LP restates a larger loss for 2011
Louisiana-Pacific Corp. reported that it has adjusted its 2011 results to reflect a wider loss in 2011.
After the adjustment, LP’s 2011 net loss was $181.3 million. On Feb. 7, LP reported a net loss of $170.7 million.
The adjustment comes from a non-cash impairment charge related to its investment in its U.S. Greenfiber joint venture due to information received after the release of earnings.
The building product company said that on Feb. 24, 2012, it was notified that the valuation of this joint venture had decreased significantly based upon work being performed as part of Greenfiber’s annual audit. As a result of this, LP has adjusted its 2011 losses, which were previously reported in a press release dated Feb. 7, 2012.
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EPA fines lumber mill $108,000
Sanders Wood Products Co. of Liberal, Ore., will pay more than $108,000 in penalties related to violation of PCB laws, according to an article in Salem-News.com.
The paper quoted Scott Downey, manager of the pesticides and PCBs unit in the Environmental Protection Agency’s Seattle office: "There are clear standards for how to manage toxic chemicals like PCBs so they don’t harm people or the environment. This dangerous family of chemicals accumulates in the body and can be extremely difficult and expensive to clean up."
The fines grew out of inspections back in 2009, according to the article. Sanders Wood Products has also certified it is currently meeting all requirements of the Toxic Substances Control Act at each of its facilities.
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January sees gains in sales of existing homes
Total existing-home sales, defined as completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 4.3% to a seasonally adjusted annual rate of 4.57 million in January from a downwardly revised 4.38 million-unit pace in December and are 0.7% above a spike to 4.54 million in January 2011.
The NAR figures were released Wednesday morning.
“The uptrend in home sales is in line with all of the underlying fundamentals — pent-up household formation, record-low mortgage interest rates, bargain home prices, sustained job creation and rising rents," said Lawrence Yun, NAR chief economist.
Total housing inventory at the end of January fell 0.4% to 2.31 million existing homes available for sale, which represents a 6.1-month supply at the current sales pace, down from a 6.4-month supply in December.
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