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EXHIBIT 99
FOR IMMEDIATE RELEASE Contact: Samuel Cypert
313-792-6646
MASCO CORPORATION REPORTS
THIRD QUARTER SALES AND EARNINGS
Taylor, Michigan (November 9, 2000) ... Masco Corporation (NYSE:MAS)
today reported that net sales increased 11 percent to $1.9 billion for the 2000
third quarter, compared with $1.7 billion in the prior year period. Net income
for the quarter increased to $187.4 million compared with $64.9 million for the
1999 third quarter, and diluted earnings per share increased to $.41 compared
with $.15 per share in the comparable 1999 third quarter. The third quarter of
1999 included unusual expense of approximately $126 million after-tax, primarily
reflecting non-recurring costs related to pooling-of-interests mergers.
Masco's Chairman and CEO Richard Manoogian commented, "As previously
announced, our 2000 third quarter sales and net income were negatively impacted
by the softening of incoming orders for some of our home improvement products in
North America and Europe, the stronger U.S. dollar, higher energy costs, new
product launch and plant relocation costs, less favorable product mix and
customer inventory reduction programs."
Mr. Manoogian also stated, "Assuming these negative economic and
business factors continue throughout the fourth quarter, seasonally one of the
year's lower quarters for Masco, we believe fourth quarter earnings will be in a
range of approximately $.34 to $.37 per share. While we continue to expect
record earnings both this year and next year, we are disappointed with our
performance and are reviewing all areas of the Company to identify and implement
additional cost saving and profit improvement initiatives to improve our future
results."
Masco also reported that year-to-date 2000 the Company repurchased
approximately 11 million shares of its Common Stock under its current buyback
authorization of 40 million shares. The Company previously announced that it had
sold 8.4 million shares of its Common Stock to key employees in the third
quarter as part of an employee stock purchase program.
Masco Corporation is one of the world's leading manufacturers of
faucets, cabinets, architectural coatings, locks and other consumer brand-name
home improvement and building products.
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As previously announced, a conference call regarding the Company's third quarter
earnings is scheduled for Thursday, November 9, 2000 at 9:15 a.m. EST.
Participants in the call are asked to register five to ten minutes prior to the
scheduled start time by dialing (719) 457-2646 (confirmation #619428). The
conference call will be webcast simultaneously on the Company's website at
www.masco.com and supplemental material will also be available. A replay of the
call will be available on Masco's website or by phone by dialing (719) 457-0820
(replay access code #619428). The replay will be available approximately two
hours after the end of the call and continue through November 15, 2000.
Masco Corporation's press releases and other information are available through
the Company's toll free number, 1-800-MAS-NEWS or you may visit Masco's website
at www.masco.com.
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 various factors, including external factors such as
interest rate fluctuations and changes in consumer spending 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.
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MASCO CORPORATION REPORTS
THIRD QUARTER SALES AND EARNINGS
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended Twelve Months Ended
September 30 September 30 September 30
------------------------ ------------------------- -------------------------
2000 1999 2000 1999 2000 1999
---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Net Sales $1,893,000 $1,704,000 $5,510,000 $4,662,000 $7,155,000 $5,989,000
Cost of Sales 1,215,900 1,082,000 3,538,500 2,942,600 4,591,400 3,805,800
---------- ---------- ---------- ---------- ---------- ----------
Gross Profit 677,100 622,000 1,971,500 1,719,400 2,563,600 2,183,200
Selling, General and
Administrative Expenses 359,200 463,600 1,053,700 1,041,600 1,366,800 1,295,100
Goodwill Amortization 17,700 13,100 47,800 31,700 61,500 40,100
---------- ---------- ---------- ---------- ---------- ----------
Operating Profit 300,200 145,300 870,000 646,100 1,135,300 848,000
Other Income (Expense), Net (2,700) (32,100) (2,100) (10,700) 1,300 --
---------- ---------- ---------- ---------- ---------- ----------
Income Before Income Taxes 297,500 113,200 867,900 635,400 1,136,600 848,000
Income Taxes 110,100 48,300 321,100 244,500 411,100 319,300
---------- ---------- ---------- ---------- ---------- ----------
Net Income $187,400 $64,900 $546,800 $390,900 $725,500 $528,700
========== ========== ========== ========== ========== ==========
Earnings Per Share (diluted) $ .41 $ .15 $ 1.21 $ .88 $ 1.61 $ 1.19
========== ========== ========== ========== ========== ==========
Average (Diluted) Shares
Outstanding 457,200 445,600 451,900 445,900
========== ========== ========== ==========
</TABLE>
Amounts are in thousands, except per share data.
1999 data above include third quarter expense of $126 million after-tax, which
the Company considers unusual, primarily related to pooling-of-interests
transactions.