|
|
|
||
(State or other jurisdiction
of incorporation)
|
(Commission
File Number)
|
(IRS Employer
Identification No.)
|
|
|
|
(Address of principal executive offices)
|
(Zip Code)
|
N/A
|
(Former name or former address, if changed since last report)
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Title of each class
|
Trading
Symbol(s)
|
Name of each exchange
on which registered
|
||
|
|
|
|
|
Item 7.01. |
Regulation FD Disclosure.
|
Twelve months
ended |
Thirteen weeks
ended |
Fiscal year
ended |
||||||||||
(U.S. Dollars presented in millions)
|
March 31, 2024
|
March 31, 2024
|
December 31, 2023
|
|||||||||
Net income (loss) (GAAP)
|
$
|
6.1
|
$
|
(0.4
|
)
|
$
|
7.0
|
|||||
Interest expense
|
23.2
|
5.8
|
22.9
|
|||||||||
Income tax benefit
|
(6.7
|
)
|
—
|
(6.7
|
)
|
|||||||
Depreciation expense
|
7.7
|
2.2
|
7.1
|
|||||||||
Amortization expense
|
17.4
|
4.4
|
17.4
|
|||||||||
EBITDA (Non-GAAP Measure)
|
$
|
47.7
|
$
|
12.0
|
$
|
47.7
|
||||||
Facility start-up(a)
|
4.4
|
1.2
|
3.5
|
|||||||||
Management fees(b)
|
1.6
|
0.3
|
1.6
|
|||||||||
Sales tax liabilities(c)
|
0.2
|
0.1
|
0.1
|
|||||||||
Workers compensation insurance liabilities(d)
|
1.2
|
0.1
|
1.1
|
|||||||||
Stock-based compensation
|
0.7
|
0.2
|
0.7
|
|||||||||
Other
|
(0.1
|
)
|
(0.3
|
)
|
(0.2
|
)
|
||||||
Adjusted EBITDA (Non-GAAP Measure)
|
$
|
55.7
|
$
|
13.6
|
$
|
54.5
|
(a) |
Facility start-up costs represent one-time costs incurred related to the preparation of a new facility for production.
|
(b) |
Management fees paid to private equity ownership.
|
(c) |
Sales tax liabilities represent one-time costs to settle sales tax liabilities across numerous jurisdictions after the asset acquisition of Bertch.
|
(d) |
Workers’ compensation insurance liabilities relate to a third-party, guaranteed-cost workers’ compensation plan that Supreme adopted in January 2023 for Bertch. Bertch was
self-insured prior to adopting this plan and incurred costs in fiscal year 2023 related to fiscal year 2022.
|
• |
EBITDA is defined as earnings before interest, taxes, depreciation and amortization. The Company evaluates the performance of its business based on income before
income taxes, but also look to EBITDA as a performance evaluation measure because interest expense is related to corporate functions, as opposed to operations. For that reason, the Company believes EBITDA is a useful metric to investors in
evaluating its operating results.
|
• |
Adjusted EBITDA is calculated by removing the impact of non-operational results and special items from EBITDA. The Company’s externally reported Adjusted EBITDA does
not include an add back for stock-based compensation expense. However, the indenture that will govern the notes and the credit agreement that will govern the Amended Senior Secured Credit Facility will permit the add back of stock-based
compensation expense to calculate Adjusted EBITDA. As such, all references to Adjusted EBITDA throughout this Current Report on Form 8-K reflect an add back for stock-based compensation expense.
|
Item 8.01 |
Other Events.
|
Item 9.01. |
Financial Statements and Exhibits.
|
Exhibit
No. |
Description
|
|
Press Release, dated June 17, 2024.
|
||
104
|
Cover Page Interactive Data File (embedded within the Inline XBRL document)
|
MASTERBRAND, INC.
|
||
Date: June 17, 2024
|
By:
|
/s/ R. David Banyard, Jr.
|
Name:
|
R. David Banyard, Jr.
|
|
Title:
|
Chief Executive Officer
|
Document and Entity Information |
Jun. 17, 2024 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Jun. 17, 2024 |
Entity File Number | 001-41545 |
Entity Registrant Name | MasterBrand, Inc. |
Entity Central Index Key | 0001941365 |
Entity Incorporation, State or Country Code | DE |
Entity Tax Identification Number | 88-3479920 |
Entity Address, Address Line One | 3300 Enterprise Parkway |
Entity Address, Address Line Two | Suite 300 |
Entity Address, City or Town | Beachwood |
Entity Address, State or Province | OH |
Entity Address, Postal Zip Code | 44122 |
City Area Code | 877 |
Local Phone Number | 622-4782 |
Title of 12(b) Security | Common Stock, par value $0.01 per share |
Trading Symbol | MBC |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
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