USG reports fourth quarter 2004 earnings of $85 million on sales of $1.2 billion

By Ellen Chang

Houston, Feb. 1 - USG Corp. reported net earnings of $85 million for fourth quarter 2004 on net sales of $1.2 billion.

Net sales and net earnings increased $242 million and $39 million, respectively, compared with the fourth quarter of 2003, the company said.

USG said it achieved a record $4.5 billion in net sales in 2004, an increase of $843 million compared with 2003. Net earnings for the year more than doubled to $312 million.

As of Dec. 31, USG had $1.2 billion of cash, cash equivalents, restricted cash and marketable securities, up from $947 million as of Dec. 31, 2003 and $1.1 billion on Sept. 30, 2004.

USG also said that an initial hearing for arguments about the method for estimating asbestos personal injury liability has been scheduled for March 31.

The Chicago-based building materials company filed for bankruptcy in the U.S. Bankruptcy Court for the District of Delaware on June 25, 2001. Its case number is 01-02094.

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