Southern California lumberyard to close
Hoyt Lumber, located in Upland, Calif., is closing on June 2, according to an article in the Inland Valley Daily Bulletin. The San Bernardino County lumberyard has been open since 1996, when the owners purchased Rugg Lumber, which operated across the street for 67 years, and relocated the operation.
Hoyt opened a second location at in Rancho Cucamonga in 1979, which will remain open.
Co-owner Peggy Nelson said a slowdown in construction that has dragged on for several years forced the store’s closure.
Pacific States Industries acquires plywood company
Pacific States Industries, a California-based forest products and building materials company, acquired the privately owned Hoquiam Plywood Co. of Hoquiam, Wash.
The Hoquiam facility is known for its premium plywood sheathing. Operations at the western Washington facility will come under the direction of Pacific States Plywood (PSP), headquartered in Springfield, Ore.
“For more than 50 years, Hoquiam Plywood has been recognized as a provider of quality plywood products and veneers,” said Sean Burch, Pacific States Industries general manager. “This acquisition supports our planned growth in the Pacific Northwest and enables us to better serve market demand across the United States and Canada with additional volumes of our high-quality products.”
Pacific States Industries is a privately held family-owned company that has been providing forest products and building materials to lumber dealers and home improvement stores in California, the Pacific Northwest and nationwide for more than 40 years. The company’s holdings include Pacific States Plywood, Pacific States Treating, Redwood Empire Wholesale Distribution and Redwood Empire Sawmills.
Toll Brothers shows profit in second quarter
The Horsham, Pa.-based luxury homebuilder Toll Brothers returned to a profit in the second quarter amid signs of strengthening home-building market.
The company posted a profit of $16.9 million in the quarter, compared to a loss of $20.8 million in the same quarter last year. Revenue rose 17% to $373.7 million.
Douglas C. Yearley, Jr., Toll Brothers’ chief executive officer, stated, “It appears that the housing market has moved into a new and stronger phase of recovery as we have experienced broad-based improvement across most of our regions over the past six months. The spring selling season has been the most robust and sustained since the downturn began. Even now, for the first three weeks of May, our non-binding reservation deposits, a leading indicator of future contracts, are running 39% ahead on a gross basis, and 23% ahead on a per-community basis, compared to last year’s same May period.”
The builders’ home deliveries increased to 671 units, up from 591 units. Net signed contracts increased to 1,290 units, up from 879. And Backlog rose to 2,403 units, from 1,760.
“Operating performance and new order growth (+46.8% y/y) were materially ahead of expectations and attest to the strength of the spring selling season which is the best in the last five years,” according to a research note from RBC Capital Markets analyst Robert Wetenhall.