Exhibit 99.1
USG Corporation
Consolidated Statements of Operations
(Unaudited, USD in millions, except share and per share data)
Three months ended | |||||||||||||||
Dec. 31, 2011 | Mar. 31, 2012 | June 30, 2012 | Sept. 30, 2012 | ||||||||||||
Net sales | $ | 726 | $ | 783 | $ | 798 | $ | 828 | |||||||
Cost of products sold | 688 | 681 | 696 | 722 | |||||||||||
Gross profit | 38 | 102 | 102 | 106 | |||||||||||
Selling and administrative expenses | 76 | 76 | 74 | 74 | |||||||||||
Restructuring and long-lived asset impairment charges | 5 | 2 | — | 3 | |||||||||||
Operating (loss) profit | (43 | ) | 24 | 28 | 29 | ||||||||||
Interest expense | 53 | 52 | 52 | 50 | |||||||||||
Interest income | (1 | ) | (1 | ) | (1 | ) | (1 | ) | |||||||
Loss on extinguishment of debt | — | — | 41 | — | |||||||||||
Other expense (income), net | — | 1 | (2 | ) | (1 | ) | |||||||||
Loss from continuing operations before income taxes | (95 | ) | (28 | ) | (62 | ) | (19 | ) | |||||||
Income tax expense (benefit) | 5 | 1 | (3 | ) | 11 | ||||||||||
Loss from continuing operations | (100 | ) | (29 | ) | (59 | ) | (30 | ) | |||||||
Income from discontinued operations, net of tax | — | 2 | 2 | 1 | |||||||||||
Net loss | $ | (100 | ) | $ | (27 | ) | $ | (57 | ) | $ | (29 | ) | |||
Earnings per common share - basic: | |||||||||||||||
Loss from continuing operations | $ | (0.95 | ) | $ | (0.28 | ) | $ | (0.55 | ) | $ | (0.29 | ) | |||
Income from discontinued operations | — | 0.02 | 0.02 | 0.01 | |||||||||||
Net loss | $ | (0.95 | ) | $ | (0.26 | ) | $ | (0.53 | ) | $ | (0.28 | ) | |||
Earnings per common share - diluted: | |||||||||||||||
Loss from continuing operations | $ | (0.95 | ) | $ | (0.28 | ) | $ | (0.55 | ) | $ | (0.29 | ) | |||
Income from discontinued operations | — | 0.02 | 0.02 | 0.01 | |||||||||||
Net loss | $ | (0.95 | ) | $ | (0.26 | ) | $ | (0.53 | ) | $ | (0.28 | ) | |||
Average common shares | 105,361,746 | 105,718,156 | 106,089,602 | 107,380,328 | |||||||||||
Average diluted common shares | 105,361,746 | 105,718,156 | 106,089,602 | 107,380,328 |
Net sales from discontinued operations, operating profit from discontinued operations and income from discontinued operations before income taxes were as follows:
Three months ended | |||||||||||||||
Dec. 31, 2011 | Mar. 31, 2012 | June 30, 2012 | Sept. 30, 2012 | ||||||||||||
Net sales from discontinued operations | $ | 24 | $ | 29 | $ | 27 | $ | 27 | |||||||
Operating profit from discontinued operations | $ | — | $ | 3 | $ | 3 | $ | 1 | |||||||
Income from discontinued operations before income taxes | $ | — | $ | 3 | $ | 3 | $ | 1 |