Masonite International Corporation Announces Additional $200 Million Share Repurchase Program, Including Planned Accelerated Share Repurchase of $100 Million

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TAMPA, Florida–(BUSINESS WIRE)–Masonite International Corporation (NYSE: DOOR) today announced that its Board of Directors has approved a new stock repurchase program allowing the company to repurchase up to an additional $200 million of its common stock in circulation. The new authorization, plus approximately $156 million currently available under its existing stock repurchase authorization approved in August 2021, provides the Company with more than $350 million available for future stock repurchase activity.

As part of its continued commitment to creating shareholder value, the Company announced that its Board of Directors has authorized it to enter into an Accelerated Share Repurchase (ASR) transaction under the new redemption of shares. The Company intends to complete an ASR transaction during the first quarter of 2022 for the repurchase of $100 million of its outstanding common shares.

“Today’s announcements reflect the confidence the Board and management have in the growth potential available for Masonite under our doors to do more.MT Strategy,” said Howard Heckes, President and CEO. “We view Masonite shares as an attractive investment opportunity. Our strong balance sheet gives us the financial flexibility to invest simultaneously in all aspects of our capital deployment plan, including strategic growth projects, mergers and acquisitions, and delivering shareholder returns through buyout programs. actions such as this.

Any redemptions under the new and existing program will be made in the open market, in privately negotiated transactions or otherwise, subject to market conditions, applicable legal requirements and other relevant factors. The share repurchase programs do not obligate the Company to acquire a particular number of common shares, and they may be suspended or terminated at any time at the Company’s discretion. The timing of redemptions and the actual amount redeemed will be determined by the Company based on its evaluation of various factors, including the market price of the Company’s common stock, general market and economic conditions and other factors. Redemptions under share buyback programs may be made under one or more Rule 10b5-1 plans, which would allow shares to be redeemed when the Company might otherwise be prevented from doing so under applicable insider trading laws.

About Masonite

Masonite International Corporation is a world leader in the design, manufacture, marketing and distribution of interior and exterior doors for the new construction and repair, renovation and remodeling sectors of the residential construction markets. residential and non-residential buildings. Since 1925, Masonite has been offering customers innovative products and superior service at compelling values. Masonite currently serves more than 7,000 customers worldwide. Additional information about Masonite is available at masonite.com.

Forward-looking statements

This press release contains forward-looking information and other forward-looking statements within the meaning of applicable Canadian and/or United States securities laws, including our discussion of our supplemental stock buyback program and our intention to enter into an ASR transaction. . When used in this press release, these forward-looking statements can be identified by the use of words such as “may”, “could”, “could”, “will”, “should”, “expect “, “believe”, “perspective”, “predict”, “plan”, “goal”, “stay”, “anticipate”, “estimate”, “potential”, “continue”, “plan”, “project”, “targeting”, or the negative form of these terms or any other similar terminology.

Forward-looking statements involve important known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Masonite, or the results of the industry, to differ materially from any plan, goal, target, objective, result, performance or achievements expressed or implied by these forward-looking statements. Accordingly, these forward-looking statements should not be construed as guarantees of future performance or results, should not be relied upon unduly, and will not necessarily be specific indications of whether or not such results will be achieved. Factors that could cause actual results to differ materially from the results discussed in the forward-looking statements include, but are not limited to, downward trends in our end markets and economic conditions; reduced levels of new residential construction; residential repair, renovation and remodeling; and non-residential building construction activity due to increases in mortgage rates, changes in mortgage interest deductions and related tax changes and reduced availability of financing; competetion; the continued success of, and our ability to maintain relationships with, certain key customers in light of customer concentration and consolidation; our ability to accurately anticipate demand for our products; impacts on our business, including seasonality, weather and climate change; the scale and scope of the current coronavirus (“COVID-19”) pandemic and its impact on our operations, customer demand and supply chain; increase in raw material and fuel prices; tariffs and trade policy developments and frictions between the United States and other countries, including China, and the impact of anti-dumping and countervailing duties; increases in labor costs, labor availability or labor relations (ie disruptions, strikes or work stoppages); our ability to manage our operations, including potential disruptions, manufacturing realignments (including related restructuring charges) and customer credit risk; product liability claims and product recalls; our ability to generate sufficient cash flow to fund our capital expenditure requirements, to meet our pension obligations and to meet our debt service obligations, including our obligations under our First Lien and our revolving asset-based credit facility (“ABL Facility”); limitations on operating our business due to covenant restrictions under our current and future indebtedness, including our senior notes and ABL facility; fluctuations in exchange rates and interest rates; our ability to replace our expiring patents and innovate, keep pace with technological developments and successfully integrate acquisitions; the ongoing operation of our information technology and enterprise resource planning systems and the management of potential cybersecurity threats and attacks; political, economic and other risks arising from the operation of a multinational business; uncertainty linked to the United Kingdom’s exit from the European Union; retention of key management personnel; and environmental and other governmental regulations, including the United States Foreign Corrupt Practices Act (“FCPA”), and any amendments thereto.

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