Masonite Int'l Q4 Loss Widens; Completes Acquisition Of Door-Stop Int'l

(RTTNews) - Masonite International Corp.(DOOR) said that its fourth-quarter net loss attributable to the company widened to $7.6 million from $7.5 million in the prior year quarter. But, on a per share basis, net loss narrowed to $0.25 from $0.27 last year.

Net sales for the quarter increased 0.5% to $420.5 million from $418.2 million in the comparable period of 2012. Excluding the unfavorable impact of foreign exchange, net sales would have increased by 1.7% to $425.3 million. This increase was primarily due to a $14.4 million improvement in average unit prices, partially offset by a $2.4 million decline due to lower unit volumes.

Masonite International also announced that it has completed the acquisition of Door-Stop International Limited. Door-Stop was the United Kingdom's largest pre-hanger and distributor of composite exterior residential doors and door sets.

Door-Stop employs about 200 people, with one facility in Nottinghamshire, UK. Door-Stop's 2013 revenue exceeded $38 million. The purchase price for 100% of the outstanding shares was approximately $50 million, net of cash acquired.