Lyman Lumber files for Chapter 11
Lyman Lumber, a nine-unit LBM chain based in Excelsior, Minn., has signed a letter of intent to sell its operations to SP Asset Management, according to an article in the Minneapolis-St. Paul Business Journal.The 114-year-old company also plans to file for Chapter 11 bankruptcy, the article said.
SP Asset Management is an affiliate of New York-based Steel Partners Holdings, a diversified holding company headed by activist investor Warren Lichtenstein.
"We are very excited about the prospect of working with a strong and credible financial partner. The sale would allow Lyman to continue to provide market-leading service to our customers," Lyman CEO Jim Hurd told the newspaper.
The sale is subject to bankruptcy court approval, the statement said. The company hopes to use bankruptcy protection to restructure debt obligations and shed non-performing assets, such as its land holdings and construction-lending portfolio.
No. 22 on HCN’s Pro Dealer Scoreboard, Lyman Lumber ended 2010 with $152.3 million in sales.
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Wind blows roof off lumberyard
Winds from a severe thunderstorm in Hartford, Mich. lifted the roof off a local lumberyard on Aug. 3 and deposited it in the Family Dollar parking lot next door, according to an article in the Kalamazoo Gazette.
Smith Lumber opened for business the next day, sans roof, and damage estimates are nearly $70,000. But owner Katie Smith said she was just happy that no one was in either store at 9 p.m. when the roof, measuring 44 feet by 240 feet, blew away in one big sheet of trusses and metal. A local weather expert estimated winds at 40 to 45 mph.
Community members and other businesses are helping with the clean-up.
IM SO SORRY MIKE.... THAT'S
IM SO SORRY MIKE.... THAT'S AS BAD AS OUR. (ARKANSAS ) TORNADOES LOL. COREY SAID IT WAS REALLY BAD UP AT INDY ALSO, I GUEES THE STATE FAIRS CONCERT ROOF COLLAPSED. DADDY & I R COMING UP ON Tuesday HOPE I C YA :-)) .
New home orders up at Beazer
Beazer Homes reported 1,215 orders for new homes for its third fiscal quarter of 2011, a 24% increase from the same period last year, and a 4% increase from the prior quarter. Total home closings from continued operations were 791 homes, a 49% decrease from the same quarter in 2010, but a 40% increase from the second quarter of this year.
Revenue from continuing operations for the quarter, which ended June 30, was $172.8 million, compared with $321.8 million in the prior year. Net loss, including a net loss of $3.4 million from discontinued operations, was $59.1 million for the quarter. For the prior year, the net loss of $27.8 million included a net loss from discontinued operations of $4.4 million.
The home builder’s total backlog was 1,848 homes with a sales value of $438 million, compared with 1,175 homes with a sales value of $288 million as of June 30, 2010.
Beazer’s decision to exit the Northwest Florida market had an impact on the results, the company said.
"I’m pleased with our sales efforts during the third quarter," said Allan Merrill, the newly appointed president and CEO of Beazer Homes. "Our sales team was able to overcome significant headwinds in both the economy and the housing market to record substantially improved orders. Our emphasis on promoting the low cost of ownership of a new Beazer Home compared with both existing homes and other new homes was an important contributor to this effort."
Headquartered in Atlanta, Beazer Homes is one of the 10 largest single-family home builders in the United States. The company offers homes in 16 states: Arizona, California, Delaware, Florida, Georgia, Indiana, Maryland, Nevada, New Jersey, New York, North Carolina, Pennsylvania, South Carolina, Tennessee, Texas and Virginia.
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