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09.19.2012
Do Not Track (DNT) support is well under way at Google and will be available by the end of the year on its Chrome browser. Following suit of browsers Yahoo and Microsoft, Google's latest development is in response to the White House, FTC, and DAA's cry for consumer control and transparency with the use and collection of Internet consumer data.
“We undertook to honor an agreement on DNT that the industry reached with the White House early this year. To that end, we're making this setting visible in our Chromium developer channel, so that it will be available in upcoming versions of Chrome by year's end,” says a Google spokesperson.
“Google is to be commended for joining the other major browsers in endorsing Do Not Track,” says FTC chairman Jon Leibowitz. “That's a major victory for consumers who want and deserve choice about where their personal information is going. Once we see a compromise that provides meaningful limits on collecting consumer data, the Do Not Track option will be all but complete.”
Google originally announced its intent to support a DNT system back in February; yet, Altimeter Group principal analyst Alan Webber says Google was “dragging its feet” due to the search leader's business model.
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09.19.2012
Federal district judge Denise Cote has preliminarily approved (PDF) the states’ $69 million ebook pricing settlement with Hachette, HarperCollins and Simon & Schuster.
The settlement covers all the states except Minnesota, and five territories including Washington, D.C.
Consumers will be notified within 30 days if they are eligible for a small payment, but they won’t receive the actual payments until next year. That’s because Judge Cote also approved a “fairness hearing,” to be held on February 8, 2013 in New York. (I’ll attend this hearing.) The hearing will “consider the fairness, reasonableness and adequacy of the Settlements, the dismissal with prejudice of this action to the Defendants, and the entry of final judgment in this action.”
Consumers who oppose the settlement can speak at the hearing if they file a notice with the court by December 19, 2012.
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09.19.2012
Oil rebounded from the lowest close in more than two weeks in New York amid speculation that Japan’s expanded program of monetary easing may bolster fuel demand in the world’s third-biggest crude user.
Futures advanced as much as 0.9 percent after the Bank of Japan (8301) said it will increase its asset-purchase fund to 55 trillion yen ($697 billion) from 45 trillion yen. The BOJ joins the Federal Reserve and the European Central Bank in taking steps to stimulate the economy. New-home construction in the U.S. probably rose in August to the highest level in almost four years, showing residential real estate is recovering.
“The BOJ has followed the Fed with another bout of stimulus, increasing its asset-buying program, giving commodities a lift,” said Robert Montefusco, a senior broker at Sucden Financial Ltd. in London.
Oil for October delivery gained as much as 88 cents to $96.17 a barrel in electronic trading on the New York Mercantile Exchange and was at $95.56 at 10:26 a.m. London time. The contract slid $1.33 yesterday to $95.29, the lowest close since Aug. 30, and has dropped 4.2 percent since this month’s intraday high of $100.42 on Sept. 14.
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09.18.2012
Boldly moving into the digital age of direct marketing, Segerdahl Group has undergone a full-scale identity shift. Launched today, the new SG360° is bringing “empirical direct marketing solutions” to the marketplace with cutting-edge services and capabilities, including a proprietary customer analytics model.
“This is not just a name and logo change,” said Rick Joutras, CEO. “We are fundamentally changing the way we approach our business and the things we do every day to help our customers make deeper connections with their customers. As we are witnessing the industry under distress, we are redefining our approach to business and our peoples’ passion and dedication will make it happen.”
Joutras adds, “We couldn’t be more energized to take this momentous step at improving our company’s capabilities, broadening the industry, and helping our clients reach their full sales potential.”
SG360° stands on three foundational pillars: BRANDIRECTions, IMPRESSions and EXPRESSions. This operational trifecta unites traditional expertise with cutting-edge resources and new media savvy, allowing direct marketers to communicate with individual customers on a more personal level than ever before.
Under SG360° BRANDIRECTions, direct marketing solutions are optimized from start to finish through services that include national online testing panels, behavioral segmentation, predictive modeling and lifecycle integration. These proprietary analytics will be present at every phase of the SG360° operation.
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09.18.2012
Ropak Packaging has received a patent for the Diamond Weave Technology incorporated in its latest line of rigid plastic containers. Diamond Weave Technology is designed to achieve significant source reduction, reduction in overall greenhouse gas (GHG) emissions and lower packaging costs.
Diamond Weave Technology is Ropak's next generation of product and is aimed at moving forward its successful retail container market profile. The technology uses an innovative diamond lattice structure on the internal surface of the container to give it added structural strength. When coupled with polypropylene resin, significantly less plastic is required to manufacture the container, while maintaining stack strength performance. This lightweighting results in fewer GHG emissions and less energy use in manufacturing the product, and minimizes the generation of waste.
Ropak launched its Diamond Weave containers in 2008. The idea was conceived in response to their top customers' needs for taking a proven, successful retail package and making it more affordable and more sustainable – while still providing the same robust performance as that of the heavier standard package. In 2010, Ropak received an AmeriStar Award for its innovative technology.
Diamond Weave containers are offered in a variety of shapes – round, square and rectangular – and a range of sizes from 0.6 to 5.3-gallons. Tens of millions of containers have already been successfully commercialized in a variety of markets, in both food and non-food applications.
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09.18.2012
Pactiv LLC has announced plans to expand its Corsicana, Texas operation by building a new, state-of-the-art 150,000 sq. ft. addition to its existing facility. This plant will be the second site within Pactiv’s vast global network to manufacture Expanded Polystyrene (EPS) cups and containers and will bring over 200 new jobs to the community. Groundbreaking is slated for November 2012, with operations commencing mid to late-2013. “The market demand for EPS cups is strong and this will be a great addition to Pactiv’s existing, multi-material offering,” said President and CEO John McGrath. “Our customers will benefit from the opportunity to get a broader assortment of products from us.” Pactiv already operates an EPS cup facility in Bollingbrook, IL. The Corsicana operation will supplement this effort by producing the same high-quality EPS products. About Pactiv LLC Pactiv is the world’s largest producer of food service disposables and food packaging operating 55 manufacturing plants in seven countries.
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09.18.2012
Pactiv LLC today announced the purchase of the stock of International Tray Pads & Packaging, Inc. International Tray Pads is based in Aberdeen, North Carolina and manufacturers a line of absorbent products used in fresh packed point of purchase meat, fish, poultry, and produce. The absorbent products produced by International Tray Pads can be found worldwide in such markets as the United States, Eastern and Western Europe, the Middle East, Canada, Latin America, the Caribbean, and Asia. “Our acquisition of International Tray Pads further expands our product offering and value proposition in the Supermarket and Processor segments of our business,” said Pactiv CEO and President, John McGrath. “Offering product solutions that combine multiple materials continues to be an area of high focus for Pactiv as it provides our customers with new packaging options.” Pactiv is the world’s largest producer of food packaging disposables and food packaging operating 55 manufacturing plants in seven countries. With over 12,000 employees, Pactiv makes and sells products used in the foodservice, supermarket, and food packaging markets.
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09.18.2012
Mohawk is pleased to announce that its employees have once again reached significant safety milestones.
As of Thursday, August 30, 2012, Mohawk’s Saybrook, Ohio, converting center and warehouse operation has achieved over eight years without a lost time injury. This means that employees at this facility have not had an injury that resulted in days away from work since August of 2004.
“Mohawk’s Saybrook facility also received two awards at the Pulp and Paper Safety Association’s (PPSA) Annual Awards Banquet this past June,” according to Ed Corlew, Manager of Health, Safety and Security. “The first, ‘NO OSHA Recordables,’ was for completing a full calendar year without experiencing an OSHA Recordable Injury and the second, ‘Best One Year Safety Record,’ for having the best record within the paper converting group. Now they’ve achieved another significant accomplishment.”
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09.18.2012
Departures, the 23-year-old American Express Publishing Corp. magazine going to the company's ultra-affluent Centurian and Platinum Card members, will have a 900,000 rate base in 2013. That is +2.9% from the current 875,000 and +7.1% from the 840,000 guarantee that was in place when Steve DeLuca became publisher in June 2010.
"A robust circulation is one of the truest measures of a publication's vitality, writes DeLuca in his letter to advertisers. "With a total circulation of 1,111,424 for the six-month period ending June 2012 [BPA Publisher's Statement], Departures [continues to deliver] a healthy bonus."
Also healthy are Departures' advertising pages, with 2012's +3.3% differential (through July/August) atop year-end 2011's +45%. That earned DeLuca min's 2012 Sales Team Leader of the Year honors in June.
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09.18.2012
It was a good final quarter and a good year online for The Neiman Marcus Group Inc.
In 2013 Neiman Marcus expects to launch a full-scale e-commerce site in China as a follow-up to its investment in Glamour Sales Holding Ltd, a private sales company based in Hong Kong.
For the 2012 fiscal year ended July 28, Neiman Marcus, No. 41 in the 2012 Internet Retailer Top 500, reported:
•Online sales grew year over year 16.1% to $878.8 million from $757.1 million.
•Total sales increased 8.8% to $4.35 billion from $4.00 billion in fiscal 2011. That means e-commerce accounted for nearly 35% of the retailer’s growth during the 12-month period.
•Specialty retail sales grew year over year 6.8% to $3.47 billion from $3.25 billion. Neiman Marcus didn’t breakout comparable-store sales
•Net income for the year increased 343.4% to $140.1 million from $31.6 million.
The web accounted for 20.2% of total sales compared with 18.9% in fiscal 2011.
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09.18.2012
While Apple's App store and Newsstand have been a boon for some publishers, others have found it tough to stand out from the crowd. Nomad Editions, the digital-only publisher of enthusiast titles for tablets and smartphones, is shutting down its last three titles—Uncorked, Snooth Wine Buyer's Guide and Hemmings Classic Wheels. Discoverability, it seems, is not enough to pin a business model on.
The shutdowns, first reported by Adweek, come as Nomad CEO Mark Edmiston says the company was unable to scale its subscriber base. "This whole thing has to do with discoverability, when we started out we felt like if we'd build them they'd come," he says.
Edmiston has said all along that the company's model allowed it to start and stop titles until one stuck. The apps were something of an eat-what-you-kill model for editors, who, along with contributors, made their salaries through a revenue share. The apps were independently produced by the editors, with Nomad providing the infrastructure and promotion.
Among some of the titles the company had cycled through were BodySmart (healthy living), U+ME (social networking), Wide Screen (movies), Wave Lines (surfing) and Real Eats (food and recipes)—Edmiston hired former Bon Appétit editor Barbara Fairchild to run the latter title.
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09.18.2012
Catalyst Paper announced today that it has begun a sale process for its Snowflake mill and associated assets in accordance with the US Court-approved sale and investor solicitation procedures (SISP).
The Snowflake facility is located in the foothills of the White Mountains in northeastern Arizona. The assets for sale under the sale process include the equipment and other assets associated with the paper mill, approximately 19,000 acres of land and The Apache Railway Company.
The steps and timeline for soliciting bids to purchase the Snowflake mill and associated assets will be implemented as follows:(a) an initial offering summary and confidentiality agreement will be distributed to known potential bidders on September 17, 2012;(b) potential bidders are to submit certain information and an executed confidentiality agreement not later than 5:00 p.m. (Vancouver time) on October 1, 2012;(c) qualified bidders will be determined within three business days after such potential bidders have delivered their materials;(d) qualified bidders are to submit a non-binding indication of interest not later than 5:00 p.m. (Vancouver time) on November 1, 2012 (the Phase 1 Bid Deadline);e) the non-binding indication of interest will be assessed within three business days after the Phase 1 Bid Deadline; (f) once the non-binding indication of interest has been determined to likely be consummated, the bidder will submit a purchase bid or investment bid not later than 5:00 p.m. (Vancouver time) 30 calendar days from being advised by Catalyst to do so (the Phase 2 Bid Deadline); (g) the purchase bid or investment bid will be assessed within the three business days following the Phase 2 Bid Deadline; and (h) in the event that Catalyst determines there is more than one qualified purchase bid or investment bid, an auction will be conducted on a date and at a time and location to be advised by Catalyst to such qualified bidders.
Potential bidders who have questions about the recapitalization may contact Nancy Turner of Perella Weinberg Partners, the financial advisor for Catalyst Paper, at 415-671-4550.
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09.18.2012
Oil fell after the biggest decline in two months yesterday amid speculation that a slowing U.S. economy may curb fuel demand.
Futures dropped as much as 0.7 percent in New York, extending yesterday’s 2.4 percent slip. Crude tumbled more than $3 in less than a minute yesterday as October options were about to expire. The Federal Reserve Bank of New York’s general economic index, known as the Empire State Index, fell to a three-year low. The government reiterated that it is considering ways to prevent oil prices from curbing economic growth.
“Markets had been lifted by stimulus euphoria and were brought down by a very disappointing Empire State report,” Bjarne Schieldrop, chief commodity analyst at SEB AB, said by phone from Oslo. “The market remains bearish today.”
Oil for October delivery fell as much as 64 cents to $95.98 a barrel in electronic trading on the New York Mercantile Exchange and was at $96.29 at 11:11 a.m. London time.
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09.18.2012
Stora Enso has signed an agreement to establish a joint venture called Bulleh Shah Packaging (Private) Limited with Packages Ltd. of Pakistan. Stora Enso’s initial shareholding will be 35% with a commitment to increase the shareholding at the agreed value to 50% at a later stage subject to certain conditions being met. The joint venture will include the operations of the Kasur mill and Karachi plant currently owned by Packages Ltd.
The joint venture will to a large extent provide packaging products to key local and international customers in the fast-growing Pakistani market. The joint venture will employ about 950 people and its sales are forecast to be USD 130 million (EUR 99 million) in 2012.
The agreed value for 100% of the joint-venture company is approximately USD 108 million (EUR 83 million) on a cash and debt free basis. The total consideration can be up to USD 125 million (EUR 96 million), including an additional maximum performance compensation based on the financial results of the second half of 2012 and the first half of 2013. As part of the agreement, both parties are committed to a substantial USD 135 million (EUR 103 million) investment programme during 2013 and 2014 to develop the business further. The joint venture is EPS accretive and will over time after the new investments exceed Stora Enso’s ROCE target of 13%.
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09.18.2012
Sonoco today announced that it has been selected as sector leader in the U.S. Container & Packaging category of the Dow Jones Sustainability World Index (DJSI World) for 2012-2013. DJSI World is comprised of the top 10 percent best-in-class economic, environmental and social performers among the world's 2,500 largest companies in 58 different sectors.
"Sonoco strives to be an industry leader in sustainability, so it's gratifying that we have been selected as our industry's leader for the second year in a row," said Harris E. DeLoach Jr., chairman and chief executive officer. "One of the ways in which we measure our sustainability efforts is through the annual review and listing of DJSI World. Sonoco has been listed on the index for four consecutive years, which we believe confirms that we are on the right track in the way we develop products for our customers and in adopting sustainable business practices."
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09.18.2012
MeadWestvaco Corporation, a global leader in packaging and packaging solutions, has been featured in the Carbon Disclosure Project’s (CDP), Carbon Disclosure Leadership Index for 2012. This index highlights companies scoring in the top ten percent of the S&P 500 based on commitment to climate change disclosures and understanding of the impact of climate change-related issues. MWV scored 93 out of 100, one of only 5 companies in the materials sector to score this high and the only company in the containers and packaging category to earn a place on the index. The average score for the S&P 500 was 70.
MWV is driven to find sustainable solutions for its business and has made a commitment to reduce CO2 emissions by 25 percent by 2015 (versus a 2010 baseline); currently, MWV is on target to achieve this goal. The company is installing a new, state-of-the-art biomass boiler that will burn renewable biomass, such as tree bark, wood residues and waste water residuals at its Covington paperboard facility. The new boiler will replace a coal-fired boiler and further reduce the company’s carbon footprint, cutting plant emissions by ~30 percent.
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09.17.2012
QuadWinkowski, one of Central Europe’s largest commercial printers and a subsidiary of U.S.-based printer Quad/Graphics, announced today that it has rebranded itself to Quad/Graphics. Concurrently, Winkowski Logistics will change its name to Quad Logistics Europe.
The rebranding creates uniformity across Quad/Graphics’ global print-production platform, which consists of more than 50 plants in nine counties on three continents. It also reflects the company’s world-class production and distribution capabilities, and service expertise in Europe.
“Transitioning QuadWinkowski to Quad/Graphics is an important step in strengthening our brand worldwide,” said Joel Quadracci, Chairman, President & CEO of Quad/Graphics. “We are a global company with a consistent approach to manufacturing, distribution and customer service across all our locations. QuadWinkowski has long shared our approach to timely, high-quality manufacturing and customer service as well as our appetite for innovation, and now it shares our company’s name.”
In recent years, Quad/Graphics has made significant investments in its people and platform in Poland to strengthen and expand its offering, and position itself as a leading European printer and employer. The company operates numerous sheetfed and web offset presses in a variety of cutoff lengths, complemented by a wide range of finishing equipment, giving customers maximum flexibility. Quad/Graphics is rapidly developing its media solutions offering in Europe, which will give customers the ability to drive enhanced digital experiences from print.
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09.17.2012
Pantin, France-based Sequana, which owns Arjowiggins and Antalis, announced plans to close three Arjowiggins paper mills: Dalum Papir A/S mill in Denmark (graphic papers), the Ivybridge mill in the UK (papers used for security documents, creative papers) and the Witcel mill in Argentina (creative papers).
Arjowiggins produces technical and creative papers, and Antalis is a business-to-business distributor of paper and packaging products.
About 430 employees will be affected by the closures.
"This strategy aims to consolidate the Group's positions by enhancing its production model to bring capacity into line with demand and reduce its cost structure, and by pursuing its development in emerging economies and in growth markets on the distribution side of the business," Sequana said in a statement.
The company said the particularly tough conditions the paper industry since 2008 have accelerated the fall in demand for graphic papers, with the market contracting by approximately 6% every year.
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09.17.2012
Walgreens announced plans to close more than half of the stores it is acquiring in its deal with USA Drug.
The company — which said in July it would purchase the mid-South drug store chain for approximately $438 million — confirmed it would close approximately 76 stores across the region. USA Drug operates 144 stores under the USA Drug, Super D Drug, May's Drug, Med-X and Drug Warehouse banners.
"Although we have not completed the purchase of the USA Drug chain, we are taking steps in anticipation of the completion of the transaction, which is expected to occur in mid-September," Walgreens spokesman Jim Graham said. "After careful planning and market analysis, on Monday we began to notify employees of our intent to close [the stores]. Our decisions about store closures are based on a number of considerations, including size of the market and proximity to other Walgreens and USA Drug stores and affiliates. We expect to close the stores by November."
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09.17.2012
Reader's Digest has announced that it will increase its annual frequency from 10 to 12 issues in 2013. RD published monthly from its 1922 launch until 2010, when the downsizing was part of parent Reader's Digest Association's emergence from a six-month Chapter 11 bankruptcy filing that February.
This also counters nearly a year of divestiture and cost-cutting. In October 2011, RDA sold 2005 launch Every Day with Rachael Ray to Meredith Corp. (price not disclosed). Then, in January 2012, it sold Allrecipes.com to Meredith for $175 million followed by the Weekly Reader to Scholastic in February (Scholastic then ended its independent publication and combined WR into Current Events and Scholastic News/Weekly Reader).
In July, RDA sold almost all of its Lifestyle and Entertainment Direct business to Mosaic Media Investment Partners. And last month, RDA CEO (since September 2011) Robert Guth ousted Reader's Digest North America president Dan Lagani, with Guth assuming most of Lagani's responsibilities.
Not exactly lead-ins to a frequency boost. However, Guth cites the “tremendous enthusiasm for the Reader’s Digest digital editions” as the impetus behind the return the print edtion's return to being a monthly. He reports that the RD tablet and e-reader editions—which are distributed via mobile apps, the iPad, Kindle, Kindle Fire, Nook, Sony Reader and Zinio—are on pace to exceed 200,000 subscribers by year-end.
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09.17.2012
With Plegacol, Mayr-Melnhof Packaging has acquired a further leading Colombian folding carton producer located in Santiago de Cali. The company generates annual sales of approximately EUR 15 million.
Upon official authorization of this transaction operations of Plegacol and Gráficas Los Andes S.A., Cali, the largest Colombian folding carton manufacturer, in which MM Packaging already holds a 20 % shareholding and an option right to 100 %, will be concentrated to form a new Colombian market leader in folding cartons. This entity will generate sales of about EUR 30 million with around 400 employees and convert approximately 16,000 tons of cartonboard p.a.
For MM Packaging the acquisition of Plegacol constitutes already a third step into Latin America subsequent to the acquisition of the Chilean market leader Marinetti in 2010 and an interest in Gráficas Los Andes S.A earlier this year. „Our goal is to follow our customers into future markets and to create a Latin American network of highly efficient folding carton plants, which we will develop according to best practice of the MM Group“, outlines CEO Wilhelm Hoermanseder the long term strategy.
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09.17.2012
Contending that forcing small web-only retailers to collect sales tax “is unfair, unwise and will undermine innovation,” the newly formed We R Here coalition formally launched this week as a Washington, D.C.-based lobbying group for small merchants opposed to laws requiring them to collect sales tax.
The group’s formation comes at a time when there are multiple bills in Congress designed to overturn existing federal law that says states can only mandate sales tax collection by businesses with an in-state physical presence, such as stores or distribution centers. Those bills are supported by large retail chains and Amazon.com Inc., who contend that all types of retailers should have to collect sales tax to create a “level playing field” among merchants. States—there are 45 plus the District of Columbia that have a state sales tax—also support the legislation as a way to recover what the University of Tennessee estimates will be a shortfall of $23 billion this year in tax revenue because of tax uncollected on web and catalog sales.
The We R Here coalition, whose supporters include eBay Inc., has compiled a membership of nearly 1,000 retailers since forming a month ago, Phil Bond, the group’s executive director, said in a webcast Wednesday announcing the coalition. “We want to make policy makers know we are here,” Bond said, and “make sure they are aware of the critical role small web-enabled retailers play in today’s modern economy.”
He added: “It is not the job of small businesses to collect taxes for state and local governments where they don’t live, don’t have a business presence, and don’t receive government services.” Bond is a former undersecretary for technology at the U.S. Department of Commerce and a former president of TechAmerica, an advocacy group for technology industries.
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09.17.2012
Oil traded near a four-month high before reports that may show economic growth in the U.S., the world’s biggest crude user, is gaining strength.
Futures were little changed in New York after surging as high as $100.42 a barrel on Sept. 14 as the Federal Reserve pledged to start buying U.S. mortgage securities in a third round of quantitative easing. New home construction and sales of previously owned houses rose in August, economists said before U.S. data due Sept. 19. Current crude prices aren’t a threat to the world economy, Mohammad Ali Khatibi, Iran’s governor to OPEC, was cited as saying on the Oil Ministry’s news website.
“The recovery in the U.S. was already in progress but will be accelerated by QE3,” said Christopher Bellew, a senior broker at Jefferies Bache Ltd. in London, who predicts Brent crude will advance to $120 a barrel this month.
Oil for October delivery was at $98.80 a barrel, down 20 cents, in electronic trading on the New York Mercantile Exchange at 11 a.m. London time.
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09.17.2012
WSJ. magazine will increase its frequency starting next year. The magazine, which is part of WSJ Weekend, will publish 11 issues in 2013, up from 10 this year. The frequency will grow to 12 issues starting in 2014.
WSJ., which debuted as a quarterly publication in September 2008, has a global circulation of more than 1.6 million.
Since its launch, the publication has added 143 advertisers to The Wall Street Journal, including fashion, financial, real estate and technology companies.
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09.17.2012
In connection with the planned restart of the Port Hawkesbury paper mill, Pacific West Commercial Corporation (“PWCC”) and Nova Scotia Power Inc. (“NSPI”) have been informed by the Canada Revenue Agency that it will be unable at this time to provide the requested advance income tax ruling, which is a condition to the completion of the transaction.
PWCC has an agreement in principle with the Government of the Province of Nova Scotia regarding ways to mitigate the impact of not having the tax ruling, so that the mill can be restarted on a sound financial basis, and without NSPI becoming a shareholder. The restart will require amendments to the existing UARB approval to reflect the absence of a tax ruling, but PWCC will not be seeking any concessions with respect to the otherwise approved tariff. PWCC recognizes the importance of the mill restart to employees, customers and all other stakeholders and expects that all required approvals will be in place for a successful restart of production before the end of September. The process for ramping up to restart is continuing as planned, with 150 people on site. A further public announcement will be issued as soon as all outstanding matters are finalized.
PennWell acquires Elsevier Public Safety Group
PennWell Corporation has acquired the Elsevier Public Safety Group, which includes JEMS (Journal of Emergency Medical Services) magazine, its website, JEMS.com, its show, EMS Today Conference & Exposition, and its newsletter, EMS Insider. The acquisition also includes FireRescue magazine, FirefighterNation.com, FireEMSblogs.com, Law Officer magazine, LawOfficer.com and the publishing contract for APCO’s Public Safety Communications magazine.
The Elsevier Public Safety Group's staff and management, including Vice President and Publisher Jeff Berend, will join PennWell and report to Lyle Hoyt, senior vice president and group publisher of PennWell's Fire and Dental Groups. Financial terms of the acquisition have not been disclosed.
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09.14.2012
Stein Mart, Inc. today announced that on September 11, 2012 it received an expected letter from 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 second quarter ended July 28, 2012. As is standard, the NASDAQ letter stated that the Company has 60 days to submit a plan to regain compliance. The notification of non-compliance has no immediate effect on the listing or trading of the Company's common stock on the NASDAQ Global Market.
During the second quarter the Company completed the replacement of its legacy merchandise information system. The conversion to the new system has delayed the accounting reconciliations for the validation of inventory and accounts payable balances that come from the new system. In addition, the Company is evaluating the control implications related to the error correction resulting from incorrect capitalization and amortization of certain software costs as well as software assets no longer in use, as discussed in the Company's second quarter earnings release dated August 16, 2012. Until the reconciliations and the control evaluation are finalized, the Company is unable to complete its second quarter financial statements and file it's Form 10-Q for the quarterly period ended July 28, 2012.
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09.14.2012
SURFER Magazine has been recognized as one of the top magazine platforms on Instagram by media industry authority MinOnline. With more than 90,000 followers, SURFER surpassed powerhouses like Sports Illustrated, Vogue and Men’s Health to land at number 15 on the list.
Instagram is an application well suited to SURFER and its audience for its photo sharing capabilities. Sharing vivid and compelling imagery of waveriders and other interesting people, as well as, exotic locales from around the globe is enticing not just to the surf community, but to a broader audience who may not have a subscription to the magazine. The feed takes the SURFER reader beyond the pages of the monthly print magazine with more candids and outtakes and as it is all happening.
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09.14.2012
Mondi Group has signed an agreement with Duropack GmbH, for the acquisition of Duropack’s operations in Germany and the Czech Republic, which consist of 2 corrugated box plants and one recycled containerboard mill. The two corrugated box plants consume approximately 130 thousand tonnes of containerboard per annum while the recycled containerboard mill is capable of producing 105 thousand tonnes per annum.
The consideration to be paid for 100% of the Operations amounts to EUR125m and will be paid in cash at completion. Mondi Group will assume approximately EUR5m net cash as of the same date, implying an enterprise value of EUR120m. For the year ended 31 December 2011, the Operations generated unaudited pro forma consolidated revenues of EUR160m and unaudited pro forma consolidated adjusted EBITDA of EUR23m.
The consideration payable for the Acquisition will be funded from existing resources available to Mondi Group. The Acquisition is in line with Mondi Group’s strategy to strengthen its leading market position in corrugated packaging in central and eastern Europe. The completion of the deal is conditional on the approval by the relevant competition authorities and other customary closing conditions.
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09.14.2012
For all of its cutting edge coverage of bleeding edge startups, one of the signature magazine brands of the new media revolution was relatively slow to adopt an iPad position. A Fast Company digital edition only arrived on tablets with the March issue. But it seems to have benefited from the wait. By leaning back and letting others make rookie mistake and either overplay or underplay their hands, the business magazine seems to have settled on a gratifying blend of classic design sense, eye candy and gadgetry, and interactivity.
We reviewed the September 2012 issue, so the digital edition has settled into a workflow of monthly publishing into this format. This issue did not sport some fo the razzle-dazzle they seemed to invest in the launch issues, but that may actually be for the best. What we like most about the issue is its use of the brand’s multi-faceted Web material. The first four pages of the edition are not actually magazine pages but well-formatted stories from the Fast Company suite of online brands: Co.Create, Co.Design and Co.Exist. These aren’t dynamic feeds of Web content so much as curated stories that go into these Web-based sections of each issue of the digital edition. This is a smart use of the magazine’s full assets. We continue to be befuddled by the lack of Web presence within digital editions. This is one way to come at the problem: use Web content that broadens the reader’s understanding of your brand. It doesn’t need to be dynamic so much as expansive.
The web content is integrated in other ways. There are ample call-outs to related articles. Fast Company has a consistent and highly visible way to share articles across email, Twitter, Facebook and LinkedIn. A cluster of oversized icons is in most pieces. All articles end with email links to heir authors, although the kick-out to the email app is jarring and unnecessary. There are videos in some articles, but we were put off by the low resolution used, at least in the feature on Axe products we saw.
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09.14.2012
Fry Communications is pleased to announce that the company won twelve Gold Ink Awards, including Gold, in the 25th Annual Gold Ink Awards Competition co-sponsored by industry magazines Publishing Executive, Printing Impressions, and Book Business. Fry won one Gold, two Silver, four Bronze, and five Pewter Awards.
The Gold was awarded in the Specialty Magazines (Web) category for outstanding print production of the May 2011 issue of Yankees Magazine, published by Skies America Publishing. The issue featured Alex Rodriguez on the cover and used embossing and spot gloss UV coatings to add visual impact.
Fry earned Silver for the Billboard Year-End Issue, published by Prometheus Global Media, Inc., in the Trade Magazines (Web) category, and for Samir Husni’s Guide to New Magazines Vol 26, published by the Magazine Innovation Center at the University of Mississippi, in the Trade Magazines (Sheetfed) category.
Fry won four Bronze Awards: for Worth Magazine April/May 2012 published by Sandow Media in the Consumer Magazines category; for the Style.com Fall 2012 issue published by Fairchild Fashion Media in the Specialty Magazines (Web) category; for the AdWeek Dec 5 2011 issue published by Prometheus Global Media in the Trade Magazines (Sheetfed) category; and for the Grand Bahamas 2012 Directory published by the Bahamas Telecommunications Company in the Directories category.
Fry also received five Pewter Awards: in the Consumer Magazines category for Bound by Ink published by Source Interlink Media; in the Directories category for the Musical America Directory 2012 published by United Business Media – Global Trade; in the Trade Magazines (Web) category for the Multichannel News Nov 7 2011 issue published by New Bay Media; in the Softcover Books category for Sonic Super Special Issue 3 published by Archie Comic Publications; and in the Calendars category for the Fry Communications 2012 Wall Calendar.
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09.14.2012
Catalyst Paper announced today that it has successfully completed its previously announced reorganization pursuant to its Second Amended and Restated Plan of Compromise and Arrangement (the Amended Plan) under the Companies’ Creditors Arrangement Act.
As a result of the reorganization and related transactions, Catalyst reduced its debt by $390 million, eliminated $80 million of accrued interest and reduced annual interest expense and other cash costs by approximately $70 million.
“We entered the reorganization process with a clear objective to put Catalyst on stronger financial footing and we have done so,” said Kevin J. Clarke, President and CEO. “Many parties worked long and hard to resolve balance sheet and cashflow issues constructively and quickly throughout the process. I am very proud of our employees who stayed focused throughout this challenging period. Sales kept our order book strong, operations ran well and, going forward, we intend to capitalize on the momentum generated to compete even more vigorously in the markets for our products.”
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09.14.2012
AAA’s Fuel Gage Report as of 9/14/12
National Unleaded Regular:
Current Average - $3.871/gallon
Month Ago Average - $3.3.709/gallon
Year Ago Average - $3.3.634/gallon
Highest Recorded Average - $4.114/gallon on 7/17/08
Diesel:
Current Average - $4.123/gallon
Month Ago Average - $3.940/gallon
Year Ago Average - $3.907/gallon
Highest Recorded Average - $4.845/gallon on 7/17/08
Current Exchange Rates as of 9/14/12
American Dollar to Canadian Dollar = 1.037492
American Dollar to Chinese Yuan = 0.158324
American Dollar to Euro = 1.311532
American Dollar to Japanese Yen = 0.012829
American Dollar to Mexican Peso = 0.078509
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09.14.2012
Oil rose to $100 a barrel in New York for the first time since May as the Federal Reserve pledged further economic stimulus, while unrest in the Middle East and North Africa fanned concern that supplies will be threatened.
West Texas Intermediate advanced as much as 2.2 percent to $100.42 a barrel, having last risen above $100 on May 4 in intraday trading. The Fed announced additional purchases of mortgage debt yesterday in a third round of so-called quantitative easing, following the European Central Bank’s bond- buying announcement on Sept. 6. Tensions in the Middle East escalated this week after protestors in Libya, Egypt and Yemen demonstrated against a video considered insulting to Islam.
“It’s a great time to put money into oil,” said Michael Lynch, president of Strategic Energy & Economic Research in Winchester, Massachusetts. “The stimulus plans and the Middle East tension are the horses pulling the cart.”
Crude for October delivery was at $100.24 a barrel, up $1.97, in electronic trading on the Nymex at 11:12 a.m. London time.
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09.14.2012
Over the next five to ten years, Bertelsmann will be reshaped into a faster growing, more international, and digitally leading company. The Bertelsmann Executive Board presented a strategic course to this effect to 500 of the Group’s executives at an international management meeting in Gütersloh on Wednesday and Thursday. The new strategy agreed by the Executive Board, Supervisory Board and shareholders is comprised of four strategic priorities: strengthening the core businesses; digital transformation; establishing and building growth platforms; and regional growth by expanding operations in emerging nations and the U.S. The funds needed for putting this strategy into practice will come from operations and a mix of debt and equity. In addition to organic growth, some major acquisitions and strategic partnerships are also planned.
“Our business environment is changing more rapidly than ever before, driven by megatrends like digitization and the globally growing demand for education and outsourcing,” Bertelsmann Chairman & CEO Thomas Rabe said to congress participants. “Bertelsmann is actively seizing the opportunities that arise from this. We have a strong foundation to build on: good market positions, high yields and excellent management teams. We have first-class content, which gives us a valuable asset in the digital realm as well. We create an audience of millions for producers, authors and advertisers and are an innovative service partner for major customers in the IT and Hightech industry. However, at this point Bertelsmann is growing too slowly. We want to accelerate the pace, advance the transformation to digital more aggressively, and devote more attention to the faster-growing regions.”
At the congress, 16 key strategic initiatives were presented tying into the four strategic approaches. In particular, they involve the further strengthening of the content businesses through investments, as well as the retention of creative talent and the leveraging of opportunities for consolidation, combined with a clear aspiration for leadership. The transformation to digital will be advanced by expanding the e-book business, video-on-demand offerings, digital brand extension and “verticals” as well as digital ad sales. Specific growth platforms – rapidly growing businesses with global potential – include Arvato’s BPO business (services for e-commerce and the IT/Hightech industry, risk management and collection), Fremantle Media’s international TV production business, Content Rights Management (especially BMG), education, data services for business clients, business information, and Bertelsmann’s global digital media funds, which already have more than 50 shareholdings around the world.
Regional growth will be focused in China, India and Brazil. Bertelsmann also plans to further strengthen its position in the U.S., which is still the world’s biggest and most innovative market.
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09.14.2012
Financial media company TheStreet has acquired The Deal from private equity company Wasserstein & Co. for $5.8 million in cash.
The move combines the two news operations, including content development and marketing resources. William Inman, who took charge as editor in chief of TheStreet in March, will run the combined operations.
TheStreet said it is shuttering the print version of The Deal immediately and moving to an all-digital format. An undetermined number of layoffs are expected to follow.
Robert Teitelman, The Deal's editor in chief, will leave the company after serving as a consultant for several months during the transition. Kevin Worth, CEO of The Deal, will transition to president of The Deal, which will operate as a subsidiary of TheStreet.
Founded in 1999 as The Daily Deal newspaper, The Deal targets 40,000 business professionals, including senior-level bankers, law firm partners, private equity partners and hedge fund executives.The Deal Pipeline is an information subscription service and database.
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09.14.2012
The Home Depot® today announced it is closing its remaining seven big box stores in China as the Company shifts its focus in that market to specialty stores and online offerings.
The closings will affect approximately 850 associates, who will receive severance packages and job placement assistance.
As a result of the store closings, the Company will record an after-tax charge of approximately $160 million, or approximately $0.10 per diluted share, in the third quarter of 2012, which includes impairment of goodwill and other assets, lease terminations, severance and other charges associated with closing the stores. Excluding the approximately $0.10 per diluted share charge associated with the store closings, the Company confirmed that it still expects its fiscal 2012 diluted earnings-per-share to be up approximately 19 percent to $2.95 for the year, which is in line with prior guidance.
While it is closing its big box stores, The Home Depot is maintaining a new formats team to continue research and development activities. In addition, the Company is maintaining two recently-opened specialty stores - a paint and flooring store and a Home Decorators Collection store, both located in Tianjin - and is in the beginning stages of developing relationships with several of China's leading e-commerce websites, a combination which the Company believes is more tailored to Chinese customers' needs and shopping preferences.
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09.14.2012
Nordstrom announced today plans to start serving customers with its first full-line stores in Canada beginning Fall of 2014. The company is partnering with Cadillac Fairview, one of North America's largest investors, owners and managers of commercial real estate, to lease four stores at premier shopping centres located in Calgary, Ottawa, Toronto and Vancouver.
Nordstrom will be moving into space that will be vacated by Sears and then renovated at Pacific Centre in Vancouver, Calgary's Chinook Centre, Rideau Centre in Ottawa, with a new-construction store opening in Toronto's Sherway Gardens.
"It's exciting to finally have this opportunity to better serve our Canadian customers closer to home and we can't wait to open our doors," said Erik Nordstrom, president of stores for Nordstrom, Inc. "Cadillac Fairview has been instrumental in helping us get started in Canada, and we're thrilled to be part of these premier shopping destinations. While we're fortunate to have many loyal Canadian customers who've shopped with us over the years, we recognize we're new here and that we have to earn our customers' business. We look forward to what we will learn and are grateful for the chance to better serve our Canadian customers."
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09.13.2012
Four leaders of the North American publishing industry announced today they will partner with the Sustainable Forestry Initiative® (SFI®) to help spur the growth of certification to preserve and protect forests.
Time Inc., the National Geographic Society, Macmillan, and Pearson will become Founding Partners of the SFI Forest Partners Program. The alliance was announced at the SFI annual conference in Milwaukee, attended by foresters, land owners, conservation groups, First Nations, industry and government agencies.
SFI Forest Partners allows market leaders to support certification, as well as landowners and manufacturers facilitate forest certification and the certified sourcing of forest products. Partners will work collectively with the SFI community to make certification more efficient and accessible by providing resources for activities such as shared consulting expertise, group certification or audit coordination.
"A decade ago, Time Inc. was one of the first companies to make a public commitment to use 80% certified fiber. Progress beyond that goal has been hampered by the limited availability of adequate supply," said Guy Gleysteen, Senior Vice President of Production at Time Inc. "SFI Forest Partners lets us have a direct impact on the growth of forest certification and the responsible sourcing of forest products."
By the end of 2014, SFI Forest Partners aims to certify five million acres (two million hectares) of forests to the SFI 2010-2014 Standard. By the end of 2017, the Forest Partners Program hopes to certify 10 million acres (four million hectares) of forest across the United States and Canada. It will also seek to certify more small and medium-sized mills to SFI certified sourcing or chain-of-custody certification.
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09.13.2012
Grainger today reported sales results for the month of August 2012. Sales increased 10 percent versus August 2011. Results for the month included a 4 percentage point contribution from acquisitions and a 1 percentage point decline from foreign exchange. Organic sales increased 7 percent, including 4 percentage points from volume, 4 percentage points from price, partially offset by a 1 percentage point decline from lower sales of hurricane-related products in August 2012 versus August 2011. The month of August 2012 had 23 selling days, the same as August 2011. The 2012 third quarter will have one less selling day than the 2011 third quarter (63 versus 64 days).
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09.13.2012
In today’s economy, companies are always searching for new ways to stretch their marketing dollars. This has created a receptive climate among many large businesses for the U.S. Postal Service’s recently introduced 2nd Ounce Free pricing.
“Commercial mailers, knowing that they can now mail letters weighing up to 2 ounces at the 1-ounce postage rate, are leveraging 2nd Ounce Free pricing to make money and save money,” said Gary Reblin, vice president, Domestic Products. “Some of our largest customers, who typically use First-Class Mail to send bills and statements to their customers, are using the extra free ounce for promotional inserts and other marketing materials.”
The Postal Service’s new pricing, coupled with the fact that consumers — including 18- to 34-year-olds — prefer direct mail for receiving brand communications,1 are enticing companies to use the extra ounce to cross-sell and upsell products and services.
“Credit card companies are now able to market to their best customers — those with the heaviest statements — without having to pay additional postage,” said Reblin. “And utility companies are using 2nd Ounce Free to educate their customers and reduce call center calls. 2nd Ounce Free is also a great way to measure mailing success by including a coupon with a seasonal sales announcement.”
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09.13.2012
Twin Rivers Paper Company, a leader in lightweight specialty packaging, label and publishing papers, answers the market need for mold-resistant labels with the launch of Alliance® WS AM. These highly-engineered wet-strength label papers are formulated to meet the stringent customer requirements for mold-resistant products. Offered in a broad range of basis weights (44, 47, 51 and 60 lb.), these papers provide optimized wet-strength chemistry to perform throughout the rigors of the supply chain.
“By leveraging our advanced coating expertise, we have developed Alliance® WS AM, a label paper that offers superior mold protection in high humidity climates while maintaining the same high quality standards people have come to expect from our wet-strength label papers,” says Dave Deger, Director of Business Development and Marketing.
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09.13.2012
Spartech Corporation, a leading producer of plastic sheet, compounds, and packaging solutions, announced today operating results for the third quarter of 2012.
Highlights for the Third Quarter 2012
Net sales decreased by 3% from the prior year quarter to $282.4 million on lower volume.
Operating earnings decreased to $5.1 million from $8.3 million in the prior year period. Operating earnings excluding special items decreased to $6.0 million from $8.5 million in the prior year period. A $2.2 million change in bad debt expense from a reversal in the prior year period accounted for the principal difference in the quarterly comparison.
The Custom Sheet and Rollstock segment operating earnings excluding special items improved by 24% over the prior period, primarily from an increased mix of higher margin products and operational improvements during the quarter.
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09.13.2012
Asked what the biggest “drivers of growth” in media content consumption over the next three years will be, CEOs of the world’s biggest media companies unanimously cited mobile devices, including tablets, according to a new study from Ernst & Young.
The report, “Opportunity and Optimism: How CEOs Are Embracing Digital Growth,” distills the views of interviews with the CEOs of 34 major companies covering advertising, media and entertainment. Nearly four out of five (79%) of the media industry titans singled out tablets as the single most important driver of digital media growth.
Interestingly, the CEOs were less sanguine on the role of social media, with 84% indicating that it primarily serves the role of connecting with customers, but not significantly for“building audiences and brands.”
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09.13.2012
When it comes to mobile commerce investments, retailers are taking a measured approach, a new study from Shop.org and Forrester Research Inc. finds. Half of the retailers polled in the organizations’ 2012 State of Retailing Online survey say they spent less than $100,000 on smartphone investments in 2011 and 74% spent that amount on tablets.
The survey of Shop.org’s 600 members, including the 10 largest retailers in the U.S. and more than 60% of the top 100 e-retailers in the Internet Retailer Top 500 Guide, finds that retailers’ mobile plans remain conservative for this year. However, retailers do plan to grow their investments in tablets to spend an average of $207,000 on mobile commerce initiatives for the devices, up 276% compared with the average $55,000 for 2011.
“It’s easy to forget that mobile retailing is still in its infancy, and unlike what we saw with e-commerce 10 short years ago, mobile is almost entirely consumer-driven,” says Shop.org executive director Vicki Cantrell. “As mobile grows, so too will retailers’ investments in technologies that make sense for their shoppers, but to get to that level of commitment, retailers must first take smart, calculated steps to maximize the mobile shopping experience both now and in the future.”
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09.13.2012
Oil traded near its highest level in almost three weeks amid concern that protests in Yemen and Libya may threaten Middle East supplies and hopes that the Federal Reserve will renew stimulus efforts.
Futures were little changed after dropping for the first time in six days yesterday. Protesters attempted to storm the U.S. embassy in Sana’a, Yemen, two days after four people were killed in an attack on an American diplomatic mission in Libya. The Federal Open Market Committee may announce additional stimulus measures at the end of a two-day meeting today. U.S. crude inventory levels unexpectedly rose last week, Energy Department data showed yesterday.
“There is absolutely no room for another disruption in any oil-producing country,” Olivier Jakob, managing director of research group Petromatrix GmbH, said today by telephone from Zug, Switzerland. “There is some more quantitative easing priced in, there is some geopolitical premium priced in. We need to get the FOMC out of the way and then re-focus on the geopolitics or fundamentals.”
Crude for October delivery was at $97.20 a barrel, up 19 cents, in electronic trading on the New York Mercantile Exchange at 10:53 a.m. London time.
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09.13.2012
The business-to-business media and information industry grew 3.3 percent in the first half of 2012, from $12.09 billion for the first six months of 2011 to $12.49 billion for the corresponding period this year. Revenues for three of the four component parts of ABM’s Business Information Network Report grew: trade shows, the largest component, up 4.4 percent; digital advertising, up 14.2 percent; and data and business information, up 7.4 percent. The second-largest component of the BIN Report, print advertising, fell 4.2 percent.
The total industry revenue figure for the first half of 2012 declined by a slight 0.3 percent in comparison with the prior half-year, from $12.52 billion for the second half of 2011 to $12.49 billion for the first half of 2012.
Looking at how each component contributes to the BIN Report, trade shows and events comprises 45.7 percent of the total; print advertising, 30.0 percent; digital advertising, 15.6 percent; and data, 8.8 percent. Following long-running trends, the print component continues to make up a slightly smaller slice, while the digital component continues to grow its share of the pie.
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09.13.2012
UPM’s Biofore vision and consistent work on corporate responsibility has gained recognition: UPM has been listed as the only forestry and paper company worldwide in the Dow Jones Sustainability Indexes. The company has been selected both as a Supersector Leader in Basic Resources sector and Forestry & Paper Sector Leader for 2012-2013 in the Dow Jones Sustainability Index (DJSI). UPM was chosen as an index component for both to the European and World Sustainability Index for 2012-2013.
The DJSI tracks the stock performance of the world's leading companies in terms of economic, environmental and social criteria. The DJSI follow a best-in-class approach, including companies across all industries that outperform their peers in numerous sustainability metrics.
“We are very happy that our work on corporate responsibility is recognised externally through both the Supersector Leader and the Forestry & Paper Sector Leader acknowledgments in the Dow Jones Sustainability Index. Continuous improvement in our environmental, social and financial performance is a fundamental part of UPM’s Biofore strategy. During the past year we have focused especially on material and resource efficiency – creating more with less is a key driver for us. I would also like to highlight our company-wide safety initiative that has been a top leadership priority”, says Jussi Pesonen, CEO, UPM.
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09.12.2012
SP Fiber Technologies LLC (SPFT) has announced today that it has successfully acquired substantially all of the assets and certain liabilities of SP Newsprint and its subsidiaries in a court-approved sale.
SPFT will relocate its corporate headquarters to its facility in Dublin, Georgia. The company will operate its mills in Newberg, Oregon and Dublin, Georgia as well as its wholly-owned subsidiaries SP Recycling Southeast LLC (SPRS) and SP Recycling Northwest LLC (SPRN). Based in Atlanta, Georgia, SPRS and SPRN are leading recyclers of recovered paper and other recovered commodities in the Southeast and the Pacific Northwest. The two recycling companies collect, process, and ship high quality material from 21 processing facilities in 9 states.
Jay Gurandiano will serve as Chairman of the Board, President and Chief Executive Officer. He has held senior management positions at Smurfit-Stone Container Corporation and founded St. Laurent Paperboard, a major specialty packaging paperboard and converting company. Mr. Gurandiano will also oversee SPFT’s recycling businesses. Mr. Gurandiano has put together a senior management team made up of seasoned industry managers to lead the new company.
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09.12.2012
Lawmakers returned to Washington, D.C., this week with a packed agenda. Topping the list of priorities is hammering out final details of a stopgap spending measure to keep the government running beyond the end of the fiscal year Sept. 30.
Amid the election-year politicking, the list of unfinished business also includes legislation to restructure the financially ailing U.S. Postal Service and a cybersecurity bill that aims to safeguard the nation's critical infrastructure.
Perhaps looming largest of all is what Congress plans to do about automatic, across-the-board cuts, known as sequestration, set to take effect Jan. 2. Failure to avert the cuts could send the country over a "fiscal cliff," budget experts warn.
House Speaker John Boehner (R-Ohio) and Senate Majority Leader Harry Reid (D-Nev.) announced the broad outlines of a continuing resolution early last month, shortly before lawmakers left town for a five-week recess.
House and Senate appropriators have since worked out the details of the CR, which was posted by the House Rules Committee Monday. The CR funds the government through March 2013 and caps fiscal 2013 discretionary spending at $1.047 trillion, slightly more than fiscal 2012.
But observers don't expect the negotiations surrounding sequestration — $1.2 trillion over 10 years in automatic cuts — to be so straightforward.
Nearly all sides agree the cuts would be devastating, especially to the Defense Department. But proposals to avert, replace or cancel them face an uncertain future.
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09.12.2012
John Wiley & Sons, Inc., a global provider of knowledge and knowledge-based services in areas of scientific, technical, medical, and scholarly research; professional practice; and global education today announced results for the first quarter of fiscal year 2013:
Revenue fell 2% excluding foreign exchange "FX" (-4% including FX).
Revenue change by segment, excluding FX: STMS -4%, P/T +4%, and GEd -5%
Revenue change by segment, including FX: STMS -7%, P/T +3%, and GEd -7%
Adjusted EPS fell 23% to $0.52 excluding FX (-24% per share including FX) due to top line results and higher operating and administrative expenses.
"Top line results this quarter were impacted by the timing of production in our journals business and continued softness in the higher education market," said Steve Smith, President and CEO of Wiley. "We expect timing issues related to STMS journal production to work out through the remainder of the year. Global Education results were impacted by cautious ordering on the part of book stores as they anticipate changes in students behavior and the impact of online ordering, used books, and rentals. Finally, Professional/Trade, on the strength of the Inscape business and the move to digital, showed growth year-over-year."
Mr. Smith continued, "Earnings, excluding the previously announced restructuring charge, were impacted by lower revenue and higher royalty and technology costs. We will continue to be very proactive in managing our cost base to improve margins. While managing through this difficult quarter we continued to invest in our future technology and benefited from lower print distribution and facility costs."
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