Marvin acquires TruStile Doors
The Marvin Companies has scooped up the assets of Denver-based TruStile Doors, LLC, a supplier of made-to-order architectural stile and rail doors.
TruStile's history goes back to 1995, when it entered the market as a solution to the demand for custom, high-quality doors.
"TruStile is an outstanding company with a proven track record of quality and craftsmanship that aligns with our values and premier positioning in the marketplace," says, Dan Marvin, VP business development, The Marvin Companies. "The addition of TruStile to our family of brands will expand our product portfolio into other building products categories, and will allow us to combine our knowledge and resources to take advantage of new opportunities that will grow all of our brands successfully."
TruStile will operate as a separate business unit under Marvin's leadership. Its network of dealers and its senior management team will remain intact, with president and CEO Scott Schmid at the helm at the company's Denver headquarters.
"We are very excited about becoming part of The Marvin Companies," said Schmid. "We have long admired Marvin as a company and believe that both companies share similar values and approaches to the market. Many times, if there are TruStile doors in a home we find that the home also has Marvin windows. Combining with Marvin will enable us to accelerate our plans and better achieve our long-term vision. I can't imagine a better partner for TruStile than Marvin."
Masonite reports Q1 sales increase
Masonite posted a first-quarter net sales increase of 2.8% to $434.5 million in the three months ended March 29, 2015, from $422.5 million in the comparable period of 2014. The company cited a $24.0 million improvement in average unit price and $9.1 million of higher unit volumes, partially offset by $20.9 million of negative foreign exchange and a $0.2 million decrease in net sales of other products.
Total company gross profit increased to $73.3 million in the first quarter, from $53.0 million in the first quarter of 2014.
“Despite significant foreign exchange headwinds, we had a very strong quarter with adjusted EBITDA nearly doubling versus a year ago,” said Fred Lynch, president and CEO. "A modest improvement in the U.S. housing market, our on-going disciplined cost control and our focus on strategic growth initiatives are all helping us realize a more appropriate value for our high quality products and services."
Selling, general and administrative expenses (SG&A) as a percentage of net sales decreased 30 basis points in the first quarter of 2015 to 13.4%, from 13.7% in the first quarter of 2014. In the first quarter of 2015 selling, general and administration expenses increased $0.4 million to $58.2 million from $57.8 million in the comparable 2014 period.
Net loss attributable to Masonite increased $14.5 million to $31.1 million in the first quarter of 2015 versus the comparable 2014 period.