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EXHIBIT 99.1
FOR IMMEDIATE RELEASE Contact:
Samuel Cypert
313-792-6646
MASCO CORPORATION ANNOUNCES
MODEST SOFTENING OF INCOMING ORDERS
AND LOWER EXPECTED EARNINGS PER SHARE
Taylor, Michigan (June 14, 2000) - Masco Corporation (NYSE: MAS) today
announced that it has experienced a modest softening of incoming orders for
home improvement products in recent weeks.
This slowdown combined with continuing new product launch and plant
relocation costs may result in the Company's second quarter earnings being
approximately $.41 to $.42 per share, 10 percent below previously expected
results.
Although the Company continues to expect record sales and earnings for the
calendar year 2000, if present trends continue for the balance of the year, the
Company believes its sales growth in the calendar year 2000 may be slightly
lower than the previously anticipated sales increase of approximately 20
percent. When combined with the impact of higher interest rates and the
stronger U.S. dollar and the above-mentioned other costs, the Company presently
anticipates its full year earnings may approximate $1.70 per share.
Masco Corporation is one of the world's leading manufacturers for faucets,
cabinets, architectural coatings, locks and other consumer brand-name home
improvement and building products.
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Statements in this press release may include certain forward-looking statements
regarding Masco's future sales and earnings growth potential. Actual results may
vary materially because of external factors such as interest rate fluctuations,
changes in consumer spending and other factors over which management has no
control. Additional information about our products, markets and conditions,
which could affect our future performance, is contained in the Company's filings
with the Securities and Exchange Commission.
