USG Corporation Reports Fourth Quarter 2002 Net Sales Of $851 Million And Net Earnings Of $21 Million; Net Earnings For The Year Were $43 Million - CHICAGO, February 4, 2003 — USG Corporation (NYSE:USG) today reported fourth quarter 2002 net sales of $851 million and net earnings of $21 million. Diluted earnings per share were $0.49 for the quarter.
Net sales and net earnings for all of 2002 were $3,468 million and $43 million, respectively. Diluted earnings per share for the year were $1.00. Net earnings in 2002 included a non-cash, non-taxable goodwill impairment charge of $96 million, or $2.22 per share.
Net sales and net earnings were $3,296 million and $16 million, respectively, in 2001. Diluted earnings per share totaled $0.36. Net earnings in 2001 included after-tax impairment charges of $25 million, or $0.56 per share.
“USG made further strides in strengthening all of its core businesses in 2002,” said USG Corporation Chairman, President and CEO, William C. Foote, commenting on the results of the past year. “In our gypsum business, we made capital investments to add capacity for our SHEETROCK® Brand joint compounds and DUROCK® Brand cement board products. Both product lines, as well as USG’s SHEETROCK® Brand gypsum wallboard, achieved record shipments during the year. Our distribution business improved its operating margin and expanded its presence in several markets. Domestically, our ceilings business reduced costs and achieved higher earnings in a down market. Internationally, we took steps to downsize our European ceilings operations and position it for improved performance in the future. In all three of our businesses, we implemented enhancements to customer service and operating productivity.”
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