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USG shows $2.87 billion fourth-quarter operating loss
By Caroline Salls
Pittsburgh, Jan. 30 - USG Corp. reported a $2.87 billion fourth quarter 2005 operating loss on net sales of $1.3 billion, according to a company news release.
The sales numbers reflected an increase of $166 million compared with the fourth quarter of 2004.
USG achieved a record $5.1 billion in net sales for the full year, with a $2.35 billion operating loss, exceeding the previous year's record sales by $630 million.
USG showed a $135 million operating profit in the fourth quarter of 2004.
The company posted a $508 million operating profit for all of 2004.
The company's results included a $3.1 billion pre-tax charge in the fourth quarter in conjunction with its plan to resolve its asbestos personal injury liability and emerge from bankruptcy.
Consequently, the release said net losses of $1.8 billion and $1.4 billion were recorded in the fourth quarter and full year 2005, respectively.
Excluding these charges, fourth-quarter 2005 net earnings were $165 million, representing increases of $80 million versus the prior period. Full-year 2005 net earnings excluding the charges were a record $510 million. This compared with 2004 net earnings of $312 million.
"USG's businesses finished the year with solid performance," chairman and chief executive officer William C. Foote said in the release.
As of Dec. 31, USG had $1.6 billion of cash, cash equivalents, restricted cash and marketable securities, up from $1.2 billion as of Dec. 31, 2004 and $1.5 billion on Sept. 30.
USG, a Chicago-based building materials company, filed for bankruptcy June 25, 2001 in the U.S. Bankruptcy Court for the District of Delaware. Its Chapter 11 case number is 01-02094.
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