USG gets back in the black
Chicago-based building industry giant USG Corp. reported first-quarter net sales of $814 million, up 4% from first-quarter 2012 net sales of $783 million.
First-quarter 2013 net income was $2 million. This result compares with a $27 million net loss in the first quarter of 2012.
“We are pleased to report our first-quarter of net income in more than five years,” said James S. Metcalf, chairman, president and CEO. “All segments showed improved results in the period, and our commitment to innovation and lowering our break-even are evident in our results.”
The company also reported a first-quarter 2013 operating profit of $49 million compared with a $24 million operating profit in the same quarter last year.
The corporation’s adjusted net income was $1 million in the first quarter of 2013, which compares with an adjusted net loss of $27 million in the first quarter of 2012. The adjusted net income for the first quarter of 2013 excludes $2 million of restructuring charges and a $3 million benefit from a change in tax law. The adjusted net income for the first quarter of 2012 excludes $2 million of restructuring charges and $2 million of income from discontinued operations.
“Achieving positive net income in the first quarter is an important milestone as we emerge from the most significant downturn in our company’s history, but there is more work to be done,” Metcalf said.
Shelly Enterprises joins US LBM Holdings
US LBM Holdings announced the acquisition of seven-unit Shelly Enterprises of Telford, Pa., the company’s ninth acquisition since 2010.
Founded in 1923, Shelly’s is one of the oldest and largest building material suppliers in Eastern Pennsylvania with seven locations serving five counties in the metro Philadelphia area for the builder, remodeler and consumer. “Shelly’s 90-year history is a result of its relentless focus on providing top quality products with first class service to its customers,” according to the release announcing the acquisition.
Shelly’s adds to US LBM’s presence in Pennsylvania with building material suppliers John H. Myers & Son, serving south central Pennsylvania since 1916 with six locations and Universal Supply serving the Philadelphia market since 1965.
“Through the hard work and dedication of employees over many years, the Shelly family is proud of the contributions made in the development and ongoing growth of our communities,” said Bill Shelly, a third generation family co-owner.
Added co-owner Greg Shelly: “Our partnership with US LBM allows Shelly’s to enjoy the benefit of additional resources to promote continued growth. Shelly’s will continue to have the local feel and focus that our customers deserve with the resources of a much larger organization.”
Bill and Greg Shelly are staying on with the company for the forseeable future, according to US LBM Holdings.
US LBM president and CEO L.T. Gibson said: “Shelly’s service capabilities, breadth of product offering and leading market position make it a great fit for US LBM as we continue to build momentum in the marketplace through acquisition and new locations. We are excited to partner with the Shelly’s team and continue their impressive history of growth.”
US LBM is a collection of eight building material distributors serving the Midwest, Northeast and Mid-Atlantic in eight states with more than 50 locations. Implementing the philosophy of local management and leadership, US LBM capitalizes on the premier reputation of its operating companies and the local customer relationships that each operation is known for in its market. US LBM is owned by private equity firm BlackEagle Partners and is recognized as one of the fastest growing suppliers of building products in the United States.
Growth item: Biscuits for builders
Pittsburgh-based Versatex Trimboard now offers a PVC-compatible plastic biscuit for builders who biscuit-join PVC trim components.
Versatex VP sales Rick Kapres said the building trade made clear that biscuit joining offers strength and easy handling without compromising moisture resistance.
“That’s why we’ve added these new white, #20 plastic biscuits to our comprehensive PVC trim system,” Kapres said. “They’re dimensionally stable and precision molded for easy installation.” Available from Versatex distributors nationwide in boxes of 25 or cartons of 10 boxes, the biscuits enable builders to make tight, permanent joints using standard carpentry techniques and PVC adhesives.”
Biscuit joints, according to the company, are an increasingly popular solution for aligning and securing joints in fascia and frieze applications as well as window and door trims and millwork.