Masonite, the Tampa, Fla.-based door manufacturer, reported a 61% rise in operating EBITDA, compared with the same period last year, to $19.3 million. Adjusted EBITDA also increased 49% to $20.7 million, while net sales grew 12% to hit $376 million during the quarter, the company announced Nov. 8.
The company defines operating EBITDA as earnings before interest expense, net, income tax (benefit) expense, depreciation, amortization of intangible assets, bankruptcy reorganization costs, restructuring costs, loss (gain) on sale of fixed assets, impairment of fixed assets, impairment of goodwill and intangible assets, other (income) expense, net, share of (income) loss from equity investees, net of tax, loss from discontinued operations, net of tax, and net income attributable to non-controlling interest. Adjusted EBITDA is defined as operating EBITDA minus share based compensation expense.
Gross profit was $45.1 million, compared with $39.3 million during 2010's third quarter. Selling, general, and administrative expenses increased by $900,000 to $45.9 million.
"A great deal of uncertainty remains across the global macroeconomic landscape and several unique challenges continue to plague the housing market, but we successfully grew both net sales and operating EBITDA during the third quarter," said president and CEO Fred Lynch.
During the quarter the company acquired Marshfield DoorSystems, a door and door component manufacturer for commercial and architectural applications. The company also announced last week that it acquired Birchwood Best, a commercial and architectural door veneer producer.
"We are excited about the recently announced acquisition of Birchwood Best, which positions Masonite as one of the largest vertically integrated commercial and architectural wood door manufacturers and provider of door components to other industry participants in North America," said Lynch.