Dominion Homes reports weak second quarter
Dublin, Ohio-based Dominion Homes has reported preliminary second quarter sales of $40.1 million, down 39.4 percent from $66.2 million from last year.
The company, which sells homes in the Midwest, sold 206 homes in the first quarter, down 48.2 percent from 398 last year. Average home prices dropped 4.1 percent to $199,800 from $208,300.
At the end of the quarter, Dominion had a backlog of 319 sales contracts with a total value of $66.4 million, compared to a backlog in the year-ago quarter of 548 sales contracts with a value of $109.5 million.
The company will officially announce financial results for the second quarter, including net earnings, on Aug. 10.
Dominion Homes builds in Ohio and Kentucky.
Tembec cuts production at Ontario sawmill
Tembec, the Montreal-based international lumber producer, will take downtime at its Huntsville, Ontario, hardwood sawmill effective today.
The sawmill will be restarted on a one-shift basis July 16, with the second shift continuing to be idle for an indefinite period, the company said.
“This one-week shutdown and the subsequent indefinite shutdown of the second shift are due to a combination of factors, including overall market conditions for hardwood lumber, economic sawlog availability and the high value of the Canadian dollar,” said Dennis Rounsville, executive vp and president of Tembec’s Forest Products Group.
Tembec has yearly sales of about $3.5 billion, with approximately 9,000 employees worldwide.
Do it Best names new retail development vp
Do it Best Corp. has named Jay Brown to the post of vp-retail development.
Brown formerly served as vp-merchandising at the co-op, where he helped open two global buying offices in Asia. He also helped bring such programs to the co-op’s biannual markets, including the “Friday Night Sneak Peek” and “Power Tool University.”
Previously, Brown was senior general manager for paint manufacturer Valspar.
“Jay was instrumental in creating merchandising programs and services that helped our member-owners become more successful,” said Bob Taylor, Do it Best’s president and CEO. “He has done an outstanding job as vice president of merchandising and we know he will bring that same energy and enthusiasm to his new role with our field staff.”
Ft. Wayne, Ind.-based Do it Best serves approximately 4,100 member-owners in the United States and 45 foreign countries.