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Boral Limited and USG Corporation to Form a World-Leading Plasterboard & Ceilings Joint Venture in Asia, Australasia & the Middle East (10/16/13)
• Combines USG’s best-in-class building products technologies and strategic assets in Asia, New Zealand and the Middle East with Boral’s leading plasterboard manufacturing and distribution footprint in Asia and Australia
• Leading share positions in most markets served and uniquely positioned for synergistic expansion
• US$1.6 billion1 50/50 joint venture with operations in 12 countries across Asia, Australasia and the Middle East
• USG to make upfront cash payment to Boral of US$500 million on completion2, with potential additional earn out payments to Boral of up to US$75 million
CHICAGO--(BUSINESS WIRE)--Boral Limited (ASX:BLD) and USG Corporation (NYSE:USG) today announced that they have entered into agreements to form a strategic joint venture to create a world-leading building business, USG Boral Building Products. The 50/50 joint venture will leverage the two companies’ iconic brands, complementary geographic footprints and technological expertise to deliver a unique portfolio of building products across Asia, Australasia and the Middle East.
“The transaction is a major step forward for Boral and our vision is to create a world-leading interior linings business in Asia, Australasia and the Middle East”
Boral will contribute its Gypsum division to the joint venture, which includes its plasterboard operations in Australia and Asia. USG, the largest North American manufacturer of plasterboard, will contribute its Asian and Middle Eastern businesses, as well as exclusive access to its world-leading ceilings, cement board, fibre board, lightweight plasterboard and joint compound building products technologies in the joint venture’s territory.
Bringing together the game-changing technologies and expertise of USG with Boral’s leading manufacturing and distribution network in the region creates a vehicle that will deliver a superior offering to one of the fastest growing plasterboard regions in the world. This combination is expected to position the business with a significant competitive advantage and market leadership position for the long-term.
“The transaction is a major step forward for Boral and our vision is to create a world-leading interior linings business in Asia, Australasia and the Middle East,” said Boral’s CEO & Managing Director, Mike Kane. “The joint venture strategically aligns with Boral’s goal to grow earnings from Asia over the longer-term by effectively leveraging our extensive distribution position with complementary building products and markets. In addition to equipping the Gypsum division for long-term accelerated growth in Asia, the joint venture with USG creates a strong competitive advantage for the Australian plasterboard business through the application of game-changing technologies, significantly strengthens Boral’s financial position and provides greater strategic flexibility to the Boral group. This joint venture will be value accretive for our shareholders.”
USG’s Chairman, President and CEO, Jim Metcalf, stated, “We are excited by the prospects for profitable growth through this strategic partnership. We have long been focused on our strategic plan to diversify our earnings and differentiate our business through innovation. The joint venture with Boral, Asia’s leading plasterboard manufacturer and distributor, gives USG the reach to immediately expand our world-leading building products operations outside North America, and enables both companies to more effectively capitalize on market opportunities in some of the world’s highest growth construction markets.”
The roll-out of new technologies across the joint venture operations will be phased over two years and involve a total investment of approximately US$50 million, which is expected to be self-funded through the joint venture.
The Joint Venture is anticipated to benefit from significant synergies, which will ramp up over time and are expected to exceed US$50 million per annum within three years of the new technologies being rolled out. Synergies will come from manufacturing and freight cost savings and will also include revenue enhancements generated by a superior product offering and complementary products that will be sold through existing sales channels.
Frederic de Rougemont, CEO of Boral Gypsum and appointed CEO of the joint venture, said: “The combination of our gypsum and related businesses in Asia, Australasia and the Middle East provides an unparalleled manufacturing and distribution footprint, encompassing some of the highest growth markets in the world. The joint venture’s access to USG’s unrivalled technology and continued innovation will provide the business with superior performing products that are lighter, stronger and more efficient to manufacture, transport and install. This will build on Boral’s well-established gypsum operations in the region, creating a formidable and sustainable leadership position.”
The joint venture will be owned 50% by Boral and 50% by USG. In order to achieve an interest of 50% in the joint venture, USG will pay Boral total cash payments (equalisation payments) of up to US$575 million. USG’s equalisation payments to Boral will occur in tranches, with a portion conditional on the business meeting budgeted targets, as follows:
• US$500 million upon deal agreement completion;
• US$25 million on the 3rd anniversary of completion if joint venture earnings targets have been achieved at that time; and
• US$50 million on the 5th anniversary of completion if joint venture earnings targets have been achieved at that time.
The joint venture will have 633 million m2 (6.8 BSF) of plasterboard manufacturing capacity supplemented by an extensive portfolio of complementary building product operations spanning 12 countries. Management of the joint venture will be shared between Boral and USG with Frederic de Rougemont from Boral Gypsum appointed as CEO and Paul Monzella from USG Corporation appointed as CFO. USG will appoint the Chairman, Jennifer Scanlon, with the right to appoint chairman alternating every two years.
Targeted completion is currently anticipated to occur on or by 31 January 2014 and is subject to certain closing conditions, including Foreign Investment Review Board (FIRB) approval, third party consents, and other conditions precedent as are customary for this type of transaction.
Further detail about the transaction, the joint venture assets, agreed joint venture terms and company specific impacts are outlined in the accompanying presentation.
http://www.businesswire.com/news/home/20131016006596/en/Boral-Limited-USG-Corporation-Form-World-Leading-Plasterboard
USG Corporation Reports Preliminary, Unaudited 2013 Third Quarter Results (10/16/13)
CHICAGO--(BUSINESS WIRE)--USG Corporation (NYSE:USG), a leading building products company, issued a press release today announcing its planned joint venture with Boral Corporation.
In conjunction with that announcement, USG Corporation is releasing preliminary, unaudited results for the quarter ended September 30, 2013. For the three months ended September 30, 2013, USG Corporation expects to report net sales of approximately $925 million, net income of approximately $23 million, and diluted net income per common share of approximately $0.21. For the three-month comparative period in 2012, USG reported net sales of $828 million, net loss of $29 million and diluted net loss per common share of $0.28. USG attributes the year over year improved results to better wallboard price and volume and positive operating results at L&W Supply, partially offset by higher SG&A expense as expected and lower profitability from its shipping company, GTL, due to timing of shipments in the second half of the year.
The preliminary, unaudited results presented herein are based on currently available information. These preliminary, unaudited results are subject to the completion of USG’s quarterly closing and review procedures and the regular quarterly review process of its independent registered public accounting firm. As a result, the information presented herein is subject to change.
As previously announced, a conference call and webcast to discuss third quarter, 2013 results will be held at 10:00 a.m. Central Time on October 24, 2013.
USG Corporation
USG Corporation is a manufacturer and distributor of innovative, high-performance building systems through its United States Gypsum Company, USG Interiors, LLC, L&W Supply Corporation and other subsidiaries. Headquartered in Chicago, USG Worldwide operations serve the commercial, residential, and repair and remodel construction markets, enabling our customers to build the outstanding spaces where people live, work and play. USG wall, ceiling, exterior sheathing, flooring underlayment and roofing systems provide leading-edge building solutions, while L&W Supply branch locations efficiently stock and deliver building materials throughout the United States. USG and its subsidiaries are proud sponsors of the U.S. Olympic and Paralympic teams and the Canadian Olympic team. For additional information, visit www.usg.com.
http://www.businesswire.com/news/home/20131016006595/en/USG-Corporation-Reports-Preliminary-Unaudited-2013-Quarter
Warren perhaps buying here...upgraded listing...Follow the Money - Buffett always held USG...now Berkowitz bought FNMA FMCC SHLD AIG - I already have owned those...love the distressed stock values...These all are going up...Chup, follow za moneizzzz
--Analyst Actions: USG Corp Raised to Buy From Neutral by Sterne Agee
RPT-Fitch Upgrades USG's IDR to 'B'; Outlook Stable 09/06 06:34 AM
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(Repeat for additional subscribers)
Sept 6 (Reuters) - (The following statement was released by the rating agency)
Fitch Ratings has upgraded the ratings of USG Corporation (USG:$25.008,0$1.078,04.50%) , including the company's Issuer Default Rating (IDR) to 'B' from 'B-'. The Rating Outlook is Stable. A complete list of rating actions follows at the end of this release.
KEY RATING DRIVERS
The upgrade reflects USG's improving profitability and credit metrics this year and the expectation that this trend continues through at least 2014. The rating for USG also reflects the company's leading market position in all of its core businesses, strong brand recognition, its large manufacturing network and sizeable gypsum reserves. Risks include the cyclicality of the company's end-markets, excess capacity currently in place in the U.S. wallboard industry, volatility of wallboard pricing and shipments and, although improving, the company's still high leverage position.
The Stable Outlook reflects Fitch's expectation that demand for USG's products will continue to grow during the remainder of 2013 and into 2014 as the housing market maintains its moderate recovery and commercial construction activity improves from cyclical lows.
The rating and Stable Outlook also incorporates USG's solid liquidity position.
IMPROVING FINANCIAL RESULTS AND CREDIT METRICS
Revenues for the first half of 2013 increased 9.4% to $1.73 billion compared with $1.58 billion during the first half of 2012. More importantly, operating profit (excluding restructuring and impairment charges) advanced 133% to $126 million during the first two quarters of 2013 compared with $54 million during the same period last year, reflecting the company's strong operating leverage.
USG's Fitch-calculated leverage has improved significantly to 7.1x for the LTM period ending June 30, 2013 compared with 8.75x at year-end 2012 and 35.4x at the end of 2011. Fitch expects further improvement in leverage, with debt to EBITDA projected to be below 6x by year-end 2013. USG also has further opportunity to lower its leverage levels by calling $400 million of convertible sr. unsecured notes, which would likely be converted into equity. USG is currently evaluating if and how much of the convertible notes it will call while still preserving its roughly $2 billion of net operating loss carryforwards.
Interest coverage also increased to 1.6x for the June 30, 2013 LTM period from 1.3x in 2012 and 0.3x in 2011. Fitch expects the interest coverage ratio will settle at around 2x at the conclusion of 2013. USG's interest coverage ratio could also improve further if the convertible notes are converted into equity as this debt carries a 10% coupon.
STRONG LIQUIDITY POSITION
As of June 30, 2013, USG had $813 million of liquidity comprised of $416 million of cash, $113 million of short-term marketable securities, $25 million of long-term marketable securities and $259 million of borrowing availability under its U.S. and Canadian credit facilities. In addition, the company's consolidated joint ventures (JV) in Oman have two credit facilities totaling $36 million, of which $33 million was available to the JV for term loan borrowings. Fitch expects USG's liquidity will remain healthy during the next 12 - 18 months.
Fitch currently projects USG's overall liquidity will be between $775 million and $825 million at the end of 2013 and will remain above $700 million at the end of 2014. USG has no major debt maturities until 2016, when $500 million of senior notes become due.
CYCLICALITY OF END MARKETS
USG markets its products primarily to the construction industry, with approximately 24% of the company's 2012 net sales directed toward new residential construction, 22% derived from new non-residential construction, 52% from the repair and remodel segment (commercial and residential) and 2% from other industrial products.
Fitch's housing estimates for 2013 follow: Single-family starts are forecast to grow 18.3% to 633,000, while multifamily starts expand about 19% to 292,000; single-family new home sales should increase approximately 22% to 448,000 as existing home sales advance 7.5% to 5.01 million. Total housing starts are projected to expand 18% in 2014 to 1.1 million as single-family starts advance 22% and multi-family starts gain 9%. New home sales should improve 24% while existing home growth should moderate to 5%.
Fitch projects home-improvement spending will increase 4% in 2013 following an estimated 5.4% improvement during 2012. Growth patterns in the intermediate term are likely to be below what the industry experienced during the 1999 to 2006 periods due to slower growth in the U.S. economy and only moderately improved housing market conditions. Growth in this segment will also be restrained by tight bank lending standards, which will make it difficult for homeowners to use credit to finance large remodeling projects. As such, Fitch expects spending for big-ticket remodeling projects to lag the overall growth in the home improvement sector. Fitch projects home-improvement spending will advance 5% in 2014.
The fundamentals of the U.S. commercial real estate (CRE) continue to improve at a moderate pace following the recent economic recession. CRE vacancy rates are falling modestly and rents are moderately rising as the economy slowly advances.
Fitch currently expects continued, positive property-level fundamentals across most asset classes. Fitch expects new construction activity to remain positive during the remainder of the year and into 2014 despite weak growth in the U.S. economy, lingering problems of key European economies, and continued challenges in the CRE capital markets. Fitch projects private nonresidential construction will grow 2% in 2013 and 5% in 2014.
WALLBOARD PRICING STRATEGY HOLDING UP
BUFFETT OWNS SOME USG...IN AT 13...HOG AT 15...FOLLOW SMART MONEY . MORE UPSIDE..EOM
USG Corporation Reports 2013 Second Quarter Results (7/25/13)
Second Quarter 2013 vs. Second Quarter 2012
Consolidated Business Highlights
•Sales increased 15 percent to $916 million
•Operating profit of $74 million compared to $28 million
•Net income of $25 million compared to net loss of $57 million
Business Unit Highlights
•U.S. Gypsum wallboard shipments totaled 1.29 BSF vs. 1.15 BSF
•U.S. Gypsum average wallboard price of $153.77 per thousand square feet vs. $132.09
•Worldwide Ceilings operating profit increased 37 percent to $26 million
•L&W operating profit of $1 million compared to operating loss of $7 million
•SHEETROCK® Brand UltraLight Panels accounted for 50 percent of all USG wallboard shipments in the United States
CHICAGO--(BUSINESS WIRE)--USG Corporation (NYSE:USG), a leading building products company, today reported second quarter 2013 net sales of $916 million, up 15 percent from second quarter 2012 net sales of $798 million. USG’s second quarter 2013 operating profit was $74 million compared to a $28 million operating profit in the second quarter of 2012. Second quarter 2013 net income was $25 million or $0.22 per diluted share. This result compares to a $57 million net loss in the second quarter of 2012 or ($0.53) per diluted share.
“We are pleased to generate net income for the second consecutive quarter”
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“We are pleased to generate net income for the second consecutive quarter,” said James S. Metcalf, Chairman, President and CEO. “Results in all major business units have improved from one year ago, including L&W Supply, which achieved an operating profit for the first time since 2008.”
The corporation’s adjusted net income was $26 million in the second quarter of 2013, which compares to an adjusted net loss of $18 million in the second quarter of 2012. The adjusted net income for the second quarter of 2013 excludes $1 million in restructuring charges. The adjusted net income for the second quarter of 2012 excluded $2 million in income from discontinued operations and $41 million in loss on the extinguishment of debt.
“We will continue to lower our break-even, improve our margins, and find growth opportunities as we build upon the recovery,” Metcalf said. “The positive trend in our results demonstrates that our Plan to Win is working.”
A conference call is being held today at 10:00 A.M. Central Time during which USG senior management will discuss the corporation’s operating results. The conference call will be webcast on the USG website, www.usg.com, in the Investor Relations section. The dial-in number for the conference call is 1-800-315-2944 (1-847-413-2929 for international callers), and the pass code is 35125479. After the live webcast, a replay of the webcast will be available on the USG website. In addition, a telephonic replay of the call will be available until Friday, August 2, 2013. The replay dial-in number is 1-888-843-7419 (1-630-652-3042 for international callers), and the pass code is 35125479.
USG Corporation is a manufacturer and distributor of high-performance building systems through its United States Gypsum Company, USG Interiors, LLC, L&W Supply Corporation and other subsidiaries. Headquartered in Chicago, USG’s worldwide operations serve the commercial, residential, and repair and remodel construction markets. USG’s wall, ceiling, flooring and roofing products provide leading-edge building solutions for customers, while L&W Supply branch locations efficiently stock and deliver building materials nationwide. For additional information, visit the USG website at www.usg.com.
http://www.businesswire.com/news/home/20130725005201/en/USG-Corporation-Reports-2013-Quarter-Results
Love your last line ;)
A few comments on New Home Sales
Tuesday, April 23, 2013
Now that we have three months of data for 2013, one way to look at the growth rate is to use the "not seasonally adjusted" (NSA) year-to-date data.
According to the Census Bureau, there were 104 thousand new homes sold in Q1 2013, up about 19.5% from the 87 thousand sold in Q1 2012. That is a solid increase in sales, and this was the highest sales for Q1 since 2008.
Note: For 2013, estimates are sales will increase to around 450 to 460 thousand, or an increase of around 22% to 25% on an annual basis from the 369 thousand in 2012.
Although there has been a large increase in the sales rate, sales are still near the lows for previous recessions. This suggest significant upside over the next few years. Based on estimates of household formation and demographics, I expect sales to increase to 750 to 800 thousand over the next several years. Also housing is historically the best leading indicator for the economy, and this is one of the reasons I think The future's so bright, I gotta wear shades.
And here is another update to the "distressing gap" graph that I first started posting over four years ago to show the emerging gap caused by distressed sales. Now I'm looking for the gap to start to close over the next few years.
And here is another update to the "distressing gap" graph that I first started posting over four years ago to show the emerging gap caused by distressed sales. Now I'm looking for the gap to start to close over the next few years.
<click on link below to see the informative visual graphs on trends> Click on graph for larger image
The "distressing gap" graph shows existing home sales (left axis) and new home sales (right axis) through March 2013. This graph starts in 1994, but the relationship has been fairly steady back to the '60s.
Following the housing bubble and bust, the "distressing gap" appeared mostly because of distressed sales. The flood of distressed sales kept existing home sales elevated, and depressed new home sales since builders weren't able to compete with the low prices of all the foreclosed properties.
I don't expect much of an increase in existing home sales (distressed sales will slowly decline and be offset by more conventional sales). But I do expect this gap to close - mostly from an increase in new home sales.
Another way to look at this is a ratio of existing to new home sales.
This ratio was fairly stable from 1994 through 2006, and then the flood of distressed sales kept the number of existing home sales elevated and depressed new home sales. (Note: This ratio was fairly stable back to the early '70s, but I only have annual data for the earlier years).
In general the ratio has been trending down, and I expect this ratio to trend down over the next several years as the number of distressed sales declines and new home sales increase.
Note: Existing home sales are counted when transactions are closed, and new home sales are counted when contracts are signed. So the timing of sales is different.
http://www.calculatedriskblog.com/2013/04/a-few-comments-on-new-home-sales.html
*Can you spell - more sheetrock please!
USG is having a big day today..and rightfully so...but the good news is it's still on sale!
USG Corporation Reports 2013 First Quarter Results
Date : 04/24/2013 @ 8:30AM
Source : Business Wire
Stock : Usg Corp. (USG)
Quote : $27.2 up 1.65 (6.46%) @ 1:13PM
USG Corporation (NYSE:USG), a leading building products company, today reported first quarter 2013 net sales of $814 million, up 4 percent from first quarter 2012 net sales of $783 million. USG’s first quarter 2013 operating profit was $49 million compared to a $24 million operating profit in the first quarter of 2012. First quarter 2013 net income was $2 million or $0.02 per diluted share. This result compares to a $27 million net loss in the first quarter of 2012 or $0.26 per diluted share.
“We are pleased to report our first quarter of net income in more than five years,” said James S. Metcalf, Chairman, President and CEO. “All segments showed improved results in the period, and our commitment to innovation and lowering our break-even are evident in our results.”
The corporation’s adjusted net income was $1 million in the first quarter of 2013, which compares to an adjusted net loss of $27 million in the first quarter of 2012. The adjusted net income for the first quarter of 2013 excludes $2 million of restructuring charges and a $3 million benefit from a change in tax law. The adjusted net income for the first quarter of 2012 excludes $2 million of restructuring charges and $2 million of income from discontinued operations.
“Achieving positive net income in the first quarter is an important milestone as we emerge from the most significant downturn in our company’s history, but there is more work to be done,” Metcalf said. “We will continue to execute Our Plan to Win as the recovery continues in our core markets.”
[....]
http://ih.advfn.com/p.php?pid=nmona&article=57303634
USG Amends Rights Plan to Lower Threshold to 4.9% to Protect Tax Benefits (3/22/13)
CHICAGO--(BUSINESS WIRE)--USG Corporation (NYSE: USG), a leading building products company, announced today that its Board of Directors amended the Corporation’s existing stockholder rights plan to lower the ownership threshold to a level that could provide protection to USG’s net operating loss carryforwards (“NOLs”) and related deferred tax assets. The amendment reduces the ownership threshold under USG's shareholder rights plan from 15 percent to 4.9 percent until March 22, 2016 (or earlier, if the Board determines that the amendment is no longer necessary to protect the NOLs).
USG has over $2 billion in NOLs, a portion of which would be at risk if an “ownership change” under Internal Revenue Code Section 382 were to occur. An “ownership change” occurs if, during a rolling three-year period, the cumulative percentage of stock owned by one or more 5-percent shareholders, which would include those who have acquired their shares in the public market, has increased by more than 50 percentage points.
“After careful consideration, we have determined that it is in the best interests of the company and our stockholders to modify the beneficial ownership threshold under our rights plan,” said USG Corporation Chairman, President and CEO James S. Metcalf. “The NOLs are a valuable asset of USG. We are taking these steps in an effort to maximize our ability to offset income that we expect to generate in the future.”
The rights plan, as amended, is designed to deter any person or group from acquiring beneficial ownership of more than 4.9 percent of USG's common stock. The rights plan amendment exempts stockholders whose current beneficial ownership exceeds 4.9 percent so long as they do not acquire any additional shares of common stock, subject to specified exceptions.
Additional information regarding the amendment is contained in a Current Report on Form 8-K and in an amendment to a Registration Statement on Form 8-A that USG filed today with the Securities and Exchange Commission. These filings are available on the SEC's Web site at www.sec.gov.
About USG
USG Corporation is a manufacturer and distributor of high-performance building systems through its United States Gypsum Company, USG Interiors, LLC, L&W Supply Corporation and other subsidiaries. Headquartered in Chicago, USG’s worldwide operations serve the commercial, residential, and repair and remodel construction markets. USG’s wall, ceiling, flooring and roofing products provide leading-edge building solutions for customers, while L&W Supply branch locations efficiently stock and deliver building materials nationwide. For additional information, visit the USG website at www.usg.com.
Contacts
USG Corporation
Media Inquiries:
Bob Williams, 312/436-4356
or
Investor Relations:
Ken Banas, 312/436-6098
http://www.businesswire.com/news/home/20130322005820/en/USG-Corporation-Amends-Rights-Plan-Threshold-4.9
Housing Starts in U.S. Climb as Building Permits Pick Up
Mar 19, 2013 5:47 AM PT
[....]
Building permits, a proxy for future construction, advanced 4.6 percent to 946,000, the strongest since June 2008.
[....]
http://www.bloomberg.com/news/2013-03-19/housing-starts-in-u-s-climbed-0-8-in-february-to-917-000-rate.html?cmpid=yhoo
Better way to play housing than the over bought builders.
Home Depot will be hiring 80,000 seasonal workers this spring...10,000 more than last season.
[....]
Home improvement chains such as Home Depot and Lowe's Companies Inc., and retailers selling home goods and furnishings, see higher sales during the spring season as people start to rebuild their homes after the cold winter. The uptick in the U.S. housing market is also benefiting home improvement chains.
[....]
http://jobs.aol.com/articles/2013/02/06/home-depot-hire-thousands-seasonal/
*They expect alot more products to go out there doors this year...no doubt one of those products will be sheet rock.
Any opinions as to what is an attractive entry point for this company?
USG...Hit a New 52-Week High
Date : 01/03/2013 @ 8:20AM
Source : MarketWire
Stock : Usg Corp. (USG)
Quote : $29.09 -0.21 (-0.72%) @ 5:39PM
USG Reports 2012 Third Quarter Results (10/18/12)
Third Quarter 2012 vs. Third Quarter 2011
Consolidated Business Highlights (continuing operations)
•Sales increased 9 percent to $828 million
•Operating profit of $29 million compared to operating loss of $79 million
•Adjusted operating profit of $32 million compared to adjusted operating loss of $20 million
Business Unit Highlights (continuing operations)
•U.S. Gypsum wallboard shipments totaled 1.20 BSF vs. 1.05 BSF
•U.S. Gypsum average wallboard price of $131.97 per thousand square feet vs. $111.66
•Worldwide Ceilings operating profit increased 9 percent to $24 million
•L&W same store net sales increased 10 percent
•SHEETROCK® Brand UltraLight Panels accounted for 47 percent of all USG wallboard shipments in the United States
CHICAGO--(BUSINESS WIRE)--USG Corporation (NYSE:USG), a leading building products company, today reported third quarter 2012 net sales from continuing operations of $828 million, up 9 percent from third quarter 2011 net sales from continuing operations of $763 million. USG’s third quarter operating profit from continuing operations was $29 million compared to a $79 million operating loss from continuing operations in the third quarter of 2011. The third quarter 2012 net loss from both continuing and discontinued operations was $29 million, or $0.28 per share. This result compares to a $115 million net loss from both continuing and discontinued operations in the third quarter of 2011, or $1.09 per share. During the third quarter, the Corporation announced it had entered into a definitive agreement to sell its European operations. Although that sale has not yet been consummated, results from European operations have been reported as discontinued operations for the 2012 and 2011 periods. Those operations reported net sales of $27 million and operating profit of $1 million for the third quarter of 2012, and $29 million and $3 million, respectively, for the third quarter of 2011.
“While wallboard demand remains significantly below historical averages”
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“Our innovative new products, modest demand improvement, new wallboard pricing strategy and recent restructuring efforts contributed to our third consecutive quarter of positive operating profit,” said James S. Metcalf, Chairman, President and CEO. “We achieved continued wallboard volume growth, and price was essentially flat compared to the prior quarter, with any improvement offset by regional and channel mix and freight cost fluctuations. In addition to strengthening our core businesses, the announced sale of our European operations is another great example of USG’s Plan to Win. Completion of this sale will allow us to reallocate assets from a lower-growth market to joint ventures supporting higher-growth markets in India, which will allow us to diversify the company’s earnings and offset some of the cyclicality in our core businesses.”
The corporation’s adjusted operating profit from continuing operations was $32 million in the third quarter of 2012, which compares to an adjusted operating loss from continuing operations of $20 million in the third quarter of 2011. A reconciliation of adjusted operating profit to operating profit is set forth on a schedule attached hereto. The operating profit from continuing operations in the third quarter of 2012 includes $3 million in restructuring and long-lived asset impairment charges and a $3 million increase in reserves for potential claims.
“While wallboard demand remains significantly below historical averages,” Metcalf said. “I am pleased with our progress in 2012, and look forward to further improvement as we continue working towards positive net earnings.”
A conference call is being held today at 10:00 A.M. Central Time during which USG senior management will discuss the corporation’s operating results. The conference call will be webcast on the USG website, www.usg.com, in the Investor Relations section. The dial-in number for the conference call is 1-800-315-2944 (1-847-413-2929 for international callers), and the pass code is 33348213. After the live webcast, a replay of the webcast will be available on the USG website. In addition, a telephonic replay of the call will be available until Friday, October 26, 2012. The replay dial-in number is 1-888-843-7419 (1-630-652-3042 for international callers), and the pass code is 33348213.
USG Corporation is a manufacturer and distributor of high-performance building systems through its United States Gypsum Company, USG Interiors, LLC, L&W Supply Corporation and other subsidiaries. Headquartered in Chicago, USG’s worldwide operations serve the commercial, residential, and repair and remodel construction markets. USG’s wall, ceiling, flooring and roofing products provide leading-edge building solutions for customers, while L&W Supply branch locations efficiently stock and deliver building materials nationwide. For additional information, visit the USG website at www.usg.com.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 related to management’s expectations about future conditions. Actual business, market or other conditions may differ from management’s expectations and, accordingly, may affect our sales and profitability or other results and liquidity. Actual results may differ due to various other factors, including: economic conditions, such as the levels of new home and other construction activity, employment levels, the availability of mortgage, construction and other financing, mortgage and other interest rates, housing affordability and supply, the levels of foreclosures and home resales, currency exchange rates and consumer confidence; capital markets conditions and the availability of borrowings under our credit agreement or other financings; competitive conditions, such as price, service and product competition; shortages in raw materials; changes in raw material, energy, transportation and employee benefit costs; the loss of one or more major customers and our customers’ ability to meet their financial obligations to us; capacity utilization rates for us and the industry; changes in laws or regulations, including environmental and safety regulations; the outcome in contested litigation matters; our ability to complete surplus asset sales and other divestitures; the effects of acts of terrorism or war upon domestic and international economies and financial markets; and acts of God. We assume no obligation to update any forward-looking information contained in this press release.
http://www.businesswire.com/news/home/20121018005223/en/USG-Corporation-Reports-2012-Quarter-Results
Housing starts jump to fastest pace in 4 years
UPDATED 11:36 a.m. EDT: Groundbreaking on new U.S. homes surged in September to its fastest pace in more than four years, a sign the housing sector's budding recovery is gaining traction and supporting the wider economic recovery.
Housing starts increased 15 percent last month to a seasonally adjusted annual rate of 872,000 units, the Commerce Department said on Wednesday.
That was the quickest pace since July 2008, though data on starts is volatile and subject to substantial revisions.
[....]
CNBC video
http://economywatch.nbcnews.com/_news/2012/10/17/14507024-housing-starts-jump-to-fastest-pace-in-4-years?lite
Got sheetrock? I'm thinking USG is on sale again.
Date : 10/01/2012 @ 1:10PM
Stock : Usg Corp. (USG)
Quote : $21.60 0.18 (0.84%) @ 1:03PM
Insider purchase
Form 4 - Statement of Changes in Beneficial Ownership (4)
KENNEY BRIAN A (Director)
Common Stock - 8/9/2012 - P - 4000 - A - $17.16 - 14488
http://ih.advfn.com/p.php?pid=nmona&article=53802699
Knauf Verwaltungsgesellschaft
R U Kidding me!!! all they need to add is a 'ski' on the end of that to really give your brain a mental wedgie!
sorry board ..but wow :~O
*I have a ski on the end of mine so I speak from experience :~/
Gebr. Knauf Verwaltungsgesellschaft KG is a limited partnership, which controls 14,757,258 shares or 14.3 percent of USG through its indirect subsidairy C & G Verwaltungs GmbH.
USG Announces Agreement in Principle for Sale of European Businesses (8/07/12)
CHICAGO--(BUSINESS WIRE)--USG Corporation (NYSE:USG), a leading building products company, today announced that it has entered into a definitive agreement for the sale of its wholly-owned European business operations to affiliates of Gebr. Knauf Verwaltungsgesellschaft KG for approximately $80 million. That amount is subject to adjustment based on working capital and net debt levels at closing.
The businesses being sold include the manufacture and distribution of Donn® brand ceiling grid and SHEETROCK® brand finishing compounds throughout Europe, Russia and Turkey.
“While USG’s European operations have been performing well, we prefer to focus our investment in higher growth markets,” said James S. Metcalf, Chairman, President and CEO. “We contacted more than 60 potentially interested parties, including both strategic buyers and private equity firms, and decided to sell the businesses following a thorough evaluation that produced strong interest. We’re pleased with the value we are receiving for this group of assets.”
Closing of the sale is subject to receipt of necessary governmental approvals and other customary closing conditions. Assuming receipt of the necessary approvals and satisfaction of these closing conditions, closing is expected to take place in the fourth quarter of this year.
USG Corporation is a manufacturer and distributor of high-performance building systems through its United States Gypsum Company, USG Interiors, LLC, L&W Supply Corporation and other subsidiaries. Headquartered in Chicago, USG’s worldwide operations serve the commercial, residential, and repair and remodel construction markets. USG’s wall, ceiling, flooring and roofing products provide leading-edge building solutions for customers, while L&W Supply branch locations efficiently stock and deliver building materials nationwide. For additional information, visit the USG website at www.usg.com.
Contacts
USG Corporation
Media Inquiries: 312/436-4356
Investor Relations: 312/436-6098
http://www.businesswire.com/news/home/20120807005898/en/USG-Announces-Agreement-Principle-Sale-European-Businesses
good post EI ...You've answered something I've long wondered about.
It's easy to think USG is just a sheetrock manufacture (can you spell snooze).
But if specialty commercial building materials interest anyone as they do me go to the L&W Supply Corp website to check out the various products USG manufactures.
I was particularly interested in the ceiling products. If you want to check them out click on this link.
http://www.lwsupply.com/products/ceilings/specialty-ceilings-systems.html
It was hard to pick a favorite but the curved designs kinda caught my eye :)
As a DIY weekend warrior builder of a never ending investment home remodel project I had always wondered where some of the specialty products came from you see in magazines of the more beautiful commercial building spaces...and since I had never seen them on countless trips gazing down the isleways of my local haunt known as Home Depot I had no idea who made them or where someone would go to get such items. Now I know!
USG is not just another boring sheetrock maker...that's like saying Michaelangelo was a just another 16th century house painter.
;)
L&W Supply Corporation’s Seacoast Supply Receives David Weekley Homes’ Nationally Acclaimed “Partners of Choice” Award for Sixth Year (7/30/12)
Subsidiary of USG Corporation Recognized as a Premier Partner for Outstanding Quality and Service
CHICAGO--(BUSINESS WIRE)--USG Corporation (NYSE: USG), a leading building products company, and its distribution subsidiary, L&W Supply Corporation, received the David Weekley Homes “Partners of Choice” Award for the sixth year in a row. The 2012 award represents the fifth straight year L&W’s Seacoast Supply achieved an “A,A” ranking, which is the highest ranking a supplier can receive, as part of the home builder’s world-class interactive supplier evaluation system.
David Weekley Homes, the nation’s third largest for-profit, privately-held home builder, implemented its unique, interactive supplier evaluation system and symbol for world-class excellence, the “Partners of Choice” Award, in 2004. The evaluation platform allows David Weekley Homes to analyze supplier performance in diverse industries, provide feedback, and recognize outstanding partners.
Bill Justus, Vice President of Supply Chain Services for David Weekley Homes, implemented the industry leading, innovative evaluation system in order to reduce channel costs, improve service and provide the highest degree of homeowner satisfaction.
“Our evaluation process provides suppliers with information on a 7/24 basis, and we dedicate resources to work with all of our trading partners that are serious about pursuing excellence,” said Justus, the brains behind the highly acclaimed evaluation system. “What this means is that you cannot talk your way to a good score. Our friends at Seacoast Supply have invested in the process and consequently have earned the trust and respect of our team members. Through their actions they have proven to be a world class partner.”
“We have a long standing relationship with David Weekley Homes, and so it is a great honor to once again be recognized as a partner,” said Tim Mahaffey, vice president, South Division, L&W Supply. “The Partner of Choice evaluation system is rigorous, involving a series of discussions, meetings and coaching calls between David Weekley employees and Seacoast Supply employees. We work closely together to formulate plans to achieve excellence and strengthen our partnership. David Weekley Homes clearly takes partnership with its suppliers to world-class levels.”
David Weekley Homes presented L&W Supply with the 2012 Partner of Choice Award at their national account meeting on July 26th in Houston.
About USG and L&W Supply
USG is a leading manufacturer and distributor of high-performance building systems through its subsidiaries, which include United States Gypsum Company, USG Interiors, LLC, and L&W Supply. L&W Supply is the largest specialty dealer in North America for drywall, ceilings, steel framing and other building materials used by homebuilders and specialty contractors. L&W Supply currently operates more than 150 locations in the United States, and operates under the names Building Specialties, Seacoast Supply, CK Supply, CALPLY and others. For additional information on USG, visit www.usg.com. For additional information on L&W Supply, visit www.lwsupply.com.
About David Weekley Homes
David Weekley Homes, founded in 1976, is headquartered in Houston and operates in 16 cities across the United States. David Weekley Homes was the first builder in the United States to be awarded the Triple Crown of American Home Building, an honor which includes “America’s Best Builder,” “Builder of the Year,” and the “National Housing Quality Award.” Weekley has also appeared seven times on FORTUNE® magazine’s coveted “100 Best Companies to Work For” list. Since inception, David Weekley Homes has closed more than 65,000 homes. For more information about David Weekley Homes, visit the company’s web site at www.davidweekleyhomes.com.
Contacts
USG Corporation
Media Inquiries: 312/436-4576
http://www.businesswire.com/news/home/20120730005785/en/LW-Supply-Corporation%E2%80%99s-Seacoast-Supply-Receives-David
Classic response when earnings disappoint.
I believe USG is "fairly valued" in this range. In my mind, USG was overpriced leading up to the earnings announcement. I am not a trader, but those who are might be able to make some money on the swings.
USG had a nice run.
Revenue and product volume are increasing.
I expect USG now move down in the $16 to $17 range.
USG Reports 2012 Second Quarter Results (7/25/12)
Second Quarter 2012 vs. Second Quarter 2011
Consolidated Business Highlights
•Sales increased 8 percent to $825 million
•Operating profit of $31 million compared to operating loss of $21 million
•Adjusted operating profit of $31 million compared to adjusted operating loss of $19 million
Business Unit Highlights
•U.S. Gypsum wallboard shipments totaled 1.15 BSF vs. 0.99 BSF
•U.S. Gypsum average wallboard price of $132.09 per thousand square feet vs. $111.55
•Worldwide Ceilings operating profit was flat at $22 million
•L&W same store net sales increased 11 percent
•SHEETROCK® Brand UltraLight Panels accounted for 44 percent of all USG wallboard shipments in the United States
CHICAGO--(BUSINESS WIRE)--USG Corporation (NYSE:USG), a leading building products company, today reported second quarter 2012 net sales of $825 million, up 8 percent from second quarter 2011 net sales of $761 million. USG’s second quarter operating profit was $31 million compared to a $21 million operating loss in the second quarter of 2011. The second quarter 2012 net loss after-tax was $57 million, or $0.53 per share. This result compares to a $70 million net loss in the second quarter of 2011, or $0.69 per share.
“We are pleased to build on the positive operating profit in the first quarter with another quarter of improved results”
.
“We are pleased to build on the positive operating profit in the first quarter with another quarter of improved results,” said James S. Metcalf, Chairman, President and CEO. “In addition, our recent announcement of a joint venture that will enable us to sell SHEETROCK®Brand gypsum wallboard in India is a major step forward in our efforts to diversify USG’s sources of earnings. We intend to move quickly with our partner, the Zawawi Group of Oman, to establish the mining and manufacturing operations in Oman with the goal of commencing the sale of rock to the regional cement industry and wallboard in the Indian market toward the end of next year.”
The corporation’s adjusted operating profit was $31 million in the second quarter of 2012, which compares to an adjusted operating loss of $19 million in the second quarter of 2011. A reconciliation of adjusted operating profit to operating profit is set forth on a schedule attached hereto. The net loss in the second quarter of 2012 includes $41 million in charges associated with the extinguishment of debt. Excluding those charges, the adjusted net loss in the second quarter of 2012 was $16 million, or $0.15 per share, based on the average common shares of 106,089,602.
“Our businesses performed well in the second quarter despite weak demand compared to long-term averages,” Metcalf said. “We are seeing the signs of a recovery in our core markets, and will continue to focus on reducing costs and improving margins as we work towards positive net earnings.”
A conference call is being held today at 10:00 A.M. Central Time during which USG senior management will discuss the corporation’s operating results. The conference call will be webcast on the USG website, www.usg.com, in the Investor Relations section. The dial-in number for the conference call is 1-800-315-2944 (1-847-413-2929 for international callers), and the pass code is 32677225. After the live webcast, a replay of the webcast will be available on the USG website. In addition, a telephonic replay of the call will be available until Friday, August 3, 2012. The replay dial-in number is 1-888-843-7419 (1-630-652-3042 for international callers), and the pass code is 32677225.
USG Corporation is a manufacturer and distributor of high-performance building systems through its United States Gypsum Company, USG Interiors, LLC, L&W Supply Corporation and other subsidiaries. Headquartered in Chicago, USG’s worldwide operations serve the residential and non-residential construction markets, repair and remodel construction markets, and industrial processes. USG’s wall, ceiling, flooring and roofing products provide leading-edge building solutions for customers, while L&W Supply branch locations efficiently stock and deliver building materials nationwide. For additional information, visit the USG website at www.usg.com.
http://www.businesswire.com/news/home/20120725005395/en/USG-Corporation-Reports-2012-Quarter-Results
Home Builders Beef Up on Cash to Gird for Next Wave
Updated July 10, 2012, 8:56 p.m. ET
By ROBBIE WHELAN And DAWN WOTAPKA
U.S. home builders, anticipating that a recovery in new-home sales is on the horizon, are raising cash on Wall Street to repair balance sheets and rebuild their depleted supply of land.
On Monday, Atlanta-based Beazer Homes USA Inc. BZH -0.69%said in a regulatory filing that it will raise about $75 million by selling shares of common stock. That filing followed an announcement on Monday by Meritage Homes Corp., MTH +1.93%a Scottsdale, Ariz., builder, saying that it had registered to sell 2.3 million new shares of common stock to raise about $75.7 million.
In 4 p.m. New York Stock Exchange composite trading on Tuesday, Beazer dropped 40 cents, or 12%, to $2.98. Meritage fell 47 cents, or 1.3%, to $34.91, after gaining 0.6% on Monday.
Stock analysts said the moves are coming at a good time because investors have been eager to purchase home-builder stocks. The Dow Jones U.S. Home Construction Index, which tracks the stocks of seven home builders, has gained nearly 50% this year.
Hovnanian Enterprises Inc. HOV -0.77%took advantage of the rising value of its common stock, which has nearly doubled in value since January, to reduce its debt load by issuing in the past two weeks 1.5 million class-A shares to bondholders in exchange for $6 million in debt.
By issuing stock now, builders are outrunning any potential weakness in the market that could result from rising unemployment, elections in November and problems in Europe.
"Things are lining up for home building right now," said David Goldberg, a home-builder analyst with UBS. "If I'm a company and I say 'I know I have to raise capital at some point,' maybe this is an opportune time to do it."
Much of the proceeds from the stock sales will be used to acquire land. Builders typically need to own thousands of home sites with infrastructure like sewer lines, sidewalks and power lines installed, known in the industry as finished lots, to be ready to respond to consumer demand and quickly erect houses.
With minimal new lots being delivered since the housing crisis, ready-to-build sites in prime locations with established school districts and short commute times to job centers have become scarcer and more pricey, sparking bidding wars for land.
Some builders have responded by buying raw land and paying to add infrastructure and amenities themselves, counting on consumer demand for new homes rising over the next few years. Since developing a single lot typically costs tens of thousands of dollars, buying raw land is an expensive gamble for builders.
"All of the lots in the best markets or the best submarkets…have pretty much been purchased," said Brent Anderson, Meritage's vice president of investor relations. "We've got to feed the machine…[Issuing stock] gives us the ability to add communities, which we've been trying to do for a while. It gives us some more dry powder."
For other builders, land plays a role, but there are other factors involved. Beazer and Hovnanian, for example, are saddled with heavy debt loads and are working to repair their balance sheets. For Hovnanian, which issued $25 million in shares at $2 apiece in April, this latest transaction continues a strategy of buying "land at or near the bottom of this home-building cycle so that we can grow revenues and return to profitability while simultaneously reducing the amount of debt on our balance sheet," said Larry Sorsby, the company's chief financial officer.
Some market watchers think KB Home, KBH +3.73%a Los Angeles builder catering largely to first-time buyers, could be the next builder to issue stock. As of May 31, KB Home had $377 million in cash and cash equivalents, one of the sector's lowest amounts. Industry watchers also are concerned about its weak orders for new homes.
A KB Home spokeswoman declined to comment. During a March conference call with analysts, KB's chief financial officer, Jeff Kaminski, said the builder has "adequate liquidity to support [its] current business needs."
But analysts aren't so sure. "It's thought that for them to fully participate in a housing recovery and generate strong growth, they might need to issue capital," said Jade Rahmani, a builder analyst with Keefe, Bruyette & Woods Inc.
Analysts don't expect bigger builders with large cash supplies, including D.R. Horton Inc. DHI +2.74%and Toll Brothers Inc., TOL +2.67%to issue additional stock in the near term. "The large-cap companies and the ones that have less leverage we would first expect to use their cash and credit facilities" to buy land, Mr. Rahmani said. Toll Brothers declined to comment. D.R. Horton didn't immediately respond to a request for comment.
http://online.wsj.com/article/SB10001424052702303292204577519091363274160.html
=======================
Can someone pass the sheetrock please!
Once again...this board doesn't care who builds the houses ...they all use USG sheetrock ;)
Housing Passes a Milestone
July 11, 2012, 7:51 p.m. ET
The housing market has turned—at last.
The U.S. finally has moved beyond attention-grabbing predictions from housing "experts" that housing is bottoming. The numbers are now convincing.
Nearly seven years after the housing bubble burst, most indexes of house prices are bending up. "We finally saw some rising home prices," S&P's David Blitzer said a few weeks ago as he reported the first monthly increase in the slow-moving S&P/Case-Shiller house-price data after seven months of declines.
Nearly 10% more existing homes were sold in May than in the same month a year earlier, many purchased by investors who plan to rent them for now and sell them later, an important sign of an inflection point. In something of a surprise, the inventory of existing homes for sale has fallen close to the normal level of six months' worth despite all the foreclosed homes that lenders own. The fraction of homes that are vacant is at its lowest level since 2006.
The reduced inventory of unsold homes is key, says Mark Fleming, chief economist at CoreLogic, a housing data-analysis firm. For the past couple of years, house prices have risen in the spring and then slumped; the declining supply of houses for sale is reason to believe that won't happen again this year, he says.
http://online.wsj.com/article/SB10001424052702303644004577520414196790098.html
================
*Good news for housing material manufactures like USG ;)
Morning MarketBeat: Housing Offers Glimmer of Hope
Jun 27, 2012
6:15 AM
[....]
In the end, it’s all about housing.
Lost amid Europe’s constant turmoil is the fact that the beleaguered U.S. housing market is showing signs of life. This week new home sales hit a two-year high, and housing prices rose on a month-over-month basis. On tap later today is a reading on pending home sales, which is expected to rise 2.3%.
The improvement in the housing market has been reflected in homebuilder stocks. PulteGroup jumped 5.3% yesterday, and is up 54% for the year. D.R. Horton is up 35% in 2012. Lennar — which will report quarterly results today — has risen 39% this year. Builder stocks, measured by the Dow Jones U.S. Home Construction index, advanced 3.7% yesterday as the stock market hovered around the flat line.
The index is up 31% this year, while the S&P 500 is up 5%.
While the housing market’s recovery is tentative at best, there are reasons to believe the recovery is starting to find its footing. As our friends at the Developments blog point out, the number of homes for sale has been much lower this year than in previous years.
The share of home selling out of foreclosure has also dropped. “A lower distressed proportion is good for average prices,” says Megan McGrath, an analyst at MKM Partners.
This drop in supply has coincided with a pickup in demand, which has reverted back to levels last seen in 2010. Back then, tax credits were juicing the market and artificially sending prices higher.
Now, actual fundamentals, combined with record-low interest rates, may be doing the trick.
As long as supply remains muted and demand doesn’t let up, the recovery can keep puttering along. It’s simple supply and demand.
“The housing sector is on the mend,” says Millan Mulraine, a strategist at TD Securities. “The slew of recent housing reports have confirmed that the housing sector is beginning to enjoy a period of positive momentum.”
[....]
http://blogs.wsj.com/marketbeat/search/hov/?s=hov
The general building materials industry continues to sputter. USG is a direct reflection of the economy overall. Two steps forward ..one step backwards. :(
UltraLight now accounts for 41 percent.
Up from 38 percent of wallboard sales in Q4 2011. Average was 25 percent for 2011.
USG views this as a "value added" product. It recently added 5/8" products in this line. Jim Metcalf, Chairman, President and CEO stated that this product line is a "game changer".
This information was discussed during the earning call.
http://investor.usg.com/phoenix.zhtml?c=115117&p=irol-newsArticle_Print&ID=1545634&highlight=
http://www.usg.com/sheetrock-ultralight-gypsum-panels-firecode-30.html
First Quarter 2012 vs. First Quarter 2011
Consolidated Business Highlights
- Sales increased 13 percent to $812 million
- Operating profit of $27 million compared to operating loss of $58 million
- Adjusted operating profit of $29 million compared to adjusted operating loss of $49 million
==================================
This is a very encouraging report and outlook.
USG Reports 2012 First Quarter Results (4/17/12)
First Quarter 2012 vs. First Quarter 2011
Consolidated Business Highlights
- Sales increased 13 percent to $812 million
- Operating profit of $27 million compared to operating loss of $58 million
- Adjusted operating profit of $29 million compared to adjusted operating loss of $49 million
Business Unit Highlights
- U.S. Gypsum wallboard shipments totaled 1.16 BSF vs. 992 MMSF
- U.S. Gypsum average wallboard price of $130.43 per thousand square feet vs. $109.15
- Worldwide Ceilings operating profit increased 12 percent to $29 million
- L&W same store net sales increased 13 percent
- SHEETROCK® Brand UltraLight Panels accounted for 41 percent of all USG wallboard shipments in the United States
CHICAGO--(BUSINESS WIRE)--USG Corporation (NYSE:USG), a leading building products company, today reported first quarter 2012 net sales of $812 million, up 13 percent from first quarter 2011 net sales of $721 million. USG’s first quarter operating profit was $27 million compared to a $58 million operating loss in the first quarter of 2011. The first quarter 2012 net loss after-tax was $27 million or $0.26 per share. This result compares to a $105 million net loss in the first quarter of 2011 or $1.01 per share.
“Despite continuing low demand, our emphasis on achieving operating profit is succeeding, and continues to be a top priority,” said James S. Metcalf, Chairman, President and CEO. “Our focus on our customers, innovation and growing our adjacent businesses contributed to our first quarter results. All units showed improved results, supported by a modest increase in U.S. wallboard demand and solid performance across our product lines including ceilings, substrates and joint compounds. Of particular note is the market enthusiasm over our expanding line of SHEETROCK® Brand UltraLight Panels products, which now include both SHEETROCK® Brand UltraLight Panels FIRECODE® 30 and SHEETROCK® Brand UltraLight Panels FIRECODE® X, as well as our SHEETROCK® Brand UltraLightweight All Purpose Joint Compound.”
The corporation’s adjusted operating profit was $29 million in the first quarter of 2012, which compares to an adjusted operating loss of $49 million in the first quarter of 2011. The adjusted operating profit for the first quarter of 2012 excludes $2 million of restructuring and asset impairment charges. The adjusted operating loss for the first quarter of 2011 excludes $9 million of restructuring and asset impairment charges.
“Although demand in our core markets still remains near historical lows,” Metcalf said, “we are confident our strategy will continue to move us toward positive net earnings.”
A conference call is being held today at 10:00 A.M. Central Time during which USG senior management will discuss the corporation’s operating results. The conference call will be webcast on the USG website, www.usg.com, in the Investor Relations section. The dial-in number for the conference call is 1-800-315-2944 (1-847-413-2929 for international callers), and the pass code is 32196653. After the live webcast, a replay of the webcast will be available on the USG website. In addition, a telephonic replay of the call will be available until Friday, April 27, 2012. The replay dial-in number is 1-888-843-7419 (1-630-652-3042 for international callers), and the pass code is 32196653.
USG Corporation is a manufacturer and distributor of high-performance building systems through its United States Gypsum Company, USG Interiors, LLC, L&W Supply Corporation and other subsidiaries. Headquartered in Chicago, USG’s worldwide operations serve the residential and non-residential construction markets, repair and remodel construction markets, and industrial processes. USG’s wall, ceiling, flooring and roofing products provide leading-edge building solutions for customers, while L&W Supply branch locations efficiently stock and deliver building materials nationwide. For additional information, visit the USG website at www.usg.com.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 related to management’s expectations about future conditions. Actual business, market or other conditions may differ from management’s expectations and, accordingly, may affect our sales and profitability or other results and liquidity. Actual results may differ due to various other factors, including: economic conditions, such as the levels of new home and other construction activity, employment levels, the availability of mortgage, construction and other financing, mortgage and other interest rates, housing affordability and supply, the levels of foreclosures and home resales, currency exchange rates and consumer confidence; capital markets conditions and the availability of borrowings under our credit agreement or other financings; competitive conditions, such as price, service and product competition; shortages in raw materials; changes in raw material, energy, transportation and employee benefit costs; the loss of one or more major customers and our customers’ ability to meet their financial obligations to us; capacity utilization rates for us and the industry; changes in laws or regulations, including environmental and safety regulations; the outcome in contested litigation matters; our ability to complete surplus asset sales and other divestitures; the effects of acts of terrorism or war upon domestic and international economies and financial markets; and acts of God. We assume no obligation to update any forward-looking information contained in this press release.
[visit link to view financials]
http://www.businesswire.com/news/home/20120417005310/en/USG-Corporation-Reports-2012-Quarter-Results
<<< $USG Links! >>> ~ MAC's Quick DD Links without the charts.
Open these links (or the ones you desire) in background tabs
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OTC Markets Company Info ~ http://www.otcmarkets.com/stock/USG/company-info
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Y! < Company >
Y! Profile ~ http://finance.yahoo.com/q/pr?s=USG+Profile
Y! Key Stat's ~ http://finance.yahoo.com/q/ks?s=USG+Key+Statistics
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Y! Summary ~ http://finance.yahoo.com/q?s=USG
Y! Historical Prices ~ http://finance.yahoo.com/q/hp?s=USG+Historical+Prices
Y! Order Book ~ http://finance.yahoo.com/q/ecn?s=USG+Order+Book
Y! Message Boards ~ http://messages.finance.yahoo.com/mb/USG
Y! Market Pulse ~ http://finance.yahoo.com/marketpulse/USG
Y! Technical Analysis ~ http://finance.yahoo.com/q/ta?s=USG+Basic+Tech.+Analysis
Y! < Analyst Coverage >
Y! Analyst Opinion ~ http://finance.yahoo.com/q/ao?s=USG+Analyst+Opinion
Y! Analyst Estimates ~ http://finance.yahoo.com/q/ae?s=USG+Analyst+Estimates
Y! Research Reports ~ http://finance.yahoo.com/q/rr?s=USG+Research+Reports
Y! Star Analysts ~ http://finance.yahoo.com/q/sa?s=USG+Star+Analysts
Y! < Ownership >
Y! Major Holders ~ http://finance.yahoo.com/q/mh?s=USG+Major+Holders
Y! Insider Transactions ~ http://finance.yahoo.com/q/it?s=USG+Insider+Transactions
Y! Insider Roster ~ http://finance.yahoo.com/q/ir?s=USG+Insider+Roster
Y! < Financials >
Y! Income Statement ~ http://finance.yahoo.com/q/is?s=USG+Income+Statement&annual
Y! Balance Sheet ~ http://finance.yahoo.com/q/bs?s=USG+Balance+Sheet&annual
Y! Cash Flow ~ http://finance.yahoo.com/q/cf?s=USG+Cash+Flow&annual
FINVIZ ~ http://finviz.com/quote.ashx?t=USG&ty=c&ta=0&p=d
Investorshub Trades ~ http://ih.advfn.com/p.php?pid=trades&symbol=USG
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Investorshub Messages ~ http://investorshub.advfn.com/boards/msgsearch.aspx?SearchStr=USG
Investorshub Videos ~ http://ih.advfn.com/p.php?pid=ihvse&ihvqu=USG
Investorshub News ~ http://ih.advfn.com/p.php?pid=news&btn=s_ok&ctl00%24sb3%24tbq1=Get+Quote&as_values_IH=&ctl00%24sb3%24stb1=Search+iHub&symbol=USG&s_ok=OK&from_month=3&from_day=15&from_year=2012&order=desc&selsrc%5B%5D=prnca&selsrc%5B%5D=prnus&selsrc%5B%5D=zacks&selsrc%5B%5D=money2&selsrc%5B%5D=djn&selsrc%5B%5D=bw&selsrc%5B%5D=globe&selsrc%5B%5D=edgar&selsrc%5B%5D=mwus&force=1&last_ts=1331855999&p_n=1&p_count=&p_ts=1331794260
CandlestickChart ~ http://www.candlestickchart.com/cgi/chart.cgi?symbol=USG&exchange=US
Barchart Quote ~ http://barchart.com/quotes/stocks/USG?
Barchart Detailed Quote ~ http://barchart.com/detailedquote/stocks/USG
Barchart Options Quotes ~ http://barchart.com/options/stocks/USG
Barchart Technical Chart ~ http://barchart.com/charts/stocks/USG&style=technical
Barchart Interactive Chart ~ http://barchart.com/charts/stocks/USG&style=interactive
Barchart Technical Analysis ~ http://barchart.com/technicals/stocks/USG
Barchart Trader's Cheat Sheet ~ http://barchart.com/cheatsheet.php?sym=USG
Barchart Barchart Opinion ~ http://barchart.com/opinions/stocks/USG
Barchart Snapshot Opinion ~ http://barchart.com/snapopinion/stocks/USG
Barchart News Headlines ~ http://barchart.com/news/stocks/USG
Barchart Profile ~ http://barchart.com/profile//USG
Barchart Key Statistics ~ http://barchart.com/profile.php?sym=USG&view=key_statistics
OTC: American Bulls ~ http://www.americanbulls.com/StockPage.asp?CompanyTicker=USG&MarketTicker=OTC&TYP=S
NASDAQ: American Bulls ~ http://www.americanbulls.com/StockPage.asp?CompanyTicker=USG&MarketTicker=NASD&TYP=S
NYSE: American Bulls ~ http://www.americanbulls.com/StockPage.asp?CompanyTicker=USG&MarketTicker=NYSE&Typ=S
Marketwatch Profile ~ http://www.marketwatch.com/investing/stock/USG/profile
Marketwatch Analyst Estimates ~ http://www.marketwatch.com/investing/stock/USG/analystestimates
Marketwatch Historical Quotes ~ http://www.marketwatch.com/investing/stock/USG/historical
Marketwatch Financials ~ http://www.marketwatch.com/investing/stock/USG/financials
Marketwatch Overview ~ http://www.marketwatch.com/investing/stock/USG
Marketwatch SEC Filings ~ http://www.marketwatch.com/investing/stock/USG/secfilings
Marketwatch Picks ~ http://www.marketwatch.com/investing/stock/USG/picks
Marketwatch Hulbert ~ http://www.marketwatch.com/investing/stock/USG/hulbert
Marketwatch Insider Actions ~ http://www.marketwatch.com/investing/stock/USG/insideractions
Marketwatch Options ~ http://www.marketwatch.com/investing/stock/USG/options
Marketwatch Charts ~ http://www.marketwatch.com/investing/stock/USG/charts
Marketwatch News ~ http://bigcharts.marketwatch.com/news/symbolsearch/symbolnews.asp?news=markadv&symb=USG&sid=1795093&framed=False
The Lion ~ http://thelion.com/bin/aio_msg.cgi?cmd=search&msg=&si=1&tw=1&tt=1&rb=1&ih=1&fo=1&iv=1&yf=1&sa=1&fb=1&gg=1&symbol=USG
Search NYSE ~ http://www.nyse.com/about/listed/lcddata.html?ticker=USG
StockTA ~ http://www.stockta.com/cgi-bin/analysis.pl?symb=USG&num1=567&cobrand=&mode=stock
StockHouse ~ http://www.stockhouse.com/financialtools/sn_overview.aspx?qm_symbol=USG
StockHouse Delayed LII ~ http://www.stockhouse.com/financialtools/sn_level2.aspx?qm_page=46140&qm_symbol=USG
AlphaTrade ~ http://tools.alphatrade.com/index.php?t1=mc_quote_module&t2=mc_quote_module2&t3=historical&template=historical2html&sym=USG&client_id=2740&a_width=680&a_height=1000&language=english&showVol=1&chtype=8
Reuters ~ http://www.reuters.com/finance/stocks/companyOfficers?symbol=USG.PK&WTmodLOC=C4-Officers-5
StockWatch ~ http://www.stockwatch.com/Quote/Detail.aspx?symbol=USG®ion=U
Search NASDAQ ~ http://www.nasdaq.com/symbol/USG
NASDAQ Divy History ~ http://www.nasdaq.com/symbol/USG/dividend-history
NASDAQ Short Interest ~ http://www.nasdaq.com/symbol/USG/short-interest
NASDAQ Institutional Ownership ~ http://www.nasdaq.com/symbol/USG/institutional-holdings
NASDAQ FlashQuotes ~ http://www.nasdaq.com/aspx/flashquotes.aspx?symbol=USG&selected=USG
NASDAQ InfoQuotes ~ http://www.nasdaq.com/aspx/infoquotes.aspx?symbol=USG&selected=USG
NASDAQ After Hours Quote ~ http://www.nasdaq.com/symbol/USG/after-hours
NASDAQ Pre-Market Quote ~ http://www.nasdaq.com/symbol/USG/premarket
NASDAQ Historical Quote ~ http://www.nasdaq.com/symbol/USG/historical
NASDAQ Option Chain ~ http://www.nasdaq.com/symbol/USG/option-chain
NASDAQ Company Headlines ~ http://www.nasdaq.com/symbol/USG/news-headlines
NASDAQ Press Releases ~ http://www.nasdaq.com/symbol/USG/news-headlines
NASDAQ Sentiment ~ http://www.nasdaq.com/symbol/USG/sentiment
NASDAQ Analyst Summary ~ http://www.nasdaq.com/symbol/USG/analyst-research
NASDAQ Guru Analysis~ http://www.nasdaq.com/symbol/USG/guru-analysis
NASDAQ Stock Report ~ http://www.nasdaq.com/symbol/USG/stock-report
NASDAQ Competitors ~ http://www.nasdaq.com/symbol/USG/competitors
NASDAQ Stock Consultant ~ http://www.nasdaq.com/symbol/USG/stock-consultant
NASDAQ Stock Comparison ~ http://www.nasdaq.com/symbol/USG/stock-comparison
NASDAQ Call Transcripts ~ http://www.nasdaq.com/symbol/USG/call-transcripts
NASDAQ Annual Reports ~ http://www.nasdaq.com/aspx/annualreport.aspx?symbol=USG&selected=USG
NASDAQ Financials ~ http://www.nasdaq.com/symbol/USG/financials
NASDAQ Revenue & Earnings Per Share (EPS) ~ http://www.nasdaq.com/symbol/USG/revenue-eps
NASDAQ SEC Filings ~ http://www.nasdaq.com/symbol/USG/sec-filings
NASDAQ Ownership Summary ~ http://www.nasdaq.com/symbol/USG/ownership-summary
NASDAQ Institutional Ownership ~ http://www.nasdaq.com/symbol/USG/institutional-holdings
NASDAQ (SEC Form 4) ~
--------- All Trades ~ http://www.nasdaq.com/symbol/USG/insider-trades
--------- Buys ~ http://www.nasdaq.com/symbol/USG/insider-trades/buys
--------- Sells ~ http://www.nasdaq.com/symbol/USG/insider-trades/sells
The Motley Fool ~ http://caps.fool.com/Ticker/USG.aspx
The Motley Fool Earnings/Growth ~ http://caps.fool.com/Ticker/USG/EarningsGrowthRates.aspx?source=itxsittst0000001
The Motley Fool Ratios ~ http://caps.fool.com/Ticker/USG/Ratios.aspx?source=itxsittst0000001
The Motley Fool Stats ~ http://caps.fool.com/Ticker/USG/Stats.aspx?source=icasittab0000006
The Motley Fool Historical ~ http://caps.fool.com/Ticker/USG/Historical.aspx?source=icasittab0000004
The Motley Fool Scorecard ~ http://caps.fool.com/Ticker/USG/Scorecard.aspx?source=icasittab0000003
The Motley Fool Statements ~ http://caps.fool.com/Ticker/USG/Statements.aspx?source=icasittab0000009
MSN Money ~ http://investing.money.msn.com/investments/stock-ratings?symbol=USG
YCharts ~ http://ycharts.com/companies/USG
YCharts Performance ~ http://ycharts.com/companies/USG/performance
YCharts Dashboard ~ http://ycharts.com/companies/USG/dashboard
InsideStocks Opinion ~ http://www.insidestocks.com/texpert.asp?sym=USG&code=XDAILY
InsideStocks Profile ~ http://www.insidestocks.com/profile.asp?sym=USG&code=XDAILY
InsideStocks Quote ~ http://www.insidestocks.com/quote.asp?sym=USG&code=XDAILY
InsideStocks Projection ~ http://charts3.barchart.com/procal.asp?sym=USG
Zacks Quote ~ http://www.zacks.com/stock/quote/USG
Zacks Estimates ~ http://www.zacks.com/research/report.php?type=estimates&t=USG
Zacks Company Reports ~ http://www.zacks.com/research/report.php?type=report&t=USG
Knobias ~ http://knobias.10kwizard.com/files.php?sym=USG
StockScores ~ http://www.stockscores.com/quickreport.asp?ticker=USG
Trade-Ideas ~ http://www.trade-ideas.com/StockInfo/USG/HOT_TOPIC.html
Morningstar ~ http://performance.morningstar.com/stock/performance-return.action?region=USA&t=USG&culture=en-US
Morningstar Shareholders ~ http://investors.morningstar.com/ownership/shareholders-overview.html?t=USG®ion=USA&culture=en-us
Morningstar Transcripts~ http://www.morningstar.com/earnings/NoTranscript.aspx?t=USG®ion=USA
Morningstar Key Ratios ~ http://financials.morningstar.com/ratios/r.html?t=USG®ion=USA&culture=en-US
Morningstar Executive Compensation ~ http://insiders.morningstar.com/trading/executive-compensation.action?t=USG®ion=USA&culture=en-us
Morningstar Valuation ~ http://financials.morningstar.com/valuation/price-ratio.html?t=USG®ion=USA&culture=en-us
CCBN (Thompson Reuters) ~ http://ccbn.aol.com/company.asp?client=aol&ticker=USG
TradingMarkets ~ http://pr.tradingmarkets.com/?lid=leftPRbox&sym=USG
OTCBB ~ http://www.otcbb.com/asp/SiteSearch.asp?Criteria=USG&searcharea=e&image1.x=0&image1.y=0
Insidercow ~ http://www.insidercow.com/history/company.jsp?company=USG&B1=Search%21
Forbes News ~ http://search.forbes.com/search/find?tab=searchtabgeneraldark&MT=USG
Forbes Press Releases ~ http://search.forbes.com/search/find?&start=1&tab=searchtabgeneraldark&MT=USG&pub=businesswire,prnewswire&searchResults=pressRelease&tag=pr&premium=on
Forbes Web ~ http://search.forbes.com/search/web?MT=UNGS&start=1&max=10&searchResults=web&tag=web&sort=null
YouTube Symbol Search ~ http://www.youtube.com/results?search_query=USG
Buy-Ins ~ http://www.buyins.net/tools/symbol_stats.php?sym=USG
Quotemedia ~ http://www.quotemedia.com/results.php?qm_page=47556&qm_symbol=USG
Earnings Whispers ~ http://www.earningswhispers.com/stocks.asp?symbol=USG
Bloomberg Snapshot ~ http://investing.businessweek.com/research/stocks/snapshot/snapshot.asp?ticker=USG
Bloomberg People ~ http://investing.businessweek.com/research/stocks/people/people.asp?ticker=USG
Financial Times ~ http://markets.ft.com/Research/Markets/Tearsheets/Summary?s=USG
Investorpoint ~ http://www.investorpoint.com/ enter "USG" and click search.
Hotstocked ~ http://www.hotstocked.com/ enter "USG" and click search.
Raging Bull ~ http://ragingbull.quote.com/mboard/boards.cgi?board=USG
Hoovers ~ http://www.hoovers.com/search/company-search-results/100003765-1.html?type=company&term=USG
DD Machine ~ http://www.ddmachine.com/default.asp?m=stocktool_frame.asp?symbol=USG
SEC Form 4 ~ http://www.secform4.com/insider/showhistory.php?cik=USG
OTCBB Pulse ~ http://www.otcbbpulse.com/cgi-bin/pulsequote.cgi?symbol=USG
Failures To Deliver ~ http://failurestodeliver.com/default2.aspx enter "USG" and click search.
http://www.coordinatedlegal.com/SecretaryOfState.html
http://regsho.finra.org/regsho-Index.html
http://www.shortsqueeze.com/?symbol=USG&submit=Short+Quote%99
DTCC (PENSON/TDA) Check - (otc and pinks) - Note ~ I did not check for this chart blast. However, I try and help you to do so with the following links.
IHUB DTCC BOARD SEARCH #1 http://investorshub.advfn.com/boards/msgsearchbyboard.aspx?boardID=18682&srchyr=2011&SearchStr=USG
IHUB DTCC BOARD SEARCH #2: http://investorshub.advfn.com/boards/msgsearchbyboard.aspx?boardID=14482&srchyr=2011&SearchStr=USG
Check those searches for recent USG mentions. If USG is showing up on older posts and not on new posts found in link below, The DTCC issues may have been addressed and fixed. Always call the broker if your security turns up on any DTCC/PENSON list.
http://investorshub.advfn.com/boards/msgsearchbyboard.aspx?boardID=18682&srchyr=2011&SearchStr=Complete+list
For a complete list see the pinned threads at the top here ---> http://tinyurl.com/TWO-OLD-FARTS
MACDlinks
USG Announces Final Tender Offer Results for 9.75% Senior Notes due 2014 (4/12/12)
CHICAGO--(BUSINESS WIRE)--USG Corporation (NYSE:USG) (“USG”) announced today that the cash tender offer (the “Tender Offer”) for any and all of its outstanding 9.75% Senior Notes due 2014 (the “Notes”) (CUSIP Nos. 903293AV0, U90402AB1) expired at 11:59 p.m., New York City time, on April 11, 2012 (the “Expiration Time”). An aggregate principal amount of approximately $118.2 million of Notes were validly tendered in the Tender Offer.
USG expects to accept and make payment today for all of the Notes that were validly tendered at or prior to the Expiration Time in connection with the closing of USG’s previously announced private offering of $250 million aggregate principal amount of its 7.875% Senior Notes due 2020 (the “New Notes”).
Holders of Notes who validly tendered their Notes at or before 5:00 p.m., New York City time, on April 2, 2012 (the “Extended Early Tender Time”), are eligible to receive $1,125.00 per $1,000 principal amount of Notes, which includes an early tender premium of $30 per $1,000 principal amount of Notes (the “Early Tender Premium”). Holders of Notes who validly tendered their Notes after the Extended Early Tender Time, but at or prior to the Expiration Time, are only eligible to receive the tender offer consideration of $1,095.00 per $1,000 principal amount of Notes and will not receive any Early Tender Premium. In addition, accrued interest up to, but not including, the settlement date for the Notes will be paid in cash on all validly tendered and accepted Notes.
This announcement is for informational purposes only and does not constitute an offer to buy or the solicitation of an offer to sell securities. Subject to applicable law, USG may postpone the acceptance for purchase of, and payment for, Notes that were validly tendered at or prior to the Expiration Time.
The New Notes will be offered and sold only to qualified institutional buyers in accordance with Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and to non-U.S. persons in accordance with Regulation S under the Securities Act. When issued, the New Notes will not have been registered under the Securities Act or state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy the New Notes or any other securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which, or to any person to whom, such an offer, solicitation or sale is unlawful. Any offers of the New Notes will be made only by means of a private offering memorandum.
About USG
USG Corporation is a manufacturer and distributor of high-performance building systems through its United States Gypsum Company, USG Interiors, LLC, L&W Supply Corporation and other subsidiaries. Headquartered in Chicago, USG’s worldwide operations serve the residential and non-residential construction markets, repair and remodel construction markets, and industrial processes. USG’s wall, ceiling, flooring and roofing products provide leading-edge building solutions for customers, while L&W Supply center locations efficiently stock and deliver building materials nationwide.
Contacts
USG Corporation
Media Inquiries: 312-436-4356
Investor Relations: 312-436-6098
http://www.businesswire.com/news/home/20120412005709/en/USG-Corporation-Announces-Final-Tender-Offer-Results
USG First Quarter 2012 Earnings Conference Call and Webcast
USG Corporation (NYSE:USG), a leading building products company, will hold a conference call and webcast to discuss first quarter 2012 results on Tuesday, April 17, 2012, at 11:00 a.m. Eastern time (10:00 a.m. Central time).
This call and Webcast can be accessed at USG's Web site at http://investor.usg.com.
To participate by phone, please dial 1-800-315-2944 (U.S. & Canada). International callers should dial 1-847-413-2929. Please call ten minutes prior to start time. The pass code is 32196653.
A replay of the webcast will be available on the USG Web site until Friday, April 27, 2012. A telephone replay of the call will also be available. The replay dial-in number is 1-888-843-7419 (1-630-652-3042 for international callers), and the pass code is 32196653. The telephonic replay will be available until Friday, April 27, 2012 as well.
About USG
USG Corporation is a manufacturer and distributor of high-performance building systems through its United States Gypsum Company, USG Interiors, LLC, L&W Supply Corporation and other subsidiaries. Headquartered in Chicago, USG's worldwide operations serve the residential and non-residential construction markets, repair and remodel construction markets, and industrial processes. USG's wall, ceiling, flooring and roofing products provide leading-edge building solutions for customers, while L&W Supply center branches efficiently stock and deliver building materials nationwide. For additional information, visit the USG Web site at http://www.usg.com.
http://www.charlesandhudson.com/archives/2010/08/ultralight_sheetrock_drywall_panels_from_usg.htm
P.s...No I don't sell sheetrock lol.. I just think this is a game changer in building materials :~]
As shareholders- do we care about the weight of the sheetrock?? probably not... but for guys who hang this stuff every day all day this is a BIG deal imo. Lighten these guys loads by 15 ~ 30% and you've got instant advocates.
Since sheetrock is one of the heaviest single elements in any home (next to roofing) I would think this could lower long haul transportation costs as well.
Older news release but good industry info going forward.
===================================
News Release
USG Introduces Industry's First Lightweight Type X Board - SHEETROCK(R) Brand UltraLight Panels Firecode(R) X
CHICAGO, Aug 03, 2011 (BUSINESS WIRE) -- USG Corporation (NYSE: USG), a leading building products company, is expanding its portfolio of innovative lightweight wallboard products with the introduction of SHEETROCK(R) Brand UltraLight Panels FIRECODE(R) X. This 5/8-inch panel is the industry's first lightweight type X gypsum panel and is designed for commercial and residential construction. It weighs up to 15 percent less than competitive type X board.
USG leads the industry in lightweight gypsum panel technology and is the only manufacturer to offer a portfolio of lightweight products. The company launched the industry's first lightweight gypsum board - ½-inch SHEETROCK(R) Brand UltraLight Panels - in July 2010. USG then introduced SHEETROCK(R) Brand UltraLight Panels FIRECODE(R) 30, a 5/8-inch board for nonrated and 30-minute fire-rated partitions, in June 2011. Both panels are up to 30 percent lighter than competitive panels.
"We are constantly striving to exceed our customers' expectations and to differentiate ourselves and grow our business through innovation," said James Metcalf, president and chief executive officer, USG Corporation. "Customers have asked the industry for lighter-weight wallboard without compromising performance, and we were the first to deliver with a ½-inch lightweight panel. Now, USG is proud to launch the first lightweight type X board in the industry."
All SHEETROCK(R) Brand UltraLight panels are produced with proprietary technologies developed at the USG Corporate Innovation Center in Libertyville, Ill. These formulations make the products not only lighter than competitive boards but enable them to perform better. Each scores and snaps easily and has a higher strength-to-weight ratio and better sag resistance than the competition, while delivering comparable sound performance and impact resistance.
For contractors and installers, the products' features translate to less fatigue, easier installation and greater productivity. For dealers, lighter weight increases operational efficiencies and allows shipment of more panels per truck resulting in fewer trips and lower fuel costs.
SHEETROCK(R) UltraLight Panels FIRECODE(R) X Redefine Wallboard Industry
USG's newest lightweight gypsum panel meets ASTM C1396 requirements for gypsum board, type X. Additionally, this is the first lightweight panel listed for use in more than 130 UL fire-rated assemblies. The product is designed for use in areas where a fire-rated assembly or type X gypsum board is required.
"We're pleased to offer the industry the first lightweight type X panel. Now customers have a choice of products for specific fire-rated and nonrated applications with a portfolio of SHEETROCK(R) UltraLight Panels," said Chris Griffin, executive vice president, Operations, USG Corporation.
"The SHEETROCK(R) Brand UltraLight portfolio redefines the commercial and residential wallboard markets by providing optimized lightweight systems for all applications. Our promise to our customers is to continue the expansion of lightweight products to offer the best solutions for productivity improvements and worker satisfaction," Griffin added.
SHEETROCK(R) Brand UltraLight Panels FIRECODE(R) X are being introduced in the northeastern United States. SHEETROCK(R) UltraLight Panels FIRECODE(R) 30 are sold at specialty dealers in the eastern half of the U.S., and ½-inch SHEETROCK(R) Brand UltraLight Panels can be purchased at more than 2,000 retail and specialty dealer locations in the United States and Canada.
USG Corporation is a manufacturer and distributor of high-performance building systems through its United States Gypsum Company, USG Interiors, Inc. and L&W Supply Corporation and other subsidiaries. Headquartered in Chicago, USG's worldwide operations serve the residential and nonresidential construction markets, repair and remodel construction markets, and industrial processes. USG's wall, ceiling, flooring and roofing products provide leading-edge building solutions for customers, while L&W Supply branch locations efficiently stock and deliver building materials nationwide. For additional information, visit the USG Web site at http://www.usg.com/.
SOURCE: USG Corporation
USG Corporation
Media Inquiries: 312/436-4356
Investor Relations: 312/436-4110
http://investor.usg.com/phoenix.zhtml?c=115117&p=irol-newsArticle_Print&ID=1592505&highlight=
USG Announces Extended Early Tender Offer Results for 9.75% Senior Notes due 2014 (4/02/12)
CHICAGO--(BUSINESS WIRE)--USG Corporation (NYSE:USG) (“USG”) announced today the extended early tender offer results of its previously announced cash tender offer (the “Tender Offer”) for any and all of its outstanding 9.75% Senior Notes due 2014 (the “Notes”) (CUSIP Nos. 903293AV0, U90402AB1). The Tender Offer is being made on the terms and subject to the conditions set forth in the Offer to Purchase and Consent Solicitation Statement dated March 14, 2012 (as amended, the “Offer to Purchase”) and the related Letter of Transmittal and Consent (as amended, the “Letter of Transmittal”).
As of 5:00 p.m., New York City time, on April 2, 2012 (the “Extended Early Tender Time”), USG had received valid tenders of an aggregate principal amount of $118,196,000 million from holders of the Notes. The total consideration offered in respect of Notes validly tendered at or prior to the Extended Early Tender Time is $1,125.00 per $1,000 principal amount of Notes. In addition, accrued interest up to, but not including, the settlement date for the Notes will be payable in cash on all validly tendered and accepted Notes.
The Tender Offer is scheduled to expire at 11:59 p.m., New York City time, on April 11, 2012, unless extended or earlier terminated as described in the Offer to Purchase (such time and date, as they may be extended, the “Expiration Time”). Holders who validly tender Notes after the Extended Early Tender Time, but at or prior to the Expiration Time, will only receive the tender offer consideration of $1,095.00 per $1,000 principal amount of Notes and not the early tender premium described in the Offer to Purchase. Because the withdrawal and revocation deadline for the Tender Offer has passed, validly tendered Notes may not be withdrawn.
The Tender Offer is subject to the satisfaction or waiver of a number of conditions, including the financing condition, as set forth in the Offer to Purchase. The consummation of USG’s previously announced private offering of $250 million aggregate principal amount of its 7.875% senior notes due 2020 (the “New Notes”) will satisfy the financing condition for the Tender Offer. The offering of the New Notes is expected to close on or about April 12, 2012, and USG expects to complete the Tender Offer in connection with the closing of the offering of the New Notes.
For additional information regarding the terms of the Tender Offer, please refer to the Offer to Purchase and the related Letter of Transmittal. Requests for documents and questions regarding the Tender Offer should be directed to Global Bondholder Services Corporation (“GBS”), the depositary and information agent for the Tender Offer, at (212) 430-3774 (banks and brokers) or (866) 795-2200 (all others).
None of USG, its board of directors, the dealer managers for the Tender Offer, GBS or the trustee for the Notes, or any of their respective affiliates, is making any recommendation as to whether holders of the Notes should tender any Notes in response to the Tender Offer. Holders of the Notes must make their own decision as to whether to tender any of their Notes and, if so, the principal amount of Notes to tender.
This announcement is for informational purposes only and does not constitute an offer to buy or the solicitation of an offer to sell securities. The Tender Offer is being made solely by means of the Offer to Purchase and the related Letter of Transmittal. In those jurisdictions where the securities, blue sky or other laws require any tender offer to be made by a licensed broker or dealer, the Tender Offer will be deemed to be made on behalf of USG by the dealer managers for the Tender Offer or one or more registered brokers or dealers licensed under the laws of such jurisdiction.
The New Notes will be offered and sold only to qualified institutional buyers in accordance with Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and to non-U.S. persons in accordance with Regulation S under the Securities Act. When issued, the New Notes will not have been registered under the Securities Act or state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy the New Notes or any other securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which, or to any person to whom, such an offer, solicitation or sale is unlawful. Any offers of the New Notes will be made only by means of a private offering memorandum.
About USG
USG Corporation is a manufacturer and distributor of high-performance building systems through its United States Gypsum Company, USG Interiors, LLC, L&W Supply Corporation and other subsidiaries. Headquartered in Chicago, USG’s worldwide operations serve the residential and non-residential construction markets, repair and remodel construction markets, and industrial processes. USG’s wall, ceiling, flooring and roofing products provide leading-edge building solutions for customers, while L&W Supply center locations efficiently stock and deliver building materials nationwide.
Contacts
USG Corporation
Media Inquiries: 312-436-4356
Investor Relations: 312-436-6098
http://www.businesswire.com/news/home/20120402006911/en/USG-Corporation-Announces-Extended-Early-Tender-Offer
Fitch Rates USG's Proposed $250MM Senior Notes 'B+/RR2'; Outlook Negative (3/29/12)
NEW YORK--(BUSINESS WIRE)--Fitch Ratings has assigned a 'B+/RR2' rating to USG Corporation's (NYSE: USG) proposed offering of $250 million principal amount of senior unsecured notes due 2020. The new issue will be guaranteed on a senior unsecured basis by certain of USG's domestic subsidiaries. The company intends to use the net proceeds from the notes issuance to fund the recently announced cash tender offer for any and all of its outstanding $300 million 9.75% senior notes due 2014 and for working capital and other general corporate purposes.
Fitch currently rates USG's Issuer Default Rating (IDR) at 'B-'. The Rating Outlook is Negative. A complete list of USG's ratings follows at the end of this release.
The rating for USG reflects the company's leading market position in all of its businesses, strong brand recognition, its large manufacturing network and sizeable gypsum reserves. Risks include the cyclicality of the company's end-markets, excess capacity currently in place in the U.S. wallboard industry, volatility of wallboard pricing and shipments and the company's high leverage.
The Negative Outlook reflects Fitch's belief that underlying demand for the company's products will remain weak through at least 2012 and the company's liquidity position is likely to deteriorate in the next 12 months. With only a moderate economic growth expectation for 2012, the environment may at best support a relatively modest recovery in housing metrics over the next 12 months. New commercial construction spending, although expected to improve relative to 2011, is projected to remain significantly below pre-recession levels.
USG currently has $834 million of liquidity comprised of $365 million of cash, $286 million of short-term and long-term marketable securities and $183 million of availability under its U.S. and Canadian revolving credit facilities. However, a weak operating environment over the next 12 months will likely result in continued losses and negative free cash flow (FCF) for the company, thereby eroding its currently solid liquidity position. Fitch currently projects USG's overall liquidity will be between $650 million and $700 million by year-end 2012. Should the depressed level of housing starts and weak new non-residential construction spending persist beyond 2012, USG's liquidity could deteriorate further and prompt negative rating actions.
USG markets its products primarily to the construction industry, with approximately 21% of the company's 2011 net sales directed toward new residential construction, 23% derived from new non-residential construction, 53% from the repair and remodel segment (commercial and residential) and 3% from other industrial products.
Certain recent economic/construction related statistics, such as job growth, consumer confidence, household formations, multifamily starts, existing home sales, pending home sales, housing inventories, and foreclosures were improving and/or above consensus. A few key statistics such as single-family housing starts, new home sales, home prices (CoreLogic, Case Shiller) were declining/short of expectations. Overall, the current setting is much like at the beginning of 2011.
Fitch's housing forecasts for 2012 assume a modest rise off a very low bottom. New-home inventories are at historically low levels and affordability is at near-record highs. In a slowly growing economy with distressed home sales competition similar to 2011, less competitive rental cost alternatives, and, possibly, even lower mortgage rates on average, single-family housing starts should improve about 5% to 450,000, while new-home sales increase approximately 5.6% to 319,000 and existing-home sales grow 3% to 4.388 million.
Fitch currently projects home improvement spending will increase 4% in 2012. The gradual improvement in the economy and moderately better housing market conditions could provide the catalyst for a slightly more robust increase in spending for remodeling projects next year.
New commercial construction is expected to be constrained again this year as fundamentals, while improving, remain weak compared to pre-recession levels. It may take several years before any meaningful growth occurs, as credit availability remains an issue and a glut of unoccupied commercial space will limit new development projects in the intermediate term. Fitch currently projects private nonresidential expenditures will grow 4% in 2012.
While Fitch is currently projecting some improvement in the construction sector during 2012, this level of activity is unlikely to result in much of an improvement in wallboard demand and industry capacity utilization rates.
Last year, major manufacturers announced that they were eliminating the practice of job quotes in 2012. In the past, job quotes provided pricing protection for customers, particularly for large projects. However, this practice also limited the effectiveness of price increases implemented by manufacturers. Most manufacturers announced that they are implementing a 30%-35% increase in wallboard prices effective in 2012.
The manufacturers' pricing increases appear to be gaining traction. USG recently reported that for the first two months of 2012, net sales improved 15.7% to $516.9 million and the company had operating profit of $5.7 million and a net loss of $30.5 million. During the comparable period in 2011, USG had net sales of $446.9 million, an operating loss of $46.8 million and a net loss of $82.3 million. The company attributes the improved year-over-year results primarily to increases in U.S. average wallboard price and wallboard gross margin.
While USG has had initial success with its price increase, it remains unclear how much of the announced 2012 increase will be fully realized and if this level of pricing can be sustained throughout the year given lackluster wallboard demand. With continued low demand levels, some producers may choose to price more aggressively in order to gain market share.
Fitch currently rates USG as follows:
--IDR 'B-';
--Secured bank credit facility 'BB-/RR1';
--Senior unsecured guaranteed notes 'B+/RR2';
--Senior unsecured notes 'CCC/RR5';
--Convertible senior unsecured notes 'CCC/RR5'.
Fitch's Recovery Rating (RR) of 'RR1' on USG's $400 million secured revolving credit facility indicates outstanding recovery prospects for holders of this debt issue. Fitch's 'RR2' on USG's unsecured guaranteed notes indicates superior recovery prospects. (Currently, $650 million of unsecured notes are guaranteed on a senior unsecured basis by certain of USG's domestic subsidiaries.) Fitch's 'RR5' on USG's senior unsecured notes that are not guaranteed by the company's subsidiaries indicates below-average recovery prospects for holders of these debt issues. Fitch applied a liquidation analysis for these RRs.
Additional information is available at 'www.fitchratings.com'. The ratings above were unsolicited and have been provided by Fitch as a service to investors.
Applicable Criteria and Related Research:
--'Corporate Rating Methodology' (Aug. 12, 2011).
Applicable Criteria and Related Research:
Corporate Rating Methodology
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=647229
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Contacts
Fitch Ratings
Primary Analyst
Robert Rulla, CPA
Director
+1-312-606-2311
Fitch, Inc.
70 W. Madison Street
Chicago, IL 60602
or
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Bob Curran
Managing Director
+1-212-908-0515
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Craig Fraser
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Media Relations
Sandro Scenga
+1-212-908-0278
sandro.scenga@fitchratings.com
http://www.businesswire.com/news/home/20120329005919/en/Fitch-Rates-USGs-Proposed-250MM-Senior-Notes
USG Announces Pricing of Offering of 7.875% Senior Notes Due 2020 (3/29/12)
CHICAGO--(BUSINESS WIRE)--USG Corporation (NYSE:USG) today announced the pricing of a private offering of $250 million aggregate principal amount of its 7.875% senior notes due 2020 (the “New Notes”). The New Notes will be the unsecured obligations of USG. USG’s obligations under the New Notes will be guaranteed on a senior unsecured basis by certain of its domestic subsidiaries. The New Notes will be sold to investors at a price of 99.279% of the principal amount of the New Notes, plus accrued interest from April 12, 2012, if any. The offering of the New Notes is expected to close on or about April 12, 2012.
USG intends to use all or a portion of the net proceeds from the sale of the New Notes to repurchase its outstanding 9.75% Senior Notes due 2014 (the “2014 Notes”) that are tendered pursuant to the cash tender offer that USG commenced on March 14, 2012 and to pay all related costs and expenses. As of March 27, 2012, approximately $117.9 million principal amount of the outstanding 2014 Notes had been validly tendered in the tender offer. The consummation of the offering of the New Notes will satisfy the financing condition for the tender offer, which the Company expects to complete in connection with the closing of the offering of the New Notes. After repurchasing 2014 Notes pursuant to the tender offer, USG intends to use any remaining net proceeds from the sale of the New Notes for working capital and other general corporate purposes, which may include the repurchase or other acquisition of 2014 Notes or USG’s other outstanding indebtedness through open market purchases, privately negotiated transactions, redemptions, other tender offers or otherwise.
The New Notes will be offered and sold only to qualified institutional buyers in accordance with Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and to non-U.S. persons in accordance with Regulation S under the Securities Act. When issued, the New Notes will not have been registered under the Securities Act or state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy the New Notes or any other securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which, or to any person to whom, such an offer, solicitation or sale is unlawful. Any offers of the New Notes will be made only by means of a private offering memorandum.
The previously announced tender offer is being made pursuant to the Offer to Purchase and Consent Solicitation Statement, dated March 14, 2012, and the related Letter of Transmittal and Consent, each as amended. Under no circumstances shall this press release constitute an offer to buy or the solicitation of an offer to sell the 2014 Notes.
About USG
USG Corporation is a manufacturer and distributor of high-performance building systems through its United States Gypsum Company, USG Interiors, LLC, L&W Supply Corporation and other subsidiaries. Headquartered in Chicago, USG’s worldwide operations serve the residential and non-residential construction markets, repair and remodel construction markets, and industrial processes. USG’s wall, ceiling, flooring and roofing products provide leading-edge building solutions for customers, while L&W Supply center locations efficiently stock and deliver building materials nationwide.
Contacts
USG Corporation
Media Inquiries: 312-436-4356
Investor Relations: 312-436-6098
http://www.businesswire.com/news/home/20120329006683/en/USG-Corporation-Announces-Pricing-Offering-7.875-Senior
USG Announces Launch of Senior Notes Offering (3/29/12)
CHICAGO--(BUSINESS WIRE)--USG Corporation (NYSE:USG) today announced that it launched a private offering of $250 million aggregate principal amount of senior notes (the “New Notes”). The New Notes will be the unsecured obligations of USG. USG’s obligations under the New Notes will be guaranteed on a senior unsecured basis by certain of its domestic subsidiaries.
USG intends to use all or a portion of the net proceeds from the sale of the New Notes to repurchase its outstanding 9.75% Senior Notes due 2014 (the “2014 Notes”) that are tendered pursuant to the cash tender offer that USG commenced on March 14, 2012 and to pay all related costs and expenses. As of March 27, 2012, approximately $117.9 million principal amount of the outstanding 2014 Notes had been validly tendered in the tender offer. After repurchasing 2014 Notes pursuant to the tender offer, USG intends to use any remaining net proceeds from the sale of the New Notes for working capital and other general corporate purposes, which may include the repurchase or other acquisition of 2014 Notes or USG’s other outstanding indebtedness through open market purchases, privately negotiated transactions, redemptions, other tender offers or otherwise.
The New Notes will be offered and sold only to qualified institutional buyers in accordance with Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and to non-U.S. persons in accordance with Regulation S under the Securities Act. When issued, the New Notes will not have been registered under the Securities Act or state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy the New Notes or any other securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which, or to any person to whom, such an offer, solicitation or sale is unlawful. Any offers of the New Notes will be made only by means of a private offering memorandum.
About USG
USG Corporation is a manufacturer and distributor of high-performance building systems through its United States Gypsum Company, USG Interiors, LLC, L&W Supply Corporation and other subsidiaries. Headquartered in Chicago, USG’s worldwide operations serve the residential and non-residential construction markets, repair and remodel construction markets, and industrial processes. USG’s wall, ceiling, flooring and roofing products provide leading-edge building solutions for customers, while L&W Supply center locations efficiently stock and deliver building materials nationwide.
Contacts
USG Corporation
Media Inquiries: 312-436-4356
Investor Relations: 312-436-6098
http://www.businesswire.com/news/home/20120329005639/en/USG-Corporation-Announces-Launch-Senior-Notes-Offering
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