10 February 2012 Last updated at 12:30 ET

Rangers owner Craig Whyte has been told to pay a disputed bill of £86,127 to a roofing firm after a sheriff described his evidence as "wholly unreliable".

One Stop Roofing Supplies claimed Mr Whyte's company Tixway UK had breached an agreement to pay for goods bought by another company, ­Snowcast UK.

Mr Whyte, 40, disputed this and said he was a creditor of Snowcast.

In a written ruling, Sheriff Nigel Ross stated: "I reject the evidence of Mr Whyte as wholly unreliable."

The case centred on the business relationship between Mr Whyte, Chris Keating, who owned Snowcast UK before it folded, and One Stop Roofing Supplies, which is run by Robert Jenkins.

During evidence in December, Mr Whyte told the court he was introduced to Mr Jenkins in April 2008 through friend and businessman Mr Keating.

The court was told Mr Whyte helped Mr Keating's own business by lending money when it was required.

It was said that Mr Keating regularly bought supplies from the roofing firm.

Mr Whyte told the court the only orders made by him, and that he was invoiced for by One Stop Roofing, were for the repairs he was carrying out at Castle Grant in Grantown on Spey.

He said he did not agree for invoices for Mr Keating's business to be sent to him or paid by him.

The court also heard that Mr Whyte became the director of Tixway after serving a seven-year disqualification from being a company director.

Asked why he was banned, Mr Whyte said he could not remember as it was some time ago. He also said he did not want to say in open court and get it wrong.

In his ruling on the case, Sheriff Ross stated: "I accept the evidence led by the pursuer (One Stop Roofing) as credible and reliable, and supported by the available documentation.

"I reject the evidence of Mr Whyte as wholly unreliable.

"It is not possible to ascertain whether he is not telling the truth or is simply unable to recollect the true position, and has convinced himself that this arrangement is something that he would not have entered into.

"Either way, his evidence is contradicted by virtually every other piece of evidence."

'Legal liability'

Sheriff Ross found that Mr Whyte's firm Tixway had "offered its own credit rating to allow cover for the supply of large volumes of materials to Snowcast".

He said this was "subject to a high degree of control by the defender over Snowcast and an understanding between the defender (Tixway) and Snowcast that Snowcast would make payment for those materials".

Sheriff Ross concluded: "As a matter of legal liability, however, the defender remains the principal obligant.

"There is no dispute as to the sum outstanding, nor that it was properly incurred, and I accept the total brought out by the pursuer's figures."

A hearing will be fixed for a later date for both parties to discuss expenses arising from the case.

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Whyte court evidence 'unreliable'

(RTTNews.com) - Beacon Roofing Supply, Inc. (BECN) said its first-quarter profit increased to $19.12 million or $0.41 per share from last year's $10.05 million or $0.22 per share.

Net income for the latest quarter included a benefit of $1.0 million, $0.02 per share, from a reduction in a liability for contingent consideration that was established last year for the acquisition of Enercon Products.

On average, 13 analysts polled by Thomson Reuters expected the company to report earnings of $0.29 per share. Analysts' estimates typically exclude special items.

Net sales were up to $489.85 million from $404.79 million a year ago. Analysts estimated revenues of $475.87 million.

Paul Isabella, the Company's President & Chief Executive Officer, stated, "...Most of our geographic regions exceeded our expectations by achieving double-digit sales percentage increases and significant operating income growth. Once again our company-wide residential and non-residential product sales both showed double-digit percentage increases for the quarter, while our complementary product sales were down slightly. Our roofing businesses continued to benefit from higher volume, including sales from increased residential re-roofing activities in all of our geographic regions, and from industry-wide price increases that mostly occurred during the second half of last year.

Our gross margin and operating margin continued to improve....

We are encouraged by our strong start to fiscal 2012 and expect to continue our steady growth."

For comments and feedback: contact editorial@rttnews.com

http://www.rttnews.com

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Beacon Roofing Supply Q1 Profit Grows - Quick Facts

Beacon Roofing Supply Inc. ( BECN ) reported adjusted EPS of 39 cents in the first quarter of fiscal 2012, way ahead of the Zacks Consensus Estimate of 29 cents, improving from the prior-year quarter of 22 cents. Reported EPS excluded a tax benefit in the reported quarter, including which the EPS stood at 41 cents compared with 22 cents in the year-ago quarter.

Higher sales leading to elevated gross margins benefited the quarter. However, the positives were somewhat offset by higher operating expenses and a higher income tax provision.

Operational Update

Net sales in the quarter under review increased 21% year over year to gross $489.9 million, outpacing the Zacks Consensus Estimate of $475 million. Organic growth in the quarter was 17.0%.

Residential roofing product sales improved 25.4% while non-residential roofing product sales increased 15.5% over the prior-year quarter. Both the businesses benefited from a pick-up in re-roofing activities, including impact of storm related business, besides higher average selling prices. A 2.6% dip in complementary product sales was a minor offset.

Cost of goods sold in the reported quarter increased 20.2%% year over year to $372.5 million, and operating expenses also rose 10.7% to $82.9 million. Operating income of $34.3 million improved 73% over the year-ago quarter.

Financial Position

Cash and cash equivalents were $155.2 million as of December 31, 2011, compared with $175.7 million as of December 31, 2010. Cash from operating activities improved marginally to $58.9 million as of December 31, 2011 from $57.5 million as of December 31, 2010. Higher operating income was partially offset by an unfavorable impact on working capital.

In Conclusion         

Beacon Roofing continues to focus on cost controls to improve its margins. The company also remains active on the acquisition front. The company's strategy is to buy market leaders in different geographic areas and thus expand into potential yet unexplored markets.

Currently, the shares of Beacon Roofing maintain a Zacks#1 Rank (short-term "Strong Buy" recommendation).

Beacon numbers among the three largest roofing material distributors in the United States and Canada, with more than 90% of sales coming from the U.S. Beacon competes with privately held American Builders & Contractors Supply Co Inc., Guardian Building Products Distribution Inc. and Stock Building Supply Inc.

 
BEACON ROOFING ( BECN ): Free Stock Analysis Report
 
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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Beacon Beats Estimates - Analyst Blog

Beacon Roofing Supply Inc. (NasdaqGS:BECN - News) reported adjusted EPS of 39 cents in the first quarter of fiscal 2012, way ahead of the Zacks Consensus Estimate of 29 cents, improving from the prior-year quarter of 22 cents. Reported EPS excluded a tax benefit in the reported quarter, including which the EPS stood at 41 cents compared with 22 cents in the year-ago quarter.

Higher sales leading to elevated gross margins benefited the quarter. However, the positives were somewhat offset by higher operating expenses and a higher income tax provision.

Operational Update

Net sales in the quarter under review increased 21% year over year to gross $489.9 million, outpacing the Zacks Consensus Estimate of $475 million. Organic growth in the quarter was 17.0%.

Residential roofing product sales improved 25.4% while non-residential roofing product sales increased 15.5% over the prior-year quarter. Both the businesses benefited from a pick-up in re-roofing activities, including impact of storm related business, besides higher average selling prices. A 2.6% dip in complementary product sales was a minor offset.

Cost of goods sold in the reported quarter increased 20.2%% year over year to $372.5 million, and operating expenses also rose 10.7% to $82.9 million. Operating income of $34.3 million improved 73% over the year-ago quarter.

Financial Position

Cash and cash equivalents were $155.2 million as of December 31, 2011, compared with $175.7 million as of December 31, 2010. Cash from operating activities improved marginally to $58.9 million as of December 31, 2011 from $57.5 million as of December 31, 2010. Higher operating income was partially offset by an unfavorable impact on working capital.

In Conclusion         

Beacon Roofing continues to focus on cost controls to improve its margins. The company also remains active on the acquisition front. The company’s strategy is to buy market leaders in different geographic areas and thus expand into potential yet unexplored markets.

Currently, the shares of Beacon Roofing maintain a Zacks#1 Rank (short-term “Strong Buy” recommendation).

Beacon numbers among the three largest roofing material distributors in the United States and Canada, with more than 90% of sales coming from the U.S. Beacon competes with privately held American Builders & Contractors Supply Co Inc., Guardian Building Products Distribution Inc. and Stock Building Supply Inc.

Read the Full Research Report on BECN

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Beacon Beats Estimates

05-07-2011 10:59 Free Estimates call 608 558 2624 Hardyman Construction LLC http://www.hardymanconstruction.com We are a full service restoration contractor located in Madison WI. We cover a portion of the west in Phoenix from our office in Madison WI. Madison bathroom renovation services are our YES, kitchen renovation, repair roofs, bathrooms, living room is a garage, garden, electric vehicles, equipment, installations, panels, remove and install the floor, removing dirt and more Since the beginning of Reconstruction 1990 2008 tend to look down on more is better mentality. "Many house Madison, WI had increased by the Board and by adding stories, while others were thrown down on the floor and replaced with a larger home with more space. INTERIORS as the buildings are growing in size are ignored. Madison, WI in the bathroom and the kitchen was expanded and modern facilities and hi-tech equipment. Home Products Services in Madison WI, such as bathroom remodeling, kitchen modifications, home repairs, installation, replacement carpet Staples, such as plastic, and the oak and master quickly find products, latest Madison WI. But the economic slowdown in the economy radically rebuilding stage and time in service of domestic refuse to change. Madison, WI expensive granite counter tops and cabinets were modest materials, even materials such as bathroom remodeling skin, reconstruction, repairing roofs, plumbing, but still consider them. In other words, homeowners are looking for style and good quality ...

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04-10-2011 08:10 Safe-T Ladder Extender: http://www.reeseexpress.com Reese Tips - OSHA is in the process of rescinding the interim fall protection guidelines for residential construction. This 16 minute video provides a look at the initiatives Indiana roofers need to think about to be safe, and includes ideas contractors may want to incorporate into their written plan. Part One deals with the issues everyone needs to do every time. Part Two will be added in November and will deal with roof-top specific techniques that roofers may want to incorporate into their safety training. Video # ytv1000 by John Reese and UV Concepts. Presented as a courtesy by Reese Wholesale, ReeseWholesale,com and ReeseSafetySolutions.com Updated October 4, 2011 reesetips.com

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COURTESY PHOTO When NorthStar Construction Services moved from Leominster to Mount Laurel Circle in Shirley, it installed nearly 400 solar panels on the roof of its headquarters. The panels are expected to provide all power needed at the office.

SHIRLEY -- A local construction company with an emphasis on reducing its carbon footprint went one step further last month.

NorthStar Construction Services installed nearly 400 solar panels on the roof of its 20,400-square-foot headquarters.

NorthStar, a roofing contractor, moved to Shirley in May to allow for growth, according to its president and founder, John LaStella. At its previous facility in Leominster, solar panels provided 30 percent of the its electricity.

The panels on the current facility are expected to provide 100 percent of the company's energy needs, LaStella said.

In addition to the solar panels, LaStella said, the company had an energy audit that led to a change in lighting with new bulbs and motion-sensor switches.

"We also installed a new high-efficiency HVAC system, we participate in the Energy Star Program, we recycle all waste including as much as possible from job sites, and we operate our own fueling station to better manage fuel consumption and costs," he said.

The panels were installed by SouthPoint Solar of Leominster. Mike LaStella, SouthPoint's president and John's brother, said the estimated annual production for the system is 103,000 kilowatt hours, which would cover NorthStar's annual energy usage.

He said the cost of electricity is about 16 cents per kilowatt and the company would produce $16,500 of generated usage each year.

"The payback on this system will be four years, which includes

the full roof replacement," Mike LaStella said.

NorthStar Construction Services has received the Firestone Master Contractor status since 1998, the Inner Circle Quality Award and the Associated Builders and Contractors STEP Safety Award for the past 10 years.

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