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11.08.2012
Hurricane Sandy is being held responsible for reducing U.S. retail sales in the Mid-Atlantic and Northeast region by about $4 billion last week, according to MasterCard Advisors SpendingPulse.
According to the report, the region, which accounts for about 24% of retail sales nationwide, typically generates $18.7 billion in sales for that particular week ended Saturday, the Associated Press reported. But revenue came in at about $15 billion. (The figures exclude auto sales.)
“This was a significant negative event for the region," said Michael McNamara, VP of research and analysis for SpendingPulse, which monitors all types of spending across retail.
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11.08.2012
That’s slightly higher than 15.0% growth in Q2 and the eighth consecutive quarter of double-digit growth for U.S. online retail, comScore reports today. ComScore says consumers spent nearly $42 billion in Q3—and that more of those shoppers are using smartphones to shop inside stores.
Online consumers in the United States spent approximately $41.9 billion in the third quarter, 15.4% more than the $36.3 billion spent in the third quarter of 2011, comScore Inc. reported today.
That growth represents the 12th consecutive quarter of year-over-year growth for e-commerce spending, as well as the eighth consecutive quarter of double-digit growth, the web measurement firm says. In the second quarter of 2012, e-commerce spending increased 15.0% to more than $43.15 billion, comScore said in August.
The recent spending figure bodes well for the rest of the year, says comScore chairman Gian Fulgoni. “Such performance offers some optimism as we approach the holiday season, especially given recent improvements in consumer sentiment,” he says; comScore says that 48% of consumers rate the economy as “poor,” which is eight percentage points better than in the second quarter. “With the housing market beginning to show signs of recovery in addition to increasing, if still underwhelming, job growth, there appears to be strong enough footing to support a very healthy online holiday shopping season.”
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11.08.2012
The Forest Products Association of Canada (FPAC) is asking the federal government to use Budget 2013 to continue to build on the existing momentum of innovation and transformation in the job-rich forest sector. This should include replenishment of the successful Investments in Forest Industry Transformation (IFIT) program.
The original $100 million IFIT program generated 107 applications and was over-subscribed by a factor of five, demonstrating the significant appetite by the Canadian forestry sector to develop and commercialize new innovative technologies in the areas of bio-energy, bio-chemicals and new solid wood projects. About a third of these project applications were for world-first innovations. By investing $300 million over the next three years in IFIT, the government will continue to support the ambitious Vision2020 agenda of the Canadian forest sector.
“We know the government is facing an era of fiscal restraint,” says the President and CEO of FPAC, David Lindsay. “However by continuing to demonstrate support for our transformation agenda the government will maximize the return on its significant investment in industry transformation to date, help the Canadian sector lead the world in innovative products and unleash the potential of Canada’s vast forest resource.”
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11.08.2012
Consolidated Graphics, Inc. today announced financial results for its second quarter ended September 30, 2012.
Revenue for the September quarter was $263.6 million, a $3.8 million or 1.4% decline, compared to the prior year. The revenue decline was caused by lower same-store sales, partially offset by an increase in election-related revenue. Adjusted Operating Income for the September 2012 quarter was $14.7 million or 5.6% of revenue, compared to $15.2 million or 5.7% of revenue last year. Adjusted Net Income was $8.3 million or $.84 per diluted share for the quarter, compared to Adjusted Net Income of $8.4 million or $.77 per diluted share for the prior year quarter. (As a result of our share repurchase program, weighted average diluted shares outstanding in the September 2012 quarter declined 9.1% relative to the September 2011 quarter.) Adjusted EBITDA was $33.1 million for the September 2012 quarter, compared to $32.6 million for the same quarter of the prior year.
Operating income during the September 2012 quarter was $12.1 million and included other charges of $2.3 million primarily related to relocating certain production facilities and related asset impairments. Operating income for the prior year quarter was $13.9 million and included $.6 million in other charges due to withdrawing from certain multi-employer pension plans. Net income for the September 2012 quarter was $6.7 million or $.68 diluted earnings per share, compared to net income of $7.5 million or $.69 diluted earnings per share last year.
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11.08.2012
Oil rebounded from the lowest level in almost four months in New York on speculation that the biggest decline this year was exaggerated.
West Texas Intermediate climbed as much as 1.1 percent, after its 14-day relative strength index plunged to 38.5 yesterday, a sign that prices may be oversold. Crude slumped 4.8 percent yesterday after U.S. stockpiles gained and fuel demand dropped, while President Barack Obama’s re-election stoked concern that the struggle to resolve deficit-reduction talks may harm the economy.
“Oil prices have experienced quite a rollercoaster ride in the past days, and today’s move looks like technical trading as traders re-balance their positions after the election,” said Michael Poulsen, an analyst at Global Risk Management in Middelfart, Denmark. “There’s a slight bias to the upside today that might mean room for a move up of $1 or so.”
Oil for December delivery rose as much as 95 cents to $85.39 a barrel in electronic trading on the New York Mercantile Exchange. The contract was at $85.19 at 10:56 a.m. London time.
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11.08.2012
In a survey of business-to-business, consumer and association publishers, the b-to-b publishers report that 16 percent of their revenue comes from digital sources, compared with 14 percent of revenue reported by consumer publishers and 7 percent of revenue reported by association publishers. The recently released "2012 Publisher Monetization" survey, conducted by Godengo+Texterity and BPA, focused on the monetization of digital editions, magazine apps and websites. There were more than 130 completed surveys from media professionals in b-to-b, consumer, association and niche sectors. Business-to-business publishers represented 30 percent of respondents.
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11.08.2012
UPM’s Label business UPM Raflatac is investing in new hotmelt adhesive mixing and coating technology at its self-adhesive labelstock factory in Changshu, China. With this in-house hotmelt manufacturing capability, UPM Raflatac will be offering label converters cutting-edge technology and expertise they require to develop cost-effective and high-quality label products. The new technology will be in use during the first quarter of 2013.
The latest hotmelt coating technology allows UPM Raflatac to expand its standard paper and film product ranges particularly in the food, retail and tyre industries as well as in variable information printing (VIP), where hotmelts provide advantages such as high initial tack and reliable adhesion on chilled, moist or rough surfaces. The new technology also enables the development of special products designed for niche markets as well as shorter runs, meeting the individual needs of brand owners.
In addition to a wider product range, UPM Raflatac’s customers will benefit from a hotmelt pilot-coating facility and strengthened local R&D capabilities. An accelerated development process will bring regionally adapted new products faster to market.
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11.08.2012
Cenveo, Inc. today announced results for the three and nine months ended September 29, 2012.
The Company generated net sales of $451.3 million for the third quarter of 2012, compared to $475.8 million for the third quarter of 2011. The decrease in net sales was primarily due to lower sales in our print and envelope product lines as a result of lower direct mail volumes from our financial services customers, the closure and consolidation of a print plant in the first quarter of 2012 and our decision to exit certain low margin businesses. The Company generated net sales of $1.3 billion for the first nine months of 2012, compared to $1.4 billion for the first nine months of 2011. The decrease in net sales was primarily due to lower sales in our print and envelope product lines as a result of lower direct mail volumes from our financial services customers, customer product launches in the first nine months of 2011 that did not repeat in the first nine months of 2012, the closure and consolidation of a print plant in the first quarter of 2012 and our decision to exit c ertain low margin businesses. Net sales from our label and packaging business lines remained relatively flat for the third quarter of 2012 and for the nine months of 2012 despite our decision to exit low margin businesses within those platforms, which has been offset largely by our e-commerce initiatives and new account wins in our packaging business.
Operating income was $35.0 million for the third quarter of 2012, compared to $33.2 million for the third quarter of 2011. The increase in operating income was primarily due to our lower cost structure as a result of the integration of our Envelope Product Group ("EPG") acquisition and lower compensation related expenses, offset by lower byproduct recoveries and increased pension expense. Non-GAAP operating income was $42.4 million for the third quarter of 2012, compared to $41.6 million for the third quarter of 2011. Operating income was $78.2 million for the first nine months of 2012, compared to $78.8 million for the first nine months of 2011. The decrease in operating income was primarily due to increased restructuring, impairment and other charges as a result of the closure and consolidation of a print plant in the first quarter of 2012 and other cost savings actions, lower byproduct recoveries and increased pension expense, offset in part by our lower cost structure due to the integration of our EPG acquisition and lower compensation related expenses. Non-GAAP operating income was $110.3 million for the first nine months of 2012, compared to $110.4 million for the first nine months of 2011. Non-GAAP operating income excludes integration, acquisition and other charges, stock-based compensation provision, restructuring, impairment and other charges.
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11.08.2012
Ahlstrom, a global high performance materials company, and a leading producer of release papers, has today announced a new initiative for recycling silicone coated paper release liners used by the pressure sensitive adhesive (PSA) label industry.
This sustainability initiative aims to collect silicone coated supercalendered papers (commonly known as "glassine") once they have been utilized as carriers of PSA labels by end-users, such as brand owners or retailers. Ahlstrom will collect the materials through one or more logistics partners and will recycle them into specialty paper production at its Osnabrück plant in Germany.
Glassine paper release liners will be picked-up at no cost from end-users anywhere in Germany, Belgium, Luxemburg and the Netherlands, provided a minimum quantity of two tons per load. Avery Dennison Label and Packaging Materials Division will support this initiative and utilizes its contacts across the value chain in order to make label printers and brand owners aware sof this new opportunity.
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11.08.2012
Cascades Inc., a leader in the recovery and manufacturing of green packaging and tissue paper products, announces its financial results for the three-month period ended September 30, 2012.
Q3-2012 Financial Highlights
· Sales of $906 million (compared to $944 million in Q2-2012 (-4%) and $947 million in Q3-2011 (-4%))
· Excluding specific items
o EBITDA of $78 million (compared to $84 million in Q2-2012 (-7%) and $79 million in Q3-2011 (-1%))
o Net earnings per share of $0.07 (compared to net earnings of $0.08 in Q2-2012 and a net loss of $0.02 in Q3-2011)
· Including specific items
o EBITDA of $83 million (compared to $77 million in Q2-2012 (+8%) and $53 million in Q3-2011 (+57%))
o Net earnings per share of $0.05 (compared to net earnings of $0.08 in Q2-2012 and a net loss of $0.21 in Q3-2011)
· Net debt of $1,542 million (compared to $1,585 million as at June 30, 2012), including $147 million of non-recourse debt
· Price increase announcement in our containerboard sector
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11.08.2012
Kohl’s Corporation today reported results for the fiscal periods ended October 27, 2012.
Kohl’s Corporation reported third quarter diluted earnings per share increased 14% to $0.91 per diluted share. Net income was $215 million compared to $211 million ($0.80 per diluted share) a year ago. Net sales were $4.5 billion, an increase of 2.6% for the quarter. Comparable store sales for the quarter increased 1.1%.
Year to date, net income was $609 million ($2.54 per diluted share) compared to $711 million ($2.56 per diluted share) a year ago. Net sales were $12.9 billion, an increase of 1.2%. Year-to-date comparable store sales decreased 0.5%.
Kevin Mansell, Kohl’s chairman, president and chief executive officer, said, “Our sales performance in the third quarter was consistent with our expectations, while our gross margin results were better than expected. Thanks to our dedicated teams, expenses were again well-managed. We have made noticeable investments in Holiday inventory - both in depth and content - and the in-store experience. Our stores are festive and fun to shop. We are also very excited about our expanded gift strategy and our ability to offer great products at great values."
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11.07.2012
Resolute Forest Products announced today that it is permanently shutting down paper machine No. 10 at its Laurentide mill in Shawinigan, Quebec. The permanent shutdown comes after an important drop in demand and an increase in market capacity of the paper grade produced on machine No. 10.
The Laurentide mill, which currently has 388 employees, produces over 350,000 metric tons per year of commercial printing papers with two machines. Machine No. 10 produces 125,000 metric tons per year. This machine will cease production on November 26, eliminating nearly 111 jobs. The shutdown will not affect paper machine No. 11, which has an annual production of nearly 225,000 metric tons per year.
The Company is aware of the impacts this decision will have on the employees concerned and their families and will work with union representatives and the governments to mitigate these impacts with a focus on retirement. Management intends to make sure that all the employees affected receive the necessary support, in compliance with the relevant collective agreement terms, and that as many employees as possible are reassigned to other Company facilities.
Resolute President and Chief Executive Officer Richard Garneau noted that market demand and capacity, the strong Canadian dollar, rising freight and fuel costs, and the continuing high cost of fiber also factored into management's decision. "Resolute must prove that it is profitable with mills that perform well, which forces us to improve our competitive edge by focusing on our best assets and cutting costs," stated Richard Garneau. "This is a major challenge and we are confident that we, with our employees, will be able to meet it."
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11.07.2012
The European paper recycling rate reached an impressive 70.4% as announced on 11 October 2012 by the ERPC (European Recovered Paper Council) in their annual monitoring report. The report shows that the total amount of paper collected and recycled in the paper sector remains stable at 58 million tonnes, the same as in the previous years, but with an increase of 18 million tonnes since 1998, the base year for the first voluntary commitment the paper value chain set itself for increasing recycling in Europe. Since 2000 the recycling rate has increased by 18%-points due in part to the excellent work of the ERPC.
A new reporting format includes more indicators in addition to the volumes and recycling rate. For example, the number of European countries exceeding a 70% recycling rate going up to 13, whereas 12 EU countries still have under 60% recycling rates for paper, indicating further potential for increasing paper recycling in Europe. The number of cycles a paper fibre goes through in the loop reached, on average, 3.4 (compared to the global average of 2.4).
In addition to the quantitative progress, a lot of qualitative work has been done to establish an ecodesign towards improved recyclability and in the area of waste prevention. The results include pioneering work to give recycling solid and scientific support, such as the adoption of scorecards to assess the recyclability of paper-based products.
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11.07.2012
Twin Rivers Paper Company, a leader in lightweight specialty packaging, label and publishing papers, answers the market need for more environmentally-responsible packaging by expanding its Acadia® Natural portfolio to include basis weight offerings as low as 18 lb and up to 50 lb. Acadia® Natural, a fully recyclable and compostable packaging paper, is made from unbleached pulp and offers an environmentally-friendly alternative for packaging applications such as bread bags, carry-out bags, fast-food sandwich wraps, french fry bags and basket liners.
“The demand for sustainable packaging is growing and Twin Rivers is well-positioned to meet this demand with both our portfolio and our ability to codevelop products tailored to the unique needs of the packaging market. By broadening our product offering we are able to support lightweight initiatives as well as serve a broader set of end-use applications,” says Dave Deger, Director of Business Development and Marketing.
Acadia® Natural is an ideal solution for food service, retail-food applications and Quick Serve Restaurants (QSR). It offers excellent runnability, printability, sustainability and FDA-compliance, while available in both a standard and an oil and grease-resistant (OGR) option up to kit 7.
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11.07.2012
Time Warner Inc. today reported financial results for its third quarter ended September 30, 2012.
In the third quarter of 2012, Revenues decreased 3% to $6.8 billion as growth at the Networks segment was more than offset by declines at the Film and TV Entertainment and Publishing segments. Adjusted Operating Income declined 1% to $1.6 billion in the quarter as growth at the Networks and Publishing segments was more than offset by a decline at the Film and TV Entertainment segment. Operating Income also fell 1% to $1.6 billion. Adjusted Operating Income and Operating Income margins were both 23% in the third quarter of 2012, unchanged from the prior year quarter.
In the third quarter, the Company posted Adjusted Diluted Net Income per Common Share (“Adjusted EPS”) of $0.86 versus $0.79 for the year-ago quarter. Diluted Income per Common Share was $0.86 for the three months ended September 30, 2012 compared to $0.78 in the prior year quarter.
For the first nine months of 2012, Cash Provided by Operations from Continuing Operations reached $2.3 billion, and Free Cash Flow totaled $2.0 billion. As of September 30, 2012, Net Debt was $16.7 billion, up from $16.0 billion at the end of 2011, due to share repurchases and dividends, partially offset by the generation of Free Cash Flow.
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11.07.2012
Highlights:
- Strong EBITDA outcome of €280 million in the third quarter
- Industry-leading EBITDA margins reflecting SKG’s continued focus on innovative packaging, cost and operating efficiency
- Two successful bond offerings totalling €690 million resulting in reduced debt servicing costs,improved debt maturity profile and further diversification of funding sources
- Acquisition of Orange County Container Group for US$340 million at 5.1x 2012 EBITDA post synergies
- Expect year-end EBITDA in line with 2011
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11.07.2012
News Corporation today reported total revenue for the three months ending September 30, 2012 of $8.14 billion, a $177 million, or 2%, increase over the $7.96 billion of revenue reported in the prior year quarter. The revenue increase was led by 16% growth at the Company’s Cable Network Programming segment, which was partially offset by declines at the Company’s Direct Broadcast Satellite Television and Publishing segments.
The Company reported first quarter total segment operating income(1) of $1.38 billion compared to $1.39 billion reported a year ago. The results reflect operating income improvements at the Company’s Cable Network Programing, Television and Filmed Entertainment segments, led by a $178 million, or 23%, increase at the Cable Network Programming segment. These improvements were more than offset by decreases at the Direct Broadcast Satellite Television, Publishing and Other segments. The first quarter results included a $67 million charge related to the costs of the ongoing investigations initiated upon the closure of The News of the World as compared to $17 million in the corresponding period of the prior year. This year’s first quarter results also included $5 million of costs related to the proposed separation of the Company’s entertainment and publishing businesses. Excluding these charges from both years, respectively, first quarter adjusted total segment operating income of $1.45 billion increased $48 million, or 3%, from $1.40 billion in the first quarter of the prior year.
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11.07.2012
Oil traded near the highest level in two weeks in New York, paring an earlier decline, after U.S. voters returned Barack Obama as president of the world’s biggest crude-consuming nation.
Futures were little changed after dropping as much as 1 percent. Oil rallied with gold while the dollar fell after television network projections showed Obama winning re-election and Republican challenger Mitt Romney conceded defeat. Investors speculated the victory increases the chance the U.S. will continue monetary stimulus that tends to weaken the currency and boost dollar-denominated commodities.
“The idea in the market that Obama is more in favor of further monetary intervention than Romney helped lift gold and oil and weaken the U.S. dollar in response to his election,” said Jeremy Friesen, a commodity strategist at Societe Generale SA in Hong Kong.
West Texas Intermediate crude for December delivery was at $88.72 a barrel in electronic trading on the New York Mercantile Exchange, up 1 cent, at 3:42 p.m. Singapore time.
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11.07.2012
Arctic Paper S.A. has announced a public offer to acquire all shares in Rottneros AB, a non-integrated and customized supplier of high quality paper pulp listed on NASDAQ OMX Stockholm. Rottneros’ Board of Directors has unanimously recommended the offer.
The combined group will be a leading European producer of bulky book paper, high-quality graphic fine paper and pulp for paper producers. In addition, it will remain a significant supplier of market pulp. The combined group will have a good balance between pulp production and consumption in the fine paper mills and thus be less volatile than the two companies as stand-alone entities. It will have four fine paper mills and two pulp mills.
Arctic Paper does not anticipate any material effects of the implementation of the offer for Rottneros’ business or employees, including employment conditions and employment levels at locations where Rottneros currently conducts business.
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11.07.2012
Ahlstrom, a high performance materials company, today celebrates the inauguration of its new production facility in Longkou, Shandong Province, in eastern China. The plant is a joint venture together with Longkou Yulong Paper Co. Ltd, and it produces medical papers used for sterilization wraps and masking tape base papers for the building industry in the Asian market.
"This joint venture in Longkou supports Ahlstrom's growth strategy and strengthens our presence in Asia. Crepe paper used in the medical and building industries in Asia provides us interesting opportunities for growth in the area," says Jan Lång, Ahlstrom's President & CEO.
The new plant in China is the outcome of a EUR 21.9 million investment, of which EUR 13.1 million contributed by Ahlstrom, and employs approximately 140 people. Located in the Zhu You Guan Industrial Park in Longkou, the plant is conveniently positioned near a large commercial port with excellent connects to China and Asia by road and sea, ensuring easy logistics for both incoming raw materials and shipment of products. The investment was initially announced on October 28, 2010.
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11.07.2012
Neenah Paper, Inc. today reported earnings from continuing operations of $0.55 per diluted common share in the third quarter of 2012 compared with earnings of $0.42 per share in the third quarter of 2011. After excluding costs of $0.01 per share ($0.3 million pre-tax) to integrate purchased fine paper brands, adjusted earnings in the third quarter of 2012 were $0.56 per share.
“Our teams continue to execute well, with both business segments delivering double-digit earnings growth and improved efficiencies. With working capital improving as expected, we generated record cash flow that was used to further reduce debt”
Net sales of $206.3 million in the third quarter of 2012 rose 18 percent compared to $174.9 million in the third quarter of 2011, while consolidated operating income increased 30 percent, growing to $16.3 million in the current quarter from $12.5 million in the third quarter of 2011. Results include the acquisition of selected fine paper brands from Wausau Paper Corporation in January 2012.
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11.07.2012
September 2012 US commercial printing shipments were $6.97 billion, down -$232 million, or -3.2% versus September 2011. On an inflation-adjusted basis, shipments were down -$375mil, or -5.1%.
For the first nine months of 2012, shipments were down -$1.3 billion on a current dollar basis (-2.1%, and -4.2% an inflation adjusted basis).
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11.07.2012
The Discover U.S. Spending Monitor increased 6.8 points from September to October, the largest one-month increase in the history of the Monitor. The Monitor is a 5-year-old daily poll tracking economic confidence and spending intentions of nearly 8,200 consumers throughout the month. October’s 98.1 rating is an all-time high for the Monitor.
The percent of consumers rating the U.S. economy as good or excellent increased to 18 percent in October, up 5 percentage points from September 2012 and 11 percentage points from October 2011. In advance of the last presidential election in October 2008, only 8 percent of consumers rated the U.S. economy as good or excellent.
While 51 percent of consumers viewed the economy as poor in October, this was a 5-point decrease from September 2012 and an 18-point decrease from October 2011.
From September 2012 to October 2012, male and female respondents who rated the economy as good or excellent increased by 7 points to 20 percent and 4 points to 16 percent, respectively.
Respondents expecting the economy to improve increased 5 points from the prior month and 21 points from October 2011 to a Monitor-high 35 percent.
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11.07.2012
Macy’s, Inc. today reported strong third quarter earnings that underscore the company’s continued progress in implementing key business strategies to drive growth. Earnings were 36 cents per diluted share for the third quarter of 2012, ended Oct. 27, 2012. This compares with earnings of 32 cents per diluted share in last year’s third quarter.
Sales in the third quarter totaled $6.075 billion, up 3.8 percent from total sales of $5.853 billion in the third quarter of 2011. On a same-store basis, Macy’s, Inc.’s third quarter sales were up 3.7 percent.
For the year to date, Macy’s, Inc. sales totaled $18.336 billion, up 3.7 percent from total sales of $17.681 billion in the first 39 weeks of 2011. On a same-store basis, Macy’s, Inc.’s year-to-date sales were up 3.7 percent.
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11.07.2012
MWV Specialty Chemicals, a division of MeadWestvaco Corporation, announced a definitive agreement to purchase the remaining outstanding ownership stake of Resitec Industria Quimica, Ltda., a Brazilian company that serves the Latin American Pine Chemicals industry. MWV and South Africa-based AECI Limited (JSE: AFE) have held a 50-50 joint venture partnership interest in Resitec for the past four years. The decision to move Resitec to one owner was made jointly. The agreement is contingent on final government approvals. Terms of the agreement were not disclosed.
“We’ve had a successful four-year joint venture partnership interest in Resitec, and we are pleased to have them join MWV as we continue to accelerate our growth in emerging markets,” said Ed Rose, president, MWV Specialty Chemicals. “The Resitec employees have built a strong business, and we look forward to their continued support in serving our customers. This transaction represents MWV’s commitment to pine chemicals, which is core to our business in Brazil and in Latin America. We will leverage our innovative products and strong technical expertise with current customers, and in expanded markets, including oilfield, adhesives and paving solutions to profitably grow in this important region,” he added.
“Growth in Brazil remains an important component of AECI’s strategy,” said Dr. Graham Edwards, CEO of AECI. “The company has reviewed and refined the details of this strategy in terms of its preferred target markets and business model. Whilst involvement in Resitec has been invaluable for acquiring local knowledge and experience as a platform for future expansion, AECI concluded that Resitec is not ideally aligned with its core strategy.”
With approximately 115 employees, Resitec’s operations include a manufacturing facility located in the city of Duque de Caxias, Rio de Janeiro, an administrative office located in Barra da Tijuca, Rio de Janeiro and a tall oil refinery in the city of Palmeira, Santa Catarina, Brazil. Resitec currently provides chemical products for the rubber, lubricants, food and adhesives markets, and will expand its offerings to include asphalt and oilfield markets following the acquisition.
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11.06.2012
John Wiley & Sons, Inc., a global provider of knowledge and knowledge-based services in areas of scientific, technical, medical, and scholarly research; professional practice; and global education, today announced a partnership with The Sheridan Press, print and publication services provider to the STM and scholarly journal community. Through this partnership Wiley’s online only journal titles will be available as Print on Demand (POD) copies, delivered through Sheridan’s sophisticated production system. Starting in January 2013, a total of 145 online only titles will now be available in print via this solution.
Over the past several years, The Sheridan Press has built state-of-the-art digital capabilities that include a proprietary interactive customer portal that generates orders for high quality digital POD journals for a growing number of STM publishers.
The partnership provides Wiley customers with full order processing capability for print copies of journals. This new service reflects Wiley’s commitment to honor customer content delivery choices while providing a greater focus on digital publishing.
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11.06.2012
Some 85 percent of companies have more complex supply chains as a result of globalization, and adjusted climate forecasts mean businesses should expect climate change to have an even more destructive effect than previously assumed on supply chains, assets and infrastructure, according to two reports from PricewaterhouseCoopers.
The first PwC report, 10 Minutes – Risk ready: New approaches to environmental and social change, says many companies now view preparation for climate change as not only an indicator of resilience, but also as a competitive advantage.
The report, published as the northeast begins recovering from Hurricane Sandy, says the ability to anticipate — and plan for — potential weather disasters is vital. Companies should embed sustainability practices into their business models to mitigate the risks associated with these major weather events.
One way to build resilience is to increase buffers — the margins that provide short-term space needed to absorb shock after a disaster. PwC uses PG&E as an example of how to put these buffers in place.
Because California’s temperatures rise between May and October, which means higher electricity demand, the utility implemented a voluntary program for small commercial and residential customers who agree to shift their power use in exchange for discounts. PwC reports there are 25,000 PG&E customers participating, resulting in a 16 percent reduction on high-load days.
Natural disasters are costly, PwC says, and only 33 percent of $380 billion lost in 2011 to natural disasters was covered by insurance. Natural resources like water and energy continue to be strained, and working closely with suppliers can help pinpoint issues.
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11.06.2012
HarperCollins and R.R. Donnelley have signed a new agreement that will create one centralized warehouse that will serve as the distribution site for all HC U.S. titles, including those published by its Christian publishing division that houses Zondervan and Thomas Nelson. Harper said it expects the new facility to be opened next summer and that it will close its two warehouses in Scranton, Penn. and Nashville.
“We have taken a long-term, global view of our print distribution and are committed to offering the broadest possible reach for our
authors," said HC CEO Brian Murray."We are retooling the traditional distribution model to ensure we can competitively offer the entire HarperCollins catalog to customers regardless of location.”
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11.06.2012
National Geographic magazine has launched an iPhone edition with its November 2012 issue, providing daily updates and rich content, including stunning video of penguins leaping out of icy waters by BBC Wildlife Photographer of the Year Paul Nicklen as well as never-before-seen, high-definition, slow-motion footage of cheetahs.
The iPhone edition has daily feeds of news, Instagram photographs from magazine photographers on assignment and photos from the magazine’s online community of fan photographers, offering unique, fresh content each time a user opens the app. Additionally, users will get new, photo-based jigsaw puzzles daily, based on the popular puzzle page of the magazine’s website. Three of the feature articles in the app will be available as audio recordings.
“Designing the magazine for the iPhone required rethinking the entire user experience,” said Bill Marr, National Geographic’s creative director. “We’ve organized the content so that it is easy to navigate on the phone, with text, photos and video arranged in a way that allows users to quickly find what they want. We’ve also simplified our interactive graphics for the iPhone screen and added audio recordings, so users can listen on the go. Most of all, we’ve tried to make the app fun — with daily puzzles and photo feeds that people can enjoy any time they open it.”
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11.06.2012
Hearst Corporation today signed an agreement with Milliman, Inc., pursuant to which Hearst will acquire Milliman Care Guidelines LLC, a leading provider of evidence-based clinical healthcare databases. The announcement was made by Frank A. Bennack, Jr., CEO of Hearst Corporation, and Richard P. Malloch, president of Hearst Business Media.
Upon completion of the deal, Milliman Care Guidelines will be managed as part of Hearst’s healthcare group, which includes Zynx Health and First Databank. The healthcare group, along with information businesses serving the automotive and electronics industries and Hearst’s ownership in Fitch Ratings comprise Hearst Business Media. Terms of the acquisition were not disclosed. The transaction is expected to close in Q4 following receipt of necessary government approvals.
“The healthcare landscape is changing rapidly and Milliman Care Guidelines is positioned to benefit greatly from a shift to accountable care organizations and continued reliance on clinical decision support,” Bennack said. “Given all the factors, this is an area that we think is not only a good business for Hearst but one that will also significantly benefit the public as healthcare changes and advances are made.”
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11.06.2012
CROWN Beverage Packaging North America, a business unit of Crown Holdings, Inc., is debuting a new 10oz beverage can that offers specialty beverage brands a stylish alternative to traditional drink packaging. The sleek new can is the perfect choice for brands that are seeking to hit a different retail price point in certain markets as well as differentiate wellness and portion-controlled drinks such as low-calorie sodas by choosing a slimmer, eye-catching format.
The new can has been developed in part to meet the growing popularity among consumers for specialty beverages that are not typically packaged in traditional 12oz cans. The new addition marks the first time that a 10oz beverage can has been produced in the sleeker 58mm diameter line, providing increased flexibility for brands.
“While beers and carbonated soft drinks are typically packaged in 12oz cans, certain markets and consumers tend to enjoy their favorite brands and/or specialty beverages such as health drinks and iced coffee in smaller volumes. The new can meets that need while also enabling brands to stand out on store shelves with a fresh, original look,” said Neill Mitchell, Vice President Marketing and Strategic Development, CROWN Beverage Packaging North America. “Crown’s expansion of its product line reflects our commitment to help our customers respond to consumer demands.”
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11.06.2012
Oil rose for a second day in New York as equities advanced before presidential elections in the U.S., the world’s largest consumer of crude.
West Texas Intermediate crude advanced as much as 0.7 percent after trading 0.3 percent lower. The euro erased losses against the dollar, making dollar-denominated assets such as commodities more attractive to investors. Brent may gain in the next three months as stimulus measures by governments in the U.S., Europe and China boost global demand, Bank of America Corp. said yesterday.
“Movements in the dollar typically support crude,” said Andrey Kryuchenkov, a London-based analyst at VTB Capital who correctly predicted last month that Brent would slide. “Traders are obviously eyeing the presidential elections, and demand concerns are going to haunt crude prices for the time being.”
WTI for December delivery climbed as much as 62 cents to $86.27 a barrel in electronic trading on the New York Mercantile Exchange, and traded at $86.06 at 10:41 a.m. London time.
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11.06.2012
Bertelsmann’s leading trade book publishing group Random House will now own 100 percent of the shares in Random House Mondadori, its trade book publisher in Spain and Latin America. Random House Mondadori was formed as a 50/50 joint venture in 2001 by Random House and Mondadori. In a transaction signed today, Bertelsmann has agreed to purchase Mondadori’s equity stake in the Barcelona-based publisher on behalf of Random House. The agreement, which is subject to approval by Spanish Anti-Trust authorities, is expected to close before year-end. The corporate name of Random House Mondadori will be retained for the present, and will be changed in the near future to reflect its new ownership structure.
Thomas Rabe, Chairman and Chief Executive Officer of Bertelsmann, said, “Bertelsmann believes in the creative and commercial potential of the book business and, by maximizing its holding in Random House Mondadori, is embracing an opportunity to significantly improve both its position in the Spanish book market and its access to the growing Spanish-language markets of Latin America. We are very grateful to Mondadori for our longstanding and very successful partnership.”
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11.06.2012
Appleton’s third quarter 2012 net sales of $210.7 million decreased 2.9% compared to third quarter 2011. Adjusting for the Company’s decision to discontinue the sale of carbonless papers into certain non-strategic international markets, third quarter 2012 net sales were up 1.8%. The Company’s strong revenue growth from thermal papers of 9.3% helped to partially offset the sales decreases in carbonless papers and Encapsys.
Appleton reported a third quarter 2012 operating income of $11.9 million compared to operating income of $11.2 million during third quarter 2011. Excluding certain items, third quarter 2012 adjusted operating income was $22.1 million, $10.9 million higher than adjusted operating income reported for third quarter 2011.Operating income for third quarter 2012 was reduced by a $7.0 million settlement charge relating to the withdrawal from the multi-employer pension plan as negotiated by Appleton participants during recently-concluded labor contract negotiations. The Company also recorded $5.1 million of costs related to ceasing papermaking operations at the West Carrollton, Ohio mill and transitioning to base paper produced by Domtar. Also during the quarter, a $2.2 million environmental expense insurance recovery was recorded.
Appleton’s net sales for the first nine months of 2012 were $644.3 million, 1.1% lower than the first nine months 2011. Adjusting for the Company’s decision to discontinue the sale of carbonless papers into certain non-strategic international markets, sales for this period were up 1.6%. Appleton reported an operating loss of $70.3 million for the first nine months of 2012 compared to operating income of $32.2 million for the same period last year. Excluding certain items, current year adjusted operating income was $51.9 million, $16.6 million higher than adjusted operating income reported for the same period 2011. On a year-to-date basis, costs related to ceasing papermaking operations at West Carrollton and transitioning to Domtar base paper were $110.2 million. Current year results also included $7.2 million of business combination transaction costs, the $7.0 million multi-employer pension plan settlement charge and the $2.2 million environmental expense insurance recovery. First nine months 2011 operating income included a $3.1 million charge for a litigation settlement.
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11.06.2012
According to ABM’s BIN Report, total b-to-b print advertising for July 2012 fell 4.5 percent compared with advertising for July 2011. For the month, 11 of the 22 categories tracked, representing $320 million in revenue, saw revenues decline. The remaining 11 categories, representing $238 million in ad revenue, saw ad sales rise.
The biggest gainers were aviation, aerospace and military, up 103 percent; travel, business conventions and meetings, up 39 percent; and agriculture, up 19 percent. The categories that saw the steepest monthly declines were healthcare, down 24 percent; government, down 23 percent; and pharmaceuticals, down 22 percent.
For the first seven months of 2012, total b-to-b print ad spending has declined 4.1 percent year-over-year compared with the revised January-July period for 2011.
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11.06.2012
OfficeMax® Incorporated, a leader in office and facility supplies, technology and services, today announced the results for its fiscal third quarter ended September 29, 2012.
Total sales were $1,744.6 million in the third quarter of 2012, a decrease of 1.7% from the third quarter of 2011. For the third quarter of 2012, OfficeMax reported operating income of $33.5 million, compared to $41.3 million in the third quarter of 2011, and net income available to OfficeMax common shareholders of $433.0 million, or $4.92 per diluted share, compared to $21.5 million, or $0.25 per diluted share, in the third quarter of 2011.
Excluding the impact of changes in foreign exchange rates, the impact of stores closed and opened, and the shift in weeks resulting from our fiscal calendar, adjusted total sales in the third quarter of 2012 decreased 1.2% from the third quarter of 2011. A reconciliation to the company's GAAP sales results is included in this press release.
Results for the third quarter of 2012 included a non-cash gain of $670.8 million related to the extinguishment of non-recourse debt guaranteed by Lehman Brothers Holdings, Inc. which increased net income by $416.4 million, or $4.73 per diluted share. The third quarter of 2012 also included $11.4 million of expenses to impair fixed assets associated with certain stores and to record a change in the estimated lease obligation of a previously closed store in the U.S. which reduced net income by $7.0 million or $0.08 per diluted share. Excluding these items, adjusted operating income in the third quarter of 2012 was $44.9 million, or 2.6% of sales, an increase from $41.3 million, or 2.3% of sales, in the third quarter of 2011; and adjusted net income available to OfficeMax common shareholders was $23.6 million, or $0.27 per diluted share, an increase from $21.5 million, or $0.25 per diluted share, in the third quarter of 2011.
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11.06.2012
Office Depot, Inc., a leading global provider of office supplies and services, today announced results for the fiscal quarter ended September 29, 2012.
Total Company sales for the third quarter of 2012 were approximately $2.7 billion, down 5% compared to the third quarter of 2011. On a constant currency basis, third quarter 2012 sales were down approximately 3% versus prior year.
The Company reported a net loss, after preferred stock dividends, of $70 million or $0.25 per diluted share in the third quarter of 2012, compared to net earnings, after preferred stock dividends, of $92 million or $0.28 per share in the third quarter of 2011.
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11.06.2012
CVS Caremark Corporation today announced operating results for the three months ended September 30, 2012.
Net revenues for the three months ended September 30, 2012 increased 13.3%, or $3.6 billion, to $30.2 billion, up from $26.7 billion in the three months ended September 30, 2011.
Revenues in the Pharmacy Services Segment increased 22.2% to $18.1 billion in the three months ended September 30, 2012. This increase was primarily driven by new client starts associated with our highly successful 2012 selling season, drug cost inflation, and the growth of our Medicare Part D program. Pharmacy network claims processed during the three months ended September 30, 2012 increased 10.0%, to 197.0 million, compared to 179.2 million in the prior year period. The increase in pharmacy network claims was primarily due to new client starts, as well as higher claims activity associated with our Medicare Part D program. Mail choice claims processed during the three months ended September 30, 2012 increased approximately 16.3% to 20.4 million compared to 17.5 million in the prior year period. The increase in the mail choice claim volume was primarily driven by new client starts and the continued adoption of our unique Maintenance Choice® program.
Income from continuing operations attributable to CVS Caremark for the three months ended September 30, 2012 increased $143 million, to approximately $1.0 billion, compared with $868 million during the three months ended September 30, 2011 attributable to both our Retail Pharmacy and Pharmacy Services segments. Both segments benefited from the impact of increased generic drugs dispensed and the continued growth of our Maintenance Choice program. Our retail business benefited significantly from the contractual impasse between Walgreens and Express Scripts which ended effective September 15, 2012. Our pharmacy benefit management business benefited from the growth of our Medicare Part D business as well as 2012 new client starts. Adjusted earnings per share from continuing operations attributable to CVS Caremark ("Adjusted EPS") for the three months ended September 30, 2012 and 2011 were $0.85 and $0.70, respectively. Adjusted EPS excludes $121 million and $118 million of intangible asset amortization related to acquisition activity in the three months ended September 30, 2012 and 2011, respectively. GAAP earnings per diluted share from continuing operations attributable to CVS Caremark for the three months ended September 30, 2012 and 2011 were $0.79 and $0.65, respectively.
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11.05.2012
The Washington Post Company today reported net income attributable to common shares of $93.8 million ($12.64 per share) for the third quarter ended September 30, 2012, compared to a net loss attributable to common shares of $6.2 million ($0.82 loss per share) for the third quarter of last year. However, net income includes $49.1 million ($6.61 per share) in income from discontinued operations and $18.8 million ($2.41 per share) in losses from discontinued operations for the third quarter of 2012 and 2011, respectively (refer to “Discontinued Operations” discussion below). Income from continuing operations attributable to common shares was $44.7 million ($6.03 per share) for the third quarter of 2012, compared to $12.6 million ($1.59 per share) for the third quarter of 2011.
Revenue for the third quarter of 2012 was $1,011.3 million, flat compared to $1,012.5 million in the third quarter of 2011. The Company reported operating income of $75.9 million in the third quarter of 2012, compared to operating income of $70.2 million in the third quarter of 2011. Revenues and operating income increased at the television broadcasting and cable television divisions, offset by declines at the education and newspaper publishing divisions.
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11.05.2012
Fortress Paper Ltd. reported 2012 third quarter EBITDA loss of $6.4 million. For the second quarter of 2012, EBITDA was $2.3 million and for the third quarter of 2011, EBITDA loss was $0.8 million.
Excluding corporate costs, the three business segments’ combined EBITDA loss was $5.3 million in the three months ended September 30, 2012. The Specialty Papers Segment contributed $8.3 million EBITDA, while the Dissolving Pulp Segment and the Security Paper Products Segment generated EBITDA losses of $5.6 million and $8.0 million, respectively. Corporate costs contributed to EBITDA loss in the amount of $1.1 million.
Net loss for the third quarter of 2012 was $18.9 million or basic and diluted net loss of $1.31 per share. In the prior quarter, net income was $12.5 million or diluted net income per share of $0.83. In the prior year comparative period, net loss was $7.2 million or basic and diluted net loss per share of $0.51. The current period result was significantly lower compared to the previous quarter due in part to the gain realized in the prior quarter on the sale of certain noncore assets in the Security Paper Products Segment and the scheduled annual extended shutdown for maintenance as well as an unplanned shutdown due to a recovery boiler issue in the Dissolving Pulp Segment in the third quarter of 2012.
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11.05.2012
Oil traded near the lowest level in almost four months in New York amid concern that Greece will struggle to secure another bailout and uncertainty over who will win tomorrow’s U.S. presidential elections.
West Texas Intermediate futures were little changed after falling 2.6 percent on Nov. 2 to cap a third weekly decline. Brent crude fell below $105 a barrel in London for the first time since Aug. 2. Voters decide tomorrow between giving President Barack Obama another four years in office or changing course with Republican challenger Mitt Romney.
“Some clarity for the medium-term would be good for the markets,” said Eugen Weinberg, head of commodities research at Commerzbank AG in Frankfurt, who predicts Brent crude will rebound toward $110 a barrel this month. “Obama is considered by the oil markets as being more favourable.”
Crude for December delivery was at $85.02 a barrel, up 16 cents, in electronic trading on the New York Mercantile Exchange at 10:59 a.m. London time.
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11.05.2012
Arctic Paper S.A., one of the leading producers of bulky-book paper and high-quality graphic paper in Europe, generated sales revenue through the first 3 quarters of 2012 of PLN 1,986 m (7.1% higher than during the same period of the previous year), with EBITDA of more than PLN 133.6m (48.4% growth) and an operating profit of over PLN 41.5m (as against a loss the year before). The net profit of Arctic Paper during this period was almost PLN 16.2m, compared to a loss during the same period a year ago.
In 3Q 2012 demand for high-quality paper in Europe was 5.6% lower than in 2Q 2012 and 3.8% lower than in 3Q 2011. Despite this, the company recorded the largest sales volume in its history during the period, up 6.5% from 3Q 2011. Sales volume was 7.8% higher than in 2Q 2012. The level of orders in the 3rd quarter remained stable.
Utilisation of the company’s production capacity in 3Q 2012 was high, at 97%, up 1.9 pp from 3Q 2011. The average utilization of production capacity over the past 12 months was about 95%.
In the 3rd quarter the group continued projects begun in prior periods. The company conducted optimization of its product line, which will have a positive impact on the results achieved by the plants in Kostrzyn and Mochenwangen in upcoming quarters.
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11.05.2012
R. R. Donnelley & Sons Company today announced that it has been awarded a multi-year agreement that renews and expands its relationship with AARP, the leading nonprofit, nonpartisan organization, with a membership of more than 37 million, that helps people 50+ have independence, choice and control in ways that are beneficial to them and society as a whole.
Under the terms of the agreement RR Donnelley will provide a comprehensive range of magazine and direct response printing, premedia and logistics services. RR Donnelley will produce 100% of AARP's periodicals, including AARP The Magazine and AARP Bulletin, the two largest circulation print publications in the world.
"Sustained relationships with valued customers such as AARP are perhaps the best demonstration of our ability to provide enduring value to customers, even as the technological environment changes," said John Paloian, RR Donnelley's Chief Operating Officer. "All of us at RR Donnelley are proud and grateful for the continuing opportunity to serve AARP. We will continue to be the source for innovative solutions that they and other customers need in order to help their content connect with their audiences."
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11.05.2012
Walgreen Co. is getting into the magazine business with a healthy living guide available Nov. 4.
The Deerfield-based drugstore chain's Happy And Healthy, Your Guide To Living Well With Walgreens will be a glossy, bi-annual magazine in English and Spanish. There will also be a similar version for Duane Reade customers.
Walgreens expects circulation to be about 65 million. The magazine will be online at walgreens.com, in stores as well as inserted in Sunday newspapers across the country.
The magazine will feature health and wellness; food and beverage; and beauty tips and offers for Balance Reward loyalty card members.
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11.02.2012
Kohl’s Corporation reported today that for the four-week month ended October 27, 2012 total sales increased 4.6 percent and comparable store sales increased 3.3 percent over the four-week month ended October 29, 2011. For the third quarter, total sales increased 2.6 percent and comparable store sales increased 1.1 percent. Year to date, total sales increased 1.2 percent and comparable store sales decreased 0.5 percent.
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11.02.2012
Nordstrom, Inc. today reported a 9.8 percent increase in same-store sales for the four-week period ended October 27, 2012 compared with the four-week period ended October 29, 2011. Preliminary total retail sales of $835 million for October 2012 increased 11.5 percent compared with total retail sales of $749 million for the same period in fiscal 2011.
Third quarter same-store sales, which reflected a shift in the timing of the Anniversary Sale event, increased 10.7 percent compared with the same period in fiscal 2011. Preliminary third quarter total retail sales of $2.71 billion increased 13.8 percent compared with total retail sales of $2.38 billion for the same period in fiscal 2011.
Year-to-date same-store sales increased 7.7 percent compared with the same period in fiscal 2011. Preliminary year-to-date total retail sales of $8.17 billion increased 11.4 percent compared with total retail sales of $7.33 billion for the same period in fiscal 2011.
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11.02.2012
Gap Inc. today reported that net sales for the third quarter of fiscal year 2012 increased 8 percent compared with last year, and October 2012 net sales increased 6 percent compared with last year.
Net sales for the third quarter, which ended October 27, 2012, increased 8 percent to $3.86 billion compared with $3.59 billion for the third quarter last year. The company’s third quarter comparable sales were up 6 percent compared with a 5 percent decrease in the third quarter last year.
In addition, net sales for the four-week period ended October 27, 2012 were $1.22 billion compared with net sales of $1.14 billion for the four-week period ended October 29, 2011. The company’s comparable sales for October 2012 were up 4 percent compared with a 6 percent decrease in October 2011.
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11.02.2012
Rite Aid Corporation today announced sales results for October.
For the four weeks ended Oct. 27, 2012, same store sales decreased 1.1 percent over the prior-year period. October front-end same store sales increased 1.5 percent. Pharmacy same store sales, which included an approximate 971 basis points negative impact from new generic introductions, decreased 2.3 percent. Prescription count at comparable stores increased 4.7 percent over the prior-year period.
Total drugstore sales for the four-week period decreased 1.8 percent to $1.918 billion compared to $1.954 billion for the same period last year. Prescription sales accounted for 68.2 percent of drugstore sales, and third party prescription sales represented 96.5 percent of pharmacy sales.
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11.02.2012
Stein Mart, Inc. today reported comparable store sales increased 1.7 percent for the four-week period ended October 27, 2012. Total sales for the period were $87.2 million, an increase of 1.7 percent from the same period in 2011. For the third quarter, comparable store sales increased 3.1 percent and total sales increased 4.0 percent to $268.9 million. For the year to date, comparable store sales increased 1.3 percent and total sales increased 2.0 percent to $848.7 million.
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11.02.2012
The McGraw-Hill Companies today reported third quarter revenue of $1,953 million, an increase of 2% compared to the same period last year. McGraw-Hill Financial reported a 15% increase and McGraw-Hill Education reported an 11% decline. Net income from continuing operations decreased 14% to $314 million and diluted earnings per share decreased 9% to $1.10.
Excluding the impact of one-time costs related to the Growth and Value Plan and associated restructuring, which totaled $99 million, adjusted net income from continuing operations increased 3% to $379 million and adjusted diluted earnings per share increased 10% to $1.33. This increase was primarily the result of strong growth at McGraw-Hill Financial.
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