TAMPA, Fla.--(BUSINESS WIRE)--Masonite International Corporation ("Masonite" or "the Company") (NYSE: DOOR) today announced results for the three and six months ended July 3, 2016.
Executive Summary
- Net sales increased $37.6 million, or 8% compared to the second quarter of 2015, to $514.0 million. Excluding foreign exchange, net sales would have increased 10%.
- Net income attributable to Masonite increased $20.0 million to $33.4 million in the second quarter of 2016, including a discrete $6.2 million tax benefit.
- Adjusted EBITDA1 increased $9.4 million, or 16%, to $68.5 million. Adjusted EBITDA margin increased to 13.3% in the second quarter of 2016.
- Diluted earnings per share of $1.06 compares to $0.42 in the second quarter of 2015.
- Adjusted earnings per diluted share1 of $1.02 compares to $0.42 in the second quarter of 2015.
- In the second quarter of 2016, Masonite repurchased 455,358 shares of stock at an average price of $67.14, or $31 million.
“We are pleased with the solid growth we experienced in the second quarter, particularly in North America. Our business in the UK also continued to deliver solid results and, despite the near-term uncertainly presented by the recent Brexit vote, we remain confident in the long-term prospects for the UK housing market, as well as that of both the residential and architectural markets in North America,” said Fred Lynch, President and CEO. “We will continue to focus on strategic initiatives and purposeful investments to grow the business over the long term.”
Second Quarter 2016 Discussion
Net sales increased 8% to $514.0 million in the second quarter of 2016, from $476.4 million in the comparable period of 2015. Excluding the unfavorable impact of foreign exchange, net sales would have increased by 10% to $522.0 million. The increase was primarily due to a $30.1 million increase in volumes and $14.0 million of improvements in average unit price, partially offset by $8.0 million of negative foreign exchange.
- North American Residential net sales were $348.2 million, a 14% increase over the second quarter of 2015, driven primarily by $42.5 million of increased volume and a $6.2 million improvement in average unit price, partially offset by $5.1 million of foreign exchange.
- Europe net sales were $82.2 million, a 7% increase over the second quarter of 2015 driven primarily by a $6.1 million improvement in average unit price and $1.1 million of increased volume, partially offset by $2.4 million of foreign exchange.
- Architectural net sales were $77.6 million, a 2% increase over the second quarter of 2015 driven primarily by a $1.7 million improvement in average unit price, partially offset by $0.4 million of foreign exchange headwinds.
Total company gross profit increased 17% to $111.1 million in the second quarter of 2016, from $95.0 million in the second quarter of 2015. Gross profit margin increased 170 basis points to 21.6%, primarily due to increases in average unit price, lower commodities costs and the favorable impact of volume leverage on our fixed costs.
Selling, general and administrative expenses (SG&A) increased 17% to $69.0 million in the second quarter of 2016 and SG&A as a percentage of net sales increased 110 basis points to 13.4%. The increase in SG&A expenses was driven by increased personnel costs, which includes shared based compensation, as well as investments in advertising, marketing, and branding, and professional fees primarily related to IT and digital initiatives.
Net income attributable to Masonite increased $20.0 million to $33.4 million in the second quarter of 2016, from $13.4 million in the comparable 2015 period. Included in net income is a $6.2 million income tax benefit as a result of adopting new accounting standards related to share based compensation.
Adjusted EBITDA increased 16% to $68.5 million for the second quarter of 2016, from $59.1 million in the comparable 2015 period. Adjusted EBITDA margin increased to 13.3% in the second quarter of 2016.
Diluted earnings per share were $1.06 in the second quarter of 2016 compared to $0.42 in the comparable 2015 period. Adjusted earnings per share were $1.02 in the second quarter of 2016 compared to $0.42 in the comparable 2015 period.
Year to date 2016
Net sales increased 10% to $1,003.3 million in the first six months of 2016, from $910.9 million in the comparable period of 2015. Excluding the unfavorable impact of foreign exchange, net sales would have increased by 12% to $1,024.2 million. The increase was primarily due to a $74.6 million increase in volumes and $34.2 million of improvements in average unit prices, partially offset by $20.9 million of negative foreign exchange.
- North American Residential net sales were $676.9 million, a 17% increase over the first six months of 2015, driven primarily by $92.6 million of increased volumes and a $20.0 million improvement in average unit price, partially offset by $14.4 million of foreign exchange.
- Europe net sales were $162.8 million, a 7% increase over the first six months of 2015 driven primarily by a $12.9 million improvement in average unit price and $1.5 million of increased sales of component products, partially offset by $5.0 million of foreign exchange.
- Architectural net sales were $151.2 million, a 6% increase over the first six months of 2015 driven primarily by $6.3 million of increased volume, $2.0 million of increased sales of component products, and $1.3 million of higher average unit price partially offset by $1.3 million of negative foreign exchange.
Total company gross profit increased 24% to $209.3 million in the first six months of 2016, from $168.3 million in the first six months of 2015. Gross profit margin increased 240 basis points to 20.9%, primarily due to increases in average unit price and the favorable impact of volume on our fixed costs.
Selling, general and administrative expenses (SG&A) increased 14% to $133.9 million in the first six months of 2016 and SG&A as a percentage of net sales increased 50 basis points to 13.3%. The increase in SG&A expenses was driven primarily by new personnel, professional fees and share based compensation expense.
Net income attributable to Masonite increased $68.8 million to $51.2 million in the first six months of 2016, from ($17.6) million in the comparable 2015 period. Included in net income is the previously mentioned $6.2 million income tax benefit in the second quarter as a result of adopting new accounting standards related to share based compensation transactions.
Adjusted EBITDA increased 31% to $126.8 million for the first six months of 2016, from $96.8 million in the comparable 2015 period. Adjusted EBITDA margin increased to 12.6% in the first six months of 2016.
Diluted earnings per share were $1.64 in the first six months of 2016 compared to $(0.58) in the comparable 2015 period. Adjusted earnings per share were $1.59 in the first six months of 2016 compared to $0.33 in the comparable 2015 period, which exclude charges related to the March 2015 debt refinancing.
Masonite Earnings Conference Call
The Company will hold a live conference call and webcast on August 11, 2016. The live audio webcast will begin at 9:00 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: Q2'16 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 August 25, 2016. To access the replay, please dial 877-660-6853 (in the U.S.) or 201-612-7415 (outside U.S.). Enter Conference ID #13641059.
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 8,000 customers in 73 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; the United Kingdom referendum to exit the European Union; 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
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. Beginning with the third quarter of 2015, we revised our calculation of Adjusted EBITDA to separately exclude loss (gain) on disposal of subsidiaries. The revision to this definition had no impact on our reported Adjusted EBITDA for the three or six months ended June 28, 2015. Adjusted EBITDA (as revised) 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. 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 dependent on future uncertainties.
Adjusted EPS for the three and six months ended July 3, 2016 and June 28, 2015 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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MASONITE INTERNATIONAL CORPORATION SALES RECONCILIATION AND ADJUSTED EBITDA BY REPORTABLE SEGMENT (In millions of U.S. dollars) (Unaudited) |
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| North | |||||||||||||||||||||||
| American | Corporate | ||||||||||||||||||||||
| Residential | Europe | Architectural | & Other | Total | % Change | ||||||||||||||||||
| Second quarter 2015 net sales | $ | 304.9 | $ | 77.1 | $ | 76.0 | $ | 18.5 | $ | 476.4 | |||||||||||||
| Volume* | 42.5 | 1.1 | (0.1 | ) | (13.4 | ) | 30.1 | 6.3 | % | ||||||||||||||
| Average unit price | 6.2 | 6.1 | 1.7 | — |
14.0 |
|
2.9 |
% |
|||||||||||||||
| Components and other | (0.3 | ) | 0.3 | 0.4 | 1.0 | 1.5 | 0.3 | % | |||||||||||||||
| Foreign exchange | $ | (5.1 | ) | $ | (2.4 | ) | $ | (0.4 | ) | $ | (0.1 | ) | $ | (8.0 | ) | (1.7 | )% | ||||||
| Second quarter 2016 net sales | $ | 348.2 | $ | 82.2 | $ | 77.6 | $ | 6.0 | $ | 514.0 | |||||||||||||
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Year over year growth, net |
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sales |
14.2 | % | 6.6 | % | 2.1 | % | (67.6 | )% | 7.9 | % | |||||||||||||
| Second quarter 2015 Adjusted | |||||||||||||||||||||||
| EBITDA | $ | 46.7 | $ | 8.1 | $ | 8.2 | $ | (3.9 | ) | $ | 59.1 | ||||||||||||
| Second quarter 2016 Adjusted | |||||||||||||||||||||||
| EBITDA | 55.7 | 12.8 | 7.7 | (7.7 | ) | 68.5 | |||||||||||||||||
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Year over year growth, |
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Adjusted EBITDA |
19.3 | % | 58.0 | % | (6.1 | )% | nm | 15.9 | % | ||||||||||||||
(*) Includes the incremental impact of acquisitions and dispositions.
| North | |||||||||||||||||||||||
| American | Corporate | ||||||||||||||||||||||
| Residential | Europe | Architectural | & Other | Total | % Change | ||||||||||||||||||
| Year to date 2015 net sales | $ | 578.2 | $ | 152.1 | $ | 142.9 | $ | 37.7 | $ | 910.9 | |||||||||||||
| Volume* | 92.6 | 1.3 | 6.3 | (25.6 | ) | 74.6 | 8.2 | % | |||||||||||||||
| Average unit price | 20.0 | 12.9 | 1.3 | — | 34.2 | 3.8 | % | ||||||||||||||||
| Components and other | 0.5 | 1.5 | 2.0 | 0.5 | 4.5 | 0.5 | % | ||||||||||||||||
| Foreign exchange | $ | (14.4 | ) | $ | (5.0 | ) | $ | (1.3 | ) | $ | (0.2 | ) | $ | (20.9 | ) | (2.3 | )% | ||||||
| Year to date 2016 net sales | $ | 676.9 | $ | 162.8 | $ | 151.2 | $ | 12.4 | $ | 1,003.3 | |||||||||||||
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Year over year growth, net |
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sales |
17.1 | % | 7.0 | % | 5.8 | % | (67.1 | )% | 10.1 | % | |||||||||||||
| Year to date 2015 Adjusted | |||||||||||||||||||||||
| EBITDA | $ | 76.1 | $ | 14.6 | $ | 12.2 | $ | (6.1 | ) | $ | 96.8 | ||||||||||||
| Year to date 2016 Adjusted | |||||||||||||||||||||||
| EBITDA | 107.0 | 23.0 | 12.1 | (15.3 | ) | 126.8 | |||||||||||||||||
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Year over year growth, |
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Adjusted EBITDA |
40.6 | % | 57.5 | % | (0.8 | )% | nm | 31.0 | % | ||||||||||||||
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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) |
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| Three Months Ended | Six Months Ended | |||||||||||||||
| July 3, | June 28, | July 3, | June 28, | |||||||||||||
| 2016 | 2015 | 2016 | 2015 | |||||||||||||
| Net sales | $ | 513,985 | $ | 476,428 | $ | 1,003,290 | $ | 910,893 | ||||||||
| Cost of goods sold | 402,881 | 381,394 | 793,941 | 742,550 | ||||||||||||
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Gross profit |
111,104 | 95,034 | 209,349 | 168,343 | ||||||||||||
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Gross profit as a % of net sales |
21.6 | % | 19.9 | % | 20.9 | % | 18.5 | % | ||||||||
| Selling, general and administration expenses | 68,961 | 58,818 | 133,859 | 116,979 | ||||||||||||
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Selling, general and administration expenses as a |
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% of net sales |
13.4 | % | 12.3 | % | 13.3 | % | 12.8 | % | ||||||||
| Restructuring costs | (103 | ) | 988 | (84 | ) | 3,344 | ||||||||||
| Loss (gain) on disposal of subsidiaries | (1,431 | ) |
— |
(1,431 | ) | — | ||||||||||
|
Operating income (loss) |
43,677 | 35,228 | 77,005 | 48,020 | ||||||||||||
| Interest expense (income), net | 6,933 | 6,787 | 14,165 | 18,540 | ||||||||||||
| Loss on extinguishment of debt | — | — | — | 28,046 |
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| Other expense (income), net | (801 | ) | (635 | ) | (15 | ) | (1,819 | ) | ||||||||
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Income (loss) from continuing operations before |
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income tax expense (benefit) |
37,545 | 29,076 | 62,855 | 3,253 | ||||||||||||
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Income tax expense (benefit) |
2,855 | 15,013 | 9,065 | 18,277 | ||||||||||||
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Income (loss) from continuing operations |
34,690 | 14,063 | 53,790 | (15,024 | ) | |||||||||||
| Income (loss) from discontinued operations, net of tax | (184 | ) | (240 | ) | (372 | ) | (469 | ) | ||||||||
| Net income (loss) | 34,506 | 13,823 | 53,418 | (15,493 | ) | |||||||||||
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Less: net income (loss) attributable to non-controlling |
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|
interest |
1,151 | 381 | 2,235 | 2,117 | ||||||||||||
| Net income (loss) attributable to Masonite | $ | 33,355 | $ | 13,442 | $ | 51,183 | $ | (17,610 | ) | |||||||
| Earnings (loss) per common share attributable to Masonite: | ||||||||||||||||
| Basic | $ | 1.09 | $ | 0.44 | $ | 1.68 | $ | (0.58 | ) | |||||||
| Diluted | $ | 1.06 | $ | 0.42 | $ | 1.64 | $ | (0.58 | ) | |||||||
| Earnings (loss) per common share from continuing | ||||||||||||||||
| operations attributable to Masonite: | ||||||||||||||||
| Basic | $ | 1.10 | $ | 0.45 | $ | 1.69 | $ | (0.57 | ) | |||||||
| Diluted | $ | 1.07 | $ | 0.43 | $ | 1.65 | $ | (0.57 | ) | |||||||
| Shares used in computing basic earnings per share | 30,577,589 | 30,244,869 | 30,536,282 | 30,151,182 | ||||||||||||
| Shares used in computing diluted earnings per share | 31,331,664 | 31,693,824 | 31,273,762 | 30,151,182 | ||||||||||||
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MASONITE INTERNATIONAL CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands of U.S. dollars, except share amounts) (Unaudited) |
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| July 3, | January 3, | |||||||
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ASSETS |
2016 | 2016 | ||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 62,370 | $ | 89,187 | ||||
| Restricted cash | 12,196 | 12,645 | ||||||
| Accounts receivable, net | 273,144 | 224,976 | ||||||
| Inventories, net | 233,937 | 208,393 | ||||||
| Prepaid expenses | 23,553 | 21,983 | ||||||
| Income taxes receivable | 2,797 | 1,762 | ||||||
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Total current assets |
607,997 | 558,946 | ||||||
| Property, plant and equipment, net | 534,436 | 534,234 | ||||||
| Investment in equity investees | 19,663 | 18,811 | ||||||
| Goodwill | 124,596 | 128,170 | ||||||
| Intangible assets, net | 207,260 | 225,932 | ||||||
| Long-term deferred income taxes | 11,047 | 16,899 | ||||||
| Other assets, net | 17,522 | 16,157 | ||||||
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Total assets |
$ | 1,522,521 | $ | 1,499,149 | ||||
| LIABILITIES AND EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 113,581 | $ | 96,480 | ||||
| Accrued expenses | 130,973 | 136,029 | ||||||
| Income taxes payable | 1,460 | 9 | ||||||
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Total current liabilities |
246,014 | 232,518 | ||||||
| Long-term debt | 470,984 | 468,856 | ||||||
| Long-term deferred income taxes | 62,018 | 98,682 | ||||||
| Other liabilities | 41,521 | 43,527 | ||||||
| Total liabilities | 820,537 | 843,583 | ||||||
| Commitments and Contingencies | ||||||||
| Equity: | ||||||||
| Share capital: unlimited shares authorized, no par value, 31,110,327 and | ||||||||
| 30,427,865 shares issued and 30,687,350 and 30,427,865 outstanding as of | ||||||||
| July 3, 2016, and January 3, 2016, respectively | 678,411 | 663,600 | ||||||
| Additional paid-in capital | 225,544 | 231,363 | ||||||
| Accumulated deficit | (70,816 | ) | (144,628 | ) | ||||
| Accumulated other comprehensive income (loss) | (118,430 | ) | (107,948 | ) | ||||
| Common shares held in treasury: 422,977 shares as of July 3, 2016 | (28,489 | ) | — | |||||
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Total equity attributable to Masonite |
686,220 | 642,387 | ||||||
| Equity attributable to non-controlling interests | 15,764 | 13,179 | ||||||
| Total equity | 701,984 | 655,566 | ||||||
| Total liabilities and equity | $ | 1,522,521 | $ | 1,499,149 | ||||
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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) |
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| Three Months Ended | Six Months Ended | |||||||||||||||
| July 3, | June 28, | July 3, | June 28, | |||||||||||||
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(In thousands) |
2016 | 2015 | 2016 | 2015 | ||||||||||||
| Net income (loss) attributable to Masonite | $ | 33,355 | $ | 13,442 | $ | 51,183 | $ | (17,610 | ) | |||||||
| Add: Loss (gain) on disposal of subsidiaries | (1,431 | ) | — | (1,431 | ) | — | ||||||||||
| Add: Loss on extinguishment of debt | — | — | — |
28,046 |
||||||||||||
| Tax impact of adjustments | — | — | — | — | ||||||||||||
| Adjusted net income (loss) attributable to Masonite | $ | 31,924 | $ | 13,442 | $ | 49,752 | $ | 10,436 | ||||||||
| Diluted earnings (loss) per common share attributable | ||||||||||||||||
| to Masonite ("EPS") | $ | 1.06 | $ | 0.42 | $ | 1.64 | $ | (0.58 | ) | |||||||
| Diluted adjusted earnings (loss) per common share | ||||||||||||||||
| attributable to Masonite ("Adjusted EPS") | $ | 1.02 | $ | 0.42 | $ | 1.59 | $ | 0.33 | ||||||||
| Shares used in computing diluted EPS | 31,331,664 | 31,693,824 | 31,273,762 | 30,151,182 | ||||||||||||
| Incremental shares issuable under share compensation | ||||||||||||||||
| plans and warrants | — | — | — | 1,422,865 | ||||||||||||
| Shares used in computing diluted Adjusted EPS | 31,331,664 | 31,693,824 | 31,273,762 | 31,574,047 | ||||||||||||
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. For any periods presented which result in a net loss, no potential common shares relating to our equity awards were included in the computation of diluted loss per share, as their effect would have been anti-dilutive given our net loss position for those periods.
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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) |
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| Three Months Ended July 3, 2016 | ||||||||||||||||||||
| North | ||||||||||||||||||||
| American | Corporate | |||||||||||||||||||
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(In thousands) |
Residential | Europe | Architectural | & Other | Total | |||||||||||||||
| Adjusted EBITDA | $ | 55,666 | $ | 12,839 | $ | 7,672 | $ | (7,661 | ) | $ | 68,516 | |||||||||
| Less (plus): | ||||||||||||||||||||
| Depreciation | 8,126 | 2,480 | 2,076 | 2,131 | 14,813 | |||||||||||||||
| Amortization | 1,225 | 2,393 | 2,064 | 836 | 6,518 | |||||||||||||||
| Share based compensation expense | — | — | — | 4,782 | 4,782 | |||||||||||||||
| Loss (gain) on disposal of property, plant | ||||||||||||||||||||
| and equipment | 199 | — | 61 | — | 260 | |||||||||||||||
| Restructuring costs | — | — | — | (103 | ) | (103 | ) | |||||||||||||
| Loss (gain) on disposal of subsidiaries | — | (1,431 | ) | — | — | (1,431 | ) | |||||||||||||
| Interest expense (income), net | — | — | — | 6,933 | 6,933 | |||||||||||||||
| Other expense (income), net | — | 22 | — | (823 | ) | (801 | ) | |||||||||||||
| Income tax expense (benefit) | — | — | — | 2,855 | 2,855 | |||||||||||||||
| Loss (income) from discontinued operations, | ||||||||||||||||||||
| net of tax | — | — | — | 184 | 184 | |||||||||||||||
| Net income (loss) attributable to non- | ||||||||||||||||||||
| controlling interest | 858 | — | — | 293 | 1,151 | |||||||||||||||
| Net income (loss) attributable to Masonite | $ | 45,258 | $ | 9,375 | $ | 3,471 | $ | (24,749 | ) | $ | 33,355 | |||||||||
| Three Months Ended June 28, 2015 | ||||||||||||||||||||
| North | ||||||||||||||||||||
| American | Corporate | |||||||||||||||||||
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(In thousands) |
Residential | Europe | Architectural | & Other | Total | |||||||||||||||
| Adjusted EBITDA | $ | 46,713 | $ | 8,053 | $ | 8,185 | $ | (3,894 | ) | $ | 59,057 | |||||||||
| Less (plus): | ||||||||||||||||||||
| Depreciation | 7,925 | 1,882 | 2,020 | 2,583 | 14,410 | |||||||||||||||
| Amortization | 1,091 | 924 | 2,074 | 886 | 4,975 | |||||||||||||||
| Share based compensation expense | — | — | — | 3,106 | 3,106 | |||||||||||||||
| Loss (gain) on disposal of property, plant | ||||||||||||||||||||
| and equipment | 317 | 5 | 9 | 19 | 350 | |||||||||||||||
| Restructuring costs | 3 | 467 | — | 518 | 988 | |||||||||||||||
| Interest expense (income), net | — | — | — | 6,787 | 6,787 | |||||||||||||||
| Other expense (income), net | — | 45 | — | (680 | ) | (635 | ) | |||||||||||||
| Income tax expense (benefit) | — | — | — | 15,013 | 15,013 | |||||||||||||||
| Loss (income) from discontinued operations, | ||||||||||||||||||||
| net of tax | — | — | — | 240 | 240 | |||||||||||||||
| Net income (loss) attributable to non- | ||||||||||||||||||||
| controlling interest | 823 | — | — | (442 | ) | 381 | ||||||||||||||
| Net income (loss) attributable to Masonite | $ | 36,554 | $ | 4,730 | $ | 4,082 | $ | (31,924 | ) | $ | 13,442 | |||||||||
| Six Months Ended July 3, 2016 | ||||||||||||||||||||
| North | ||||||||||||||||||||
| American | Corporate | |||||||||||||||||||
|
(In thousands) |
Residential | Europe | Architectural | & Other | Total | |||||||||||||||
| Adjusted EBITDA | $ | 107,041 | $ | 22,957 | $ | 12,103 | $ | (15,344 | ) | $ | 126,757 | |||||||||
| Less (plus): | ||||||||||||||||||||
| Depreciation | 16,046 | 4,556 | 4,583 | 4,198 | 29,383 | |||||||||||||||
| Amortization | 2,383 | 4,789 | 4,211 | 1,599 | 12,982 | |||||||||||||||
| Share based compensation expense | — | — | — | 8,510 | 8,510 | |||||||||||||||
| Loss (gain) on disposal of property, | ||||||||||||||||||||
| plant and equipment | 290 | 31 | 102 | (31 | ) | 392 | ||||||||||||||
| Restructuring costs | — | 21 | — | (105 | ) | (84 | ) | |||||||||||||
| Loss (gain) on disposal of subsidiaries | — | (1,431 | ) | — | — | (1,431 | ) | |||||||||||||
| Interest expense (income), net | — | — | — | 14,165 | 14,165 | |||||||||||||||
| Other expense (income), net | — | 93 | — | (108 | ) | (15 | ) | |||||||||||||
| Income tax expense (benefit) | — | — | — | 9,065 | 9,065 | |||||||||||||||
| Loss (income) from discontinued | ||||||||||||||||||||
| operations, net of tax | — | — | — | 372 | 372 | |||||||||||||||
| Net income (loss) attributable to | ||||||||||||||||||||
| non-controlling interest | 1,696 | — | — | 539 | 2,235 | |||||||||||||||
| Net income (loss) attributable to Masonite | $ | 86,626 | $ | 14,898 | $ | 3,207 | $ | (53,548 | ) | $ | 51,183 | |||||||||
| Six Months Ended June 28, 2015 | ||||||||||||||||||||
| North | ||||||||||||||||||||
| American | Corporate | |||||||||||||||||||
|
(In thousands) |
Residential | Europe | Architectural | & Other | Total | |||||||||||||||
| Adjusted EBITDA | $ | 76,060 | $ | 14,622 | $ | 12,215 | $ | (6,052 | ) | $ | 96,845 | |||||||||
| Less (plus): | ||||||||||||||||||||
| Depreciation | 15,877 | 3,841 | 3,997 | 6,001 | 29,716 | |||||||||||||||
| Amortization | 2,398 | 1,846 | 4,102 | 1,640 | 9,986 | |||||||||||||||
| Share based compensation expense | — | — | — | 5,485 | 5,485 | |||||||||||||||
| Loss (gain) on disposal of property, | ||||||||||||||||||||
| plant and equipment | 530 | 19 | 53 | (308 | ) | 294 | ||||||||||||||
| Restructuring costs | 6 | 2,195 | — | 1,143 | 3,344 | |||||||||||||||
| Interest expense (income), net | — | — | — | 18,540 | 18,540 | |||||||||||||||
| Loss on extinguishment of debt | — | — | — | 28,046 | 28,046 | |||||||||||||||
| Other expense (income), net | — | 128 | — | (1,947 | ) | (1,819 | ) | |||||||||||||
| Income tax expense (benefit) | — | — | — | 18,277 | 18,277 | |||||||||||||||
| Loss (income) from discontinued | ||||||||||||||||||||
| operations, net of tax | — | — | — | 469 | 469 | |||||||||||||||
| Net income (loss) attributable to | ||||||||||||||||||||
| non-controlling interest | 1,761 | — | — | 356 | 2,117 | |||||||||||||||
| Net income (loss) attributable to Masonite | $ | 55,488 | $ | 6,593 | $ | 4,063 | $ | (83,754 | ) | $ | (17,610 | ) | ||||||||
1 See "Non-GAAP Financial Measure and Related Information" for definition and reconciliation non-GAAP measures.
