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To: Dale Baker who wrote (29480)	2/28/2002 4:53:01 PM
From: Dale Baker	Respond to of 118717

MHM was up on nice results today: Masonite profit, sales rise in fourth quarter (UPDATE: Adds quotes, details. In U.S. dollars unless noted) TORONTO, Feb 28 (Reuters) - Masonite International Corp. (Toronto:MHM.TO - news) (NYSE:MHM - news), formerly known as Premdor, posted higher fourth-quarter profits and sales on Thursday and said 2002 results would be in line with analysts' forecasts. Door manufacturer Premdor acquired Masonite last year from International Paper Co. (NYSE:IP - news) for $500 million and then took the Masonite name. It said net income in the latest fourth quarter was $13.9 million, or 27 cents a share, up from $10.5 million, or 24 cents a share. Sales rose 20 percent to $378 million from $316 million. Masonite said half the sales increase came from internal growth, not from the effects of acquiring assets. Philip Orsino, president and chief executive, said the company's pretax cash operating profits were improving and the company planned to use free cash flow to reduce debt. ``As the year progresses, we expect to see continued improvement in the financial results,'' he said. Masonite said demand for its products in the new construction and home improvement sectors worldwide remains strong. It expects 2002 annual results to be in line with analysts' forecasts of earnings ranging between $1.10 and $1.20 share.