Paperclips Blog

Packaging News

02.23.2012
Clearwater Paper Reports Fourth Quarter and Full Year 2011 Results
Clearwater Paper Corporation today reported financial results for the fourth quarter and full year of 2011.
The company reported net earnings of $11.5 million, or $0.48 per diluted share, for the fourth quarter of 2011, compared to net earnings of $37.8 million, or $1.60 per diluted share, for the fourth quarter of 2010. Excluding $1.8 million in after-tax charges related to the sale of our Lewiston, Idaho sawmill on November 28, 2011, fourth quarter 2011 net earnings were $13.3 million, or $0.55 per diluted common share. Fourth quarter 2010 results included $10.5 million in after-tax costs related to the Cellu Tissue acquisition and a $27.1 million benefit from a Cellulosic Biofuel Producer Credit. Excluding these items, fourth quarter 2010 net earnings would have been $21.2 million, or $0.90 per diluted common share.
Fourth quarter 2011 earnings before interest, taxes, depreciation and amortization, or EBITDA, was $52.2 million, compared to $34.6 million in the fourth quarter of 2010. Fourth quarter 2011 Adjusted EBITDA, which excludes $2.9 million in pre-tax adjustments associated with the sale of the sawmill, was $55.1 million. Fourth quarter 2010 Adjusted EBITDA, which excludes $17.2 million in pre-tax Cellu Tissue acquisition related expenses, was $51.9 million.
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End User News

02.23.2012
The New York Times Launches Monthly Science Magazine in China
The New York Times announced today that it has launched, with Chinese publisher Shanghai Zhenwen Advertising Co., Ltd., Science Times China, a monthly magazine, written in Chinese and distributed in Beijing, Shanghai, Hong Kong and other populous cities of the People’s Republic of China.
Science Times China features articles, illustrations and photographs from the weekly Science Times sections of The New York Times, in addition to selected pieces on health, education and technology from The Times and NYTimes.com. The glossy magazine will also include some local Chinese content, which will be approved by The New York Times, which maintains editorial control over the publication.
The magazine launched with a circulation of 20,000 copies and costs $5.00 on newsstands. Science Times China will be available via subscription in the coming months.
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02.23.2012
Limited Brands Announces 19 Percent Increase in Fourth Quarter Adjusted Earnings Per Share
Limited Brands, Inc. today reported 2011 fourth quarter and full-year results.
Fourth Quarter Results: Adjusted earnings per share for the fourth quarter ended Jan. 28, 2012, which exclude certain significant items as detailed below, increased 19 percent to $1.50 compared to $1.26 for the quarter ended Jan. 29, 2011.  Fourth quarter adjusted operating income was $786.5 million compared to $713.5 million last year, and adjusted net income was $459.2 million compared to $419.7 million last year.
Including the significant items below, reported fourth quarter earnings per share were $1.17 compared to $1.36 last year; operating income was $641.1 million compared to $713.5 million last year; and net income was $359.4 million compared to $452.3 million last year.
The company reported a comparable store sales increase of 7 percent for the fourth quarter ended Jan. 28, 2012, compared to the fourth quarter ended Jan. 29, 2011.  The company reported net sales of $3.515 billion for the fourth quarter ended Jan. 28, 2012, compared to sales of $3.456 billion last year.
Total sales were negatively impacted by the sale of our third party apparel sourcing business in the beginning of November 2011.
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02.22.2012
Dirt Rag Wins 2012 Aveda Environmental Award for Magazines
Aveda and the Green America Better Paper Project named the winners of the 2012 Aveda Environmental Award for Magazines. Dirt Rag, a mountain biking magazine, earned this year’s top spot. Kansas City’s green living publication Greenability landed the runner-up nod, and GRIT completes the top trio as finalist.
The Environmental Award for Magazines debuted in 2005, recognizing the best in sustainable publishing practices in the consumer and b-to-b sectors. Last year, Mother Jones and Experience Life took home top honors.
Of this year’s winners, Better Paper Project director Frank Locantore said in a prepared press statement, “Despite the rise of the digital age, the world is using more paper than ever before. Dirt Rag, Greenability and GRIT are all examples of how we can make print more sustainable. They stand out in the magazine publishing industry, where only about two percent of U.S. publications regularly use recycled paper.”
Dirt Rag currently uses 90 percent recycled, Forest Stewardship Council Certified and Process Chlorine Free paper; the magazine also encourages its employees to bike to work. 
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02.22.2012
Sales, Earnings Up at Quarto
With sales in both its co-edition and publishing divisions showing gains, revenue at Quarto Group rose 5.5% in 2011 to $186.1 million, the U.K.-based publisher reported. Adjusted pretax profits rose to $12.1 million from $11.5 million. The gains came despite only minor improvement in the U.S., which accounted for 55% of revenue. Sales in the U.S. rose 1%, to $82.8 million, as the acquisition Cool Springs Press (for $3 million) and sales of its Walter Foster imprint offset soft results in Quarto’s transportation and graphic design lists.
 
In breaking down results by segment, publishing sales rose 6%, to $123.6 million, helped by the Cool Springs purchase as well as that of the U.K.’s Frances Lincoln (for $7.3 million). E-book sales rose 500%, but at $2.1 million, comprise only a small portion of overall revenue. In his chairman’s statement, Laurence Orbach acknowledged that Quarto is moving cautiously in the e-book field, believing that the technology is not yet developed enough to allow Quarto to put its almost entirely nonfiction books into enhanced digital formats. " [Our] efforts to build both apps and e-books around the kind of content we create have not been well rewarded,” Orbach wrote. “This is not surprising, as they have not taken advantage of the benefits that the new tablet computers and e-readers now offer. At the moment, and seeking to take advantage of better and less cumbersome software authoring tools, more efforts are being made to create enhanced e-books. No doubt, some will turn out to be very fine, but it remains unclear whether there is a profitable commercial model lurking in all of the experimentation.”
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02.22.2012
Chico's FAS, Inc. Reports Fourth Quarter Earnings Per Share up 25% to $0.15
Chico's FAS, Inc. today announced its financial results for the fiscal 2011 fourth quarter and fiscal year ended January 28, 2012.
Net Income and Earnings per Share: For the fourth quarter, net income was $25.1 million, or $0.15 per diluted share, an earnings per share increase of 25% compared to net income of $20.7 million, or $0.12 per diluted share, for last year's fourth quarter.
For the fiscal year ended January 28, 2012, excluding non-recurring acquisition and integration costs, net income was $144.4 million, or $0.84 per diluted share, an earnings per share increase of 31% compared to net income of $115.4 million, or $0.64 per diluted share in fiscal 2010.  For fiscal 2011, net income, including acquisition and integration costs, was $140.9 million, or $0.82 per diluted share.
Net Sales: For the fourth quarter, net sales were $569.2 million, an increase of 19.8% compared to $475.0 million in last year's fourth quarter. The increase reflects a comparable sales increase of 8.7%, an 8.7% increase in square footage and $28.5 million in sales for Boston Proper.  The consolidated comparable sales increase of 8.7% for the fourth quarter was on top of a 4.5% increase for last year's fourth quarter, and reflects increases in both average dollar sale and transaction count.  The Chico's/Soma Intimates brands' comparable sales increased 5.5% on top of a 4.4% increase in last year's fourth quarter and the White House | Black Market ("WH|BM") brand's comparable sales increased 15.4% on top of a 4.7% increase in last year's fourth quarter. 
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Printer News

02.22.2012
RR Donnelley Reports Fourth-Quarter and Full-Year 2011 Results
R.R. Donnelley & Sons Company today reported a fourth-quarter net loss attributable to common shareholders of $326.7 million, or $1.78 per diluted share, on net sales of $2.7 billion compared to net earnings of $27.0 million, or $0.13 per diluted share, on net sales of $2.7 billion in the fourth quarter of 2010. The fourth-quarter net loss attributable to common shareholders included pre-tax net charges totaling $483.9 million, primarily related to non-cash impairment, compared to pre-tax charges totaling $88.6 million, primarily related to restructuring and non-cash impairment in the fourth quarter of 2010.
Highlights:
• Full-year operating cash flow less capital expenditures of $695.4 million at high end of updated guidance range of $650 million to $700 million
• Year-end debt of $3.7 billion decreased by $278.7 million from the third quarter of 2011
• Fourth-quarter 2011 GAAP loss per diluted share of $1.78, compared to GAAP earnings per diluted share of $0.13 in the fourth quarter of 2010; GAAP results include non-cash impairment charges of $488.5 million, or $2.25 per diluted share, in the fourth quarter of 2011 and $61.5 million, or $0.29 per diluted share, in the fourth quarter of 2010
• Fourth-quarter 2011 non-GAAP earnings per diluted share of $0.46, compared to non-GAAP earnings per diluted share of $0.51 in the fourth quarter of 2010
• Full-year 2011 GAAP loss per diluted share of $0.63, compared to GAAP earnings per diluted share of $1.06 in 2010; GAAP results include non-cash impairment charges of $531.5 million, or $2.26 per diluted share, in 2011 and $92.5 million, or $0.40 per diluted share, in 2010
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02.22.2012
Franklin Dodd Communications Combines Two Florida Printing Firms
Dodd Communications, a division of Nationwide Argosy Solutions, and Franklin Communications are combining their operations in Florida. The resulting company will be named Franklin Dodd Communications.
Dodd Communications, founded in Miami 35 years ago, works with Fortune 500 companies, advertising agencies, graphic designers, and artists. It’s one of eight U.S. divisions owned by Houston-based Nationwide Argosy Solutions, a technology, graphic communications, and fulfillment company.
Based in Miami, Franklin’s services include design, digital printing, sheetfed and web offset printing, fulfillment, database marketing and promotional items. It is one of the largest fully integrated digital and offset printing companies in the southeastern United States.
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Producer News

02.22.2012
Total Printing-Writing Paper Shipments in January Down 3% from 2011
According to the American Forest & Paper Association’s January 2012 Printing-Writing Paper Report, total printing-writing paper shipments decreased 3% in January compared to January 2011. All four major printing-writing grades posted decreases compared to last January. U.S. purchases (shipments + imports – exports) of printing-writing papers decreased 8% in January. Total printing-writing paper inventory levels increased 1% compared to December 2011.
 
Some points of interest from the report include: Shipments of uncoated free sheet (UFS) decreased year-over-year one percent, but posted a five percent increase month-over-month. Shipments of coated free sheet (CFS) decreased year-over-year two percent, while purchases decreased by eleven percent. Coated mechanical (CM) shipments decreased five percent, which is the lowest year-over-year decrease since March 2011 when it increased. Uncoated mechanical (UM) shipments decreased by double-digit percentages for the eighth consecutive month, yet it is the lowest decrease in the stretch, only hitting ten percent by rounding.
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02.22.2012
Buckeye Technologies Florida Facility Resuming Operation Following Power Failure
Buckeye Technologies Inc. today announced that its Foley Plant in Perry, Florida, which manufactures specialty wood cellulose and fluff pulp, is returning to normal operation following a power failure and electrical surge that occurred last Friday, February 17. The power failure was triggered by a malfunction in a high voltage electrical line and subsequent transformer failure in its power house. This resulted in the unplanned, complete shutdown of the facility. Power has been fully restored to the facility, and one of the plant’s two production lines resumed operation at normal rates on Sunday. Company officials are targeting for the second line to resume normal operation on Wednesday, February 22.
Buckeye Chairman and CEO John B. Crowe said, "While this is an unfortunate event, I appreciate the efforts of our employees and contractors with a rapid and around the clock effort to return the plant to normal operations. Resources have performed in a safe manner to identify the damaged equipment and make the necessary repairs. We are working with all of our customers and anticipate no major customer issues from this event. The Foley Plant remains in a sold out position and we believe current inventory levels are adequate to cover the production losses for the near term. Our highest priority is to safely return the plant to full operation.”
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Environmental News

Miscellaneous News

02.22.2012
Crude Falls From Nine-Month High in New York on Signs of Europe Slowdown
Oil fell from a nine-month high after a euro-area industry index unexpectedly declined, signaling a slowdown in demand and countering concern that a conflict between Iran and Western nations may disrupt supplies.
Futures slipped as much as 0.6 percent in New York, after climbing their highest since May as United Nations inspectors in Iran were denied access to a suspected nuclear-related military base. Equities declined and the euro erased gains against the dollar after an index based on a survey of euro-region purchasing managers dropped below 50, indicating a contraction.
The figures indicate that “euro-zone economies will remain very weak in the months ahead,” said Andy Sommer, a senior trader at EGL AG in Dietikon, Switzerland. “That means oil demand in the euro zone remains weak.”
Oil for April delivery on the New York Mercantile Exchange fell as much as 60 cents, or 0.6 percent, to $105.65 a barrel and was at $105.78 at 10:09 a.m. London time. The contract earlier rose to $106.41, the most since May 5.
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