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05.14.2013
West Texas Intermediate crude traded near the lowest level in more than a week on forecasts that U.S. supplies climbed to the highest since at least 1931 amid production the IEA said is “transformative” for world markets.
Futures fluctuated in New York, after declining a third day yesterday, on speculation that rising supplies will counter signs of an economic recovery. Crude inventories probably increased 450,000 barrels to 396 million in the week ended May 10, according to a Bloomberg News survey before Energy Department data tomorrow. Growth in North American production will be as significant for markets as China’s economic boom, the International Energy Agency said.
“Supply-demand is skewed to the oversupply side,” said Michael Poulsen, an analyst at Global Risk Management in Middelfart, Denmark. “There is currently a lot of spare capacity, and global crude overproduction. The multi-decade high in U.S. supply will keep weighing on WTI.”
WTI for June delivery was at $94.99 a barrel, down 18 cents, in electronic trading on the New York Mercantile Exchange at 11:05 a.m. London time.
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05.14.2013
Ahlstrom Corporation's Board of Directors have today signed a new demerger plan related to Coated Specialties, Ahlstrom's Label and Processing business in Brazil, and cancelled the previous Coated Specialties demerger plan. Under the signed demerger plan, all the assets and liabilities contained in the Ahlstrom Group, that belong to the Coated Specialties business in Brazil, will be transferred to Munksjö Oyj through a partial demerger. The demerger is part of the process through which Ahlstrom's Label and Processing business and Munksjö AB will be combined.
The signing of the new demerger plan and cancellation of the previous one were needed since Ahlstrom and Munksjö will not be able to receive all relevant regulatory approvals before May 27, 2013, when the demerger decision made by Ahlstrom's Extraordinary General Meeting of the Shareholders expires. As announced before, Ahlstrom expects to complete the demerger of the Label and Processing business in Brazil during the second half of 2013. Ahlstrom will later this month publish a separate invitation to a new Extraordinary Shareholders' Meeting, which is required to obtain approval for the new Coated Specialties demerger plan.
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05.14.2013
Glatfelter, a global supplier of specialty papers and fiber-based engineered materials, today announced price surcharges of five percent for all beverage filtration papers, effective immediately. The announcement comes as a result of high energy and raw material costs.
Martin Rapp, Vice President and General Manager for Glatfelter's Composite Fibers Business Unit said, "With the exception of electricity which cost remains relatively flat in Europe, the cost for all raw materials and energy has continued to rise gradually in the last 18 months. This has put immense pressure on margins at a time when additional capacity is needed to support long term growing demand."
"We understand that this price increase is difficult for our customers, but the current economics are not sustainable. We have made extensive efforts in the last years to reduce our overall costs and increase efficiency in an attempt to mitigate the impact of these escalating costs on our customers. However, we have been unable to counterbalance the full impact of rising input costs in the last years."
Mr. Rapp continued, "Realistically, I do not see any relief from input cost inflation in the near-term, but we are talking and working with our customers to find ways of reducing the impact of these changes within the global supply chain."
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05.14.2013
Ahlstrom Corporation has today signed an amendment agreement with EQT, the principal owner of Munksjö, related to the proposed combination of Ahlstrom's Label and Processing business area and Munksjö AB, to create Munksjö Oyj, a leading manufacturer of specialty papers. The amendment agreement covers an additional equity investment in Munksjö Oyj and the net debt position of Ahlstrom's Label and Processing business in Europe (LP Europe) and Munksjö AB as per March 31, 2013. The agreement also details the consequences of the commitments that Ahlstrom and Munksjö AB have provided to address the competitive concerns of the European Commission with respect to the abrasive backings and pre-impregnated decor paper businesses that are part of the planned combination.
To strengthen the balance sheet and to address the consequences of the remedy proposal made to the EU Commission, the parties have agreed to make an equity investment in the new Munksjö Oyj totalling approximately EUR 28.5 million, in addition to the previously agreed EUR 100 million. The equity investment will be made by Ahlstrom, EQT and the shareholders of Munksjö AB through Munksjö AB. Ahlstrom has increased its original commitment by EUR 16.0 million to EUR 78.5 million and EQT has increased its original commitment by EUR 1.0 million to EUR 13.5 million by subscribing and paying for additional new shares in Munksjö Oyj. Munksjö AB's commitment amounts to EUR 11.5 million.
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05.14.2013
Effective with orders shipped on or after June 17, 2013, we will increase prices on our IP C2S publishing grades as follows: IP Courtland C2S (All Finishes & Weights) $1.50/cwt
All other standard differentials, upcharges, and shipping policies for all products will apply. If you have any questions regarding these changes, please call your International Paper sales representative.
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05.14.2013
Ahlstrom, a global high performance fiber-based materials company, introduces its expanded interleaved Sterile Barrier Systems (SBS) offering, Ahlstrom Reliance® Tandem. This expansion introduces SMS (Spunbond-Meltblown-Spunbond) technology into our offering. The company aims to better meet customers' needs and provide unique SBS solutions.
Ahlstrom's sterile barrier systems are a trusted and an integral part of the central sterilization department in hospitals. Previously, our interleaved offering consisted of crepe and wetlaid technologies. To help our customers stay ahead, Ahlstrom now offers a complete interleaved portfolio with the introduction of SMS into our Ahlstrom Reliance® Tandem portfolio. Ahlstrom Reliance® Tandem utilizes our newest technology, SMS, in combination with our existing technologies to provide the optimal combination of sterile barrier system sheets for sequential wrapping.
Ahlstrom Reliance® Tandem or interleaving is the concept of combining two layers of SBS sheets, each offering specialized performance for sequential wrapping. The two layers are used together to offer a high degree of flexibility in terms of performance, technology and cost for different applications.
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05.13.2013
Grainger today reported sales results for the month of April 2013. Daily sales increased 8 percent versus April 2012, and included 3 percentage points from volume, 2 percentage points from price, 2 percentage points from acquisitions and 2 percentage points from the timing of the Easter holiday, partially offset by a 1 percentage point decline from foreign exchange. The month of April 2013 had 22 selling days versus 21 selling days in April 2012. The 2013 second quarter will have 64 selling days, the same as the 2012 second quarter.
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05.13.2013
E-commerce sales grew 13% year-over-year to $50.2 billion, marking the fourteenth consecutive quarter of positive year-over-year growth and tenth consecutive quarter of double-digit growth, according to comScore. It was also just the second quarter on record to surpass $50 billion in spending.
The survey also revealed that nearly half (48%) of time spent in the retail category occurred on mobile devices, with smartphones (34%) outpacing tablets (14%).
"The first quarter of 2013 was fairly strong for online retailers, with total e-commerce sales surpassing $50 billion for only the second time on record," said comScore chairman Gian Fulgoni. "While the year-over-year growth rate of 13% remained healthy, it was a point or two below that of the preceding quarters. One potential explanation for this mild deceleration is the payroll tax increase, which went into effect in 2013 and which removed some disposal income from Americans' wallets.”
Fulgoni added that, as long as job growth continues and consumer sentiment remains positive, the outlook for e-commerce in 2013 remains bright.
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05.13.2013
Forest companies belonging to the Forest Products Association of Canada (FPAC) today announced their ongoing commitment to the landmark Canadian Boreal Forest Agreement (CBFA) by agreeing to dedicate more than $4 million to implementation over the next two years. Companies will also work with their environmental partners to raise additional resources to redouble efforts aimed at moving the historic accord forward.
The commitment comes as the CBFA is about to celebrate its third anniversary and work is accelerating right across the country on the twin pillars of protecting the environment including threatened woodland caribou while ensuring a viable forest products industry. The agreement first signed on May 18, 2010 by Canadian companies and conservation groups is the largest and most complex deal of its kind ever reached anywhere in the world.
“Our member companies are truly committed to this deal and have agreed to this additional contribution of funds to ensure the CBFA can be implemented effectively.” says the President and CEO of FPAC, David Lindsay. “We fully intend to continue the dedicated and hard work now underway to achieve the ambitious goals of the agreement to protect both the ecological values of the boreal while allowing for continued economic development in the communities which depend on the forest.
Lindsay says the additional $4 million will further help the scientific rigour, planning, mapping and consultations across the boreal. This commitment is in addition to the hundreds of people in the forest industry already dedicated to CBFA implementation.
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05.13.2013
Crude-oil shipments jumped to a six-month high as Asian demand will probably lead the Organization of Petroleum Exporting Countries to expand output, according to Morgan Stanley.
Bookings of oil tankers from the Middle East, the largest loading region, rose 27 percent from last week to 79 million barrels, 55 percent above the prior four-week average, Fotis Giannakoulis, a New York-based analyst at the investment bank, said in an e-mailed report today. Asia-bound cargoes accounted for two-thirds of the charters, he said.
The hires helped rates for very large crude carriers on eastbound voyages rise 22 percent last week, reaching $10,000 a day for the first time in three months, according to Giannakoulis. Seasonal demand accounted for most of the increase, with spot bookings in the last four weeks down 14 percent compared with a year ago, he said.
“Crude chartering activity increased sharply last week to the highest level in over six months,” Giannakoulis said in the report. “OPEC production is likely on the rise, with Far East flows driving the incremental demand.”
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05.13.2013
About a third (33.8%) of the b-to-b and consumer publications audited by BPA Worldwide reported digital circulation for the second half of last year, the organization said. A total of 520 print titles reported digital circulation for the six-month period ended Dec. 31, a 2.8% increase over the year-earlier period. BPA Worldwide said digital circulation now accounts for about 22% of its audited qualified circulation.
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05.13.2013
Patagonia yesterday launched an internal fund to invest in environmentally responsible startups focused on clothing, food, water, energy and waste.
In a May 6 letter announcing the in-house venture fund, called $20 Million & Change, Patagonia founder Yvon Chouinard — a long-time advocate of corporate environmental stewardship — said the company intends to help “like-minded, responsible start-up companies bring about positive benefit to the environment.”
The fund’s name, Chouinard says, is a nod to the starting amount, $20 million, with the ability to grow and “change the way business is done.”
The company has not yet identified startups to invest in; a Patagonia spokesperson tells Environmental Leader that most funding will be in the $500,000 to $5 million range and will include equity investments and minority and majority partnerships, as well as joint ventures.
With the launch of this fund, the company has also reorganized Patagonia and its other businesses within a new holding company called Patagonia Works. Chouinard says Patagonia Works is dedicated to using business to help solve the environmental crisis.
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05.13.2013
The U.S. Postal Service ended the second quarter of its 2013 fiscal year (Jan. 1 – March 31) with a net loss of $1.9 billion. The Postal Service continues to grow revenue and reduce expenses by using the tools available to it under existing law. However, without passage of comprehensive legislation to provide the Postal Service with a workable business model for today’s marketplace, large quarterly financial losses will continue.
"To return the Postal Service to solvency requires a comprehensive approach, which is reflected in our updated Five-Year Business Plan," said Postmaster General and CEO Patrick Donahoe. "The plan provides an achievable roadmap to restore financial stability and preserve affordable mail service for the American public. The major elements of the plan must be pursued and executed within a short window of opportunity to avoid unsustainable losses and potentially becoming a long-term burden to the American taxpayer."
The Postal Service needs to save $20 billion annually by 2016. Many of the savings cannot be achieved without the following legislative action: Require a USPS Health Care Plan (resolves the Retiree Health Plan prepayment issue); Refund the FERS overpayment and adjust the FERS payment schedule; Adjust delivery frequency (six-day package/five-day mail delivery); Streamline the governance model; Allow USPS the authority to expand products and services; Require a defined contribution retirement plan for future postal employees; Provide instructions to arbitrators to consider USPS’s financial condition in interest arbitration awards; Reform workers’ compensation
The Postal Service has already reached its debt limit of $15 billion. It also has defaulted on $11.1 billion due for retiree health benefits in 2012 and also expects to default on an additional $5.6 billion on September 30, 2013. In addition, the Postal Service owes an estimated $17 billion on future workers’ compensation claims. "These obligations of nearly $50 billion and continuing losses highlight the need for immediate legislative reform to give us the latitude to execute on our Five-Year Plan and improve our ability to repay these obligations and return to profitability," said Chief Financial Officer Joe Corbett.
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05.13.2013
JoS. A. Bank Clothiers, Inc. announces that earnings for the first quarter of fiscal year 2013 are expected to be approximately $0.27 to $0.30 per diluted share, compared with $0.53 per diluted share in the first quarter of 2012. Actual results will depend on, among other things, adjustments that may arise from the normal quarter-end processing. The first quarter of fiscal year 2013 ended May 4, 2013; the first quarter of fiscal year 2012 ended April 28, 2012.
Commenting on the earnings update, R. Neal Black, President and CEO of JoS. A. Bank Clothiers, Inc. stated: "While we were able to control our expenses and improve our advertising efficiency in the quarter, our gross margin was down primarily due to higher inventory sourcing costs and lower average selling prices due mostly to increased percentage of sales of winter clearance products. In addition, our sales declined approximately 3%, primarily in April. Like many other retailers, we were also affected by the unseasonably cool weather. On the positive side, our Direct Marketing business, primarily on the Internet, continued to perform well, with double-digit sales growth. The Company continues to maintain a strong balance sheet and, despite the slow start to the new year, the first quarter of fiscal year 2013 will still be profitable."
"For the remainder of 2013, we will continue to focus on our goal of returning to previous levels of gross margin rates and advertising productivity. As such, we will continue to test, evaluate and refine our merchandising and advertising offerings to optimize the appeal to our customers. Additionally, starting this spring, we have introduced new and more focused casual assortments and additional slim-fit suit inventories responding to customer demand," continued Mr. Black.
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05.10.2013
Consumer magazine publishers still generate a massive 78% of their total revenues from their print products, according the fourth annual Publishing Futures report.
The survey of senior magazine executives predicts the figure will fall to 71% over the next two years, while income from the publishers’ digital brands will rise from 8% to represent 15% of total revenue during the same period.
By comparison, the survey found B2B publishers make only 40% of their revenue from print products, partly due to their increased focus on brand extensions through events.
The Publishing Futures report launched at today’s Professional Publishers Association’s Publishing+ conference at the Hilton London Metropole. It predicts that advertising and sponsorship will retain a stable share of publisher’s total revenues over the next two years, declining slightly from the current 36% of total revenues to 35% by 2014.
Digital will play a greater role in magazine ad revenues, growing its share from 17% to 27% in the next two years. The report also found that multi-channel advertising packages were increasingly leading to sponsorship deals rather than traditional advertising positioning.
The economic climate is causing continued challenges to publishers, the survey found, hitting advertising budgets and circulation and putting pressure on rates. Publishers also felt threatened by advertisers speaking more directly with their customers using information from their own databases.
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05.10.2013
George F. Martin, president and chief executive officer, NewPage Corporation, has been named winner of the 2013 PIMA Executive of the Year Award. The award is PIMA’s highest honor and is bestowed on senior-level executives in the pulp, paper or converting industries for excellence in management and outstanding contributions to the industry as a whole.
“During an exemplary career in senior management and operations spanning 29 years in the industry George Martin has exemplified the strong leadership skills and vision that are absolutely critical for success in today’s global pulp and paper business,” said Larry N. Montague, TAPPI president and CEO. “His leadership and hard work provided important contributions to NewPage’s growth and emergence as one of North America’s leading printing and specialty paper producers. His accomplishments as a leader and his many contributions to the industry make him an outstanding choice as PIMA Executive of the Year.”
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05.10.2013
Post Master General and CEO Patrick Donahoe of the U.S. Postal Service painted a grim picture during his State of the USPS presentation to attendees at the American Catalog Mailers Association’s 2013 National Catalog Forum on May 8.
According to Donahoe, in 2003 the USPS delivered 51 billion pieces of mail, this year they deliver 21 billion pieces.
“It’s almost a $14 billion loss,” said Donahoe. “We have lost that much volume, when you are in the catch up mode like we are you never get ahead unless you put a business plan through.”
According to Donahoe, with the loss of money, infrastructure goes and employees are forced to take lower wages and mailers are paying higher prices
“We don’t want to do that,” Donahoe said. The USPS, he said, is $15 billion in debt with another $16 billion in deferred payments for health benefits, so they are looking at over $30 billion dollars in debt.
Expenses exceed revenue and the gap is growing. The bottom-line is with pre-funding and once pre-funding ends there is a substantial gap the postal service needs to fill, according to Donahoe.
“The labor costs represent 78% of postal service costs, we’ll probably never get under 70%,” said Donahoe.
Plans are in place however to address the issues in front of the postal service. Plans begin with addressing health care, network consolidations and the postal service has eliminated 21 thousand delivery routes.
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05.10.2013
Gap Inc. today reported net sales for the first quarter of fiscal year 2013 increased 7 percent compared with the first quarter of fiscal year 2012 and that April 2013 net sales increased 5 percent compared with last year.
“We are pleased with our sales performance this month, led by our largest brands, Gap and Old Navy,” said Glenn Murphy, chairman and chief executive officer of Gap Inc.
Net sales for the first quarter, which ended May 4, 2013, were $3.73 billion compared with $3.49 billion for the first quarter last year. In addition, net sales for the four-week period ended May 4, 2013 were $1.21 billion compared with net sales of $1.15 billion for the four-week period ended April 28, 2012.
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05.10.2013
AAA Fuel Gage 5/10/13
National Unleaded Regular:
Current Average - $3.560/gallon
Month Ago Average - $3.572/gallon
Year Ago Average - $3.739/gallon
Highest Recorded Average - $4.114/gallon on 7/17/08
Diesel:
Current Average - $3.881/gallon
Month Ago Average - $3.983/gallon
Year Ago Average - $4.060/gallon
Highest Recorded Average - $4.845/gallon on 7/17/08
Current Exchange Rates as of 5/10/13
American Dollar to Canadian Dollar = 0.997260
American Dollar to Chinese Yuan = 0.162783
American Dollar to Euro = 1.300603
American Dollar to Japanese Yen = 0.009843
American Dollar to Mexican Peso = 0.082984
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05.10.2013
West Texas Intermediate crude fell a second day, trimming a third weekly gain, as rising supplies countered signs of economic growth.
Futures slid as much as 0.8 percent, extending yesterday’s 0.2 percent drop, as the dollar gained versus the euro, damping the appeal of commodities priced in the U.S. currency. Brent crude retreated 0.5 percent, leaving its premium versus WTI at $8.18 a barrel. Goldman Sachs Group Inc. said in a report today that spread may narrow to $5 in the third quarter.
“Oil prices continue to move in the opposite direction to equities with a slightly weaker tone on the back of a stronger U.S. dollar,” said Michael Hewson, a market analyst at CMC Markets Plc in London who expects WTI to peak at $98 this year. “Perceptions of weak demand need to change for oil prices to move higher. WTI needs to take out this years highs at $98 and Brent needs to take out $107 to suggest a move higher.”
WTI for June delivery dropped as much as 83 cents to $95.59 a barrel in electronic trading on the New York Mercantile Exchange and was at $95.73 as of 11:07 a.m. London time.
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05.10.2013
Phoenix-based SkyMall Inc. has named Kevin Weiss as its new CEO.
Weiss will work closely with SkyMall employees as well as Christine Aguilera and Marie Foster, presidents of in-flight and loyalty businesses, respectively, to further the firm’s expansion. Weiss has more than 30 years of sales, marketing and technology experience to SkyMall.
He comes to SkyMall, a subsidiary of Phoenix-based Najafi Cos., from Author Solutions, a self-publishing company, where he most recently served as president and CEO. Before his time at Author Solutions, Weiss was president of McAfee Inc.
“SkyMall is an iconic brand with access to innovative products and a unique operating platform,” Weiss said in a statement. “I look forward to engaging with our company’s customers, partners, team members and shareholders to continue expanding and growing the enterprise.”
SkyMall is fortunate to have someone with Weiss’ expertise and experience at the helm, said Najafi CEO Jahm Najafi.
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05.10.2013
Erik Heilman - Director, Government Affairs
If you’re reading this, you’re either online right now or you’ve printed it out. You chose which method – electronic or paper – you preferred. That’s the principle behind AF&PA’s view that people should be able to choose whether to pay bills, communicate with friends and colleagues, read a book, etc. electronically or on paper. Unfortunately, many government agencies don’t see it that way.
Recently, federal agencies have been eliminating services and communications such as social security documents, tax documents, and savings bonds in a paper format forcing them to electronic-only formats. What’s more, citizens relying on these services aren’t given a choice in the matter. To spotlight this problem, Congressman Sean Duffy (R-WI) teamed with Congressman Mike Michaud (D-ME) to introduce a non-binding resolution in the US House of Representatives that says the federal government should take all appropriate measures to ensure that citizens continue to be provided with paper-based information, products and services, and public notices while providing the ability for all citizens to opt-in to electronic delivery if they so choose.
The fact is, millions of Americans cannot access information in electronic formats or simply prefer paper documentation. Perhaps you know someone who doesn’t have reliable internet access or doesn’t want to be told they have to receive things in an email only. According to a recent survey done by Consumers for Paper Options, 72% of respondents said the government should continue to provide important documents and records in paper form. The move to digitize all forms of communication disadvantages nearly 30% of American households without Internet access, 45% of seniors who do not own a computer, and 8% of the population who choose to not maintain a bank account.
Paper and digital formats can be complementary; those who wish to receive paper-based communications and documentation should have that choice and not be forced to digital delivery or forgo the information or service altogether.
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05.10.2013
First Quarter 2013 NewPage Holdings Quarterly Report & Exhibits
2013 FIRST QUARTER FINANCIAL HIGHLIGHTS
• Net sales were $756 million in the first quarter of 2013 compared to $760 million in the first quarter of 2012.
• Higher sales volume and improved product mix were more than offset by lower average paper prices in the first quarter of 2013 compared to the first quarter of 2012.
• Average paper prices were $887 per ton in the first quarter of 2013 compared to $906 per ton in the first quarter of 2012.
• Paper sales volume increased to 826,000 tons in the first quarter of 2013 compared to 821,000 tons in the first quarter of 2012.
• Net loss was $11 million in the first quarter of 2013 compared to a net loss of $123 million in the first quarter of 2012. The improvement was the result of cost reduction initiatives, as well as lower reorganization items and lower interest expense due to the elimination of our pre-petition debt upon our emergence from bankruptcy proceedings.
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05.09.2013
Neenah Paper, Inc. today reported adjusted earnings from continuing operations of $0.74 per diluted common share in the first quarter of 2013 compared to adjusted earnings of $0.77 per share in the first quarter of 2012. Without adjustments, reported earnings in the first quarter of 2013 were $0.73 per diluted share and compared to $0.54 per share in the prior year period. Adjusted earnings excluded costs of $0.01 per share in 2013 to integrate brands purchased from Southworth in January 2013 and excluded costs of $0.23 per share in 2012 for acquisition costs and a pension settlement charge. Adjusted earnings are reconciled to comparable GAAP figures later in this release.
Adjusted earnings per share of $0.74 in the first quarter of 2013 included the impact of $0.07 per share from a higher effective tax rate in 2013. Adjusted operating income of $22.3 million was slightly above prior year with increases in Fine Paper offsetting lower income in Technical Products. The impact of the higher effective tax rate more than offset benefits of higher operating income and lower interest expense in 2013.
Net sales of $213.2 million in the first quarter of 2013 increased eight percent compared with the first quarter of 2012. Revenues increased in both segments, with growth in Fine Paper aided by additional volumes from acquired brands.
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05.09.2013
Yankee Holding Corp. and The Yankee Candle Company, Inc. today announced financial results for the first quarter ended March 30, 2013. 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 ("MDP") on February 6, 2007 (the "Merger"), and is the parent company of The Yankee Candle Company, Inc.
Net sales for the first quarter of 2013 were $163.4 million as compared to net sales of $155.1 million during the first quarter of 2012, an increase of $8.3 million or 5.4%. Retail sales were $89.2 million for the first quarter of 2013 as compared to $81.0 million during the first quarter of 2012. Sales from the Company's Wholesale segment were $43.6 million during the first quarter of 2013, as compared to $50.2 million during the first quarter of 2012. Sales in the Company's International segment were $30.6 million during the first quarter of 2013, compared to $23.9 million during the first quarter of 2012.
The Company recorded a net loss of $1.7 million during the first quarter of 2013 compared to a net loss of $3.5 million during the first quarter of 2012.
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05.09.2013
Verso Paper Corp. today reported financial results for the first quarter of 2013. Results for the quarters ended March 31, 2013 and 2012 include:
• Operating loss of $1.1 million in the first quarter of 2013, compared to operating loss of $12.3 million in the first quarter of 2012.
• Net loss of $38.4 million in the first quarter of 2013, or $0.72 per diluted share, compared to net loss of $73.9 million, or $1.40 per diluted share, in the first quarter of 2012.
• EBITDA of $22.3 million in the first quarter of 2013, compared to ($10.5) million in the first quarter of 2012, and Adjusted EBITDA before pro forma effects of profitability program of $20.1 million in the first quarter of 2013, compared to $25.3 million in the first quarter of 2012 (Note: Adjusted EBITDA is a non-GAAP financial measure and is defined and reconciled to net income later in this release).
Overview
Verso's net sales for the first quarter of 2013 decreased $42.1 million, or 11.2%, compared to the first quarter of 2012, reflecting an 11.2% decline in total sales volume, which was driven by the closure of the Sartell mill in the third quarter of 2012. The average sales price per ton was consistent with the same period in the prior year. Verso's gross margin was 12.4% for the first quarter of 2013 compared to 10.1% for the first quarter of 2012.
Verso reported net loss of $38.4 million in the first quarter of 2013, or $0.72 per diluted share, which included $2.9 million of net gains from special items, or $0.05 per diluted share, primarily due to unrealized gains on energy-related derivative contracts and gains on the sale of our Sartell mill and Fiber Farm LLC. Verso had a net loss of $73.9 million, or $1.40 per diluted share, in the first quarter of 2012, which included $34.9 million of charges from special items, or $0.66 per diluted share.
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05.09.2013
First Quarter 2013:
• Revenue of $470 million; adjusted EBITDA of $73 million; adjusted EBITDA margin of 15.5 percent
• Mineral Sands segment revenue of $298 million; adjusted EBITDA of $157 million
• Vertical integration on plan, as 69 percent of feedstock revenue derived from intercompany sales, up from 59 percent in fourth quarter 2012
• Although average market prices declined, Tronox CP titanium slag pricing up versus fourth quarter last year as portion of legacy sales contracts priced below market expired
• Zircon recovery continues with revenue up 6 percent sequentially driven by 47 percent volume growth
• Pigment segment revenue of $288 million; adjusted EBITDA of ($37) million
• Pigment revenue up 13 percent versus fourth quarter last year, driven by 23 percent volume increase to reach highest level since third quarter 2011; selling prices declined 8 percent
Tom Casey, chairman and CEO of Tronox, said: "Our first quarter financial results came in as we expected, strong in Mineral Sands and soft in Pigment. However, pigment volumes increased by 23 percent compared to the fourth quarter 2012 to the highest level since the third quarter 2011. We have now seen volume increases for two consecutive quarters and believe this may signal the end of artificially low demand levels caused primarily by customer destocking that occurred in 2012. In addition, zircon volumes increased 47 percent from the fourth quarter 2012. Our vertical integration continues on plan with more than two-thirds of our titanium feedstock sales going to our Pigment business. Our finished pigment inventory reduced from 81 days to 71 days and the average utilization rate across our pigment plants remained in the mid-70s percent range."
Casey continued: "We continue to anticipate the global market for pigment to strengthen in the second half of this year. Our financial position is strong. We have built strategic flexibility. Our markets are beginning to reflect increasing demand. Our integration plan is on track to more fully demonstrate the material cost advantages it gives us as we capture margin at both feedstock and pigment levels. As a result, we have the ability to pay a regular dividend yielding an attractive return, while at the same time evaluate strategic opportunities to expand our scale relative to the market without expanding supply in a currently over-supplied market. We remain confident in the long term value creation potential of our business and intend to deliver that value to our shareholders."
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05.09.2013
R. R. Donnelley & Sons Company today introduced Roundtable, a cloud-based document management platform designed to enhance the speed and security of global business collaboration. The Roundtable solution provides clients with a platform to securely manage and share content internally as well as externally with professional advisors, counsel and consultants.
"We provide a continuum of services that enable secure collaboration and document review ranging from Roundtable to our Venue® virtual data room solution," said Tom Juhase, President of RR Donnelley's Financial Services offering. "Roundtable offers an affordable, quickly implemented means of boosting security and flexibility for everyday document management. Its versatility allows users to interact from their desktops or mobile devices."
Built with RR Donnelley's industry-leading content management resources and incorporating capabilities from technology providers including Google and Microsoft, the Roundtable platform offers an intuitive, user-friendly interface. It allows professionals to quickly and securely upload, store and share files of virtually any type from anywhere in the world.
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05.09.2013
Summary for the quarter
•European business impacted by lower prices and higher pulp costs
•Specialised Cellulose projects on track, major shuts completed
•Profit for the period US$7 million (Q2 2012 US$58 million)
•EPS 1 US cent (Q2 2012 11 US cents)
•Operating profit excluding special items US$40 million (Q2 2012 US$125 million)
Commenting on the result, Sappi Chief Executive Officer Ralph Boettger said:
"The Specialised Cellulose and North American businesses continue to perform well and the investments in the conversions at the Ngodwana and Cloquet Mills have progressed according to plan. Dissolving wood pulp production is scheduled to start at these two mills during the 3rd quarter. As indicated in the previous quarter, we expected operating profit for the second quarter to be lower than that of the first quarter. The actual performance was weaker than expected however, due to weaker European market conditions and an inability to implement any meaningful coated graphic paper price increases in Europe during the past quarter. This led to a weak overall group performance.
"Looking forward, market conditions for our paper businesses, particularly in Europe are expected to continue to be weaker than previously envisaged. The price increases in Europe, to date, have not been sufficient to restore margins given rising input costs. Despite the interventions and major cost reductions that have taken place, we expect the European business to only achieve a breakeven operating profit excluding special items for the full year. This performance necessitates further action and we are evaluating a number of options that could result in capacity and cost reductions in our European business. Further measures are also being implemented in the Southern African business. The Specialised Cellulose and North American businesses are expected to continue to perform according to plan.
"Notwithstanding the weak European performance, and the impact of the commissioning and start-up of the two major dissolving wood pulp projects, we believe that the group will at worst breakeven at the net profit excluding special items level for the full year. We expect net debt to peak at approximately US$2.4 billion in the third quarter and thereafter to decrease to approximately US$2.2 billion by the end of the financial year.
"Despite the generally tough market conditions and the once-off impact of our major transitionary projects on the current year's performance, our actions and investments will position the group well for improved performance from 2014 onwards."
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05.09.2013
News Corporation today reported $9.54 billion of total revenue for the three months ending March 31, 2013, a $1.14 billion or 14% increase over the $8.40 billion of revenue reported in the prior year quarter. Approximately 55% of the revenue increase reflects growth at the Cable Network Programming, Filmed Entertainment and Television segments, partially offset by lower revenues at the Publishing segment. The balance of the growth primarily relates to the inclusion of Sky Deutschland AG (“Sky Deutschland”) and Fox Sports Australia revenues.
The Company reported third quarter total segment operating income(1) of $1.36 billion, as compared to $1.31 billion reported a year ago. The improvement was led by operating income growth at the Company’s Cable Network Programming, Filmed Entertainment and Television segments. The third quarter results included $42 million of costs related to the ongoing investigations initiated upon the closure of The News of the World as compared to $63 million in the corresponding period of the prior year. This year’s third quarter results also included $25 million of costs related to the proposed separation of the Company’s entertainment and publishing businesses. Excluding these costs from both years, third quarter adjusted total segment operating income of $1.43 billion increased $54 million or 4% from $1.38 billion reported in the third quarter of the prior year.
The Company reported quarterly net income attributable to stockholders of $2.85 billion ($1.22 per share), as compared to $937 million ($0.38 per share) reported in the corresponding period of the prior year. This quarter’s pre-tax results included $2.43 billion of income in Other, net, principally related to gains on the acquisition of an additional ownership stake in Sky Deutschland and the sale of the ownership stake in SKY Network Television in New Zealand, as well as a $11 million gain from the Company’s participation in British Sky Broadcasting’s (“BSkyB”) share repurchase program, which is reflected in Equity earnings of affiliates. These gains were partially offset by $56 million of restructuring charges, primarily related to the Company’s international newspaper businesses. Excluding the net income effects of these items, the costs related to the investigations in the U.K. and the proposed separation of the Company’s entertainment and publishing businesses, along with comparable items in both years, third quarter adjusted earnings per share(2) was $0.36 versus the adjusted prior year quarter result of $0.37.
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05.09.2013
Costco Wholesale Corporation today reported net sales of $7.98 billion for the month of April, the four weeks ended May 5, 2013, an increase of seven percent from $7.48 billion during the similar period last year.
For the thirty-five weeks ended May 5, 2013, the Company reported net sales of $69.00 billion, an increase of nine percent from $63.59 billion during the similar period last year.
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05.09.2013
Cascades Inc., a leader in the recovery and manufacturing of green packaging and tissue paper products, announces its unaudited financial results for the three-month period ended March 31, 2013.
Q1-2013 Highlights
· Sales of $914 million (compared to $904 million in Q4-2012 (+1%) and $891 million in Q1-2012 (+3%))
· Excluding specific items
o EBITDA of $68 million (compared to $70 million in Q4-2012 (-3%) and $72 million in Q1-2012 (-6%))
o Net loss per share of $0.04 (compared to a net loss of $0.06 in Q4-2012 and net earnings of $0.01 in Q1-2012)*
On a segmented basis, maintenance expenses and lower average prices due to increased promotional activities in Canada and increased competition in the US affected our Tissue Papers sector. On the Containerboard front, the operating rate of our containerboard mills has improved during the first quarter. However the current weakness of the Canadian economy impacted our corrugated product business as order levels in Eastern Canada were lower than expected. This Group was also impacted by the production of lower margin products by our boxboard manufacturing mills in North America. In Europe, lower energy prices and higher volumes more than offset the impact of lower selling prices. As for fiber, costs for brown grades and virgin pulp were higher than during the previous quarter which also impacted our results.”
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05.09.2013
Brent futures fell for a third session as crude inventories in the U.S. increased. Iraq resumed oil exports via Turkey today after a halt caused by sabotage to a pipeline.
Brent dropped as much as 0.8 percent. Total U.S. crude stockpiles rose by 230,000 barrels, according to the Energy Department. Iraq’s state-run North Oil Co. repaired the pipeline to Turkey following a bombing attack yesterday in the city of Mosul. The weekly U.S. jobless claims will be announced at 8:30 a.m. Washington time and are expected to show an increase to 335,000, according to a Bloomberg survey.
“The market looks to be taking stock, awaiting the next economic data,” said Michael Hewson, a market analyst at CMC Markets Plc in London who expects WTI to peak at $98 this year. “It’s a demand story at the moment as inventories keep rising. We need positive economic news to stop the fall and that could come with the weekly jobless claims.”
Brent for June settlement fell as much as 78 cents to $103.56 a barrel, and was at $103.87 as of 11:25 a.m. London time on the ICE Futures Europe exchange. The volume of all contracts traded was 5 percent above the 100-day average.
West Texas Intermediate for June delivery was down 48 cents at $96.14 a barrel in electronic trading on the New York Mercantile Exchange.
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05.09.2013
Avery Dennison has launched a matrix recycling tool on its website to help its converter customers divert and process scrap. The tool is located at: label.averydennison.com/en/home/solutions/sustainability.html.
“Many of our customers are actively improving their sustainability footprint,” said Rosalyn Bandy, sustainability manager, Avery Dennison Materials Group. “We have created this matrix recycling tool as a response to those looking to reduce their impact by sending less waste to landfills.”
The interactive map features a directory that indicates locations of non-landfill operations or energy-from-waste facilities. Most of these operations process discarded pressure-sensitive scrap materials generated by label presses into clean, renewable energy sources. One such method is fuel pellets, which can be a direct substitute for coal but with a lower carbon and overall emissions footprint.
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05.09.2013
Limited Brands, Inc. reported a comparable store sales increase of 2 percent for the four weeks ended May 4, 2013, compared to the four weeks ended May 5, 2012. The company reported net sales of $660.5 million for the four weeks ended May 4, 2013, compared to net sales of $659.0 million for the four weeks ended April 28, 2012.
The company reported a comparable store sales increase of 3 percent for the 13 weeks ended May 4, 2013, compared to the 13 weeks ended May 5, 2012. The company reported net sales of $2.268 billion for the 13 weeks ended May 4, 2013, an increase of 5 percent compared to sales of $2.154 billion for the 13 weeks ended April 28, 2012.
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05.09.2013
Cenveo, Inc. today announced results for the three months ended March 30, 2013.
The Company generated net sales of $432.3 million for the three months ended March 30, 2013, compared to $455.6 million for the same period last year. The decrease in net sales was primarily due to lower sales in our print and envelope segment as a result of decreased volumes from our primary print customers due to timing of current year production schedules versus the prior year, a journal plant closure that occurred in the first quarter of the prior year and lower office product envelope sales due to the transition of low margin accounts out of our operating platform. These decreases were partially offset by higher sales from our direct envelope customers due to our initiatives to increase market share. Net sales from our label and packaging segment were relatively flat for the first quarter of 2013 due to our decision to exit low margin business within our packaging platform along with a disruption due to a temporary loss of a press as a result of a fire in one of our packaging facilities, which has been offset largely by our e-commerce initiatives and new account wins in our label business.
Operating income was $13.9 million for the three months ended March 30, 2013, compared to $14.2 million for the same period last year. The decrease in operating income was primarily due to lower sales, higher input costs in smaller raw material categories and inefficiencies related to a press fire in one of our packaging facilities, offset in part by lower restructuring, impairment and other charges. Non-GAAP operating income was $20.4 million for the three months ended March 30, 2013, compared to $31.6 million for the same period last year. A reconciliation of operating income to non-GAAP operating income is presented in the attached tables.
For the three months ended March 30, 2013, the Company had a loss from continuing operations of $19.2 million, or $0.30 per share, compared to a loss of $22.6 million, or $0.36 per share for the same period last year. Non-GAAP loss from continuing operations was $9.2 million, or $0.14 per share, for the three months ended March 30, 2013, as compared to non-GAAP income from continuing operations of $3.3 million, or $0.04 per share, for the same period last year. A reconciliation of loss from continuing operations to non-GAAP (loss) income from continuing operations is presented in the attached tables.
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05.08.2013
Torstar Corporation today reported financial results for the first quarter ended March 31, 2013.
Highlights for the quarter:
• Total Segmented Revenue was $332.4 million in the first quarter of 2013, down $18.4 million from $350.8 million in the first quarter of 2012.
• Total Segmented EBITDA (see “non-IFRS measures”) was $29.4 million in the first quarter of 2013, down $9.4 million from $38.8 million in the first quarter of 2012.
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05.08.2013
Stein Mart, Inc. today reported that total sales for the four-week period ended May 4, 2013 increased 1.6 percent and comparable store sales increased 8.0 percent.
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05.08.2013
R. R. Donnelley & Sons Company announced today that it has further expanded its fast growing logistics services offering with the opening of a new international services facility in Lyndhurst, New Jersey. This new operation extends the company's physical presence, complementing its facilities in the Midwest and on the West Coast.
RR Donnelley's International Logistics Services offering provides international mailing and parcel delivery services to e-commerce, pharmaceutical, financial services, information technology, catalog, direct mail and other businesses.
The company's national logistics network offers mail processing services regionally to reduce overall transit times and provide even faster delivery outcomes. The new facility offers a full menu of mail and parcel delivery services.
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05.08.2013
Quad/Graphics, Inc. today reported results for its first quarter ending March 31, 2013. The reported results include Vertis from the day of acquisition on January 16, 2013. With the exception of certain debt ratios, prior year financial results do not include the acquisition of Vertis.
“Our first quarter results were in line with our expectations and we reaffirm our previously released 2013 annual guidance,” said Joel Quadracci, Quad/Graphics Chairman, President & CEO. “In addition, we are pleased with our progress to date on the integration of Vertis. Our integration team has been focused on cost-savings initiatives and improving the overall efficiency and productivity of our platform, while also ensuring we continue to serve our clients well. Going forward, we remain focused on improving productivity; maintaining a strong and flexible balance sheet; investing in our existing business as well as pursuing profitable investment opportunities; and creating long-term value for our shareholders.”
Net sales for the first quarter 2013 were $1.1 billion versus $990 million for the same period in 2012. First quarter 2013 Adjusted EBITDA was $114 million compared to $126 million for the same period in 2012, and Adjusted EBITDA margin was 10.1% compared to 12.7% for the same period in 2012. Recurring Free Cash Flow was $120 million versus $107 million for the same period in 2012.
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05.08.2013
In a vote of 69 to 27 yesterday evening, the U.S. Senate overwhelmingly approved a bill to allow states to collect taxes from online sellers that do $1 million or more in gross sales annually. The Marketplace Fairness Act of 2013 (S.743) now moves to the U.S. House of Representatives where passage is less certain.
“We are grateful that the U.S. Senate has done the right thing and is standing up for Main Street retailers by passing the Marketplace Fairness Act,” said ABA CEO Oren Teicher, who thanked the bill’s sponsors, Senators Lamar Alexander (R-TN), Richard Durbin (D-IL), Michael Enzi (R-WY), and Heidi Heitkamp (D-ND), for introducing the legislation. “This victory is the direct result of the tireless work of thousands of booksellers nationwide, who, year after year, have advocated for sales tax fairness. Recognizing that this fight is far from over, importantly, today we are one very important step closer to leveling the playing field for Main Street retailers.”
The retail industry—the largest private sector employer—is rapidly changing and evolving,” noted National Retail Federation board chairman Stephen I. Sadove. “Retailers compete for customers on many different levels, distribution channels, and fronts, including service and selection, but they cannot compete on sales tax. Congress needs to address this sales tax disparity and allow retailers to compete freely and fairly. Retailers of all shapes, sizes and channels deserve a level playing field.”
The Retail Industry Leaders Association, with more than 200 members that together account for more than $1.5 trillion in annual sales, also welcomed the vote, which was more than two to one in favor of Marketplace Fairness. “The Senate’s overwhelmingly bipartisan passage of this legislation foreshadows the end of the special treatment of big online businesses at the expense of retailers on Main Street,” said Bill Hughes, senior v-p for government affairs. “After such a resounding vote in the Senate, we look forward to a constructive debate in the House to level the playing field for all retailers this year.”
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05.08.2013
Smurfit Kappa has brought forward plans to close the two existing containerboard machines at its papermaking facility at Townsend Hook in Kent and replace them with a single, more modern machine.
The corrugated packaging company was originally planning to close the machines, which turn used cardboard and mixed paper into brown paper for use in cardboard, in 2014, with the new machine becoming operational in early 2015
However, the firm announced [May 3] that the machines would be closing this July in a bid to ‘advance the start-up’ of the new machine.
The company explained: “We have decided to bring forward the closure of our two existing paper machines at our Townsend Hook mill in the UK. They have a combined capacity of 250,000 tonnes and are expected to close on 1 July 2013, after the completion of a consultation process with all employees, instead of 2014 as originally planned.
It continued: “We are bringing forward the closure in order to extend the training period for our workforce, advance the start-up of the new paper machine and increase the pace of the expected ramp up. The facility will be rebuilt (using a machine acquired from the Cadidavid liquidator in 2011) into one 250,000 tonne modern lightweight machine which will now be operational by quarter four of 2014 rather than quarter one 2015.”
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05.08.2013
KapStone Paper and Packaging Corporation today reported record results for the first quarter ended March 31, 2013.
Roger W. Stone, Chairman and Chief Executive Officer, stated, "Our operations performed well during the quarter, propelling the Company to record first quarter results. Average mill selling prices of $653 per ton increased by $45 per ton compared to the first quarter of 2012. In the first quarter of 2013, we realized 2012's domestic containerboard and corrugated price increases, and we benefitted from increasing prices of over $100 per ton on export containerboard sales compared to 2012's first quarter."
Consolidated net sales of $319.8 million in the first quarter of 2013 increased by $20.0 million, or 6.7 percent, compared to $299.8 million for the 2012 first quarter, primarily due to full realization of the October 2012 $50 per ton containerboard price increase, higher box and sheet prices and continued recovery of export containerboard prices. Average mill selling prices per ton climbed to $653 from $608 a year ago. A better product mix in the 2013 quarter was partially offset by lower volume.
Operating income of $30.8 million for the 2013 first quarter increased by $3.3 million, or 12.1%, compared to the 2012 first quarter. The improved financial performance primarily reflects benefits from higher prices, partially offset by inflation on input, labor and benefit costs, higher outage costs, increased depreciation charges resulting mainly from the 2012 investment in new information systems and start-up expenses for the Company's new manufacturing plant in Aurora, Illinois. The first quarter's operating income included $2.3 million of stock compensation expense. We expect total stock compensation expense to approximate $1 million for each of the remaining three quarters of 2013.
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05.08.2013
J. C. Penney Company, Inc. today released preliminary unaudited selected financial information for its fiscal first quarter ended May 4, 2013. The Company is providing this information in connection with its previously announced proposed senior secured term loan financing transaction. Given the Company's fiscal first quarter ended three days ago, the information that follows is preliminary and based upon information available as of today. The Company expects to release its full fiscal first quarter results on May 16, 2013.
As of the date of this release, the Company has not completed its financial close process for the quarter.
For the first quarter of fiscal year 2013, jcpenney anticipates total sales of approximately $2.635 billion, a decrease of approximately 16.4 percent from $3.152 billion in the same period last year, and a comparable store sales decrease of approximately 16.6 percent for the quarter compared to the same period last year. The sales decline in the first quarter is partially attributable to construction activities in connection with the transformation of the home departments in 505 stores. The Company noted that results for the quarter also reflect its prior pricing and marketing strategies, which are being changed under new leadership.
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05.08.2013
Paid search spending by catalog and call center retailers in the 2013 Internet Retailer Top 500 guide dipped in 2012 to a monthly average of $126,156 per retailer. That is 4.7% less than the 2011 average of $132,409.
In comparison, the three other merchant groups in the Top 500 Guide—retail chains, consumer brand manufacturers and web-only retailers—outspent catalog and call center retailers in 2012, and on average increased their spending from 2011, according to Top 500 data.
Retail chains in the Top 500 spent an average of $2.48 million monthly per merchant on paid search in 2012, a 64.2% increase from $1.51 million in 2011. Web-only retailers spent an average of $1.87 million, up 10.7% from 1.69 million in 2011. At $1.08 million in 2012, consumer brand manufacturers’ spending on paid search increased 4.9% from $1.03 million in 2011. There are 81 catalog/call center retailers in the Top 500; 66 consumer brand manufacturers; 158 retail chains; and 195 web-only retailers.
There could be many reasons catalog and call center retailers reported lower monthly paid search spending, says Josh Dreller, director of marketing research for digital marketing firm Kenshoo Ltd.
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05.08.2013
Hearst Magazines today announced rate base increases for its two newest titles, HGTV Magazine and Food Network Magazine. HGTV Magazine, which raises rate base to 800,000 with the July/August 2013 issue, will increase again, to one million, with the January/February 2014 issue. Food Network Magazine, which will increase to 1.55 million with the July/August 2013 issue, will raise its rate base twice in 2014: to 1.6 million in January/February, and then to 1.65 million with the July/August edition. Both titles are published by Hearst Magazines in partnership with their respective Scripps cable television networks, HGTV and Food Network.
HGTV Magazine and Food Network Magazine each combine original content with coverage of well-known personalities from their sister cable networks, creating distinctive brands that have broken industry records.
“Delivering a circulation of one million after only 18 months is a testament to our unique home/lifestyle content mix,” said Dan Fuchs, publisher and chief revenue officer of HGTV Magazine. “We have truly created a new category in the marketplace, and HGTV Magazine's energy and accessibility have immediately resonated with both readers and advertisers.”
With newsstand sales averaging more than 300,000 copies, HGTV Magazine’s total circulation soared in the second half of 2012, according to the Alliance for Audited Media. Following a launch year filled with industry accolades in 2012, HGTV Magazine was named a finalist for a 2013 National Magazine Award—its first year of eligibility—for its “Help Wanted” section, which offers readers practical advice on household topics.
Food Network Magazine will implement its ninth rate base increase with the upcoming July/August 2013 issue, to be followed by two increases in 2014 which will bring the rate base to 1.65 million. The magazine, which launched in 2008, is the number-one epicurean title and the fourth-best-selling monthly magazine on newsstands. Single-copy sales increased 10.4 percent in the second half of 2012 versus the same period in 2011, delivering a total circulation of 1,687,000.
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05.08.2013
Time Inc. is becoming evermore bullish in the mobile space—and a new strategic alliance with the Sprint Nextel Corp. will put its content front-and-center for millions of mobile users.
“This is a deal with multiple prongs,” Cyrus Beagley, SVP and general manager of Time Inc.’s Advertising Sales & Marketing Group, tells FOLIO:. “There are three main pieces, and the first is content. We’re going to be working with Sprint over the next several months to create a customizable mobile app within the SprintZone, which comes pre-loaded on Sprint phones and will leverage our brands to provide the latest in entertainment, lifestyle, sports and business news.”
The content within SprintZone will be updated in real time, pulling stories, photography and video from Time Inc. brands, with users able to customize their experience by brand.
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05.08.2013
Brent futures dropped for a second day after industry data showed U.S. crude inventories climbed for a second week.
Futures dropped as much as 0.8 percent after declining 1 percent yesterday. U.S. crude supplies increased 680,000 barrels last week, the American Petroleum Institute said. An Energy Information Administration report today may show stockpiles gained 2 million barrels, rising from the most in more than 82 years, according to a Bloomberg News survey. The EIA cut its forecasts for West Texas Intermediate and Brent on increasing output and lower global consumption. Bank of America said WTI drop to average $90 a barrel this year.
Brent for June settlement fell as much as 87 cents to $103.53 a barrel and was at $103.78 as of 11:11 a.m. local time on the London-based ICE Futures Europe exchange. The European benchmark grade was at a premium of $8.34 to WTI compared with $8.78 yesterday. The spread was $8.58 on May 3, the narrowest based on closing prices since December 2011.
WTI for June delivery was at $95.37 a barrel, down 25 cents, in electronic trading on the New York Mercantile Exchange.
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05.08.2013
Effective with all new and existing orders with confirmed delivery dates of July 1, 2013 or later, NewPage is implementing the following price increase:
Arborweb Plus® web; Sterling® Ultra web; Sterling® Ultra Caliper web; Arborweb® web; Orion® web; Vision® web; Escanaba® web; Dependoweb® web -- $1.50/cwt US$/CAD$
This increase applies to all basis weights, finishes and related private label grades.
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05.07.2013
UPM has completed the sale of assets and part of the land of the UPM Stracel paper mill site to Blue Paper SAS, the joint venture company of VPK Packaging Group NV and Klingele Papierwerke.
“We are very pleased that we have been able to find a good solution to the Stracel mill. Blue Paper offers a new industrial future for the site and a new opportunity for a number of Stracel employees. We want to express our thanks to all the parties involved in this process," says Jyrki Ovaska, President of the UPM Paper Business Group.
Blue Paper SAS will convert the mill to produce recycled fibre-based fluting and test-liner. The production is expected to start after completing investments in autumn 2013. Blue Paper SAS is creating 130 new jobs at the mill that have been offered to former Stracel employees.
The sale of Stracel was part of UPM’s plan to adjust its magazine paper and newsprint paper capacity to match the needs of its global customer base originally announced in August 2011. UPM stopped the production of coated magazine paper on the mill on 4th January 2013.
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