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Masonite operating EBITDA declines to $9.6 million in first quarter
By Caroline Salls
Pittsburgh, April 27 - Masonite International Inc. reported $9.6 million in operating EBITDA for the first quarter on $334.1 million in net sales, according to a company news release.
The figures showed a decline from the $46.7 million EBITDA posted in the first quarter of 2008 on $464.4 million in net sales.
According to the release, the decrease in EBITDA stemmed primarily from lower sales volumes and carryover input cost inflation from the previous year that were not fully offset by savings from plant closures, price increases and a reduction in selling, general and administration expenses.
The company said it was operating seven fewer sites in the first quarter of 2009 than in the first quarter of 2008 because of closure and consolidation activities completed during the last 12 months.
"We continue to be impacted by weak market conditions in most of our regions, which has had a significant impact on our top line," president and chief executive officer Fred Lynch said in the release.
The adjusted first-quarter EBITDA was $12 million, down from $53.5 million for the first quarter of 2008.
The company had $163.2 million of cash on hand at the end of the first quarter of 2009, compared with $194.3 million at the end of the first quarter of 2008.
"Thanks to our continuing efforts to right-size the business in light of market conditions and driving cost productivity in manufacturing and business overheads, the EBITDA and cash flow performance was better than the internal quarterly projections used in the formulation of our recently published five-year projections," Lynch said in the release.
Masonite, a Mississauga, Ont.-based manufacturer of residential and commercial doors, filed for bankruptcy on March 16 in the U.S. Bankruptcy Court for the District of Delaware. Its Chapter 11 case number is 09-10844.
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