What do Fortune, Wired and Field & Stream have in common? They’re all read mostly by men, and contain large numbers of ads that may contribute to “hyper-masculinity,” leading to “troubling behavior in young men,” according to a new study just published in Sex Roles, an academic journal.
The researchers, led by Megan Vokey, a Ph.D. candidate from the University of Manitoba, tracked advertising in eight magazines with a primarily male audience, scoring each ad on four components: Toughness, violence, dangerousness and callous attitudes toward women and sex. The authors found that these “hyper-masculine depictions” were common in all titles, regardless of age or earnings.
At least one of these four attributes was found in 56% of the total sample, while in some magazines, it was as many as 90%. But titles aimed at younger, less affluent readers were more likely to contain such ads. Game Informer, Playboy and Maxim had the most; Fortune and Golf Digest the least.
Ads with either a sexual or violent tone were less common. “Masculine ideology valuing toughness and danger may be more accepted generally by men than are overt violence and callousness towards women and sex,” the authors say. Other studies have linked hyper-masculinity with such problems as “dangerous driving, drug use and violence towards women.”
Increasingly, academic researchers are examining the impact ads can have on public health issues ranging from obesity to anorexia to binge drinking. Sometimes, as in the case of food marketing to children, the result has been stepped-up regulations.
On the 3rd of March in Koryazhma, Arkhangelsk oblast, Ilim Group’s new paper machine build as a part of Big Koryazhma investment project made paper for the first time.
During the coming weeks, Ilim Group’s specialists, supported by experts from International Paper and representatives of equipment suppliers, will be working together to bring the machine up to full production, and help it meet all of the product quality parameters.
New high quality office and offset paper – will soon enter Russian market.
Big Koryazhma is a project is an investment of $270 million, involving construction of a new paper machine, installation of an off-machine coater, installation of cut-size and folio sheeters, construction of precipitated calcium carbonate (PCC) plant and implementation of infrastructure projects. Construction of a new paper machine in Koryazhma started in summer of 2011 at the production site of Ilim Group Branch in Koryazhma. As a result of the project Russia's most advanced state-of-the-art paper machine has started operations and will produce more than 150,000 tons per year of office paper. In summer of 2013 the company will start producing 70,000 tons of coated paper per year to make Ilim Group Russia's first and only manufacturer of this product. The project was approved by Ilim Group's Board of Directors on June 30, 2010. The Ministry of Industry and Trade of the Russian Federation has given this project priority status.
Chico's FAS, Inc. today announced its financial results for the fiscal 2012 fourth quarter and fiscal year ended February 2, 2013. The Company also provided its outlook.
For the fourteen-weeks ended February 2, 2013 (the fourth quarter), when excluding non-recurring acquisition and integration costs related to the Boston Proper acquisition, the Company reported net income of $32.7 million, an increase of 29.8% compared to net income of $25.2 million in last year's thirteen-week fourth quarter, and earnings per diluted share of $0.20, an increase of 33.3% compared to $0.15 per diluted share in last year's fourth quarter. Including non-recurring acquisition and integration costs, the Company reported net income of $31.5 million, an increase of 25.6% compared to net income of $25.1 million in last year's fourth quarter, and earnings per diluted share of $0.19, an increase of 26.7% compared to $0.15 per diluted share in last year's fourth quarter. These results represent the highest fourth quarter earnings per share since 2005.
For the fifty-three weeks ended February 2, 2013 (fiscal 2012), when excluding non-recurring acquisition and integration costs, the Company reported net income of $182.2 million, an increase of 26.1% compared to net income of $144.4 million for the fifty-two week year ended January 28, 2012 (fiscal 2011), and record earnings per diluted share of $1.09, an increase of 29.8% compared to $0.84 per diluted share in fiscal 2011. Including non-recurring acquisition and integration costs, the Company reported net income of $180.2 million, an increase of 27.9% compared to net income of $140.9 million in fiscal 2011, and earnings per diluted share in fiscal 2012 of a record $1.08, an increase of 31.7% compared to $0.82 per diluted share in fiscal 2011.
West Texas Intermediate crude fell to trade near $90 a barrel after money managers cut bets on rising prices.
Futures retreated for a third day in New York after sliding to a 10-week low on March 1. Net-long positions in WTI dropped 16 percent, according to data from the Commodity Futures Trading Commission. Services industries in China expanded at the slowest pace in five months in February, a survey of purchasing managers showed yesterday.
“Oil is going to remain under pressure for a while yet,” said Christopher Bellew, a senior broker at Jefferies Bache Ltd. in London, who correctly predicted last month that prices were set to drop. “When prices were strong last month there was an influx of fresh speculative buying, and the opposite is happening now.”
WTI for April delivery fell as much as 59 cents to $90.09 a barrel in electronic trading on the New York Mercantile Exchange. It was at $90.51 at 11:33 a.m. London time.
Bertelsmann, the international media group, is taking full ownership of the innovative music rights management company BMG by acquiring the shares currently held by Kohlberg Kravis Roberts & Co. (KKR), and will continue to develop BMG as a wholly owned subsidiary. The transaction, which is subject to regulatory approval, is scheduled to close during the first half of this year. The parties have agreed to keep the financial details of the transaction confidential. BMG administers the rights to more than one million songs, including works by such artists as Bruno Mars, Duran Duran, Gossip, Johnny Cash, and Will.i.am. It also represents the master rights (composition and recording) of artists who include Brian Ferry, Nena and Anastacia.
Bertelsmann Chairman & CEO Thomas Rabe said: “This is a great day for Bertelsmann: We are bringing the music home to our group. A few years after our exit from the traditional music business, in association with KKR, we have succeeded in building the world's fourth-largest music rights management business.” Rabe emphasized that KKR has been a good partner. “Our partnership made it possible for BMG to take advantage of consolidation opportunities and to rapidly advance the organic expansion of the business. I thank them for an excellent collaboration.”
Barnes & Noble, Inc. today reported sales and earnings for its fiscal 2013 third quarter ended January 26, 2013.
Third quarter consolidated revenues were $2.2 billion, a decrease of 8.8% as compared to the prior year. Third quarter consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) were $55 million, as compared to $150 million a year ago. Third quarter consolidated net losses were $6.1 million, as compared to net earnings of $52 million a year ago. Third quarter results were adversely impacted by NOOK inventory charges and promotional allowances discussed below in the NOOK section. Third quarter net losses were $0.18 per share, which includes the impact of the dividend on redeemable preferred shares, as compared to net earnings of $0.71 per share a year ago.
On January 23, 2013, the company announced the completion of its strategic partnership with Pearson, which invested $89.5 million in NOOK Media LLC for preferred membership interests representing a 5% equity stake. Following the closing of the transaction, Barnes & Noble now owns approximately 78.2% of the NOOK Media subsidiary and Microsoft, which also holds preferred membership interests, owns approximately 16.8%.
The company ended the third quarter with cash of $214 million and no borrowings under its $1 billion Revolving Credit facility, as compared to a net debt position of $74 million a year ago.
Arjowiggins Graphic has announced the launch of its Innovative 100% recycled High speed Inkjet paper portfolio, a range of OEM qualified and sustainable products designed to run on all Inkjet digital presses including the latest generation of machines. Once again Arjowiggins Graphic meets market demand and continues to lead industry innovation with an exciting new range of 100% recycled papers, engineered specifically for inkjet colour printing.
“This Inkjet Portfolio complements the rest of our digital product offering. We see this product range as an innovative and alternative solution for printers and their Corporate clients. These specially engineered, premium quality web inkjet papers are already creating profitable new markets in transpromo and direct mail, with increasing commercial print applications,” said Jean Charles Monange, sales and marketing director, Arjowiggins Graphic.
The Cocoon and Cyclus Jet families provide a unique combination of high quality performance at full press speed and Improve color depth in combination with ink consumption reduction.
Arctic Paper S.A., the second-largest European producer of bulky book paper by volume and one of Europe’s leading producers of high-quality graphic paper, generated revenue through four quarters of 2012 of over PLN 2.6bn, or 2.9% higher than in 2011. Excluding the costs of the one-off events of the listing on NASDAQ OMX in Stockholm and the tender offer for shares of the Swedish company Rottneros AB, the group’s EBITDA in 2012 was almost PLN 32.6m, or 17.2% higher than the year before, while net profit was 132.6% higher than in 2011, at almost PLN 28.1m.
Despite continuing weak demand for high-quality paper in Europe, in 2012 the company increased its sales volume by 23,000 tonnes, or 3.1%, over 2011, thus increasing its share of the mature market in spite of the fairly difficult situation in the industry. Utilization of the company’s production capacity in 2012 as a whole was at the high level of 96%.
In 4Q 2012, sales revenue fell from the 3rd quarter, but this phenomenon is typical for the end of each calendar year, in connection with the limited demand for graphic paper in the last three weeks of the year. Sales revenue was PLN 615m, more than 8% lower than in 3Q 2012 and in 4Q 2011. On an annual basis sales revenue increased by 2.9%, to PLN 2.6bn.
In 2012, the Arctic Paper Group increased its sales volume over 2011 levels by more than 23,000 tonnes, or 3.1%, which, with declining sales volumes in Europe, meant that the group increased its market share.
The American Forest & Paper Association has released its January 2013 Printing-Writing Paper Report.
According to the report, total printing-writing paper shipments were down 3 percent from January 2012.
Additional key findings:
•January shipments of coated free sheet (CFS) papers increased in 5 percent compared to January 2012, the third year-over-year increase in the past four months.
•Uncoated free sheet (UFS) papers shipments of 766,300 tons in January were 3 percent below the same period last year.
•January uncoated mechanical (UM) paper shipments decreased 10 percent when compared to January 2012.
•January shipments of coated mechanical (CM) decreased 9 percent compared to January 2012 to 255,900 tons.
Best Buy Co., Inc. today announced results for the 13-week fourth quarter (“Q4 FY13”) and 53-week fiscal year ended February 2, 2013 (“FY13”), as compared to the 13-week fourth quarter (“Q4 FY12”) and the 52-week fiscal year ended January 28, 2012 (“FY12”). In FY13, the extra week occurred during the first quarter.
Domestic revenue of $12.55 billion declined 0.3% versus last year. This decline was driven by the loss of revenue from 49 big box stores that were closed earlier in the year, but was substantially offset by a positive 0.9% comparable store sales increase and incremental revenue from 126 additional Best Buy Mobile stand-alone stores. It is important to note, however, that comparable store sales in the quarter benefitted from an estimated 35 basis points due to a calendar shift in this year’s “pre-Super Bowl” sales from Q1 FY14 to Q4 FY13.
Domestic online sales increased 11.2%, reaching a record $1.3 billion as momentum accelerated throughout the quarter. Highly effective “traffic-generating” marketing initiatives drove these better-than-expected results.
Gap Inc. today reported fourth quarter and full year results for fiscal year 2012 and provided guidance for fiscal year 2013. Improved product performance and continued global expansion helped drive an 8 percent increase in net sales for the full year. The company reported earnings per share for the 53 weeks ended February 2, 2013 increased 49 percent to $2.33 on a diluted basis, compared with $1.56 for the 52 weeks ended January 28, 2012.
“Our results in 2012 were stellar in many ways, and I’m very pleased with how well our product resonated with customers,” said Glenn Murphy, chairman and chief executive officer of Gap Inc. “We enter 2013 focused on leveraging our global brands to gain more market share and continuing to increase shareholder value.”
Limited Brands, Inc. today reported 2012 fourth quarter and full-year results.
Adjusted earnings per share for the 14-week fourth quarter ended Feb. 2, 2013, which exclude certain significant items as detailed below, were $1.76 compared to $1.50 for the 13-week fourth quarter ended Jan. 28, 2012. Fourth quarter adjusted operating income was $907.8 million compared to $786.5 million last year, and adjusted net income was $519.2 million compared to $459.2 million last year.
Including the significant items below, reported fourth quarter earnings per share were $1.39 compared to $1.17 last year; operating income was $787.8 million compared to $641.1 million last year; and net income was $411.4 million compared to $359.4 million last year.
J. C. Penney Company, Inc. today announced financial results for its fiscal fourth quarter and full year ended February 2, 2013. For the quarter, jcpenney reported a net loss of $552 million or $2.51 per share. Excluding restructuring and management transition charges and non-cash primary pension plan expense, the Company's adjusted net loss for the quarter was $427 million or $1.95 per share.
For the year, jcpenney reported a net loss of $985 million or $4.49 per share. Excluding markdowns related to the alignment of inventory with the Company's new strategy, restructuring and management transition charges, non-cash primary pension plan expense and the net gain on the sale or redemption of non-operating assets, the Company's adjusted net loss for the year was $766 million or $3.49 per share.
Cenveo, Inc. today announced results for the three months and full year ended December 29, 2012.
The Company generated net sales of $451.8 million for the three months ended December 29, 2012, compared to $486.5 million for the same period last year. The Company generated net sales of $1.8 billion for the year ended December 29, 2012, compared to $1.9 billion for the prior year. 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 consolidations of a print plant and two envelope plants and our decision to exit certain low margin business. Net sales from our label and packaging business lines decreased slightly for the fourth quarter and full year of 2012 due to our decision to exit low margin business within those platforms, which has been offset largely by our e-commerce initiatives and new account wins in our packaging business.
Operating income was $34.0 million for the three months ended December 29, 2012, compared to $39.0 million for the same period last year. The decrease in operating income was primarily due to lower sales, lower byproduct recoveries and increased pension expense, offset in part by lower compensation-related expenses. Non-GAAP operating income was $41.6 million for the three months ended December 29, 2012, compared to $46.7 million for the same period last year. For the year ended December 29, 2012, operating income was $112.2 million, compared to $117.8 million for the prior year. The decrease in operating income was primarily due to increased restructuring, impairment and other charges as a result of the closure and consolidations of a print plant and two envelope plants along with other cost savings actions, lower sales, lower byproduct recoveries and increased pension expense, offset in part by our lower cost structure due to the integration of our Envelope Product Group acquisition and lower compensation-related expenses. For the year ended December 29, 2012, non-GAAP operating income was $151.9 million, compared to $157.2 million for the prior year. Non-GAAP operating income excludes integration, acquisition and other charges, stock-based compensation provision, and restructuring, impairment and other charges.
Quad/Graphics, Inc. today reported preliminary unaudited fourth quarter and full-year 2012 results in advance of management's attendance at the 2013 Baird Business Solutions Conference in New York City on February 27, 2013. For reconciliation of Adjusted EBITDA and Recurring Free Cash flow to U.S. generally accepted accounting principles (GAAP) measures, please see the accompanying information.
Highlights of expected results for Fourth Quarter and Full-Year 2012:
Net sales expected to be $1.1 billion in the fourth quarter and $4.1 billion for the full-year 2012.
Adjusted EBITDA expected to be $174 million in the fourth quarter and $566 million for the full-year 2012.
The Company expects to generate $375 million in full-year Recurring Free Cash Flow, surpassing increased revised guidance of $340 million, partially benefitted by $15 million in lower capital expenditures that moved from 2012 into 2013.
In 2012, the Company repaid $120 million in debt, maintaining its year-end leverage of 2.39x within the targeted range of 2.0x to 2.5x.
“Despite ongoing economic and industry challenges in 2012, we expect our fourth quarter and full-year 2012 results to be in line with our previously discussed expectations,” said Joel Quadracci, Quad/Graphics Chairman, President & CEO. “During the fourth quarter, we paid a $2 special dividend and announced an increase in our regular 2013 quarterly cash dividend by 20% to $0.30 per share. In early 2013, we completed the Vertis Holdings, Inc., acquisition, which is a natural and strategic fit. We believe all of these activities added value for our shareholders, and were made possible by our strong focus on generating Recurring Free Cash Flow and maintaining a strong balance sheet, while simultaneously paying down debt.”
Amidst a sea of online competition that includes Hollywood Reporter, TheWrap and Deadline Hollywood, the grandfather of media trade publications is changing its model to keep pace. On Friday March 1, Variety.com will lower its paywall as it begins a new chapter of the century-old trade’s history. CEO of owner Penske Media, Jay Penske said of the move at the Variety site, “Internally, we’ve been referring to the paywall dropping as ‘the end of an error.’ It was an interesting experiment that didn’t work.”
New hires and promotions for the Penske-owned publication will navigate these new waters. A trio of editors-in-chief has been installed by CEO Jay Penske and new Variety publisher Michelle Sobrino (left). Claudia Eller, most recently of the Los Angeles Times, Cynthis Littleton, recent Variety deputy editor, and Andrew Wallenstein, recent TV editor, will share the duties across print and digital platforms. The company is quick to point out that for the first time in the brand’s history women are in a leadership role. The three-part editorial team is designed to bring comprehensive expertise of film, TV and digital media together for tighter collaboration and cross-platform focus.
While online content will go free, Variety claims to be committed to its paid print publication, which will bow a new weekly format on March 26. The daily Variety newspaper will cease publication with the March 18 issue. The company s planning an ambitious schedule of special editions throughout the year, highlight key industry issues like violence in media.
Boise Inc. today reported net income of $13.5 million, or $0.13 per diluted share, for fourth quarter 2012, compared with net income of $16.3 million, or $0.15 per diluted share, for fourth quarter 2011. Net income for the year ended 2012 was $52.2 million, or $0.52 per diluted share, compared with $75.2 million, or $0.70 per diluted share, for the year ended 2011. Net income excluding special items for the year ended 2012 was $71.6 million, compared with $79.9 million for the year ended 2011.
EBITDA excluding special items(1) was $78.7 million for fourth quarter 2012, compared with EBITDA excluding special items of $85.0 million for fourth quarter 2011. EBITDA excluding special items was $331.8 million for the year ended 2012, versus our record 2011 EBITDA excluding special items of $340.2 million.
West Texas Intermediate rose from its lowest level this year. World powers and Iran ended two days of talks without agreement on the country’s nuclear program.
Futures gained as much as 0.5 percent. Iranian nuclear negotiator Saeed Jalili said negotiations with the U.S. and its partners will resume next month in Istanbul as discussions in Almaty, Kazakhstan, concluded. Americans and others made no offer to ease oil or financial sanctions on Iran, said a U.S. official, asking not to be identified. Crude inventories climbed by 904,000 barrels last week to 373.4 million, the highest level since December, the American Petroleum Institute said yesterday.
“Although there are promises for another round of talks and statements on both sides seem to be putting a positive spin to the talks, there was no deal done,” said Amrita Sen, chief oil market strategist at consultant Energy Aspects Ltd. in London.
WTI for April delivery was at $92.86, up 23 cents at 10:49 a.m. London time in electronic trading on the New York Mercantile Exchange.
The American Forest & Paper Association released its January 2013 Kraft Paper Report on Feb. 22.
Total Kraft paper shipments were 140.5 thousand tons, an increase of 19 percent compared to the prior month. Bleached Kraft paper shipments increased year-over-year 17 percent, and unbleached Kraft paper shipments increased 7 percent year-over-year. As a result, total Kraft paper shipments begin the year 9 percent higher than 2012. Total month-end inventory decreased 14 percent to 73.5 thousand tons this month compared to December 2012 month-end inventories.
The American Forest & Paper Association has released its January 2013 U.S. Paperboard Report.
Total boxboard production increased by 0.9 percent compared to January 2012 and increased 1.7 percent from last month. Unbleached Kraft Boxboard production increased over the same month last year and increased compared to last month. Total Solid Bleached Boxboard & Liner production decreased compared to January 2012 and decreased compared to last month. The production of Recycled Boxboard increased compared to January 2012 and increased when compared to last month.
The American Forest & Paper Association has released its January 2013 U.S. Containerboard Statistics Report.
Containerboard production rose 1.7 percent over December 2012 and 3.5 percent over the same month last year. The month-over-month average daily production increased 1.7 percent. The containerboard operating rate for January 2013 gained 1.3 points over December 2012, from 95.8 percent to 97.1 percent.
Catalyst Paper's Port Alberni mill is marking 10 years as the supplier of coated mechanical paper for Rolling Stone Magazine, Wenner Media's flagship publication. As the only producer of coated mechanical paper in Western North America, Catalyst's Port Alberni mill also supplies paper for the popular Men's Journal, and the Westcoast edition of Us Weekly.
Catalyst President and CEO Kevin J. Clarke paid tribute to Wenner Media and Bulkley Dunton (the company that handles Wenner's paper supply) while in Port Alberni to meet with employees, City officials, community and business leaders.
"We have an excellent relationship and a shared commitment to being great partners. The titles they publish on our paper have great name recognition and having a long-standing anchor account helps grow additional coated business because people can see our paper in print, not only on a roll or in a sample pack," said Mr. Clarke.
With a total coated mechanical capacity of 223,000 tonnes, Catalyst produces Electracote, a coated four and Pacificote, a coated five product, on Port Alberni's No. 5 paper machine and the company's product development team is now testing the capability to make an even higher quality coated grade.
Target Corporation today reported fourth quarter net earnings of $961 million, or $1.47 per share, and full-year net earnings of $2,999 million, or $4.52 per share. Adjusted earnings per share, a measure the Company believes is useful in providing period-to-period comparisons of the results of its U.S. operations, were $1.65 in fourth quarter 2012, up 10.1 percent from $1.49 in 2011. Full-year adjusted earnings per share were $4.76, up 7.9 percent from $4.41 in 2011. A reconciliation of non-GAAP financial measures to GAAP measures is provided in the tables attached to this press release. All earnings per share figures refer to diluted earnings per share.
“We’re pleased with Target’s fourth quarter performance, particularly in the face of a highly promotional retail environment and continued consumer uncertainty,” said Gregg Steinhafel, chairman, president, and chief executive officer of Target Corporation. “Outstanding discipline and execution by our team allowed us to achieve our full-year financial and strategic goals in 2012. We believe these results position us well to deliver on significant plans in 2013, including completion of the largest store opening program in our company’s history with 124 stores in Canada and additional Target and CityTarget locations in the U.S., investing in new processes and technology that will improve our guests’ multichannel experience and closing the sale of our credit card receivables.”
Martha Stewart Living Omnimedia, Inc. today announced its results for the fourth quarter and full year ended December 31, 2012. The Company reported revenue for the fourth quarter and full year of $56.4 million and $197.6 million, respectively.
Dan Taitz, Interim Principal Executive Officer, said, "The Company produced higher Adjusted EBITDA for both the fourth quarter and full-year compared to the respective 2011 periods due to important actions taken to lower our cost structure and align our businesses for the future. Merchandising delivered a strong holiday season and a good year overall with strong revenue growth and improved profit margins. MSLO still has much work to do in 2013 as the Company positions itself to return to sustained profitability."
Fourth Quarter 2012 Summary: Total revenues were $56.4 million in the fourth quarter of 2012, compared to $61.7 million in the fourth quarter of 2011, due to lower revenues in the publishing and broadcasting segments, partially off-set by higher merchandising revenues.
Total operating income for the fourth quarter of 2012 was $1.4 million, compared with a loss of $(0.04) million in the prior-year period. The fourth quarter of 2012 included $(3.5) million in charges related to the restructuring moves in our media business. The fourth quarter of 2011 included a $(1.3) million restructuring charge related to severance costs and staffing adjustments.
Full-Year 2012 Summary: Total revenues were $197.6 million in 2012, compared to $221.4 million in 2011.
Total operating loss for the full-year 2012 was $(56.4) million, compared to an operating loss of $(18.6) million in 2011. Included in 2012 results were restructuring and other non-recurring charges of $(49.1) million, which included a $(44.3) million non-cash impairment charge reflecting the write-down of goodwill related to the Company's publishing segment. Restructuring and other non-recurring charges in 2011 totaled $(5.1) million.
Adjusted EBITDA, which excludes the aforementioned charges, was $0.5 million for 2012, compared to an adjusted EBITDA loss of $(4.0) million in the prior year.
Dillard’s Inc. posted fourth-quarter net income of $161.4 million, up 14% over the year-ago period. It also reported its 10th consecutive quarter of same-store sales growth.
The department store company posted quarterly net sales of $2.106 billion, up 7% from $1.970 billion during the same quarter last year. (Net sales include the operations of the company's construction business, CDI Contractors LLC of Little Rock. Excluding CDI, total merchandise sales were $2.087 billion, up 7% from $1.946 billion during the same quarter last year.)
Same-store sales were up 3%.
Future, the international specialist media group and leading digital publisher, today announces its deal with The Pokémon Company International to launch Official Pokémon Magazine in the UK.
On sale 20th March, Official Pokémon Magazine is the latest print launch from Future and will tap into the global Pokémon phenomenon. The magazine will be a one-stop shop for everything Pokémon, providing UK fans with the ultimate guide to all the latest Pokémon video game, TV series, film and Pokémon Trading Card Game information. The magazine will also feature activities, puzzles and competitions, and each issue will come with a Pokémon-themed cover mounted gift.
With entertainment content including video games, the Pokémon Trading Card Game, a TV series broadcast on CITV, movies and toys, Pokémon is one of the most popular global children’s entertainment properties in the UK.
Official Pokémon Magazine will have a print frequency of 13 issues per year and will sit within Future’s Entertainment Group which comprises film and video game titles, including Official Nintendo Magazine and its related properties. The magazine will be edited by Editor-in-Chief, Chandra Nair.
When Girl Scout troops knock on your door this year, they may have more than just cookies for sale.
Magazine subscription agency M2 Media Group has entered into a licensing agreement with Girl Scouts of the United States of America to provide a new product sales program opportunity for Girl Scout councils nationwide. M2 will partner with local Girl Scout councils to provide members the opportunity to sell magazines and digital subscriptions, utilizing both an online marketplace and face-to-face sales.
“Girl Scouts sell products to raise money. Obviously, the cookie sale is one of the biggest and most beloved fundraising programs in the world,” says Michael Donnarumma, vice president of sales at M2. “But Girl Scouts can now participate in magazine fundraising sales, selling to friends and family to raise money for their troops.”
Donnarumma says when the Girl Scouts’ season starts in the fall—about four months before cookie sales launch—there is a great deal of money needed to get programs running. With this opt-in program, troops will now be able to sell magazines at the beginning of their season to generate start-up funds for their upcoming meetings, allowing local Girl Scout councils to generate additional revenue before the cookie-selling season.
“We’ve created an online marketing program to do it in a simplistic way using the Internet,” he says. “Going door-to-door is something the Girl Scouts are cautious of in this day-and-age, which is the reason we’re utilizing technology as a method to connect with lots of people in a safe way. We’re putting together an online and landed catalog so the girls will have collateral material to sell subscriptions to family members and friends.”
Total European Shipments of Graphic Papers in January were up 1% over 2012.
Total European Shipments of Newsprint in January were up 1.2% over 2012.
Total European Shipments of SC-Magazine in January were up 3.2% over 2012.
Total European Shipments of Coated Mechanical Reels in January were down 3.2% vs. 2012.
Total European Shipments of Uncoated Mechanical in January were up 4.2% over 2012.
Total European Shipments of Coated Woodfree in January were up 1.1% over 2012.
Total European Shipments of Uncoated Woodfree in January were up 2.8% over 2012.
Most of the old Great Northern Paper Co.’s buildings will be razed as the new GNP and its parent company prep the Katahdin Avenue mill site for an industrial park, a company spokesman said Saturday.
Cate Street Capital executives are keeping busy with the razing of six buildings totaling about 127,760 square feet, continuing development of a torrefied wood factory on the site, plans to start a $120 million pellet mill in Eastport next year, and the continuing success of the East Millinocket paper mill, said spokesman Scott Tranchemontagne.
Work on the Katahdin Avenue campus began last fall when contractors began developing a site for a $35 million torrefied wood mill that Cate Street subsidiary Thermogen Industries LLChopes to begin building this this spring, when the ground thaws. Thermogen is also developing the Eastport project.
Due to start in two weeks, the razing of the old buildings will clear space for an accompanying industrial park, Tranchemontagne said.
“There is a lot going on on the campus,” Tranchemontagne said. “For the last couple of months, we have been rewiring many of the buildings and essentially dismantling power lines from some of the other buildings because they are dilapidated and we will take them down.”
The No. 11 paper machine owned by the new Great Northern Paper Co. LLC, another Cate Street subsidiary, and the machine’s accompanying support structures, will remain intact. So will the E&R building, nearby administrative offices, some garages and other, smaller buildings on the site, Tranchemontagne said.
West Texas Intermediate oil fell to the lowest level in seven weeks in electronic trading after the settlement as partial election results in Italy heightened concern that the euro-zone debt crisis may deepen.
Prices dropped as much as 1.1 percent as U.S. stocks tumbled and the euro weakened against the dollar. Early election results showed Italy may be left with a divided parliament, spurring concern that renewed turmoil in European markets will crimp global growth. Oil also fell as U.S. Secretary of State John Kerry signaled that a diplomatic solution to a standoff over Iran’s nuclear program is possible.
“The markets don’t like uncertainty,” said Jacob Correll, a Louisville, Kentucky-based analyst at Summit Energy Inc., which manages more than $20 billion in companies’ annual energy spending. “It’s indicative that the euro-zone crisis is not over yet and there is still a lot of headwind.”
WTI for April delivery fell $1.02, or 1.1 percent, to $92.11 a barrel at 5:01 p.m. in electronic trading on the New York Mercantile Exchange.
The Home Depot®, the world's largest home improvement retailer, today reported sales of $18.2 billion for the fourth quarter of fiscal 2012, a 13.9 percent increase from the fourth quarter of fiscal 2011. Comparable store sales for the fourth quarter of fiscal 2012 increased 7.0 percent, and comp sales for U.S. stores were 7.1 percent.
Sales for fiscal 2012 were $74.8 billion, an increase of 6.2 percent from fiscal 2011. Total company comparable store sales for the year increased 4.6 percent, and comp sales for U.S. stores were 4.9 percent for the year. Excluding the 53rd week, sales for fiscal 2012 increased by 4.5 percent from fiscal 2011.
Earnings per diluted share in fiscal 2012 were $3.00, compared to $2.47 per diluted share in fiscal 2011, an increase of 21.5 percent. These results reflect a nonrecurring charge of approximately $145 million, net of tax, or $0.10 per diluted share, associated with the China store closings. On an adjusted basis, earnings per diluted share in fiscal 2012 were $3.10, compared to $2.47 per diluted share in fiscal 2011, an increase of 25.5 percent.
R.R. Donnelley & Sons Company today reported a 2012 fourth-quarter net loss attributable to common shareholders of $849.0 million, or $4.70 per diluted share, on net sales of $2.7 billion compared to a net loss of $326.7 million, or $1.78 per diluted share, on net sales of $2.7 billion in the fourth quarter of 2011. The fourth-quarter net loss attributable to common shareholders included pre-tax net charges, primarily related to non-cash impairment, totaling $1.0 billion in 2012 and $483.9 million in 2011. The non-cash impairment charges followed our annual impairment test of indefinite-lived assets. Additional details regarding the nature of these and other items are included in the attached schedules.
Non-GAAP net earnings attributable to common shareholders totaled $78.1 million, or $0.43 per diluted share, in the fourth quarter of 2012 compared to $85.2 million, or $0.46 per diluted share, in the fourth quarter of 2011. Fourth-quarter non-GAAP net earnings attributable to common shareholders exclude impairment and restructuring charges, gains on pension curtailment, losses on debt extinguishment, acquisition-related expenses and certain income tax adjustments in both years, as well as contingent compensation on a prior acquisition in the fourth quarter of 2011. For non-GAAP comparison purposes, the effective tax rate increased to 33.0% in the fourth quarter of 2012 from 18.8% in the fourth quarter of 2011, primarily due to certain state tax matters in the fourth quarter of 2011. A reconciliation of GAAP net earnings attributable to common shareholders to non-GAAP net earnings attributable to common shareholders is presented in the attached schedules.
Macy’s, Inc.’s sales and earnings grew significantly in the fourth quarter and full year 2012, ended Feb. 2, 2013. The company exceeded the guidance it provided coming into 2012, and today is providing new guidance for continued growth and progress in 2013.
“2012 was another great year in our company’s evolving story of growth. The numbers reflect our success in pursuing the right strategies, and executing them with conviction in every part of the business with a talented team we consider to be the best in retailing,” said Terry J. Lundgren, chairman, president and chief executive officer of Macy’s, Inc. “We again added more than $1 billion in top-line sales growth in 2012. Comp sales rose by 3.7 percent for the year, on top of increases of 5.3 percent in 2011 and 4.6 percent in 2010. Earnings per share grew by double-digits for the fourth consecutive year. Operating cash flow continued to be strong, and we used excess cash to repurchase shares and double the dividend.
For the 53 weeks of fiscal 2012, Macy’s, Inc. earned $3.24 per diluted share. Earnings per diluted share were $3.46 for fiscal 2012, excluding pre-tax expenses of $137 million ($87 million after tax or 21 cents per share) associated with the early retirement of outstanding debt, and $5 million in pre-tax expenses ($3 million after tax or 1 cent per share) related primarily to store closings. The $3.46 per share compares with management’s initial guidance provided at the beginning of the year for earnings per diluted share, excluding such items, to be in the range of $3.25 to $3.30 per diluted share in fiscal 2012.
The company’s total sales for the 53 weeks of fiscal 2012 totaled $27.686 billion, up 4.9 percent from total sales of $26.405 billion in the 52 weeks of fiscal 2011. On a same-store basis – which included comparable 52-week periods this year and last – Macy’s, Inc.’s fiscal 2012 sales were up 3.7 percent. This is better than initial guidance, provided at the beginning of the year, for sales to be up by approximately 3.5 percent in 2012.
Retailer Saks Incorporated today announced results for the fourth quarter and fiscal year ended February 2, 2013.
The fiscal year 2012 period includes an extra week, creating a 53-week fiscal year that occurs every six years in the accounting cycle for many retailers. For fiscal 2012, the fourth quarter and fiscal year periods ended February 2, 2013 and included 14 weeks and 53 weeks, respectively. For the prior year, the fourth quarter and fiscal year periods ended January 28, 2012 and included 13 weeks and 52 weeks, respectively.
For the 14 weeks and 53 weeks ended February 2, 2013 compared to the 13 and 52 weeks ended January 28, 2012, respectively, total sales increased 5.6% for the fourth quarter and 4.4% for the full year.
Relative to the very weak trends shown in December, overall the January data was positive, though industry challenges clearly remain.
The shipment decline moderated dramatically, utilization improved materially (month over month), net imports declined and inventories fell modestly compared to a normal small build in the month.
Aggregate shipments were 140 basis points stronger than shown in the preliminary release and total printing and writing papers utilization was revised up by 100 basis points compared to the preliminary release.
In terms of grades, all four posted improved trends compared to December with much narrower shipment declines and stronger utilization. Uncoated free posted a modestly unfavorable inventory development while the other three grades saw small inventory declines compared to typical builds in the month.
Uncoated groundwood had the strongest shipment trend in the month, benefiting from a much, much easier comp. Coated groundwood had the weakest shipment trend. Uncoated free posted the strongest utilization, 200 basis points stronger than the other three grades.
Tetra Pak, the world leader in food processing and packaging solutions, today announces significant developments to its packaging solutions portfolio. The innovations deliver faster response times for customers in meeting changing consumer needs whilst minimising packaging equipment investment. The new packaging developments are:
•The Tetra Evero® Aseptic One-Step Opening (OSO)
•The TBA/19 Retrofitability Kit for Tetra Brik® Aseptic 200 and 250 Edge
•The Tetra Pak® A3/Speed filling machine for Tetra Prisma® Aseptic for portion packs
The world’s first carton bottle gets a new opening: Tetra Pak is launching a One-Step Opening on the Tetra Evero Aseptic, the world’s first aseptic carton bottle for ambient white milk. The Tetra Evero Aseptic OSO offers double safety features due to the tamper evidence ring and a neck membrane that is removed by twisting the cap. In addition to these safety features, the Tetra Evero Aseptic with OSO enables customers to offer consumers an easy to open, handle and pour from carton bottle.
More for less - New differentiated package: The TBA/19 Retrofitability Kit allows customers to transform the package shape and base area on the same machine platform, a world first in the aseptic carton packaging industry. Customers with the TBA/19 filling machine for 200 Slim, 250 Base and 125 Slim will soon be able to retrofit their existing filling lines, enabling them to produce the new Tetra Brik Aseptic 200 and 250 Edge. For those with this machine who are not yet ready to invest in the Tetra Pak® A3/Compact Flex filling machine, this solution gives them the option of producing these packages for a fraction of the cost. In addition, the retrofitability kit takes less time to install than a new machine, which means products get to market faster.
Tetra Pak® A3/Speed for Tetra Prisma Aseptic portion packs: The new Tetra Pak A3/Speed filling machine is now available for Tetra Prisma Aseptic 200 and 250 portion packs. The Tetra Pak A3/Speed iLine is the fastest line available from Tetra Pak, with a maximum production capacity of 24,000 portion packs per hour.
One of the longest running magazines on the planet, The Economist, is listening to its readers…and its readers are also listening. The suite of audio products from the brand, including readings of the magazine articles and a series of podcasts, has proven so popular that the brand is considering audio-only subscription plans. Publisher Nick Blunden said in London last week at the Digital Media Strategies conference that a high percentage of its subscribers to the digital editions are opting to listen rather than read.
According to a report in Journalism.co.uk, Blunden said in his keynote address that the audio capabilities of digital devices offers publishers the opportunity to “create new habits” in users.
One habit The Economist is hoping to break is bundling. Blunden says the magazine has had some success in unbundling its various channels so that subscribers pick and pay incrementally more for multiple channels of access. While print or digital subs to the periodical cost $127 each, accessing both print and digital editions costs $165. Blunden told attendees at the conference that half of subscribers are choosing the pricier bundle while the other half are divided evenly between those who buy digital or print only. With 1.5 million subscribers, The Economist has 600,000 who access the brand also on apps.
Blunden told the attendees that they needed to start acting more like Netflix in exploring new content models for the multi-screen era that are far removed from the legacy TV and print precedents.
Several publishers have launched digital-first imprints for genre titles — science fiction/fantasy, romance and so on. In these instances, books are published first as ebooks and aren’t released in print unless they take off. Until now, though, we haven’t seen a major publisher launch an e-imprint focused on new literary fiction — more serious fiction of the type that wins awards and gets major reviews.
That appears to be changing with Little, Brown U.K.’s launch of Blackfriars, a digital-only imprint that will focus on new literary fiction and serious nonfiction. The Bookseller reports that the imprint will publish nine to twelve titles a year, and they’ll be eligible for submission to major literary prizes like the Man Booker Prize. The Bookseller notes:
Digital titles are accepted by prizes including the Man Booker Prize and the Women’s Prize for Fiction, with the condition that they are published by “established” houses and made available for sale in print if the title is selected by the judges at the shortlisting or longlisting stage, respectively.
Blackfriars’ first titles will be published in June. Two of them were previously published in the US: The Painted Girls by Cathy Marie Buchanan by Penguin’s Riverhead and Benjamin Anastas’s Too Good to be True: A Memoir by Amazon. According to The Bookseller, the “royalty rates on the titles are largely the same as those on standard combined print and e-deals.” Traditional publishers’ standard royalty on ebooks is 25 percent. (I’ve asked Blackfriars if it is paying advances, and what its ebooks will cost.)
Without the promise of higher royalties, digital-first imprints are not likely to be many authors’ first choice when they consider their publishing options — especially when it comes to literary fiction, which generally has not sold as well in digital formats as genre fiction has. But imprints like Blackfriars could provide a home for books that have had a little trouble taking off, and the books will get additional marketing support from Little, Brown.
Cygnus Business Media is putting its agriculture group up for sale, Folio: has learned. The group includes five tradeshows and two publications.
Corporate Solutions, an acquisition advisory firm, has been retained to help secure a buyer.
Cygnus CEO John French says in a statement that the sale will "provide us with an opportunity to improve our overall balance sheet and provide a substantial return to our ownership group."
The assets, he says, are profitable and the group is a "discrete business." A sale would not adversely impact the other affinity groups within the company.
The remainder of the company is not on the market.
One obvious, but not confirmed, bidder would be Penton, which just spent $80 million on Farm Progress Companies last November.
UPDATE: According to French, Cygnus's balance sheet is in good shape, but after increasing interest from other parties in buying the group, and a well-performing agriculture market, the time became right to sell.
Brent crude traded near the highest level in four days before international talks with Iran on its nuclear program. China increased fuel prices for the first time since September.
Futures rose as much as 1.6 percent after gaining 0.5 percent on Feb. 22. Iran, which is under a Western embargo on its oil exports, will meet the U.S., China, France, Germany, Russia and the U.K., or the so-called P5+1 group, tomorrow in Almaty, Kazakhstan, after an eight-month lapse in negotiations. The lack of a breakthrough may mean U.S. and European Union sanctions on Iran will continue to cost the Islamic republic about $98.9 million a day in lost oil sales, data compiled by Bloomberg show.
“Any hopes that progress might have been made between Iran and the P5+1 at their meeting this week appear to have been dashed by provocative comments from Iranian spokesmen trumpeting advances in uranium enrichment,” Nic Brown, head of commodities research at Natixis SA in London, said in an e-mailed response to questions today. The talks will probably be “another missed opportunity,” he said.
Brent for April settlement advanced as much as $1.77 to $115.87 a barrel, the highest level since it settled at $117.52 on Feb. 19. It was at $115.84 as of 11:17 a.m. local time on the London-based ICE Futures Europe exchange.
Pearson accelerates global education strategy: Restructuring and investment in digital, services and emerging markets for faster growth, larger market opportunity and greater impact on learning outcomes
Sales up 5% at CER to £6.1bn (with digital and services businesses contributing 50% of sales)
Adjusted operating profit 1% higher at £936m
Adjusted EPS of 84.2p (86.5p in 2011)
Operating cash flow of £788m (£983m in 2011)
Market conditions and industry change
Market conditions generally weak in developed world and for print publishing businesses; generally strong in emerging economies and for digital and services businesses.
Continuing structural change in education funding, retail channels, consumer behaviour and content business models.
Considerable growth opportunity in education driven by rapidly-growing global middle class, adoption of learning technologies, the connection between education and career prospects and increasing consumer spend, especially in emerging economies.
Strong competitive performance
North American Education revenues up 2% in a year when US School and Higher Education publishing revenues declined by 10% for the industry as a whole.
International Education revenues up 13% with emerging market revenues up 25%.
FT Group revenues up 4% with the Financial Times’ total paid print and online circulation up to 602,000; digital subscriptions exceed print circulation for the first time.
Penguin revenues up 1%, with strong publishing performance and eBooks now 17% of sales.
Wausau Paper (WPP) today announced the closure of the Company’s technical specialty paper mill in Brainerd, Minnesota, to occur early in the second quarter of 2013. The closure will affect approximately 130 employees.
Pre-tax closure charges are estimated to be $47 million, with non-cash charges, primarily related to the write-down of long-lived assets, accounting for approximately $44 million of the total. First quarter, pre-tax closure charges of approximately $36 million are expected with the remaining charges occurring over the balance of 2013. After considering income tax liabilities and the anticipated reduction in working capital, the cash impact of the closure is expected to be neutral on a cumulative basis.
The Company recently announced its intent to strategically reposition the company to focus on its Tissue business. A range of alternatives for the divestiture of the technical specialty business have been explored. It has become clear that Brainerd will not contribute to those alternatives and the closure will significantly improve the continuing Paper segment operating results.
Barnes & Noble, Inc., the leading retailer of content, digital media and educational products, today announced that its Board of Directors has received notice from Mr. Leonard Riggio, the Company’s founder, largest stockholder and Chairman of the Board, that Mr. Riggio plans to propose to purchase all of the assets of the retail business of Barnes & Noble. Mr. Riggio’s plans with respect to a proposal are set forth in an amendment to his Schedule 13D filed today with the SEC.
The process of evaluating a proposal and negotiation of any transaction will be overseen by a Strategic Committee of three independent directors: David G. Golden, David A. Wilson and Patricia L. Higgins, who is Chair of the Strategic Committee. The Strategic Committee has selected Evercore Partners to serve as its financial advisor and Paul, Weiss, Rifkind, Wharton & Garrison LLP to serve as its legal advisor.
There can be no assurance that the review of Mr. Riggio’s proposal or the consideration of any transaction will result in a sale of the retail business or in any other transaction. There is no timetable for the Strategic Committee’s review. The Company does not intend to comment further regarding the evaluation of Mr. Riggio’s proposal, unless and until definitive agreements for a transaction are entered into or the Strategic Committee determines to conclude the process.
Andrew de Vries has joined the Sustainable Forestry Initiative® as Vice President, Conservation, Indigenous and Government Relations. He will oversee the SFI® conservation program in Canada and engage Native Americans, First Nations and Metis groups both in the development and use of the SFI standard. Andrew will also work with governments in Canada and Europe to ensure inclusive forest certification related policies.
“Andrew brings more than 20 years of wildlife conservation and natural resource management experience to SFI and will lead our forest conservation efforts in Canada,” stated Kathy Abusow, President and CEO. “His ability to work with a wide variety of forest owners and communities dependent on this valuable resource makes Andrew an excellent fit for the SFI program.”
"I am excited to join the SFI team to continue my career by broadening SFI's engagement with the conservation and Indigenous peoples of North America", said de Vries, "SFI provides a great opportunity to do both because of its extensive network of participants and its conservation and community grants program.”
Most recently Andrew was the Chief Biologist for the Forest Products Association of Canada (FPAC), Canada's national forest industry trade association, where he led conservation and aboriginal engagement efforts while also working on the development of government policies in these areas. Andrew has worked with a variety of conservation organizations throughout his career including universities, government agencies and environmental organizations, including those involved in the Canadian Boreal Forest Agreement. His work with Indigenous peoples includes working with Bands and Tribes at the local level on business partnerships, training and conservation opportunities as well as leading a Memorandum of Understanding between FPAC and Canada's Assembly of First Nations in 2008. Throughout his career Andrew has worked closely with each of the 3 sustainable forest management standards in place in North America.
Sun Chemical released its 2012 Sustainability Report, which showcases Sun Chemical’s leadership in eco-efficiency through established data-driven metrics, as well as examples of how raw material suppliers are contributing to the company’s environmental footprint.
The report describes a balanced scorecard approach that Sun Chemical uses to assess suppliers’ environmental performance and provides details about questionnaires that were sent to suppliers asking about their sustainability policies, carbon footprint emissions, the potential impact on deforestation, etc.
The report cites two case study examples of raw material suppliers who published sustainability reports and described their contributions and practices to eco-efficiency.
“We’re going beyond providing meaningful data that will help meet customer goals,” said Gary Andrzejewski, Sun Chemical’s Corporate Vice President of Environmental Affairs. “We are showing concrete examples of things our raw material suppliers are doing to help Sun Chemical meet and improve upon its eco-efficiency goals. It is our goal to manufacture products that help our customers better meet their environmental goals and we can only do that by ensuring our suppliers are also doing their part to contribute to sustainable practices.”
The report shows data collected every year since 2005 from approximately 170 Sun Chemical sites in over 25 countries. The key sustainability metrics measured in the data include: energy consumption/conservation at production and non-production sites, the energy carbon footprint at the production sites, process waste reduction, water consumption, materials safety, and employee safety.
PaperWorks Industries, Inc. today announced price increases that will be coming into effect with shipments as of March 25, 2013, for all MasterWorks grades of coated recycled boxboard by $40 per ton, and for MasterWorks URB+ uncoated recycled boxboard by $25 per ton. This price increase is necessary to recover escalating costs including raw materials, energy, chemicals, transportation, benefits and other expenses.
PWI will continue to minimize these increases with ongoing cost savings initiatives as well as provide leading quality, excellent availability and service for all their paperboard products.
Customers are encouraged to contact their account manager, customer service representative or Jerry Tassone, if they have any questions regarding this increase.
INTERPOL’s first international operation targeting large-scale illegal logging and forest crimes has resulted in almost 200 arrests as well as in the seizure of millions of dollars’ worth of timber and some 150 vehicles across Latin America.
Operation Lead (17 September- 17 November 2012), undertaken in 12 countries in Central and South America under the auspices of INTERPOL’s Environmental Crime Programme and its Project Leaf, brought together law enforcement agencies to combat forestry crime in Bolivia, Brazil, Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, Guatemala, Honduras, Paraguay, Peru, and Venezuela.
Under the operation, officials carried out inspections and investigations on transport vehicles, retail premises, and individuals, as well as surveillance and monitoring at ports and various transport centres.
The resulting seizures of wood and related products during the operation are estimated to amount to more than 50,000 m3 of seized wood, equivalent to some 2,000 truckloads of timber. The total value of the seized timber is estimated at around USD 8 million.
Dennis Publishing, which owns The Week and Mental Floss in the U.S. and publishes U.K. titles includingMen’s Fitness and Auto Express, has invested in Padify, an app software startup.
The minority stake in Padify, according to Journalism.co.uk, gives Dennis titles access to its design platform, which is currently being used to create an iPad edition for the U.K. version of Men’s Fitness. The platform allows designers to create magazine apps for a variety of devices, and also enables social sharing, bookmarking, and copying text, per the same report.
Dennis app development lead Alex Watson said Padify’s platform is especially useful because designers can build apps without having to use templates, which aren’t necessarily suitable for different magazines. Watson told the Digital Media Strategies conference in London that integrating Padify is part of Dennis Publishing’s“create one publish everywhere” strategy for simplifying digital publishing workflows.
HP today announced financial results for its first fiscal quarter ended Jan. 31, 2013. First quarter GAAP diluted earnings per share (EPS) was $0.63, down from $0.73 in the prior-year period and above its previously provided outlook of $0.34 to $0.37 per share. First quarter non-GAAP diluted EPS was $0.82, down from $0.92 in the prior-year period and above its previously provided outlook of $0.68 to $0.71 per share. First quarter non-GAAP earnings information excludes after-tax costs of $373 million, or $0.19 per diluted share, related to the amortization of purchased intangible assets, restructuring charges and acquisition-related charges.
For the first quarter, net revenue of $28.4 billion was down 6% year over year and down 4% when adjusted for the effects of currency.
AAA Fuel Gage 2/22/13
National Unleaded Regular:
Current Average - $3.781/gallon
Month Ago Average - $3.316/gallon
Year Ago Average - $3.612/gallon
Highest Recorded Average - $4.114/gallon on 7/17/08
Current Average - $4.145/gallon
Month Ago Average - $3.898/gallon
Year Ago Average - $3.971/gallon
Highest Recorded Average - $4.845/gallon on 7/17/08
Current Exchange Rates as of 2/22/13
American Dollar to Canadian Dollar = 0.981327
American Dollar to Chinese Yuan = 0.160373
American Dollar to Euro = 1.318316
American Dollar to Japanese Yen = 0.010721
American Dollar to Mexican Peso = 0.078607