-
08.02.2012
Second quarter sales at Harlequin fell to C$107.0 million from C$110.3 million, but operating profit rose to C$18.0 million from C$16.3 million in last year’s second period, parent company Torstar reported this morning. The drop in revenue was due to the decline in sales of print titles that was not entirely offset by higher digital sales. Earnings rose due to lower promotional spending and a lower returns provision. Foreign exchange had a C$100,000 negative impact on revenue.
According to Torstar, North America sales were down C$3.3 million in the quarter with declines of C$2.6 million in retail print and C$2.3 million in direct-to-consumer revenue more than offsetting digital revenue growth of C$1.6 million. Torstar noted that in North America, the shift in retail sales from print to digital moderated in the second quarter, although it added that Harlequin has adjusted its print volumes to account for the higher percentage of digital sales. For all of Harlequin, digital revenue was 20.4% of total sales in the quarter (and the six month period), compared to 15.0% for the second quarter of 2011 (and 14.3% for the six months).
In overseas markets, business continued to be negatively impacted by softness in Europe, although in the quarter digital revenue growth offset lower retail print and direct-to-consumer revenue resulting in an increase in sales of about C$200,000.
For the first half of 2012, sales were down 5.3%, to C$213.7 million, but operating earnings were up slightly, rising to C$38.4 million from C$38.3 million. Torstar said it expects results in the second half of 2012 at Harlequin to decline due to factors that include higher author royalty rates for digital sales and a difficult comparison with a strong 2011 performance. Beginning July 1, Harlequin raised its e-book royalty rate on its frontlist titles and for much of its backlist.
click here
-
08.02.2012
Norske Skog has entered into an agreement to sell its paper mill Parenco in Renkum in the Netherlands and the global recovered paper business, Reparco, to investment firm H2 Equity Partners. Norske Skog expects to release cash from the transaction in the order of EUR 30 millions. The transaction is part of the effort to reduce Norske Skog's net debt. H2 sees good growth opportunities for the mill, and will consider conversion of the mill to produce packaging paper.
The sale is part of our strategy to improve Norske Skog's cash flow and financial position. Profitability at Parenco has been a challenge for a long time, and we have considered both sale and closure of the mill. We are very pleased to be able to sell to a company with long-term plans for the overall operations at Parenco, says President and CEO in Norske Skog, Sven Ombudstvedt.
We are happy that we can bring the good news that this company, with its 100 years of history, can continue to operate. It is a good, well positioned paper mill, with well-motivated, expert staff, modern equipment, and it is geographically well situated. The sourcing of raw material from Reparco adds strategic value. We see good growth opportunities for Parenco, mainly driven by the substitution to higher quality magazine paper grades as well as the on-going growth in relevant publishing segments such as door-to-door retail folders. It is our ambition to create a healthy company with high quality, sustainable products and a defendable market position, in line with the overall mission of H2 Equity Partners to build better businesses, says Harmen Geerts, partner at H2 Equity Partners.
click here
-
08.02.2012
Discount-store operator Fred's Inc. said Wednesday that its same-store sales increased 1.2% during the four weeks ended July 28, helped by markdowns that increased customer traffic. The company also raised its earnings guidance for the second quarter, citing a tax settlement with the state of Tennessee.
Total sales for the month rose 5% to $136.7 million.
click here
-
08.02.2012
A.H. Belo, which publishes the Dallas Morning News among other newspapers, saw total revenues decrease 5% from to $109 million in the second quarter of 2012, the company announced Wednesday.
Total advertising revenues sank 8%, from second-quarter 2011 to second-quarter 2012, with display ads down 15% to $21.5 million, preprint revenue down 1% to $20 million, and classifieds down 13% to over $13 million. Total digital ad revenues increased 1% to $9 million, while circulation revenues decreased 3% to $34 million.
Looking to the near future, A.H. Belo chairman, president and CEO Robert Decherd warned that “advertising revenue volatility may continue for the remainder of the year,” echoing similar comments from executives at other big newspaper publishers, including Lee Enterprises and McClatchy.
click here
-
08.02.2012
Improved financial, safety and environmental performance, highlight Longview Fibre Paper and Packaging, Inc.'s first-ever Sustainability Report.
"We are now a sustainable business, solidly in the game for the long run," said President Randy Nebel, in the report. "We will continue to pursue our vision, work safely, meet customer expectations, and deliver results."
Longview's financial performance was strong in 2011, producing positive earnings for investors. This was aided by eight consecutive quarters of record mill production.
Also highlighted in the report was Longview's dramatic improvement in safety. In 2006, Longview had a yearly incident rate of 8.6. That figure dropped to 1.57 by the end of 2011. And from Sept. 1, 2011, to Feb. 10, 2012, the mill reached one million consecutive safe hours worked. One of the company's container plants in Utah reached six years without a recordable injury, in March, 2012.
click here
-
08.02.2012
This year, for the first time, the U.S. will spend more than any other country on mobile advertising, according to a new forecast from research firm eMarketer Inc. U.S. marketers in 2012 will spend $2.3 billion on the tiny ads that appear on mobile web sites, including paid search ads, and in mobile apps; this is an increase of 92% over $1.2 billion in 2011, eMarketer says.
Growth in the U.S. and other countries will help drive mobile ad spending worldwide to $6.4 billion in 2012, up 60% from $4.0 billion in 2011, eMarketer finds.
The top spender in 2011 was Japan, unleashing $1.4 billion on the mobile ad market, eMarketer says. Its spend will climb 21% to $1.7 billion in 2012. Mobile advertising is more mature in Japan, which means growth in percentage terms is far lower than in North American markets, eMarketer notes.
click here
-
08.02.2012
Catalyst Paper recorded a net loss of $11.7 million in the second quarter of 2012 ($0.03 per common share), in comparison to a net loss of $25.6 million ($0.07 per common share) the quarter before. Improvement in the current quarter was mainly due to a gain on the sale of surplus-assets and a net reorganization credit reflecting confirmed claim amounts. Before these and other specific items, the net loss for the quarter was $5.0 million compared to a net loss of $9.6 million in the prior quarter.
Earnings before interest, tax, depreciation and amortization (EBITDA) in the second quarter was $14.6 million and EBITDA before restructuring costs was $14.5 million, compared with EBITDA of $18.1 million and EBITDA before restructuring costs of $23.3 million in the first quarter.
“We focused relentlessly on satisfying the requirements of the reorganization process and it’s gratifying to have gained creditor approval of our second amended plan of arrangement,” said Catalyst President and CEO Kevin J. Clarke. “We reached that milestone within five months of entering creditor protection and are now poised for an orderly exit in the third quarter. While market conditions are challenging, the benefit of reduced operating costs and the 60% reduction in debt puts us on much better competitive footing as our industry continues to reinvent for the future.”
Catalyst filed for creditor protection on January 31, 2012 and on June 14, 2012 announced a second amended plan of arrangement. This plan received the necessary creditor approval on June 25, 2012 and was subsequently approved by both the British Columbia Supreme Court and by the United States Court in Delaware. Sale and investor solicitation procedures relating to all or substantially all of the company’s assets – initiated when an earlier version of the plan fell short of required levels of creditor support – were suspended.
Creditor protection has been extended to September 30, 2012, and implementation of the approved plan of arrangement is conditional on Catalyst securing a new asset-based loan facility and adequate exit financing. Implementation of the plan is expected to reduce annual operating costs by approximately $35 million, annual interest expenses by US $34 to $42 million and will reduce long-term debt by nearly US$400 million.
click here
-
08.02.2012
Oil rose for a second day in New York as the European Central Bank meets to discuss the bloc’s debt crisis, while U.S. fuel stockpiles shrank.
Futures advanced as much as 0.3 percent, extending a 1 percent gain yesterday that was the biggest in almost two weeks. U.S. crude inventories slid the most since December, Energy Department data showed yesterday. The Federal Reserve yesterday pledged additional support for the U.S. economy if necessary. Enbridge Inc. (ENB) was waiting for approval to resume a pipeline that carries Canadian oil to the Midwest.
“The ECB will issue strong words, but are unlikely to announce anything substantial,” said Guy Wolf, a strategist at Marex Spectron Group Ltd., a London-based commodities broker. “The central bank meetings are inhibiting trading activity, which in any case is subdued because of the summer.”
Oil for September delivery was at $89.16 a barrel, 25 cents higher in electronic trading on the New York Mercantile Exchange at 10:32 a.m. London time. The contract rose 85 cents yesterday, the biggest gain since July 19. Prices are 9.8 percent lower this year.
Brent crude for September settlement was at $106.57, up 61 cents, on the London-based ICE Futures Europe exchange.
click here
-
08.02.2012
American Eagle Outfitters, Inc. announced that it is raising its second quarter adjusted EPS outlook to $0.19 to $0.21, compared to adjusted EPS of $0.13 last year. The revised outlook is primarily due to stronger than expected sales. The company?s previous second quarter adjusted EPS guidance was $0.13 to $0.15 per diluted share. As previously announced, results exclude the 77kids business and restructuring charges.
Net sales for the second quarter increased 11% to $740 million compared to $669 million last year. Comparable store sales increased 9%, including sales from AEO direct.
click here
-
08.02.2012
Limited Brands, Inc. reported a comparable store sales increase of 12 percent for the four weeks ended July 28, 2012, compared to the four weeks ended July 30, 2011. The company reported net sales of $649.8 million for the four weeks ended July 28, 2012, compared to net sales of $660.4 million last year.
The company reported a comparable store sales increase of 8 percent for the second quarter ended July 28, 2012, compared to the second quarter ended July 30, 2011. The company reported net sales of $2.399 billion for the second quarter ended July 28, 2012, compared to sales of $2.458 billion last year.
The company reported a comparable store sales increase of 8 percent for the 26 weeks ended July 28, 2012, compared to the 26 weeks ended July 30, 2011. The company reported net sales of $4.553 billion for the 26 weeks ended July 28, 2012, compared to sales of $4.675 billion last year.
click here
-
08.02.2012
OfficeMax® Incorporated, a leader in office supplies, technology and services, today announced the results for its fiscal second quarter ended June 30, 2012.
Total sales were $1,602.4 million in the second quarter of 2012, a decrease of 2.7% from the second quarter of 2011. For the second quarter of 2012, OfficeMax reported operating income of $23.1 million, compared to $4.0 million in the second quarter of 2011, and net income available to OfficeMax common shareholders of $10.7 million, or $0.12 per diluted share, compared to a net loss of $3.0 million, or $0.04 per diluted share, in the second quarter of 2011.
Contract segment sales decreased 0.2% compared to the prior year period to $878.8 million in the second quarter of 2012 (an increase of 1.0% on a local currency basis). This decrease reflected a U.S. Contract operations sales increase of 2.6% and an international Contract operations sales decrease of 6.0% in U.S. dollars (a decrease of 2.3% on a local currency basis).
Retail segment sales decreased 5.7% to $723.6 million in the second quarter of 2012 compared to the second quarter of 2011, reflecting a same-store sales decrease of 1.8% due to unfavorable foreign currency translation and reduced store transactions.
click here
-
08.02.2012
The Bon-Ton Stores, Inc. today announced comparable store sales in the four weeks ended July 28, 2012 were even with last year. Total sales decreased 0.1% to $173.4 million in the current year compared with $173.6 million in the prior year period.
For the second quarter of fiscal 2012, comparable stores sales increased 0.1%. Total sales for the thirteen weeks ended July 28, 2012 decreased 0.1% to $594.9 million compared with $595.5 million for the prior year period.
Year-to-date comparable store sales decreased 0.6%. Year-to-date total sales decreased 0.8% to $1,235.6 million compared with $1,245.4 million in the same period last year.
click here
-
08.02.2012
Stein Mart, Inc. today reported comparable store sales for the four-week period ended July 28, 2012 increased 2.8 percent. Total sales for the period were $69.9 million, an increase of 4.0 percent from $67.2 million in the same period in 2011.
click here
-
08.02.2012
Macy's, Inc. today reported total sales of $1.693 billion for the four weeks ended July 28, 2012, an increase of 5.1 percent compared with total sales of $1.611 billion in the four weeks ended July 30, 2011. On a same-store basis, Macy's, Inc. sales were up 4.1 percent in July 2012 as compared to July 2011.
For the second quarter of 2012, the company’s total sales were $6.119 billion, up 3.0 percent from total sales of $5.939 billion in the same 13-week period last year. On a same-store basis, Macy’s, Inc.’s second quarter sales were up 3.0 percent.
For the year to date, Macy’s, Inc.’s sales totaled $12.262 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 year-to-date sales were up 3.7 percent.
click here
-
08.02.2012
Target Corporation today reported that its net retail sales for the four weeks ended July 28, 2012 were $4,995 million, an increase of 3.2 percent from $4,840 million for the four weeks ended July 30, 2011. On this same basis, July comparable-store sales increased 3.1 percent.
click here
-
08.01.2012
F+W has purchased Aspire Media, a Loveland, Colorado-based enthusiast publisher serving the craft market and backed by private equity firms Frontenac Company and Catalyst Investors. Terms of the deal were not released, but F+W CEO David Nussbaum says it will add another 30 percent of revenue to the company.
Aspire Media was formed in 2005 with the acquisition of Interweave and is headed by CEO Clay Hall who, along with Aspire CFO Troy Wells, will be leaving the company post-sale. The company has grown into a well-integrated, multiplatform business with products spanning print, digital, e-commerce, live events and television.
The deal substantially increases F+W's footprint in the craft market, giving the company 15 art and craft magazines, 30 special newsstand publications, a book division, 11 consumer events and a significant digital operation with 33 websites and 10 online communities.
click here
-
08.01.2012
The American Booksellers Association (ABA) and Barnes & Noble filed a motion today to become a “friend of the court” in proceedings pending in the U.S. District Court for the Southern District of New York with respect to the settlement by three publishers of a lawsuit brought by the Department of Justice against Apple and five publishers regarding e-book pricing and distribution. Apple and two publishers have not settled the lawsuit.
In the joint filing, the ABA and Barnes & Noble argue that elimination of the current pricing and distribution method for e-books, known as the agency model, will injure innocent third parties, including ABA member bookstores, Barnes & Noble, authors, and non-defendant publishers; hurt competition in an emerging industry; and ultimately harm consumers. "The end loser of this unnecessary and burdensome regulatory approach will be the American public, who will experience higher overall average e-book and hardback prices and less choice," the filing said.
Under the Department of Justice’s proposed consent decree, which would affect the publishers Hachette, HarperCollins, and Simon & Schuster, the publishers would be forced to terminate their current agency agreements with ABA bookstore members and Barnes & Noble. The decree would restrict the publishers from entering similar agency agreements for two years.
The filing today noted that of the 868 public comments received by the Department of Justice on this matter, more than 90 percent opposed the proposed consent decree.
click here
-
08.01.2012
Western Forest Products Inc. today announced results for the second quarter of 2012. The Company reported EBITDA of $20.4 million for the second quarter of 2012 compared to EBITDA of $9.3 million for the first quarter of 2012 and $21.2 million for the second quarter of 2011.
Q2 2012 HIGHLIGHTS
EBITDA of $20.4 million, up from the $9.3 earned million in Q1 2012
Top line revenues grew by 16% compared to Q2 2011 on increased lumber and log shipment volumes
Announced a $6.7 million investment in auto grading technology for our Alberni Pacific sawmill
click here
-
08.01.2012
Torstar Corporation today reported financial results for the second quarter ended June 30, 2012.
Highlights for the quarter:
Revenue was $383.9 million in the second quarter of 2012, down $9.4 million (2.4%) from $393.3 million in the second quarter of 2011.
EBITDA was $59.8 million in the second quarter of 2012, down $5.9 million from $65.7 million in the second quarter of 2011.
Net income attributable to equity shareholders was $35.7 million ($0.45 per share) in the second quarter down $77.0 million ($0.97 per share) from $112.7 million ($1.42 per share) last year. The second quarter of 2011 included a gain of $74.6 million ($0.94 per share) from the sale of Torstar's investment in CTV Inc.
click here
-
08.01.2012
Time Warner Inc. today reported financial results for its second quarter ended June 30, 2012.
Revenues decreased 4% to $6.7 billion and Adjusted Operating Income declined 5% to $1.2 billion in the second quarter of 2012 due to growth at the Networks segment offset by declines at the Film and TV Entertainment and Publishing segments as well as a significant year-over-year increase in intersegment eliminations. Adjusted Operating Income margins were 18% for the second quarter of both 2012 and 2011. Operating Income decreased 16% to $1.1 billion, while Operating Income margins were 16% for the second quarter of 2012 compared to 18% for the prior year quarter.
click here
-
08.01.2012
Faced with the continued devaluation of the Brazilian Real versus the U.S. dollar, Sun Chemical will raise prices on inks in Brazil by 5 percent, effective August 1, 2012.
“With prices to our customers in reais and the majority of our costs in U.S. dollars, this increase is necessary because of the continued weakening in our local currency,” said Greg Lawson, President, Sun Chemical Latin America. “We are committed to continue delivering world class quality, service, innovation and value to our customers as we work through these challenging times together.”
click here
-
08.01.2012
Highlights: Strong EBITDA performance of €500 million in H1. Integrated system underpins quality of earnings
Robust free cash flow of €63 million in Q2. Free cash flow generation will accelerate in H2
Net debt reduced by over €500 million in last 2 years. Net debt/EBITDA of 2.8x well within stated target
Containerboard price increases announced
Full year EBITDA guidance re-affirmed
Gary McGann, Smurfit Kappa Group CEO, commented: “SKG is pleased to report a strong EBITDA of €500 million for the first half. This performance is underpinned by the strength of our integrated model, relatively stable box prices in the period, and our continuing focus on cost take-out and operating efficiency. Our Latin American business continues to provide us with geographic diversity, superior margins, and good growth prospects.
In a challenging macro-economic environment, our European box volumes remained stable in the second quarter. This further demonstrates the resilience of our business and the value that our customers place in our strong market offering, service led approach and unrivalled innovation capabilities.
click here
-
08.01.2012
R.R. Donnelley & Sons Company today reported second-quarter 2012 net earnings attributable to common shareholders of $88.8 million, or $0.49 per diluted share, on net sales of $2.5 billion compared to net earnings of $12.2 million, or $0.06 per diluted share, on net sales of $2.6 billion in the second quarter of 2011. Second-quarter 2012 net earnings attributable to common shareholders included pre-tax charges for restructuring ($25.7 million) and impairment ($8.3 million, non-cash), a pre-tax loss on an investment of $4.1 million (non-cash), and acquisition-related expenses ($0.5 million), offset by the recognition of previously unrecognized tax benefits ($26.1 million, non-cash). Second-quarter 2011 net earnings attributable to common shareholders included pre-tax charges for restructuring ($51.4 million) and impairment ($24.3 million, non-cash), a loss on debt extinguishment ($68.6 million), and acquisition-related expenses ($0.9 million), partially offset by a pre-tax gain on an investment of $9.8 million (non-cash).
Net sales in the quarter were $2.5 billion, down $94.8 million, or 3.6%, from the second quarter of 2011. Pro forma for acquisitions, net sales decreased 4.0%, as a 164 basis point unfavorable impact of changes in foreign exchange rates, volume declines in certain product offerings, price erosion and a 53 basis point unfavorable impact due to lower pass-through paper sales more than offset volume growth in certain product offerings. Gross margin of 23.5% in the second quarter of 2012 declined from 24.5% in the second quarter of 2011 as an unfavorable product mix, volume declines, unfavorable pricing on by-products and pricing pressure more than offset lower pension expense and productivity improvements. SG&A expense as a percentage of net sales in the second quarter of 2012 improved to 10.9% from 11.8% in the second quarter of 2011 primarily due to lower pension expense and productivity improvements resulting from focused cost reduction actions. Operating earnings in the quarter were $163.9 million, which were impacted by restructuring and impairment charges and acquisition-related expenses totaling $34.5 million in the second quarter of 2012, compared to operating earnings in the second quarter of 2011 of $116.1 million, which included restructuring and impairment charges and acquisition-related expenses totaling $76.6 million.
click here
-
08.01.2012
Can the iPad and its nascent business models really support a fully staffed news organization pouring multimedia assets into a daily app? Well, probably not really…or not yet. That appears to be the implied verdict from News Corp. More than a year after launching its ambitions daily news service for tablets (and more recently smartphones), The Daily is losing 29% of its workforce or 50 full time employees.
Nevertheless, News Corp. insists that the moves are designed to streamline an effort that will continue to develop. Sports content now will be provides mainly by partners such as Fox Sports as that division is folded in with the Opinion section. These two areas of The Daily content experienced the lightest usage. There will no longer be a separate Opinion section. Instead commentary will appear is clearly marked places throughout news content.
The Daily says that it will enhance the presence of the features that drew the most reader support, including original reporting, visual content, interactive features, infographics and video. The app will now work solely in portrait mode, which the large majority of users seemed to prefer.
News Corp says that the changes reflect the priorities of the readers and the “needs of the business.” While the company has claimed to exceed 100,000 subscriber to the paid daily, almost all tablet app advertising is still struggling to get consistent support from advertisers.
click here
-
08.01.2012
Glatfelter today reported 2012 second quarter adjusted earnings of $5.3 million, or $0.12 per diluted share, compared with $3.1 million, or $0.07 per diluted share, in the 2011 second quarter. On a GAAP basis, second quarter 2012 net income totaled $13.4 million, or $0.31 per share, compared with $2.5 million, or $0.05 per share, in the second quarter of 2011. Consolidated net sales in the second quarter of 2012 totaled $384.7 million, a decrease of 3.3 percent from the second quarter of 2011.
On a year-over-year basis, Specialty Papers’ net sales decreased 1.2 percent as shipping volumes declined 2.6 percent partially offset by a $2.6 million benefit from higher selling prices.
Composite Fibers’ net sales decreased $7.7 million, or 6.7 percent, primarily due to the translation of foreign currencies which unfavorably impacted the comparison by $9.4 million while selling prices were substantially unchanged.
On a year-over-year basis, Advanced Airlaid Materials’ net sales decreased $2.9 million or 4.5 percent primarily due to a $4.3 million unfavorable impact from the translation of foreign currencies. Volumes shipped increased 2.0 percent and average selling prices declined slightly in the comparison.
click here
-
08.01.2012
Costco Wholesale Corporation today reported net sales of $7.25 billion for the month of July, the four weeks ended July 29, 2012, an increase of eight percent from $6.74 billion during the similar period last year.
For the forty-eight weeks ended July 29, 2012, the Company reported net sales of $87.71 billion, an increase of nine percent from $80.18 billion during the similar period last year.
click here
-
08.01.2012
Oil traded near the lowest level in more than two weeks in New York as concern that central banks won’t act to stimulate a slowing global economy outweighed signs of decreasing supplies.
Futures were little changed after earlier falling 0.6 percent as measures of manufacturing in China and Australia weakened. The U.S. Federal Reserve will forgo announcing a third round of asset purchases after a two-day meeting ends today, according to 88 percent of economists surveyed by Bloomberg News. European Central Bank policy makers meet tomorrow. U.S. crude stockpiles shrank 11.6 million barrels last week, the most since September 2008, the American Petroleum Institute said.
“The looming slowdown in the economy is setting the tone in the short term,” said Gerrit Zambo, an oil trader at Bayerische Landesbank in Munich who predicts prices will remain capped close to current levels unless central banks bolster stimulus plans. “Economic numbers don’t seem to get better, as with Chinese manufacturing. The fundamentals don’t look very good at the moment, with the situation in Europe far from being solved.”
Crude for September delivery was at $88.20 a barrel, up 14 cents, in electronic trading on the New York Mercantile Exchange at 10:48 a.m. London time. The contract yesterday decreased $1.72 to $88.06, the lowest close since July 13.
click here
-
08.01.2012
MOD-PAC CORP., a high value-added, on-demand print services firm that designs and manufactures custom and stock folding cartons, reported total revenue of $13.5 million for the second quarter of 2012, which ended June 30, 2012, compared with $13.4 million for the second quarter of 2011. The 1.0% increase in product revenue reflected higher custom folding carton sales partially offset by lower graphic service charges, stock packaging sales and waste paperboard sales.
Net loss for the second quarter of 2012 was $120 thousand, or ($0.04) per diluted share, compared with net income of $479 thousand, or $0.14 per diluted share, in the second quarter of 2011. Despite consistent sales, sales mix, combined with soft waste paperboard sales and higher employee benefit costs had an adverse effect on margins.
Sales of custom folding cartons were up 2.8% to $11.1 million in the 2012 second quarter from $10.8 million in the prior-year second quarter driven by the sales ramp-up of a new customer, increased business from several large customers, partially offset by decreased business from existing customers. A soft waste paperboard market also negatively impacted revenue.
Stock packaging sales decreased 6.3%, or $104 thousand, to $1.5 million in the second quarter primarily as a result of timing related to the Easter holiday period.
Personalized print sales, which comprised 5.5% of Product sales, were $734,000 in the second quarter of 2012.
click here
-
07.31.2012
NewPage Corporation today announced that it has created a shift in the premium paper value equation with the introduction of Sterling® Premium, Sterling® Premium Digital™ and Sterling® Premium Digital™ for HP Indigo.
The company's legendary Sterling brand has been reengineered to provide enhanced optics, an extremely smooth surface and premium shade – all at a No. 2 price.
"This is an exciting day as we mark the next chapter for our flagship Sterling brand," said Tanya Pipo, commercial product manager, premium sheet and C1S grades. "We have been listening to our customers and found that they want a premium product at a price that reflects today's reality. Sterling Premium delivers all the features customers look for in a premium grade – premium optics, print performance and an elevated level of service – all at an affordable price."
With the introduction of the new product line, NewPage will be retiring Centura® sheets and web, Productolith® sheets and web and Sterling® Ultra sheets. Sterling Ultra web products will remain.
click here
-
07.31.2012
Oil rose in New York, heading for the first monthly increase since April before meetings of central bank policy makers to discuss the economy and a report tomorrow that may show U.S. crude stockpiles declined.
Futures advanced as much as 0.5 percent. The European Central Bank and the U.S. Federal Reserve hold meetings this week, with ECB President Mario Draghi having pledged on July 26 to preserve the euro. U.S. crude inventories probably dropped 1.1 million barrels last week, according to a Bloomberg News survey before Energy Department data tomorrow. Enbridge Inc. said it won’t resume an oil pipeline to Midwest refineries that leaked, until at least tomorrow.
“Crude futures are taking their cue from the broader market,” said Andrey Kryuchenkov, an analyst at VTB Capital in London, who predicts New York oil will remain in a range from $84 to $93 a barrel. “Euro zone policy makers are still boosting sentiment this side of the Atlantic by reiterating their commitment to the single currency union.”
Crude for September delivery was at $90.23 a barrel in electronic trading on the New York Mercantile Exchange, 45 cents higher, or 0.5 percent, at 11:14 a.m. London time.
click here
-
07.31.2012
Wausau Paper today reported that:
•Second-quarter net loss per share, including discontinued operations, was $0.03 per share compared to year-ago net earnings of $0.07 per share.
•Second-quarter earnings from continuing operations were $0.04 per share compared to earnings from continuing operations of $0.10 per share the year before.
•Excluding special items, second-quarter adjusted earnings from continuing operations were $0.09 per share, reflecting strong performance by the Tissue segment, compared to $0.11 per share last year.
During the first and second quarters of 2012, the Company substantially completed the sale of its premium Print & Color brands, inventory and select equipment, and the permanent closure of its Brokaw, Wisconsin, manufacturing site. The Company began reporting the operations of the Brokaw manufacturing facility and related closure activities as a discontinued operation as of March 31, 2012, in the condensed consolidated balance sheet. Additionally, the discontinued operation is separately presented from continuing operations for all periods presented in the condensed consolidated statements of operations.
click here
-
07.31.2012
The U.S. Postal Service will not make mandated prefunding retiree health benefit payments to the Treasury of $5.5 billion due Aug. 1, 2012 or the $5.6 billion payment due Sept. 30, absent legislation enacted by Congress. This action will have no material effect on the operations of the Postal Service. We will fully fund our operations, including our obligation to provide universal postal services to the American people. We will continue to deliver the mail, pay our employees and suppliers and meet our other financial obligations. Postal Service retirees and employees will also continue to receive their health benefits. Our customers can be confident in the continued regular operations of the Postal Service.
The Postal Service continues to implement its strategic plan. However, comprehensive postal legislation is needed to return the Postal Service to long-term financial stability. We remain hopeful that such legislation can be enacted during the current Congress.
The Postal Service receives no tax dollars for operating expenses and relies on the sale of postage, products and services to fund its operations.
click here
-
07.31.2012
The pending Aug. 1 “default” of the U.S. Postal Service is not primarily the result of a bad market or even bad operations, but of bad legislating by Congress, according to Fredric Rolando, president, National Association of Letter Carriers. The only thing that will happen on Wednesday is that the Postal Service will not pay $5.6 billion into a fund for future retiree health benefits—a fund that already has $45 billion, enough to pay for decades of future retiree health care, Rolando says.
“At the National Association of Letter Carriers (NALC), our two highest priorities are ensuring the long-term health of the Postal Service and protecting the well being of our country’s active and retired letter carriers. If we thought our retired members were in danger of losing their health care, we’d be screaming bloody murder about it. But the retirees are fine and so is their health insurance. And on August 1st, the mail will continue to be delivered and employees will continue to be paid,” he notes
“No other U.S. institution—private or government—is required by law to set aside money for future retiree health benefits. But in 2006, Congress imposed this requirement on the Postal Service, and the resulting annual payments are the reason the Postal Service’s financial problems, while very real, appear to be so much worse than they actually are. In fact, according to USPS financial statements, pre-funding accounts for 94 percent of the red ink in the first two quarters of fiscal 2012 and 85 percent of all red ink since pre-funding went into effect in 2007.
“Still, this bogus “default” has proved to be useful rhetoric to those who want to dismantle the Postal Service, especially those who for ideological or competitive reasons want it privatized. But we should all remember: the Postal Service doesn’t use any taxpayer money.
“As we have said before, the Postal Service does have very real challenges to address as the volume of first class mail declines and Americans rely more and more on the Internet to convey personal and business messages. On the other hand, there is real opportunity as an increasing number of products purchased online are shipped through the Postal Service,” Rolando continues.
click here
-
07.31.2012
The U.S. Postal Service is set this week to default on a giant payment, the latest blow illustrating Congress' slow progress toward fixing the agency's deep financial woes and one that could damage some customers' confidence.
The Postal Service has said for months that it could not afford to make the $5.5 billion payment for future retiree health benefits, which was originally due in 2011 but was delayed by Congress until Aug. 1.
The mail agency, which relies on sales of stamps and other products rather than taxpayer funds, has said the same about a second payment due at the end of the fiscal year in September.
Congress has so far made no significant push to delay the payment again. Missing the health pre-payment, the first default in the agency's history, would not cause interruptions in service or prevent the Postal Service from paying suppliers and employees, USPS spokesman David Partenheimer said in an email.
But trade groups, mailing industry lobbyists and some business owners said the approaching default raises questions about the Postal Service's financial stability and Congress's commitment to helping remedy the agency's money woes.
Eroding confidence in the Postal Service's future adds incentive for mailers to explore alternatives to traditional mail, they said - a shift that would only deepen the agency's troubles.
click here
-
07.31.2012
Scholastic Inc., the global children's publishing, education and media company, today announced another year of significant progress toward the company-wide goal of strengthening its sustainable paper procurement practices and increasing the percentage of Forest Stewardship Council (FSC)-certified and post-consumer waste (PCW) recycled paper purchased by the company.
In January of 2008, Scholastic announced goals for 2012 to increase the amount of FSC-certified paper purchased for its publications to 30% and the use of recycled paper to 25%, of which 75% would be post-consumer waste. Having made significant gains toward the FSC goal between 2008 and 2011, Scholastic increased its goal for 2012 from 30% to 35% of all paper purchased to be FSC-certified. Just one year later, the company has far surpassed the increased FSC goal, having purchased a remarkable 53.3% FSC-certified paper, and is continuing to work toward the recycled paper goal.
"Scholastic is demonstrating real leadership to ensure we have healthy forests for future generations," said Corey Brinkema, President of the Forest Stewardship Council U.S. "And with this leadership, Scholastic is helping cultivate in our children a stewardship ethic on behalf of one of the earth's most precious resources."
In 2011, Scholastic purchased 79,485.5 tons of paper of which 42,357 tons, or 53.3%, was FSC-certified, up from 3.6% in 2007. In addition, 13,249 tons, or 16.67%, of the fiber used to produce the paper was recovered waste paper, up from 13.5% in 2007, and of that amount, 10,117 tons, or 76.36%, was produced from PCW fiber, down slightly from 80.7% in 2007.
click here
-
07.31.2012
Metso will rebuild an off-machine coater of the coated woodfree paper production line at the Changhang mill of Hansol Paper Co., Ltd. in South Korea. The rebuilt production line will be fully operational during 2013. The value of the order will not be disclosed.
“The main target of the rebuild is to convert the production line to produce also thermal paper grades. As a result of the rebuild, the mill will be capable of flexibly changing production between coated woodfree grades and thermal paper grades,” says Metso’s Senior Sales Manager Pekka Turtinen.
The order is included in Metso’s Pulp, Paper and Power second quarter 2012 orders received.
Metso’s delivery will comprise a curtain coating unit, a soft calender, a reel and a moisturizer for curl control. The new curtain coating unit applies a thin thermal coating layer on the web economically in a non-contacting operation.
click here
-
07.31.2012
Catalyst Paper today announced the permanent closure of its Snowflake recycle mill located in northeastern Arizona and its subsidiary the Apache Railway Company. This follows extensive efforts to improve the operation’s financial performance in the face of intense supply input and market pressures. The operation is scheduled to shut production on September 30, 2012.
“The decision to close Snowflake is an extraordinarily difficult one given the exceptional effort that employees, unions and public officials have given to address the unique challenges at this mill, said President and CEO Kevin J. Clarke. “We understand and regret the difficult impact within the Snowflake community and surrounding region created by closure of the mill. I want to acknowledge and thank all who have given us their unwavering support and cooperation. There were no stones left unturned.”
Catalyst implemented a number of measures since acquiring the Snowflake operation in 2008, to address market challenges and input cost pressures. These included production of higher-value specialty paper grades at what was formerly a newsprint-only mill, capital investment, productivity, quality and service improvements, full leverage of the mill’s environmental attributes, and competitive labour agreements. Catalyst has also explored a range of alternatives, including attempting to sell the mill on a going concern basis.
However with newsprint demand down more than 10 per cent annually since the end of 2008, old newsprint (ONP) price volatility and higher freight costs as procurement and sales have been forced to go further afield to source recycled paper supply and secure product orders, the mill’s profitability could not be restored.
click here
-
07.30.2012
London-headquartered, £100m turnover publisher Dennis Publishing, which owns over 50 magazines, will launch the new cycling title with an initial UK print run of 50,000.
Cyclist will hit both digital and high street shelves, priced at £5 an issue, on 19 September backed by a £500,000 multi-platform marketing campaign. The magazine is targeted at a predominantly male audience of "modern road cycling enthusiasts" who, according to Dennis’ research, are interested in travel, indepth knowledge, ride performance and style.
An editorial team comprised of specialist cycle and fitness journalists will be headed by former Men’s Fitness and Dennis’ fitness division editorial director Pete Muir.
He said: "The look and feel of the magazine will be premium with stylish design and stunning imagery from the best photographers in the market. The magazine will be like a cyclist’s perfect partner: intelligent, good-looking and passionate about road cycling."
click here
-
07.30.2012
The McClatchy Company today reported net income in the second quarter of 2012 of $26.9 million or 31 cents per share. In the second quarter of 2011 the company reported net income of $4.9 million or 6 cents per share.
Revenues in the second quarter of 2012 were $299.3 million, down 4.8% from the second quarter of 2011. Advertising revenues were $222.6 million, down 5.7% from 2011, and circulation revenues were $63.6 million, down 2.4%. Total digital advertising revenues grew 4.9% in the second quarter of 2012, with digital-only advertising revenues up 16.8% from the 2011 quarter. Digital advertising represented 22.5% of total advertising revenues compared to 20.2% of total advertising revenues in the second quarter of 2011.
Income in the second quarter of 2012, excluding the net impact of these items, was $16.1 million compared to income in the second quarter of 2011 adjusted for similar items of $9.0 million.
click here
-
07.30.2012
Oil traded near the highest level in a week in New York amid speculation that U.S. and European policy makers will act to boost growth and concern unrest in the Middle East could disrupt supplies.
Futures were little changed, heading for the first monthly gain in three. European Central Bank President Mario Draghi is trying to build a consensus among governments and central bankers for a plan to ease borrowing costs in Spain and Italy before ECB policy makers convene on Aug. 2. The Syrian government’s use of “indiscriminate violence” will hasten its collapse, U.S. Defense Secretary Leon Panetta said. The Middle East produces about a third of the world’s crude.
“Draghi’s comments are confirming the positive trend change driven by sentiment,” said Eugen Weinberg, head of commodities research at Commerzbank AG in Frankfurt. “I wouldn’t be surprised to see oil prices higher on improving sentiment, and more confidence.”
Crude for September delivery was at $90.09 a barrel, down 4 cents in electronic trading on the New York Mercantile Exchange at 12:15 p.m. London time. It advanced earlier as much as 82 cents, or 0.9 percent, to $90.95 a barrel. The contract climbed 0.8 percent to $90.13 on July 27 for a fourth day of gains and the highest close since July 20. Prices are up 6 percent this month.
click here
-
07.30.2012
Standard Register, a leader in the management and execution of mission-critical communications, today announced its financial results for the second quarter and first half of 2012. The Company reported quarterly revenue of $155.1 million and a net loss of $1.1 million or $0.04 per share. The results compare to prior year quarterly revenue of $164.3 million and a net loss of $1.0 million or $0.03 per share. Non-GAAP net income after adjustments for pension loss amortization, pension settlement, restructuring charges, tax effect of adjustments and deferred tax valuation allowances was $3.8 million or $0.13 per share for the second quarter of 2012, a $1.0 million increase from non-GAAP net income of $2.8 million, or $0.10 per share for the same period in 2011.
Through the first half of 2012, the Company reported revenue of $312.7 million and a net loss of $6.2 million or $0.21 per share. The first half results compare to last year’s revenue of $329.2 million and a net loss of $0.6 million or $0.02 per share through the first half of 2011. Non-GAAP adjusted net income for the first half of 2012 was $5.7 million or $0.20 per share compared to non-GAAP adjusted net income of $6.9 million or $0.24 per share for the first half of 2011.
click here
-
07.30.2012
On August 1, shoppers can expect to see another new pricing strategy at J.C. Penney, according to an article from Bloomberg Businessweek.
The article states that JCP is reportedly "switching to a two-tiered pricing system and promoting price matching for the first time as chief executive officer Ron Johnson alters a strategy that flopped with customers and caused sales to plunge."
At the beginning of 2012, Johnson had announced that JCP was introducing a three-tiered pricing system that included regular prices, month long sales and shorter period promotions. The "Fair and Square" strategy apparently tanked when the company announced its overall sales for the first quarter dropped 20.1% compared to the same period last year.
"A change in the pricing policy was absolutely necessary," Bernie Sosnick, an analyst with Gilford Securities, told Bloomberg Businessweek.
This new and improved pricing strategy, according to the article, will keep JCP's everyday low prices and clearance sales but it "will match similar local competitors’ current advertised prices on identical items if customers show the ad at checkout." Many items are excluded from the new strategy, including Sephora "retailer’s salon, optical, portrait or custom decorating departments," the article stated.
click here
-
07.30.2012
While magazines have a history of struggle with digital platforms (there was that whole monthly vs. 24/7 editorial cycles thing), most publishers have a least made a lot of noise in recent years around their digital investments. No one doubts that the print world acknowledges that digital platforms are the source of future growth, but the degree to which magazine really embrace interactive media is less clear. In L2’re recent annual assessment of the state of digital preparedness and “IQ” the glass was decidedly half full and the IQ perhaps about average. While L2 ranked Wired, The New Yorker, Entertainment Weekly, Glamour (tied with EW) and Better Homes and Gardens as the top five most digital-savvy brands overall, L2 had reservations about the level of innovation here.
Investment in the high-profile tablet platform is considerable with 98% of the top brands now available on at least one of the major tablet platforms. More than a third are now making their newsstand versions available across the four major devices (iPad, Nook, Kindle Fire, Google Play). Nevertheless, the magazines’ ability to bring advertisers along has been weak. L2 study author Colin Gilbert tells minonline that it is too early to judge the success of digital editions with subscribers, since the base here remains quite low, and the platform is a “long play” for the brands. “However, in-app analysis shows that only 17% of iPad Digital Editions feature advertisements that took advantage of premium media kit fees beyond embedding URL links, such as rich media, video, gamification elements, etc.” he says. As others in the industry have observed, advertisers are not yet impressed with the level of measurable results or the scale possible in tablet editions.
But Gilbert argues that the laser focus on tablets came at a cost for the overall digital strategy among magazines. “Brands have ignored their wider mobile investments,” to an astonishing degree, he says. “Only a third of the brands in the Index have upgraded their main site to HTML5, ensuring broad display compatibility across mobile devices. Only a fifth of brands have leveraged HTML5 to implement "responsive design," including unique page layout for the desktop browser, tablet, and smartphone originating from one common URL.” This constitutes a bit of a misfire for magazines, he contends. “The disproportional investment in tablets vs. mobile sites is stunning, especially considering that 20% of web traffic to these brands now originates from mobile devices.”
click here
-
07.30.2012
The advertising industry rallying around improving the quality of data to target ads continues to make improvements to processes and techniques. Google began rolling out a remarketing tool in Google Analytics on Friday to help marketers gain insight into targeting ads. But if the brand's data mixed with inadequate information from a third-party data seller, a company's retargeting strategy will deliver less than stellar results.
At Guthy-Renker, Colette Dill-Lerner, vice president of Internet marketing, said she has looked at data files "where nearly 50% of the gender is wrong." Some marketers think this characteristic remains one of the most difficult to identify.
Aside from gender, other discrepancies exist in third-party data that limit ad efficiencies.
It led Guthy-Renker to create a scorecard with help from company partners like demand side platforms and data management platforms. The major gap between the person's actual characteristics and how they are portrayed online requires cross-checks. Dill-Lerner said data may give company marketers insight into the 35-year-old mother of three, but it's not clear how that translates digitally.
Marketers need to identify accurate data providers. Leon Zemel, chief analytics officer at [x+1], also points to gender as a difficult attribute, suggesting that brands should focus on household rather than personal data. "A cookie isn't really usable to collect accurate data," he said. "We don't have the total answer yet, but we're looking at it."
click here
-
07.30.2012
Fibrek Inc. has announced the temporary shutdown of its market pulp mill in Saint-Félicien starting on July 29, 2012 in order to carry out repairs on the electrostatic precipitator. The shutdown is expected to last about one week. This measure has been taken to avoid excessive particulate emissions into the atmosphere and attests to the commitment of Fibrek's new management to improve the Company's environmental performance.
"We will spare no effort to ensure that Fibrek's operations achieve the same environmental performance as those of Resolute Forest Products" said Richard Garneau, President and Chief Executive Officer of Fibrek and Resolute Forest Products Inc.
click here
-
07.30.2012
Martha Stewart Living Omnimedia, Inc. today announced its results for the second quarter ended June 30, 2012. The Company reported revenue for the second quarter of $47.9 million.
Lisa Gersh, President and Chief Executive Officer, said, "Led by solid performance in merchandising and broadcasting, MSLO's results were in line with our expectations for the quarter. We anticipated much of the weakness in publishing, and it's important to note that while our publishing strategy is gaining traction, it will take additional time to yield the targeted results. This will slow our planned return to profitability, but we continue to anticipate improving performance for the Company in 2012."
Second Quarter 2012 Summary:
Revenues were $47.9 million in the second quarter of 2012, compared to $54.9 million in the second quarter of 2011, due to lower revenues in our publishing and broadcasting segments, partially offset by higher merchandising revenues.
Adjusted EBITDA loss for the second quarter of 2012 was $(0.3) million, compared to $(0.6) million in the prior-year period.
Operating loss for the second quarter of 2012 was $(2.9) million compared with $(2.5) million in the prior-year period.
click here
-
07.27.2012
The New York Times Company (NYSE: NYT) announced today a 2012 second-quarter diluted loss per share from continuing operations of $.57 compared with diluted earnings per share from continuing operations of $.05 in the same period of 2011. The loss resulted from an estimated non-cash charge of $.85 per share for the write-down of goodwill at the About Group. Excluding severance, the write-down and other special items discussed below, diluted earnings per share from continuing operations were $.14 in the second quarter of 2012 compared with $.11 in the second quarter of 2011.
The Company had an operating loss of $143.6 million in the second quarter of 2012 compared with an operating profit of $31.5 million in the same period of 2011. Excluding depreciation, amortization, severance and special items, operating profit increased 6.5 percent to $78.1 million from $73.4 million in the second quarter of 2011.
“Our second-quarter results reflect our ongoing strides in repositioning the Times Company for an increasingly multiplatform future,” said Arthur Sulzberger, Jr., chairman and chief executive officer, The New York Times Company. “The growth in operating profit, excluding depreciation, amortization, severance and special items, was largely driven by continued strength in circulation revenues, which offset advertising revenue declines and led to overall revenue growth of about 1 percent. Total Company circulation revenues rose 8 percent, led by the nearly 11 percent growth at The New York Times Media Group as we continued to expand our digital subscription base and grow our robust consumer revenue stream.
“At quarter end, total paid digital subscriptions across the Company were approximately 532,000, up 13 percent from 472,000 as of March 18, 2012, which was the one-year anniversary of NYTimes.com’s digital subscription launch. The growth in paid digital subscriptions benefited from our decision to move the gate on NYTimes.com from 20 to 10 free articles a month, and from a host of marketing and product initiatives that we have been rolling out this year.
“While the advertising market remains challenging, the rate of decline for the Company’s total advertising revenues moderated, due primarily to improved digital advertising revenue trends, compared with first-quarter 2012 levels."
click here
-
07.27.2012
Valassis today announced financial results for the second quarter ended June 30, 2012. Second-quarter 2012 revenues were $540.2 million, a decrease of 4.4% from $565.2 million in the prior year quarter. This decrease in revenues was due primarily to the absence of custom co-op programs within our FSI segment and continued reduced spending by consumer packaged goods (CPG) clients across our various business segments.
Second-quarter 2012 net earnings were $21.7 million, which included $10.7 million, net of tax, of non-recurring restructuring charges and asset impairments resulting from the discontinuance of the sampling and solo direct mail products, as well as other cost reductions across our remaining product lines. This represents a decrease of 28.4% from $30.3 million in the prior year quarter, which included a loss on extinguishment of debt and related charges, net of tax, of $3.4 million. Excluding these non-recurring charges, second-quarter 2012 adjusted net earnings* were $32.4 million compared to second-quarter 2011 adjusted net earnings* of $33.7 million.
click here
-
07.27.2012
Bemis Company, Inc. today reported diluted earnings of $0.40 per share for the second quarter ended June 30, 2012. Diluted earnings per share would have been $0.54 for the second quarter of 2012, excluding the effect of facility consolidation and acquisition-related integration charges detailed in the attached schedule, “Reconciliation of Non-GAAP Data.”
Total Bemis net sales for the second quarter of 2012 was $1.3 billion, a 4.2 percent decrease from the same period of 2011, reflecting the impact of lower unit volume in the flexible packaging business segment. Acquisitions completed during the second half of 2011 increased second quarter net sales by an estimated 1.5 percent. The impact of currency translation reduced net sales by 4.8 percent.
Diluted earnings per share for the second quarter of 2012 was $0.40 compared to $0.51 per share in the same quarter of 2011.
click here
-
07.27.2012
Walmart, Nike, Target, JC Penney, Levi’s and fellow members of the Sustainable Apparel Coalition have unveiled the group’s index for measuring the environmental impact of apparel products across the supply chain.
The Higg Index is an indicator-based tool for apparel that allows clothing manufacturers and brands to evaluate material types, products, facilities and processes based on a range of environmental and product design choices.
This 1.0 version of the index was developed for apparel products and measures environmental outcomes in water use and quality; energy and greenhouse gas; waste; and chemicals and toxicity.
Future releases of the index, slated for 2013, will include footwear products and social and labor impact areas, the coalition said. The index eventually will be expanded to include quantitative data and metrics and feature an improved scoring method.
The current version of the Higg Index asks practice-based, qualitative questions to gauge environmental sustainability performance. It’s based on the Eco Index and Nike’s Apparel Environmental Design Tool. However, the Higg Index has been significantly enhanced through the pilot testing period, the coalition said.
The tool includes a Materials Sustainability Index, a cradle-to-gate assessment tool to give designers and the global supply chain information on the environmental sustainability of materials.
A group of 30 manufacturers and retailers launched the Sustainable Apparel Coalition last year to improve the environmental and social performance of the apparel and footwear industry, from water consumption and chemical use to waste and embedded energy in products.
click here