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Masonite International Corporation Reports 2018 Second Quarter Financial Results

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Masonite International Corporation ("Masonite" or "the Company")
(NYSE:DOOR) today announced results for the three and six months ended
July 1, 2018.

Executive Summary - 2Q18 versus 2Q17

  • Net sales increased 9% to $567 million versus $520 million. Excluding
    foreign exchange, net sales increased 7%.
  • Net income attributable to Masonite of $35 million compared to $27
    million.
  • Diluted earnings per share increased to $1.24 from $0.89.
  • Adjusted EBITDA* increased 15% to $78 million versus $68 million.
  • Repurchased 269,751 shares of stock in the second quarter for
    approximately $16 million.

"We had another solid quarter, with year on year sales growth driven
primarily by higher average unit prices and strong performance from our
acquisitions," said Fred Lynch, President and Chief Executive Officer.
"We are pleased to see continued margin expansion across all businesses,
due to continued cost control and operational improvements coupled with
pricing actions taken in response to a rising inflationary environment."

Second Quarter 2018 Discussion

Net sales increased 9% to $567 million in the second quarter of 2018,
from $520 million in the comparable period of 2017. The increase in net
sales was the result of a 5% increase in acquisition volume, a 3%
increase in average unit price (AUP) and a 2% benefit from foreign
exchange, partially offset by slight declines in base volumes in
Architectural and Europe.

  • North American Residential net sales were $378 million, a 3% increase
    over the second quarter of 2017, driven by a 1% benefit from foreign
    exchange, a 1% increase in AUP and a 1% increase from volume and
    components sales.
  • Europe net sales were $101 million, a 36% increase from the second
    quarter of 2017. The acquisition of DW3 in January of 2018 added a 25%
    increase in net sales while base volume in Europe declined
    approximately 2%. The sales increase was also due to a 7% benefit from
    foreign exchange and a 6% increase in AUP.
  • Architectural net sales were $82 million, an 11% increase from the
    second quarter of 2017. The 2018 acquisition of Graham & Maiman and
    the 2017 acquisition of A&F Wood Products combined to contribute 12%
    of incremental net sales. Additionally, an increase in AUP contributed
    9%. These increases were partially offset by a 10% decrease in sales
    volume in the base business attributable to service-level issues
    encountered following the planned closure of the Algoma facility in
    the second quarter of 2017.

Total company gross profit increased 15% to $124 million in the second
quarter of 2018 compared to $107 million in the second quarter of 2017.
Gross profit margin increased 120 basis points to 21.8%, due primarily
to higher AUP and improved factory productivity.

Selling, general and administrative expenses (SG&A) of $72 million
increased $8 million, or 13%, compared to the second quarter of 2017.
The increase in SG&A was driven by additional costs from acquisitions,
including related professional fees, and higher personnel costs. SG&A as
a percentage of net sales was 12.7%, a 40 basis point increase compared
to the second quarter of 2017.

Net income attributable to Masonite increased $8 million to $35 million
in the second quarter of 2018. Adjusted EBITDA* increased 15% to $78
million in the second quarter of 2018 from $68 million in the second
quarter of 2017.

Diluted earnings per share were $1.24 in the second quarter of 2018
compared to $0.89 in the comparable 2017 period. Adjusted diluted
earnings per share* matched diluted earnings per share in the second
quarter of 2018 and 2017.

Masonite repurchased 269,751 shares of stock in the second quarter for
$16 million, at an average price of $61.09.

Year to Date 2018 Discussion

Net sales increased 8% to $1,085 million in the first six months of
2018, from $1,007 million in the comparable period of 2017. The increase
in net sales was the result of a 4% increase from acquisitions, a 3%
increase in AUP and a 2% benefit from foreign exchange, partially offset
by slight declines in base volumes in Architectural and Europe.

  • North American Residential net sales were $738 million, a 5% increase
    over the first six months of 2017, driven primarily by a 2% increase
    in sales volume, a 2% increase in AUP, and a 1% benefit from foreign
    exchange.
  • Europe net sales were $188 million, a 31% increase over the first six
    months of 2017. The acquisition of DW3 in January of 2018 added a 21%
    increase in net sales, while base volume in Europe declined
    approximately 7% primarily due to unusually harsh winter conditions in
    the first three months of the year. The sales increase was also due to
    a 10% benefit from foreign exchange and a 7% increase in AUP.
  • Architectural net sales were $149 million, a 2% increase over the
    first six months of 2017. The 2018 acquisition of Graham & Maiman and
    the 2017 acquisition of A&F combined to contribute 8% of incremental
    net sales. Additionally, an increase in AUP contributed 7%. These
    increases were partially offset by a 12% decrease in sales volume in
    the base business due to service-level issues following the planned
    closure of the Algoma facility, as well as lower order flow in the
    first quarter due to timing of major projects.

Total company gross profit increased 13% to $229 million in the first
six months of 2018, from $203 million in the first six months of 2017.
Gross profit margin increased 100 basis points to 21.1%, due to higher
AUP and improved operational performance.

Selling, general and administrative expenses (SG&A) of $140 million
increased $11 million compared to the first six months of 2017. The
increase was driven by additional costs from acquisitions, including
related professional fees, and higher personnel costs. SG&A as a
percentage of net sales was 12.9%, a 10 basis point increase from the
first six months of 2017.

Net income attributable to Masonite increased $5 million to $56 million
in the first six months of 2018. Adjusted EBITDA* increased $19 million
to $140 million for the first six months of 2018, from $121 million in
the comparable 2017 period.

Diluted earnings per share were $1.96 in the first six months of 2018
compared to $1.66 in the comparable 2017 period. Adjusted diluted
earnings per share* matched diluted earnings per share in the second
half of 2018 and 2017.

Masonite repurchased 961,534 shares of stock in the first six months of
2018 for $61 million, at an average price of $63.10.

Masonite Earnings Conference Call

The Company will hold a live conference call and webcast on August 9,
2018. 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: Q2'18
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 the U.S.).

A telephone replay will be available approximately one hour following
completion of the call through August 30, 2018. To access the replay,
please dial 877-660-6853 (in the U.S.) or 201-612-7415 (outside U.S.).
Enter Conference ID #13681278.

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 2018
outlook, 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 costs and availability of labor; increases in
the costs of raw materials or wages or any shortage in supplies or
labor; our ability to keep pace with technological developments; cyber
security threats and attacks; 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 set 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. 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 other items, if any, that do not relate to Masonite's
underlying business performance (each net of related tax expense
(benefit)). Beginning in the fourth quarter of 2017, we revised our
calculation of Adjusted EPS to exclude the beneficial impact of the
deferred tax revaluation recognized as a result of The Tax Cuts and Jobs
Act of 2017 and the release of a valuation allowance in Canada as such
tax assets are likely to be realized in future periods. The revision to
this definition had no impact on our reported Adjusted EPS for the three
or six months ended July 1, 2018 or July 2, 2017. 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.

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
Second quarter 2017 net sales $ 367.9 $ 73.8 $ 73.5 $ 4.5 $ 519.7
Acquisition volume 18.3 8.8 27.1 5.2 %
Base volume 1.0 (1.3 ) (7.0 ) 0.2 (7.0 ) (1.3 )%
Average unit price 4.3 4.5 6.4 15.2 2.9 %
Components and other 2.0 0.3 (0.3 ) 1.5 3.4 0.7 %
Foreign exchange 2.7   5.1   0.4   0.1   8.3   1.6 %
Second quarter 2018 net sales $ 377.9   $ 100.7   $ 81.8   $ 6.3   $ 566.7  
Year over year growth, net sales 2.7 % 36.4 % 11.3 % 40.0 % 9.0 %
 
Second quarter 2017 Adjusted EBITDA $ 54.6 $ 9.0 $ 7.5 $ (2.8 ) $ 68.3
Second quarter 2018 Adjusted EBITDA 59.0 13.6 12.0 (6.3 ) 78.3
Year over year growth, Adjusted EBITDA 8.1 % 51.1 % 60.0 % nm 14.6 %
 
   

North

American

Residential

  Europe   Architectural  

Corporate

& Other

  Total   % Change
Year to date 2018 net sales $ 705.9 $ 143.8 $ 145.3 $ 11.9 $ 1,006.9
Acquisition volume 29.5 11.7 41.2 4.1 %
Base volume 12.4 (9.9 ) (18.1 ) (1.1 ) (16.7 ) (1.7 )%
Average unit price 10.7 10.1 9.6 30.4 3.0 %
Components and other 1.9 0.2 (0.8 ) (0.3 ) 1.0 0.1 %
Foreign exchange 6.6   14.2   0.8   0.2   21.8   2.2 %
Year to date 2018 net sales $ 737.5   $ 187.9   $ 148.5   $ 10.7   $ 1,084.6  
Year over year growth, net sales 4.5 % 30.7 % 2.2 % (10.1 )% 7.7 %
 
Year to date 2017 Adjusted EBITDA $ 99.5 $ 16.7 $ 12.7 $ (8.1 ) $ 120.9
Year to date 2018 Adjusted EBITDA 109.4 23.6 19.7 (12.9 ) 139.7
Year over year growth, Adjusted EBITDA 9.9 % 41.3 % 55.1 % nm 15.6 %
 
MASONITE INTERNATIONAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands of U.S. dollars, except share and per share amounts)
(Unaudited)
 
  Three Months Ended   Six Months Ended
July 1,
2018
  July 2,
2017
July 1,
2018
  July 2,
2017
Net sales $ 566,726 $ 519,741 $ 1,084,605 $ 1,006,922
Cost of goods sold 443,052   412,415   855,502   804,039  
Gross profit 123,674 107,326 229,103 202,883
Gross profit as a % of net sales 21.8 % 20.6 % 21.1 % 20.1 %
 
Selling, general and administration expenses 71,851 63,870 140,062 128,980
Selling, general and administration expenses as a
% of net sales 12.7 % 12.3 % 12.9 % 12.8 %
 
Restructuring costs, net (700 ) (407 )
Loss (gain) on disposal of subsidiaries   212     212  
Operating income (loss) 51,823 43,944 89,041 74,098
Interest expense (income), net 9,074 7,112 17,830 14,136
Other expense (income), net (970 ) (288 ) (1,242 ) (802 )
Income (loss) from continuing operations before
income tax expense (benefit) 43,719 37,120 72,453 60,764
Income tax expense (benefit) 7,894   8,932   14,595   7,253  
Income (loss) from continuing operations 35,825 28,188 57,858 53,511
Income (loss) from discontinued operations, net of tax (131 ) (134 ) (381 ) (379 )
Net income (loss) 35,694 28,054 57,477 53,132
Less: net income (loss) attributable to non-
controlling interest 953   1,170   1,910   2,683  
Net income (loss) attributable to Masonite $ 34,741   $ 26,884   $ 55,567   $ 50,449  
 
Earnings (loss) per common share attributable to
Masonite:
Basic $ 1.26 $ 0.90 $ 1.99 $ 1.69
Diluted $ 1.24 $ 0.89 $ 1.96 $ 1.66
 
Earnings (loss) per common share from continuing
operations attributable to Masonite:
Basic $ 1.26 $ 0.91 $ 2.01 $ 1.70
Diluted $ 1.24 $ 0.89 $ 1.97 $ 1.67
 
Shares used in computing basic earnings per share 27,609,132 29,789,955 27,899,461 29,825,527
Shares used in computing diluted earnings per share 28,029,586 30,358,238 28,402,214 30,434,584
 
MASONITE INTERNATIONAL CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands of U.S. dollars, except share amounts)
(Unaudited)
   
ASSETS July 1,
2018

December 31,

2017

Current assets:
Cash and cash equivalents $ 30,151 $ 176,669
Restricted cash 10,485 11,895
Accounts receivable, net 310,635 269,235
Inventories, net 244,424 234,042
Prepaid expenses 30,183 27,665
Income taxes receivable 2,083   2,364  
Total current assets 627,961 721,870
Property, plant and equipment, net 590,998 573,559
Investment in equity investees 12,091 11,310
Goodwill 179,103 138,449
Intangible assets, net 229,209 182,484
Long-term deferred income taxes 27,184 29,899
Other assets, net 28,403   22,687  
Total assets $ 1,694,949   $ 1,680,258  
 
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable $ 112,730 $ 94,497
Accrued expenses 134,836 126,759
Income taxes payable 2,286   869  
Total current liabilities 249,852 222,125
Long-term debt 625,579 625,657
Long-term deferred income taxes 77,017 60,820
Other liabilities 32,986   35,754  
Total liabilities 985,434 944,356
Commitments and Contingencies
Equity:
Share capital: unlimited shares authorized, no par value, 27,597,126
and
28,369,877 shares issued and outstanding as of July 1, 2018, and
December 31,
2017, respectively 614,371 624,403
Additional paid-in capital 219,931 226,528
Accumulated deficit (2,023 ) (18,150 )
Accumulated other comprehensive income (loss) (134,812 ) (110,152 )
Total equity attributable to Masonite 697,467 722,629
Equity attributable to non-controlling interests 12,048   13,273  
Total equity 709,515   735,902  
Total liabilities and equity $ 1,694,949   $ 1,680,258  
 
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 Six Months Ended
(In thousands) July 1,
2018
  July 2,
2017
July 1,
2018
  July 2,
2017
Net income (loss) attributable to Masonite $ 34,741 $ 26,884 $ 55,567 $ 50,449
 
Add: Asset impairment
Add: Loss (gain) on disposal of subsidiaries 212 212
Tax impact of adjustments      
Adjusted net income (loss) attributable to
Masonite $ 34,741   $ 27,096   $ 55,567   $ 50,661
 
Diluted earnings (loss) per common share
attributable to Masonite ("EPS") $ 1.24 $ 0.89 $ 1.96 $ 1.66

Diluted adjusted earnings (loss) per common

share attributable to Masonite ("Adjusted EPS")

$ 1.24 $ 0.89 $ 1.96 $ 1.66
 
Shares used in computing diluted EPS 28,029,586 30,358,238 28,402,214 30,434,584
 

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 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.

  Three Months Ended July 1, 2018
(In thousands)

North

American

Residential

  Europe   Architectural  

Corporate

& Other

  Total
Adjusted EBITDA $ 58,963 $ 13,642 $ 11,998 $ (6,317 ) $ 78,286
Less (plus):
Depreciation 7,090 2,575 2,192 1,843 13,700
Amortization 295 4,058 2,257 715 7,325
Share based compensation expense 3,538 3,538

Loss (gain) on disposal of property, plant

and equipment

472 6 24 1,398 1,900
Interest expense (income), net 9,074 9,074
Other expense (income), net 147 (1,117 ) (970 )
Income tax expense (benefit) 7,894 7,894
Loss (income) from discontinued
operations, net of tax 131 131
Net income (loss) attributable to non-
controlling interest 891       62   953  

Net income (loss) attributable to Masonite

$ 50,215   $ 6,856   $ 7,525   $ (29,855 ) $ 34,741  
 
  Three Months Ended July 2, 2017
(In thousands)

North

American

Residential

  Europe   Architectural  

Corporate &

Other

  Total
Adjusted EBITDA $ 54,606 $ 9,001 $ 7,495 $ (2,831 ) $ 68,271
Less (plus):
Depreciation 7,296 3,394 2,414 2,173 15,277
Amortization 642 2,028 2,155 771 5,596
Share based compensation expense 3,527 3,527

Loss (gain) on disposal of property, plant

and equipment

196 129 (166 ) 256 415
Restructuring costs (96 ) 503 (1,107 ) (700 )
Loss (gain) on disposal of subsidiaries 212 212
Interest expense (income), net 7,112 7,112
Other expense (income), net (16 ) (272 ) (288 )
Income tax expense (benefit) 8,932 8,932
Loss (income) from discontinued
operations, net of tax 134 134
Net income (loss) attributable to non-
controlling interest 925       245   1,170  
Net income (loss) attributable to Masonite $ 45,547   $ 3,350   $ 2,589   $ (24,602 ) $ 26,884  
 
  Six Months Ended July 1, 2018
(In thousands)

North American

Residential

  Europe   Architectural  

Corporate

& Other

  Total
Adjusted EBITDA $ 109,361 $ 23,572 $ 19,658 $ (12,891 ) $ 139,700
Less (plus):
Depreciation 14,434 4,878 4,222 4,100 27,634
Amortization 776 7,297 4,511 1,326 13,910
Share based compensation expense 6,603 6,603

Loss (gain) on disposal of property, plant

and equipment

1,005 6 103 1,398 2,512
Interest expense (income), net 17,830 17,830
Other expense (income), net 182 (1,424 ) (1,242 )
Income tax expense (benefit) 14,595 14,595

Loss (income) from discontinued

operations, net of tax

381 381

Net income (loss) attributable to non-

controlling interest

1,861       49   1,910  
Net income (loss) attributable to Masonite $ 91,285   $ 11,209   $ 10,822   $ (57,749 ) $ 55,567  
 
  Six Months Ended July 2, 2017
(In thousands)

North American

Residential

  Europe   Architectural  

Corporate

& Other

  Total
Adjusted EBITDA $ 99,543 $ 16,739 $ 12,709 $ (8,126 ) $ 120,865
Less (plus):
Depreciation 14,780 5,204 4,784 4,533 29,301
Amortization 1,635 3,695 4,316 1,920 11,566
Share based compensation expense 5,954 5,954

Loss (gain) on disposal of property, plant

and equipment

(203 ) 269 (193 ) 268 141
Restructuring costs (96 ) 774 (1,085 ) (407 )
Loss (gain) on disposal of subsidiaries 212 212
Interest expense (income), net 14,136 14,136
Other expense (income), net 141 (943 ) (802 )
Income tax expense (benefit) 7,253 7,253
Loss (income) from discontinued
operations, net of tax 379 379
Net income (loss) attributable to non-
controlling interest 1,842       841   2,683  
Net income (loss) attributable to Masonite $ 81,489   $ 7,314   $ 3,028   $ (41,382 ) $ 50,449  
 

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

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