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12.18.2012
Third-quarter advertising expenditures totaled $34.5 billion, up 7.1% from the year-earlier period, according to marketing information company Kantar Media. Spending for the first nine months of the year grew 3.8% year-over-year, to $101.3 billion.
Political campaigns and the Summer Olympics dominated the ad market in the third quarter, with TV advertising showing the largest gains. Network TV spending jumped 29.9%, with the London Games generating approximately $1.0 billion for the sector, Kantar said. Spot TV spending grew 19.8% with the expected flood of money from political ads. Spanish-language TV budgets increased 17.8%.
However, Internet display advertising fell 4.3% in the third quarter, Kantar said. Spending totals, which do not include video or mobile ad formats, were dragged down by weaker results from midsize websites, the company said. Magazine advertising overall fell 2.9% for the quarter, with b2b magazines dropping 4.2%. National newspaper advertising dropped 17.2% for the quarter.
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12.18.2012
Despite last week’s successful negotiations between the West Coast International Longshore and Warehouse Union Local 63 Office Clerical Unit and the United States Maritime Alliance (USMX), negotiations between the International Longshoremen’s Association (ILA) and the USMX on the East Coast remain unresolved. As a major import/export business, the U.S. forest products industry has a significant interest in swift resolution to avoid strike.
“If the ILA and the USMX are not able to negotiate an agreement, any impending strike and subsequent shutdown of major East Coast port would have far-reaching, costly, and disruptive implications for not only the U.S. forest products industry, but for manufacturers and distributers across the supply chain,” said American Forest & Paper Association President and CEO Donna Harman.
“On behalf of the more than 900,000 men and women employed by the forest products industry, we urge negotiators to work together to develop a long-term labor agreement to avoid further strain on our already fragile economy.”
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12.18.2012
Resolute Forest Products welcomes the Government of Canada's introduction of Bill C-52, the Fair Rail Freight Service Act, which will provide a framework to make railways more accountable to their customers for providing acceptable levels of service. The bill is expected to be voted into law in spring 2013.
Bill C-52 is an important first step in the process of rebalancing the commercial relationship between the railways and their customers, the companies that depend on rail services to bring their products to market. The legislation gives shippers the right to negotiate Service Level Agreements (SLAs) with railways, and sets up a dispute resolution process if negotiations fail, as well as penalties for non-performance by the rail service providers.
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12.18.2012
Grainger, the leading broad line supplier of maintenance, repair and operating products serving businesses and institutions, today announced its intent to acquire Techni-Tool, Inc., and its affiliate Wassco Inc., leading specialist distributors serving manufacturing customers with 2011 sales of $88 million. Grainger expects the transaction to close by December 31, 2012, subject to standard conditions, and be neutral to 2013 earnings per share. Terms of the agreement were not disclosed.
Founded in 1959 and based in Worcester, Pa., Techni-Tool, along with Wassco, employs approximately 200 people and provides nearly 25,000 products and related services to manufacturers in the electronics, telecommunications and medical services industries.
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12.18.2012
Cenveo Corporation, a wholly-owned subsidiary of Cenveo, Inc., today announced that it had completed the steps necessary to refinance the remainder of its 7.875% senior subordinated notes due 2013 ("7.875% Notes"). The Company received the necessary consents to amend and supplement its existing senior secured credit agreement to, among other things, (i) allow for up to $50 million of a new unsecured loan to be prepaid on substantially similar terms as its currently outstanding 7.875% Notes, and (ii) modify certain financial covenants for increased financial flexibility. Simultaneously, the Company raised an additional $15 million of secured term loans due 2016 ("Additional Term Loan") under its senior secured credit agreement. The Company also announced that it secured a commitment from Macquarie Capital for a $50 million unsecured term loan due 2017 ("Unsecured Loan"), subject to customary terms and conditions. Together with the company's revolving credit facility, proceeds of the Unsecured Loan will be used to fund the redemption of the 7.875% Notes. Lastly, the Company announced that it has initiated a mandatory and irrevocable redemption of the 7.875% Notes. The 7.875% Notes will be repaid at par plus accrued and unpaid interest on January 22, 2013.
Robert G. Burton, Sr., Chairman and Chief Executive Officer stated:
"We are pleased to complete the process of putting the 2013 maturity behind us, and we can now focus 100% of our efforts back on operating and growing the business. We appreciate the strong support of our lender group, in particular Macquarie, to allow us to get this process completed as we expected. We will continue to use our cash flow to repay debt, reduce our leverage, and reinvest in the business. We remain focused on executing our game plan and are excited about opportunities ahead of us in 2013 and beyond."
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12.17.2012
TC Transcontinental is pleased to announce that TC Media and TC Transcontinental Printing were recently awarded 2012 Ancient Forest Friendly Awards by Canopy, a leading organization that seeks to protect forests and the environment through the transformation of business practices.
TC Media won for their continued progress in forest protection and significant increase in the use of ecopapers between 2011 and 2012 across all their publications. TC Transcontinental Printing won the Best in Class (Printers over 250,000 tonnes) award.
"TC Transcontinental is proud to see that the efforts of management and employees are having a tangible impact," said François Olivier, President and Chief Executive Officer. "By making informed choices, led by vision and through a concerted effort as a corporation, we are leading the way in our industry. We thank Canopy for drawing attention to our process by naming us for these awards; we share this honour with our customers and advertisers."
To earn a place among the 2012 winners, TC Media and TC Transcontinental Printing, like all applicants, had to complete a rigorous survey and go through a full evaluation by Canopy, formerly known as Markets Initiative. For details about the Ancient Forest FriendlyTM Awards, visit the Canopy site at http://canopyplanet.org/business/ancient-forest-friendly/aff-awards/.
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12.17.2012
Valassis today provided financial guidance for full-year 2013, expecting diluted earnings per share (EPS) of $3.50, which is calculated based on an estimated 39.7 million in weighted average fully diluted shares outstanding for the year ending Dec. 31, 2013. Additionally, our 2013 guidance includes the expectation of adjusted EBITDA* of approximately $315.0 million and capital expenditures of approximately $25 million, primarily for our digital business and process improvements.
"We are confident that the actions we have taken throughout 2012 have set the stage for growth of both revenue and diluted EPS in 2013," said Rob Mason, Valassis President and Chief Executive Officer. "Our commitment to driving shareholder value will be enhanced through an expected combination of improved earnings, continued stock repurchases, a thoughtful approach to capital expenditures and the adoption of a cash dividend policy."
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12.17.2012
AD Communications, the specialist agency with long term experience of the Graphic Media industries has announced that it will be assisting the UK Two Sides and Print Power organisation to develop its communication channels and spread the story of print media’s effectiveness and sustainability. Two Sides seeks to foster better understanding of print and paper as a sustainable communications medium, and to dispel some of the negative myths that surround paper-based products in the digital age.
Print Power UK is the representative of a European initiative dedicated to strengthening the position of print media in a multi-media world. The organisation comprises a wide range of companies representing the entire print media value chain—production, distribution, printing, content and delivery.
AD Communications will be acting on a pro bono basis to lend its communications expertise to these not-for-profit organisations.
For Two Sides UK, in addition to contributing strategically and creatively as a member of the marketing committee, AD Communications will support the Two Sides team with the creation and distribution of press materials. Chair and Director of Two Sides Martyn Eustace will continue to be the principal point of media contact for the organisation.
For Print Power UK, AD Communications will create and distribute press materials and will participate in the committee responsible for the definition of content for the regular Print Power magazine. This bi-annual printed publication carries the message of print’s role in the contemporary marketing mix to a UK-wide community of senior marketing decision makers.
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12.17.2012
PaperWorks Industries, a leading North American integrated full-service packaging provider, has committed substantial resources to enhance printing capabilities, with several packaging projects underway at locations across North America. The addition of advanced printing equipment, a major facility expansion, and new printing capabilities will allow PaperWorks to meet growing demand, expand customer offerings, and maximize packaging manufacturing efficiency.
“We are strongly committed to investing in the future of PaperWorks and its customers,” according to Lisa Pruett, senior vice president, sales, PaperWorks Packaging Group. “With a focus on acquiring the latest in packaging technology, expansion, and enhanced product offerings, we can exceed customer expectations and meet increased demand as we continue to grow.”
Going operational in the spring of 2012, PaperWorks installed one large-format Flexo press, to help increase production speed, enhance print quality and reduce waste. In addition, a second large-format sheetfed offset press was brought online to provide new printing options, decrease lead times and improve color quality.
A new 240,000-square-foot, state-of-the-art line expansion was added at the Baldwinsville, NY facility, greatly increasing PaperWorks’ printing capacity. In addition, more than doubling in size from 45,000- to 105,000-square-feet, PaperWorks’ Greensboro, NC facility underwent a major expansion to meet customer demand and increase the range of customer packaging options. Finally, a new air handling system was installed to support PaperWorks’ sheeting capabilities at a separate facility.
“New packaging technology and expansion projects are underway as part of our continued efforts to provide our customers with increased manufacturing efficiency,” says John Hartwell, executive vice president, PaperWorks Packaging Group. “These ongoing customer-specific efforts will establish PaperWorks as a leading supplier of streamlined, cost-effective packaging options for a variety of applications.”
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12.17.2012
Nearly half (49%) of small- and midsize-business leaders said they expect business conditions to be slightly or much better in six months, according to a report by cloud computing company Cbeyond.
The report, “Winter 2012 Cbeyond Business Leader Snapshot,” was based on an online survey of 435 senior executives at small and medium businesses, conducted in November.
Only 27% of SMB executives said they expect business conditions will be slightly or much worse in six months.
Despite the optimism, 45% of SMB leaders said hiring next year will fall short of this year's hiring levels.
The top concerns that were cited as threats to their business next year are taxes (51%), government regulations (41%), labor costs (34%) and the federal deficit (32%).
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12.17.2012
American Forest & Paper Association (AF&PA) President and CEO Donna Harman released the following statement today following the Environmental Protection Agency’s (EPA) release of its final National Ambient Air Quality Standards (NAAQS) for particulate matter (PM).
“We are disappointed that EPA chose to lower the annual PM standard, imposing burdensome new restrictions on economic growth and ignoring the significant uncertainty in the underlying science. This lower annual PM standard means that businesses seeking air quality permits to construct new equipment or modify existing plants even in rural areas will find it very difficult to model compliance. We are concerned that manufacturing facilities may be forced to look at pollution controls that are technically infeasible or cost prohibitive, preventing expanded production and job growth. In setting this new PM NAAQS standard, EPA apparently relied on a few selected studies to support their hypothesis of health effects resulting from PM exposure, while discounting studies that showed no association.
“This is yet another example of where regulation by consent decree creates costly rules with huge scientific uncertainty and, in this case, at a time when the economy is struggling.”
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12.17.2012
NewPage Corporation announced today that the U.S. Bankruptcy Court for the District of Delaware in Wilmington has confirmed the Company's Chapter 11 Plan (the "Plan"). The Plan was accepted by the overwhelming majority of NewPage creditors entitled to vote. The Company will now proceed to close on the restructuring transactions contemplated by the Plan.
"We are pleased that the Court has confirmed our Chapter 11 Plan, clearing the way for us to officially exit bankruptcy, hopefully by the end of this year," said George Martin, president and chief executive officer for NewPage. "We will exit bankruptcy with substantially less debt and new financing at lower interest rates. NewPage will be well positioned to serve the needs of our customers and compete successfully in the North American paper industry."
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12.17.2012
Brent crude fell for a second time in three days amid concern that deadlock in U.S. budget talks may threaten to curb economic growth and fuel demand.
The North Sea benchmark dropped as much as 45 cents, reversing earlier gains. European stocks declined for a third day on concern U.S. lawmakers won’t agree to a budget before more than $600 billion in tax increases and spending cuts known as the fiscal cliff start taking effect in January. The Stoxx Europe 600 (SXXP) slid 0.3 percent to 278.53, while indexes in the U.K., Germany and France slumped.
“Debt reduction negotiations in the U.S. congress continue to cloud the macro outlook going into 2013,” Andrey Kryuchenkov, an analyst at VTB Capital in London, said in a note. “Oil investors would prefer to wait on the sidelines until this is resolved before placing large bets.”
Brent for February settlement fell 25 cents, or 0.3 percent, to $107.91 a barrel on the London-based ICE Futures Europe exchange as of 12:30 p.m. local time. The January contract settled $1.24 higher at $109.15 when it expired Dec. 14.
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12.14.2012
Twin Rivers Paper Company, a leader in lightweight specialty packaging, label and publishing papers, honors Technicote, Inc. with the Twin Rivers Label Recognition. This Label Recognition honors the leadership of key customers, suppliers as well as employees who have helped to drive innovation in the industry.
“We value the strong relationship we have had with Technicote in the last two decades and admire the perseverance that they have shown in the face of challenging events. They are a true innovator in the label market,” says Jim Gehrman, President, Twin Rivers Paper Company.
“We appreciate this recognition by Twin Rivers. As one of Twin Rivers’ first customers of release liners, we have had a long relationship that has been good for both companies. We value their outstanding technical support and service,” says Doug O’Connell, President, Technicote, Inc.
Twin Rivers is a label supplier of choice for release-liner products, as well as label-face papers and wet-strength labels. Our highly engineered label papers are engineered to meet stringent customer requirements and are optimized to perform through the rigors of the supply chain.
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12.14.2012
HarperCollins is challenging the methodology behind the newest advisory from the Rainforest Action Network that some of its children’s books contain paper harvested from vulnerable Indonesian rainforests. According to RAN, a test conducted in November of seven HC titles found three with “significant” quantities of acacia fiber that is mainly sourced from Indonesian rainforest and trace amounts in “several” others. At least one of those books, Fancy Nancy’s Splendiferous Christmas, was printed before February 2012 when, according to HC, they began sourcing paper from certified mills.
RAN officials acknowledged that its tests of Fancy Nancy could have been on a book not produced by new paper sources. Still said RAN’s Robin Averbeck, "the fact that acacia was found in several other books raises questions about what they mean when they say they switched paper sources and points to a high likelihood that they are still sourcing from [paper companies] APP and/or APRIL and affiliates." But the deeper problem is that RAN has had no communication with HC about its paper policies. That is the way HC also sees it. A spokesperson acknowledged that HC has not answered RAN’s questionnaire about its paper policy and added that RAN has refused to provide HC with details about their test results. “We have requested information from RAN including the results of their testing and they have refused to share the information which would help us address their issues,” HC said in a statement. “ We call on RAN to share its data and findings with us so we can address any anomalies in our supply chain if they exist and we are instituting a testing regime with an independent lab to ensure our that our books are meeting our policy goals.”
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12.14.2012
US postal regulators have finally approved controversial new Standard Mail Flats prices at the US Postal Service.
USPS had suggested the Postal Regulatory Commission was going a little further than its remit when it rejected its original proposals last month, and demanded an above-average price rise for the rate category that includes items like catalogues.
Under protest, USPS went away and proposed a fresh rate increase, which yesterday was approved by the regulators.
As approved, Standard Mail Flats rates will increase by an average of 2.617% as of 27th January, 2013.
This compares to a 2.61% increase for Standard Mail Letters, a 3.081% increase for Standard Mail Parcels, a 2.059% increase for Standard Mail High Density Letters and a 2.092% increase for Standard Mail High Density Flats and Parcels.
USPS is changing other prices as well from next month, as approved by the Commission earlier this month.
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12.14.2012
Domtar Corporation announced today that it will permanently shut down one pulp machine at its Kamloops, British Columbia facility. This decision will result in a permanent curtailment of Domtar's annual pulp production by approximately 120,000 air-dried metric tons of sawdust softwood pulp and will affect approximately 125 employees.
The pulp machine, known at the mill as the "A-Line" is expected to be closed by the end of March 2013.
"Prevailing economic conditions in the global pulp markets and the deteriorated competitiveness of this small pulp manufacturing line, coupled with unforeseen boiler repair costs, have forced us to rationalize this pulp production capacity. We will focus our energy and resources on optimizing the larger, more competitive, 'B' pulp manufacturing line which will continue to operate," said Mike Edwards , Senior Vice-President, Pulp and Paper Manufacturing. "Employees affected by this change have earned our appreciation and we thank them for their contributions to the Kamloops Mill."
The Kamloops pulp operation will continue to operate its remaining pulp manufacturing line with an annual capacity of approximately 350,000 air-dried metric tons of softwood kraft pulp and employ approximately 300 people.
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12.14.2012
Mondi Syktyvkar in Komi, Russia was recently awarded the EU Ecolabel for all papers produced at the mill.
The EU Ecolabel is a certificate issued by the European Union, which verifies the environmental profile of a product or service. Products and services bearing the EU Ecolabel are certified as having a lower impact on the environment than other products in the same product group. The EU Ecolabel is a purely voluntary scheme enacted to encourage the purchasing of green products and services.
According to Mondi, the main criteria examined by the EU Ecolabel are emissions to air and water, energy use, sustainable forest management, the presence of hazardous chemical substances, waste management, information on packaging, fitness-for use/performance, and information provided about the EU Ecolabel. Specific for paper products, the EU Ecolabel stipulates the use of recycled fibres or virgin fibres from sustainably managed forests.
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12.14.2012
Kruger Inc. today announced that it will shut down Paper Machine No. 2 at its Corner Brook newsprint mill for a period of two weeks, starting December 23, 2012. Production is scheduled to resume on January 7, 2013.
This 15-day curtailment will result in a 4,000 metric tonne reduction in newsprint output and will affect 110 employees.
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12.14.2012
AAA’s Fuel Gage Report as of 12/14/12
National Unleaded Regular:
Current Average - $3.286/gallon
Month Ago Average - $3.443/gallon
Year Ago Average - $3.264/gallon
Highest Recorded Average - $4.114/gallon on 7/17/08
Diesel:
Current Average - $3.953/gallon
Month Ago Average - $3.999/gallon
Year Ago Average - $3.896/gallon
Highest Recorded Average - $4.845/gallon on 7/17/08
Current Exchange Rates as of 12/14/12
American Dollar to Canadian Dollar = 1.015603
American Dollar to Chinese Yuan = 0.160003
American Dollar to Euro = 1.308787
American Dollar to Japanese Yen = 0.011937
American Dollar to Mexican Peso = 0.078025
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12.14.2012
Oil rose in London, heading for a weekly gain as a report signaled manufacturing may expand at a faster pace this month in China, the world’s second-largest crude consumer.
Futures advanced as much as 0.9 percent and headed for the first weekly increase in three. A preliminary purchasing managers’ index for China by HSBC Holdings Plc and Markit Economics showed a reading of 50.9, higher than a median estimate of 50.8 in a Bloomberg News survey. A figure above 50 indicates an expansion. U.S. industrial production probably climbed 0.3 percent in November, according to a separate Bloomberg survey before Federal Reserve data today.
“China has been showing decent economic progress lately and so has the U.S.,” said Andrey Kryuchenkov, an analyst at VTB Capital in London who predicts Brent crude will trade from $104 to $114 a barrel this month. “The market is comfortable with supplies, and this will keep volatility down next year.”
Brent for January settlement, which expires today, advanced as much as $1.01 to $108.92 a barrel on the London-based ICE Futures Europe exchange. It was at $108.50 at 11:06 a.m. London time.
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12.14.2012
Adobe Systems Incorporated today reported financial results for its fourth quarter and fiscal year ended Nov. 30, 2012.
Adobe achieved revenue in Q4 FY2012 of $1.153 billion, exceeding its targeted range of $1.075 billion to $1.125 billion. During the quarter, the Company continued to accelerate adoption of Adobe® Creative Cloud™ as it migrates to a subscription model. Adobe also achieved record Adobe Marketing Cloud and Document Services revenue during the fourth quarter.
For fiscal year 2012, Adobe achieved record revenue of $4.4 billion.
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12.14.2012
October 2012 US commercial printing shipments were up +$251 million, or +3.6% versus 2011, the first positive October since 2010. “On an inflation-adjusted basis, shipments were up +$100 million, or +1.4%,” said Dr. Joe Webb, Director of the WhatTheyThink Economics & Research Center. The latest report of shipments has been released by Dr. Webb and Strategies for Management, Inc.
Dr. Webb also reported that the contraction in September’s shipments were revised down by another $49 million. “September was a difficult month. Shipments were down -3.9% on a current dollar basis and down -5.8% after adjusting for inflation compared to 2011,” he explained.
Profits adjusted for inflation improved on a short-term basis. For Q3-2012 were $1.45 billion compared to $1.29 billion in Q2. Dr. Webb believes that despite the long-term downward trend in shipments, profits are no longer being dragged down by poor-performing print businesses. “In a bad economy, being a poor performing business means you have little access to capital, and almost no freedom of action, so it is easy to get pushed out of the marketplace.”
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12.14.2012
International Paper today announced that it has reached an agreement to sell its Temple-Inland Building Products division to Georgia-Pacific LLC for $750 million in cash, subject to certain pre-and post-closing adjustments. The assets to be sold include 16 manufacturing facilities - five solid wood mills, four particleboard plants, two medium-density fiberboard plants, one fiberboard plant and four gypsum wallboard plants.
"While not core to IP's strategy, Temple-Inland Building Products is an industry leader," said John Faraci, Chairman and Chief Executive Officer. "I am pleased to have reached a deal that recognizes the strength of the business and provides excellent value for IP shareowners."
Temple-Inland Building Products facilities are located across eight states, primarily in the southeastern and eastern portions of the United States, with access to five of the top 12 housing markets.
The transaction is expected to be completed in the first quarter of 2013, subject to satisfaction of various closing conditions, including obtaining required governmental approvals. IP intends to use the proceeds from the sale to reduce its debt.
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12.14.2012
MWV Specialty Chemicals, a division of MeadWestvaco Corporation, announced the completion of the purchase of Resitec Industria Quimica, Ltda., a Brazilian company that serves the Latin American Pine Chemicals industry. The transaction was completed on Dec. 11, 2012, following government approvals. Financial results for Resitec will now be reported as part of MWV’s Specialty Chemicals division.
With approximately 115 employees, Resitec currently provides chemical products for the rubber, lubricants, food and adhesives markets. Its operations include a manufacturing facility located in the city of Duque de Caxias, Rio de Janeiro, an administrative office located in Barra da Tijuca, Rio de Janeiro, and a tall oil refinery in the city of Palmeira, Santa Catarina, Brazil.
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12.13.2012
John Wiley & Sons, Inc., a global provider of content and knowledge-based services in areas of scientific, technical, medical, and scholarly research (STMS); professional development (PD); and global education (GEd) today announced results for the second quarter of fiscal year 2013:
U.S. GAAP:
Revenue fell 3% due to difficult market conditions for higher education textbooks, softness in global bookstore channels, and continued tight library budgets in STMS.
Revenue change by segment: STMS -0.5%, PD -8%, and GEd -6%.
U.S. GAAP earnings per share (EPS) fell 14% to $0.71.
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12.13.2012
In its annual report on the progress it has made in hitting various environmental goals, Hachette Book Group said today that it is ahead of pace in two key areas but behind in a third. HBG has already surpassed its target for reducing total greenhouse gas emissions as well as for the use of Forest Stewardship Council paper, but is behind its goal in increasing the use of recycled paper.
HBG had hoped to increase its recycled fiber usage from 3% in its benchmark year of 2008 to 30% by 2012, but was at only 8% in 2011 due to what HBG said is the scarcity and poor quality of recycled fiber as well as the closing of de-inking facilities. Its new goal is to increase to 20% post-consumer recycled fiber usage for its products through 2016 and the publisher said it will continue to explore alternate sources of supply to meet the challenge of securing adequate recycled fiber for its books.
The news on reducing overall climate impacts was much better. In 2009, HBG committed to reduce total greenhouse gas emissions linked to publishing operations--including paper-- by 20% by 2020, from 2008 and has already cut emissions levels by 40%. Given the “rapid pace of marketplace changes,” HBG said it will aim to reduce its total carbon footprint by an average of 5% annually from 2013 – 2015, for a cumulative 50% reduction in the six years since announcing our environmental policy.
In terms of use of FSC certified paper, HBG estimates that its usage will exceed 80% at the end of 2012, far ahead of its original goal of at least 20% certified by this year. By 2015, HBG’s goal is to have 90% of the company’s paper FSC certified.
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12.13.2012
Producing and distributing documents involves many processes and includes a combination of tangible, “hard” costs (printing, shipping, storing materials, etc.) and other less tangible, “soft” costs (composition, design, editing, project management, etc.). Companies of all sizes need to understand all these related costs to manage their businesses effectively.
InfoTrends’ new study, titled “The True Cost of Business Communications,” compares and examines the costs associated with outsourcing and doing the work internally, along with providing key considerations for what the outsourced print should be.
InfoTrends has found that non-print costs are typically higher than actual print costs in environments where older methods are used for producing, purchasing, creating and managing printed documents. However, the ratio of print costs to non-print costs varies dramatically, depending on the quantity that is being printed.
The research firm recommends that companies conduct a thorough analysis of internal work processes that are involved for the most common documents produced. They should then quantify the internal and external expenses to create, produce and distribute these documents on an annual basis.
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12.13.2012
Norske Skog and the environmental foundation Bellona have signed a partnership agreement to create a more environmentally-friendly supply chain. During the last 20 years, Norske Skog has made significant investments to rationalise energy consumption and reduce greenhouse gas emissions. For many years, the company has received recognition from the international Carbon Disclosure Project (CDP) for social responsibility through its reporting of greenhouse gas emissions and targets for emission reductions.
The collaboration aims to reduce the environmental impact of current production, utilising logs in a better way and finding the right commercial environmental solutions for production of bio-energy and bio-waste.
Paper is environmentally friendly. It is based on a renewable resource, and paper is recycled to a large extent. Bark and other waste products are used for bio-energy. We want a partnership to examine possibilities for creating better commercial environmental solutions than we have today. A concrete example of the cooperation is that we hope to find good and environmentally friendly uses of ash that occurs as a by-product at Norske Skog's mills in Skogn and Halden, says President and CEO in Norske Skog, Sven Ombudstvedt.
Bellona acknowledges that environmental organisations can not drive forward environmental solutions on their own. Therefore, the environmental foundation has had a cooperation programme with industrial companies since 1998. The reason for this is that Bellona would like to team up with the players in the industry who take the environment seriously, so that we can develop tomorrow's environmental solutions together. To realise these environmental ambitions, great emphasis is placed on the long term. This partnership agreement gives the parties room to develop shared visions and strengthen each other's expertise. In addition, the company will contribute an agreed annual amount to Bellona.
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12.13.2012
Sporting News, the so-called "baseball bible" during much of its 126-year history, is ending its print edition with the December issue and go digital only in January 2013.
The announcement, as reported Tuesday (Dec. 11) in adage.com, was no surprise because SN has been heading in that direction since Sept. 2008, when the frequency was pared from weekly to biweekly. It was further reduced to monthly in Nov. 2011.
Obviously, the decision is economic, and with much of the online editorial being free, the challenge for SN president/publisher Jeff Price is producing enough advertising revenues in the digital format (includes apps) .
Although Sporting News going digital lacks the attention given to Newsweek for doing the same, it was at one time America's longest continuously published weekly. For much of its history, it was St. Louis-based and owned by the Spink family, and baseball statistics including boxscores were a staple at a time when little data from out-of-town teams could be found in local newspapers.
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12.13.2012
Amazon.com Inc.. will begin to collect sales tax on Nov. 1, 2013, from customers in Massachusetts, the retailer and state officials announced yesterday.
As part of the agreement, Amazon, No. 1 in the Internet Retailer Top 500, has promised to create hundreds of jobs in the state and to work with state officials in support of pending federal legislation designed to produce states with more sales tax revenue from online and catalog purchases. In return, Amazon gets another year to avoid sales tax collection even though its acquisition earlier this year of warehouse robotics company Kiva Systems Inc., which is based in Massachusetts, requires it to collect sales tax in the state under existing law.
“We look forward to creating hundreds of high-tech jobs in Massachusetts and continuing to work with Gov. Patrick, state leaders and Congress to pass federal legislation permitting interstate sales tax collection,” says Paul Misener, Amazon’s vice president of global public policy. “Federal legislation is the only way to level the playing field for all sellers, the only way for states to obtain more than a fraction of the sales tax revenue that is already owed, and the only way to fully protect states’ rights.”
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12.13.2012
Freedom Communications announced today that it has reached agreement to acquire Newport Beach, Calif.-based Churm Media, publisher of OC METRO, OC Family, OC Menus and Southland Golf magazines and websites and as well as Ripe Orange, a marketing, design and events firm. Terms of the agreement were not disclosed.
"Steve Churm and the entire Churm Media team has done a fabulous job over multiple decades building a wealth of relationships and a portfolio of publications, websites, events and services that are robust, engaging and invaluable for Orange County," said Aaron Kushner, owner and CEO at Freedom. "We're excited to have the entire Churm Media team join with our own at the Orange County Register. We are looking forward to growing these terrific brands for the next generation, with an eye on how the Register can increase what we are providing to our subscribers, advertisers and Orange County as a whole."
"We could not be more energized to join forces with Orange County’s most trusted information source,” said Steve Churm, CEO of Churm Media and Publisher of OC METRO. "We share the same business philosophy and vision for success, which starts with a strong commitment to deliver valuable content to improve the lives of people who live and work in this great county. This acquisition will significantly enhance the foundation we’ve built with readers and advertisers and help us reach our full growth potential. It’s a tremendous opportunity and we can’t wait to get started."
The transaction does not affect Churm Media’s existing business operations, and all employees will continue in their respective roles under Freedom ownership.
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12.13.2012
Transcontinental Inc., the largest printer in Canada and the fourth largest in North America, and publisher of over 30 magazines, saw a mixed end to 2012, reporting an increase in its revenues by 12 percent and adjusted operating income by 21 percent in the fourth quarter. The company’s community newspaper business remained strong and performed better than expected, but the same cannot be said for its portfolio of glossies.
“The magazine side of the publishing business has remained challenging,” said François Oliver, the company’s president and CEO, in a Q4 earnings call last week. “As we stated last quarter, we were anticipating a soft national advertising market in Q4 and that is what happened. As a result, our [media sector] results were down year-over-year. As part of our strategy to build on our core multiplatform consumer brands we reviewed our portfolio of titles and made a decision to close [some of our] publications. This will enable us to focus on our more than 30 industry leading titles and expand our footprint in the market.”
In November, the company announced that it would be closing More Magazine and Vita. The December/January 2013 issues of these titles are the last printed issues of the magazines. The company plans to focus more heavily on developing multiplatform media properties and digital editions.
“For fiscal 2013, we continue to see some headwinds in the soft advertising market,” said Oliver. “We expect the media sector profitability to only slightly improve year-over-year.”
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12.13.2012
Oil slid from the highest level in a week as U.S. lawmakers disagreed on measures to avert automatic spending cuts and tax increases known as the fiscal cliff on Jan. 1 threaten to curb economic growth and fuel demand.
Futures dropped as much as 0.6 percent in London after rising the most in three weeks yesterday on a plan by the Federal Reserve to expand its monetary stimulus. Republicans have “some serious differences” with President Barack Obama’s budget proposals, House Speaker John Boehner told reporters in Washington. The Fed’s bond purchases cannot offset the full effect of the fiscal cliff, Chairman Ben S. Bernanke said.
“Market participants are jittery over the fiscal cliff even though experience shows that agreement won’t come until five minutes before the deadline,” Thorbjorn Bak Jensen, an oil market analyst at Global Risk Management in Middelfart, Denmark, said by telephone. “The Fed is printing money, and a lot of it is already priced in.”
Brent for January settlement on the London-based ICE Futures Europe exchange declined as much as 64 cents to $108.86 a barrel and was at $109.18 at 10:29 a.m. London time.
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12.13.2012
Ahlstrom, a global high performance fiber-based materials company, has completed its range of Silco(TM) Flat release papers for Pressure Sensitive Adhesive (PSA) graphics, with the addition of newly developed products for the most demanding graphics applications and for plotter cut films.
Large format self-adhesive graphics are applied on large surfaces to create appealing decoration or advertising in architecture, retail, vehicles or exhibitions. Release liners used for such laminates need to be specially designed to perform well during lamination, printing or plotter cutting, in order to deliver outstanding visual effect once the film has been applied on the surface.
As a leading global release papers supplier, Ahlstrom has developed through the years a range of sustainable paper products for PSA graphic laminates, supplied to the key players in this industry. To be aligned with the latest advances in printing and cutting technologies, the Ahlstrom Silco(TM) Flat range was recently enlarged with new high performance materials.
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12.13.2012
The operations at UPM Aureskoski further processing mill in Parkano, Finland will cease this month. UPM has produced interior wood panels at the mill. UPM announced in June 2012 the decision to close down the mill by the end of the year.
UPM has started the “From Job to Job” programme in Aureskoski in order to alleviate the effects caused by staff reductions in relation to the closing of the mill. The programme, which UPM implements in co-operation with the authorities and partner companies, includes active measures that promote employment and re-training.
Aureskoski further processing mill employs 33 people. The closure announced today is part of the decision published on 29 June 2012, including restructuring of UPM’s sawmill and further processing operations and renewal of business strategy in Finland.
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12.13.2012
Metsä Board Corporation, part of Metsä Group, announced in March 2012 the start of a voluntary reindustrialization project in Alizay mill in France. The project is carried out jointly by Metsä Board, workers’ representatives and local authorities.
Negotiations regarding the divestment of the land, buildings and machinery of the Alizay mill have proceeded, but unlike discussed in certain public medias, an agreement on the divestment has not been signed. If the negotiations proceed well, it is possible that the arrangement will materialize by year end. This will be announced separately.
Metsä Board permanently closed down the Alizay site in early 2012 as part of the group’s strategic transformation from a fine paper company to a paperboard company.
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12.13.2012
R. R. Donnelley & Sons Company today announced that nine different catalogs, magazines, retail inserts and direct mailings that drew on its premedia and production platform have been recognized with 2012 Golden Cylinder Awards by the Gravure Association of America, which is the leading marketing, educational and technical resource for the gravure industry. The Awards provide peer recognition for technical achievement and are selected from submissions.
"With each project that we set out to produce, large or small, our goal is to collaborate with our customers in order to deliver exceptional quality," said John Paloian, RR Donnelley's Chief Operating Officer. "We are very pleased and proud that our platform's contributions to our customers' projects were so broadly represented in this year's awards."
One of the Golden Cylinder Awards recognized the collaborative soft proofing done in support of an RR Donnelley customer's catalog production. The judges noted that the innovation benefited the customer by significantly reducing the cycle time associated with proofing.
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12.12.2012
Stein Mart, Inc. today announced that on December 7, 2012 it received an expected letter from The NASDAQ Stock Market ("NASDAQ") stating that the Company is not in compliance with NASDAQ Listing Rule 5250(c)(1) because it did not timely file its Quarterly Report on Form 10-Q for the third quarter ended October 27, 2012.
As reported on November 9, 2012, because of errors identified in the Company's previously issued financial statements, the Company is in the process of restating its previously issued financial statements for fiscal years 2009, 2010 and 2011, its quarterly data for the first quarter of 2012 and for all quarters in 2010 and 2011, as well as its selected finance data for the relevant periods. In addition, the Company is evaluating the control implications related to the restatement. Until the restatement process and the control evaluations are complete, the Company is unable to complete its third quarter financial statements and file its Form 10-Q for the quarterly period ended October 27, 2012.
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12.12.2012
Domtar Corporation today announced the culmination of a precedent-setting two-year partnership process that saw 55 landowners in the Texarkana area achieve Forest Stewardship Council™ (FSC®) group certification. With the Ashdown Mill's strong support, the Four States Timberland Owners Association (FSTOA) was successful in receiving FSC Forest Management Certification on 70,000 acres of forestland.
Since Domtar's first FSC certification of forestland in upper New York State in 2000 and the subsequent formalizing of a collaboration with Rainforest Alliance in 2005, the company has maintained an industry-leading position that now sees it offer North America`s broadest range of FSC certified paper through the EarthChoice® line of papers. In addition, Domtar has set an ambitious goal of eventually procuring 100% of its fiber from sources that are certified to the FSC standard.
"Working together, we have achieved 'gold standard' certification from the 'gold standard' certifier, the Rainforest Alliance," stated Bob Grygotis, General Manager of the Ashdown Mill. "This is not the end but in fact the beginning for us in continuing to expand the availability of FSC wood for Ashdown and FSC certified paper for our customers."
"We have raised the bar for private land certification in the south, and we look forward to seeing the model built in Ashdown being replicated and expanded on throughout our mill system," added Lewis Fix, Domtar's Vice-President of Pulp Sales and until recently, the company's Vice-President of Sustainable Business and Brand Management. "This is a perfect example of how our longstanding collaboration with the Rainforest Alliance continues to help us deliver on our promise of socially and environmentally responsible paper manufacturing."
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12.12.2012
Xeikon NV, an innovator in digital color printing technology, announced today that Action Packaging Systems, Inc., a leading supplier of custom and stock labels as well as folding carton packaging, has installed a Xeikon 3500 digital color press to further expand its business.
Based in Ellington, CT, Action Packaging Systems partners with businesses worldwide to enhance the branding of their products with high quality labels and packages. Douglas E. Rice, president of Action Packaging Systems, said the company had been printing labels using flexographic technology, while outsourcing some digital work with a business partner. The decision was made to bring those digital capabilities to its Connecticut location to better serve its customers and for future plans.
After installing the Xeikon 3500 press in late 2011, Action Packaging Systems has significantly increased the number of short-run, pressure-sensitive label jobs it can handle for its customers. "The superior uptime and the avoidance of costly setup times with printing plates were the two major reasons we chose the Xeikon 3500," Rice said. "We can now take on print jobs in quantities as low as 5,000 pieces or fewer, and price them competitively with the Xeikon. The Xeikon 3500 is the engine that's driving our labels business forward." Rice added that with the 20-inch web width of the Xeikon 3500, Action Packaging Systems has the future opportunity to grow into other paperboard-related applications.
"No other digital label press offers the one-two punch of productivity and flexibility that the Xeikon 3500 brings to the table," said Michael V. Ring, president of Xeikon America, Inc. "The range of label sizes that Action Packaging Systems can handle with the Xeikon 3500 puts the company head and shoulders above its competitors."
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12.12.2012
NewPage Corporation, the leading producer of printing and specialty papers in North America, announced today the release of its 2011-12 Sustainable Development Report, Making a Difference.
"Because our products come from the forest, NewPage has a unique opportunity to make a difference to the world around us by managing and using resources sustainably," said George Martin, president and chief executive officer for NewPage. "At NewPage sustainability means operating in a way that meets our company's need to thrive and grow without compromising the ability of future generations to do the same. We know that we need to continuously improve to meet our sustainability goals, and we have a long history of doing this in all aspects of our business."
NewPage produces an annual sustainable development report to provide its stakeholders a look at the company's performance and activities designed to improve the way we manage human, natural and financial resources. The company focuses on five key areas of sustainability: 1.Healthy, Safe and Engaged Employees 2.Responsible Sourcing of Raw Materials 3.Efficient and Sustainable Manufacturing 4.Responsible and Safe Products 5.Strong, Viable Communities
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12.12.2012
After five years of bankruptcy and a seemingly endless legal battle, the Tribune Co. is hoping to sell some or all of its newspapers. It is meeting with bankers to lay the groundwork, according to Bloomberg, citing sources familiar with these conversations.
Tribune Co. owns several big metro dailies, including the Chicago Tribune, Los Angeles Times and Baltimore Sun, as well as somewhat smaller newspapers including the Orlando Sentinel, South Florida Sentinel and the Hartford Courant. Tribune Co. could choose to sell some or all properties, or divest them separately over time.
If it choses the latter, per Bloomberg, the small pubs would probably go on sale first.
Tribune is currently scheduled to exit bankruptcy at the end of this year, marking the end of a disastrous chapter in the company’s history. That began with the buyout engineered by Sam Zell to take Tribune private as an employee-owned business in 2007. Struck at the height of the credit bubble, this deal loaded Tribune with around $8 billion in new debt, just as the bottom was about to fall out of the newspaper industry.
With print ad revenues tumbling, Zell was forced to take Tribune into Chapter 11 bankruptcy protection in December 2008, where it has since remained. Bondholders and creditors with claims predating the buyout have battled creditors, including the consortium of banks which funded the ill-fated deal in 2007.
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12.12.2012
Ballard Designs Inc., a retailer of European-inspired home furnishings and accessories, is infusing its print catalog with some mobile commerce magic, enabling consumers to shop the catalog with their iPhones or iPads.
The Ballard+ app uses mobile image recognition and augmented reality technologies called VisualCommerce, from Marxent Labs LLC, to connect a print catalog to the digital world. A consumer launches the app and holds her device above the print catalog, pointing the device’s camera at the page. On screen, the app outlines products on the page with a white box and places a checkmark in the middle. The consumer touches a box and the app displays a window with the name of the product and six buttons: Add to Cart, Add to Favorites, More Views, Reviews, Details and Share.
She then can see more pictures of the product; read customer reviews; get more product information; share the product along with a comment on Facebook, Twitter or e-mail; or add it to her cart, where she can purchase the product.
“Our customers not only look to the Ballard catalog for home décor and accessories, but also for design inspiration and ideas. The Ballard+ app enhances the experience of flipping through the catalog each month by simply integrating a mobile device,” says Ryan McKelvey, president of Ballard Designs. “Having the functionality of our online channels directly available with our print catalog creates an ease of use that will provide an innovative, digital experience for our customers.”
Ballard+ is compatible with iPhone 4/4S and 5, as well as iPad 2, iPad with Retina Display, and iPad mini. The free app will work with the Ballard Designs December 2012 Early Winter issue, with more to be added in the future.
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12.12.2012
Greif, Inc., a global leader in industrial packaging products and services, today announced results for its fourth quarter and fiscal year, which ended Oct. 31, 2012. The company reported:
? Fourth quarter net sales of $1,075.6 million, operating profit of $64.5 million and net income attributable to Greif, Inc. of $26.5 million, or $0.45 per diluted Class A share. EBITDA1 was $96.6 million. Operating profit before special items was $78.2 million and net income attributable to Greif, Inc. before special items was $37.1 million, or $0.63 per diluted Class A share; and
? Fiscal 2012 net sales of $4,269.5 million, operating profit of $284.5 million and net income attributable to Greif, Inc. of $126.1 million, or $2.17 per diluted Class A share. EBITDA1 was $431.7 million. Operating profit before special items was $326.1 million and net income attributable to Greif, Inc. before special items was $155.0 million, or $2.66 per diluted Class A share.
Net sales were $1,075.6 million for the fourth quarter of 2012 compared with $1,131.6 million for the fourth quarter of 2011. The 5 percent decrease was primarily due to the negative impact of foreign currency translation (4 percent) and lower selling prices (2 percent) primarily resulting from the pass-through of lower raw material costs, partially offset by slightly increased sales volumes (1 percent). For fiscal 2012, net sales were $4,269.5 million compared with $4,248.2 million for fiscal 2011.
Gross profit was $194.6 million for the fourth quarter of 2012 compared with $205.0 million for the fourth quarter of 2011, principally due to lower net sales in the fourth quarter of 2012. Gross profit, as a percent of net sales, was 18.1 percent for the fourth quarters of 2012 and 2011. For fiscal 2012 and 2011, gross profit was $779.7 million compared with $798.4 million and gross profit margin was 18.3 percent and 18.8 percent, respectively.
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12.12.2012
Magazine closures were down nearly 50 percent from last year, while launches declined 5 percent, according to a recent report released by online periodicals database Mediafinder.com.
Only 82 magazines shut down in 2012, compared with 152 in 2011. Conversely, 227 magazines opened, down slightly from the 239 launched last year.
Focusing on the second half of 2012, volume slowed on both ends as 34 magazines closed and 94 began publication.
The always-popular regional interest category saw the most launches, with lifestyle, crafts and food following. Regional interest also saw the greatest number of closings, however. In other categories, Nintendo Power and Whole Living were among those to shutter in the fourth quarter.
Luxury titles also posted strong gains, according to MediaFinder.com president Trish Hagood, to build on a solid first half. "The luxury trend continues with the launch of magazines such as Best Life and the increased frequency of Bloomberg Pursuits from semi-annual to quarterly in 2013," she says in a statement.
Launches (31) also outnumbered closings (16) 2-to-1 in the business-to-business sector.
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12.12.2012
Costco Wholesale Corporation announced today its operating results for the first quarter (twelve weeks) of fiscal 2013, ended November 25, 2012.
Net sales for the quarter increased ten percent, to $23.20 billion from $21.18 billion during the first quarter last year.
Net income for the quarter was $416 million, or $.95 per diluted share, compared to $320 million, or $.73 per diluted share, last year. Last year's net income was negatively impacted by a $12 million charge (or $.03 per diluted share) related to settlement of an income tax audit of the Company's Mexico operation, and a $17 million charge (or $.04 per diluted share) related to contributions to an initiative reforming alcoholic beverage laws in Washington State.
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12.12.2012
Brent crude rose to a four-day high after the International Energy Agency increased its oil demand forecast for 2013 and as OPEC ministers met in Vienna to discuss the group’s production limits.
Futures climbed as much as 0.7 percent in London, a third straight advance. Global oil consumption will expand to 90.5 million barrels a day next year, more than previously forecast amid signs of a rebound in Chinese demand, the IEA said in a report today. There is consensus among OPEC members to keep output limits unchanged, Ecuador’s Minister of Non-Renewable Natural ResourcesWilson Pastor told reporters at the group’s headquarters in Vienna today, before closed-door talks began.
“Some economic data has improved,” Andrey Kryuchenkov, an analyst at VTB Capital in London, said by phone. “I expect the OPEC meeting will result in them trying to bring production closer in line with the ceiling.”
Brent for January settlement added as much as 73 cents to $108.74 a barrel on the London-based ICE Futures Europe exchange, the highest since Dec. 6.
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12.12.2012
Resolute Forest Products Inc. today announced that the province of Nova Scotia, represented by the minister of the Department of Economic and Rural Development and Tourism, has completed the purchase of all the shares of Bowater Mersey Paper Company Limited for nominal consideration.
Bowater Mersey is the former joint venture between Resolute (51%) and The Washington Post Company (49%), formed to hold the Mersey newsprint mill, located in Brooklyn, Nova Scotia, and other associated assets, including private timberlands, the Oakhill sawmill and Brooklyn Power Corporation. Resolute operated the Mersey newsprint mill until it was indefinitely idled in June of 2012.
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12.12.2012
Grainger today reported sales results for the month of November 2012. Sales increased 8 percent versus November 2011, and included 3 percentage points from price, 2 percentage points from sales of hurricane-related products, 2 percentage points from volume and 1 percentage point from acquisitions. The month of November 2012 had 21 selling days, the same as November 2011. While the 2012 fourth quarter will have one extra selling day versus the 2011 fourth quarter (64 versus 63 days), the company is forecasting minimal sales contribution due to timing of the holidays.
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