Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - USG CORP | usg8-kx1112016.htm |
| EX-99.2 - EXHIBIT 99.2 - USG CORP | ex_992x1112016x8-k.htm |
| EX-10.1 - EXHIBIT 10.1 - USG CORP | ex_101x1112016x8-k.htm |
Exhibit 99.1
As USG previously disclosed, in the third quarter of fiscal year 2016, the Company has reflected the results of L&W as a discontinued operation. This Exhibit 99.1 to Form 8-K provides recast historical quarterly and annual unaudited financial information for the year ended December 31, 2015 and the nine months ended September 30, 2016, reflecting the discontinued operations.
USG CORPORATION | |||||||||||||||||
RECASTED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||||
(millions, except share and per-share data) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Q1 2016 | Q2 2016 | Q3 2016 | YTD Q3 2016 | ||||||||||||||
Net sales | $ | 747 | $ | 769 | $ | 767 | $ | 2,283 | |||||||||
Cost of products sold | 566 | 576 | 586 | 1,728 | |||||||||||||
Gross profit | 181 | 193 | 181 | 555 | |||||||||||||
Selling and administrative expenses | 68 | 71 | 74 | 213 | |||||||||||||
Long-lived asset impairment charges | — | — | 10 | 10 | |||||||||||||
Recovery of receivable | (3 | ) | — | — | (3 | ) | |||||||||||
Operating profit | 116 | 122 | 97 | 335 | |||||||||||||
Income from equity method investments | 7 | 16 | 14 | 37 | |||||||||||||
Interest expense | (40 | ) | (38 | ) | (37 | ) | (115 | ) | |||||||||
Interest income | 2 | 1 | — | 3 | |||||||||||||
Loss on extinguishment of debt | (2 | ) | (2 | ) | (1 | ) | (5 | ) | |||||||||
Other income, net | 3 | 2 | 1 | 6 | |||||||||||||
Income from continuing operations before income taxes | 86 | 101 | 74 | 261 | |||||||||||||
Income tax expense | (26 | ) | (34 | ) | (18 | ) | (78 | ) | |||||||||
Income from continuing operations | 60 | 67 | 56 | 183 | |||||||||||||
Income from discontinued operations | 7 | 7 | 6 | 20 | |||||||||||||
Net income | $ | 67 | $ | 74 | $ | 62 | $ | 203 | |||||||||
Earnings per average common share - basic: | |||||||||||||||||
Income from continuing operations | $ | 0.41 | $ | 0.46 | $ | 0.39 | $ | 1.26 | |||||||||
Income from discontinued operations | 0.05 | 0.04 | 0.04 | 0.13 | |||||||||||||
Net income | $ | 0.46 | $ | 0.50 | $ | 0.43 | $ | 1.39 | |||||||||
Earnings per average common share - diluted: | |||||||||||||||||
Income from continuing operations | $ | 0.41 | $ | 0.46 | $ | 0.38 | $ | 1.25 | |||||||||
Income from discontinued operations | 0.05 | 0.04 | 0.04 | 0.13 | |||||||||||||
Net income | $ | 0.46 | $ | 0.50 | $ | 0.42 | $ | 1.38 | |||||||||
Average common shares | 145,819,026 | 145,933,165 | 146,043,791 | 145,892,390 | |||||||||||||
Average diluted common shares | 146,986,392 | 147,994,032 | 148,387,637 | 147,520,891 | |||||||||||||
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USG CORPORATION | |||||||||||||||||||
RECASTED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||||||
(millions, except share and per-share data) | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
Q1 2015 | Q2 2015 | Q3 2015 | Q4 2015 | FY 2015 | |||||||||||||||
Net sales | $ | 708 | $ | 740 | $ | 747 | $ | 718 | $ | 2,913 | |||||||||
Cost of products sold | 562 | 570 | 578 | 553 | 2,263 | ||||||||||||||
Gross profit | 146 | 170 | 169 | 165 | 650 | ||||||||||||||
Selling and administrative expenses | 74 | 76 | 75 | 77 | 302 | ||||||||||||||
Recovery of receivable | — | — | — | (6 | ) | (6 | ) | ||||||||||||
Gain on disposal of shipping operations, net | — | (1 | ) | — | — | (1 | ) | ||||||||||||
Operating profit | 72 | 95 | 94 | 94 | 355 | ||||||||||||||
Income from equity method investments | 8 | 13 | 12 | 15 | 48 | ||||||||||||||
Interest expense | (43 | ) | (40 | ) | (40 | ) | (40 | ) | (163 | ) | |||||||||
Interest income | 1 | — | — | 1 | 2 | ||||||||||||||
Income and gain from the sale of equity method investment to related party | — | 1 | 1 | 11 | 13 | ||||||||||||||
Loss on extinguishment of debt | (19 | ) | — | — | — | (19 | ) | ||||||||||||
Other (expense) income, net | (1 | ) | 1 | — | — | — | |||||||||||||
Income from continuing operations before income taxes | 18 | 70 | 67 | 81 | 236 | ||||||||||||||
Income tax benefit (expense) | 2 | (1 | ) | 1 | 738 | 740 | |||||||||||||
Income from continuing operations | 20 | 69 | 68 | 819 | 976 | ||||||||||||||
Income (loss) from discontinued operations | 4 | 10 | 8 | (7 | ) | 15 | |||||||||||||
Net income | $ | 24 | $ | 79 | $ | 76 | $ | 812 | $ | 991 | |||||||||
Earnings per average common share - basic: | |||||||||||||||||||
Income from continuing operations | $ | 0.13 | $ | 0.47 | $ | 0.46 | $ | 5.63 | $ | 6.70 | |||||||||
Income from discontinued operations | 0.03 | 0.07 | 0.06 | (0.05 | ) | 0.11 | |||||||||||||
Net income | $ | 0.16 | $ | 0.54 | $ | 0.52 | $ | 5.58 | $ | 6.81 | |||||||||
Earnings per average common share - diluted: | |||||||||||||||||||
Income from continuing operations | $ | 0.13 | $ | 0.47 | $ | 0.46 | $ | 5.56 | $ | 6.62 | |||||||||
Income from discontinued operations | 0.03 | 0.07 | 0.06 | (0.05 | ) | 0.11 | |||||||||||||
Net income | $ | 0.16 | $ | 0.54 | $ | 0.52 | $ | 5.51 | $ | 6.73 | |||||||||
Average common shares | 145,381,269 | 145,424,853 | 145,569,692 | 145,672,636 | 145,457,208 | ||||||||||||||
Average diluted common shares | 147,176,197 | 146,990,178 | 147,534,779 | 147,268,303 | 147,246,600 | ||||||||||||||
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