Paperclips Blog | AbitibiBowater Results

  • 08.09.2012

    Cenveo Announces Second Quarter 2012 Results

    Cenveo, Inc. today announced results for the three and six months ended June 30, 2012.

    The Company generated net sales of $438.9 million for the second quarter of 2012, compared to $469.9 million for the second 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 and our decision to exit certain low margin businesses. The Company generated net sales of $894.5 million for the first six months of 2012, compared to $946.9 million for the first six 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 six months of 2011 that did not repeat in the first six months of 2012, the closure and consolidation of a print plant and our decision to exit certain low margin businesses. The Company expects the di rect mail market to strengthen in the second half of 2012. Net sales from our label and packaging business lines remained relatively flat for the second quarter of 2012 and for the six months of 2012 despite our decision to exit low margin businesses within those platforms, which has been offset in part by our e-commerce initiatives and new account wins in our packaging business.

    Operating income was $29.0 million for the second quarter of 2012, compared to $26.3 million for the second 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 increased pension expense and lower byproduct recoveries. Non-GAAP operating income was $36.3 million for the second quarter of 2012, compared to $37.3 million for the second quarter of 2011. Operating income was $43.2 million for the first six months of 2012, compared to $45.5 million for the first six 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 and other cost savings actions executed in the first quarter of 2012, increased pension expense and lower recoveries, 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 $67.9 million for the first six months of 2012, compared to $68.8 million for the first six 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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  • 08.09.2012

    Consolidated Graphics Reports Financial Results For The Quarter Ended June 2012

    Consolidated Graphics, Inc. today announced financial results for its first quarter ended June 30, 2012.
     
    Revenue for the June quarter was $238.3 million, a $5.0 million or 2.1% decline compared to the prior year quarter.  The decline in revenue compared to the prior year quarter was due to a 2.5% decline in same-store sales, partially offset by sales growth related to an acquisition. The same- store sales change includes the benefit of election-related revenue growth, compared to the prior year.  Adjusted Operating Income for the June 2012 quarter was $2.8 million or 1.2% of revenue, compared to $8.9 million or 3.7% of revenue last year.  Adjusted Net Income was $1.0 million or $.09 per diluted share for the quarter, compared to Adjusted Net Income of $4.9 million or $.43 per diluted share for the prior year quarter. Adjusted EBITDA was $21.4 million for the June 2012 quarter.
     
    Operating income during the June 2012 quarter was $.5 million and included other charges of $1.7 million primarily related to relocating certain production facilities. Operating income for the prior year quarter was $3.6 million and included $4.6 million in other charges due to withdrawing from certain multi-employer pension plans. Net loss for the June 2012 quarter was $.4 million or $.04 diluted loss per share, compared to net income of $1.6 million or $.14 diluted earnings per share last year.
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  • 08.09.2012

    Shuttered WA paper mill sold, will reopen

    A Hoquiam, Wash., paper mill that shut down about a year ago has been sold and its new owners plan to begin producing paper within 45 days.

    Harbor Paper officially took over the shuttered Grays Harbor Paper mill this week.

    The Daily World of Aberdeen reports ( http://is.gd/0zmhDK) that the mill sold for about $3.7 million. In a separate sale, the Grays Harbor Public Utility District sold its interest in three biomass turbines at the mill for $540,000.

    New Harbor Paper CEO John Begley says he wants to hire about 175 employees over the next two to three months.

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  • 08.09.2012

    The Yankee Candle Company, Inc. Reports Fiscal 2012 Second Quarter Results

    Yankee Holding Corp. and The Yankee Candle Company, Inc. today announced financial results for the second quarter ended June 30, 2012.  Yankee Holding Corp., a direct subsidiary of YCC Holdings LLC, is a holding company formed in connection with the Company's Merger with an affiliate of Madison Dearborn Partners, LLC on February 6, 2007 (the "Merger"), and is the parent company of The Yankee Candle Company, Inc.

    Sales for the second quarter of 2012 were $145.3 million, an increase of $15.4 million or 11.9% from the prior year second quarter.  Retail sales were $81.8 million, an increase of $8.7 million or 11.9% from the prior year second quarter. Sales in the Company's Wholesale segment were $40.5 million, an increase of $2.4 million or 6.3% versus the prior year second quarter.  Sales in the Company's International segment were $23.0 million, an increase of $4.3 million or 22.8% from the prior year second quarter. 

    The Company recorded a net loss of $13.5 million for the second quarter of 2012 compared to a net loss of $7.4 million for the second quarter of 2011.  The net loss for the second quarter of 2012 includes a loss of $13.4 million recorded in connection with the Company's April 2012 new term loan financing, which consisted of the write-off of unamortized deferred financing fees of $6.7 million associated with the Company's prior credit facility and call premiums of $6.7 million associated with the redemption of certain of the Company's senior notes.

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  • 08.09.2012

    Quad/Graphics’ Actable Interactive Print Solution Powers New Motion App for Maxim Magazine

    Quad/Graphics, Inc., announced today that its Actable™ interactive print solution is the enabling technology behind Maxim magazine’s new MAXIM MOTION app. Debuting in the September issue, MAXIM MOTION allows readers to launch an on-page video of cover model Bar Refaeli simply by scanning the cover image with a smartphone or other mobile device. Additional on-page, image-activated videos appear throughout the magazine, which hits stands nationwide on August 14.

    Quad/Graphics’ Actable™ interactive print solution allows publishers to create engaging multichannel editorial and advertising experiences. Once Maxim readers download the free MAXIM MOTION app, they can instantly interact with the printed page and launch related content directly from images, eliminating the need for QR codes. In Maxim’s September cover application, a combination of image recognition and augmented reality techniques gives app-enabled mobile device users the appearance of a video screen on the cover page. The screen then seamlessly animates with Bar Refaeli’s image and video.

    “MAXIM MOTION is the latest example of how Quad/Graphics is helping our customers redefine print by seamlessly integrating it with mobile technology to create a compelling call to action that can be measured with sophisticated data analytics and reporting,” said Joel Quadracci, Quad/Graphics Chairman, President & CEO. “We understand the pressure our customers are under to integrate print with other media and we are well-positioned as their one-stop technology integrator.”

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  • 08.09.2012

    News Corp Reports Full Year Operating Results

    News Corporation today reported financial results for the three months and full year ending June 30, 2012.

    The Company reported annual revenue of $33.7 billion, a $301 million, or 1%, increase over the $33.4 billion of revenue reported a year ago. The annual revenue increase was led by 14% growth at the Company’s Cable Network Programming segment, partially offset by declines primarily at the Company’s Publishing and Other segments.

    The Company reported annual total segment operating income(3) of $5.4 billion compared to $4.9 billion reported a year ago. This increase was driven by operating income improvements at nearly all of the Company’s segments, led by a $535 million, or 19%, increase at the Cable Network Programming segment and a $205 million, or 22%, increase at the Filmed Entertainment segment. These improvements were partially offset by decreases at the Publishing segment, reflecting advertising weakness at the international newspaper and integrated marketing services businesses, and the absence of contributions from The News of the World. The full year results included a $224 million charge related to the costs of the ongoing investigations initiated upon the closure of The News of the World. The prior year results included a $125 million charge at the Company’s integrated marketing services business related to the settlement of litigation. Excluding these charges from both years, respectively, this year’s adjusted total segment operating income of $5.6 billion increased $628 million, or 13%, from $5.0 billion in the prior year.

    The Company reported annual net income of $1.2 billion ($0.47 per share), compared to net income of $2.7 billion ($1.04 per share) reported in the prior year.

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  • 08.09.2012

    Dillard's, Inc. Reports 97% Increase in Second Quarter Earnings per Share

    Dillard's, Inc. announced operating results for the 13 weeks ended July 28, 2012. This release contains certain forward-looking statements. Please refer to the Company's cautionary statements regarding forward-looking information included below under "Forward-Looking Information".

    Second Quarter Results
     Dillard's reported net income for the 13 weeks ended July 28, 2012 of $31.0 million, or $0.63 per diluted share compared to net income of $17.6 million or $0.32 per share for the 13 weeks ended July 30, 2011. Highlights of the 13 weeks ended July 28, 2012 included:
     •A 3% increase in comparable store sales
     •Merchandise gross margin improvement of 70 basis points of sales
     •Operating expense leverage of 70 basis points of sales
    •Repurchase of $134.6 million (2.1 million shares) of Class A Common Stock
     
    Dillard's Chief Executive Officer, William T. Dillard, II, stated, "Continuing on the momentum of a successful first quarter, we are proud to report a 97% increase in second quarter earnings per share. Our 3% sales increase combined with gross margin improvement and control of our expenses enabled us to report a notable improvement in operating results today. Additionally, with strong cash flow during the quarter, we repurchased $134.6 million of Class A Common Stock under our share repurchase program."

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  • 08.09.2012

    Ilim Group’s Mills in Siberia Manufactured 732,000 tons of Pulp and Paper Products Over First Six Months of 2012

    Over the six months of 2012, OJSC Ilim Group’s mills in Siberia (the Bratsk and Ust-Ilimsk Mills) manufactured 732,000 tons of pulp and paper products. As compared to the first six months of the previous year, production output remains flat.

    This includes 626,000 tons of market pulp, which is slightly better than the similar period performance in 2011.

    Board production has amounted to 106,000 tons, going down by 7.7% against the similar period performance in 2011. As in the previous period (Q1 2012), decrease in production output is due to market demand for reduced basis weight board, which leads to output decrease in terms of tons produced. However, in terms of square meters produced, board output remains flat.

    Pulp cooking volumes have not changed significantly and amounted to 795,000 tons.

    Over the first six months of 2012 wood harvested by Ilim Group totaled 3.4 million cubic meters, going up by 12% as compared to the first six months of 2011.

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  • 08.09.2012

    Future to launch new weekly digital magazine, Photography Week

    Future, the international specialist media group and publisher of the UK’s market-leading photography titles, is to launch a new, digital magazine called Photography Week.
     
    On sale in September, Photography Week will be a weekly, Tablet-only, international photography magazine available on the iPad and packed with rich, interactive content that shows readers how to improve their images and get more from their cameras.
     
    Future’s current stable of photography magazines already enjoy huge success on the Apple Newsstand. Digital Camera World is the best-selling digital photography magazine for iPad (Jan-Dec 2011 ABC), and with Canon-only title PhotoPlus, and recent launches N-Photo: The Nikon Magazine and Practical Photoshop, these four magazines’ iPad editions boast more than 1.3 million container app downloads.
     
    Following on from this success, Photography Week has been built specifically for the iPad by the team behind Digital Camera World, using Future’s digital publishing software, Future Folio. This will enable Photography Week to have the kind of interactivity and functionality not yet seen in any weekly photography title.
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  • 08.09.2012

    Cascades continues to improve its results during the second quarter of 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 June 30, 2012.

    Q2-2012 Financial Highlights:
    Sales of $944 million (compared to $891 million in Q1-2012 (+6%) and $991 million in Q2-2011 (-5%))
     
    Excluding specific items:
    EBITDA of $84 million (compared to $72 million in Q1-2012 (+17%) and $62 million in Q2-2011 (+35%))

    Net earnings per share of $0.08 (compared to net earnings of $0.04 in Q1-2012 and a net loss of $0.09 in Q2-2011)

    Including specific items:
    EBITDA of $77 million (compared to $75 million in Q1-2012 (+3%) and $68 million in Q2-2011 (+13%))

    Net earnings per share of $0.08 (compared to $0.06 in Q1-2012 and $1.27 in Q2-2011)

    Net debt of $1,585 million (compared to $1,524 million as at March 31, 2012), including $134 million of non-recourse debt

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  • 08.09.2012

    Oil May Retreat on Fastest Stockpiling Rate in 14 Years

    Speculation that nations are stockpiling oil at the fastest rate in 14 years is fanning expectations for Brent crude to drop below $100 a barrel.

    OPEC pumped 2.1 million barrels a day more than projected demand in April through June, the biggest overproduction for any quarter since 1998, the International Energy Agency estimates. Brent will fall to $93 by September and $83 by year-end, according to the Centre for Global Energy Studies. The increase was little noticed as traders focus on U.S.-led sanctions curbing Iran’s oil exports, Citigroup Inc. said.

    Shuttered oil output in nations outside the Organization of Petroleum Exporting Countries is poised to resume after South Sudan this week agreed on a transit fee with its northern neighbor and Yemen fixed its main crude pipeline. Those two countries will add about 500,000 barrels a day to compete with OPEC, which is pumping the most since 2008. While the world faces the slowest pace of growth in fuel demand since the 2009 recession, crude rallied above $110 this week amid heightened political tensions in Syria.

    “There is an overhang of producible oil in the world,” Ed Morse, Citigroup’s global head of commodities research, said in a July 31 phone interview from Houston. “We will probably see more Iranian oil lifted or leaked while OPEC continues to produce more than is demanded. If China remains sluggish, oil could drop to the low $90s and even fall into the $80s.”

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  • 08.09.2012

    Neenah Paper Reports Second Quarter 2012 Results

    Neenah Paper, Inc. today reported adjusted earnings from continuing operations of $0.85 per diluted common share in the second quarter of 2012 compared with earnings of $0.49 per share in the second quarter of 2011. Without adjustments of $0.08 per share ($1.9 million pre-tax) to exclude costs of integrating purchased fine paper brands, earnings on a GAAP basis in the second quarter of 2012 were $0.77 per share. There were no adjusting items in the second quarter of 2011.
     
    Net sales of $211.7 million in the second quarter of 2012 grew 16 percent compared with the second quarter of 2011. Adjusted operating income of $23.9 million increased 52 percent from $15.7 million in the prior year. Adjusted income of $13.9 million increased 78 percent compared to $7.8 million in the prior year. Adjusted earnings are reconciled to GAAP figures later in this release.
     
    "Our businesses set an all-time quarterly record for sales and profits, with Technical Products and Fine Paper each delivering double-digit earnings growth. Our teams are executing well against key objectives of growing high value, performance-oriented Technical Products offerings and delivering the value promised from our expanded Fine Paper business," said John O'Donnell , Chief Executive Officer. "In addition, both businesses are realizing cost benefits from more efficient manufacturing operations; and this, along with our strong market positions, will serve us well in what may be weaker global economic conditions in the second half of the year."
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  • 08.09.2012

    Verso Paper Corp. Reports Second Quarter 2012 Results

    Verso Paper Corp. today reported financial results for the second quarter and six months ended June 30, 2012.

    Verso's net sales for the second quarter of 2012 decreased $33.5 million, or 8.4%, reflecting a 5.5% decrease in the average sales price for all of our products combined with a 3.1% decline in total sales volume, which was driven by the shutdown of three paper machines late last year. Verso's gross margin was 11.5% for the second quarter of 2012 compared to 15.1% for the second quarter of 2011, reflecting the higher average sales prices during 2011.

    Verso reported a net loss of $20.7 million in the second quarter of 2012, or $0.39 per diluted share, which included $22.4 million of net benefits from special items, or $0.42 per diluted share, primarily due to debt refinancing. Verso had a net loss of $24.3 million, or $0.46 per diluted share, in the second quarter of 2011, which included $3.7 million of charges from special items, or $0.07 per diluted share.

    "Demand in the coated industry continued to be challenged during the second quarter of 2012 which resulted in a delay in the announced price increases during the quarter. This was primarily a result of the drop-off in advertising spending and slowdowns in the commercial print area which are impacted by the sluggish GDP growth. However, our coated groundwood and coated freesheet volumes were relatively flat with last year's levels and we did a good job of managing our pricing relative to overall market demand. Adjusted EBITDA was comparable to the first quarter of this year and slightly better if you exclude the over $5.0 million impact related to scheduled maintenance outages we took during the second quarter," said David Paterson, President and Chief Executive Officer of Verso.

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  • 08.09.2012

    Kohl's Corporation Reports Second Quarter Financial Results

    Kohl’s Corporation today reported results for the quarter ended July 28, 2012.

    Kohl’s Corporation reported second quarter net income of $240 million ($1.00 per diluted share) compared to $299 million ($1.08 per diluted share) a year ago. Net sales were $4.2 billion, a decrease of 1.0 percent for the quarter. Comparable store sales for the quarter decreased 2.7 percent.

    Year to date, net income was $394 million ($1.63 per diluted share) compared to $500 million ($1.76 per diluted share) a year ago. Net sales were $8.4 billion, an increase of 0.4 percent. Year-to-date comparable store sales decreased 1.3 percent.

    Kohl’s ended the quarter with 1,134 stores in 49 states, compared with 1,097 stores at the same time last year. During the first half of the year, the Company opened 9 new stores, including 1 relocated store, closed 1 store and completed 40 remodels. The company expects to open an additional 12 stores and complete an additional 10 remodels in September.

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  • 08.09.2012

    Ahlstrom interim report January-June 2012

    Continuing operations April-June 2012 compared with April-June 2011
    • Net sales EUR 413.2 million (EUR 423.7 million).
    • Operating profit EUR 7.4 million (EUR 22.1 million). 
    • Operating profit excluding non-recurring items EUR 13.2 million (EUR 20.4 million).

    April-June 2012 in brief
    • Weaker operating profit was due to the exceptional foreign exchange rate fluctuations towards the end of the quarter, impacting mainly the Label and Processing business area. In addition, the shortfall in volumes had a negative impact on profitability.  
    • Ahlstrom continued to successfully launch new products, including air filtration applications for the automotive and heavy duty vehicle industries and announced the expansion of the well-received Acti-V(TM) technology in release papers. 
    • A manufacturing waste reduction project was completed during the review period. Annual cost savings estimated at EUR 20 million are expected in 2012.

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  • 08.08.2012

    'Seventeen' Mag Gets Super M-Activated For Back-To-School

    Even the most addicted mobile shopper may get tired of scanning the 250 mobile-activated images in the new issue of Seventeen. In a major push for its back-to-school issue, the magazine has partnered with a wide range of marketing partners to mobilize the in-print experience and turn the magazine into an interactive shopping experience.
     
    Using the new Seventeen Shopping Insider app, readers can scan images associated with shopping bag icons found next to 250 spots across the issue. The scans can add items into a mobile shopping list or unlock coupons in the app. According to Seventeen’s mobile activation partner Nellymoser, this is the broadest use of mobile activations in any issue from a top-100 magazine. 
     
    Eighteen advertisers participated in some aspect of the print and mobile app program, including American Rag, Aeropostale, Walgreen’s, Office Depot and many others. “The whole program serves as a bridge from the magazine to the store,” says Seventeen’s Associate Publisher of Marketing, Howard Grier. Driving teens from page to purchase has always been the goal, of course, but with a mobilized shopping list and deals on their devices, “this literally facilitates that,” he says. “You can save it from the magazine and bring it into the store, but this also gives you an incentive to shop as well.”
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  • 08.08.2012

    Quad/Graphics Reports Second Quarter and Year-To-Date June 2012 Results

    Quad/Graphics, Inc. today reported results for its second quarter and year-to-date ending June 30, 2012.

    Net sales for the second quarter were $934 million versus $977 million for the same period in 2011. Second quarter 2012 Adjusted EBITDA was $112 million compared to $116 million for the same period in 2011, and Adjusted EBITDA margin was 12.0% as compared to 11.9% in 2011. The quarterly results reflect expected volume and pricing pressures. Offsetting these impacts were incremental synergy savings totaling $21 million and lower selling, general and administrative costs.

    For the first six months of 2012, net sales were $1.92 billion versus net sales of $2.0 billion for the same period in 2011, reflecting expected volume and price pressures combined with impacts from continued economic uncertainty and secular pressures. Year-to-date Adjusted EBITDA was $238 million versus $258 million in 2011, reflecting lower volumes partially offset by lower selling, general and administrative costs. Recurring Free Cash Flow was $167 million for the first six months of 2012 compared to $102 million in the first six months of 2011, continuing a track record of solid cash flow generation.

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  • 08.08.2012

    Maryland Packaging Manufacturer Enhances Custom Foam Packaging Capabilities

    Foam holds a very prominent place in the world. It is a virtually ubiquitous commodity in industries everywhere, and for that reason RBL Industries, a packaging manufacturer based in Maryland, has doubled its efforts when it comes to providing custom foam packaging on a higher level.

    As President of RBL Industries, Bob Lipsky explains, "You can find foam everywhere, and there's a very good reason for that." He goes on to explain that the many advantageous properties of foam make it an ideal solution for everything from protection to floatation, and especially for custom foam packaging. With this in mind, Lipsky explains that the Maryland packaging manufacturer has endeavored to expand upon the company's ability to provide custom foam packaging to suit the various sizes, shapes, and specifications required by industries everywhere.

    By designing and engineering custom foam packaging solutions in polyethylene, polyurethane, and other "next gen" foams, Lipsky explains that the company has had the opportunity to cater foam packaging solutions to the specific needs of market sectors ranging from the military and aerospace industries to the medical industry and beyond. In addition to expanding the packaging company's capabilities to work with a number of new and improved foam materials, Lipsky adds, "And as always, we never stop stocking a large inventory of standard foam packaging products and supplies." 

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  • 08.08.2012

    Presstek Reports Financial Results for the Second Quarter

    Presstek, Inc., a leading supplier of digital offset printing solutions to the printing and communications industries, today reported financial and operating results for the second quarter ended June 30, 2012. The Company reported total revenue of $29.7 million compared to $31.4 million in the second quarter of 2011.
     
    The Company generated positive adjusted EBITDA of $0.8 million for the quarter, an increase of $0.4 million from the prior year. The Company had an operating loss of $0.3 million in the second quarter of 2012 versus an operating loss of $1.2 million in the 2011 second quarter, an improvement of $0.9 million. Cost reduction actions undertaken in the latter half of 2011 contributed significantly to this improvement. During the second quarter of 2012, the Company incurred a net loss of $0.8 million, or $0.02 per share, compared to a net loss of $1.7 million, or $0.05 per share, in the second quarter of 2011. (See "Information Regarding Non-GAAP Measures")
     
    "While we continue to experience the effects of the difficult economic climate, especially in Europe, our quarterly results reflect continued improvement in EBITDA and a narrowing of our quarterly operating loss. While these results are in large part due to our cost management efforts, we believe that we are positioned for improving results once the overall economic environment improves," said Stanley Freimuth, Presstek's Chairman, President and CEO.
     
    Total revenue in the second quarter was $29.7 million, a decrease of $1.7 million from the second quarter of 2011.
     
    •Equipment revenue increased $0.2 million, to $6.4 million, compared with the same prior year period due primarily to an increase in the number of DI units sold, including the sale of two 75DI units.

    •Consumables revenue totaled $17.6 million compared with $19.3 million for the same prior year period resulting primarily from unfavorable economic conditions in Europe as well as the continued gradual erosion of some of our legacy plate product lines.

    •Service revenue decreased $0.2 million, to $5.7 million, compared to the prior year quarter due to lower contract revenues resulting from a decrease in active legacy equipment accounts.

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  • 08.08.2012

    Multi-Color Corporation Announces Results for First Quarter of Fiscal Year 2013

    Multi-Color Corporation today announced first quarter fiscal 2013 results which sets a good foundation for fiscal 2013.
     
    "Organic revenue growth continues in our largest market of North America, somewhat offset by softer organic European revenues in the quarter.  Operating margins are solid but still impacted by integration activities in North and Latin America," said Nigel Vinecombe, President and CEO of Multi-Color Corporation.
     
    First quarter highlights:
    Net revenues increased 64% to $165 million from $100.6 million compared to the three months ended June 30, 2011.  Net revenues increased 66% or $66.2 million due to acquisitions occurring after June 30, 2011.  Organic net revenues increased by 2% due to a favorable impact of pricing and sales mix.  Net revenues decreased 4% compared to the prior year quarter due to the unfavorable impact of foreign exchange rates primarily driven by depreciation in the Australian dollar and the Euro.

    Gross profit increased $8.7 million or 39% compared to the first three months of the prior year.  Adjusted for special items, gross profit increased $9.2 million or 41%.  The increase is primarily due to acquisitions occurring after June 30, 2011 partially offset by a decrease related to the unfavorable impact of foreign exchange rates in the current quarter.  Gross margins, adjusted for special items, decreased to 19% of net revenues compared to 22% of net revenues in the prior year quarter.  This reduction in adjusted gross margins is due primarily to lower European sales, integration inefficiencies in North and Latin America and an above average quarter in the prior year.  The adjusted gross margin for the three months ended June 30, 2012 is similar to the adjusted gross margin for fiscal year 2012. 

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  • 08.08.2012

    Newsstand Grim and Digital Is In According to Latest ABC Circulation Numbers

    The Audit Bureau of Circulations released its semiannual Fas-Fax report for U.S. consumer magazines this morning (Aug. 7). In addition to its “top 25 lists” that look at circulation totals and single-copy sales, this marks the first time ABC has specifically broken out circulation for digital replica editions of consumer magazines.
     
    It comes as no surprise that newsstand sales for 22 or the top 25 consumer magazines fell during the first half of 2012. At more than 1.3 million in single-copy sales, Numerically, Cosmopolitan easily tops the list (1,351,738), though it is down 15.5% versus first-half 2011. Woman’s World ranks second, experiencing a decline of 3.7%. Family Circle, which saw its newsstand sales rise 8%, from 525,358 to 567,632, was the percentage leader among the three exceptions, followed by rival Woman's Day (+6.2%) and Life & Style Weekly (+2.5%).
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  • 08.08.2012

    Disney Posts Strong Q3 Results, Ad Revenues Mixed

    Walt Disney Co. posted some strong third-quarter fiscal results -- driven in large part by its parks and resorts business unit. Advertising results at its TV networks offered more of a mixed picture.

    Net income gained 24% to $1.8 billion with revenues climbing 4%, rising to $11.1 billion in Disney's third quarter.

    Disney's media networks witnessed 3% higher revenue, rising to $5.1 billion -- with cable networks climbing 3% to $3.6 billion and broadcasting networks rising 3% to $1.5 billion.

    Disney's big revenue generator, ESPN, experienced advertising revenue growth from higher rates, increased units sold and improved ratings -- resulting from a shift in the timing of NBA games because of the late start of the season from the NBA lockout. Disney executives say revenues grew in the "mid-teens" percentage during the period that ended in June.

    But recent TV advertising business -- especially at ESPN and its other networks -- has been hurt. Jay Rasulo, senior executive vp and chief financial officer of Walt Disney Co., said: "Our business has been impacted by the Olympics."

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  • 08.08.2012

    Fortress Paper Announces Second Quarter Results

    Fortress Paper Ltd. reported 2012 second quarter EBITDA of $2.3 million. For the first quarter of 2012, EBITDA loss was $1.8 million and for the second quarter of 2011, EBITDA was $4.6 million.

    Excluding corporate costs, the three business segments’ combined EBITDA was $3.6 million in the 3 months ended June 30, 2012. The Specialty Papers Segment contributed $10.5 million EBITDA while the Dissolving Pulp Segment and the Security Paper Products Segment generated EBITDA losses of $0.7 million and $6.2 million, respectively. Corporate costs contributed to EBITDA loss in the amount of $1.3 million.

    Net income for the second quarter of 2012 was $12.5 million or basic and diluted net income of $0.87 per share. In the prior quarter net loss was $10.5 million or diluted loss per share of $0.73. In the prior year comparative period, net income was $2.9 million or diluted net income per share of $0.19. The much improved current period result was primarily due to the gain realized on the sale of certain non-core assets in the Security Paper Products Segment.

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  • 08.08.2012

    ABC: Bumpy First Half For Consumer Magazine Circ, Newsstand

    The Audit Bureau of Circulation’s semi-annual Fas-Fax report for U.S. consumer magazines shows what many in this sector of the magazine industry were expecting—a decrease in total circulation and newsstand sales.

    For the first time, the report breaks out figures for standalone digital replicas, which now account for 1.7 percent of total circulation. There are 258 U.S. magazines reporting more than 5.4 million digital replica editions, which more than doubled from 2 million in the first half of 2011.

    Of the top 25 U.S. consumer magazines, 14 saw a decrease in paid verified circulation, with Hearst’s Woman’s Day losing the most in that category by 10.7 percent. The biggest gainer was Game Stop’s Game Informer magazine, increasing its total paid and verified circulation by 37.2 percent to more than 8.1 million.

    Condé Nast’s Glamour saw a 3.0 percent increase in its total paid and verified circulation, and Meredith’s Family Circle saw an increase of 7.4 percent—the only other publications other than Game Informer to see an increase above 0.9 percent.

    The newsstand is suffering for consumer magazines across the board—21 of the top 25 publications saw a decrease in the number of single copy sales. The biggest losers included Weight Watchers (27.5 percent), Vanity Fair (18.8 percent), People (18.6 percent), O, The Oprah Magazine (17.9 percent), Vogue (16.5 percent) and Cosmopolitan (15.5 percent).

    Only four of the top 25 publications saw an increase in newsstand sales—Food Network Magazine (17.8 percent), Family Circle (8.0 percent), Woman’s Day (6.2 percent) and Life and Style Weekly (2.5 percent).

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  • 08.08.2012

    Oil Declines From Two-Month High Amid Signs of Economic Weakness

    Oil slid from the highest close in more than two months in New York amid signs of weakening demand in the U.S., the world’s biggest crude consumer, and slowing growth in Germany.

    Futures fell as much as 0.9 percent, dropping for the first time in four days. Crude consumption declined 4 percent to 15.9 million barrels a day last week, the biggest percentage decrease in a month, data from the American Petroleum Institute showed. Gasoline usage was the lowest since February, according to the API figures. German industrial production declined in June, led by a drop in construction output, data from the Economy Ministry in Berlin showed today.

    “There are no signs of growth coming out of Europe’s largest economies,” said Christopher Bellew, a senior broker at Jefferies Bache Ltd. in London, who correctly predicted at the end of last month that oil would rebound. “Oil looks poised for a short-term downward retracement today.”

    Oil for September delivery decreased as much as 85 cents to $92.82 a barrel in electronic trading on the New York Mercantile Exchange and was at $93.10 at 11:29 a.m. London time. It climbed 1.6 percent yesterday to $93.67, the highest settlement since May 15. The contract has rebounded 19 percent from its low this year of $77.69 on June 28.

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  • 08.08.2012

    Consumer Confidence Continues to Decline in July, According to the Discover U.S. Spending MonitorSM

    Concern over the economy and anticipation of higher expenses brought the Discover U.S. Spending Monitor to its lowest level of the year in July. The Monitor, a 5-year-old daily poll tracking economic confidence and spending intentions of nearly 8,200 consumers throughout the month, declined 1.4 points to 89.3. The monitor last dropped below 90 in December 2011.

    The percentage of respondents reporting the U.S. economy as poor remained steady at 53 percent. However, consumers who expect the economy to get worse increased four percentage points from the prior month to 53 percent in June. This is the first time in 2012 that more than half of respondents felt this way.

    There was a significant increase in the percent of men who feel the economy is getting worse, up nine percentage points from June at 57 percent. The number of women feeling this way remained unchanged at 50 percent.

    While 57 percent of married people expect the economy to get worse (an increase of three percentage points from June), only 48 percent of single people expect the economy to get worse. However, this was a substantial increase from only 40 percent of single people with the same expectation in June.

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  • 08.08.2012

    Buckeye's Fourth Quarter and Fiscal Year 2012 Results

    Buckeye Technologies Inc. today announced record sales and earnings for fiscal year 2012. Net sales for the year (adjusted to exclude discontinued Americana operations) were $895 million, a new record and up $14 million or 2% compared to fiscal 2011, as higher selling prices offset a $10MM sales reduction due to the divestiture of our King converting business and lower shipment volumes from both our Foley wood specialty mill and our nonwovens business. Adjusted net income* for the 2012 fiscal year was a record $111 million, or $2.76 per share, compared to $91 million or $2.23 per share in fiscal 2011. The growth in adjusted net income was due to significantly higher selling prices for our high-end specialty wood and cotton fiber products which more than offset the impact of lower fluff pulp prices. Net income also benefited in fiscal year 2012 from reduced selling, research and administrative expenses and lower interest expense.

    Fourth quarter adjusted net income* was $26.2 million or $0.66 per share. This excludes net after-tax charges of $2.8 million, or $0.08 per share, primarily relating to the sale of our Americana, Brazil cotton linter pulp plant and adjustments relating to the cellulosic biofuel credit. Adjusted net income* was off slightly compared to the prior year period’s $27.8 million or $0.68 per share, which excluded an after-tax non-cash asset impairment charge of $13.0 million, or $0.32 per share, relating to plans to close our Canadian nonwovens plant by the end of December 2012 as well as other special items of $0.6 million or $0.01 per share.

    Net sales were $225 million for the fourth quarter of fiscal 2012, down $24 million or 10% versus record net sales of $249 million in the fourth quarter of fiscal 2011 (which have been adjusted to exclude discontinued Americana operations). About $5 million of the reduction in sales was related to the divestiture of our King converting business.

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  • 08.08.2012

    Macy's, Inc. Reports Earnings of 67 Cents Per Diluted Share for the Second Quarter

    Macy’s, Inc. today reported earnings of 67 cents per diluted share for the second quarter of 2012, ended July 28, 2012. This represents a 22 percent increase in earnings per share from earnings of 55 cents per diluted share in the second quarter of 2011.

    Macy’s, Inc.’s diluted earnings per share in the first half were $1.09, an increase of 27 percent compared with earnings of 86 cents per share in the first half of 2011.

    Sales in the second quarter totaled $6.118 billion, up 3.0 percent from total sales of $5.939 billion in the second quarter of 2011. On a same-store basis, Macy’s, Inc.’s second quarter sales were up 3.0 percent in 2012 as compared to the second quarter of 2011.

    For the year to date, Macy’s, Inc. sales totaled $12.261 billion, up 3.7 percent from total sales of $11.828 billion in the first 26 weeks of 2011. On a same-store basis, Macy’s, Inc.’s first half sales were up 3.7 percent in 2012 as compared to the first half of 2011.

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  • 08.07.2012

    Rebuild increases production by 10% at Stora Enso Sachsen

    After Voith carried out a rebuild of the Eilenburg PM 1 at Stora Enso Sach-sen, Germany, the paper machine was successfully started up again in May 2012. The aims of Stora Enso were to improve runability and to elimi-nate existing bottlenecks in the system. Furthermore, the maximum operat-ing speed of the paper machine was increased to 2,000 m/min, corre-sponding to a production increase of about 10% (depending on the grade range). Already one month after rebuild, the operation speed exceeded 1,900 m/min.

    With the rebuild a new NipcoFlex press module was installed, which has increased the dryness content after the press by 3-4% after just a short time. In addition, a new exhaust system in the wet end and a JetCleaner for cleaning the bottom wire provide for more cleanliness and thus im-proved runability. The old calender was replaced by a Janus calender so as to increase the paper quality. The project also included a rebuild of the dryer section together with fabric stretchers, fabric guides and the machine air ventilation system. A new trim cutter and a new threading system com-pleted the scope of supply.

    Stora Enso Sachsen produces newsprint and telephone book paper in the basis weight range of 34 to 48.8 g/m². It uses 100% recycled fibers.

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  • 08.07.2012

    UPM's H1 Cash Flow from Ongoing Businesses Improved

    “The profitability of UPM’s businesses improved in the first half of the year 2012 compared to the second half of 2011. We achieved this by continuing our consistent work to reduce fixed costs. Furthermore, sales prices and raw material costs developed favourably.

    In the second quarter, our growth businesses – Energy, Pulp, Asian Paper and Label - maintained strong profitability. However, the Group’s operating profit was affected by the exceptional quarter in Other operations, mainly due to fair value losses in currency hedges.

    In Paper, deliveries recovered somewhat from the previous quarter, although this was offset by seasonally higher fixed costs. Myllykoski cost synergies were well on track with two thirds of planned benefits already realised. Despite this, Paper’s profitability level remains unacceptable.

    Q2/2012

    •Earnings per share excluding special items were EUR 0.14 (0.26), and reported EUR 0.17 (0.56)
    •EBITDA was EUR 316 million, 12.1% of sales (372 million, 15.4% of sales)
    •EBITDA was affected by seasonally higher fixed costs and fair value losses of cash flow hedges
    •Net debt decreased by EUR 71 million to EUR 3,385 million after the dividend payment and asset sales

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  • 08.07.2012

    UPM Grows in China and in the Fast Developing Label Materials Segment

    UPM takes further steps to reshape its business portfolio and expands in profitable growth businesses in Asia. The company will increase its presence in the attractive Asian paper segments and strengthen its position in the label materials value chain by building a new woodfree speciality paper machine at its Changshu mill in China.

    “This move is aligned with our strategic target to have more than 50 % of our sales from well performing growth businesses in the latter part of the decade. It supports our growth in China and provides an excellent platform to strengthen partnerships with self-adhesive labelstock customers and expand into new end uses in Asia. It also supports the good profitability of our growth businesses”, says Jussi Pesonen, UPM’s President and CEO.

    The new machine is an uncoated woodfree speciality machine capable of producing up to 360,000 tonnes of uncoated woodfree grades and high quality label papers. The machine will start up by the end of 2014. The investment will also include future-oriented infrastructure investments in the Changshu site. The total investment cost is CNY 3,000 million (EUR 390 million). In addition, UPM Changshu is finalising a 100,000 tonnes cut-size sheeting line investment which strengthens the Group’s leading position in office paper grades in China. 

    Both label paper and uncoated woodfree papers have a healthy demand outlook in Asia. The annual growth of UPM’s label paper mix is expected to be 8 % in Asia and 4 % globally. In uncoated woodfree grades, UPM focuses on high quality office paper, where the Chinese market is expected to grow by 8 % annually.

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  • 08.07.2012

    Stora Enso Price-Fix Case Revived by U.S. Appeals Court

    Stora Enso North America Corp., a former unit of the Finnish commercial printing products company, must face an antitrust lawsuit brought by its customers, a federal appeals court ruled, reversing a trial judge’s dismissal of the case.

    The U.S. Court of Appeals in Manhattan said today that a jury could potentially find that the company, which was sold to Newpage Corp. in 2007, conspired to fix prices. The three-judge panel affirmed the lower court’s decision to throw out the case against its former Helsinki-based parent, Stora Enso Oyj (STEAV), for lack of evidence.

    Paper buyers alleged that executives at Stora Enso’s then- U.S. unit and another Finnish paper maker, Helsinki-based UPM- Kymmene Ojy (UPM1V), engaged in secret meetings and conspired to fix prices in 2002 and 2003, according to the decision. Damages for the plaintiffs were estimated to be as much as $102.5 million, the decision said.

    “We hold that the district court erred in granting summary judgment to SENA because a jury could reasonably find that SENA and UPM entered into an agreement to raise the price of publication paper, and that, as implemented, this agreement damaged plaintiffs,” U.S. Appeals Court Judge Susan L. Carney said in the decision.

    The civil case followed an earlier criminal probe by the Department of Justice. A jury in the criminal case acquitted SENA of U.S. antitrust law violations in 2007, the appeals court said.

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  • 08.07.2012

    House GOP waiting on Postal Service drop-dead date to move on reform bill

    The House has left Washington without passing a fix to the Postal Service, and Republicans now say they are not likely to bring the issue to the floor until after November’s elections.

    House Republicans acknowledge that postal reform could be a tough vote for some of their members, with the issue not breaking down as cleanly along ideological lines as subjects such as the Bush-era tax rates the House voted on just before leaving for recess.

    But sponsors of the House GOP postal bill suggest another factor at play as well: Lawmakers don't know exactly when the Postal Service might hit a doomsday date when they wouldn't be able to deliver the mail.

    With mail volume declining, the Postal Service is currently losing $25 million a day, and recently defaulted on a $5.5 billion payment, earmarked for future retiree benefits, to the U.S. Treasury. The agency has another payment of roughly the same size due at the end of next month, which it also says it won’t be able to pay.

    But postal officials have added that, at least in the short-term, that default won’t affect their ability to deliver the mail and pay their employees.

    And with Congress having a habit of waiting to act until a deadline looms, that could give the House even less incentive to bring the bill to the floor before their members face voters in November.

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  • 08.07.2012

    Report: U.S. shopping-center industry posts healthy Q2 net income gain

    Total operating income of all shopping centers on a square-foot basis in the second quarter of 2012 rose 4.9% from the same quarter last year, while operating expenses rose by a larger 5.8%, according to a new quarterly shopping-center benchmarking report from The National Council of Real Estate Investment Fiduciaries (NCREIF) and the International Council of Shopping Centers (ICSC).
     
    Despite expenses outpacing income gains, net operating income (NOI) per square foot actually improved by a solid 4.5% in the quarter, compared with the second quarter of 2011.
     
    “Second-quarter NOI for the shopping-center industry helped increase the total investment return by 3.0% over that same period,” said Jeffrey R. Havsy, director of research for NCREIF. “Retail was the best performing property type in the second quarter and occupancy rates for all-shopping centers remained steady at 90%.”
     
    Shopping center performance in the United States differs widely by type of sub-sector, according to real estate data collected by NCREIF. The net operating income of powers centers during the second quarter energized the industry with its 8.6% year-over-year gain. Neighborhood-center net operating income posted a 6.1% gain, while super-regional malls gained 5.4%, compared with the same quarter of the prior year. However, the metric for community centers and regional malls were down in the quarter.
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  • 08.07.2012

    American Media Acquires Soap Opera Digest

    Last night (Aug. 6), American Media Inc. chairman/president/CEO (since April 1999) David Pecker announced the acquisition of the weekly Soap Opera Digest from Source Interlink Media. The news was no surprise, because AMI had managed SOD for some time, with group publisher David Jackson already reporting to Pecker. Editor-in-chief Stephanie Sloane now reports to him, too.
     
    The price was not disclosed, but it had to be far less than the $600 million that K-III Magazines (later Primedia) paid News Corp. in July 1991 for SOD, New York magazine, Seventeen, and other titles. Then, SOD''s circulation was close to 1.5 million, as tv soap operas were the rage. That continued through the late-1990s/early-2000s, when the brand expanded to included the NBC-televised Soap Opera Awards.
     
    Now, SOD's circ is below 300,000 as such soaps as All My Children, The Guiding Light and One Life to Live have gone by the wayside and others--led by the venerated General Hospital--are hanging by a thread. What is now the daytime darling are the talk shows.
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  • 08.07.2012

    EFI Launches M500 Self-Serve Copy and Print Station for Campuses, Libraries and Print Providers

    EFI™, a world leader in digital printing innovation, has launched the M500 Self-Serve Copy and Print Station, the industry's only self-serve system that allows mobile printing from mobile phones, iPads, USB drives and cloud accounts like Google Drive™, Dropbox, Box, and EFI PrintMe®. The M500 station is unique in that it accepts credit cards, campus cards, and cash cards at the device, eliminating the need for coin-operated machines. The system is also Payment Application Data Security Standard (PA-DSS) validated to assist in Payment Card Industry (PCI) compliance audits. The M500 station is available immediately through EFI resellers, and a video of how the system works can be seen online here.

    "Students today are more digital, more mobile, and keep more documents in the cloud," said John Henze, vice president of Fiery marketing at EFI. "Antiquated devices like coin-operated copiers are not meeting their printing needs and create cash management headaches for university staff. EFI's M500 station provides the easiest way for users to access, pay and print in a completely self-serve environment."

    Tablets, mobile phones and laptops, as well as the use of online cloud storage, are the new tools for students. According to a Harris Interactive poll, the number of students using tablets has tripled over the past year, and 36 percent of the college students surveyed plan to buy a tablet in the next six months. Additionally, 63 percent believe that tablets will replace textbooks in the next five years. At the same time, printed documents and materials are still a requirement at most universities.

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  • 08.07.2012

    Cascades announces substantial investments for its Michigan Plant to support its new product innovation initiatives

    Cascades, a leader in the recovery and manufacturing of green packaging and tissue paper products, is pleased to announce that substantial investments, up to $750000, will be made in its Cascades Enviropac HPM, LLC plant, located in Grand Rapids, Michigan. By the end of 2012 and beginning 2013, new equipment will be added to modernize the plant and optimize its overall efficiency, from the competitiveness, quality and service standpoints. These investments will also allow us to retain jobs in the plant and its offices.

    This is a great opportunity for Cascades to strengthen its market shares in the Central and Midwest Regions, while increasing its industrial product offering such as Technicomb™ protective packaging systems, Flexicomb® flexible protective packaging, and ThermaFresh™ recyclable therma-insulator containers for fresh food conservation. These products are the perfect alternatives to traditional packaging, since they are made of honeycomb paperboard and fibre composites which are recyclable. As Mr. Simon Gosselin, General Manager for the Industrial Packaging sector of Cascades Specialty Products Group, mentioned: “These investments are directly in line with Cascades' key strategic axes to further support the operations, with the ultimate goal of assuring the commercial success of our innovative, eco-designed products.”

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  • 08.07.2012

    Oil Near Two-Week High on U.S. Supplies; Brent Rises Above $110

    Oil traded near its highest in two weeks in New York on forecasts that crude inventories fell in the U.S., the world’s largest consumer of the commodity. Brent surpassed $110 a barrel for the first time in 11 weeks.

    West Texas Intermediate futures were little changed, recouping an earlier loss of 0.5 percent. U.S. crude stockpiles probably fell by 1.6 million barrels last week, according to a Bloomberg News survey of nine analysts before an Energy Department report tomorrow. Tropical storm Ernesto was forecast to become a hurricane as it heads for Mexico’s Bay of Campeche..

    “The market has been bolstered by significant crude stock drawdowns reported in recent weeks,” said Andrey Kryuchenkov, an analyst at VTB Capital in London. “There’s probably a bit of additional support coming from Ernesto, set to become a hurricane by late tonight.”

    Crude for September delivery was at $92.47 a barrel in electronic trading on the New York Mercantile Exchange at 11:58 a.m. London time, having slid as much as 42 cents to $91.78 a barrel. It settled yesterday at $92.20, the highest level since July 19. Prices are 6 percent lower this year.

    Brent crude for September settlement rose above $110 a barrel for the first time since May 17.

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  • 08.07.2012

    Appleton reports second quarter 2012 results

    Appleton’s second quarter 2012 net sales of $213.9 million decreased 1.2% compared to second quarter 2011 net sales. However, the Company’s strong revenue growth continued in the thermal papers segment where an 8.6% increase in net sales nearly offset the sales decreases in carbonless papers and Encapsys.

    Excluding one-time items, second quarter 2012 adjusted operating income was $16.9 million, $6.3 million higher than adjusted operating income reported for second quarter 2011.

    Appleton reported a second quarter 2012 operating loss of $32.5 million compared to operating income of $10.7 million during second quarter 2011. The operating loss for second quarter 2012 was largely the result of $42.9 million of costs related to ceasing papermaking operations at the West Carrollton, Ohio, mill and transitioning to base paper produced by Domtar as part of the 15-year supply agreement announced in February. Appleton also recorded $6.5 million of transaction costs associated with the proposed business combination between Appleton and Hicks Acquisition Company II. On July 13, the two companies announced they had agreed to discontinue the proposed business combination.

    Appleton’s net sales for the first six months of 2012 were $433.5 million, slightly lower than first half 2011 net sales of $434.6 million. Appleton reported an operating loss of $82.3 million for the first six months of 2012 compared to operating income of $21.0 million for the same period last year. Excluding one-time items, current year adjusted operating income was $29.7 million, $5.6 million higher than adjusted operating income reported for the first half of 2011. On a year-to-date basis, costs related to ceasing papermaking operations at West Carrollton and transitioning to Domtar base paper were $105.1 million. First half 2012 results also included $6.9 million of transaction costs discussed above. First half 2011 operating income included a $3.1 million charge for a litigation settlement.

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  • 08.07.2012

    Amazon Launches Textbook Rental

    Amazon.com, Inc. today announced the launch of Amazon Textbook Rental. Now college students can choose from thousands of textbooks to rent for the semester and save up to 70%. To rent a textbook, simply search Amazon.com for the book, select “Rent Now,” choose shipping and payment options, and check out. All textbook rentals are Fulfilled by Amazon and are eligible for Free Super Saver Shipping on orders over $25, and Prime Free Two-Day Shipping. At the end of the rental period, returns are free and simple with a prepaid, printable label.

    “College is expensive, and students are always looking for ways to save money on textbooks, which is why we’ve long offered great prices on both new and used textbooks,” said Ripley MacDonald, Director of Textbooks at Amazon.com. “With Textbook Rental, Amazon gives students yet another great option for saving money – it’s now easier than ever for students to get the books they need, in the format they want, at affordable prices. So no matter if a student wants to buy or rent their textbooks, Amazon can be their one-stop shop.”

    Textbook rentals and millions of other items including books, backpacks, electronics, video games, the latest fashion in clothing and shoes, and other college essentials are eligible for Free Two-Day Shipping with an Amazon Prime membership.

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  • 08.07.2012

    Ahlstrom's new filtration materials investment in Turin plant completed

    Ahlstrom, a global high performance materials company, has completed an investment on additional capacity in filtration material at its site in Turin, Italy. The company has started to ramp up its new saturator line, which is expected to be commercial during the third quarter of 2012, slightly ahead of the planned schedule. The value of the investment, initially announced in December 2010, is approximately EUR 17.5 million.

    "This capacity increase in Turin is an important step for Ahlstrom's Filtration business area. We are committed to grow with our customers as a global supplier in the filtration market with a full offering of filter media. We are pleased to be able to provide the newest technology to our customers, both for transportation and advanced filtration materials. This way we will help our customers to stay ahead," stated Tommi Björnman, Executive Vice President, Filtration.

    "We are excited about the new saturator line, which has state-of-the-art control equipment that ensures manufacturing of a very consistent, clean and high quality media," said Gary Blevins, Vice President, Transportation Filtration.

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  • 08.07.2012

    Office Depot Announces Second Quarter 2012 Results

    Office Depot, Inc., a leading global provider of office supplies and services, today announced results for the fiscal quarter ending June 30, 2012.

    Total Company sales for the second quarter of 2012 were approximately $2.5 billion, down 7% compared to the second quarter of 2011. On a constant currency basis, second quarter 2012 sales were down approximately 5% versus prior year.

    The Company reported a net loss, after preferred stock dividends, of $64 million or $0.23 per diluted share in the second quarter of 2012, compared to a net loss, after preferred stock dividends, of $29 million or $0.11 per share in the second quarter of 2011.

    Second quarter 2012 results included approximately $9 million of charges primarily related to restructuring activities and actions to improve future operating performance, and approximately $24 million related to a non-cash asset impairment charge.

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  • 08.06.2012

    Walgreens July Sales Decrease 3.7 Percent

    Walgreens had July sales of $5.59 billion, a decrease of 3.7 percent from $5.81 billion for the same month in fiscal 2011. Compared with prior months during this calendar year, July sales comparisons were more significantly impacted by an increase in generic drug introductions.

    Sales in comparable stores decreased by 7.0 percent. The effect of generic drug introductions in the last 12 months negatively impacted total comparable sales by 4.5 percentage points, while calendar day shifts positively impacted total comparable sales by 1.4 percentage points.

    Calendar year-to-date sales were $40.65 billion, a decrease of 3.0 percent from $41.92 billion in 2011.

    Fiscal 2012 year-to-date sales for the 11 months were $65.79 billion, down 0.4 percent from $66.06 billion in fiscal 2011.

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  • 08.06.2012

    The Washington Post Company Reports Second Quarter Earnings

    The Washington Post Company today reported net income attributable to common shares of $51.8 million ($6.84 per share) for the second quarter ended June 30, 2012, compared to $45.6 million ($5.74 per share) for the second quarter of last year. Net income includes $17.8 million ($2.36 per share) in income from discontinued operations and $2.0 million ($0.26 per share) in losses from discontinued operations for the second quarter of 2012 and 2011, respectively. Income from continuing operations attributable to common shares was $34.0 million ($4.48 per share) for the second quarter of 2012, compared to $47.6 million ($6.00 per share) for the second quarter of 2011.

    Revenue for the second quarter of 2012 was $1,006.9 million, down 5% from $1,061.3 million in the second quarter of 2011. The Company reported operating income of $60.4 million in the second quarter of 2012, compared to operating income of $82.1 million in the second quarter of 2011. Revenues were down at the education and newspaper publishing divisions, offset by increases at the television broadcasting and cable television divisions. Operating results were down at all of the Company’s divisions, except for the television broadcasting division.

    For the first six months of 2012, the Company reported net income attributable to common shares of $82.9 million ($10.87 per share), compared to $60.7 million ($7.57 per share) for the same period of 2011. Net income includes $38.1 million ($5.02 per share) in income from discontinued operations and $4.8 million ($0.59 per share) in losses from discontinued operations for the first six months of 2012 and 2011, respectively. Income from continuing operations attributable to common shares was $44.8 million ($5.85 per share) for the first six months of 2012, compared to $65.5 million ($8.16 per share) for the first six months of 2011. As a result of the Company’s share repurchases, there were 6% fewer diluted average shares outstanding in the first six months of 2012.

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  • 08.06.2012

    Tetra Pak Acquires Industrial Control Specialist

    Tetra Pak today announces the acquisition of the assets of Genius Automação de Sistemas Ltda., a São Paulo, Brazil-based specialist in industrial control systems.
     
    The acquisition will strengthen resources and competences in automation for Tetra Pak’s processing and packaging solutions, particularly in the area of Manufacturing Execution Systems (MES), control systems which manage and monitor work-in-process on a factory floor.
     
    “Genius implements high performance and scalable systems that improve industrial performance using state-of-the-art software technologies. Their automation competence combined with our own automation expertise will enable us to offer our customers the highest standard in manufacturing performance, operational efficiency and food quality and safety,“ said Tim High, Executive Vice President, Tetra Pak Processing Systems.
     
    The acquisition is part of Tetra Pak’s strategy to develop highly integrated and automated processing and packaging production lines. Genius’ automation competence will contribute to future development and offerings of Tetra PlantMaster™, Tetra Pak’s factory control, supervision and operation software.
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  • 08.06.2012

    Open Sky Media Buys Gulfshore Media Properties

    Open Sky Media, a portfolio company of Chicago-based private equity firm Hadley Capital, is expanding its network of regional magazines with acquisition of several properties from Gulfshore Media LLC. Terms of the deal were not released.

    The Florida-based Gulfshore Media division will now be among the largest of Open Sky Media’s (OSM) five regional offices. The deal includes monthlies Gulfshore Life and Gulfshore Business, and annual titles like Gulfshore Life At Home, Forever Young, the Southwest Florida Guide to the Arts and several custom publications for local Florida organizations.

    OSM has been rapidly expanding its regional publishing business with several acquisitions in multiple markets. As previously reported in November by FOLIO:, the company—which formed in March 2011 when it acquired titles Austin Monthly, Austin Monthly Home, and San Antonio magazine from Wisconsin-based Conley Publishing Group—is looking to have a portfolio of ten to twelve titles over time. In August 2011, the company acquired Slice magazine, which serves the greater Oklahoma City area.

    “Open Sky Media is a very attractive buyer because of their interest in the city magazine space and belief in long-term prospects for that industry,” says Dan Denton, president of Gulfshore Media LLC.

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  • 08.06.2012

    Catalyst Paper reaches agreement on financing facilities

    Catalyst Paper announced today that it has entered into a commitment letter with a Canadian chartered bank for a $175 million syndicated asset based loan facility (ABL Facility) maturing on the earlier of 5 years from date of closing and 90 days prior to maturity of any significant debt.
     
    The ABL Facility is a pre-condition for Catalyst to exit from creditor protection and would provide for the refinancing of existing credit facilities to fund the operations of the Company on exit from creditor protection and for general corporate purposes thereafter.  The collateral would primarily consist of all present and future working capital assets of the Company. The ABL borrowing base would be calculated on balances of eligible accounts receivable and inventory, less certain reserves. Customary fees are payable in connection with the ABL Facility. The ABL Facility is subject to the completion of a credit agreement, syndication, documentation and certain other conditions.
     
    Catalyst also entered into a commitment letter with respect to a secured exit notes facility of up to US$80 million (Exit Facility). The Exit Facility provides Catalyst with backstop financing should additional funding be required to pay costs and expenses or manage other contingencies on exit from creditor protection.
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  • 08.06.2012

    Oil Drops After Biggest Gain in 5 Weeks as Storm Slows

    Oil slid from the highest close in two weeks in New York amid speculation that its biggest gain in more than a month was excessive. Tropical Storm Ernesto slowed as it headed westward in the Caribbean.

    Futures slipped as much as 0.8 percent after closing 4.9 percent higher on Aug. 3, the most since June 29. Prices finished last week with a gain of 1.4 percent after U.S. payrolls rose more than estimated and service industries expanded at a faster pace. Ernesto, located about 180 miles east of the Nicaragua and Honduras border, had winds of about 50 mph, down from 60 mph on Aug. 4, according to the U.S. National Hurricane Center.

    “This is a small correction after the massive move last Friday,” said Eugen Weinberg, head of commodity market research at Commerzbank AG in Frankfurt. “Brent near $110 is a bit excessive.”

    Oil for September delivery slid as much as 77 cents to $90.63 a barrel in electronic trading on the New York Mercantile Exchange and was at $91.15 at 10:54 a.m. London time. It surged $4.27 to $91.40 on Aug. 3, the highest settlement since July 20.

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  • 08.06.2012

    Nielsen: Ad spending worldwide on the rise

    Global spending on advertising rose across most media types in the first quarter, with digital advertising seeing the largest boost, according to a report from Nielsen Co.

    According to Nielsen's “Global AdView Pulse,” worldwide ad expenditures were up 3.1% overall in the first quarter compared with the same period last year. Radio advertising was up 7.9%, and newspaper ad expenditures were 3.1% higher. Magazine advertising declined 1.4%.

    Advertisers spent 12.1% more on Internet advertising globally, with the Middle East and Africa (up 35.2%) and Latin America (up 31.8%) outstripping the average.

    In North America, outdoor advertising expenditures increased 4.4%, TV advertising grew 4.0% and radio was up 2.6%. Magazine advertising was down 5.3%, while newspaper ad spending fell 2.1%.

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  • 08.03.2012

    Gap Inc. Reports July and Second Quarter Sales Results

    Gap Inc. today reported that net sales for the second quarter of fiscal year 2012 increased 6 percent compared with last year, and July 2012 net sales increased 12 percent compared with last year.
     
    Net sales for the second quarter, which ended July 28, 2012, increased 6 percent to $3.58 billion compared with $3.39 billion for the second quarter last year. The company’s second quarter comparable sales were up 4 percent compared with a 2 percent decrease in the second quarter last year.

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