Masonite Announces Expected Sales Impact from Customer Line Review
Masonite International Corporation (the “Company”) today announced that it was recently notified by its second largest retail customer that they will reduce their interior door business with the Company, primarily in the northeastern and southwestern United States, starting early in 2013. The affected business, which consists principally of molded doors, is expected to amount to approximately $70 million dollars of sales on an annualized basis.
“Although we are clearly disappointed with this decision, we remain committed to our balanced growth strategy which focuses on providing customers with a broad range of high quality doors and a value added service proposition,” said Fred Lynch, President and Chief Executive Officer. “We continue to actively pursue additional opportunities to accelerate growth with new and existing customers and will quickly take the appropriate actions to balance supply and demand in the affected regions.”
Masonite Earnings Conference Call Reminder
As previously announced, Masonite International Corporation plans to webcast a discussion of its 2012 third quarter and year-to-date results at 10:00 a.m. Eastern Time on Thursday, November 8, 2012. President and Chief Executive Officer Fred Lynch, and Executive Vice President and Chief Financial Officer Mark Erceg will discuss the results via the live webcast.
Masonite International Corporation is a leading global manufacturer of residential and commercial doors, committed to providing the highest value building products to customers in approximately 70 countries around the world. Additional information about Masonite can be found at www.masonite.com.
This press release and other related written reports and oral statements made by the Company may include forward-looking statements, all of which are subject to risks and uncertainties. One can identify these forward-looking statements by their use of words such as “may,” “will,” “intend,” “should,” “expect,” “believe,” “outlook,” “predict,” “objective,” “remain,” “anticipate,” “estimate,” “potential,” “continue,” “plan,” “could,” “might,” “project,” “targeting,” and other words of similar meaning, or by the fact that they do not relate strictly to historical or current facts. Readers must carefully consider any such statements and should understand that many factors could cause actual results and developments to differ materially from the Company's forward-looking statements. These factors may include inaccurate assumptions and a broad variety of other known and unknown risks and uncertainties, including: general economic, market and business conditions; levels of construction and renovation activity; competition; financing risks; ability to manage expanding operations and effectively integrate acquired businesses; commitments; new services; retention of key management personnel; environmental and other government regulation; and other factors. No forward-looking statement can be guaranteed and actual future results may vary materially. Therefore, we caution readers not to place undue reliance on our forward-looking statements. The Company disclaims any responsibility to update these forward-looking statements, whether as a result of new information, future events or otherwise.
Masonite International Corporation
Joanne Freiberger, 813-739-1808