TAMPA, FL - Door manufacturer Masonite International (NYSE: DOOR) reported net sales were flat at $475.7 million for the third quarter of 2015, a result of an unfavorable exchange rate. Excluding the $26 million negative impact of foreign exchange, net sales would have increased by 5.4% to $501.7 million.
Net loss attributable to Masonite was $16.3 million, which includes non-cash charges of $35.9 million related to the disposition of the company's door business in France in the third quarter of 2015.
“Over the last four months we also took significant steps to optimize our portfolio with the divestiture of the door business in France, and the acquisitions of PDS, National Hickman and, most recently, USA Wood Door,” said Fred Lynch, President and CEO. Masonite also brought in a new CFO last month.
A rise in overhead was primarily driven by an increase in personnel costs partially offset by the incremental comparative benefit from the 2015 disposition of the Company's door business in France, the 2014 exit from Israel and a beneficial foreign exchange impact.
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 80 countries. Additional information about Masonite can be found at www.masonite.com.
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