Ceramic Industry News

USG Reports Second Quarter Results

August 7, 2001
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USG Corp. recently reported second quarter 2001 net sales of $806 million, a decrease of 19% versus the second quarter of 2000. The company also reported a net loss of $13 million, or $0.29 per share, primarily due to lower realized prices for Sheetrock(R) brand gypsum wallboard and high energy costs. Net sales for the first six months of 2001 were $1,632 million versus net sales of $1,984 million for the same period in 2000. The company reported a net loss of $2 million for the first six months compared with net earnings of $199 million for the same period last year. The loss per share for the first six months of 2001 was $0.04 compared to earnings per share of $4.19 for the first six months of 2000.

As previously reported, USG and its principal domestic subsidiaries filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code in Delaware on June 25, 2001. This action was taken to manage the growing asbestos litigation costs of U.S. Gypsum and to resolve asbestos claims in a fair and equitable manner. "It is early in the reorganization process and so far it is proceeding smoothly," said William C. Foote, chairman, president and CEO. "Most importantly, it has not affected our ability to serve our customers."

For more information, visit http://www.usg.com.

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