Masonite Plans $150 Million IPOFebruary 28th, 2013 by DWM Magazine
Masonite International filed a statement with the U.S. Securities and Exchange Commission yesterday for an initial public offering (IPO) of $150 million. The company also announced its fourth quarter and year ended December 31, 2012, financial results.
Net sales increased $34.4 million, or 9-percent, to $418.2 million and $186.8 million, or 12.5 percent, to $1,676.0 million for the fourth quarter and year ended, respectively, over the comparable 2011 periods.
Excluding the impact of foreign exchange, net sales would have increased $225.2 million or 15.1 percent, to $1,714.4 million for the year ended. Foreign exchange had a negligible impact on fourth quarter net sales.
“We are pleased with the results we achieved during 2012,” said Fred Lynch, president and chief executive officer. “Through the tremendous efforts of our approximately 9,100 employees we lowered costs, improved service levels, introduced over one hundred new products, completed three strategic tuck-in acquisitions, completed the construction phase on our new state-of-the-art automated interior door plant and launched several exciting new proprietary e-commerce tools that we believe will improve our business results and those of our channel partners. We are confident these actions have positioned Masonite to benefit from what we expect to be a multi-year, multi-leg recovery.”
Total company gross profit increased to $52.9 million in the three months ended December 31, 2012, from $49.6 million in the three months ended December 31, 2011. Gross profit margin decreased 30 basis points to 12.6 percent of net sales in the fourth quarter of 2012, from 12.9 percentof net sales in the fourth quarter of 2011. This decrease was primarily due to increased material costs as a percentage of net sales and a decrease in product pricing and mix, particularly in North America. These decreases were partially offset by the positive impact of 2012 and 2011 acquisitions.