1. Table of Contents Shareholders Letter, 1 Financial Review, 15 Shareholder Information, 45
Business Overview, 11 Directors and Officers, 44
Financial Highlights
1999 1998 % Change
Years ended December 31, dollars in millions, except per share amounts
Net sales $3,600 $3,130 15
Operating profit 730 585 25
Net earnings 421 332 27
Earnings per share (diluted) 8.39 6.61 27
Cash dividends per share 0.45 0.10 350
Total assets (at 12/31) 2,773 2,357 18
Stockholders’ equity (at 12/31) 867 518 67
Common shares outstanding (000s at 12/31) 48,860 49,525 -1
Return on
Capital Employed
Net Earnings
Net Sales
percentage
millions of dollars
millions of dollars
3,600
21.3
421 20.7
20.2
3,130
2,874
332
2,590
2,444 14.7
275*
11.4
184*
137*
95 96 97 98 99 95 96 97 98 99 95 96 97 98 99
*Excludes amortization of excess reorganization
value of $169 million in 1995, $169 million in
1996 and $127 million in 1997
USG Corporation 1999 Annual Report