Source: Business Wire
Masonite International Corporation ("Masonite") announced preliminary results for the full year and the fourth quarter ended December 29, 2013.
Executive Summary
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.
“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.”
Masonite expects to issue a release with final results for the full year and the fourth quarter ended December 29, 2013, and hold a related earnings call to discuss 2013 results, on Monday February 24, 2014.
Masonite has provided a range, rather than a specific amount, for the preliminary results described above primarily because its financial closing procedures for the year ended December 29, 2013 are not yet complete. Final results upon completion of its normal closing procedures may vary from the preliminary estimates described above. In addition, Masonite’s auditors have not yet completed their audit of the company’s results for the year ended December 29, 2013.
- 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.
“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.”
Masonite expects to issue a release with final results for the full year and the fourth quarter ended December 29, 2013, and hold a related earnings call to discuss 2013 results, on Monday February 24, 2014.
Masonite has provided a range, rather than a specific amount, for the preliminary results described above primarily because its financial closing procedures for the year ended December 29, 2013 are not yet complete. Final results upon completion of its normal closing procedures may vary from the preliminary estimates described above. In addition, Masonite’s auditors have not yet completed their audit of the company’s results for the year ended December 29, 2013.