USG reports much improved $985 million 2006 operating profit

By Caroline Salls

Pittsburgh, Feb. 16 - USG Corp. reported a $985 million operating profit for 2006 on net sales of $5.81 billion, according to a 10-K filing with the Securities and Exchange Commission.

The figures show significant improvement over a $2.354 billion operating loss for 2005 on net sales of $5.139 billion.

According to the filing, net sales for 2006 reached an all-time high and represented a 13% increase over 2005 primarily due to higher realized selling prices for all major product lines.

The net earnings for 2006 were $288 million, up from a $1.436 billion net loss for 2005.

Cash and cash equivalents on Dec. 31 were $565 million, compared with $936 million on Dec. 31, 2005.

USG, a Chicago-based building materials company, emerged from bankruptcy in the U.S. Bankruptcy Court for the District of Delaware on June 20, 2006. Its Chapter 11 case number was 01-02094.

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