Remodeling expected to rise almost 6%
Spending on renovations should experience “healthy growth” in 2012, according to the Remodeling Futures Program at the Joint Center for Housing Studies of Harvard University. In their quarterly forecast, called the Leading Indicator of Remodeling Activity (LIRA), the researchers pointed to stronger pending home sales and continuing low interest rates as contributors to an expected 5.9% rise in spending on home remodeling projects this year.
“Hopefully, we’re finally moving beyond simple volatility in the home improvement spending numbers to a period of sustained growth,” said Eric Belsky, managing director of the Joint Center. “The recent upturn we’ve seen in home sales should translate into more remodeling activity later this year.”
Kermit Baker, director of the Remodeling Futures Program at the Joint Center, added: “Unusually mild weather this past winter in many parts of the country accelerated the pace of homebuilding and home improvement activity. This may produce a brief pause in remodeling activity this quarter, but then a strengthening economy should provide a foundation for continued growth moving forward.”
Georgia-Pacific and Sherwood Lumber announce distribution agreement
Georgia-Pacific Wood Products and Sherwood Lumber Co. have announced a new distribution agreement involving GP’s full line of engineered wood products (EWP). The two companies have finalized terms that will provide for Sherwood Lumber to supply its dealers with a complete line of Georgia-Pacific engineered wood products, including Wood I Beam joists, GP Lam laminated veneer lumber (LVL), FiberStrong rim board and laminated beams.
These products will initially be available out of Sherwood’s distribution center in Palmer, Mass., and soon after out of its Holtsville, N.Y., and Delanco, N.J., facilities. Dealers served from these branches will be able to buy full units of material or job lot quantities in the territories of eastern Pennsylvania, New Jersey, eastern New York, Connecticut, Rhode Island, Massachusetts, New Hampshire and Vermont.
Based in Islandia, N.Y., Sherwood Lumber is an LBM distributor specializing in quality lumber and panel products.
Georgia-Pacific, headquartered in Atlanta, is a leading manufacturer and marketer of building products, tissue, packaging, paper and cellulose products.
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Higher costs for materials affect Jewett-Cameron
Jewett-Cameron Trading Co. reported sales for the second quarter of fiscal 2012 totaling $11.75 million compared to sales of $11.86 million for the second quarter of fiscal 2011.
Operational income for the quarter, which ended Feb. 29, 2012, was $672,436 compared to $755,337 in the year-ago quarter.
In February 2012, the company received a favorable decision from the Oregon Supreme Court in the company’s lawsuit filed in relation to the acquisition of inventory by Greenwood Products. As a result, the current quarter’s results include a reversal of litigation reserves of $1,443,629 and interest expense of $16,023. These amounts have been treated as a one-time gain and contributed to net income after other items and income taxes.
For the six month period, Jewett-Cameron reported sales of $19.0 million compared to sales of $17.9 million for the same period a year ago. Net income after other items and income taxes was $1.35 million compared to a net loss of $349,386 a year ago. The current six month period was positively affected by the reversal of litigation reserves, while the year-ago six month period was negatively affected by the company accruing $1,370,151 to the litigation reserve.
"We are pleased with the higher level of sales for the six-month period and the favorable ruling by the Oregon Supreme Court," said CEO Don Boone. "However, the higher material and transportation costs continue to negatively affect our margins and net income."
Jewett-Cameron Trading Co. is a holding company that, through its subsidiaries, operates out of facilities located in North Plains, Oregon. Jewett-Cameron Lumber Corp.’s business consists of the manufacturing and distribution of specialty metal products and wholesale distribution of wood products to home centers and other retailers located primarily in the United States. Greenwood Products is a processor and distributor of industrial wood and other specialty building products principally to customers in the marine and transportation industries in the United States.
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