Cicero becomes COO at 84 Lumber
84 Lumber has announced several executive appointments, including the promotion of executive VP Frank Cicero as its new chief operating officer. Cicero, who started with the company as a management trainee 27 years ago, will retain his responsibility for store operations and assume additional corporate duties.
The company has also named Dan Wallach, its current CFO, to executive VP strategic initiatives. A 20-year veteran of 84 Lumber, Wallach will oversee a newly created department, which will be responsible for analyzing and bringing to market new products and service initiatives.
Paul Lentz, the company controller, has been promoted to CFO. Lentz has 24 years of experience in the company’s accounting department.
Headquartered in Eighty Four, Pa., 84 Lumber is the industry’s largest independent LBM chain, with 282 stores and component manufacturing plants in 35 states. It ranked 5th on the HCN Top 350 Pro Dealer Scoreboard this year, with $1.35 billion in annual sales.
USG posts a loss of $100 million for Q3
Chicago-based USG Corp., parent company of North American Gypsum and owner of the Sheetrock brand, posted a third-quarter net loss of $100 million, compared with a loss of $94 million for the same quarter last year.
Sales for the quarter ended Sept. 30 were $758 million, down 7.7% from $822 million as reported for the same quarter in 2009.
“Our third-quarter results reflect continued weak market conditions and extraordinarily low shipping volumes,” said William Foote, chairman and CEO. “Nonetheless, operating margins for our domestic wallboard business were stable, our ceilings business had another strong quarter, and the performance of our distribution business continued to improve despite ongoing weakness in commercial construction.”
USG’s North American Gypsum segment reported third-quarter 2010 net sales of $413 million and an operating loss of $43 million.
USG’s building products distribution segment, L&W Supply Corp. and its subsidiaries, reported third-quarter net sales of $281 million, down 15% compared with the third quarter of 2009 with an operating loss of $24 million.
The company’s Worldwide Ceilings segment reported third-quarter net sales of $174 million, up $1 million from the same quarter last year. Operating profit for the quarter was unchanged from last year at $21 million.
Looking forward, Foote said, “In the near term, we expect weak demand and product volumes to continue. Longer term, we anticipate the combination of an eventual market recovery, improved operating leverage, market-leading innovations like Sheetrock Brand UltraLight Panels and the benefits of our cost reduction initiatives to contribute to significantly improved financial performance.”
Masco Home Services to certify WaterSense homes
Masco Home Services has joined a group of licensed certification organizations qualified to oversee inspections and certify WaterSense-labeled new homes. Sponsored by the U.S. Environmental Protection Agency (EPA), the WaterSense label is earned by single-family new homes that use 20% less water than traditional models inside and out.
“Masco Home Services has partnered with the EPA to help support builders committed to bringing WaterSense-labeled new homes to their community,” said Larry Laseter, president of Masco Home Services. “The WaterSense label is a simple way for consumers to identify water-efficient products, programs and new homes that will use less energy and save water for future generations.”
Homes in the program conserve water through efficient plumbing fixtures, efficient products and hot water delivery systems, and water-saving landscape features.
All new homes must be inspected and certified before they can earn the WaterSense label. Masco Home Services completed EPA training in order to work with inspectors and provide quality assurance that homes are certified to meet WaterSense criteria.
“If just 10% of new homes built were WaterSense-labeled, Americans could save 1 billion gallons of water per year,” said Sheila Frace, director of the EPA Office of Water’s Municipal Support Division. “WaterSense-labeled homes are an investment for the future of our planet.”