Paperclips Blog | Flint Ink Results

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• 02.04.2013

  Neenah Paper Pricing and Envelopes Announcement

  Neenah Paper is announcing a price increase of approximately 2% on select Brights, Writing, Text and Cover brands effective with shipments March 4, 2013. Orders entered before today's date and those received and scheduled to ship before March 4th will ship at today's price. All existing contract business will be reviewed within the agreed upon terms of the contract.
   
  In addition, we are aligning the price for Exact® Index, Tag and Vellum Bristol Papers. We will be eliminating basis weight differentials effective with shipments March 4, 2013. This price alignment, designed for ease of doing business, will result in a maximum $1.50/cwt. increase on select items and up to a $1.25/cwt. decrease on others.
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• 02.01.2013

  UPS Achieves Record Earnings Per Share

  UPS today announced record 2012 fourth quarter and full year adjusted diluted earnings per share of $1.32 and $4.53 respectively, with the U.S. Domestic segment leading the way. The company generated annual free cash flow of approximately $5.4 billion, a testament to operations execution and the emphasis UPS places on capital efficiency. UPS estimates that Hurricane Sandy reduced earnings per share by approximately $0.05.

  UPS recorded a fourth quarter mark-to-market, non-cash, after-tax charge of $3.0 billion for its company-sponsored pension and post-retirement benefit plans. Although the plans exceeded their expected rate of return, these incremental gains were more than offset by a 120 basis point decline in year-end discount rates. As a result, on a GAAP basis, diluted earnings per share for the quarter fell to a loss of $1.83. For the full year, reported diluted earnings per share were $0.83. This adjustment does not affect cash flow, required pension funding or benefits paid to plan participants.

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• 02.01.2013

  Twin Rivers Paper Company Reports Environmental Improvements

  Twin Rivers Paper Company, a leader in lightweight specialty packaging, label and publishing papers, announced significant inroads the company has made in environmental improvements. Since 2006, Twin Rivers has reduced its greenhouse gas emissions by 76 percent and now derives 83 percent of its energy from carbon-neutral sources.

  Twin Rivers has beneficially reused 93 percent of its solid process by turning this waste stream into compost, fuel, land applications, and value-added raw materials. The company has also reduced its electrical consumption each year through the installation of variable-speed motors. They installed a system that replaces fresh water with processed water, saving nearly a million gallons of water every day, approximately equivalent to one and a half Olympic size swimming pools. By the end of 2013, the company will complete an initiative to reduce up to 85% of the odor from its Edmundston operations.

  “We are tackling environmental projects that minimize our environmental footprint,” says Roland Leger, Manager of the Edmundston Pulp Mill. “We are firmly committed to completing the odor-reduction project by the end of 2013.”

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• 02.01.2013

  Tembec reports financial results for its first quarter ended December 29, 2012

  Consolidated sales for the three-month period ended December 29, 2012, were $376 million, as compared to $401 million in the comparable period of the prior year. The Company generated a net loss of $10 million or $0.10 per share in the December 2012 quarter compared to a net loss of $16 million or $0.16 per share in the December 2011 quarter. Operating earnings before depreciation, amortization and other items (adjusted EBITDA) was $19 million for the three-month period ended December 29, 2012, as compared to adjusted EBITDA of $12 million a year ago and adjusted EBITDA of $23 million in the prior quarter.

  The Specialty Cellulose Pulp segment generated adjusted EBITDA of $18 million on sales of $103 million for the quarter ended December 29, 2012, compared to adjusted EBITDA of $25 million on sales of $127 million in the prior quarter.

  The Paper segment generated adjusted EBITDA of $6 million on sales of $78 million for the quarter ended December 2012, compared to adjusted EBITDA of $14 million on sales of $96 million in the prior quarter.

  The Forest Products segment generated adjusted EBITDA of $2 million on sales of $101 million for the quarter ended December 29, 2012, compared to adjusted EBITDA of $8 million on sales of $108 million in the prior quarter.

  The Paper Pulp segment generated nil adjusted EBITDA on sales of $117 million for the quarter ended December 29, 2012, compared to negative adjusted EBITDA of $18 million on sales of $140 million in the prior quarter.

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• 02.01.2013

  TC Media acquires Groupe Modulo

  TC Media is pleased to announce that it has acquired all of the shares of Groupe Modulo, publisher of French-language educational resources and materials and a subsidiary of Nelson Education. This transaction brings Groupe Modulo into the Media Books and Education Division of TC Media, which also includes Chenelière Éducation, the leading publisher of French-language educational resources in Canada, Les Éditions Caractère and Les Éditions Transcontinental.

  This transaction enriches TC Media’s educational offering, further strengthening its leading position in higher education in Québec and enhancing its presence in the educational market in French communities across the country. Groupe Modulo is an educational publisher that serves every level of the school system, from kindergarten to university, in the French and French-immersion markets across Canada. Its textbooks and innovative materials meet the learning needs of pupils and students, as well as the professional development needs of educators.

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• 02.01.2013

  Rite Aid Reports 0.3 Percent Same Store Sales Increase for January

  For the four weeks ended Jan. 26, 2013, same store sales increased 0.3 percent over the prior-year period. January front-end same store sales increased 4.2 percent, of which 2.4 percent was attributable to flu-related over-the-counter products. Pharmacy same store sales, which included an approximate 665 basis points negative impact from new generic introductions, decreased 1.4 percent. Prescription count at comparable stores increased 5.0 percent over the prior-year period, of which 3.4 percent was attributable to flu-related prescriptions and flu shots. 

  Same store sales for the 47-week period ended Jan. 26, 2013 increased 0.1 percent over the prior-year period. Front-end same store sales increased 1.6 percent while pharmacy same store sales decreased 0.7 percent. Prescription count at comparable stores increased 3.7 percent over the prior-year period. 

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• 02.01.2013

  Resolute Announces Construction of Sawmill in Northwestern Ontario

  Resolute Forest Products today announced the construction of a new sawmill in the area of Atikokan, Ontario. This investment reflects Resolute's ongoing commitment to the solid wood business and will provide significant economic opportunities for First Nations in the region.
   
  The Atikokan project will involve the construction of a single line random length (16 ft) sawmill with an annual capacity of 150 million board feet. Approximately 90 people will be directly employed by the operation, and additional indirect positions will be created for hauling finished lumber and residual chips. Final site selection in the Atikokan area will be completed in the next few weeks, and construction is anticipated to begin in the spring, with completion targeted for early 2014. The capital cost of the project is estimated at C$50 million.
   
  "We believe in our solid wood business and we're taking action to grow and improve it. The new random length sawmill will complement our existing lumber product mix in Ontario and will allow Resolute to improve its product offering to customers in central Canada and key markets in the United States," stated Richard Garneau, President and Chief Executive Officer. "We are particularly excited about the active involvement of First Nations in the project and the opportunity for shared economic benefit that this represents."
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• 02.01.2013

  Domtar Corporation reports preliminary fourth quarter and fiscal year 2012 financial results

  Domtar Corporation today reported net earnings of $19 million ($0.54 per share) for the fourth quarter of 2012 compared to net earnings of $66 million ($1.84 per share) for the third quarter of 2012 and net earnings of $61 million ($1.63 per share) for the fourth quarter of 2011. Sales for the fourth quarter of 2012 amounted to $1.3 billion.
   
  Excluding items listed below, the Company had earnings before items1 of $46 million ($1.31 per share) for the fourth quarter of 2012 compared to earnings before items1 of $67 million ($1.87 per share) for the third quarter of 2012 and earnings before items1 of $93 million ($2.49 per share) for the fourth quarter of 2011.
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• 02.01.2013

  Recycled-content corrugated boxes: sustainability at what cost?

  There’s no packaging material that holds up a mirror to the multifaceted, splintered era of sustainability better than paper, and no member of that category does it better than recycled-content corrugated boxes.  Well before sustainability gained its prominence, the environmental- friendliness of corrugated boxes was widely acknowledged, given that they are derived from a renewable resource and their strength-to-weight ratio provides product protection along with cost-savings and efficiencies throughout the supply-chain.  While no type of packaging is perfect, corrugated boxes, comparatively, are darned close; therefore, the further pursuit of perfection should be done judiciously, lest the end results prove worse than the starting circumstances.

  Recycling is a pillar of sustainability and corrugated boxes, being made of paper, indeed, are recyclable. But that doesn’t dismiss considerations regarding what’s to be done with that recycled material. There are a variety of paper products with end uses that justify a recycled content—all the way up to 100%.  Maintaining an end-use focus, what are the limitations for incorporating recycled corrugated into the manufacture of new corrugated boxes?   The question divides into: should corrugated boxes contain recycled content at all; and, if so, what percent of recycled content is practical?

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• 02.01.2013

  Harte-Hanks Reports Fourth Quarter Results

  Harte-Hanks, Inc. today reported fourth quarter 2012 diluted earnings per share from continuing operations of $0.23 on revenues of $204.8 million. Excluding $1.3 million of facility closure costs, diluted earnings per share from continuing operations was $0.24. These results compare to diluted earnings per share from continuing operations of $0.24 on $215.1 million in revenues for the fourth quarter of 2011.

  For the three months ended December 31, 2012, the company generated free cash flow (defined below) of $13.3 million, a decrease from $16.2 million in the prior year’s fourth quarter. Capital expenditures for the quarter were $5.5 million compared to $4.6 million in the prior year’s fourth quarter.

  For the year, the company’s revenues decreased to $767.7 million compared to $811.6 million last year. The annual financial results reflect the second quarter non-cash income statement charge for the impairment of Shoppers goodwill. Excluding this item, 2012 operating income from continuing operations was $67.0 million compared to $78.1 million and diluted earnings per share from continuing operations for the year were $0.62 compared to $0.72 for 2011.

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• 02.01.2013

  Backstage Acquires Musician’s Job Board Sonicbids

  Backstage, the niche magazine for the acting and modeling community, is expanding its scope with the acquisition of Sonicbids, a social music marketing platform that connects bands, promoters, consumer brands and music fans.

  This is the first major deal since the parent company of Backstage, Guggenheim Digital Media, changed its name from Prometheus Global Media and tapped former Yahoo! exec Ross Levinsohn as its CEO earlier this month.
   
  According to The New York Times, the deal is estimated to be worth $15 million—a number John Amato, chairman and CEO of Backstage Media, declined to confirm.
   
  “Sonicbids is kind of like Backstage but for musicians and it’s like LinkedIn for musicians,” says Amato. “Sonicbids is the number-one platform for bands and some DJs to find gigs. If you were a band you would use Sonicbids to find your next show—it’s a job platform for creative artists.”

  Backstage has long been used as a resource guide for the acting and modeling community. When the magazine announced the re-launch of its publication in April, and rolled out its redesigned properties in August, a heavy emphasis was placed on career utility. Amato says this type of job board compliments the existing Backstage structure and also expands its scope.

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• 02.01.2013

  AAA Fuel Gage & Exchange Rates

  AAA Fuel Gage 2/01/13
  National Unleaded Regular:
  Current Average - $3.462/gallon
  Month Ago Average - $3.291/gallon
  Year Ago Average - $3.455/gallon
  Highest Recorded Average - $4.114/gallon on 7/17/08
  Diesel:
  Current Average - $3.944/gallon
  Month Ago Average - $3.915/gallon
  Year Ago Average - $3.877/gallon
  Highest Recorded Average - $4.845/gallon on 7/17/08

  Current Exchange Rates as of 2/01/13
  American Dollar to Canadian Dollar = 0.1.000737
  American Dollar to Chinese Yuan = 0.160507
  American Dollar to Euro = 1.364309
  American Dollar to Japanese Yen = 0.010857
  American Dollar to Mexican Peso = 0.078548

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• 02.01.2013

  Oil Heads for Longest Run of Weekly Gains Since 2004

  Oil headed for the longest run of weekly gains in more than eight years in New York before a report that may show the U.S. added jobs last month, signaling economic recovery in the world’s biggest crude consumer.

  West Texas Intermediate, little changed today, is poised for an eighth weekly advance, the most extensive since August 2004. U.S. employers probably added 165,000 workers last month after a 155,000 increase in December, according to a Bloomberg News survey before Labor Department data. Israeli jets hit Syrian trucks carrying anti-aircraft missiles for the Islamic militant group Hezbollah Jan. 29, according to an official who asked not to be named.

  “Oil prices have shown some real momentum,” said Michael Poulsen, an analyst at Global Risk Management Ltd., who predicts that geopolitical risk may push the Brent crude in London to $120 a barrel in the next two months. “U.S. unemployment figures, while not improving as fast as hoped for, are definitely pulling things in the right direction.”

  Crude for March delivery was at $97.14 a barrel, down 35 cents, in electronic trading on the New York Mercantile Exchange at 11:23 a.m. London time.

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• 02.01.2013

  Bertelsmann announces preliminary figures for 2012

  On the basis of preliminary and unaudited figures, Bertelsmann has increased its Group revenues to around €16 billion (previous year: €15.4 billion) in the 2012 fiscal year. Growth amounted to around five percent, about three percent of it organic. At €1.7 billion, operating EBIT matched the previous year’s high level. This includes investments and scheduled start-up losses for digitization projects and new businesses. The Group’s Return on Sales once again exceeded the 10-percent mark.

  Net financial debt at the end of the year was down to €1.2 billion (December 31, 2011: €1.8 billion) thanks to the high level of funds released from operations. This resulted in a good ratio compared to operating EBITDA which, like the previous year, totaled approx. €2.2 billion.

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• 02.01.2013

  Bemis Company Reports 2012 Fourth Quarter and Full Year Results

  Bemis Company, Inc. today reported 2012 full year diluted earnings of $1.66 per share on net sales of $5.1 billion. Excluding the effect of facility consolidation and acquisition related integration charges detailed in the attached schedule, “Reconciliation of Non-GAAP Earnings Per Share”, adjusted diluted earnings for 2012 would have been $2.15 per share. Excluding the impact of currency, 2012 net sales was substantially unchanged from 2011 as lower unit sales volumes during 2012 were offset by improved sales mix and the impact of acquisitions.

  HIGHLIGHTS OF THE FULL YEAR 2012:
   •Adjusted diluted earnings per share increased 8.0 percent to $2.15 from $1.99 in 2011.
   •Gross profit as a percent of net sales improved to 18.4 percent compared to 17.1 percent in 2011.
   •Bemis' facility consolidation program contributed savings of approximately $8 million in 2012.
   •Cash provided by operations totaled $421 million, reflecting continued emphasis on cost management.

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• 02.01.2013

  Neenah Purchases Premium Business Paper Brands From Southworth

  Neenah Paper, Inc. announced today that it has completed the purchase of certain premium business paper brands from the Southworth Company. These brands, including Southworth(R), the category leader, are sold largely to major retail customers such as Staples, Office Depot, Office Max and Walmart. Annual sales from the acquired brands are approximately $20 million.
   
  "As the market leader in premium papers, this is a natural extension of our Fine Paper business. The addition of Southworth's well-regarded brands allows us to expand our presence in the retail channel and fits with our strategy to grow in profitable niches that value image and performance," said Julie Schertell , President - Fine Paper. "We have been pleased with the reception from our customers and our team is excited to market these brands as part of Neenah's portfolio."
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• 02.01.2013

  Vistaprint Reports Second Quarter Fiscal Year 2013 Financial Results

  Vistaprint N.V., a leading online provider of professional marketing products and services to micro businesses and the home, today announced financial results for the three month period ended December 31, 2012, the second quarter of its 2013 fiscal year.

  Second quarter 2013 results:
  • Revenue grew 16 percent year over year to $348.3 million
  • Revenue grew 17 percent year over year excluding the impact of currency exchange rate fluctuations
  • Revenue grew 14 percent year over year excluding the impact of currency exchange rate fluctuations and revenue from acquisitions

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• 02.01.2013

  NewPage Introduces Addition To TrueJet Digital Coated Papers For Book Publishing Market

  NewPage, the leading producer of printing and specialty papers in North America, announced today the launch of TrueJet® Book, a new addition to its award-winning TrueJet® Digital Coated Papers for production inkjet presses.

  TrueJet Digital Coated Papers enable high speed, short run and variable data printing on production color inkjet equipment or related hybrid applications with offset class print quality and reduced total operating cost for the printer or publisher. Unlike conventional coated offset papers, TrueJet Digital Coated Papers are made with a combination of materials that result in improved inkjet ink dry times, improved inkjet print quality and productivity while maintaining the capability for offset printability in hybrid applications.

  "The inkjet publishing segment is rapidly growing as books that were traditionally printed web offset are converted to inkjet printing," said Steven J. DeVoe, vice president, Marketing for NewPage. "TrueJet Book is designed specifically for high-speed, book publication print runs, is Forest Stewardship Council™ (FSC®) certified and meets NASTA (National Association of State Textbook Administrators) specifications."

  "TrueJet Book is offered in a 45 lb. matte finish and delivers offset-like quality for full-color variable inkjet presses to meet the requirements of our book publishing customers," added Dennis Essary, director, Digital Papers for NewPage. "Customers who are looking for a better value proposition from an inkjet grade have a new option for the book publishing market based on the award-winning TrueJet design."

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• 01.31.2013

  Green Teams Help U.S. Postal Service Save Millions

  The U.S. Postal Service saved more than $52 million in 2012 by reducing energy, water, consumables, petroleum fuel use and solid waste to landfills, and generated nearly $24 million in revenue by recycling. Together, these actions to save costs and generate revenue surpassed $76 million.
   
  Employee green teams played a key role in helping the Postal Service achieve the savings and revenue, part of which included nearly $12 million in vehicle fuel cost avoidance, more than $10 million in facility energy savings, water savings of nearly $1 million and a decrease in supplies spending of nearly $4 million. Green teams helped the Postal Service recycle more than 253,000 tons of material, which saved more than $25 million in landfill fees.
   
  “Across the country, postal employees are participating in more than 850 green teams," said Chief Sustainability Officer Thomas G. Day. “Motivated by a desire to be good stewards of the environment, and our sustainability call to action, ‘leaner, greener, faster, smarter,’ employee green teams are helping the Postal Service achieve positive results in energy reduction and resource conservation.”
   
  Green teams are another way the Postal Service fosters a culture of conservation, building on the agency’s long history of environmental and socially responsible leadership. The teams help identify and implement low- and no-cost sustainable practices to help the Postal Service meet the following goals by 2015:
   •Reduce facility energy use by 30 percent compared to 2003,
   •Reduce water use by 10 percent compared to 2007,
   •Reduce petroleum fuel use by 20 percent compared to 2005 and
   •Recycle 50 percent of all solid waste compared to 2009.
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• 01.31.2013

  UPM’s financial performance stable, strong operating cash flow continued

  Q4/2012

  • Earnings per share excluding special items were EUR 0.19 (0.16), and reported EUR -2.84 (0.20)
  • EBITDA was EUR 301 million, 11.4% of sales (301 million, 11.2% of sales)
  • Impairment charges of EUR 1,779 million were recorded in the Paper business area
  • Operating cash flow continued to be strong at EUR 352 million

  Q1–Q4/2012

  • Earnings per share excluding special items were EUR 0.70 (0.93), and reported EUR -2.39 (0.88)
  • EBITDA was EUR 1,269 million, 12.2% of sales (1,383 million, 13.7% of sales)
  • Net debt decreased by EUR 582 million to EUR 3,010 million

  ”In 2012, UPM’s financial position remained stable. The profitability of our businesses continued at similar level as in 2011, UPM EBITDA for the full year was slightly lower, and the operating cash flow remained strong. The Q4 result was well in line with the comparison periods and the cash flow was strong. During the year, we were able to reduce our net debt by EUR 582 million. Considering the volatile economic environment last year, this is a noteworthy achievement.

  With respect to our growth businesses, Energy was an outstanding performer. Additionally, Pulp and Label as well as UPM’s paper business in Asia continued to perform well. For Pulp, the decrease in market prices meant a clear decrease in the operating profit, however.

  In other businesses, the earnings development was positive in spite of the challenging economic environment.

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• 01.31.2013

  Crown Holdings Reports Fourth Quarter 2012 Results

  Crown Holdings, Inc. today announced its financial results for the fourth quarter and year ended December 31, 2012.

  Net sales in the fourth quarter were $2,037 million compared to $2,058 million in the fourth quarter of 2011, primarily due to the pass through of lower material costs. 

  Fourth quarter gross profit was $281 million compared to $289 million in the 2011 fourth quarter and included an increase of $2 million from foreign currency translation.

  Fourth quarter selling and administrative expense was $94 million compared to $97 million in the prior year quarter.

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• 01.31.2013

  Catalyst Paper completes Snowflake mill asset sale

  Catalyst Paper announced today that it has completed the US Court approved sale of the Snowflake assets and shares of Apache Railway.  The Hackman Capital-led buyer group purchased the assets of the closed Snowflake facility and the shares of Apache Railway for US$13,460,000 and other non-monetary consideration. The transaction received local support from the Town of Snowflake and other interests, based on the buying group’s intention to continue to operate the Apache Railway as a going concern.
   
  “The successful completion of this transaction will assist Catalyst in reducing its interest obligations and improve overall liquidity,” said President and Chief Executive Officer Kevin J. Clarke. “With challenging markets and currency impacts to contend with, we are maintaining tight control of spending on all fronts and making the sale of all remaining non-core assets a priority.”
   
  Aided by the sale of the Snowflake assets and the sale of inventories and realization of accounts receivable associated with the Snowflake closure, Catalyst has been able to repay substantially all of its cash drawings under its ABL facility leaving only customary letters of credit and a minimal cash drawing outstanding under the facility at this point in time.  Drawings under the ABL facility fluctuate with Catalyst’s working capital needs from time to time.
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• 01.31.2013

  Oil Trades Near Four-Month High as Fed Keeps Asset Buying

  Oil traded near the highest price in more than four months in New York as the Federal Reserve maintained an asset-purchase program to boost the economy of the world’s largest crude-consuming nation.

  West Texas Intermediate was little changed, heading for the biggest monthly gain since August. The Fed will keep buying securities at a rate of $85 billion a month, the Federal Open Market Committee said after a two-day meeting. German unemployment unexpectedly declined in January for the first time in 10 months, adding to signs that Europe’s largest economy is gathering pace. Oil gained a third day yesterday even after data showed U.S. crude stockpiles rose twice as much forecast.

  “The Fed is still providing enough money,” said Andy Sommer a senior oil analyst at Axpo Trading AG in Dietikon, Switzerland. “I’m pretty optimistic on the demand side. But there’s an ongoing supply overhang and prices should come down in the spring.”

  WTI for March delivery was at $97.68 a barrel in electronic trading on the New York Mercantile Exchange, down 26 cents, as of 11:51 a.m. London time.

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• 01.31.2013

  Ahlstrom Corporation 2012: Strategic transformation progressing; financial performance still weak

  Continuing operations January-December 2012 compared with January-December 2011

  •Net sales EUR 1,010.8 million (EUR 1,025.8 million).
  •Operating profit EUR 18.6 million (EUR 2.1 million). 
  •Operating profit excluding non-recurring items EUR 17.9 million (EUR 29.6 million).
  •Operating margin excluding non-recurring items 1.8% (2.9%).
  •Profit before taxes EUR -5.7 million (EUR -22.3 million). 

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• 01.31.2013

  1-800-FLOWERS.COM, Inc. Reports Continued Positive Trends in Top and Bottom-Line Growth for Its Fiscal 2013 Second Quarter

  1-800-FLOWERS.COM, Inc., the world's leading florist and gift shop, today reported revenues from continuing operations of $253.0 million for its fiscal 2013 second quarter ended December 30, 2012, compared with revenues from continuing operations of $239.8 million in the prior year period. The Company said the 5.5 percent increase, or $13.2 million, reflected growth across all three of its business segments, driven primarily by its Gourmet Food and Gift Baskets segment, which grew 8.9 percent, or $11.6 million, to $142.7 million compared with $131.1 million in the prior year period.

  Gross profit margin for the quarter was 41.3 percent compared with 41.8 percent in the prior year period, primarily reflecting product mix associated with strong wholesale gift basket growth in the Company's Gourmet Food and Gift Baskets segment. Operating expenses as a percent of revenue improved 60 basis points to 31.0 percent compared with 31.6 percent in the prior year period. The improved operating expense ratio primarily reflects the increased revenues for the quarter as well as the Company's continued focus on improving leverage across its business platform.

  Adjusted EBITDA from continuing operations for the quarter increased 3.6 percent to $31.8 million compared with Adjusted EBITDA of $30.7 million in the prior year period. Net income from continuing operations was $16.0 million, or $0.24 per diluted share, compared with adjusted net income from continuing operations of $14.3 million, or $0.22 per diluted share, in the prior year period.

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• 01.31.2013

  O-I Reports Full Year and Fourth Quarter 2012 Results

  Owens-Illinois, Inc. today reported financial results for the full year and fourth quarter ending December 31, 2012.
  Highlights
  • Full year 2012 earnings from continuing operations attributable to the Company were $1.12 per share (diluted), compared with a loss of $3.06 per share in 2011. Excluding certain items management considers not representative of ongoing operations, adjusted earnings[1] (non-GAAP) were $2.64 per share in 2012, compared with $2.43 per share in 2011. Full year 2012 adjusted earnings were up nearly 9 percent despite substantial foreign currency headwinds.
  • Fourth quarter 2012 adjusted earnings were $0.40 per share, compared with $0.48 per share in the same period of 2011. As expected, adjusted earnings were dampened by lower segment operating profit, primarily in Europe. This decrease was partially offset by a lower effective tax rate.
  • O-I generated $290 million in free cash flow[2] (non-GAAP) for the full year 2012, up more than 30 percent from 2011. The increase was driven by growth in earnings and improvements in working capital management. The Company's leverage ratio improved to 2.67 times EBITDA at year end 2012, compared to 2.88 times EBITDA at the end of prior year.
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• 01.31.2013

  RR Donnelley Recognized With NASSCOM Award for Excellence in Diversity and Inclusion

  R. R. Donnelley & Sons Company today announced that its operations in India have been recognized with the NASSCOM Award for Excellence in Diversity and Inclusion as the Best Business Process Outsourcing Company in the less than 5,000 employees category.

  NASSCOM, India's National Association of Software and Services Companies, recognized RR Donnelley at its Diversity & Inclusion Summit 2013 held recently in Bangalore.

  "We are very proud that our diversity and inclusion practices have been recognized with this prestigious award," said Dan Knotts, RR Donnelley's Chief Operating Officer. "Thousands of companies' submissions were evaluated with regard to how their policies and practices promote inclusion and enable employees to contribute to the success of their enterprises at all levels. We believe that creating an environment which values our employees' diverse talents and experiences helps us to offer the best possible service to our customers."

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• 01.31.2013

  Quincy printing companies merge

  The owners of Royal Printing and Modern Printing have announced plans to merge their two companies.
   
  Dan Asbury of Royal Printing and Kevin Curran of Modern Printing are combining the two long-time Quincy companies into one production facility.
   
  Beginning February 1, the two companies will continue to do business as Royal Printing. Asbury, who bought Royal in 2001, said the climate was right to make the move.
   
  “The industry has evolved into more than just printing stationery, brochures and business forms,” Asbury said. “Technology keeps advancing and now many customers need more color and faster turn-around, for short runs as well as larger quantities. Kevin and I realized if we worked together we’d be able to more efficiently handle the needs and demands of all our customers.”
   
  Curran, who with Dave Rees bought Modern Printing in 2000, says both businesses have seen steady growth over the years.
   
  “We’ve been very fortunate by staying ahead of the curve in the shift to digital printing and this joint venture enables us to combine the best of our equipment and manpower, which will keep us growing for years to come.”
   
  Over the next several days and weeks, Modern Printing will gradually move to the Royal Printing facility on Ellington Road. Asbury and Curran will work together managing the combined operation while Rees will step aside as a partner and instead concentrate on his family business, Rees Construction.
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• 01.31.2013

  Time Inc. Laying Off Six Percent of 8,000 Staff

  The rumored and significant cuts at Time Inc. have begun today. According to an internal memo from CEO Laura Lang, about six percent of the company's 8,000 employees will be let go—close to 500 people.

  According to the memo, the cuts are impacting a variety of areas throughout the company, both domestically and internationally.

  "With the significant and ongoing changes in our industry, we must continue to transform our company into one that is leaner, more nimble ad more innately multi-platform. To make this change, we need to operate as smartly and efficiently as possible to create room for critical investments and new initiatives," says Lang in the memo, the full copy of which is below.

  The company has not had a round of layoffs of this size since 2008 when then-CEO Ann Moore unleashed a wave of cuts of just about the same size. About 600 employees were let go, accompanying a major restructuring that organized brands under three main groups: News, Style & Entertainment and Lifestyle.

  Today's cuts come just ahead of Time Warner's 4Q and full-year 2012 earnings call, scheduled for February 6th.  For the first nine months of 2012, revenues slipped 6 percent in the publishing group compared to the same period in 2011. Operating income dropped 38 percent.

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• 01.30.2013

  Avery Dennison Announces Fourth Quarter and Full-Year 2012 Results

  Avery Dennison Corporation today announced preliminary, unaudited fourth quarter and full-year 2012 results. All non-GAAP financial measures referenced in this document are reconciled to GAAP in the attached tables. Unless otherwise indicated, the discussion of the company’s results is focused on its continuing operations, and comparisons are to the same period in the prior year.

  “Avery Dennison delivered strong earnings improvement in 2012,” said Dean Scarborough, Avery Dennison chairman, president and CEO. “Both Pressure-sensitive Materials and Retail Branding and Information Solutions delivered solid sales growth and expanded margins, and we returned $346 million of cash to shareholders through share repurchases and an increased dividend.

  “We also took actions that position us well for significant profit growth in 2013, even in a soft economic environment,” Scarborough said. “We remain committed to delivering on our long-term goals, including double-digit earnings growth and higher returns.”

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• 01.30.2013

  MWV Reports Fourth Quarter and Full-Year 2012 Results

  MeadWestvaco Corporation, a global leader in packaging and packaging solutions announced that total sales in the fourth quarter of 2012 increased 4 percent to $1.33 billion compared to fourth quarter of 2011. Excluding the effect of unfavorable foreign currency exchange, sales grew 6 percent due to increased volume of higher value products across most of the company’s targeted packaging and specialty chemicals markets, as well as from higher land sales. During the quarter, the company had gains from its commercial excellence and innovation initiatives that resulted in volume and market share growth in medical dispensers, fragrance sprayers, beverage multi-packs, aseptic liquid packaging, targeted food packaging and new chemical formulations for adhesives and oilfield drilling markets. The company also benefited from the acquisitions of Polytop (caps and closures), Ruby Macons Ltd. (corrugated packaging materials) and Resitec (specialty chemicals).

  Pretax income from the company’s business segments increased 29 percent to $132 million in the fourth quarter of 2012 compared to $102 million in the fourth quarter of 2011. The performance was driven by increased profits in the Food & Beverage and Community Development and Land Management segments, and by strong earnings in the Specialty Chemicals segment, while profits declined in the Home, Health and Beauty segment. Income from continuing operations was $17 million or $0.10 per share in the fourth quarter of 2012 compared to a loss of $7 million or $0.04 per share in the fourth quarter of 2011. Excluding special items, income from continuing operations in the fourth quarter of 2012 was $13 million or $0.07 per share versus $5 million or $0.03 per share in the fourth quarter of 2011.

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• 01.30.2013

  UPS Announces Withdrawal of Offer for TNT Express

  United Parcel Service, Inc. today announced the withdrawal of its Offer for TNT Express (NYSE Euronext: TNTE).

  As anticipated, the European Commission (EC) has issued a formal decision prohibiting the proposed acquisition of TNT Express. As a result of the prohibition by the EC, the Offer Condition relating to EU Competition Clearance will not be fulfilled and the acquisition of TNT Express by UPS will not be completed. Given this outcome, UPS and TNT Express entered a separate agreement to terminate the Merger Protocol.

  UPS proposed significant and tangible remedies designed to address the EC's concerns with the transaction concerning the competitive landscape in Europe. UPS believes that the combined company would have been transformative for the logistics industry, bringing meaningful benefits to consumers and customers around the world, while supporting much needed growth in Europe in particular.

  While UPS is disappointed in the EC's decision, the company's focus is on the continued execution of its growth strategy.

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• 01.30.2013

  Silgan Announces 2012 Earnings

  Silgan Holdings Inc., a leading supplier of rigid packaging for shelf-stable food and other consumer goods products, today reported full year 2012 net income of $151.3 million, or $2.17 per diluted share, as compared to full year 2011 net income of $193.2 million, or $2.75 per diluted share. Adjusted net income per diluted share was $2.70 for the full year 2012, after adjustments increasing net income per diluted share by $0.53. Adjusted net income per diluted share was $2.63 for the full year 2011, after a net adjustment reducing net income per diluted share by $0.12. A reconciliation of net income per diluted share to “adjusted net income per diluted share,” a Non-GAAP financial measure used by the Company, which adjusts net income per diluted share for certain items, can be found in Tables A and B at the back of this press release.

  The Company delivered net cash provided by operating activities of $351.7 million in 2012 and free cash flow of $303.7 million in 2012 as compared to free cash flow of $152.9 million in 2011. Free cash flow in 2012 benefited from a reduction in inventory of $56.8 million, other working capital improvements and a planned decrease in capital expenditures. The Company is providing a reconciliation in Table C of this press release of net cash provided by operating activities to “free cash flow,” a Non-GAAP financial measure, which adjusts net cash provided by operating activities for capital expenditures, voluntary contributions to domestic pension benefit plans and changes in outstanding checks.

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• 01.30.2013

  Sappi Fine Paper North America Underscores the Print Experience with 2013 Printers of the Year Call for Entries

  Today, Sappi Fine Paper North America announced its call for entries for the 2013 North American Printers of the Year awards, a competition that recognizes print excellence and innovation across 10 categories for work produced on Sappi papers. Since 1999, the Sappi Printers of the Year Awards program has been regarded as the world's most respected accolade of excellence in the printing industry.

  In addition to industry-wide recognition, award-winning printers may receive up to $20,000 in design support and 5,000 lbs of paper towards marketing and brand initiatives. Selected printers will also gain increased visibility with current and potential clients by being featured on their own page in Sappi's Printers of the Year Online Resource, a unique database tool for designers, print buyers and corporations.

  "In today's marketplace, even with the growth of digital and social media, we see print as a more vital medium to the marketing mix than ever before," said Patti Groh , Director of Marketing Communications, Sappi Fine Paper North America. "With each Printers of the Year competition, Sappi recognizes entrants that have raised the bar with their strategic and creative uses of print, and we strive to promote and support those who understand the impact that high-quality print has as a communications tool."

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• 01.30.2013

  China Paper Producers' Heavy Reliance on Recycled Paper Pushes Recovery Efforts

  Fueled by escalating paper and cardboard demand, China's recovered paper production has seen rapid growth in recent years. Consumption jumped from 7.6 million tons in 1994 to 71 million tons in 2011, China Paper Association figures show.

  Asian countries, especially fiber-short countries like China and India, will remain heavily dependent on recovered paper and account for a large share of the demand growth in the future, predicts Hannah Zhao, a Resource Information Systems Inc. economist on recovered paper.

  In 2011, China used 56.6 million tons of recycled fiber-based pulp, accounting for 62 percent of the total pulp consumption in China. About 38 percent of the recovered paper was recycled domestically.

  Niu Qingming, vice-president of China Paper Association, believes China should regard the recovered paper sector as part of its efforts to build a resource-conserving, environment-friendly society, and carry out more favorable policies to support it.

  "Recycled paper has been vital in sustaining our paper industry and society," Niu says.

  Recovered paper has become the main raw material of China's paper-making industry. In 2010, two thirds of the top 30 paper enterprises in China utilized recovered paper to produce paper, according to Niu.

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• 01.30.2013

  Consumer confidence in January falls to 14-month low

  A report released Tuesday by The Conference Board showed that confidence among U.S. consumers fell in January to its lowest point since November 2011.
   
  The Conference Board’s index decreased to 58.6, down from a revised 66.7 in December. The figure was lower than forecast; Bloomberg predicted a median of 64.
   
  The drop in confidence coincides with the 2% payroll tax increase used to fund Social Security.
   
  “The thing that’s particularly troubling is the sizable decline in expectations,” Guy Lebas, chief fixed-income strategist at Janney Montgomery Scott LLC told Bloomberg. “As those expectations deteriorate, it doesn’t bode particularly well for day-to-day consumer spending.”
   
  The 8.1-point slump from December to January is the biggest since August 2011, and parallels other measures of consumer confidence. The Bloomberg Consumer Comfort Index dropped in the week ended Jan. 20 to the lowest level since early October and the Thomson Reuters/University of Michigan preliminary index of consumer sentiment dropped in January to its lowest point since December 2011.
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• 01.30.2013

  Portucel informs on results for the year 2012

  With turnover totalling 1.5 billion euros, the Portucel group recorded in 2012 its highest ever figures for output and paper sales, consolidating its position as Europe's leading manufacturer of uncoated woodfree (UWF) printing and writing paper. The Group's growing turnover has been achieved thanks to strong performance in paper operations, and also to positive returns from the energy sector.

  Operating results stood at € 286.2 million, up by 7.5% on 2011, having been favourably influenced by the reversal of provisions of approximately € 15 million, as well as by a reduction in the value of depreciation over the period, due to the normal life cycle of industrial assets.

  The Group recorded a financial loss of € 16.3 million, in line with that recorded in 2011. This was due essentially to a significant reduction in deposit interest rates over the year, which to a certain extent countered the effect of the reduction in the Group's net debt, and to the negative result from currency hedges.

  As a result, the Group closed the financial year of 2012 with a consolidated net profit of € 211.2 million, representing an improvement of 7.6% in relation to the previous year.

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• 01.30.2013

  Oil Rises to Four-Month High as Home Prices Advance

  Oil in New York rose to a four-month high after home prices in 20 U.S. cities climbed by the most in more than six years, signaling that the country’s economic rebound is accelerating.

  Futures advanced 1.2 percent after the S&P/Case-Shiller index of property values increased 5.5 percent in November from the same month in 2011, the biggest year-over-year gain since August 2006. Prices also increased as Egypt’s defense chief warned that political unrest could bring about the “collapse” of the state.

  “We’re pricing in a lot of economic optimism,” said Mike Wittner, head of oil-market research for the Americas at Societe Generale SA in New York. “The underlying macroeconomic picture looks solid and that’s good for demand.”

  Crude oil for March delivery rose $1.13 to $97.57 a barrel on the New York Mercantile Exchange, the highest settlement since Sept. 14.

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• 01.30.2013

  Amazon.com Announces Fourth Quarter Sales up 22% to $21.27 Billion

  Amazon.com, Inc. today announced financial results for its fourth quarter ended December 31, 2012.

  Operating cash flow increased 7% to $4.18 billion for the trailing twelve months, compared with $3.90 billion for the trailing twelve months ended December 31, 2011. Free cash flow decreased 81% to $395 million for the trailing twelve months, compared with $2.09 billion for the trailing twelve months ended December 31, 2011. Free cash flow for the trailing twelve months ended December 31, 2012 includes fourth quarter cash outflows for purchases of corporate office space and property in Seattle, Washington, of $1.4 billion.

  Net sales increased 22% to $21.27 billion in the fourth quarter, compared with $17.43 billion in fourth quarter 2011. Excluding the $178 million unfavorable impact from year-over-year changes in foreign exchange rates throughout the quarter, net sales grew 23% compared with fourth quarter 2011.

  Operating income increased 56% to $405 million in the fourth quarter, compared with $260 million in fourth quarter 2011. The favorable impact from year-over-year changes in foreign exchange rates throughout the quarter on operating income was $2 million.

  Net income decreased 45% to $97 million in the fourth quarter, or $0.21 per diluted share, compared with $177 million, or $0.38 per diluted share, in fourth quarter 2011.

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• 01.30.2013

  Buckeye's Second Quarter FY 2013 Results

  Buckeye Technologies Inc. today announced second quarter net sales of $204.3 million and adjusted net income* of $23.6 million. Adjusted EPS* of $0.60 compared to $0.69 in 2Q-FY12 and $0.62 in 1Q-FY13. Net insurance recovery in 2Q-FY13 was $0.04 per share less than expected.

  Net sales for the quarter were down $17.1 million or 8% compared to the year ago quarter. While shipment volume was up 6% year over year, product mix was unfavorable as we shipped about 12,000 tons into the viscose staple fiber market during the quarter as a result of weak demand in some of our high-end markets, particularly from the European tire cord market. The sale of the Merfin Systems converting business in the third quarter of fiscal 2012 accounted for $4.3 million of this reduction in net sales.

  Adjusted operating income* of $36.4 million was down $6.7 million compared to the year ago quarter, largely due to unfavorable product mix, in spite of a $6.8 million net insurance benefit related to the June steam drum failure outage at Foley.

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• 01.29.2013

  RR Donnelley Expands Its International Safety and Environmental Certifications

  R. R. Donnelley & Sons Company today announced that it has further expanded its international platform's safety and environmental certifications as its facility in Douai, France has achieved ISO 14001 certification as defined by the International Standards Organization (ISO) and OHSAS 18001 certification as set by the Occupational Health & Safety Advisory Services (OHSAS) organization.

  The ISO 14001 framework establishes the criteria for an environmental management system and provides assurance that an organization's environmental impact is being measured and improved. OHSAS 18001 is the latest certification specification and demonstrates a commitment to implement, maintain and continually improve the management of a health and safety system. These certifications complement Douai's ISO 9001, Forest Stewardship Council (FSC), Sustainable Forestry Initiative (SFI) and Programme for the Endorsement of Forest Certification certifications.

  "This achievement reflects our continuing commitment to best practices in both safety and environmental systems," said Dan Knotts, RR Donnelley's Chief Operating Officer. "We regard safety as the first measure of operational excellence and work to embrace processes that contribute to sustainability."

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• 01.29.2013

  Double A Buys Alizay Pulp and Paper Mill from French Government

  Thailand pulp and paper producer Double A said that it has acquired the Alizay pulp and paper mill located in northern France from the French government agency, Conceil General l’Eure.

  Terms of the deal were not disclosed.

  The former owner, Metsa Board, on Jan. 23 sold the Alizay mill to Conceil General l'Eure for EUR 22 million.

  "This investment will open opportunities for Double A in Europe," said Mr. Thirawit Leetavorn, Senior Executive Vice President for Double A.

  "Paper from Alizay will enhance our brand strength and allow Double A to be responsive to our customers’ needs,” Mr. Leetavorn added.

  According to Double A, the Alizay mill will use two types of fiber for paper production — a virgin short fiber from the company's KHAN-NA1 tree plantations in Thailand, and recycled fiber which will be used for the production of Double A's "Evolve" paper brand.

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• 01.29.2013

  Baton Rouge 'Advocate' May Have Buyer

  Just a few months after the New OrleansTimes-Picayune cut its publication schedule to three days a week, Baton Rouge’s The Advocate-- which benefited from The Times-Picayune cut in the form of increased readership -- has received an expression of interest from a potential unidentified buyer, according to owner Capital City Press.
   
  Over the last year, the Advocate’s daily weekday circulation has increased from 76,263 in March 2012 to around 98,000 today, according to the newspaper.
   
  Much of this growth is attributed to increased demand in nearby New Orleans, where residents have been without a daily newspaper since The Times-Picayune reduced its publication schedule to three days a week in October 2012. The Advocate launched a daily New Orleans edition to fill this void.
   
  The potential buyer is not interested in buying WBRZ-TV, a local ABC affiliate also owned by the family that owns Capital City Press, The Advocate reports.
   
  Advance Publications' decision to cut The Times-Picayune's publication schedule, as well as the schedules of three other newspapers in Alabama, met a storm of protest when it was announced in May 2012. Local civic leaders, businesspeople and celebrities formed the "Times-Picayune Citizens' Group," which set itself a mission to “ensure the continuation of the delivery of a high quality, seven-day-a-week newspaper, with access to the entire community.”
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• 01.29.2013

  Oil at Four-Month High as Durable Goods Orders Increase

  Oil advanced to a four-month high in New York as orders for durable goods in the U.S. jumped, adding to economic optimism, and gasoline gained on the announcement that a New Jersey refinery will close.

  Prices rose after the Commerce Department said orders increased 4.6 percent in December. Gasoline climbed to a three- month high after Hess Corp. (HES) said it will shut the Port Reading, New Jersey, plant at the end of February.

  “The durable goods number is very good and it bodes well for energy demand,” said Phil Flynn, senior market analyst at the Price Futures Group in Chicago. “Gasoline is the strong market right now, and it’s been supportive for oil.”

  West Texas Intermediate crude for March delivery rose 56 cents to settle at $96.44 a barrel on the New York Mercantile Exchange. Trading volume was 21 percent below the 100-day average at 3:22 p.m. WTI completed its seventh straight weekly gain, the longest run in almost four years, last week.

  Brent for March gained 20 cents to settle at $113.48 a barrel on the London-based ICE Futures Europe exchange.

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• 01.29.2013

  American Eagle Outfitters to Launch First Store in Mexico

  American Eagle Outfitters, Inc. confirmed today the opening of its first company owned and operated store in Mexico City. The store will open February 20th, 2013 and will be located in the Perisur?s shopping center, a mall located in the south part of Mexico City. Aligning with its strategy plan to fortify and expand in North America; AEO plans to open a series of vertically owned and operated stores in Mexico. Each AEO store will include an Aerie presence either in shop-in-shop or side-by-side form.

  In 2012, American Eagle Outfitters successfully licensed stores in Japan, Israel and Poland and continues to grow its presence in the Middle East. American Eagle Outfitters is currently present in 13 countries and ships online to 77 countries internationally.

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• 01.29.2013

  International Paper Reports Fourth-Quarter and 2012 Earnings

  International Paper reported preliminary full-year 2012 net earnings attributable to common shareholders totaling $794 million ($1.80 per share) compared with $1.3 billion ($3.03 per share) in full-year 2011. In the fourth quarter of 2012, the company reported net earnings of $235 million ($0.53 per share) compared with $281 million ($0.65 per share) in the fourth quarter of 2011. Amounts in all periods include special items and non-operating pension expense.

  Full-year 2012 Operating Earnings were $1.2 billion ($2.65 per share) compared with $1.4 billion ($3.12 per share) in 2011. Operating Earnings in the fourth quarter of 2012 totaled $305 million ($0.69 per share) compared with $319 million ($0.73 per share) in the fourth quarter of 2011. 

  Annual sales totaled $27.8 billion in 2012 compared with $26.0 billion in 2011.  Quarterly net sales were $7.1 billion in the fourth quarter compared with $6.4 billion in the fourth quarter of 2011.

  Full-year 2012 business segment operating profits were $2.0 billion compared with $2.2 billion in 2011.  Business segment operating profits in the fourth quarter were $528 million compared with $577 million in 2011, both of which included special items.

  Industrial Packaging operating profits in the fourth quarter of 2012 were $368 million ($336 million including special items) compared with $342 million ($255 million including special items) in the third quarter of 2012. The profit increase in North America was the result of improved pricing, partially offset by higher planned outage-related maintenance expenses and input costs. Profits for the segment also benefited from seasonally higher sales volumes in Europe and an insurance settlement related to the earthquake that occurred in Northern Italy.

  Printing Papers operating profits were $147 million (before and after special items) in the fourth quarter of 2012 versus $201 million ($202 million including special items) in the third quarter of 2012. North American operations were impacted by higher planned outage-related maintenance expenses, seasonally lower sales and lower average sales price for paper, particularly in export markets. Europe's results were stronger quarter over quarter mainly from lower planned maintenance expenses.

  Consumer Packaging operating profits were $39 million ($41 million including special items) in the fourth quarter of 2012 compared with $67 million (before and after special items) in the third quarter of 2012. Earnings were impacted by higher outage-related maintenance expenses and lower average sales price primarily due to mix, along with cost associated with the start-up of the coated paper machine in China.

  xpedx, the company's North American distribution business, reported operating profits of $11 million ($4 million including special items) in the fourth quarter of 2012 compared with $24 million ($15 million including special items) in the third quarter of 2012, reflecting higher operating expenses in the fourth quarter.

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• 01.29.2013

  Potlatch Reports Fourth Quarter and Full Year 2012 Results

  Potlatch Corporation today reported financial results for the fourth quarter and full year ended December 31, 2012.

  Q4 2012 Financial Summary
  •Total consolidated revenues for the quarter were $143.3 million, compared to $109.9 million in Q4 2011 and $151.9 million in Q3 2012.
  •Net income for the quarter was $13.9 million, or $0.34 per diluted common share, compared to a net loss of $1.5 million, or a loss of $0.04 per diluted common share, in Q4 2011 and net income of $18.6 million, or $0.46 per diluted share, in Q3 2012.
  •EBITDDA was $36.4 million for Q4 2012, compared to $7.8 million in Q4 2011 and $37.0 million in Q3 2012.

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• 01.28.2013

  U.S. Printing-Writing Paper Shipments Fell in December 2012

  The American Forest & Paper Association in its December 2012 U.S. Printing-Writing Paper Report said that total printing-writing paper shipments decreased 9 percent in December compared to December 2011.

  For the year of 2012, printing-writing and related paper shipments were 4.6 percent below the 2011 level. All four of the major printing-writing grades posted decreases compared to last December, with inventory levels increasing in November, led by double-digit increases in mechanical grade papers.

  Additional key findings include:

  December shipments of coated free sheet (CFS) papers decreased 7 percent when compared to December 2011 and were down 3 percent for the year in 2012. Year-to-date imports of CFS through November were down 12 percent compared to the 11-month period in 2011.
  Uncoated free sheet (UFS) papers shipments decreased 7 percent compared to December. Annual purchases of UFS papers for the year were down 4 percent compared to 2011. Year-to-date UFS imports are up 4 percent in 2012 compared to same 11 months in 2011.
  December uncoated mechanical (UM) paper shipments decreased 27 percent when compared to December 2011, with annual shipments 17 percent below 2011 levels.
  December shipments of coated mechanical (CM) papers decreased 10 percent compared to December 2011 and 5 percent for the year.

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• 01.28.2013

  Barnes & Noble’s e-book unit will offer more textbooks

  Nook Media LLC, the digital content arm of bookseller Barnes & Noble Inc., is preparing to expand its digital textbook offerings after completion of an $89.5 million investment from textbook publisher Pearson PLC.
   
  Barnes & Noble, No. 32 in the Internet Retailer Top 500 guide, announced the Pearson investment in December and the deal closed on Wednesday. Pearson now owns 5% of Nook Media, with Microsoft Corp. holding 16.8% and Barnes & Noble the remaining 78.2%. Pearson could increase its stake another 5%, if certain conditions are met, which Barnes & Noble has not disclosed.
   
  Nook Media is a joint venture between Barnes & Noble and Microsoft announced in April 2012. Microsoft made a $300 million investment in Barnes & Noble’s digital reading and college business in exchange for a stake in the subsidiary company.

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• 01.28.2013

  Fortress Paper Provides Update on Fortress Specialty Cellulose Mill

  Fortress Paper Ltd. announces that the cogeneration project at its Fortress Specialty Cellulose Mill is nearing completion, with engineering and procurement completed and overall construction progress continuing and currently at approximately 94%. However, commissioning and start-up activities have incurred delays as a result of various factors, including unforeseen piping related delays, reduced manpower availability and minor scope of work adjustments. As a result, the Company now expects delivery of power to commence late in the first quarter or early in the second quarter of 2013, and anticipates additional costs in the 10-20% range for the overall cogeneration project. Hydro Quebec is aware of the postponement and the Company anticipates delivery of power pursuant to the power purchase agreement in the normal course.

  The Fortress Specialty Cellulose Mill continues to ramp-up its production of dissolving pulp. Despite promising operating results in November and December 2012, the mill has encountered challenging ramp-up issues which are intrinsic to a dissolving pulp mill ramp-up. The Company expects that the implementation of its comprehensive "Operating Excellence" program will improve operating efficiency and productivity in the near future.

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