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

02.14.2012

Western Positioning for the Future with First Step in Capital Plan

Western Forest Products Inc. announced today the first project in our capital plan; a $16 million investment in the Saltair Sawmill. Western was joined by Steve Thomson, Minister of Forests, Lands, and Natural Resource Operations, for the formal site announcement.

The Saltair Sawmill, built in 1972, converts coastal mid-size logs into high value specialized lumber products in Hemlock, Douglas fir and Western Red Cedar. This capital project will make Saltair the largest single line sawmill on the coast of BC and will provide upgrades to the edgers, stacker and sorters. The upgrades will increase production by approximately 15%, lowering the per unit cost of production, and improving competitiveness with global producers. Increased efficiencies with the upgrade will reduce mill bottlenecks, not only a benefit to productivity, but also to the safety of the work environment.

Western’s ability to provide a variety of products to a diverse customer base will ensure we are able to operate through varying market conditions. Upgraded edgers will facilitate onsite production of prime sizes for the ever growing Asian market; a critical part of our customer profile which also includes Europe, Australia, and North America. Once the project is complete, a more competitive mill, that can absorb market fluctuations, will provide more stable and secure employment for the 140 existing mill jobs.

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02.14.2012

Cenveo Completes Sale of Forms and Business Documents Group to Ennis, Inc.

Cenveo, Inc. today announced that it has completed the previously announced sale of its Forms and Business Documents Group to Ennis, Inc., manufacturer of printed business products & apparel headquartered in Midlothian, Texas. For 2011 and prior periods, the company will be reporting the Documents Group as a discontinued operation in the consolidated financial statements.

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02.14.2012

International Paper Completes Acquisition of Temple-Inland

International Paper Company today announced that it has completed its acquisition of Temple-Inland Inc. through the merger of its wholly owned subsidiary Metal Acquisition Inc. with and into Temple-Inland. Temple-Inland is now a wholly owned subsidiary of International Paper. Under the terms of the transaction, each issued and outstanding share of Temple-Inland common stock has been converted into the right to receive $32.00 in cash, without interest thereon, and less any applicable withholding taxes. Including the assumption of approximately $700 million in Temple-Inland net debt, the total transaction value is approximately $4.5 billion.

As a result of the acquisition, Temple-Inland's common stock will cease trading on the New York Stock Exchange today. International Paper Chairman and CEO John Faraci said, "We are very pleased to have completed this compelling transaction. The combination of International Paper and Temple-Inland strengthens our North American packaging business and enhances our ability to generate cash flow while maintaining our strong balance sheet. We look forward to working with the employees of Temple-Inland as we successfully integrate our businesses and create an even stronger company with substantial benefits for our customers, employees and shareholders."

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02.13.2012

Grainger Reports January 2012 Sales Results

Grainger today reported sales results for the month of January 2012. Sales increased 17 percent versus January 2011. Results for the month included a 5 percentage point contribution from acquisitions. Excluding acquisitions, organic sales increased 12 percent, including 12 percentage points from volume and 2 percentage points from price, partially offset by a 1 percentage point decline from both foreign exchange and lower sales of seasonal products. January 2012 had 21 selling days, the same as January 2011. The 2012 first quarter will have the same number of selling days as the 2011 first quarter (64 days).

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02.13.2012

Resolute Extends Offer for Fibrek to February 23

AbitibiBowater Inc., doing business as Resolute Forest Products, today announced that it has extended to February 23 the expiry date for its offer to acquire all the issued and outstanding common shares of Fibrek Inc. The offer to acquire all of the issued and outstanding shares of Fibrek made by Resolute, together with RFP Acquisition Inc., a wholly-owned subsidiary, is more fully described in the offer circular and other ancillary documentation that Resolute filed on December 15, 2011, on the Canadian Securities Administrators' website ("SEDAR"), as varied and extended. The offer will expire at 5:00 p.m. (Eastern Standard Time) on February 23, 2012, unless it is extended or withdrawn by Resolute. Resolute continues to work diligently with a view to obtaining all required approvals from the Canadian regulatory authorities. As of the close of business on February 10, approximately 66 million common shares of Fibrek had been deposited to the offer, representing approximately 52% of the outstanding common shares. Resolute and its board will evaluate all available options concerning the competing offer announced by Fibrek on February 10.

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02.13.2012

Mercer International Inc. Announces Agreement to Acquire Fibrek Inc.

Mercer International Inc. announced today that it has entered into a support agreement (the "Support Agreement") with Fibrek Inc. ("Fibrek") for Mercer to acquire all of the issued and outstanding common shares of Fibrek (the "Fibrek Shares") by way of a take-over bid (the "Offer").

Pursuant to the Offer, Fibrek shareholders will have the ability, on an individual basis, to elect to receive: C$1.30 in cash per Fibrek Share; 0.1540 of a share of Mercer's common stock (a "Mercer Share") per Fibrek Share; or C$0.54 in cash plus 0.0903 of a Mercer Share per Fibrek Share, subject to proration necessary to effect maximum aggregate cash consideration of C$70.0 million and maximum aggregate share consideration of 11,741,496 Mercer Shares.

The Offer provides for consideration of C$1.30 per Fibrek Share or total consideration of approximately C$170 million for the Fibrek Shares, representing a premium of 30% over the unsolicited insider bid made by AbitibiBowater Inc. (the "Abitibi Bid"), 81% over the closing price of the Fibrek Shares on November 28, 2011, the date of announcement of the Abitibi Bid, and 70% over the volumeweighted average trading price of the Fibrek Shares on the Toronto Stock Exchange for the 20 trading days ending on such date.

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02.13.2012

International Paper, Temple-Inland Announce Settlement Agreement With Department of Justice

International Paper Company and Temple-Inland Inc. today announced that they have reached an agreement with the Antitrust Division of the U.S. Department of Justice ("DOJ") with respect to International Paper's acquisition of Temple-Inland. As part of the agreement, the DOJ has entered into a consent decree with International Paper and Temple-Inland that allows the combination to proceed. The companies expect to complete the transaction promptly.

Under the terms of the consent decree filed in federal court in the District of Columbia, the combined company will undertake the post close divesture of 970,000 tons of containerboard mill capacity within four months, with the possibility of two 30-day extensions. The company agreed to divest Temple-Inland's facilities in Ontario, California and New Johnsonville, Tennessee, and International Paper's facility in Hueneme, California. International Paper reaffirms that it expects to achieve at least $300 million of synergies within twenty-four months of closing.

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02.13.2012

RR Donnelley Awarded a Multi-Year Multi-Million Dollar Agreement by Office Depot, Inc.

R. R. Donnelley & Sons Company today announced that it has been awarded a multi-year multi-million dollar agreement by Office Depot, Inc., a global supplier of office products and services. Under the terms of the agreement, which renews and expands the companies' relationship, RR Donnelley will provide a range of production and related services for catalogs and direct mail.

"All of us at RR Donnelley are very proud to have earned the opportunity to expand our relationship with Office Depot," stated John Paloian, RR Donnelley's Chief Operating Officer. "We believe that one reason we develop and maintain long-lasting relationships with customers like Office Depot is the effective multi-channel direct marketing platform we have built. It offers consistently excellent quality, innovation and responsive service."

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02.13.2012

Oil Rises as Greece Passes Austerity Measures, Iran Supply Threat Grows

Oil rebounded from a three-day low in New York after Greece’s parliament approved austerity measures to obtain an international bailout, while concern grew that a ban on Iranian oil may constrict supplies.

Futures climbed as much as 1.3 percent as the euro headed toward a two-month high after 199 lawmakers supported the bill in a roll-call vote shown live on state-run Vouli TV, against 74 who opposed it. The measures were needed for a 130 billion-euro ($172 billion) aid package, Greece’s second since May 2010. Oil may extend gains after companies controlling more than 100 supertankers said they would stop loading cargoes from Iran, tightening sanctions on OPEC’s second-biggest producer.

“The stronger euro is contributing to today’s price increase,” said Christopher Bellew, a senior broker at Jefferies Bache Ltd. in London who predicts prices may rise further. “But I don’t think a bailout will lead to a miraculous recovery in Greece. Iran is what’s really pushing crude up. If Iranian exports are choked off because of the insurance issue we will see higher prices.”

Crude for March delivery rose as much as $1.32 to $99.99 a barrel in electronic trading on the New York Mercantile Exchange.

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02.13.2012

Walgreens Makes Shopping Easier with Additional Online Savings and New Weekly Ad Circular

Walgreens advertising circular, a Sunday staple read by more than 50 million U.S. consumers each week, has re-launched with a robust digital offering that offers hundreds of additional items through Walgreens.com and its award-winning mobile applications, while the print version gets a new look and feel designed to improve the shopping experience.

A recent Nielsen study1 shows more than 70 percent of shoppers express a desire for basic digital delivery of advertising inserts in the future. As traffic to Walgreens.com continues to grow, online views of the circular alone have increased more than 50 percent year over year, while Walgreens has driven profitable sales.

“This is the most dramatic refresh we’ve made to the weekly ad in more than two decades, delivering added value for our growing numbers of online and mobile customers, as well as a better experience for those who look forward to seeing it in print,” said Joe Magnacca, Walgreens president of daily living products and solutions. “We’re giving people more convenient ways to shop and save, and this complements our multi-channel strategy by finding new and different ways to cater to today’s consumers.”

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02.10.2012

Resolute Announces that Fibrek's Shareholder Rights Plan has been Cease Traded

AbitibiBowater Inc., doing business as Resolute Forest Products, today announced that the Bureau de décision et de révision (Québec) has ordered that all rights and securities issued or issuable under the shareholder rights plan of Fibrek Inc. be cease traded effective as of 3:00 p.m. (Eastern Standard Time) on February 13, 2012.

The offer to acquire all of the issued and outstanding shares of Fibrek made by Resolute, together with RFP Acquisition Inc., a wholly-owned subsidiary, is more fully described in the offer circular and other ancillary documentation that Resolute filed on December 15, 2011, on the Canadian Securities Administrators' website ("SEDAR"), as varied and extended. The offer will expire at 5:00 p.m. (Eastern Standard Time) on February 13, 2012, unless it is extended or withdrawn by Resolute. Resolute continues to work diligently with a view to obtaining all required approvals from the Canadian regulatory authorities.

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02.10.2012

Oil Falls From Three-Week High as Economic Concern Counters U.S. Outlook

Oil fell from the highest level in three weeks, paring a weekly advance, as concern that Europe’s debt crisis will worsen and global commodity demand is weakening countered signs of recovery in the U.S. economy.

West Texas Intermediate futures declined as much as 1.3 percent, snapping the longest run of gains since December. Greece won’t get financial aid until it implements an austerity plan, Luxembourg Prime Minister Jean-Claude Juncker said yesterday. The International Energy Agency reduced its 2012 global oil demand forecast for a sixth month, citing a “darkening” economic outlook, and China’s exports fell for the first time in more than two years. Initial U.S. jobless claims slid by 15,000 last week, the Labor Department said yesterday.

“The market’s losing ground on the Greek concern,” said Gerrit Zambo, a trader at Bayerische Landesbank in Munich. “The demand-supply situation for the rest of the year is not a critical point at this moment. It’s mainly the political and economic situation.”

Oil for March delivery fell as much as $1.33 to $98.51 a barrel in electronic trading on the New York Mercantile Exchange and was at $98.60 at 11:42 a.m. London time. The contract rose a third day yesterday, climbing 1.1 percent to $99.84 for the highest close since Jan. 19.

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02.10.2012

Hearst Corporation to Increase Equity Interest in Fitch Group to 50 Percent

Fimalac S.A., the French parent company of global ratings agency Fitch Group, today announced it will sell Hearst Corporation an additional 10 percent interest in Fitch, bringing Hearst's equity interest to 50 percent. The transaction is valued at $177 million. Hearst acquired its original interest in Fitch from Fimalac, a public company, in March 2006. The transaction is expected to close in the first quarter of this year after receipt of all necessary regulatory approvals.

“The acquisition of an additional 10 percent interest in Fitch demonstrates our confidence in the company and in its future growth,” said Frank A. Bennack, Jr., CEO of Hearst Corporation. “We look forward to becoming an equal partner with Fimalac in this important worldwide business.”

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02.10.2012

New York Cottages & Gardens to Launch

Luxury design publisher Cottages & Gardens will roll out a new title in March aimed at the affluent hoods of New York. New York Cottages & Gardens is targeting upper-income areas of the city, Westchester Country, Long Island and Hudson Valley. The content focuses on décor, design, real estate, gardening and decoration. The publisher, which is known for high-end oversized luxury books like Connecticut Cottages & Gardens, will issue the new title five times a year, two in spring and three in the fall.

According to the editorial calendar for the magazine, the March/April number will be dedicated to Top Trends of 2012, followed in May/June with the “Get Ready for Summer” issue.

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02.10.2012

Metso to supply containerboard machine for Kipas Kagit in Turkey

Metso will supply Kipas Kagit Sanayi Isletmeleri A.S with a containerboard machine for their new mill site in Kahramanmaras in southeastern Turkey. The start-up of the new machine is scheduled for 2013. The value of the order is approximately EUR 80 million.

Metso’s delivery will comprise a complete high-technology board machine. “The new machine will utilize gap forming technology which enables a higher production speed and production efficiency ratio for board machines,” says Area President Hannu T Pietilä from Metso. In addition, Metso’s extensive automation package will comprise process, machine and quality controls.

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02.10.2012

Nippon Paper Group to Resume Operation of Paper Machine N5 and N6 at Ishinomaki Mill and Bring Forward the Planned Shutdown of Some Production Facilities

Nippon Paper Group, Inc. (President: Yoshio Haga) has moved forward with reconstruction efforts at Ishinomaki Mill (Ishinomaki, Miyagi Prefecture), which sustained damage as a result of the Great East Japan Earthquake. Based on the Plan for Paper Business Revitalization announced on August 3, 2011, the Group is working to restart the commercial operation of paper machine N5 and N6. As a result, a total of four paper machines and one coating machine will be brought back into service at Ishinomaki Mill, following the restarting of paper machine 8 in September 2011 and paper machine N4 and coating machine 4 in November 2011. The resumption means that production capability is expected to recover to 75% or above of almost 850,000 tons/annual, the total capacity of the fully restored Ishinomaki Mill.

With the restarting of paper machine N5 and N6 at Ishinomaki Mill, the Nippon Paper Group has also decided to bring forward the planned shutdown of some production facilities as set forth in the Plan for Paper Business Revitalization as follows, as a measure to cope with the severe conditions in the paper products business in Japan. The Nippon Paper Group will continue to proceed steadily with the restoration work based on the Plan for Paper Business Revitalization, seeking to move forward with the fundamental structural changes of the Group's paper business and enhance its competitiveness.

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02.10.2012

Sonoco Reports Fourth Quarter and Full-Year 2011 Results

Sonoco, one of the largest diversified global packaging companies, today reported financial results for the fourth quarter and full-year 2011. As a result of the Company’s accounting calendar, the fourth quarter of 2011 had six fewer days than the same period in 2010.

Fourth Quarter Highlights: Fourth quarter 2011 GAAP earnings per diluted share were $.29, compared with $.33 in 2010. Fourth quarter 2011 GAAP results include after-tax charges of $.17 per diluted share, driven by previously announced restructuring activities, acquisition expenses and acquisition inventory step-up costs. Base net income attributable to Sonoco (base earnings) for fourth quarter 2011 was $.46 per diluted share, compared with $.59 in 2010. Fourth quarter 2011 net sales were $1.13 billion, or essentially flat with the fourth quarter of 2010.

Full-Year Highlights: Full-year 2011 GAAP earnings per diluted share were $2.13, compared with $1.96 in 2010. Full-year 2011 GAAP results include $.16 per diluted share in after-tax restructuring charges, acquisition expenses and acquisition inventory step-up costs, partially offset by net positive adjustments to valuation allowances on deferred tax assets. In comparison, 2010 GAAP results included after-tax impairment and restructuring charges, debt tender and acquisition expenses along with certain tax adjustments totaling $.38 per diluted share. Net sales reached a record of $4.5 billion in 2011, up 9 percent, compared with $4.1 billion in 2010.

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02.10.2012

Postal Service Losses Continue in First Quarter

The U.S. Postal Service ended the first three months of its 2012 fiscal year (Oct. 1 – Dec. 31, 2011) with a net loss of $3.3 billion. Management expects large losses to continue until the Postal Service has implemented its network re-design and down-sizing and has restructured its healthcare program. Additionally, the return to financial stability requires legislation which gives the Postal Service typical commercial freedoms, including delivery flexibility, returns over $10 billion of amounts overpaid to the Federal Government and resolves the need to prefund retiree healthcare at rates not assessed any other entity in the United States.

Stronger than expected holiday shipping activity, driven by strong growth in online merchandise sales and successful USPS marketing efforts, helped the Postal Service grow its competitive Shipping Services business in the first quarter, with revenue totaling $2.8 billion, an increase of $179 million or 7 percent over the same period last year. However, declines in First-Class and Standard Mail of $650 million were 3.7% percent of total revenue and greatly exceed the gains made in the package business. First-Class Mail declines due to electronic migration of transactions are expected to continue for the foreseeable future.

Mailing Services revenue, excluding First-Class Mail parcels, totaled $14.5 billion, a decrease of 2.9 percent. First-Class Mail continued to decline, with revenue decreasing 4.1 percent compared to the same period last year. First-Class Mail revenue has declined nearly 15 percent and volume has declined 25 percent since volume peaked in 2006. While some of the decline is attributable to economic weakness since 2007, the more significant factor is the continuing transition to electronic alternatives.

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02.09.2012

Resolute Reports Preliminary Fourth Quarter and 2011 Financial Results

AbitibiBowater Inc., doing business as Resolute Forest Products, today reported net income of $41 million for the year ended December 31, 2011, or $0.42 per share, on sales of $4.8 billion, compared with net income of $2.6 billion, or $27.63 per share, on sales of $4.7 billion in the year ended December 31, 2010.1 Net loss for the fourth quarter of 2011 was $6 million, or $(0.06) per share, on sales of $1.1 billion, compared with net income of $4.2 billion, or $44.82 per share, on sales of $1.3 billion in the fourth quarter of 2010.1

Excluding $125 million of special items described below, net income for the full year was $166 million, or $1.71 per share. Excluding special items of $51 million, net income in the fourth quarter was $45 million, or $0.46 per share. For the full year 2010, net loss excluding special items was $831 million, or $(8.78) per share, and $235 million, or $(2.49) per share, in the fourth quarter 2010.

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02.09.2012

M-real Corporation’s operating result excluding non-recurring items was EUR 59 million in 2011

Full year result for 2011: Sales were EUR 2,485 million (Q1–Q4/2010: 2,605). The operating result excluding non-recurring items was EUR 59 million (173). The operating result including non-recurring items was EUR -214 million (146). The result before taxes excluding non-recurring items was EUR 0 million (92). The result before taxes including non-recurring items was EUR -281 million (48).

Result for the fourth quarter of 2011: Sales were EUR 524 million (Q3/2011: 616). The operating result excluding non-recurring items was EUR -22 million (6). The operating result including non-recurring items was EUR -215 million (-13). The result before taxes excluding non-recurring items was EUR -33 million (-11). Result before taxes including non-recurring items was EUR -230 million (-29).

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02.09.2012

Ahlstrom to present new release paper for premium self-adhesive graphics at Fespa Digital

Ahlstrom, a global high performance materials company, announced today it will launch SilcoTM Flat Premium, a new release paper for premium pressure sensitive adhesive (PSA) graphics, at Fespa 2012, in Barcelona on February 21-24, 2012.

Large format PSA graphics are used to apply eye-catching decoration or advertising to large surfaces in architecture, retail, vehicles or exhibitions. Those graphic laminates require specially designed release liners for a well performing lamination process, a precise printing and an outstanding visual effect of the applied film.

As a leading global release papers supplier, Ahlstrom offers a specific range of products for PSA graphic laminates, which is today expanded with the introduction of Ahlstrom SilcoTM Flat Premium, designed for the most demanding PSA graphic applications. This new two-side clay coated release paper has been developed for lamination with the most sensitive adhesive graphics materials, such as thin transparent films or cast vinyls.

Its effective back side moisture barrier ensures excellent dimensional stability and lay-flat for an impeccable print of the vinyl. The increased smoothness on both sides of the paper avoids orange peel effect and enhances the glossiness of vinyl films. As no pattern is transferred to the adhesive layer, also the level of clarity of the transparent films remains high.

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02.09.2012

Catalyst Paper - Snowflake Downtime

Catalyst provided the following update on its Snowflake mill operations.
• Today, Snowflake is taking a 12 hour maintenance down on PM#3 to change a roller. It began at about 9 a.m. this morning (Feb. 8) and the machine is expected to be back up this evening. PM#1 is running and Snowflake expects no further planned maintenance or ONP-related down time in February.

• We are doing everything possible to meet order-book commitments as we work through the CCAA creditor protection process.

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02.09.2012

Canfor Reports Results for Fourth Quarter of 2011

Canfor Corporation today reported a net loss attributable to shareholders of $44.1 million, or $0.31 per share, for the fourth quarter of 2011, compared to a shareholder net loss of $21.6 million, or $0.15 per share, for the third quarter of 2011 and shareholder net income of $32.9 million, or $0.23 per share, for the fourth quarter of 2010. For the year ended December 31, 2011, the Company’s shareholder net loss was $56.6 million, or $0.40 per share, compared to shareholder net income of $81.4 million, or $0.57 per share, for 2010.

The shareholder net loss for the fourth quarter of 2011 included various items affecting comparability with prior periods, which had an overall net negative impact of $12.0 million, or $0.09 per share. After adjusting for such items, the Company’s adjusted shareholder net loss for the fourth quarter of 2011 was $32.1 million, or $0.22 per share, compared to an adjusted shareholder net loss of $1.8 million, or $0.01 per share, for the third quarter of 2011, and adjusted shareholder net income of $15.1 million, or $0.11 per share, for the fourth quarter of 2010. For the year ended December 31, 2011, the adjusted shareholder net loss was $31.7 million, or $0.22 per share, compared to adjusted shareholder net income of $74.1 million, or $0.52 per share, for 2010.

The Company reported an operating loss of $64.0 million for the fourth quarter of 2011, an adverse variance of $78.5 million from operating income of $14.5 million in the third quarter of 2011. Included in this variance are restructuring costs of $22.5 million related to the announced closures of the Company’s Rustad sawmill and Tackama plywood plant in the BC Interior, and asset impairment charges of $9.2 million relating to certain lumber and panels assets.

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02.09.2012

Bertelsmann announces preliminary figures for 2011

On the basis of preliminary and unaudited figures, the revenues of continuing operations of the international media company Bertelsmann increased to €15.3 billion (previous year: €15.1 billion) in the 2011 fiscal year. Organic growth, adjusted for portfolio and currency effects, came to about two percent. At a good €1.7 billion, Operating EBIT was slightly below the previous year’s €1.8 billion. A good performance of the advertising-driven businesses and rapidly growing e-book sales were offset by planned start-up losses for new growth platforms and the weak business performance of some of the printing operations, as well as declines in the replication and direct-marketing businesses. The Group’s Return on Sales, at around 11 percent (previous year: 12.1 percent), clearly exceeded the 10-percent mark.

Operating EBITDA totaled approximately €2.2 billion (previous year: €2.4 billion). Net financial debt remained unchanged at €1.9 billion (December 31, 2011) despite increased investment, and is well balanced with the company's profitability and cash flow. All prior-year figures were adjusted for the discontinued club and bookselling businesses of the former Direct Group.

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02.09.2012

Crude Oil Rises for an Eighth Day in London on Euro Optimism, Cold Snap

Oil rose for a eighth day in London on optimism Greece will receive a second bailout and as freezing weather in Europe boosted demand for heating.

Brent crude climbed as much as 0.8 percent, headed for the longest rising streak since October 2009. Oil in New York rose a third day, gaining as much as 0.7 percent. Greek Finance Minister Evangelos Venizelos said he hoped for a “positive decision” on a loan package when he meets European policy makers in Brussels today. The euro rose against the dollar, making commodities priced in the U.S. currency more attractive.

“It’s a range of reasons to explain the uptick in crude: optimism that Greece will get the aid package so that lifts the risk appetite somewhat,” Carsten Fritsch, an analyst at Commerzbank AG in Frankfurt, said by phone. “Cold weather is here in Europe that may last until the end of the month which will lead to higher consumption of heating oil which is supportive for Brent oil prices.”

Brent oil for March settlement on the ICE Futures Europe exchange in London rose as much as 97 cents to $118.17 a barrel and was at $117.79 at 10:19 a.m. London time. The contract has gained 6.1 percent this month.

Crude for March delivery on the New York Mercantile Exchange was at $99.21 a barrel, up 50 cents, after rising as much as 64 cents to $99.31. The contract increased 0.3 percent yesterday to $98.71, the highest since Jan. 30.

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02.09.2012

Catalyst Paper debtor-in-possession financing in place under CCAA order - TSX completes stock delisting review

Catalyst Paper Corporation announced today that further to its press releases dated January 31, 2012, the company and certain of its subsidiaries obtained a further Order from the Supreme Court of British Columbia under the Companies’ Creditors Arrangement Act (CCAA).

The Order amends and restates the Initial Order the Court granted on January 31, 2012. The Order also approves advances under the debtor-in possession (DIP) financing of up to approximately $175 million, subject to certain terms and conditions, that the lenders have agreed to provide to Catalyst during the CCAA proceedings. The Order has been recognized under chapter 15 of title 11 of the US Code.

The Order also declares certain named suppliers of the company as “critical suppliers” and requires those suppliers to continue to supply goods and/or services to the company on terms and conditions consistent with their supply relationship with the company as of January 27, 2012. The Order provides the critical suppliers with a charge to secure amounts they extend to the company after February 6, 2012. The critical suppliers have the right to make an application to the Court to vary the critical supplier order on March 11, 2012.

Catalyst also announced that the Toronto Stock Exchange (TSX) has determined to delist the company’s common shares at the close of market on March 8, 2012. The company no longer meets the TSX continued listing requirements as a result of its financial condition and the commencement of CCAA proceedings. Trading in the company’s common shares on the TSX will remain suspended.

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02.09.2012

Metsäliitto Group’s operating result excluding non-recurring items was EUR 314 million in 2011

Full year result for 2011: Sales amounted to EUR 5,346 million (1–12/2010: EUR 5,377 million). The operating result excluding non-recurring items was EUR 314 million (547). The operating result including non-recurring items was EUR 29 million (497). The result before taxes and excluding non-recurring items was EUR 195 million (411). Including non-recurring items, the result before taxes was EUR -98 million (345).

Result for October–December 2011: Sales amounted to EUR 1,223 million (10–12/2010: EUR 1,391 million). The operating result excluding non-recurring items was EUR 3 million (142). The operating result including non-recurring items was EUR -200 million (82). The result before taxes and excluding non-recurring items was EUR -21 million (112). Including non-recurring items, the result before taxes was EUR -228 million (52).

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02.09.2012

Orchids Paper Products Company Reports Record Quarterly Converted Product Sales and 2011 Results

Orchids Paper Products Company today reported year-end 2011 financial results.

Summary: Net sales of converted product in the fourth quarter of 2011 were $23.8 million, a new quarterly record, and exceeded those of the prior year quarter by $7.2 million, or 44%, marking four consecutive quarters of increased converted product sales.

Total net sales in the fourth quarter of 2011 increased 15% to $25.7 million, compared with $22.3 million in the same period in 2010. Full year net sales increased $5.3 million, or 6%, to $97.8 million, compared with $92.5 million in 2010.

Fourth quarter 2011 net income was $2.7 million, an increase of $1.8 million compared with $940,000 of net income in the same period of 2010. Full year net income for 2011 was $6.2 million, an increase of $284,000, or 5%, compared with $5.9 million of net income in 2010.

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02.09.2012

ABA Says "No" to Amazon Publishing

The American Booksellers Association is the latest to weigh in on Amazon's publishing program following the decision by Barnes & Noble, Books-A-Million, and Indigo Books not to carry their titles. Today the organization's for-profit subsidiary, IndieCommerce, began removing all Amazon titles from its database.

In an e-mail message that went out Monday to indie bookstores that rely on the IndieCommerce Web platform, director Matt Supko wrote, “While Amazon is seeking to distribute its print catalog through conventional means, it seems that they are simultaneously pursing a strategy of locking in ebook exclusives which other retailers are not allowed to sell. IndieCommerce believes that this is wrong.” Not only has IndieCommerce decided not to list these titles, but it has created a new policy that states “only publishers’ titles that are made available to retailers for sale in all available formats will be included in the IndieCommerce inventory database.”

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02.09.2012

Urban Outfitters Reports Record Sales

Urban Outfitters, Inc., a leading lifestyle specialty retail company operating under the Anthropologie, BHLDN, Free People, Terrain and Urban Outfitters brands today announced record net sales for the quarter and year ended January 31, 2012.

For the fourth quarter of fiscal 2012, total company net sales increased 9% over the same quarter last year to $731 million. Comparable retail segment net sales, which include the direct-to-consumer channels, increased 2% for the quarter, while comparable store net sales decreased 1% for the quarter. Comparable retail segment net sales at Urban Outfitters, Free People and Anthropologie increased 3%, 9% and 1%, respectively. Direct-to-consumer comparable net sales increased 14% and wholesale segment net sales rose 3% for the quarter.

For the year ended January 31, 2012, total Company net sales increased to $2.5 billion or 9% over the prior year. Comparable retail segment net sales were flat while comparable store net sales decreased 4%. Direct-to-consumer comparable net sales rose 14% for the year and wholesale segment net sales increased 11%.

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02.09.2012

CVS Caremark Reports Fourth Quarter and Full Year Results

CVS Caremark Corporation today announced revenues, operating profit and net income for the three months and year ended December 31, 2011.

Fourth Quarter Year-Over-Year Highlights: Net revenues increased 15.2% to a record $28.3 billion, with Pharmacy Services up 32.4% and Retail Pharmacy up 4.0%. Retail Pharmacy segment same stores sales increased 2.5%. Adjusted EPS of $0.89, up 16.2% excluding $0.03 per share tax benefit in prior year; GAAP diluted EPS from continuing operations of $0.84.

Full Year Highlights: Net revenues increased 11.8% to a record $107.1 billion, with Pharmacy Services up 24.9% and Retail Pharmacy up 3.9%. Retail Pharmacy segment same store sales increased 2.3%. Adjusted EPS of $2.80, up 5.9% excluding $0.03 per share tax benefit in prior year; GAAP diluted EPS from continuing operations of $2.59. Generated free cash flow of $4.6 billion; cash flow from operations of $5.9 billion.

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02.08.2012

Stora Enso Fourth Quarter and Full Year Results 2011

Full Year 2011 (compared with 2010): Operational EBIT improved to EUR 867 (EUR 797) million due to higher sales prices. Operational ROCE 10.0 (9.7)%. Strong annual cash flow from operations EUR 1 034 (EUR 992) million.

Q4 2011 (compared with Q4 2010): Operational EBIT decreased to EUR 145 (EUR 177) million as higher sales prices and a changed product mix could not offset lower volumes and higher costs. Cash flow from operations improved to EUR 302 (EUR 265) million due to working capital management. Continued strong liquidity at EUR 1 134 (EUR 1 103) million.

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02.08.2012

Stora Enso plans to increase competitiveness by restructuring magazine paper operations

Stora Enso’s Printing and Reading Business Area plans to increase its cost competitiveness by restructuring coated magazine paper operations at Corbehem Mill in France, Veitsiluoto Mill in Finland and Kabel Mill in Germany.

“The operating environment in coated magazine paper has remained challenging. The plans announced today would respond to these challenges by improving cost efficiency and productivity. The planned streamlining of coated magazine paper operations, including investments in quality, productivity and energy saving, would enable us to better meet customer and market expectations, and improve profitability,” says Juha Vanhainen, EVP, Stora Enso Printing and Reading Business Area.

Stora Enso Printing and Reading plans to reduce annual costs by approximately EUR 48 million, with the full impact achieved from the third quarter of 2013 onwards. The plans also include investments in Corbehem, Veitsiluoto and Kabel mills totalling EUR 18 million. The proposed restructuring measures would reduce the number of employees in coated magazine paper operations by up to 110 in total. It is planned that all the actions would be completed by the end of 2012. Stora Enso will record a cash provision of approximately EUR 5 million and a fixed asset write-down of approximately EUR 1 million in the Printing and Reading segment as a non-recurring item in the first quarter of 2012 results.

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02.08.2012

Discover U.S. Spending MonitorSM Consumer Confidence Jumps in January

Consumer confidence jumped in January, with more consumers saying the general economy and their personal finances are improving. The Discover U.S. Spending Monitor, a 4-year-old daily poll tracking economic confidence and spending intentions of nearly 8,200 consumers throughout the month, recorded a 5.5-point jump from the previous month to 90.5. This is the first time since May 2010 that the index has topped 90.

Nearly 30 percent of consumers felt the overall economy is getting better, a jump of more than 6 percentage points from December and the highest figure in the last year. At the same time, those who reported their personal finances were improving rose nearly 5 percentage points to 23 percent – also the highest figure since February 2011.

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02.08.2012

Stora Enso plans to streamline its Swedish maintenance operations

Stora Enso plans to increase further the efficiency and flexibility of its local maintenance operations in Sweden by restructuring and changing the processes.

The planned restructuring measures would reduce the workforce by approximately 130 employees in maintenance operations in Sweden. The planned restructuring concerns Hylte, Skoghall, Skutskär, Fors and Kvarnsveden mills. Altogether approximately 800 personnel are employed in maintenance at the units concerned.

The restructuring measures would reduce annual costs by approximately EUR 21 million starting gradually from late 2012 onwards. Stora Enso will record a cash provision of EUR 6 million in the Renewable Packaging segment and EUR 4 million in the Printing and Reading segment as a non-recurring item in the first quarter of 2012 results.

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02.08.2012

Stora Enso ranked sector leader by the Forest Footprint Disclosure report

Stora Enso has been rated as sector leader in the Forest Footprint Disclosure (FFD) Review for 2011 published in London. This recognition rewards the company for managing and transparently reporting its forest footprint.

A ‘forest footprint’ measures the total amount of deforestation caused directly or indirectly by an organisation or product. Many businesses unknowingly source products that contribute to deforestation in their supply chains, and their resulting forest footprint can create unexpected valuation risks and add to their climate change impacts. The Forest Footprint Disclosure Review analyses questionnaire responses submitted by international companies who disclose information to FFD in order to assess how their activities directly or indirectly contribute to deforestation.

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02.08.2012

Arandell Recognized by “Printing Impressions” as 2nd Largest Catalog Printer in North America

There was some good news for magazine publishers this year, as advertising sales levels began to rebound. Looking at the catalog segment, there is no evidence of the printed catalog disappearing any time soon. A key focus for publishers and catalogers is how to continue to leverage their multi-channel marketing strategies.

Printing Impressions, December, 2011 edition, recognizes Arandell Corporation as 2nd largest catalog printer in the United Staes and Canada.

Company rankings for the current and previous year are based on sales figures reported to us in 2011.

Arandell is know as a “Multiple Platform Provider” and Arandell asserts, catalog printing accounted for more than $133 billion in sales last year. Far from a dead industry, huh? Catalog printing is growing, especially for the niche companies. Mulitchannel marketing strategy is how cataloguers increase ROI and grow their business in the future. Multichannel marketing is a 360 degree approach to customers. Online retailers need to understand the relationship between stores, internet and catalog. Many successful companies use the internet as a pull only device. There is no push. The web does offer unlimited space to promote products but it is still about making people identify with a brand and that is the role of the catalog. There are even prosperous companies that started off on the internet that are now going to a catalog: Amazon, E-Bay & Dell.

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02.08.2012

Oil Gains a Second Day on Demand Outlook as API Says U.S. Stockpiles Drop

Oil rose to its highest in a week in New York after a report showed U.S. stockpiles shrank, signaling increased demand in the world’s biggest crude consumer.

West Texas Intermediate futures climbed to $99.65 a barrel, the highest since Jan. 31. Crude inventories fell 4.5 million barrels in the seven days ended Feb. 3, the first drop in three weeks, the American Petroleum Institute said after yesterday’s settlement. Analysts surveyed by Bloomberg News had forecast today’s Energy Department report would show supplies rose 2.5 million barrels.

“Inventories decreasing are adding to the supply concerns in the market,” said Sintje Boie, an analyst at HSH Nordbank in Hamburg. “Demand is quite strong because of the winter season. There are already supply worries from Iran’s threat to stop exports to Europe.”

Crude for March delivery advanced as much as $1.24, or 1.3 percent to $99.65 a barrel in electronic trading on the New York Mercantile Exchange and was at $99.45 at 11:30 a.m. London time.

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02.08.2012

Consolidated Graphics Reports Financial Results for the Quarter Ended December 2011

Consolidated Graphics, Inc. today announced financial results for the quarter ended December 31, 2011.

Revenue for the December quarter was $283.9 million, a $15.2 million or 5.1% decrease compared to the prior year quarter. The decline in revenue compared to the prior year quarter was due to an expected $11.3 million decline in election-related business, a 3.5% decline in same-store sales, partially offset by sales growth related to acquisitions. Adjusted Operating Income for the December 2011 quarter was $20.6 million or 7.2% of revenue, compared to $30.2 million or 10.1% of revenue last year. Adjusted Net Income was $12.6 million, or $1.21 per diluted share for the quarter, compared to Adjusted Net Income of $18.7 million or $1.60 per diluted share for the prior year quarter.

Operating income, which included a $2.0 million goodwill impairment charge, was $17.6 million for the December 2011 quarter. Operating income for the prior year quarter was $28.2 million and included impairment charges of $1.0 million. Net income for the December 2011 quarter was $10.8 million or $1.04 diluted earnings per share, compared to $17.6 million or $1.50 diluted earnings per share last year.

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02.08.2012

Consumer Magazines See Disappointing Second-Half 2011

Despite continued high hopes for the post-recession period, the magazine industry limped through the second half of 2011. ABC’s second-half 2011 FAS FAX reports total paid circulation stayed basically flat from second half 2010 to second half 2011, down about one percent from 305.5 million to 302.45 million. Subscription numbers fared slightly better, up less than one percent from second half 2010’s 260.59 million to second half 2011’s 262.47 million total paid subs.

Single copies suffered the most in the last six months of 2011, declining almost 10 percent from second half 2010’s 32.1 million sales to second half 2011’s 28.9 million.

Some standout highs (and lows) from ABC’s FAS FAX: southern lifestyle magazine Garden & Gun’s single copy sales leaped almost 46 percent in second half 2011 to 20,083. Afar’s total paid and verified numbers shot up almost 73 percent to 140,708 in the last six months of 2011.

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02.08.2012

Glatfelter Reports Record Sales for Fiscal 2011

Glatfelter today reported strong financial results for the quarter and year ended December 31, 2011, including record full-year sales of $1.6 billion, an increase of 10 percent from a year ago, and adjusted earnings of $46 million for 2011, an increase of 12 percent.

For the fourth quarter of 2011, Glatfelter reported consolidated net sales of $391.9 million, a 4.2 percent increase from the fourth quarter of 2010. On a GAAP basis, the Company reported net income of $9.7 million, or $0.22 per diluted share. Adjusted earnings for the fourth quarter of 2011 were $14.2 million or $0.32 per diluted share, excluding costs for the early redemption of debt, work force efficiency initiatives and items related to timberland sales, compared with $14.6 million, or $0.31 per diluted share, in the same quarter a year ago. Fourth quarter 2010 adjusted earnings included tax benefits of $0.06 per share from tax law changes, reserve releases and other factors when compared to 2011.

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02.08.2012

Financial Year 2011/2012: Heidelberg Publishes Nine-Month Figures

In the third quarter of financial year 2011/2012 (October 1 to December 31, 2011), Heidelberger Druckmaschinen AG (Heidelberg) achieved a slightly positive result of operating activities with stable sales. The "FOCUS 2012" efficiency program was adopted in January 2012. The aim is to ensure that the target operating result excluding special items of around EUR 150 million is achieved in financial year 2013/2014.

Incoming orders in the first nine months (April 1 to December 31, 2011) amounted to EUR 1.975 billion, 7 percent down on the previous year's figure for the same period (EUR 2.120 billion). The Heidelberg Group's order backlog at the end of the third quarter amounted to EUR 728 million, which was on a par with the previous quarter (EUR 731 million).

Sales in the first nine months amounted to EUR 1.811 billion, 4 percent down on the previous year's figure for the same period (EUR 1.883 billion). After adjustment for exchange rate effects, sales were almost on a par with the previous year's level at EUR 1.841 billion.

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02.08.2012

Norske Skog in Q4 2011: Improved operations, challenging market

Norske Skog improved gross operating earnings in the fourth quarter, partly due to lower costs. Gross operating earnings in the fourth quarter were NOK 503 million, compared to NOK 469 million in the third quarter.

The improved result was caused by somewhat lower costs. The market prices of pulp and recovered paper have fallen substantially from their highest level during the second quarter. A weaker NOK also contributed positively.

Even for the year as a whole, gross operating earnings improved, from NOK 1,413 million in 2010 to NOK 1,515 million in 2011. The underlying improvement in gross operating earnings for the year was approximately NOK 400 million as there were positive non-recurring items in 2010.

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02.08.2012

Sappi Limited Results for the First Quarter Ended December 2011

Financial Summary for the quarter: Profit for the period US$45 million; Q1 2011 US$37 million; EPS 9 US cents; Q1 2011 7 US cents; Operating profit excluding special items US$100 million; Q1 2011 US$137 million; European business performance benefits from restructuring and cost reduction actions; Southern African chemical cellulose business performed strongly; Net debt US$2,175 million, up US$75 million on seasonal working capital increase.

Commenting on the results, Sappi (NYSE: SPP, JSE: SAP) Chief Executive Officer Ralph Boettger said:

"Following a year in which various actions and strategies were initiated, primarily involving extensive restructuring charges and asset impairments, the group achieved a profit for the period of US$45 million (Q1 2011 US$37 million) and EPS of 9 US cents (Q1 2011 7 US cents) in the first quarter of the 2012 financial year.

"Market conditions remained uncertain as a result of the continued negative sentiment in financial markets. Nevertheless, utilisation levels for our coated paper mills remained at high levels in North America and reasonable levels in Europe.

"Pulp prices continued to decline during the quarter but stabilised towards the end of the quarter.

"The coated paper businesses performed in line with expectations in North America and the improvement in Europe reflected the cost reduction and restructuring actions we implemented last year.

"The performance of the North American segment was unfavourably impacted by lower pulp output, declining pulp prices and weaker demand for casting release products particularly in the Chinese markets.

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02.08.2012

Time Warner Inc. Reports Strong Results for 2011 Fourth Quarter & Full Year

Time Warner Inc. today reported financial results for the three months and full year ending December 31, 2011.

Full-Year Highlights: Revenues increase 8% to $29.0 billion, highest growth rate since 2003; Adjusted Operating Income rises 9% to a record $5.9 billion; Adjusted EPS grows 20% to $2.89; Company repurchases 136 million shares for $4.6 billion; Company announces new $4 billion stock repurchase authorization.

Chairman and Chief Executive Officer Jeff Bewkes said: “In 2011, Time Warner had an ambitious agenda and we accomplished what we set out to do and more. We increased revenues 8%, Adjusted Operating Income 9%, and Adjusted EPS by 20%, which means we more than doubled Adjusted EPS over the past three years. That performance is a testament to the quality of our content, the strength of our brands, our creative and managerial talent and our competitive position. We also continued to roll out Content Everywhere versions of our products across all our divisions, harnessing technology to give consumers more ways, places and platforms on which to enjoy our great content. While investing aggressively to drive our long-term growth, we also returned $5.6 billion to our shareholders through dividends and share repurchases.”

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02.08.2012

McClatchy Reports Earnings Growth

The McClatchy Company today reported net income from continuing operations in the fourth quarter of 2011 of $42.0 million, or 49 cents per share, compared to income of $15.7 million, or 18 cents per share in the 2010 quarter. Total net income in 2010 including discontinued operations was $14.8 million or 17 cents per share in the fourth quarter.

Revenues in the fourth quarter of 2011 were $351.4 million, down 5.0% from the fourth quarter of 2010. Advertising revenues were $270.9 million, down 5.7% from 2010, and circulation revenues were $67.0 million, down 3.0%.

Net income from continuing operations in the fourth quarter of 2011 excluding the net impact of these items was $43.2 million compared to net income from continuing operations in the fourth quarter of 2010 adjusted for similar items of $33.5 million.

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02.08.2012

Avery Dennison Label and Packaging Materials Announces Its Best-Ever Safety Record

Avery Dennison Label and Packaging Materials (LPM) announced Tuesday the business’s 2011 worldwide recordable incident rate of 0.46 injuries or illnesses for every 100 employees.

LPM saw best-ever performances in Europe, South America and North America, with incident rates in those regions of 0.29, 0.5, and 0.62, respectively. The Asia Pacific region saw an incident rate of 0.46 – just shy of beating its 2010 performance.

In comparison, the average United States manufacturing company experienced a recordable incident rate of 4.4 injuries per 100 workers in 2010, according to the most recent data published by the U.S. Bureau of Labor Statistics. All of Avery Dennison’s worldwide sites follow U.S. safety recordkeeping practices.

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02.07.2012

Books-A-Million Won't Carry Amazon Titles, Either

Books-A-Million-the nation's second largest bookstore chain after Barnes & Noble announced today that, like B&N, it will not carry Amazon Publishing titles in its stores.

Publishers Weekly reports, "Books-A-Million has joined with Barnes & Noble and will not carry Amazon Publishing titles, including those published under Houghton Mifflin Harcourt's New Harvest imprint."

It's unclear from the statement whether Books-A-Million will sell Amazon Publishing titles online-as Barnes & Noble has said it will-or if it will refuse to sell them online and in bricks-and-mortar stores. I have asked the company for clarification.

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02.07.2012

Crude Oil Trades Near Six-Week Low on Forecast of Rising U.S. Stockpiles

Oil fell to near a six-week low in New York before a report forecast to show that U.S. stockpiles increased last week. U.S. crude’s discount to North Sea Brent oil surpassed $20 for the first time since October.

West Texas Intermediate futures extended yesterday’s decline, bringing this week’s loss to 1.7 percent. Greek Prime Minister Lucas Papademos will meet the country’s political leaders today to discuss measures for securing a second European Union-led bailout. U.S. crude inventories probably rose to the highest in more than four months and gasoline supplies climbed for a second week, according to a Bloomberg survey before an Energy Department report tomorrow.

“The market is oversupplied, which is putting pressure on WTI,” said Carsten Fritsch, an analyst at Commerzbank AG in Frankfurt, who forecasts oil will slide this year. “But fears of supply disruption are keeping Brent supported. The widening of the spread is the constant factor in the market.”

Oil for March delivery dropped as much as 80 cents to $96.11 a barrel in electronic trading on the New York Mercantile Exchange, and was at $96.18 at 11:40 a.m. London time. It fell to $95.44 a barrel on Feb. 2, the weakest level since Dec. 20.

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02.07.2012

Canfor Pulp Produicts Inc. Announces Fourth Quarter 2011 Results

Canfor Pulp Products Inc. today announced its fourth quarter and full year 2011 results as well as the results of Canfor Pulp Limited Partnership (the Partnership) in which CPPI has a 49.8% ownership.

For the quarter, CPPI reported net income of $5.9 million or $0.17 per share, representing CPPI’s share of the Partnership’s income less an income tax provision of $1.9 million.

For the quarter, the Partnership reported sales of $212.7 million and net income of $15.8 million or $0.22 per unit. The Partnership generated EBITDA of $37.8 million. Results were impacted by lower market pulp prices and the extended outage at the Northwood Pulp Mill. Capital expenditures of $28.8 million or $0.40 per unit incurred in the quarter, reduced distributable cash to negative $3.0 million or $0.04 per unit.

For the year, the Partnership reported sales of $941.0 million and generated net income of $138.6 million, EBITDA of $218.2 million and distributable cash of $131.6 million, or $1.85 per unit. CPPI reported net income of $72.6 million or $2.05 per share and declared dividends of $1.45 per share for 2011, including the dividend relating to the fourth quarter of $0.25 per share declared in February 2012.

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