LUMBERYARDS

Economic outlook for the NBMDA: Recovery mode

BY Ken Clark

An economic outlook report released Thursday for members of the North American Building Material Distribution Association (NBMDA) points to positive trends.

The NBMDA & NAFCD Economic Outlook Report describes the macroeconomic climate as "positive," but growth is expected to slow in the second half of 2011 and into 2012. (NAFCD is the North American Association of Floor Covering Distributors.)

Housing starts are in recovery mode, according to the financial outlook, created by the Institute for Trend Research. The 2011 forecast calls for a 1.9% decline, followed by a 4.2% gain in 2012, and a 3.8% gain in 2013.

According to the report, the housing and nonresidential construction industries can at best expect a mild recovery into 2012. The report stated: "It will take a long time for these markets to fully recover from this recession. Significant recovery for this market is not likely until 2013 and beyond."

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Former Beazer CFO to pay $1.4 million

BY Brae Canlen

The Securities and Exchange Commission (SEC) has announced a settlement with the former chief financial officer of Beazer Homes USA to recover his bonus compensation and stock sale profits from the period when the Atlanta-based home builder was committing accounting fraud, according to an Aug. 30 announcement

According to the SEC’s complaint, filed in federal court in Atlanta, James O’Leary is not personally charged with misconduct, but is still required under Section 304 of the Sarbanes-Oxley Act to reimburse Beazer more than $1.4 million that he received after Beazer filed fraudulent financial statements during fiscal year 2006. The SEC’s settlement with O’Leary is subject to court approval. 

 “Section 304 of the Sarbanes-Oxley Act encourages senior management to take affirmative steps to prevent fraudulent accounting schemes from occurring on their watch,” said Rhea Kemble Dignam, director of the SEC’s Atlanta regional office. “O’Leary received substantial incentive compensation and stock sale profits, while Beazer was misleading investors and fraudulently overstating its income.”

Without admitting or denying the SEC’s allegations, O’Leary agreed to reimburse Beazer $1,431,022 in cash within 30 days of entry of the court order approving the settlement. This amount includes O’Leary’s entire fiscal year 2006 incentive bonus: $1,024,764 in cash incentive compensation and $131,733 previously received from Beazer in exchange for all restricted stock units he received as additional incentive compensation for fiscal year 2006. The settlement amount also includes $274,525 in stock sale profits.

Earlier this year, the SEC reached a settlement with Beazer CEO Ian McCarthy to recover several million dollars in bonus compensation and stock profits that he received. Beazer settled an SEC enforcement action in September 2008, and the SEC charged its former chief accounting officer Michael Rand in July 2009. The litigation against Rand, whom the SEC claims perpetrated the fraud, is still ongoing.

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USGBC announces 10,000th LEED-certified building

BY HBSDealer Staff

The U.S. Green Building Council (USGBC) has announced a major milestone: The Green Building Certification Institute (GBCI) has certified the 10,000th LEED commercial project.

“Business leaders around the globe are using LEED to design, build, maintain and operate their buildings,” said Rick Fedrizzi, president, CEO and founding chair, U.S. Green Building Council. “Ten thousand commercial certified buildings stand as a powerful example that a strong triple bottom line translates to real, tangible success.” 

The Live Oak Family Resource Center in Santa Cruz, Calif., which was awarded LEED Platinum by GBCI, earned the 10,000th distinction. The community center is a place for families to come for guidance, information and referrals on childbirth and parenting, health education and services, youth and senior programs, food distribution and other community needs. 

LEED fully launched in 2000 with the first rating system for new construction and major renovation projects, according to the USGBC. Since its creation, LEED has certified more than 1.4 million sq. ft. of new and existing buildings every day. 

“We’ve just scratched the surface of whats possible in the green building field,” Fedrizzi added. “In 10 short years, weve fundamentally changed how we construct and operate buildings and communities, and during that time LEED has continued to evolve, pushing sustainable building practice forward with each evolution. But theres much more to do.”

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A.Burma says:
Mar-12-2012 12:17 pm

It would be a lot better when
It would be a lot better when we would all be able to switch to green building and most importantly green concept of living. Before we could achieve that we need to make sure that we are doing our bit to keep the environment safe and sound. To keep our environment clean we could go for junk removal services like Pentiction junk removal.

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