Masonite International Wednesday announced plans to issue an initial public offering worth up to $150 million. The Tampa, Fla.-based residential entry, patio, and interior door maker says it will trade on the New York Stock Exchange under the symbol "DOOR." Masonite is the first among its peer firms to seek status as a publicly traded firm. The company didn't disclose the number of shares it would offer or at what price it would issue them. According todocumentsfiled with the Securities and Exchange Commission Wednesday, the company generated $1.22 billion in revenues from its North American business—nearly three-quarters of its global sales—last year. Of that, $550.57 million was attributed to residential repair and remodel and $415.98 million came from new residential construction.
The announcement was followed by the firm's voluntary release of its fourth-quarter and fiscal-year 2012 financial results. Masonite improved its adjusted EBITDA to $25.6 million during the fourth quarter from $22.3 million a year earlier as acquisitions and higher volumes drove North American sales up 14.5% to $306.5 million for the same period. For the year, the company posted an adjusted EBITDA gain of 18.6% over 2011 to $97.3 million on sales of $1.67 billion—up 12.5% year-over-year. An increase in undisclosed interest expenses, restructuring costs, and a lower income tax benefit during 2012 pushed the firm's bottom line to a net loss of $23.2 million for the year from a loss of $6.5 million a year earlier.
More Finance News