Midland PaperclipsIndustry News
MOD-PAC CORP., a manufacturer of custom and stock paperboard packaging and provider of personalized print products, reported total revenue of $13.8 million for the first quarter of 2012, which ended March 31, 2012, compared with $13.9 million for the first quarter of 2011. The change in revenue reflects a 1.0% decline in custom folding carton sales.
Net loss for the first quarter of 2012 was $123 thousand, or ($0.04) per diluted share, compared with net income of $357 thousand, or $0.10 per diluted share, in the first quarter of 2011. Despite relatively flat sales, a change in product mix and higher paperboard costs had a negative effect on margins.
End User News,
Ascena Retail Group, Inc. and Charming Shoppes, Inc. today jointly announced that they have entered into a definitive agreement under which Ascena will acquire Charming Shoppes in a cash transaction valued at approximately $890 million. Ascena has agreed to make a cash tender offer for all outstanding shares of Charming Shoppes common stock at a price of $7.35 per share. The tender offer is expected to commence within 10 business days. Subject to customary conditions and approvals, the transaction is expected to close during the second calendar quarter of 2012.
Founded in 1940 and headquartered in Bensalem, Pennsylvania, Charming Shoppes is a leading apparel retailer specializing in women's plus-size apparel. Charming Shoppes is the parent company of three distinct brands - Lane Bryant, Catherines Plus Sizes and Fashion Bug - and operates over 1,800 retail stores nationwide and store-related e-commerce websites. Charming Shoppes also operates Figi's, a direct marketing business.