USG posts $77 million first quarter earnings

By Caroline Salls

Pittsburgh, April 26 - USG Corp. reported $77 million in net earnings for the first quarter, up 35% from the $57 million earnings reported in the first quarter of 2004, according to a company news release.

The company reported net sales of $1.17 billion, up from $1.02 billion in the first quarter of 2004.

As of March 31, USG had $1.2 billion of cash, cash equivalents, restricted cash and marketable securities on a consolidated basis. This compared with $925 million reported on March 31, 2004 and $1.25 billion reported on Dec. 31, 2004.

"The strong new housing and residential repair and remodel markets are expected to keep demand for USG's gypsum wallboard products high," chairman, president and chief executive officer William C. Foote said in the release.

"However, rising interest rates and tightening lending standards may bring demand levels down slightly from last year's levels."

The Chicago-based building materials company filed for bankruptcy on June 25, 2001. Its Chapter 11 case number is 01-02094.

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