Paperclips Blog | Chesapeake Results

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• 07.06.2012

  Macy's, Inc. Same-Store Sales up 1.2% in June

  Macy's, Inc. today reported total sales of $2.412 billion for the five weeks ended June 30, 2012, an increase of 0.8 percent compared with total sales of $2.392 billion in the five weeks ended July 2, 2011. On a same-store basis, Macy's, Inc. sales were up 1.2 percent in June 2012 as compared to June 2011.

  For the year to date, Macy's, Inc.'s sales totaled $10.569 billion, up 3.4 percent from total sales of $10.217 billion in the first 22 weeks of 2011. On a same-store basis, Macy's, Inc.'s year-to-date sales were up 3.6 percent in 2012 over 2011.

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• 07.06.2012

  Target Reports June Sales Results

  Target Corporation today reported that its net retail sales for the five weeks ended June 30, 2012 were $6,419 million, an increase of 2.6 percent from $6,256 million for the five weeks ended July 2, 2011. On this same basis, June comparable-store sales increased 2.1 percent.

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• 07.06.2012

  Nordstrom Reports June Sales

  Nordstrom, Inc. today reported an 8.1 percent increase in same-store sales for the five-week period ended June 30, 2012 compared with the five-week period ended July 2, 2011. Preliminary total retail sales of $1.04 billion for June 2012 increased 12.6 percent compared with total retail sales of $927 million for the same period in fiscal 2011.

  Quarter-to-date same-store sales increased 6.8 percent compared with the same period in fiscal 2011. Preliminary quarter-to-date total retail sales of $1.91 billion increased 11.1 percent compared with total retail sales of $1.72 billion for the same period in fiscal 2011.

  Year-to-date same-store sales increased 7.8 percent compared with the same period in fiscal 2011. Preliminary year-to-date total retail sales of $4.45 billion increased 12.6 percent compared with total retail sales of $3.95 billion for the same period in fiscal 2011.

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• 07.06.2012

  Kohl's Corporation Reports June Comparable Store Sales

  Kohl’s Corporation reported today that for the five-week month ended June 30, 2012 total sales decreased 2.6 percent and comparable store sales decreased 4.2 percent from the five-week month ended July 2, 2011.
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• 07.06.2012

  Saks Incorporated Announces June Comparable Store Sales

  Retailer Saks Incorporated today announced that owned sales totaled $274.0 million for the five weeks ended June 30, 2012 compared to $258.6 million for the five weeks ended July 2, 2011, a 6.0% increase. Comparable store sales increased 6.0% for the month.

  On a quarter-to-date basis, for the two months ended June 30, 2012, owned sales totaled $489.8 million compared to $467.1 million for the prior year two months ended July 2, 2011, a 4.9% increase. Comparable store sales increased 5.1% for the two months.

  On a year-to-date basis, for the five months ended June 30, 2012, owned sales totaled $1,233.9 million compared to $1,180.8 million for the prior year five months ended July 2, 2011, a 4.5% increase. Comparable store sales increased 4.9% for the five months.

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• 07.06.2012

  Digital readership to fuel growth in consumer magazine space

  The global consumer magazine market is expected to begin to increase in 2012, averaging 1.3 per cent compounded annually to $80 billion in 2016 from $75 billion in 2011, according to PwC’s Global Entertainment and Media Outlook 2012-2016. Citing principal drivers for the growth, the report said, improving economic conditions will lead to modest growth in print advertising during the next five years. However, it also said that in real terms print advertising will decline but growing digital readership will fuel digital advertising.
   
  The report expects the print advertising growth in consumer magazines to be a modest 1.5 per cent compounded annually to $31 billion in 2016 but expects digital advertising in consumer magazines market to grow by a compounded 20.8 per cent compounded annually to $5.5 billion in 2016. “In 2016, digital advertising will account for 15.1 per cent of the total consumer magazine advertising compared to 7.0 per cent in 2011,” it said.
   
  In Asia Pacific region the print consumer magazine advertising is expected to rise from $6 billion in 2011 to $7 billion in 2016, a 3.2 per cent compound annual increase while digital advertising will total an estimated $684 million in 2016 from $250 million in 2011, a 22.3 per cent increase compounded annually.
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• 07.06.2012

  Walgreens to Acquire USA Drug Pharmacy Chain in Mid-South

  Walgreen Co. announced today that it has entered into an agreement to purchase a regional drugstore chain in the mid-South region of the United States from Stephen L. LaFrance Holdings, Inc. and members of the LaFrance family.

  The transaction includes 144 stores currently operated under the USA Drug, Super D Drug, May’s Drug, Med-X and Drug Warehouse stores located in Arkansas, Kansas, Mississippi, Missouri, New Jersey, Oklahoma and Tennessee. The acquisition also includes corporate offices, a distribution center located in Pine Bluff, Ark., and a wholesale and private brand business, for a total of approximately $438 million subject to adjustment in certain circumstances. The chain recorded sales of $825 million in 2011.

  “This acquisition expands our business in an important region of the country,” said Walgreens President and CEO Greg Wasson. “It will provide significant new pharmacy business for us in this region while also enabling us to bring the Walgreens experience to many additional smaller communities where USA Drug has developed strong operational expertise.”

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• 07.06.2012

  New Two Sides Campaign Targets UK Consumers

  The campaign features the attractiveness and sustainability of magazines and newspapers. Research by Two Sides has revealed consumers are surprised to learn that:
   •Almost 70% of paper across Europe is collected and recycled. In fact it’s one of the most recycled materials of all.
   • Forests in Europe, which provide wood for making into paper and many other widely used materials, are 30% larger than in 1950. In fact they’re increasing by 1.5 million football pitches every year!
   
  Martyn Eustace, Director of Two Sides, comments, “This is a really important campaign which is urgently needed to correct consumer misunderstandings. Our research tells us that magazine and newspaper readers are unaware of the industry’s great record on recycling and that European forests, where the majority of raw material is sourced, are actually growing in size. 80% of UK consumers prefer reading from paper than reading off a screen (*) and we want to let them know the facts about the industry’s record on important environmental issues”.
   
  Barry McIlheney, CEO of the Professional Publishers Association (PPA) states: “We live in a multi-media world and readers now look for a choice of media channels. Print is still vital for magazine publishers and offers a unique reading experience that will live on. We want to make sure that, in choosing a printed magazine, readers fully understand that print media also offers a natural reading experience and can be a sustainable way to read”.
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• 07.06.2012

  Buckeye Florida Mill Back in Full Operation

  Buckeye Technologies Inc. today announced that its Florida wood cellulose manufacturing facility has returned to full operation. Both of the plant’s paper machines were damaged when a steam drum failure occurred on June 17. The specialty pulp line returned to production on June 23; the fluff pulp line began its start-up on July 4, as previously targeted and communicated in the Company’s June 25 press release.

  As of today, production on the fluff pulp line was operating within normal ranges and we are producing fluff pulp per our ISO 9001:2008 quality standards. Returning the fluff pulp line to operation will allow the Company to fully optimize the product mix on the specialty line. The root cause of the drum failure was identified by the failure analysis team and preventive actions have been taken on both lines to prevent reoccurrence.

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• 07.06.2012

  AAA Fuel Gage & Exchange Rates

  AAA’s Fuel Gage Report as of 7/06/12
  National Unleaded Regular:
  Current Average - $3.358/gallon
  Month Ago Average - $3.565/gallon
  Year Ago Average - $3.569/gallon
  Highest Recorded Average - $4.114/gallon on 7/17/08
  Diesel:
  Current Average - $3.662/gallon
  Month Ago Average - $3.872/gallon
  Year Ago Average - $3.890/gallon
  Highest Recorded Average - $4.845/gallon on 7/17/08

  Current Exchange Rates as of 7/05/12
  American Dollar to Canadian Dollar = 0.987762 (120 day high - 1.01905 on April 26, 2012; low 0.961252 on June 5, 2012)
  American Dollar to Chinese Yuan = 0.157037 (120 day high – 0.159363 on May 2, 2012; low 0.156858 on June 8, 2012)
  American Dollar to Euro = 1.2426 (120 day high - 1.3454 on February 28, 2012; low 1.2322 on June 1, 2012)
  American Dollar to Japanese Yen = 0.0125338 (120 day high – 0.0131387 on February 2, 2012; low 0.0119026 on March 21, 2012)
  American Dollar to Mexican Peso = 0.0750244 (120 day high – 0.0793808 on March 14, 2012; low 0.0691788 on June 1, 2012)

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• 07.06.2012

  Crude Oil Declines on Concern Economy Failing to Recover

  Oil fell a second day in New York, paring a weekly gain, as the IMF warned it will trim growth forecasts while interest-rate cuts in Europe and China failed to assure investors the moves will be enough to support demand.

  Futures declined as much as 1.8 percent. The International Monetary Fund will lower its estimate for global growth this year on weakness in Europe, the U.S., Brazil, India and China, Managing Director Christine Lagarde said. The European Central Bank cut rates to a record low yesterday and the People’s Bank of China reduced borrowing costs. Brent oil slid on speculation Norway’s government will stop a strike by energy workers.

  “The growth outlook has been bleak,” said Thina Saltvedt, an analyst at Nordea AB in Oslo, who predicts the U.S. jobs data will be lower than forecast. “We expect to see some more soft data from the world’s largest oil consumer before we see a turnaround for the better later this summer.”

  Oil for August delivery fell as much as $1.35 to $85.62 a barrel in electronic trading on the New York Mercantile Exchange and was at $85.70 at 11:04 a.m. London time.

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• 07.06.2012

  USPS begins consolidating processing facilities

  The U.S. Postal Service this week began to consolidate and close processing plants to cut expenses. Up to 48 service facilities will be impacted over the next two months.

  The USPS plans to close about 140 plants in its next fiscal year, which begins Oct. 1, and another 90 the following year. In addition, the USPS is offering buyouts and retirement packages to 21,000 postmasters as well as 45,000 mail handlers.

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• 07.05.2012

  NewPage Announces Restructuring Update

  NewPage Corporation (NewPage) today announced that it has been engaged in a series of discussions with its various constituents, including first lien note holders, second lien note holders and the Unsecured Creditors' Committee, in an effort to finalize a consensual Chapter 11 plan. Information relating to these discussions has been posted on the NewPage restructuring website www.NewPageRestructuring.com.

  During these discussions, an ad hoc group of second lien note holders presented to an ad hoc group of first lien note holders an unsolicited proposal to combine NewPage and Verso Paper Corp. (Verso). After thoroughly evaluating this proposal, NewPage determined that the combination posed significant downside risks to its stakeholders, employees, and business. NewPage has also been advised that the first lien note holder group did not support the proposal.  Accordingly, NewPage does not anticipate further discussions regarding this proposal.

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• 07.05.2012

  California plastic bag ban bill passes Senate committee

  A California Senate committee gave its OK on a bill that would issue a ban on the distribution of plastic bags by retailers in the state.

  Assembly Bill 298 passed the Senate Environmental Quality Committee by a 5-2 vote on July 2, according to state records.

  The bill would outlaw retail establishments from handling out single-use plastic and paper bags to customers beginning on Jan. 1, 2014.

  The bill offers some exceptions, as the store must have a gross annual sales of more than $2 million, have at least 10,000 square feet of retail space or is a convenience store or food store. Stores would be allowed to offer paper bags and compostable bags for sale.

  The bill passed the Assembly, 49-25, and now moves to another committee before the full Senate.

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• 07.05.2012

  The Bon-Ton Stores, Inc. Announces June Sales

  The Bon-Ton Stores, Inc. today announced comparable store sales in the five weeks ended June 30, 2012 decreased 0.8%. Total sales decreased 1.0% to $238.3 million in the current year compared with $240.8 million in the prior year period.

  Year-to-date comparable store sales decreased 0.7%. Year-to-date total sales decreased 0.9% to $1,062.2 million compared with $1,071.8 million in the same period last year.

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• 07.05.2012

  EU approves SCA's acquisition of Georgia-Pacific's European tissue business

  The European Commission has today, 5 July 2012, approved SCA's acquisition of Georgia-Pacific's European tissue business. The purchase price amounts to EUR 1.32 bn on a debt free basis. The operations have approximately 4,700 employees.

  The acquisition confirms SCA’s position as a European leader in the industry with an enhanced, integrated European tissue business and well-known brands.
   
  Georgia-Pacific’s European tissue business, which comprises of15 plants located in seven countries and the well-known Lotus brand, will be transferred to SCA´s ownership in connection with the closing of the deal which is expected 20 July.
   
  EU´s clearance requires divestment of Georgia-Pacific´s consumer tissue business in the UK including production capacity, Georgia-Pacific´s Benelux consumer tissue branded business under the Lotus brand and some of Georgia-Pacific´s and SCA`s retailer branded business in Scandinavia including production capacity.

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• 07.05.2012

  WS Packaging acquires Minnesota carton company

  WS Packaging Group Inc. of Green Bay has acquired Boelter Industries Inc., a folding-carton company based in Winona, Minn.

  Terms of the acquisition were not disclosed.

  Boelter specializes in the design, manufacturing, and distribution of folding cartons and converted paperboard products for a broad range of applications. It has been in business for 40 years.

  WS Packaging operates printing and label converting operations at 20 manufacturing plants in North America. It has been in business for more than 45 years.

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• 07.05.2012

  Survey indicates retail improvement and optimism

  Business appears to be improving, according to a survey by Levin Management Corp. The firm conducted the study among its retail tenants in 90 properties.

  The mid-year survey, which polled 250 retailers, indicated positive changes year-over-year. At mid-year 2012, 64.2% of respondents reported the same or higher sales volume compared with this time last year; 35.7% reported lower sales. At mid-year 2011, 50.1% of respondents reported the same or higher sales; 49.8% reported lower sales.
   
  At mid-year 2012, 62.9% of respondents said traffic is the same or higher than at this time last year; 36.9% said that fewer consumers are visiting their stores. At mid-year 2011, only 50.4% of respondents reported the same or higher traffic; 49.4% said that traffic was slower.
   
  “This is real, tangible progress,” said Matthew K. Harding, Levin Management’s president and COO. “Last year, we saw a 50/50 split. Half our tenants were experiencing satisfactory sales performance, and the other half had discouraging sales and store traffic. While 2012’s results show we still have a way to go, the numbers clearly have gotten better.”
   
  Levin Management’s mid-year 2012 survey captured a general feeling of optimism among retail tenants, according to Harding. More than nine out of 10 respondents (91.4%) feel that the second half of 2012 will see sales remain at the same level or improve; only 8.5% expect sales to decrease. A notable number, 28.1%, reported higher inventory levels than one year ago. Promotional pricing and markdowns continue to be a key to overall retail marketing: 43.1% of respondents said that these strategies are even more important today than one year ago.

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• 07.05.2012

  U.S. digital ad spending will exceed $67 billion by 2016

  Online advertising will account for 20.6% of all advertising in the United States by 2016,up from 14.0% in 2011, as digital continues to take marketing dollars away from print, radio and direct mail, according to a report this week from IDC.
   
  The market research firm’s “Worldwide and U.S. Internet Advertising 2012-2016 Forecast” projects that marketers will spend $67.4 billion on Internet ads in 2016 in the United States, up from $35.5 billion in 2011, a compound annual growth rate of 13.7%. The report says that U.S. spending on Internet ads will overtake spending on print ads this year and direct marketing in 2014.
   
  Western Europe, by contrast, will experience relatively little growth for spending on Internet ads, to $33.7 billion in 2016 from $25.6 billion in 2011, a compound annual growth rate of 5.7%. By 2016, online advertising will command 23.7% of all ad spend in Western Europe, compared with 18.4% in 2011, the report says.
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• 07.05.2012

  Costco Wholesale Corporation Reports June Sales Results

  Costco Wholesale Corporation today reported net sales of $9.18 billion for the month of June, the five weeks ended July 1, 2012, an increase of six percent from $8.69 billion during the similar period last year. Both year's five-week periods included 34 days in the U.S. and Canada (U.S. warehouses closed Memorial Day; Canadian warehouses closed July 1st, Canada Day).

  For the forty-four weeks ended July 1, 2012, the Company reported net sales of $80.46 billion, an increase of ten percent from $73.44 billion during the similar period last year.

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• 07.05.2012

  Oil Drops in New York on Speculation Europe’s Economy Weakening

  Oil fell in New York on speculation data from Europe and the U.S. will signal an economic slowdown that threatens to cut demand.

  Futures slipped as much as 1.3 percent from July 3. Factory orders in Germany, the euro zone’s biggest economy, probably dropped 6 percent in May from a year ago, a Bloomberg News survey of economists showed before a report today. The U.S., the world’s largest crude user, may have had its weakest quarter for employment in more than two years, according to analysts polled before data today and tomorrow. London-traded Brent decreased yesterday amid signs a strike by oil workers in Norway may end.

  “The key factor to look at is the payroll figures on Friday,” said Dominic Schnider, the global head of non- traditional assets at UBS AG’s wealth-management unit, who sees Brent crude falling back to $90 a barrel. “This is the most serious factor for the oil market to consider. The market isn’t going to react positively to a drop” in German manufacturing.

  Oil for August delivery declined as much as $1.16 to $86.50 a barrel in electronic trading on the New York Mercantile Exchange and was at $86.96 at 2:34 p.m. Singapore time.

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• 07.05.2012

  Microsoft writes down $6.2 billion on aQuantive deal

  Microsoft Corp. plans to take a $6.2 billion accounting charge related to online ad service aQuantive Inc. That amount is almost the entire price Microsoft paid for the underperforming unit in 2007.

  “While the aQuantive acquisition continues to provide tools for Microsoft's online advertising efforts, the acquisition did not accelerate growth to the degree anticipated, contributing to the write-down,” Microsoft said in a statement. AQuantive faced stiff competition in particular from Google's DoubleClick online ad service.

  The aQuantive acquisition was Microsoft's costliest until last year, when it bought online communications company Skype Communications for $8.5 billion.

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• 07.05.2012

  Appleton Coated shares “Greener” Corporate Sustainability Report

  “Greener” profiles Appleton Coated’s growing sustainability, summarizing five years of progress in this 2011 Corporate Sustainability Report (CSR). Published in May 2012, “Greener” details Appleton Coated’s commitment to environmental responsibility and its goals for the future. It is available in print or as a digital download from www.AppletonCoated.com.

  “We cannot control the economic recovery, but we can continue to improve the sustainability of Appleton Coated – environment, economy and community,” says Appleton Coated Chief Executive Officer Sandra Van Ert. “I have witnessed our determination and talent in the past, and I know this: The Appleton Coated family has what it takes to meet these challenges.”

  Regarding the 2011 CSR, she adds, “Each number is more than a metric; it’s a reflection of enormous dedication and effort from our people. Being sustainable includes finding new opportunities as technology and customer needs change.

  A highlight of its 2011 CSR notes that the company significantly increased the non-fossil fuel sources used to produce its paper. “In 2011, 29.2% of the total energy used to produce our paper came from alternative energy. This is up from 6.7%,” explains Ann Whalen, Appleton Coated’s senior vice president, marketing and customer service. “We have steadily increased our use of biomass to replace coal, and have grown our purchases of renewable electricity, primarily from wind power.”

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• 07.05.2012

  2011 European Paper Industry Key Statistics published

  The Confederation of European Paper Industries has just released its latest statistics which give a clear picture of the performance of the industry in 2011. These key statistics include data about production, consumption and the trade of pulp, paper and raw materials, as well as data concerning energy, the environment, and social affairs.
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• 07.03.2012

  International Paper Completes Mill Divestitures

  International Paper today announced that it has finalized the sale of its Ontario and Oxnard, California containerboard mills to New-Indy Containerboard LLC, along with its New Johnsonville, Tennessee containerboard mill to Hood Container Corporation. By completing these transactions, the company satisfies its divestiture obligations under its February 2012 settlement agreement with the U.S. Department of Justice. The settlement agreement, in which the company agreed to divest the three mills, was entered into in connection with the company's acquisition of Temple-Inland.
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• 07.03.2012

  UPM Enters Into Exclusive Negotiations for the Sale of Assets of the Stracel Paper Mill ins Strasbourg, France

  UPM is entering into exclusive negotiations with VPK Packaging Group NV and Klingele Papierwerke through their newly created joint venture company, for the sale of assets and part of the land at the UPM Stracel paper mill site in Strasbourg, France. VPK and Klingele have made an offer on the acquisition of assets from UPM. The offer is subject to finalization of its review by the bank mandated for the financing. According to the plan, UPM would retain part of the Stracel real estate in its possession for potential future production of advanced biofuels.

  VPK and Klingele plan to convert the Stracel mill into a recycled fibre-based containerboard unit, producing fluting and test-liner. The planned production of the mill would be approximately 300 000 tonnes per year. The conversion from the current magazine paper production would require a considerable investment by the two buying companies. The new converted mill would create 140 jobs.

  This transaction is subject to completion of the employee information and consultation process on the planned closure of Stracel and the social plan implemented by UPM at such occasion, which the contemplated transaction is a part of, due to the 130 job offers it is to provide to former UPM employees. This process will be launched shortly and is expected to be completed during the second half of 2012.

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• 07.03.2012

  Verso Paper Corp. Announces Discussions with Holders of First-Lien Notes of NewPage Corporation Regarding Potential Business Combination

  Verso Paper Corp. announced today that it has held discussions with certain holders of the 11.375% first-lien senior secured notes of NewPage Corporation in an effort to achieve a potential business combination involving Verso and NewPage as part of a consensual plan of reorganization in NewPage's Chapter 11 bankruptcy proceedings.

  The terms of Verso's proposed transaction would provide NewPage's first-lien noteholders with $1.425 billion of value, consisting of $1.075 billion of new Verso first-lien notes, $150 million of Verso common stock, and $200 million of cash. In addition, the proposed transaction would include a 100% recovery in cash to repay NewPage's debtor-in-possession financing, a 100% recovery in cash for the allowed priority and administrative claims in the bankruptcy proceedings, a to-be-determined amount of Verso common stock for the holders of NewPage's second-lien notes, and a to-be-determined recovery for NewPage's unsecured creditors. To facilitate the transaction, a $200 million cash equity investment in Verso was contemplated. The proposed transaction would be subject to customary conditions, including the satisfactory completion of due diligence and the completion of antitrust review.

  Verso believes that a combination with NewPage would create a stronger business in the global coated and supercalendered paper industry because of the material cost savings that would be achieved. Verso also believes that a combination with NewPage would provide a compelling option for a restructuring in that it would afford NewPage's first-lien noteholders a very attractive recovery, while at the same time treating fairly the other NewPage constituencies, including its employees, other creditor classes, and customers. Despite these advantages, Verso has been disappointed with the lack of progress in advancing its discussions with the first-lien noteholders. Verso continues to believe that its proposed transaction is the most sensible.

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• 07.03.2012

  HACII announces effectiveness of registration statement for Appvion transaction

  Hicks Acquisition Company II, Inc., a special purpose acquisition company sponsored and headed by Thomas O. Hicks, announced today that the Registration Statement on Form S-4 filed by HACII in connection with its proposed business combination with Appleton Papers Inc. (which will begin doing business as “Appvion” at closing) was declared effective by the Securities and Exchange Commission (the “SEC”) on June 29, 2012. HACII’s proxy statement, included as part of the registration statement, is in the process of being mailed to HACII’s security holders as of the applicable record dates.

  HACII also announced today a revised proposal to amend the terms of its outstanding warrants in connection with the proposed business combination with Appleton. Under the revised warrant amendment proposal, the number of shares of common stock of HACII issuable upon exercise of HACII’s outstanding warrants will be reduced by half and, in addition, the holders of HACII’s outstanding public warrants will receive $0.625 per warrant at closing. The terms of the warrants will only be amended with the approval of warrantholders who own at least 65 percent of the outstanding public warrants.

  HACII previously announced that a special meeting of its stockholders to consider and vote on the proposed business combination with Appleton and other related matters would be held on July 11, 2012 at 10:00 a.m. Central Daylight Time. HACII has changed the date of this special meeting to July 12, 2012 at 10:00 a.m. Central Daylight Time. HACII will also hold a special meeting of its public warrantholders on July 12, 2012 at 9:00 a.m. Central Daylight Time to vote on the proposal to amend the terms of HACII’s outstanding warrants, as discussed above. Each of these meetings will be held at the offices of Akin Gump Strauss Hauer & Feld LLP, 1700 Pacific Avenue, 39th Floor, Dallas, Texas 75201.

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• 07.03.2012

  Mount Royal Printing and Fannon Fine Printing Merge Operations

  The National Association for Printing Leadership (NAPL) has announced that Baltimore-based Mount Royal Printing has merged with Fannon Color Printing, located in Alexandria, VA. Daniel Fannon, who was CEO of Fannon, will lead the sales effort and become a senior staff person at Mount Royal.
   
  NAPL, serving as Mount Royal’s strategic M&A advisor, counseled on the transaction price and structure and prepared the letter of intent for the transaction. Senior Vice President John Hyde, head of NAPL’s Mergers and Acquisitions Advisory Team, stated, “The transaction reinforces the importance for serious acquirers such as Mount Royal to get the word out that they are a good home for those seeking transition from ownership. The reputation of Mount Royal’s president and owner, Gary Cayce, was instrumental in having Fannon reach out to him when the timing was right.”
   
  As he continues to execute his M&A growth strategy, Cayce noted, “We are utilizing strategic acquisitions to expand into different markets to strengthen our company’s position. The acquisitions have provided Mount Royal with the growth that we’ve been looking for.
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• 07.03.2012

  Nielsen acquires Vizu

  The Nielsen Company announced July 2 that it has acquired Vizu, an online ad measurement and optimization company, says Scott McKinley, VP of ad effectiveness at Nielsen. The acquisition has been finalized.

  “It's a perfect synergy between the two companies,” says Dan Beltramo, CEO of Vizu. “Neilsen had a Vizu-shaped hole in their product line.”

  That hole was in measuring online ads for brand advertisers, Beltramo says. Adding this to the television metrics Nielsen already has gives them the means to measure the effectiveness of brand advertisements across channels, he says.

  Vizu will become part of the Nielsen Online Brand Effect Suite. Nielsen will now have a more complete set of brand advertisement measurement tools in the Brand Effect Suite, McKinley says. After the acquisition, Nielsen will offer mobile brand effect measurements, television brand effect measurements and online effect measurements to clients, he says. The acquisition of Vizu will enable real-time online ad measurement, and will be broken out into several categories, including ad exposure frequency and targeting strategy, Nielsen said in a statement.

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• 07.03.2012

  Oil Rebounds in New York on Global Stimulus Speculation, Iran

  Oil rebounded in New York on signs that central banks from Europe to China may ease monetary policy to spur economic growth and speculation sanctions against Iran will curb supply.

  Futures gained as much as 1.1 percent, reversing earlier losses. The European Central Bank is forecast to cut interest rates this week to help curb the debt crisis, while a state- owned newspaper in China said the time is right to increase liquidity in the banking sector. An embargo targeting Iranian oil exports will probably have a bigger affect than previously estimated, according to Goldman Sachs Group Inc.

  “It’s getting to a point, I think, that the bad numbers become a good thing for the market because we believe that there will be some action for stimulus,” Carl Larry, the president of Oil Outlooks & Opinions LLC in New York, said in a Bloomberg Television interview. He forecast that New York crude will average $92 to $94 a barrel this year.

  Oil for August delivery climbed as much as 88 cents to $84.63 a barrel and was at $84.45 in electronic trading on the New York Mercantile Exchange at 4:14 p.m. in Sydney. The contract slid $1.21 yesterday to $83.75, the lowest close since June 28.

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• 07.03.2012

  Catalog Mailers Need to Address Congress Regarding H.R. 2309

  I requested this space to share a story with my peers who mail catalogs. It’s a story I find remarkable, alarming, somewhat shocking, and yet at the same time, not all that surprising - all in one. It’s my supreme hope that by the time you read all this, you too will be mobilized to hustle on over to Washington to let them know who the heck you are.

  Because guess what? Congress still doesn’t have catalog mailers on its radar screen – they don’t get it – and we need to change this fast!

  Last Thursday, I was able to get a meeting with a staffer for the U.S. House Oversight & Government Reform Committee, and a key member of Chairman Darrell Issa’s staff. Issa (R-CA is the chief architect of the House’s postal reform bill, H.R. 2309, which is expected to come up for debate on the House floor in just a few weeks.

  Issa’s district is in California; my company is based in Connecticut. But with a little networking, this particular staffer, the guy devoted solely to postal legislation, was more than happy to spend an hour and a half with me in his office on Capitol Hill.

  There’s a provision in H.R. 2309 that calls for a postal rate increase for underwater mail classes, products and types – this is a direct shot at catalog mail. If implemented, it could bury this industry.

  If the 2007 rate increase weren’t enough; this bill could finish off the job. We can’t let this happen.

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• 07.03.2012

  Consumer Confidence Declines in June, According to the Discover U.S. Spending MonitorSM

  Consumer confidence in the economy and personal finances, which are key economic indicators, worsened in June to the lowest levels since January 2012. The Discover U.S. Spending Monitor, a 5-year-old daily poll tracking economic confidence and spending intentions of nearly 8,200 consumers throughout the month, declined 4.8 points to 90.7 in June.

  The percentage of respondents who view the U.S. economy as improving dropped 4 percentage points to 29 percent in June.

  At the same time, 53 percent of consumers now rate the U.S. economy as poor, which is an increase of 3 percentage points from the prior month and the highest level since January 2012.

  Half of women now expect the economy to get worse, up 4 percentage points from last month; only 48 percent of men expect the same economic trend, and this remains unchanged from the prior month.

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• 07.03.2012

  The Reader's Digest Association, Inc. Announces Sale of Its Lifestyle and Entertainment Direct Business to Mosaic Media Investment Partners

  The Reader's Digest Association, Inc., the global multi-brand and multi-platform media and direct marketing company, today announced the sale of substantially all of its Lifestyle and Entertainment Direct business to Mosaic Media Investment Partners LLC.

  The sale will better enable RDA to focus on its stated strategy of simplifying the organization's structure to drive greater profitability and growth in the Company's two core media and direct marketing businesses.

  The sale includes Direct Holdings Americas, Saguaro Road Records and many of the assets of Direct Entertainment Media Group. The sale proceeds were not material.

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• 07.03.2012

  Golfsmith International Inc. Announces Preliminary Second Quarter Fiscal 2012 Sales Results

  Golfsmith International Holdings, Inc. today announced preliminary sales results for the second quarter of fiscal 2012.

  Net revenues for the thirteen-week period ended June 30, 2012, increased approximately 12 percent to $146.0 million as compared to net revenues of $130.2 million for the second quarter of fiscal 2011. Net revenues reflect a 4.7 percent increase in comparable store sales and a 4.8 percent decrease in net revenues from the direct-to-consumer channel. The sales decline in the direct-to-consumer business reflects a 27.1 percent decrease in our catalog business associated with the declines in the clubmaker catalog channel, partially offset by an 8.3 percent increase in the web channel. The Company has opened 10 new stores and has not closed any stores since the second quarter of last year.

  Net revenues for the twenty-six-week period ended June 30, 2012, increased approximately 12 percent to $237.0 million as compared to net revenues of $211.7 million for the second quarter of fiscal 2011. Net revenues reflect a 6.2 percent increase in comparable store sales and a 5.7 percent decrease in net revenues from the direct-to-consumer channel. The sales decline in the direct-to-consumer business reflects a 27.5 percent decrease in our catalog business associated with the declines in the clubmaker catalog channel, partially offset by an 8.0 percent increase in the web channel.

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• 07.02.2012

  UPS Freight Announces 2012 Rate Adjustment

  UPS Freight, the nation's fourth largest less-than-truckload (LTL) carrier, today announced a general rate increase averaging 5.9 percent covering non-contractual shipments in the United States, Canada and Mexico.

  The rate adjustment takes effect on July 16, 2012, and applies to minimum charge, LTL rates and accessorial charges. Customers will be able to view and download the new rates at www.ltl.upsfreight.com.

  UPS Freight's portfolio of services includes UPS WorldShip and Quantum View Manage technology, allowing both small package and LTL freight customers the capability to create bills of lading, schedule freight pickups, receive rate quotes and easily track shipments.

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• 07.02.2012

  Tembec announces $30 million project financing

  Tembec announced today that it has entered into a $30 million loan facility with Integrated Private Debt Corp. (IPD). IPD is the private debt division of Integrated Asset Management Corp. (TSX: IAM) of Toronto. The funds will be utilized to fund a portion of the previously announced $190 million capital project to upgrade the Company’s specialty cellulose manufacturing facility in Temiscaming, Quebec. When combined with the $75 million of project financing previously announced on March 16, 2012, the Company has now attained its objective of raising
   $105 million of project financing.
   
  The IPD loan will bear interest at the greater of 6.35% and the yield on equivalent term Government of Canada bonds plus 4.25% as of the date the funds are advanced. The loan will be reimbursed in blended monthly installments over a period of eight years beginning approximately 24 months after the initial advance with a “balloon” payment of $17.5 million to be repaid at the end of the ten-year term period. The loan is subject to compliance with certain covenants and undertakings customary with such types of facilities.
   
  The project involves the replacement of three old boilers with a new high-pressure boiler designed to burn waste sulfite liquor, a co-product of the specialty cellulose manufacturing process, producing green steam for use at the facility. The project also calls for the installation of a new electricity turbine that will be driven by this steam. The turbine will increase the Temiscaming facility’s green electricity production capacity from its current 10 megawatts to 60 megawatts. The boiler is scheduled to start up in December 2013, followed by the turbine, in May 2014. Hydro-Québec will offtake the additional green electricity produced by this turbine under a 25-year contract at $106 MW/hour, indexed with CPI, which will strengthen and stabilize Tembec’s revenues through the economic cycle.
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• 07.02.2012

  Sun Chemical adds the Streamline ESL HPQ and Ultima HPQ to its Streamline range

  Sun Chemical, the world’s leading manufacturer of printing inks and pigments, is today launching the Streamline ESL HPQ and the Streamline Ultima HPQ, to meet the stringent demands of the latest wide format printing equipment.

  The Streamline range is designed specifically for use in wide and super-wide format printers which are using high-quality solvent based inks. With the ever increasing pressure and developments of the print market, Sun Chemical is continuously making improvements to product performance ensuring that they are of the highest quality and meet the needs of this expanding market.

  The Streamline ESL HPQ and Ultima HPQ ranges have been developed following extensive feedback of customer needs. The new products provide high print reliability and print quality.

  Nick Goodall, The Colour Crew General Manager, participated in the beta testing scheme for Sun Chemical’s Streamline Ultima HPQ and commented: “We’ve had a very positive experience with Ultima HPQ - no problems at all! We had an issue with blocked ink heads with our previous ink system which increased the amount of down time. Cleaning and replacing them was a significant cost to the business. Essentially, with Sun Chemical’s Streamline ink system, we’re getting the highest quality ink product and performance at half the price of OEM.”

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• 07.02.2012

  USPS to run mobile barcode mail promotion in November

  This year’s 2% summer discount in the United States, for mail sporting two-dimensional barcodes for mobile phones, is set to begin on Sunday – but now looks set to be repeated in November.
   
  In the festive campaign, mailers using Priority Mail to send their customer m-commerce purchases could get a 3% discount.
   
  Following on from a successful promotion last summer, the US Postal Service will be offering a 2% discount in July and August for commercial mailers including a QR code or other mobile barcode on their mailings.
   
  The promotion aims to boost mail volumes in the long term by highlighting the effectiveness of direct marketing mail when it is linked to online media. The special barcodes in the promotion allow consumers to use smartphones to scan the mail, directing their phones to websites supporting the direct mail campaign.
   
  Yesterday, USPS filed a notice seeking approval from regulators, stating that its Governors have now approved another promotion based on a 2% mail discount for 7 November to 21 November 2012.
   
  As with the summer campaign starting this weekend, the Holiday Mobile Shopping Promotion will provide an upfront 2% discount on First Class Mail and Standard Mail letters, flats and cards bearing a mobile barcode.
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• 07.02.2012

  Online-only retailers begin Texas sales tax collection on July 1

  Texas joins eight other states in taking legislative action requiring online-only retailers, notably Amazon.com, to collect sales tax. Online retailers will have to collect sales tax in Texas beginning July 1.
   
  “A true free market is devoid of government preferences and special treatment," said Sandy Kennedy, president, Retail Industry Leaders Association. "Texas has made a powerful statement that its time to end special treatment for online retailers and close the sales-tax loophole that gives companies like Amazon an artificial leg up on Main Street retailers."
   
  Eight states have followed Texas' lead and passed legislation or taken administrative action in the past year to help level the retail playing field by requiring online retailers like Amazon to collect sales tax. California and Pennsylvania are next up, with both states requiring Amazon to collect sales tax in September.
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• 07.02.2012

  No online privacy for you

  In a study of 269 web sites that track visitor behavior, Internet and mobile monitoring company Keynote Systems identified 211 third-party vendors collecting data. Of those, only one explicitly agreed to honor “Do Not Track” requests made by visitors, Keynote says.
   
  The study also reports that among the 86% of web sites in the study that asked third parties to place tracking cookies on their visitors, 60% of those companies placed at least one cookie that violates industry privacy practices, for example tracking a customer who clicked on an opt-out button.
   
  “As consumers begin to understand that their online behavior can be recorded, enterprises will have to work even harder to ensure that consumers’ privacy expectations are met,” says Ray Everett, Keynote’s director of privacy services. Half of U.S. consumers are concerned about their privacy, safety and security while buying online, according to a 2011 report by Forrester Research Inc.
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• 07.02.2012

  DS Smith Completes Acquisition of SCA Packaging

  DS Smith Plc is pleased to announce that completion of the Acquisition of the packaging division of Svenska Cellulosa Aktiebolaget SCA excluding the kraftliner assets occurred on 30 June 2012 as planned.

  The consideration paid on Completion was €1,582 million (£1,280 million) net of cash and external debt, €1,606 million gross. This is subject to customary post Completion price adjustments.

  SCA Packaging is the second largest packaging business in Europe and the Acquisition represents a significant opportunity for DS Smith to achieve its stated strategic aim of becoming the leading supplier of recycled packaging for consumer goods in Europe.

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• 07.02.2012

  Bloomsbury Completes Acquisition of Applied Visual Arts Publishing

  Bloomsbury announces that it has today completed the purchase of Applied Visual Arts Publishing ("AVA"), creative publishers for the applied digital arts, from Applied Visual Arts Publishing SA and AVA Publishing (UK) Limited for a total consideration of CHF 2,578,930 (approximately £1,730,000). The consideration will be paid in cash from existing cash balances in three equal annual instalments, commencing on the date of completion.

  AVA, established in 2001 in Switzerland, with its English language editorial support office in Worthing, publishes between 20 and 30 books per annum for students and professionals in the applied visual arts and had a turnover of £1,820,000 for the year ended 31 December 2011. The books are written by leading academic authorities, and have been adopted by many hundreds of universities, colleges and higher education bodies around the world. AVA has a strong following within the design community. Their books are renowned for being design-led and have a particular appeal for visual learners.

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• 07.02.2012

  Oil Declines After Biggest Gain Since 2009 on Europe Concerns

  Oil declined in New York as euro-area unemployment reached the highest level on record, prompting speculation that crude’s surge last week, its biggest in three years, may have been excessive.

  The jobless rate in the 17-nation area rose to 11.1 percent in May from 11 percent in April, the European Union’s statistics office in Luxembourg said today. That’s the highest since the data series started in 1995. China’s manufacturing activity slowed in June, according to HSBC Holdings Plc and Markit Economics. An EU embargo on Iranian oil started yesterday.

  “Crude’s strong movement last week was a bit too much too fast probably, so today we’re seeing it a bit lower again,” said Hannes Loacker, an analyst at Raiffeisen Bank International AG in Vienna, who correctly predicted Brent crude would rebound at the end of last month. “Headwinds from the euro zone” may delay oil’s recovery, he said.

  Crude for August delivery dropped as much as $1.44 to $83.52 a barrel in electronic trading on the New York Mercantile Exchange and was at $83.65 at 10:11 a.m. London time. The contract gained $7.27 on June 29 to $84.96, the highest close since June 7.

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• 07.02.2012

  'FT' rolls out ad campaign in U.S.

  The Financial Times has rolled out a print and digital ad campaign in the U.S. The budget was not disclosed, but the newspaper said it will be a multimillion-dollar program.

  The campaign, from agency DDB London, includes ads placed in print and online editions of Bloomberg Businessweek, CNN Money, The Economist, Fast Company, Fortune and New Scientist throughout the summer.

  Campaign creative focuses on the American flag. One ad features an image thousands of red, white and blue cars forming the flag to emphasize U.S. manufacturing power. Another depicts an oil-drilling rig against rock strata, again represented by the American flag, to portray the country's energy challenges.

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• 07.02.2012

  Your E-Book Is Reading You

  It takes the average reader just seven hours to read the final book in Suzanne Collins's "Hunger Games" trilogy on the Kobo e-reader—about 57 pages an hour. Nearly 18,000 Kindle readers have highlighted the same line from the second book in the series: "Because sometimes things happen to people and they're not equipped to deal with them." And on Barnes & Noble's Nook, the first thing that most readers do upon finishing the first "Hunger Games" book is to download the next one.

  In the past, publishers and authors had no way of knowing what happens when a reader sits down with a book. Does the reader quit after three pages, or finish it in a single sitting? Do most readers skip over the introduction, or read it closely, underlining passages and scrawling notes in the margins? Now, e-books are providing a glimpse into the story behind the sales figures, revealing not only how many people buy particular books, but how intensely they read them.

  For centuries, reading has largely been a solitary and private act, an intimate exchange between the reader and the words on the page. But the rise of digital books has prompted a profound shift in the way we read, transforming the activity into something measurable and quasi-public.

  The major new players in e-book publishing—Amazon, Apple and Google—can easily track how far readers are getting in books, how long they spend reading them and which search terms they use to find books. Book apps for tablets like the iPad, Kindle Fire and Nook record how many times readers open the app and how much time they spend reading. Retailers and some publishers are beginning to sift through the data, gaining unprecedented insight into how people engage with books.

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• 06.29.2012

  The Cloquet Mill Rises Above The Flood

  All pulp and paper operations are now back up and running at Cloquet. Our entire Cloquet team rallied to get us fully back to business without any serious injury or environmental impact. Their quick response to record breaking flood levels allowed us to avoid any permanent damage to the mill infrastructure. Even most WIP and finished goods inventory was protected from water damage – with shipping activity out of the mill starting last Saturday.

  Meanwhile, as Cloquet continues to work on flood clean-up, our customer service and supply chain teams remain in full gear, contacting you with any delays, rescheduling deliveries, and fulfilling orders from inventory. As a result of this teamwork, most customer orders have been unaffected by the regional flood. For those of you who have experienced a delay, we do thank you for your patience and understanding. We continue to work hard to minimize any further service disruptions.

  We stand ready to meet your needs, with full inventories and flexible machine schedules at both Somerset and Cloquet. McCoy, Opus, Somerset and Flo are fully stocked and readily available – as is our dedicated sales team. Please call your Sappi sales representative with any questions on how we can serve you better, and to place your orders.

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• 06.29.2012

  Verso Paper Corp. Announces Grant Program to Increase Certified Forest Acreage near Its Paper Mills

  Verso Paper Corp. (NYSE:VRS) today launched the Verso Forest Certification Grant Program, an initiative aimed at increasing certified fiber and certified acreage on lands near the company's four paper mills. The program will provide start-up funding to encourage and assist landowners, consulting foresters and other stakeholders in developing innovative new projects that will help expand and maintain certification in Verso's wood procurement zones.

  "Verso's Forest Certification Grant Program helps us meet two important sustainability commitments," says Verso Senior Vice President for Manufacturing and Energy Lyle Fellows. "By encouraging expanded forest certification, we're advancing responsible management practices that keep U.S. forests vibrant and healthy. We're also helping to increase the available supply of certified fiber which, in turn, allows us to keep our pledge to provide paper products that help our customers meet their own sustainability objectives," he says.

  "Verso already uses a high percentage of fiber that's certified to credible forest management certification standards — about 70 percent, but the availability of certified fiber in the United States remains limited with only about 28 percent of privately owned U.S. land certified," explains Verso Senior Vice President for Sales, Marketing and Product Development Mike Weinhold. "With customer demand for certified paper products increasing significantly, it's vital that we do all we can to make sure the supply of certified fiber keeps pace."

  The Forest Certification Grant Program builds on Verso's track record of successful forest certification expansion initiatives. In 2011, the company completed a two-year group certification project in partnership with several of its customers and other stakeholders that resulted in an additional 1.4 million certified acres in Maine. In 2009 and 2010, a Verso grant to the Trust to Conserve Northeast Forestlands resulted in 160,000 additional certified acres across six Northeast states. Verso regularly encourages certification through collaboration with state forestry associations and certification organizations, and through its relationships with private landowners.

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• 06.29.2012

  RockTenn Publishes First Corporate Sustainability Report

  RockTenn today released its inaugural Corporate Sustainability Report, which affirms the company’s long-standing commitment to sustainability and outlines its 2020 sustainability goals.

  “RockTenn has been producing paper-based packaging from recycled materials since our founding in 1936,” said Jim Rubright, Chairman and CEO of RockTenn. “Our core business activities were founded on recycling products that create economic value by reusing materials otherwise bound for waste streams.

  “Our belief is that our operations can be more than consistent with an environmentally sustainable planet. We can be part of the solution and have a net positive impact on the environment,” Rubright continued. “These formal sustainability goals are further evidence of our ongoing commitment to our environment, our people and our performance.”

  RockTenn’s 2020 Sustainability Goals
  Reduce energy use by 10 percent
  Reduce greenhouse gas emissions by 10 percent
  Reduce water use by 12 percent
  Reduce solid waste by 15 percent
  Achieve chain-of-custody certifications for 100 percent of facilities
  Improve employee safety by 30 percent

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• 06.29.2012

  USPS posts $2.1 billion loss for May

  Despite steadying mail volume and revenue, the U.S. Postal Service reported a net loss of $2.1 million for the month of May, the eighth month of its fiscal year. The Postal Service has lost $10.1 billion year-to-date.

  Total mail volume increased in May by 1.1% over the year-earlier period, to 13.1 billion pieces, with monthly revenue up 3.1%, to $5.3 billion. One other bright spot was shipping services, which saw volume double, to 274.8 million pieces, and a 40% boost in revenue, to $1.1 billion for the month.

  Standard mail, used most often for commercial mailings, experienced a slight increase in volume. However, first-class mail continued to fall both in volume and revenue. Also, the Postal Service was obliged to pay $1.7 billion to prefund retiree health benefits and workers compensation for the month. Operating expenses rose 13.4%, driven by higher worker compensation costs and benefits.

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