foreign exchange.

North American Residential net sales were $364 million, an 8% increase over the third quarter of 2016, driven by a 5% increase in volume, a 1% increase in average unit price, and a 1% benefit from foreign exchange related to the Canadian dollar.
Europe net sales were $75 million, a 7% increase from the third quarter of 2016, due to 6% increase in volume. A 1% increase in AUP was essentially offset by a 1% decrease in the sale of component products.
Architectural net sales were $74 million, a 4% decrease from the third quarter of 2016, driven by an 8% decline in sales volume which was partially offset by a 4% increase in average unit price and higher components sales. Sales volume was down due to higher production backlogs resulting primarily from the transition of products from the Algoma, Wisconsin, plant to other sites.

Total company gross profit was essentially flat at $104 million in the third quarter of 2017 compared to the third quarter of 2016. Gross profit margin decreased 110 basis points to 20.1%, due primarily to higher materials costs and distribution inefficiencies related to maintaining customer service levels.

Selling, general and administrative expenses (SG&A) of $59 million were down $4 million, or 7%, compared to the third quarter of 2016. The decline in SG&A was driven by an $8 million decrease in personnel costs, primarily due to a reduction in our incentive pay accrual. This decrease was partially offset by a $2 million increase in marketing costs and $1 million of professional fees. SG&A as a percentage of net sales was 11.4%, a 150 basis point improvement compared to the third quarter of 2016.

Net income attributable to Masonite decreased $3 million to $29 million in the third quarter of 2017. The third quarter of 2016 benefited from a $5 million gain related to the sale of Masonite Africa Limited. Adjusted EBITDA* increased 7% to $70 million in the third quarter of 2017 from $65 million in the third quarter of 2016.

Diluted earnings per share were $1.00 in the third quarter of 2017 compared to $1.03 in the comparable 2016 period. Diluted adjusted earnings per share* were $1.00 in the third quarter of 2017 compared to $0.89 in the comparable 2016 period.

Masonite repurchased 1,155,713 shares of stock in the third quarter for $72 million, at an average price of $62.28.





2
* See "Non-GAAP Financial Measures and Related Information" for definition and reconciliation of non-GAAP measures.

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Year to Date 2017 Discussion
Net sales increased 2% to $1,524 million in the first nine months of 2017, from $1,493 million in the comparable period of 2016. Average unit price increased by 2% and volume increased 1%, partially offset by a 1% headwind from foreign exchange.

North American Residential net sales were $1,070 million, a 6% increase over the first nine months of 2016, driven primarily by a 3% increase in sales volume and a 2% increase in average unit price.
Europe net sales were $219 million, a 6% decrease over the first nine months of 2016, due to 7% of negative foreign exchange. Average unit price and volume both increased by 1%.
Architectural net sales were $219 million, a 4% decrease over the first nine months of 2016, driven by a 9% decline in sales volume, partially offset by a 4% increase in average unit price and higher components sales.

Total company gross profit decreased 2% to $307 million in the first nine months of 2017, from $313 million in the first nine months of 2016. Gross profit margin decreased 90 basis points to 20.1%, due to operational inefficiencies primarily in the North American Residential segment.

Selling, general and administrative expenses (SG&A) of $187 million were down $10 million compared to the first nine months of 2016. The decrease was driven by a $12 million decrease in personnel costs, primarily due to a reduction in our incentive pay accrual, a $3 million reduction of non-cash items in SG&A expenses, including share based compensation and favorable foreign exchange impacts of $2 million. The decreases were partially offset by a $4 million increase in marketing costs and $3 million of other increases. SG&A as a percentage of net sales was 12.3%, a 90 basis point improvement from the first nine months of 2016.

Net income attributable to Masonite decreased $3 million to $80 million in the first nine months of 2017. Adjusted EBITDA* decreased $1 million to $191 million for the first nine months of 2017, from $192 million in the comparable 2016 period.

Diluted earnings per share were $2.65 in the first nine months of 2017 compared to $2.66 in the comparable 2016 period. Diluted adjusted earnings per share* were $2.66 in the first nine months of 2017 versus $2.47 in the comparable 2016 period.

Masonite repurchased 1,654,628 shares of stock in the first nine months for $110 million, at an average price of $66.40.






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* See "Non-GAAP Financial Measures and Related Information" for definition and reconciliation of non-GAAP measures.

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Masonite Earnings Conference Call
The Company will hold a live conference call and webcast on November 8, 2017. 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: Q3'17 Earnings Webcast.

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 November 22, 2017. To access the replay, please dial 877-660-6853 (in the U.S.) or 201-612-7415 (outside U.S.). Enter Conference ID #13672286.

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 2017 outlook or long term growth framework, 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, 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

4
* See "Non-GAAP Financial Measures and Related Information" for definition and reconciliation of non-GAAP measures.

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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 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

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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 loss on extinguishment of debt, net of related tax expense (benefit). 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.

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* See "Non-GAAP Financial Measures and Related Information" for definition and reconciliation of non-GAAP measures.

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MASONITE INTERNATIONAL CORPORATION
SALES RECONCILIATION AND ADJUSTED EBITDA BY REPORTABLE SEGMENT
(In millions of U.S. dollars)
(Unaudited)
 
North American Residential
 
Europe
 
Architectural
 
Corporate & Other
 
Total
 
% Change
Third quarter 2016 net sales
$
337.7

 
$
70.0

 
$
76.6

 
$
5.3

 
$
489.6

 
 
Volume*
18.5

 
4.2

 
(6.5
)
 
(0.5
)
 
15.7

 
3.2
%
Average unit price
4.4

 
0.7

 
2.9

 

 
8.0

 
1.6
%
Components and other
(0.1
)
 
(0.5
)
 
0.3

 
0.2

 
(0.1
)
 
%
Foreign exchange
3.7

 
0.4

 
0.3

 
(0.1
)
 
4.3

 
0.9
%
Third quarter 2017 net sales
$
364.2

 
$
74.8

 
$
73.6

 
$
4.9

 
$
517.5

 
 
Year over year growth, net sales
7.8
 %
 
6.9
%
 
(3.9
)%
 
(7.5
)%
 
5.7
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Third quarter 2016 Adjusted EBITDA
$
55.6

 
$
7.9

 
$
7.2

 
$
(5.7
)
 
$
65.1

 
 
Third quarter 2017 Adjusted EBITDA
50.1

 
8.2

 
8.7

 
2.7

 
69.7

 
 
Year over year growth, Adjusted EBITDA
(9.9
)%
 
3.8
%
 
20.8
 %
 
nm

 
7.1
%
 
 

MASONITE INTERNATIONAL CORPORATION
SALES RECONCILIATION AND ADJUSTED EBITDA BY REPORTABLE SEGMENT
(In millions of U.S. dollars)
(Unaudited)
 
North American Residential
 
Europe
 
Architectural
 
Corporate & Other
 
Total
 
% Change
Year to date 2016 net sales
$
1,014.6

 
$
232.8

 
$
227.7

 
$
17.7

 
$
1,492.9

 
 
Volume*
31.1

 
2.5

 
(20.1
)
 
0.1

 
13.6

 
0.9
 %
Average unit price
24.4

 
3.0

 
9.4

 

 
36.8

 
2.5
 %
Components and other
(1.1
)
 
(2.4
)
 
1.7

 
(0.8
)
 
(2.7
)
 
(0.2
)%
Foreign exchange
1.1

 
(17.3
)
 
0.2

 
(0.2
)
 
(16.2
)
 
(1.1
)%
Year to date 2017 net sales
$
1,070.1

 
$
218.6

 
$
218.9

 
$
16.8

 
$
1,524.4

 
 
Year over year growth, net sales
5.5
 %
 
(6.1
)%
 
(3.9
)%
 
(5.1
)%
 
2.1
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year to date 2016 Adjusted EBITDA
$
162.7

 
$
30.9

 
$
19.3

 
$
(21.0
)
 
$
191.9

 
 
Year to date 2017 Adjusted EBITDA
149.7

 
24.8

 
21.4

 
(4.8
)
 
191.1

 
 
Year over year growth, Adjusted EBITDA
(8.0
)%
 
(19.7
)%
 
10.9
 %
 
nm

 
(0.4
)%
 
 


(*) Includes the incremental impact of acquisitions and dispositions.


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* See "Non-GAAP Financial Measures and Related Information" for definition and reconciliation of non-GAAP measures.

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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
 
October 1,
2017
 
October 2,
2016
 
October 1,
2017
 
October 2,
2016
Net sales
$
517,503

 
$
489,647

 
$
1,524,425

 
$
1,492,937

Cost of goods sold
413,517

 
385,845

 
1,217,556

 
1,179,786

Gross profit
103,986

 
103,802

 
306,869

 
313,151

Gross profit as a % of net sales
20.1
%
 
21.2
%
 
20.1
%
 
21.0
%
 
 
 
 
 
 
 
 
Selling, general and administration expenses
58,798

 
63,017

 
187,247

 
196,876

Selling, general and administration expenses as a % of net sales
11.4
%
 
12.9
%
 
12.3
%
 
13.2
%
 
 
 
 
 
 
 
 
Restructuring costs, net
1,393

 
215

 
986

 
131

Loss (gain) on disposal of subsidiaries

 
(5,144
)
 
212

 
(6,575
)
Operating income (loss)
43,795

 
45,714

 
118,424

 
122,719

Interest expense (income), net
7,213

 
6,985

 
21,349

 
21,150

Other expense (income), net
(186
)
 
(1,199
)
 
(457
)
 
(1,214
)
Income (loss) from continuing operations before income tax expense (benefit)
36,768

 
39,928

 
97,532

 
102,783

Income tax expense (benefit)
5,989

 
6,526

 
13,242

 
15,591

Income (loss) from continuing operations
30,779

 
33,402

 
84,290

 
87,192

Income (loss) from discontinued operations, net of tax
(139
)
 
(236
)
 
(518
)
 
(608
)
Net income (loss)
30,640

 
33,166

 
83,772

 
86,584

Less: net income (loss) attributable to non-controlling interest
1,162

 
1,157

 
3,845

 
3,392

Net income (loss) attributable to Masonite
$
29,478

 
$
32,009

 
$
79,927

 
$
83,192

 
 
 
 
 
 
 
 
Earnings (loss) per common share attributable to Masonite:
 
 
 
 
 
 
 
Basic
$
1.01

 
$
1.05

 
$
2.70

 
$
2.73

Diluted
$
1.00

 
$
1.03

 
$
2.65

 
$
2.66

 
 
 
 
 
 
 
 
Earnings (loss) per common share from continuing operations attributable to Masonite:
 
 
 
 
 
 
 
Basic
$
1.02

 
$
1.06

 
$
2.72

 
$
2.75

Diluted
$
1.00

 
$
1.03

 
$
2.67

 
$
2.68

 
 
 
 
 
 
 
 
Shares used in computing basic earnings per share
29,086,174

 
30,416,648

 
29,579,076

 
30,496,404

Shares used in computing diluted earnings per share
29,574,793

 
31,173,776

 
30,136,303

 
31,257,009



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MASONITE INTERNATIONAL CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands of U.S. dollars, except share amounts)
(Unaudited)
ASSETS
October 1,
2017
 
January 1, 2017
Current assets:
 
 
 
Cash and cash equivalents
$
151,031

 
$
71,714

Restricted cash
11,895

 
12,196

Accounts receivable, net
291,622

 
242,197

Inventories, net
252,105

 
225,940

Prepaid expenses
27,273

 
24,291

Income taxes receivable
1,702

 
2,399

Total current assets
735,628

 
578,737

Property, plant and equipment, net
557,773

 
542,088

Investment in equity investees
10,595

 
9,302

Goodwill
132,205

 
129,286

Intangible assets, net
182,808

 
190,154

Long-term deferred income taxes
9,385

 
9,478

Other assets, net
21,871

 
16,816

Total assets
$
1,650,265

 
$
1,475,861

 
 
 
 
LIABILITIES AND EQUITY
 
 
 
Current liabilities:
 
 
 
Accounts payable
$
110,987

 
$
96,178

Accrued expenses
123,652

 
133,799

Income taxes payable
959

 
1,201

Total current liabilities
235,598

 
231,178

Long-term debt
625,799

 
470,745

Long-term deferred income taxes
80,607

 
70,423

Other liabilities
37,501

 
43,739

Total liabilities
979,505

 
816,085

Commitments and Contingencies
 
 
 
Equity:
 
 
 
Share capital: unlimited shares authorized, no par value, 28,461,124 and 29,774,784 shares issued and outstanding as of October 1, 2017, and January 1, 2017, respectively
626,679

 
650,007

Additional paid-in capital
225,671

 
234,926

Accumulated deficit
(83,010
)
 
(89,063
)
Accumulated other comprehensive income (loss)
(113,102
)
 
(148,986
)
Total equity attributable to Masonite
656,238

 
646,884

Equity attributable to non-controlling interests
14,522

 
12,892

Total equity
670,760

 
659,776

Total liabilities and equity
$
1,650,265

 
$
1,475,861



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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
 
Nine Months Ended
(In thousands)
October 1,
2017
 
October 2,
2016
 
October 1,
2017
 
October 2,
2016
Net income (loss) attributable to Masonite
$
29,478

 
$
32,009

 
$
79,927

 
$
83,192

 
 
 
 
 
 
 
 
Add: Loss (gain) on disposal of subsidiaries

 
(5,144
)
 
212

 
(6,575
)
Tax impact of adjustments

 
737

 

 
737

Adjusted net income (loss) attributable to Masonite
$
29,478

 
$
27,602

 
$
80,139

 
$
77,354

 
 
 
 
 
 
 
 
Diluted earnings (loss) per common share attributable to Masonite ("EPS")
$
1.00

 
$
1.03

 
$
2.65

 
$
2.66

Diluted adjusted earnings (loss) per common share attributable to Masonite ("Adjusted EPS")
$
1.00

 
$
0.89

 
$
2.66

 
$
2.47

 
 
 
 
 
 
 
 
Shares used in computing diluted EPS
29,574,793

 
31,173,776

 
30,136,303

 
31,257,009


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 warrants 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.

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Three Months Ended October 1, 2017
(In thousands)
North American Residential
 
Europe
 
Architectural
 
Corporate & Other
 
Total
Adjusted EBITDA
$
50,126

 
$
8,219

 
$
8,692

 
$
2,669

 
$
69,706

Less (plus):
 
 
 
 
 
 
 
 
 
Depreciation
7,871

 
2,008

 
2,081

 
2,214

 
14,174

Amortization
869

 
2,061

 
2,075

 
1,211

 
6,216

Share based compensation expense

 

 

 
2,740

 
2,740

Loss (gain) on disposal of property, plant and equipment
877

 
244

 
33

 
234

 
1,388

Restructuring costs

 
69

 
1,378

 
(54
)
 
1,393

Loss (gain) on disposal of subsidiaries

 

 

 

 

Interest expense (income), net

 

 

 
7,213

 
7,213

Other expense (income), net

 
(23
)
 

 
(163
)
 
(186
)
Income tax expense (benefit)

 

 

 
5,989

 
5,989

Loss (income) from discontinued operations, net of tax

 

 

 
139

 
139

Net income (loss) attributable to non-controlling interest
844

 

 

 
318

 
1,162

Net income (loss) attributable to Masonite
$
39,665

 
$
3,860

 
$
3,125

 
$
(17,172
)
 
$
29,478


 
Three Months Ended October 2, 2016
(In thousands)
North American Residential
 
Europe
 
Architectural
 
Corporate & Other
 
Total
Adjusted EBITDA
$
55,648

 
$
7,933

 
$
7,229

 
$
(5,703
)
 
$
65,107

Less (plus):
 
 
 
 
 
 
 
 
 
Depreciation
7,666

 
1,952

 
2,242

 
2,135

 
13,995

Amortization
1,130

 
2,283

 
2,015

 
789

 
6,217

Share based compensation expense

 

 

 
3,412

 
3,412

Loss (gain) on disposal of property, plant and equipment
552

 
142

 
4

 

 
698

Restructuring costs

 

 

 
215

 
215

Loss (gain) on disposal of subsidiaries

 

 

 
(5,144
)
 
(5,144
)
Interest expense (income), net

 

 

 
6,985

 
6,985

Other expense (income), net

 
53

 

 
(1,252
)
 
(1,199
)
Income tax expense (benefit)

 

 

 
6,526

 
6,526

Loss (income) from discontinued operations, net of tax

 

 

 
236

 
236

Net income (loss) attributable to non-controlling interest
926

 

 

 
231

 
1,157

Net income (loss) attributable to Masonite
$
45,374

 
$
3,503

 
$
2,968

 
$
(19,836
)
 
$
32,009


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Nine Months Ended October 1, 2017
(In thousands)
North American Residential
 
Europe
 
Architectural
 
Corporate & Other
 
Total
Adjusted EBITDA
$
149,669

 
$
24,830

 
$
21,401

 
$
(4,798
)
 
$
191,102

Less (plus):
 
 
 
 
 
 
 
 
 
Depreciation
22,651

 
7,212

 
6,865

 
6,747

 
43,475

Amortization
2,504

 
5,756

 
6,391

 
3,131

 
17,782

Share based compensation expense

 

 

 
8,694

 
8,694

Loss (gain) on disposal of property, plant and equipment
674

 
513

 
(160
)
 
502

 
1,529

Restructuring costs

 
(27
)
 
2,152

 
(1,139
)
 
986

 Loss (gain) on disposal of subsidiaries

 
212

 

 

 
212

Interest expense (income), net

 

 

 
21,349

 
21,349

Other expense (income), net

 
(10
)
 

 
(447
)
 
(457
)
Income tax expense (benefit)

 

 

 
13,242

 
13,242

Loss (income) from discontinued operations, net of tax

 

 

 
518

 
518

Net income (loss) attributable to non-controlling interest
2,686

 

 

 
1,159

 
3,845

Net income (loss) attributable to Masonite
$
121,154

 
$
11,174

 
$
6,153

 
$
(58,554
)
 
$
79,927

 
Nine Months Ended October 2, 2016
(In thousands)
North American Residential
 
Europe
 
Architectural
 
Corporate & Other
 
Total
Adjusted EBITDA
$
162,689

 
$
30,890

 
$
19,332

 
$
(21,047
)
 
$
191,864

Less (plus):
 
 
 
 
 
 
 
 
 
Depreciation
23,712

 
6,508

 
6,825

 
6,333

 
43,378

Amortization
3,513

 
7,072

 
6,226

 
2,388

 
19,199

Share based compensation expense

 

 

 
11,922

 
11,922

Loss (gain) on disposal of property, plant and equipment
842

 
173

 
106

 
(31
)
 
1,090

Restructuring costs

 
21

 

 
110

 
131

Loss (gain) on disposal of subsidiaries

 
(1,431
)
 

 
(5,144
)
 
(6,575
)
Interest expense (income), net

 

 

 
21,150

 
21,150

Other expense (income), net

 
146

 

 
(1,360
)
 
(1,214
)
Income tax expense (benefit)

 

 

 
15,591

 
15,591

Loss (income) from discontinued operations, net of tax

 

 

 
608

 
608

Net income (loss) attributable to non-controlling interest
2,622

 

 

 
770

 
3,392

Net income (loss) attributable to Masonite
$
132,000

 
$
18,401

 
$
6,175

 
$
(73,384
)
 
$
83,192




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