Blog Keyword - Midland PaperClips - fine paper, packaging and supply systems distributor

03.08.2013

Content Subscription Site NSFW Corp. Expanding into Print

Paul Carr, a former TechCrunch writer, is prepping a relaunch of his NSFW Corp., a subscription-based content site featuring a comedic spin on current and world events that he launched last year.

The launch touched a nerve among media watchers, much like Andrew Sullivan has more recently done with his subscription-only site The Dish, mainly because it aims to thrive only on reader revenues, no advertising, on a small-market niche scale.

Throughout, Carr has been loudly vocal about his company's seemingly against-the-grain strategies. From a recent blog post:

"Our entire business is an anachronism. A throwback to old media. An attempt to cling on to a bygone era where news organisations would maintain newsrooms, from which editors would send journalists off to far-flung locations, to spend weeks or months reporting a story that may or may not ever be published. And where those stories that do make it to press are first subjected to a barrage of fact-checking, copy editing, art directing and re-editing — before being locked behind a paywall marked “KEEP OUT, SUBSCRIBERS ONLY!”

He's delighted in showing how a digital media company can succeed using old-media strategies. Indeed, NSFW's content is, more often than not, long-form investigative content. Carr cites a story during the election cycle that involved renting a house for a reporter to live in Salt Lake City and report on local residents' impressions of Mitt Romney. "They can be heavily embedded, heavily personal stories about real subjects where we send real reporters to real places," he says.

Send to a Friend

03.08.2013

Cascades Antibacterial Paper Towel Gains Multiple Product Recognitions

Today, Cascades Tissue Group announced its Cascades Antibacterial paper towel secured a “4-Star” Environmental Leader Technology Review Score and has been named a 2013 Edison Awards Finalist in the Consumer Packaged Goods: Cleaning Solutions category. Both mark prestigious recognition for the novel paper towel that was launched in 2010 on the Canadian Away-from-Home market and in 2012, in United States.

The Cascades Antibacterial Paper Towel provides a simple and effective way to further reduce bacterial contamination and transmission. Unlike ordinary paper towels, it almost instantly kills over 99.99 percent of harmful bacteria. By integrating a safe active ingredient into a dry format, the distinctly green-colored paper towel compensates for people's imperfect hygiene habits without changing how they wash or dry their hands.

Send to a Friend

03.08.2013

AAA Fuel Gage & Exchange Rates

AAA Fuel Gage 3/08/13
National Unleaded Regular:
Current Average - $3.712/gallon
Month Ago Average - $3.546/gallon
Year Ago Average - $3.758/gallon
Highest Recorded Average - $4.114/gallon on 7/17/08
Diesel:
Current Average - $4.101/gallon
Month Ago Average - $3.997/gallon
Year Ago Average - $4.089/gallon
Highest Recorded Average - $4.845/gallon on 7/17/08

Current Exchange Rates as of 3/08/13
American Dollar to Canadian Dollar = 0.971128
American Dollar to Chinese Yuan = 0.160788
American Dollar to Euro = 1.310378
American Dollar to Japanese Yen = 0.010446
American Dollar to Mexican Peso = 0.078497

Send to a Friend

03.08.2013

WTI Oil Set for First Weekly Gain in Three; Brent System Resumes

West Texas Intermediate oil headed for the first weekly gain in three weeks. Brent crude’s premium to New York futures narrowed as a North Sea pipeline network resumed five days after it was shut because of a leak.

WTI was little changed after rising 1.3 percent yesterday, the most in more than three weeks, as U.S. jobless claims fell to a six-week low. Data today will probably show the U.S. added more jobs in February, according to a Bloomberg survey of economists. Oil may drop next week as weaker demand from refineries boosts U.S. inventories, a separate survey showed. The North Sea Brent pipeline system resumed pumping yesterday after an unplanned halt on March 2, according to Abu Dhabi National Energy Co. (TAQA) PJSC, the operator known as Taqa.

“Risk appetite is growing,” said Gerrit Zambo, an oil trader at Bayerische Landesbank in Munich. “But the fundamental situation in the oil market is well-supplied.”

WTI for April delivery was at $91.52 a barrel, down 4 cents, in electronic trading on the New York Mercantile Exchange at 10:23 a.m. London time.

Send to a Friend

03.08.2013

TravelAge West to debut adventure travel publication

Travel industry magazine TravelAge West is set to launch Explorer, a publication for travel agents that will focus on adventure, soft adventure and experiential travel as well as eco-tourism.

“These days, the travel industry is witnessing incredible growth in the adventure-travel market, and travelers are looking for more in-depth, unique experiences when they are planning a vacation,” said Janeen Christoff, managing editor, in a statement. “Our goal at Explorer is to provide our readers with tools and inspiration to increase this aspect of their businesses.”

The semiannual publication will provide readers with on-site reviews, packages, sales tools and related products for the experiential travel market. The first issue will be published April 29.

Send to a Friend

03.08.2013

Arctic Paper announces a general price increase of 5-7% for coated fine papers

During 2012 Arctic Paper has taken several measures to further reduce costs and increase efficiency. In 2013 the company will continue these efforts. However, current manufacturing cost levels, based on high cost levels for raw material, energy and transportation make a paper price increase unavoidable.

Arctic Paper wishes to announce to its customers a price increase on all CWF paper grades, both in sheets and reels. The price increase will range from 5-7% and will differ from the current price levels per country and paper grade.

The price increase will affect deliveries from 15 April 2013. Further price increases in 2013 seems to be inevitable, to secure a minimum profitability.

Send to a Friend

03.08.2013

Greenfield's RR Donnelley & Sons company closing

Citing "changing market conditions," the RR Donnelley & Sons company in Greenfield, previously known as Banta publishing, informed its employees Wednesday that it will be closing in May. Nearly 170 employees will lose their jobs as a result of the closing.

Greenfield city manager Ron Coffey said his office was notified of the closing early Wednesday morning. "Our thoughts and prayers go out to all the employees," said Coffey, who noted that the closing will have a "widespread impact" on the village.

A person reached at the company office late Wednesday morning said officials had no comment at this time. Coffey said he was told there would be a statement issued later from the corporate communications office.

Send to a Friend

03.07.2013

Limited Brands Reports February 2013 Sales

Limited Brands, Inc. reported a comparable store sales increase of 3 percent for the four weeks ended March 2, 2013, compared to the four weeks ended March 3, 2012. The company reported net sales of $712.7 million for the four weeks ended March 2, 2013, compared to net sales of $653.9 million for the four weeks ended Feb. 25, 2012.

Send to a Friend

03.07.2013

Verso Paper Corp. Reports Fourth Quarter and Year-End 2012 Results

Verso Paper Corp. today reported financial results for the fourth quarter and year ended December 31, 2012. Results for the quarters ended December 31, 2012 and 2011 include:
• Operating income of $60.9 million in the fourth quarter of 2012, compared to operating loss of $36.0 million in the fourth quarter of 2011.
• Net income of $25.5 million in the fourth quarter of 2012, or $0.48 per diluted share, compared to net loss of $67.9 million, or $1.29 per diluted share, in the fourth quarter of 2011.

Verso's net sales for the fourth quarter of 2012 decreased $89.3 million, or 19.8%, compared to the fourth quarter of 2011, reflecting a 17.0% decline in total sales volume, which was driven by the closure of three paper machines late last year and the closure of the Sartell mill in the third quarter of this year, as well as a 3.4% decrease in the average sales price per ton for all of our products. Verso's gross margin was 14.0% for the fourth quarter of 2012 compared to 12.6% for the fourth quarter of 2011.

Verso reported net income of $25.5 million in the fourth quarter of 2012, or $0.48 per diluted share, which included $47.4 million of net gains from special items, or $0.90 per diluted share, primarily due to proceeds from the insurance settlement related to the fire and explosion at our Sartell mill. Verso had a net loss of $67.9 million, or $1.29 per diluted share, in the fourth quarter of 2011, which included $51.5 million of charges from special items, or $0.98 per diluted share.

Verso's net sales for 2012 decreased $247.9 million, or 14.4%, compared to 2011, reflecting an 11.1% decrease in volume for all of our products, which was driven by the shutdown of three paper machines late last year and the closure of the Sartell mill in the third quarter of this year, as well as a 3.7% decrease in sales prices compared to 2011.

For the year ended December 31, 2012, Verso recorded special items totaling $57.8 million, or $1.09 per diluted share, primarily related to restructuring costs associated with the closure of our Sartell mill, offset by the proceeds from the insurance settlement related to the fire and explosion at our Sartell mill. For the year ended December 31, 2011, special items of $82.8 million, or $1.57 per diluted share, were primarily related to restructuring costs associated with the shutdown of three paper machines, losses related to debt refinancing, goodwill impairment, and the negative impact of de-designating certain hedges.

Excluding special items, net loss was $116.0 million, or adjusted diluted loss per share of $2.19, for the year ended December 31, 2012. Excluding special items, net loss was $54.3 million, or adjusted diluted loss per share of $1.02, for the year ended December 31, 2011.

Send to a Friend

03.07.2013

Meredith Corporation Confirms Discussions With Time Warner

Meredith Corporation confirmed today that it held discussions with Time Warner, Inc. (NYSE: TWX; www.timewarner.com) regarding a potential combination of Meredith's National Media Group with Time Inc.'s Lifestyle and Style & Entertainment brands. Earlier today, Time Warner announced that it is going to spin off its entire Time Inc. subsidiary into a separate publicly traded company.

Meredith Chairman and Chief Executive Officer Stephen M. Lacy said, "At Time Warner's initiation, we discussed combining our National Media Group with certain Time Inc. brands to create a new publicly traded company. There are natural synergies between our two portfolios; however, we respect Time Warner's decision and certainly remain open to continuing a dialogue on how our companies might work together on future opportunities."

Lacy continued, "Going forward, Meredith will continue to enhance shareholder value through ongoing execution of our successful Total Shareholder Return strategy and building on our company's strong momentum. We are in an excellent financial position given the significant free cash flow our businesses generate and our low debt level. We will continue to focus on initiatives designed to maximize the value of our attractive national and local media and marketing services assets, including strategic acquisitions. "

Send to a Friend

03.07.2013

Time Warner Inc. Announces Plan to Separate Time Inc.

Time Warner Inc. today announced that its Board of Directors has authorized management to proceed with plans for the complete legal and structural separation of Time Inc. from Time Warner. Following the proposed transaction, Time Inc. would be an independent, publicly traded company. Time Warner aims to complete the proposed transaction by the end of the calendar year.

Time Warner Chairman and Chief Executive Officer Jeff Bewkes said: "After a thorough review of options, we believe that a separation will better position both Time Warner and Time Inc. A complete spin-off of Time Inc. provides strategic clarity for Time Warner Inc., enabling us to focus entirely on our television networks and film and TV production businesses, and improves our growth profile. Time Inc. will also benefit from the flexibility and focus of being a stand-alone public company and will now be able to attract a more natural stockholder base. As we saw with the prior spin-offs of Time Warner Cable and AOL, we expect the separation will create additional value for our stockholders."

Time Inc. CEO Laura Lang has advised Time Warner that she will stay on through this process and will help in identifying and selecting a successor. "Laura indicated to me that we should find a different kind of CEO for this new public company, and I respect her decision," Bewkes said. "She has been a great partner who has given Time Inc. forward momentum to make this transition possible, and I look forward to working with her to select the right leader to head the company as an independent entity."

Send to a Friend

03.07.2013

American Eagle Outfitters Reports Record Annual Sales

American Eagle Outfitters, Inc. today reported adjusted fiscal year 2012 earnings for the 53 weeks ended February 2, 2013 of $1.39 per share, a 43% increase from fiscal year 2011 adjusted earnings of $0.97 per share for the 52 weeks ended January 28, 2012. GAAP earnings of $1.16 per share this year include a loss from discontinued operations of ($0.16) per share, a tax benefit of $0.06 per share and restructuring and store impairment charges of ($0.13) per share. The EPS figures refer to diluted earnings per share.

Robert Hanson, chief executive officer stated, ?I?m extremely pleased with our progress in 2012 as the team delivered on our near-term priorities and exceeded our targeted financial metrics. In a competitive and volatile consumer environment, we drove a strong top line on leaner inventories, reduced markdowns and achieved cost leverage. We remain focused on our strategic plan aimed at fortifying our brands and processes and growing our business across North America. Concurrently, we are laying the ground work for transformational global expansion, while continuing to drive strong returns to our shareholders.?

For the 14 weeks ended February 2, 2013 the company reported adjusted earnings of $0.55 per share, a 41% increase compared to adjusted EPS of $0.39 for the 13 weeks ended January 28, 2012. EPS was in line with the company?s guidance. GAAP earnings of $0.47 per share this year include a tax benefit of $0.04 per share and restructuring and store impairment charges of ($0.12) per share. A reconciliation of GAAP to non-GAAP financial measures is provided in the following tables.

Send to a Friend

03.07.2013

Ahlstrom's Sustainability Report 2012 published

Ahlstrom, a global leader in high performance fiber-based materials, published today its third stand-alone Sustainability Report. The publication can be viewed as PDF file at www.ahlstrom.com> Sustainability.

The Sustainability Report 2012 complies with the B+ application of the Global Reporting Initiative G3 guidelines (version 3.0). The quantitative information on economic, social and environmental responsibility has been assured by PricewaterhouseCoopers Oy.

Ahlstrom offers products with purpose that protect people, purify air and liquids, and provide surface and structure for its customers' products. The products are made from sustainably sourced raw materials. Last year, 91% of the fibers used were from renewable sources, 81% certified or controlled wood. The Ahlstrom Supplier Code of Conduct was successfully implemented among Ahlstrom's main raw material suppliers.

Send to a Friend

03.07.2013

Aptar Group Reports Fourth Quarter and Annual Results

AptarGroup, Inc. today reported fourth quarter and annual results. The Company also updated the status of its previously announced plan to optimize certain European operations.

For the quarter ended December 31, 2012, reported sales increased 5% to $571 million from $545 million a year ago. Recently acquired Aptar Stelmi contributed approximately $31 million or 6% to the quarterly sales growth. Changes in currency exchange rates negatively impacted sales by approximately 3%.

For the year ended December 31, 2012, reported sales of $2.3 billion were approximately equal to the prior year sales. Changes in currency exchange rates negatively impacted sales by approximately 5%. Recently acquired Aptar Stelmi contributed approximately $57 million or 2% to the annual sales growth.

Send to a Friend

03.07.2013

WTI Trades Near Lowest in 10 Weeks; Brent Pipeline Starts

West Texas Intermediate traded near its lowest closing price this year after U.S. crude stockpiles increased almost five times more than estimated. The North Sea Brent pipeline system resumed operation after a five-day halt.

WTI futures fluctuated after falling yesterday for the fourth time in five days. Crude supplies increased by 3.8 million barrels last week, a U.S. Energy Department report showed yesterday, compared with a projected 788,000 barrels in a Bloomberg News survey. The Brent pipeline is flowing at less than full capacity, a spokesman for operator Abu Dhabi National Energy Co. (TAQA) PJSC, known as Taqa, said by telephone from Abu Dhabi, capital of the United Arab Emirates.

“The Energy Department report yesterday was bearish for crude,” said Michael Poulsen, an analyst at Global Risk Management Ltd. in Middelfart, Denmark. “Fundamentally, the oil market remains balanced.”

WTI for April delivery was at $90.73 a barrel, up 30 cents, in electronic trading on the New York Mercantile Exchange at 10:58 a.m. London time.

Send to a Friend

03.07.2013

Costco Wholesale Corporation Reports February, Second Quarter and Year-to-Date Sales Results

Costco Wholesale Corporation today reported net sales of $7.58 billion for the month of February, the four weeks ended March 3, 2013, an increase of eight percent from $7.01 billion during the similar period last year.

For the twenty-six weeks ended March 3, 2013, the Company reported net sales of $51.35 billion, an increase of nine percent from $47.22 billion during the similar period last year.

Send to a Friend

03.07.2013

Stein Mart, Inc. Reports February 2013 Sales

Stein Mart, Inc. today reported sales and comparable store sales for the four-week period ended March 2, 2013. As a reminder, the extra 53rd week in fiscal 2012 created a timing shift for fiscal 2013, resulting in a one-week difference between our fiscal reporting and comparable store sales reporting periods.

Send to a Friend

03.07.2013

Publishers Raising Digital Sub Prices, Paywalls Pay Off

Publishers who use Press+, the metered access platform created by Journalism Online and now owned by RR Donnelley, are raising subscription prices and lowering the number of articles visitors can view for free before having to pay.

Far from seeing online readership drop after implementing paywalls (as once feared), publishers feel confident enough to push the model further for additional revenues.

Among the more than 400 publishers using the Press+ platform, the average price for a monthly subscription has increased from $6.66 in July 2011 to $9.26 today, for 39% growth in less than two years; 5% of that increase came in the last six months, a survey of Press+ customers conducted by the company.

Most publishers have reduced the number of articles visitors can view for free before running into a subscription roadblock -- from 13 in January 2012 to 10 today. Currently, 35% of Press+ publishers allow free access to five articles or less, while 41% allow free access to six to 10 articles, 18% allow access to 11 to 15 articles, and 5% allow access to 16 articles or more.

Send to a Friend

03.07.2013

PaperWorks Industries sells flexible packaging assets to Exopack

PaperWorks Industries, Inc. is pleased to announce the March 1 sale of its flexible packaging assets to Exopack, a $900M flexible packaging company serving the pet food, frozen food, meat and cheese, beverage, industrial, electronics and medical devices through 17 North American production facilities. Both Exopack and PaperWorks are owned by the private investment firm Sun Capital Partners, Inc.

“We plan to move all of our flexible manufacturing equipment to Exopack sites in North America in the coming months,” said Lisa Pruett, Senior Vice President Sales at PaperWorks Packaging Group. “The relationships we have built with our flexible packaging customers are extremely valuable to us, which is why we will maintain the day-to-day management of the business.”

PaperWorks customers will have the opportunity to tap into Exopack’s vast resources and manufacturing footprint. “I can assure our customers that there will be absolutely no disruption to supply and quality, and that service and reliability will only be improved by Exopack’s resources,” said Pruett.

Send to a Friend

03.07.2013

SFI Applauds EU's New Illegal Logging Rules

Kathy Abusow, President and CEO of the Sustainable Forestry Initiative® Inc. (SFI®), today applauded the European Union Timber Regulation (EUTR), which took effect March 3 and prohibits illegally harvested timber or products derived from such timber to be brought in the European Union.

"Illegal logging undermines responsible forest governance, damages wildlife habitat, and reduces the potential for forests to provide stable supplies of products and support local communities," Abusow said. "The EUTR, just like the U.S. Lacey Act, is an important regulatory tool to address illegal logging and enable legal global trade in forest products."

Abusow is speaking at The Economist World Forests Summit in Stockholm, Sweden, on the timely topic of timber regulations that prohibit the sale of illegally harvested timber. On this panel, Abusow applauded timber regulations as one of many important mechanisms to combat illegal logging. She also asked the audience to remember that while illegal logging is a global problem, responsible forestry is the solution given the many economic, environmental, and social values that working forests support.

Send to a Friend

03.07.2013

UPM’s commitment to sustainable products recognised in the EU Ecolabel Communication Award 2012

UPM has been awarded the EU Ecolabel Communication Award 2012 in the Producer/Retailer category. UPM Paper is the largest producer of newsprint, graphic and copying papers with the EU Ecolabel. Third-party ecolabels prove the environmental quality of products and support customers in their choices.

"With so many different environmental labels currently existing, producers and consumers know that having the EU Ecolabel is the best way to prove throughout Europe that their products have excellent environmental performance", says Michele Galatola, EU Ecolabel Coordinator, DG Environment, European Commission.

The EU Ecolabel Communication Award recognises holders of the EU Ecolabel that have shown outstanding achievement in increasing public awareness and knowledge of the EU Ecolabel through promotional campaigns. The jury is composed of the European Commission, representatives of several Competent Bodies, as well as the press and a representative of an NGO.

Send to a Friend

03.06.2013

Walgreens February Sales Decrease 2.2 Percent

Walgreens had February sales of $5.75 billion, a decrease of 2.2 percent from $5.88 billion for the same month in fiscal 2012. Last year’s total February sales benefited from one extra day because of the leap year. Excluding last February’s leap day, this year’s February sales increased 1.5 percent. Total front-end sales decreased 3.1 percent compared with the same month in fiscal 2012, and were flat when excluding last February’s leap day. All comparable store sales and comparable prescription figures below compare the first 28 days in February 2012 to the 28 days in February 2013.

Comparable store front-end sales decreased 1.4 percent, while customer traffic in comparable stores decreased 4.9 percent and basket size increased 3.5 percent.

Send to a Friend

03.06.2013

Torstar Corporation Reports Fourth Quarter Results

Torstar Corporation today reported financial results for the fourth quarter ended December 31, 2012.

Highlights for the quarter:
Revenue was $395.7 million in the fourth quarter of 2012, down $29.6 million from $425.3 million in the fourth quarter of 2011. Excluding the impact of acquisitions and a decrease at TMGTV resulting from lower product sales, revenue was down $23.0 million (5.4%) in the fourth quarter. Net income attributable to equity shareholders was $24.1 million ($0.30 per share) in the fourth quarter, down $40.2 million ($0.51 per share) from $64.3 million ($0.81 per share) last year.

Highlights for the year:
Revenue was $1,485.7 million in 2012, down $63.1 million from $1,548.8 million in 2011. Excluding the impact of acquisitions and a decrease at TMGTV resulting from lower product sales, revenue was down $64.9 million (4.2%) in 2012. Net income attributable to equity shareholders was $103.2 million or $1.30 per share in 2012 down $114.5 million or $1.44 per share from $217.7 million or $2.74 per share in 2011. Excluding the impact of CTV Inc. in 2011, Torstar would have reported net income attributable to equity shareholders of $143.1 million or $1.80 per share in 2011.

Send to a Friend

03.06.2013

Smurfit Kappa UK confirms significant investment in the South West during 2013

Smurfit Kappa the European leader in innovative paper based packaging has announced a major investment package consisting of a six-colour flexographic, rotary die-cut press, an enhanced material handling system and corrugator upgrades for its Yate, Bristol plant.

The main investment is part of Smurfit Kappa’s continuing development of its High-Quality Post Print (HQPP) service at the BRC and AIB certified site. Supplying a wide range of customers in the South of England, as well as major national brands and Pan-European customers, Smurfit Kappa Yate has drawn from the knowledge and experience of award winning HQPP, six-colour printing expertise at other Smurfit Kappa UK plants. As part of the development process, John Wroot has moved to become Operations Director at Yate from Smurfit Kappa’s Chelmsford plant, one of Europe’s foremost and award winning HQPP plants.

Beyond the new machine outlay Smurfit Kappa Yate is upgrading the plant’s material handling system to give greater accuracy and reliability, and when combined with modular enhancements on the corrugator will drive additional improvements in quality and service at the high volumesite.

Send to a Friend

03.06.2013

Metsa Board to Hike Prices for White-top Kraftliner in Europe, Middle East and Africa

Metsa Board announced that it will increase the prices of all Kemiart white-top kraftliner grades by EUR 50 per ton in Europe, the Middle East and Africa, effective for deliveries as of April 8.

Metsa Board said the price hike is due to the continued high input costs associated with production.

Send to a Friend

03.06.2013

Arandell Does it Again – Places in the WOA Print Awards

Arandell, announced today that they received 2nd and 3rd place in the 2012/2013 Web Offset Association’s Print Awards, held annually by the Printing Industries of America.

Arandell’s 2nd place award was for producing Peruvian Connection | Summer 2012, using heatset printing 4/color on coated paper (perfect bound). Arandell was also commended for Zingerman’s | 2012 Fall Buyers Guide which was produced using heatset printing 4/color on uncoated paper. The catalogs were assessed on registration, level of difficulty, folding / binding / finishing and overall craftsmanship of product.

Jim Treis, Arandell Executive Vice President of Sales and Marketing, stated, “The WOA Print Awards demonstrate the hard work and tireless effort our teams put forth to create a flawless artistic marketing piece. Having the opportunity to win a category is not an easy challenge and something to be very proud of.”

Send to a Friend

03.06.2013

Catalyst Paper Q4 results impacted by lower sales volumes, higher maintenance and stronger Canadian dollar

Catalyst Paper results in the fourth quarter were negatively impacted by lower sales volumes, higher maintenance spending and a stronger Canadian dollar.

Catalyst posted a net loss of $35.2 million for the quarter, in contrast to net earnings of $655.7 million in the third quarter, when the one-time gains realized on emergence from creditor protection were booked. Before specific items, net losses were $15.7 million and $7.5 million in Q4 and Q3 respectively. Adjusted EBITDA was $7.2 million in Q4, with no impact from restructuring costs, and $13.8 million in Q3 ($14.0 million before restructuring costs).

Market conditions were mixed during the fourth quarter, with North American paper demand down from the third quarter for directory and newsprint, and up for coated and uncoated grades. Benchmark prices were up for newsprint and coated and otherwise stable for paper, while there was moderate benchmark price recovery for pulp. A market curtailment at Powell River was necessary over the holidays to balance production with orders, and Catalyst incurred a loss from discontinued operations largely due to an increased estimated pension withdrawal liability associated with the Snowflake closure.

Net earnings of $583.2 million for 2012 were heavily impacted by one-time non-cash restructuring credits and fair value accounting adjustments. This compared with a $974.0 million net loss in 2011 which was driven largely by asset impairment charges.

Catalyst entered creditor protection on January 31, 2012, and exited on September 13, having achieved a US$390.4 million or 60 per cent reduction in its debt, savings in annual interest expense of US$33.9 million, and a range of other cost reductions. The restructuring included the permanent closure of its Snowflake mill at the end of the third quarter. Results from this discontinued operation are excluded from those being reported, with comparative periods having been restated accordingly.

Send to a Friend

03.06.2013

Cascades receives LEED Gold certification for the expansion of its Lachute plant

Cascades is pleased to announce that the expansion of its Tissue Group plant in Lachute, Québec, has received the coveted LEED® Gold certification. The plant is the first paper manufacturing facility to obtain LEED®-NC (New Construction) certification in the Canadian paper industry.

The Environmental Performance Rewarded

The 6 800 m2 expansion project of the Lachute plant received the Gold level of LEED® certification thanks to Cascades' continuous efforts to reduce its ecological footprint. This concern demonstrates the company's will to remain at the forefront of environmental protection, which concerns not only its production activities but also the continuous improvement of its buildings.

This project was recognized for its exemplary performance regarding:

The reduction of its drinking water consumption, evaluated at 46.57%

The use of regional materials, with 47.08% of costs used for the purchase of materials produced and extracted locally

The presence of certified wood, accounting for 96.36% of total cost for materials

Send to a Friend

03.06.2013

Brent Crude Trades Near Four-Day High on Pipeline Halt

Brent crude was little changed near its highest in four days as a North Sea pipeline system remained shut. Venezuela, OPEC’s fourth-biggest producer, announced the death of President Hugo Chavez.

Futures fluctuated, having climbed by the most in a month yesterday. Venezuelan Vice President Nicolas Maduro said on state television that Chavez died at 4:25 p.m. at a military hospital in Caracas. The Brent pipeline system has been shut since an oil leak was discovered March 2 on the Cormorant Alpha platform. U.S. crude stockpiles rose 5.6 million barrels last week, data from the American Petroleum Institute showed.

“There’s still positive sentiment, risk appetite is still high,” said Filip Petersson, a commodities strategist at Stockholm-based bank SEB AB, who estimates that a fair value for Brent would be $105 a barrel. “There’s plenty of crude out there at the moment.”

Brent for April settlement was at $111.21 a barrel, down 40 cents, on the London-based ICE Futures Europe exchange at 11:08 a.m. in London after advancing as high as $112.23.

Send to a Friend

03.06.2013

Staples, Inc. Announces Fourth Quarter and Full Year 2012 Performance

Staples, Inc. announced today the results for its fourth quarter and fiscal year ended February 2, 2013.

Total company sales for the fourth quarter of 2012 were $6.6 billion, an increase of three percent compared to the fourth quarter of 2011. Excluding $461 million of sales for the 53rd week in fiscal year 2012, total company sales decreased four percent compared to the fourth quarter of 2011.

On a GAAP basis, the company reported fourth quarter 2012 net income of $90 million, or $0.14 per share, from continuing operations attributable to Staples, Inc., compared to net income of $284 million, or $0.41 per diluted share, achieved in the fourth quarter of 2011. Excluding the impact of charges taken during the fourth quarter of 2012, the company reported non-GAAP net income from continuing operations attributable to Staples, Inc. of $308 million, or $0.46 per diluted share, compared to $284 million, or $0.41 per diluted share, achieved in the fourth quarter of 2011. Fourth quarter 2012 results on a GAAP basis include $181 million of pre-tax charges related to European store closures and restructuring, U.S. store closures and accelerated Australia tradename amortization, a $57 million pre-tax charge related to the early extinguishment of debt, as well as a $26 million pre-tax charge related to the termination of the company's existing joint venture agreement in India. The company's fourth quarter 2012 results on a GAAP basis also include pre-tax income of $83 million related to the extra week in 2012.

For the full year 2012, total company sales decreased one percent to $24.4 billion compared to full year 2011. Excluding the favorable impact of the extra week in 2012, total company sales decreased three percent to $23.9 billion versus the prior year.

On a GAAP basis, the company reported a net loss from continuing operations attributable to Staples, Inc. of $161 million, or $0.24 per share, compared to net income of $988 million, or $1.40 per diluted share, achieved in 2011. Excluding the impact of the charges taken during the fourth quarter of 2012 described above, as well as previously announced charges recorded during 2012 and a tax refund in 2011, the company reported non-GAAP net income from continuing operations attributable to Staples, Inc. of $936 million, or $1.39 per diluted share, during 2012, compared to $967 million, or $1.37 per diluted share, achieved during the prior year.

Send to a Friend

03.06.2013

Kohl's Department Stores Opens Nine New Stores

Kohl’s Department Stores announces the grand openings of nine new stores today, creating approximately 950 jobs nationwide and bringing the company’s store count to 1,155 stores across 49 states. Locations opening today include Decatur, Ala., Danville, Ill., Ames, Iowa, Cedar Rapids, Iowa, Minot, N.D., Sherwood, Ore., Hermitage, Pa., Spring Township, Pa. and Denton, Texas.

“As Kohl’s continues to grow, investing in our stores remains a priority,” said Kevin Mansell, Kohl’s chairman, president and chief executive officer. “We are pleased to open nine new locations today and have plans to remodel 30 locations this year. Our stores provide an inspiring destination for customers and reinforce our commitment to delivering an exciting shopping experience through quality brands, exceptional value and convenience.”

Send to a Friend

03.06.2013

Clearwater Paper to Close Thomaston, Ga., Tissue Converting Facility

Following a comprehensive analysis, Clearwater Paper Corporation today announced the planned permanent closure of its Thomaston, Ga., tissue converting and distribution facility. The gradual shutdown of converting equipment will occur on a schedule throughout the year, with some operations running into the first quarter of 2014, affecting a total of 150 employees.

"This has been a difficult decision—one where the company reviewed many scenarios and alternatives to closing the plant," said Tom Colgrove, president of Clearwater Paper's consumer products division. "We have concluded that consolidating regional converting and permanently closing Thomaston was the solution to best serve the needs of our southeastern customers and improve the overall logistics of our national manufacturing network."

Displaced Thomaston employees will be given an opportunity to apply for open positions at other Clearwater Paper facilities. In addition, the company is offering separation and incentive pay for employees who remain at Thomaston until their established final day of work. Also, the company is working closely with West Central Georgia Private Industries Council and the Economic Development Division at the Southern Crescent Technical College to assist with career transition services where needed. Clearwater Paper will integrate most of the equipment from Thomaston in its facilities at Oklahoma City and Shelby, N.C.

Send to a Friend

03.05.2013

EU introduces illegal timber import controls

The EU Timber Regulation (EUTR) requires importers or sellers of timber and wood products to keep records of the sources of their supplies. Interpol estimates that illegal logging contributes up to 30% of timber in the global market, costing in excess of 15bn euros ($20bn/£13bn) each year. The EU accounts for 35% of the world's primary timber consumption.

The law, which was adopted by the European Parliament and Council back in October 2010, is only just coming into force because of the measures member states and private companies had to put in place.

Operators, which refers to "those who first place a timber product on the EU market" - through a "due diligence" system - are required to "make every effort to ensure that the wood they trade in is legal". The due diligence system (DDS) comprises three elements, including access to information relating to shipments' country of origin, quantity and suppliers' details; evaluation that the timber was produced in compliance with the laws of the country of origin; taking additional steps to ensure the legality of the timber if there is any doubt over its provenance. In addition, the EUTR requires traders ("those who sell or buy the timber already on the EU market") to keep "adequate information so that the wood they deal in can be easily traced".

Officials say the new law covers a wide range of products, from paper and pulp to solid wood and flooring, and forms a part of ongoing efforts to help tackle the global problem of illegal logging. Illegal logging is defined as the harvesting of wood that breaches the laws or regulations of the country of origin. The European Union says it has "severe economic, environmental and social impacts for some of the world's most valuable remaining forests and the billions of people that rely on them."

In 2012, Interpol and the UN launched Project Leaf, an initiative to combat illegal logging and organised forest crime. In February, Interpol said almost 200 people had been arrested in a wide-ranging international anti-illegal logging operation. The global anti-crime agency added that the three-month effort spanned 12 Central and South American countries, and $8m (£5.2m) worth of timber had been seized.

Send to a Friend

03.05.2013

Smurfit Kappa completes CoC certification programme

Smurfit Kappa, one of the world’s largest integrated manufacturers of paper-based packaging products with operations in Europe and the Americas, is proud to announce that all relevant packaging operations in Europe are now Chain of Custody certified. This is in line with the Company’s long-term sustainability commitment and covers 19 European countries where Smurfit Kappa is present, namely: Austria, Belgium, Czech Republic, Denmark, France, Germany, Ireland, Italy, Lithuania, the Netherlands, Norway, Poland, Portugal, Russia, Slovakia, Spain, Sweden, Switzerland and the United Kingdom.

This ambitious programme started more than three years ago with the certification of all virgin paper mills, followed by all recycled paper mills and has concluded with every relevant packaging production operation being certified. The granting of these certificates is evidence of Smurfit Kappa’s objective to fully comply with the Forest Stewardship Council (FSC) and Programme for the Endorsement of Forest Certification (PEFC) Chain of Custody certification schemes.

These certificates enable Smurfit Kappa to assure its customers that its packaging is produced from solely sustainable raw material. Packaging materials can now be traced and the Chain of Custody certification guarantees that no unsustainable material has entered the supply chain.

Send to a Friend

03.05.2013

Quad/Graphics Reports Fourth Quarter and Full-Year 2012 Results

Quad/Graphics, Inc. today reported fourth quarter and full-year 2012 results that were in line with management's originally announced annual guidance with the exception of Recurring Free Cash Flow, which surpassed the Company's upwardly revised guidance. For full financial results, please see the accompanying information.

Net sales for the fourth quarter 2012 were $1.1 billion versus $1.2 billion for the same period in 2011. Fourth quarter 2012 Adjusted EBITDA was $174 million compared to $187 million for the same period in 2011, and Adjusted EBITDA margin was 15.3% compared to 15.4% for the same period in 2011. The quarterly results reflect expected volume declines, pricing pressures on print and byproduct sales, and challenges in the book product line. Partially offsetting these impacts in the quarter were lower selling, general and administrative costs, and incremental synergy savings.

For the full-year 2012, net sales were $4.1 billion versus net sales of $4.3 billion for the previous year. Full-year 2012 Adjusted EBITDA was $566 million compared to $618 million for the previous year, and Adjusted EBITDA margin was 13.8% compared to 14.3% for the previous year. Recurring Free Cash Flow was $375 million compared to $340 million for the previous year, continuing the Company's track record of solid cash-flow generation.

Send to a Friend

03.05.2013

A. Schulman Offers To Acquire Ferro Corporation

A. Schulman, Inc. announced today that it has made a proposal to the Board of Directors of Ferro Corporation (NYSE: FOE) to acquire all of the outstanding shares of Ferro common stock for per-share consideration of $6.50, representing an estimated total enterprise value of approximately $855 million including total indebtedness. The offer represents a 25 percent premium over the closing price of Ferro common stock on March 1, 2013, and a 32 percent premium over the volume-weighted average trading price over the preceding 60-day period.

The Company said its proposed offer price of $6.50 per share includes an immediate cash payment of $3.25 for each Ferro share outstanding and $3.25 worth of A. Schulman common stock. When cost savings and synergies are fully implemented, A. Schulman estimates annual savings of $35 million over and above the previously announced Ferro targets. Based on these additional savings, A. Schulman believes that its offer presents the opportunity for significant future value to Ferro shareholders through the equity portion of the consideration. A. Schulman stated that its offer was based upon publicly available information about Ferro, which reported sales of approximately $1.2 billion through the first nine months of its fiscal year ended December 31, 2012. However, with greater visibility into Ferro's businesses, A. Schulman expects its offer could be adjusted subject to customary due diligence.

A. Schulman expressed its "strong intent" in pursuing the combination in a letter to Ferro on February 13, 2013. Ferro's Board rejected A. Schulman's offer and expressed their belief that the company should remain independent. A. Schulman first contacted Ferro in November 2012.

"A. Schulman and Ferro are both recognized leaders in specialty chemicals with value-added product lines, similar business models, complementary competencies, markets and applications," said Joseph M. Gingo, Chairman, President and Chief Executive Officer of A. Schulman. "We believe our combination will deliver superior value to our respective shareholders and offer better value to customers, and we would welcome the opportunity to engage in a mutually beneficial dialogue with Ferro's Board and management."

Send to a Friend

03.05.2013

Lecta Confirms Price Hike for Coated Woodfree Paper

Lecta has informed its customers that the company will continue implementing the announced price increase of 5 - 6% on its CWF (coated woodfree) paper.

Lecta said the price hike is the result of the high cost of its primary raw materials, transportation and energy.

In a written statement, the company said, "After the success in the price movement in our distribution network in the southern part of Europe, Lecta confirms that price increase will be totally consolidated till end of March also in the rest of the EEA.

"Further price increases will be needed in 2013 to recover the minimum profitability that would guarantee actual quality and service levels," Lecta added.

Send to a Friend

03.05.2013

WTI Crude Rebounds From 10-Week Low; Brent Pipeline Remains Shut

Oil rebounded from the lowest level in 10 weeks as traders speculated recent declines may have been excessive, while a North Sea pipeline system remained shut after a platform leak.

Both West Texas Intermediate and Brent futures rose as much as 0.6 percent. The Brent pipeline system was closed for a third day after an oil leak was discovered March 2 on the Cormorant Alpha platform, according to Abu Dhabi National Energy Co. (TAQA) PJSC, the operator known as Taqa. U.S. crude stockpiles probably increased for a seventh week, the longest stretch since May, a Bloomberg News survey showed before Energy Department data tomorrow.

“It’s worth keeping an eye on developments at Cormorant Alpha since any prolonged disruption in the North Sea would support Brent,” said Andrey Kryuchenkov, an analyst at VTB Capital in London who predicts that Brent will trade in a range of $109 to $112 a barrel this month.

WTI for April delivery rose as much as 58 cents to $90.70 a barrel in electronic trading on the New York Mercantile Exchange and was at $90.38 at 10:39 a.m. London time.

Send to a Friend

03.05.2013

Appleton Reports Fourth Quarter and Full Year 2012 Results

Appleton’s 2012 net sales of $849.8 million decreased 0.9% compared to 2011 net sales of $857.3 million. Appleton’s fourth quarter 2012 net sales of $205.5 million were flat when compared to fourth quarter 2011. Adjusting for the Company’s decision to discontinue the sale of carbonless papers into certain non-strategic international markets, fourth quarter and full year 2012 net sales were up 7.9% and 3.1%, respectively. The Company’s strong revenue growth from thermal papers almost entirely offset full year 2012 revenue declines in carbonless papers and Encapsys.

Appleton reported a 2012 operating loss of $88.5 million compared to an operating loss of $9.4 million in 2011. Excluding one-time and other items as explained below, adjusted operating income was $74.8 million, $30.0 million higher than adjusted operating income reported for 2011. Costs related to ceasing papermaking operations at the West Carrollton, Ohio facility and transitioning to Domtar base paper were $117.4 million for the year and included $28.6 million of restructuring expense, $77.4 million of other related costs and $11.4 million of transition costs.

During fourth quarter 2012, the Company adopted mark-to-market accounting for its pension and other postretirement benefit plans whereby all gains and losses are immediately recognized in current year earnings. In addition, the Company also elected to change its method of accounting for certain costs included in inventory, whereby retiree benefit costs for former employees are excluded from inventoriable costs. Both of these accounting method changes were retroactively applied to all periods presented. The change in retiree benefits accounting resulted in a mark-to-market adjustment of $33.6 million in fourth quarter 2012 and $51.1 million in fourth quarter 2011.

Send to a Friend

03.05.2013

Avery Dennison Unveils New North American Collection of Price-Neutral FSC®-Certified Label Constructions

Avery Dennison Label and Packaging Materials today introduced a new collection of North American Forest Stewardship Council (FSC)-certified paper label materials. The new products’ prices are comparable with those of non-certified alternatives to drive the use of FSC-certified materials throughout the value chain.

The new collection of FSC-certified products contains 22 specifications featuring three paper facestocks – Fasson® 54# Semi-Gloss FSC, Fasson Lightweight Dairy FSC and Fasson Estate Label®No. 8 FSC – commonly used in wine, spirits, dairy and food applications. The new offering is a result of the company’s commitment to develop and offer sustainable label and packaging solutions to converters and brand owners.

“We have heard clearly from members of our value chain about the need for innovations that focus on improving sustainability,” said Darrell Hughes, vice president and general manager, Materials Group North America. “As a market leader, it’s our responsibility to produce and promote items that contribute to the environmental health of our planet. This price-neutral collection of select FSC-certified constructions is the next step in our effort to make our industry more sustainable.”

Send to a Friend

03.05.2013

Avery Dennison Announces Responsible Paper Procurement Policy

Avery Dennison Corporation announced today that it has formalized a company-wide policy to promote responsible paper sourcing and procurement. The policy will be available in the Reports and Downloads section of the company’s sustainability website.

“As a leader in labeling and packaging materials and solutions, we recognize that we have a responsibility to help our customers and our industry become more sustainable,” said Dean Scarborough, Avery Dennison chairman, president and CEO. “Our policy will guide us in sourcing materials responsibly, using them more efficiently in our operations, and developing greener products from them.”

Developed with the support of non-governmental organization Rainforest Alliance, Avery Dennison’s policy commits the company and its businesses to: Identify and disclose the sources of the pulp, natural fiber and paper in its labeling and packaging materials and solutions; Help ensure that its suppliers follow sustainable forest management practices; Evaluate and reward sound environmental performance on the part of its supply chain partners; Seek to maximize its use of recycled content and fiber sourced from Forest Stewardship Council-certified forestry operations; Work to avoid controversial fiber sources.

Avery Dennison is working with external certification experts, including Rainforest Alliance, to assess the potential risk to the company’s supply chain of illegal timber or irresponsibly harvested fiber and develop systems and procedures for documenting, verifying and reporting supplier performance.

Send to a Friend

03.04.2013

The Yankee Candle Company, Inc. Reports Fiscal 2012 Fourth Quarter and Full Year Results

Yankee Holding Corp. and The Yankee Candle Company, Inc. today announced financial results for the fourth quarter and full year ended December 29, 2012. Yankee Holding Corp., a direct subsidiary of YCC Holdings LLC, is a holding company that was formed in connection with the Company's Merger with an affiliate of Madison Dearborn Partners, LLC on February 6, 2007 (the "Merger"), and is the parent company of The Yankee Candle Company, Inc.

Net sales for the fourth quarter of 2012 were $342.1 million as compared to net sales of $316.6 million during the fourth quarter of 2011, an increase of $25.5 million or 8.1%. Retail sales were $234.4 million for the fourth quarter of 2012 as compared to $216.5 million during the fourth quarter of 2011, an increase of $17.9 million or 8.3% from the prior year fourth quarter. Sales from the Company's Wholesale segment were $64.0 million, a decrease of $2.4 million or 3.7% versus the prior year fourth quarter. Sales in the Company's International segment were $43.7 million, an increase of $10.0 million or 29.7% from the prior year fourth quarter.

The Company recorded net income of $61.1 million, or 17.9% of net sales for the fourth quarter of 2012 compared to net income of $54.8 million, or 17.3% of net sales for the fourth quarter of 2011.

Send to a Friend

03.04.2013

Verso CFS Price Increase

Effective with all orders shipping on or after April 1, 2013, Verso Paper Corp. is increasing the transaction price of all Coated Freesheet grades.

The increase applies to all Coated Freesheet grades, including but not limited to the following brands: Influence® $2.50/cwt ($50/short ton); Velocity® $2.50/cwt ($50/short ton)

All grades, basis weights, bulks and finishes.

Send to a Friend

03.04.2013

Twin Rivers Paper Company Releases Acadia® Laminating

Twin Rivers Paper Company, a leader in lightweight specialty packaging, label and publishing papers, expands its specialty packaging options with the release of a high performance laminating base paper, Acadia Laminating. This uncoated, machine-finished paper is engineered to deliver optimal uniformity and smoothness to perform under the most demanding laminating conditions. Available in a broad range of basis weights, it is ideal for foil-laminated applications such as candy bars, bags, hamburger wraps, sandwich wraps and gift wraps.

“We recognize the importance of having a rich product portfolio and giving our customers more options for their converting or end-use applications. Acadia Laminating is one of the many packaging options we will be launching in 2013,” says Dave Deger, Director of Business Development and Marketing at Twin Rivers Paper Company.

Send to a Friend

03.04.2013

The Newark Group to Hike Price for All Coated Grades of Recycled Paperboard

The Newark Group announced a $40 per ton price increase on all coated grades of recycled paperboard effective with shipments on or after April 2, 2013.

“The increase is necessary due to the escalating costs of raw materials, freight and energy,” said Raymond Vargo, Jr., Vice President of Sales, Newark Paperboard Mills.

Send to a Friend

03.04.2013

Study: Men's Mags May Be Bad For Men

What do Fortune, Wired and Field & Stream have in common? They’re all read mostly by men, and contain large numbers of ads that may contribute to “hyper-masculinity,” leading to “troubling behavior in young men,” according to a new study just published in Sex Roles, an academic journal.

The researchers, led by Megan Vokey, a Ph.D. candidate from the University of Manitoba, tracked advertising in eight magazines with a primarily male audience, scoring each ad on four components: Toughness, violence, dangerousness and callous attitudes toward women and sex. The authors found that these “hyper-masculine depictions” were common in all titles, regardless of age or earnings.

At least one of these four attributes was found in 56% of the total sample, while in some magazines, it was as many as 90%. But titles aimed at younger, less affluent readers were more likely to contain such ads. Game Informer, Playboy and Maxim had the most; Fortune and Golf Digest the least.

Ads with either a sexual or violent tone were less common. “Masculine ideology valuing toughness and danger may be more accepted generally by men than are overt violence and callousness towards women and sex,” the authors say. Other studies have linked hyper-masculinity with such problems as “dangerous driving, drug use and violence towards women.”

Increasingly, academic researchers are examining the impact ads can have on public health issues ranging from obesity to anorexia to binge drinking. Sometimes, as in the case of food marketing to children, the result has been stepped-up regulations.

Send to a Friend

03.04.2013

Ilim Group’s New Paper Machine at Koryazhma produces First Paper

On the 3rd of March in Koryazhma, Arkhangelsk oblast, Ilim Group’s new paper machine build as a part of Big Koryazhma investment project made paper for the first time.

During the coming weeks, Ilim Group’s specialists, supported by experts from International Paper and representatives of equipment suppliers, will be working together to bring the machine up to full production, and help it meet all of the product quality parameters.

New high quality office and offset paper – will soon enter Russian market.

Big Koryazhma is a project is an investment of $270 million, involving construction of a new paper machine, installation of an off-machine coater, installation of cut-size and folio sheeters, construction of precipitated calcium carbonate (PCC) plant and implementation of infrastructure projects. Construction of a new paper machine in Koryazhma started in summer of 2011 at the production site of Ilim Group Branch in Koryazhma. As a result of the project Russia's most advanced state-of-the-art paper machine has started operations and will produce more than 150,000 tons per year of office paper. In summer of 2013 the company will start producing 70,000 tons of coated paper per year to make Ilim Group Russia's first and only manufacturer of this product. The project was approved by Ilim Group's Board of Directors on June 30, 2010. The Ministry of Industry and Trade of the Russian Federation has given this project priority status.

Send to a Friend

03.04.2013

Chico's FAS, Inc. Reports Earnings Per Share Increase of 27% in Fourth Quarter and 32% in Fiscal 2012

Chico's FAS, Inc. today announced its financial results for the fiscal 2012 fourth quarter and fiscal year ended February 2, 2013. The Company also provided its outlook.

For the fourteen-weeks ended February 2, 2013 (the fourth quarter), when excluding non-recurring acquisition and integration costs related to the Boston Proper acquisition, the Company reported net income of $32.7 million, an increase of 29.8% compared to net income of $25.2 million in last year's thirteen-week fourth quarter, and earnings per diluted share of $0.20, an increase of 33.3% compared to $0.15 per diluted share in last year's fourth quarter. Including non-recurring acquisition and integration costs, the Company reported net income of $31.5 million, an increase of 25.6% compared to net income of $25.1 million in last year's fourth quarter, and earnings per diluted share of $0.19, an increase of 26.7% compared to $0.15 per diluted share in last year's fourth quarter. These results represent the highest fourth quarter earnings per share since 2005.

For the fifty-three weeks ended February 2, 2013 (fiscal 2012), when excluding non-recurring acquisition and integration costs, the Company reported net income of $182.2 million, an increase of 26.1% compared to net income of $144.4 million for the fifty-two week year ended January 28, 2012 (fiscal 2011), and record earnings per diluted share of $1.09, an increase of 29.8% compared to $0.84 per diluted share in fiscal 2011. Including non-recurring acquisition and integration costs, the Company reported net income of $180.2 million, an increase of 27.9% compared to net income of $140.9 million in fiscal 2011, and earnings per diluted share in fiscal 2012 of a record $1.08, an increase of 31.7% compared to $0.82 per diluted share in fiscal 2011.

Send to a Friend

03.04.2013

WTI Oil Futures Decline to Trade Near $90 a Barrel

West Texas Intermediate crude fell to trade near $90 a barrel after money managers cut bets on rising prices.

Futures retreated for a third day in New York after sliding to a 10-week low on March 1. Net-long positions in WTI dropped 16 percent, according to data from the Commodity Futures Trading Commission. Services industries in China expanded at the slowest pace in five months in February, a survey of purchasing managers showed yesterday.

“Oil is going to remain under pressure for a while yet,” said Christopher Bellew, a senior broker at Jefferies Bache Ltd. in London, who correctly predicted last month that prices were set to drop. “When prices were strong last month there was an influx of fresh speculative buying, and the opposite is happening now.”

WTI for April delivery fell as much as 59 cents to $90.09 a barrel in electronic trading on the New York Mercantile Exchange. It was at $90.51 at 11:33 a.m. London time.

Send to a Friend

03.04.2013

Bertelsmann Acquires Full Ownership of Music Company BMG

Bertelsmann, the international media group, is taking full ownership of the innovative music rights management company BMG by acquiring the shares currently held by Kohlberg Kravis Roberts & Co. (KKR), and will continue to develop BMG as a wholly owned subsidiary. The transaction, which is subject to regulatory approval, is scheduled to close during the first half of this year. The parties have agreed to keep the financial details of the transaction confidential. BMG administers the rights to more than one million songs, including works by such artists as Bruno Mars, Duran Duran, Gossip, Johnny Cash, and Will.i.am. It also represents the master rights (composition and recording) of artists who include Brian Ferry, Nena and Anastacia.

Bertelsmann Chairman & CEO Thomas Rabe said: “This is a great day for Bertelsmann: We are bringing the music home to our group. A few years after our exit from the traditional music business, in association with KKR, we have succeeded in building the world's fourth-largest music rights management business.” Rabe emphasized that KKR has been a good partner. “Our partnership made it possible for BMG to take advantage of consolidation opportunities and to rapidly advance the organic expansion of the business. I thank them for an excellent collaboration.”

Send to a Friend

Paperclips Blog | Clearwater Paper Results

View by Week:

Category:

Popular Keywords