Paperclips Blog | Japs-Olson Results

  • 11.14.2011

    J. C. Penney Company, Inc. Reports Third Quarter Financial Results

    J. C. Penney Company, Inc. today reported that adjusted net income excluding restructuring and management transition charges for the third quarter ended October 29, 2011, was $24 million or $0.11 per share. Including restructuring and management transition charges, the Company reported a net loss of $143 million or $0.67 per share. A reconciliation of non-GAAP adjusted net income to the most directly comparable GAAP financial measure is included with this release.

    Comparable store sales for the third quarter declined 1.6 percent. Total sales decreased 4.8 percent, reflecting the Company's exit from its catalog and catalog outlet businesses. As previously announced, the Company completed the sale of its outlet store business during the quarter. Internet sales through jcp.com were $341 million in the third quarter, decreasing 5.4 percent from last year. The strongest merchandise results in the period were in women's accessories and men's apparel. Geographically, the best performance was in the southeast region of the country.

    Gross margin decreased $146 million compared to last year's third quarter. As a percent of sales, gross margin decreased approximately 160 basis points to 37.4 percent, reflecting the softer-than-anticipated selling environment in the quarter and the resulting higher level of promotional activity.

    click here
  • 11.14.2011

    Kindle Fire Newsstand to Offer Over 400 Full-Color Magazines and Newspapers

    Amazon.com, Inc. announced that the Kindle Fire Newsstand will offer over 400 full-color magazines and newspapers. Kindle Fire customers who subscribe before March 1, 2012 will also receive an exclusive free three-month trial of 17 Condé Nast magazines, including Vanity Fair, GQ, WIRED and Glamour. Kindle Fire, which ships next week, is a new class of Kindle that brings the same ease-of-use and deep integration of content that helped Kindle re-invent reading to magazines, movies, TV shows, music, apps, games, books and more. Magazines and newspapers look beautiful on Kindle Fire’s 7” vibrant multi-touch color touch-screen that delivers 1024 X 600 pixel resolution at 169 ppi and 16 million colors in high resolution. Kindle Fire Newsstand customers will be able to enjoy their favorite magazines in rich, glossy, full-color from publishers such as Condé Nast, Meredith, and Hearst. Interactive editions with built-in video and audio are also available for many magazines such as Better Homes & Gardens, Allure and Self. To learn more about the Kindle Fire Newsstand, visit http://www.amazon.com/kindlefirenewsstand.

    “We think Kindle Fire customers will love the beautiful, intuitive reading experience we’ve built for their favorite magazines such as Us Weekly, The New Yorker, and Reader’s Digest,” said Russ Grandinetti, Vice President, Kindle Content. “The response from publishers has been overwhelmingly positive and they are excited to make their magazines and newspapers available on Kindle Fire, and we’re adding new titles all the time.”

    click here
  • 11.14.2011

    Crude Futures Decline as Italy Names New Leader, China Sees ‘Soft Landing'

    Oil dropped, erasing earlier gains, on concern that new leadership in Italy may not contain the European debt crisis and China’s demand for crude may weaken.

    West Texas Intermediate fell as much as 1 percent after earlier rising to $99.69 a barrel, the highest level since July 26. Italy’s president offered Mario Monti, a former European Union competition commissioner, the post of prime minister yesterday. The International Monetary Fund’s Deputy Managing Director Zhu Min said yesterday the world’s second-largest economy was heading for a “soft landing” as growth slows.

    “With Europe’s struggle far from over and signs of a slowdown in China, the world’s second largest consumer, the road ahead could be bumpy for oil prices,” Glen Ward, head of retail derivatives at London Capital Group Ltd. said in a note.

    Crude for December delivery was at $98.31 a barrel, down 68 cents, in electronic trading on the New York Mercantile Exchange at 11:37 a.m. London time. Prices rose 5 percent last week and have increased for six consecutive weeks, the longest run of gains since April 2009.

    Brent oil for December settlement declined 72 cents to $113.44 a barrel on the London-based ICE Futures Europe exchange. The more-active January contract was 64 cents lower at $112.29. December futures, which expire tomorrow, traded at a premium of $15.25 to New York crude, compared with a record $27.88 on Oct. 14.

    click here
  • 11.14.2011

    Great Northern Wins Two Paperboard Packaging Council Awards

    Great Northern Corporation, a designer and manufacturer of consumer packaging and in-store displays, won two National Paperboard Packaging Competition awards at the annual Paperboard Packaging Council's fall meeting with its StrataGraph® brand of laminated paperboard product.

    In its 68th year of recognizing the best in paperboard packaging, 117 packages were submitted in the award competition's main category. To be eligible for the National Paperboard Packaging Competition, packages must consist of 50 percent paperboard that is visible to the end user and be designed to distribute, market and protect a product.

    Entries were evaluated by seven judges based on the package's objectives, materials used and design, printing, and converting process; the package's impact on production, manufacturing, distribution, storage and warehousing, economics, sustainability, brand enhancement and marketing; and the package's impact at the retail store shelf.

    click here
  • 11.14.2011

    North America’s Sustainable Forestry Initiative Endorsed by PEFC

    The Sustainable Forestry Initiative® (SFI®) Inc. announced today its forest certification standard has once again met the rigorous third-party assessment of the Programme for the Endorsement of Forest Certification (PEFC).

    "PEFC International's endorsement reinforces our position as an internationally respected programme with tough requirements to strengthen forest practices and support communities across North America," said SFI President and CEO Kathy Abusow. "We are proud to be recognized by PEFC, and to be part of a global network with national members in 34 countries who share our commitment to sustainable forest management."

    Independent, non-profit SFI Inc. manages the largest single forest standard in the world – the 195 million acres/79 million hectares certified to the SFI 2010-2014 Standard in North America account for one-third of PEFC's total certified area. The PEFC endorsement means fibre from SFI-certified forests will continue to be accepted as certified content for both PEFC and SFI Chain of Custody labels.

    click here
  • 11.14.2011

    China Shengda Packaging Group Inc. Announces Third Quarter 2011 Results

    China Shengda Packaging Group Inc., a leading Chinese paper packaging manufacturer, today announced its financial results for the three months ended September 30, 2011.

    "Volumes were 8% ahead of the same quarter last year and revenues 9% higher.  Average selling prices were marginally higher overall.  We are pleased that we increased our presence in the market place through higher levels of shipments," Mr. Daliang Teng, Chief Executive Officer of China Shengda Packaging, commented. "Despite the growth in revenues, labor and raw material cost pressures persisted and our margins were lower as we absorbed some of those higher costs.  Even so, early in the fourth quarter, raw materials prices appear to be softening and we expect to meet our full year guidance for both sales and EPS."

    click here
  • 11.14.2011

    Joint Approach Towards An Innovative Sustainable Packaging Solution

    Innovia Films and Sappi Fine Paper Europe have joined forces to demonstrate potential laminate structures, using their respective products, suitable for end users in the food, confectionery and pharmaceutical industries. These laminates provide technical functionality in addition to being made from renewable resources and offering compostability – a focus which many packaging end users are keen to pursue.
     
    Both companies recognise that the best end-of-life options for flexible paper/film laminates are either industrial, home composting or ultimately anaerobic digestion which turns waste into a useful energy source, compared to current landfill or incineration solutions.
     
    Innovia Films with its NatureFlex™ product range, brings its unique expertise in manufacturing renewable and compostable cellulose-based films with tailored moisture and barrier properties.
     
    Sappi brings its expertise in manufacturing flexible packaging papers and now offers coated and uncoated compostable paper options; Algro® Nature is a unique compostable one side coated paper; Leine® Nature is an uncoated equivalent, which is also compostable.
    click here
  • 11.14.2011

    Presstek Announces $11.2 Million in Profit Improvement Actions and Expects Return to Positive Adjusted EBITDA in 2012

    Presstek, Inc., a leading supplier of digital offset printing solutions to the printing and communications industries, today announced $11.2 million in annualized profit improvement actions and expects to return to positive adjusted EBITDA in the first quarter of 2012. The Company also reported financial and operating results for the third quarter ended October 1, 2011. (See "Information Regarding Non-GAAP Measures")

    Profit Improvement Actions The Company announced today that a major profit improvement initiative, launched in the third quarter of 2011, is expected to provide $11.2M in 2012 savings. Although second half 2011 earnings will see some improvement from these actions, the majority of the benefits will be realized beginning in the first quarter of 2012.

    click here
  • 11.11.2011

    Brazil applies temporary antidumping measure against LWC from US, Finland, Sweden, Belgium, Canada and Germany

    (RISI) - The Brazilian foreign trade chamber approved yesterday a provisional antidumping measure against lightweight coated (LWC) paper imported from the USA, Finland, Sweden, Belgium, Canada and Germany. The ruling, which was requested by Brazil's sole local LWC producer Stora Enso, centers on imported LWC with basis weights of 50-72 g/m² and 60-95% brightness, made of at least 50% mechanical pulp and imported under the NCMs (Common Mercosul Nomenclature) 4810.22.90.

    The charges will apply as a fixed value in dollars per tonne, varying according to country and producer. All LWC from the US will be charged an import tariff of $161.72/tonne, while Finnish LWC exported to Brazil will pay extra $132.86/tonne apart from UPM-Kymmene ($74.14/tonne); Stora Enso Oyj ($69.04/tonne) and Sappi ($132.86/tonne).

    All Swedish LWC will be charged $120.37/tonne, while German suppliers must pay $101.71/tonne, with the exception of Norske Skog Walsum, which will pay duties of $26.82/tonne and Stora Enso Kabel ($101.71/tonne). Belgium LWC importers will face duties of $72.34/tonne, with Sappi Lanaken paying $64.68/tonne. Volumes from Canada will receive a $137.95/tonne increase.

    click here
  • 11.11.2011

    Grainger Reports October 2011 Sales Results

    Grainger today reported sales results for the month of October 2011.  Sales increased 16 percent versus October 2010.  Results for the month included a 5 percentage point contribution from acquisitions.  Excluding acquisitions, organic sales increased 11 percent, including 9 percentage points from volume and 3 percentage points from price, partially offset by a 1 percentage point decline from 2010 oil spill related sales.  October 2011 had 21 selling days, the same as October 2010.  The 2011 fourth quarter will have the same number of selling days as the 2010 fourth quarter (63 days).
    click here
  • 11.11.2011

    Crude Futures Head for Longest Run of Weekly Gains in New York Since 2009

    Oil rose to a three-month high, heading for the longest run of weekly gains since April 2009, on speculation that signs of U.S. economic growth and Europe’s steps to contain its debt crisis will support fuel demand.

    Crude climbed as much as 0.8 percent in New York and is poised for a sixth weekly increase. The number of Americans filing applications for unemployment benefits fell to a seven- month low, a Labor Department report showed yesterday. Italy votes today on austerity measures to clear the way for new leadership and Greece has formed a unity government.

    “Tightening supplies in the U.S. could be one explanation,” said Carsten Fritsch, an analyst in Frankfurt at Commerzbank, the fourth most-accurate forecaster of Brent prices in the third quarter. “Additionally, the debt crisis seems to fade with the new government in Greece, and maybe Italy as well. But this should be only temporary.”

    Crude for December delivery on the New York Mercantile Exchange rose as much as 75 cents to $98.53 a barrel, the highest intraday price since Aug. 1. It was at $98.14 at 11:27 a.m. London time. Prices are up 4.1 percent this week.

    Brent crude for December settlement on the London-based ICE Futures Europe exchange was up 8 cents at $113.79 a barrel. The European benchmark contract was at a premium of $15.65 to New York futures, after settling yesterday at $15.93, the lowest level since June 27.

    click here
  • 11.11.2011

    New York Magazine Raises Cover Price $1 to $5.99

    At a time when many magazines are either lowering prices or giving away content, New York Magazine is choosing another route.

    Its final 2011 edition (a double issue dated December 19-26) will sell for the increased price of $5.99, as initially reported by Adweek. New York's last price hike was in 2009, when its single copy price tag jumped from $3.99 to $4.99.

    According to a New York rep, there are no plans to increase the sub price in 2012; the introductory price will stay at $29.97 (up 88 percent from 2005, when subs were available for $15.87).

    New York experimented with price increases on select issues in third quarter 2011, and sales remained steady despite the fluctuation.

    “While we’ve found that our ‘newsstand’ has in many ways migrated to our website nymag.com…our newsstand business remains highly profitable and an effective marketing vehicle,” says New York’s rep.

    click here
  • 11.11.2011

    Georgia-Pacific Receives Binding Offer for EMEA Business

    Georgia-Pacific LLC announced today that it has received a binding offer from SCA to acquire the Georgia-Pacific EMEA business. Acceptance of this offer is subject to consultations with works councils where appropriate and to customary closing conditions, including regulatory clearances from competition authorities. The offered price is €1.32 billion ($1.8 billion).

    The proposed transaction includes Georgia-Pacific’s consumer and away-from-home tissue paper products and personal care businesses and manufacturing assets across Europe, including leading consumer brands as well as away-from-home and private label products developed, manufactured, marketed and sold by 5,000 employees. In the proposed transaction, SCA has agreed to hire all current Georgia-Pacific EMEA employees.

    click here
  • 11.11.2011

    Bonnier Picks Up UFC Mag to Enter Martial Arts Ring

    The two-year-old UFC magazine is a leading source of news and features on the emerging sport of mixed martial arts (a.k.a. Ultimate Fighting Championship). And as of this December 27, the magazine will be published on newsstands and in digital under the Bonnier flag. The magazine had been working with Bonnier TransWorld and is extending the relationship to the main company, which will help give it a reach into 17 countries and also on ubiquitous digital platforms via Bonnier’s Mag+ business serving the digital magazine world. UFC programming has a broad global reach, claiming to be available to a half a billion homes in 20 languages.

    The magazine will be led by editor-in-chief Seth Kelly and Larry Menkes, publisher. Kelly returns to his EIC post after having launched the magazine originally for American Media before leaving to serve as AMI’s editorial director. The magazine will also have a site at UFC.com where breaking news and select feature content will reside. The site already attracts 7 million monthly uniques. The UFC’s Facebook presence has 6.8 million fans.

    click here
  • 11.11.2011

    Hasbro outlines new paper procurement policy

    Hasbro, Inc. has unveiled a new Paper and Forest Procurement Policy (PFPP) intended to ensure that procurement decisions align with the company's commitment to environmental sustainability and support sustainable forest management. The news came just weeks after Mattel announced that it had set aggressive goals for the sustainable sourcing of paper and wood fiber, following pressure from Greenpeace.

    According to Hasbro, the new PFPP reiterates a company goal—announced in 2010—of 90% usage of paper packaging and in-box game content derived from recycled material or sources that practice sustainable forest management by 2015. The policy also sets stringent vendor requirements for credible third-party certification (such as the Forest Stewardship Council) of fiber. In addition, as one facet of the PFPP's standards related to avoiding fiber from controversial sources, the company is requiring that no sources of Mixed Tropical Hardwood (MTH) virgin fiber be used in products, including packaging. Earlier this year, Hasbro directed suppliers to stop using paper coming from unsustainably managed forests.

    click here
  • 11.11.2011

    S&S Overhauls Sales Division, Revamps Marketing

    As more sales move from print to digital, Simon & Schuster has unveiled a news sales and marketing operation that will increase marketing efforts for both print and digital titles, while moving more of its sales efforts from physical stores to digital. As part of the shift, S&S is combining its field and national sales groups as well as telemarketing efforts into a new Retail Sales unit with Paula Amendolara named senior director. The new Digital Sales unit will be headed by Colin Shields and his group will be responsible for digital sales for all adult and children’s imprints to all e-bookstore accounts.
     
    As a result of the change, Frank Fochetta, director of field sales, and Lauren Monaco, director of national accounts, are leaving the company along with what are believed to be about eight other sales employees. S&S, however, said it plans to hire about that same number to beef up its marketing programs and to fill selected spots in sales.
     
    Marketing efforts will be increased at both an imprint and corporate level and in her memo to staff, CEO Carolyn Reidy said, “We will add new marketing staff to each of our publishing imprints to facilitate increased title-by-title marketing efforts through digital and traditional means.” As part of the changes in marketing, the children’s marketing team will return to the children’s division, and report to children’s group head Jon Anderson.
    click here
  • 11.11.2011

    Quad/Graphics Announces New Agreement with Penguin Group (USA) for Expanded Digital Print-on-Demand Book Production

    Quad/Graphics, Inc., which has expanded its digital book production capacity by more than 500 percent this year, announces a new agreement with Penguin Group (USA) Inc., one of the leading U.S. adult and children’s trade book publishers, for short-run and print-on-demand production of Penguin’s U.S. trade hardcover, trade paperback and mass market books. The agreement covers all of Penguin’s imprints.

    “Our digital book printing operations are growing because they provide publishers – and their readers – a solution to many traditional book inventory challenges,” says Joel Quadracci, Quad/Graphics Chairman, President & CEO. “For Penguin, we will be able to support a ‘virtual inventory’ model for select titles within the agreement that can be printed in small quantities efficiently and on-demand. Penguin has been a leader in this area of book production, and our ability to work together with Penguin makes us partners in innovation that redefines how many books will be ordered, produced and distributed in the future.”

    Doug Whiteman, Penguin Group (USA)’s Executive Vice President of Business Operations, says Penguin will use Quad’s digital book production and supporting systems to lower inventory costs, react to demand more quickly and better serve its customers. “In recent years, we have taken steps to address the area of excess inventory and its resulting impact on the value chain,” Whiteman said. “This new agreement with Quad allows us to take another significant step in that process while also providing our customers greater access to more titles.”

    click here
  • 11.11.2011

    Vertis Communications Responds to Surge in Growth with Adoption of New Leading Edge ERP and Print Solutions

    Vertis Communications, a results-driven marketing communications company that delivers inventive advertising, direct marketing and interactive solutions to prominent brands across North America, today announced the next step in revolutionizing its Large Format business with the implementation of an EFI™ Enterprise Resource Planning (ERP) system that offers seamless integration with Vertis’ state-of-the-art production equipment, including a new EFI VUTEk® GS3200 printer.

    With the addition of EFI Pace™ software, Vertis advances its end-to-end capabilities in large format media design and production. Clients, such as Verizon, USAA Banks, Vans and Kawasaki, will benefit from the real-time production tracking and inventory management achieved through the new cutting edge ERP system.

    “EFI advanced technology represents a powerful extension to Vertis’ full-service large format solutions, maximizing our speed, flexibility and accuracy from production to fulfillment and reporting,” said Terry Monday, Vice President of Integrated Solutions Sales, Vertis Communications. “We are eager to begin leveraging these new capabilities to continue advancing our clients’ speed to market and ROI.” In addition to the enhanced ERP system, Vertis added a world class EFI VUTEk GS3200 digital printer to its already extensive suite of digital print equipment, to meet growing Large Format customer demand. The GS3200 boasts innovative digital advancements to quickly achieve consistent print photo-quality images, crisp text, vibrant colors and white ink on rigid and flexible substrates in order to maximize the visual allure of promotional materials, from window clings, exhibits and in-store signage to POP / POS displays, billboards and fleet graphics.

    click here
  • 11.11.2011

    Western Reports Third Quarter 2011 Results

    Western Forest Products Inc. today announced results for the third quarter of 2011. The Company reported EBITDA of $18.1 million for the third quarter of 2011 compared to $11.8 million for the third quarter of 2010.

    Q3 2011 HIGHLIGHTS: EBITDA of $18.1 million in the quarter which is a significant increase over the $11.8 million achieved in the third quarter of 2010 and is now the eighth consecutive quarter that we have achieved positive EBITDA. Net debt is reduced to $63.2 million and our liquidity is $116.0 million at the end of the quarter. Mill production was 3% higher than the previous quarter and 27% higher than a year ago. Productivity in the quarter was 1.4% higher than the same quarter of 2010. Sales revenues increased 33% over the third quarter last year. Sales volumes in each of our major product segments increased over the third quarter last year.

    click here
  • 11.11.2011

    Resolute Forest Products Joins WWF Climate Savers Program

    World Wildlife Fund (WWF) is pleased to welcome Resolute Forest Products, an organization committed to sustainability leadership as the newest member of its prestigious Climate Savers program (www.wwf.ca/about_us/business/climate_savers).

    As part of their commitment to this partnership, Resolute Forest Products has pledged to reduce their absolute greenhouse gas (GHG) emissions by 65 per cent by 2015 below 2000 levels.

    Resolute's decision to join WWF Climate Savers commits the Company to fully confront the GHG impacts throughout the complete corporate value chain, looking at emissions both upstream and downstream of its pulp and paper and wood products operations. It also includes a commitment to work with key suppliers to assess and reduce their own contributions to carbon emissions throughout the supply chain.

    "Resolute wanted to make a bold statement to our employees, our business partners and the market that we take our responsibility for preventing climate change seriously," stated Richard Garneau, President and Chief Executive Officer. "Delivering on the commitments made through this partnership will be challenging, but will also make us a cleaner and more efficient company - focused on a balanced approach to the environmental, social and economic triple bottom line."

    click here
  • 11.11.2011

    Nordstrom Reports Third Quarter 2011 Earnings

    Nordstrom, Inc. today reported net earnings of $127 million, or $0.59 per diluted share, for the third quarter ended October 29, 2011. This represented an increase of 7.2 percent compared with net earnings of $119 million, or $0.53 per diluted share, for the same quarter last year.

    Third quarter same-store sales increased 7.9 percent compared with the same period in fiscal 2010. Net sales in the third quarter were $2.38 billion, an increase of 14.2 percent compared with net sales of $2.09 billion during the same period in fiscal 2010.

    click here
  • 11.10.2011

    Amazon Strongly Supports Enactment of Enzi-Durbin-Alexander Federal Online Sales Tax Bill

    Amazon.com, Inc. today confirmed its strong support for the federal bill introduced this morning by United States Senators Enzi, Durbin, and Alexander, that would create a constitutional framework for collecting sales tax online.

    "Amazon strongly supports enactment of the Enzi-Durbin-Alexander bill and will work with Congress, retailers, and the states to get this bi-partisan legislation passed," said Paul Misener, Amazon vice president, global public policy. "It's a win-win resolution - and as analysts have noted, Amazon offers customers the best prices with or without sales tax."

    If enacted, the Enzi-Durbin-Alexander bill will allow states to require out of state retailers to collect sales tax at the time of purchase and remit those taxes on behalf of customers, and it will facilitate collection on behalf of third party sellers. Thus, this bill will allow states to obtain additional revenue without new taxes or federal spending and will make it easy for consumers and small retailers to comply with state sales tax laws.

    click here
  • 11.10.2011

    Bertelsmann’s Revenues and Group Profit Up Year-on-Year After Nine Months of 2011

    Bertelsmann, the international media group, reports increased revenues and Group profit for the first nine months of the 2011 fiscal year. Group revenues from continuing operations for January to the end of September 2011 increased by 2.3 percent to €10.7 billion. Excluding portfolio and currency effects, organic growth came to 2.8 percent. All of the Group’s divisions contributed to this result. At €1,032 million (previous year: €1.043 million) Operating EBIT remained stable at a high level; it was impacted by start-up losses incurred as planned in the building of new businesses. Return on sales was 9.6 percent for the period (previous year: 9.9 percent).

    Group profit at the end of September was €377 million, up from €357 million for the first nine months of the previous year. One major contributing factor was a substantially improved financial result, an item that was impacted by capital measures in the prior year.

    Bertelsmann remains confident about the results of the full year and confirms its forecast of moderate growth in Group revenues, Operating EBIT slightly below last year’s, and a year-on-year increase in Group profit.

    click here
  • 11.10.2011

    Crude Rises Near Three-Month High on Europe Sentiment, U.S. Inventories

    Oil rose in New York on speculation Europe’s economy may weather the region’s debt crisis, as equity markets trimmed opening losses and the euro recovered against the dollar.

    Futures advanced as much as 1.4 percent, reversing an earlier decline of 0.6 percent. Crude fell yesterday, halting a five-day rally, amid concern that the debt crisis had spread to Italy and would stifle growth in the countries that use the euro. The International Energy Agency reduced forecasts for global oil demand in 2012 for a third month on weaker prospects for developed nations.

    “It’s quite bullish at the moment in the oil market,” said Gerrit Zambo, a trader at Bayerische Landesbank in Munich. “But the bullish sentiment can easily turn again if we see markets crashing further due to the Italian situation.”

    Crude for December delivery on the New York Mercantile Exchange rose as much as $1.37 to $97.11 a barrel. It was at $96.86 at 10:10 a.m. London time. Yesterday, the contract climbed to a three-month high of $97.84 before falling to settle at $95.74. Prices are up 5.6 percent this year.

    Brent oil for December settlement on the London-based ICE Futures Europe exchange rose $1.25 to $113.56 a barrel. The European benchmark was at a premium of $16.45 to New York crude, compared with $16.57 at yesterday’s close, the lowest since Oct. 31. It closed at a record high of $27.88 on Oct. 14.

    click here
  • 11.10.2011

    Cascades Continues to Implement Strategic Measures and Announces Third Quarter Results

    Cascades Inc., a leader in the recovery of recyclable materials and the manufacturing of green packaging and tissue paper products, announces its financial results for the three-month and nine-month periods ended September 30, 2011.

    Third Quarter 2011 Financial Highlights
    Improved operating results compared to Q2 2011, in spite of the increase in average raw material costs and the production
    interruption following a flood in one of our tissue mills.

    27% sequential increase ($17 million) in operating income before depreciation and amortization (EBITDA), excluding specific items.

    Significant F/X gains on working capital items and on our cash management following the divestiture of Dopaco.

    Almost fourfold increase in cash flow from operations in comparison to Q2 2011.

    Notwithstanding significant improved operating results compared to the previous quarter, net loss per share, excluding specific items,of $0.05 given tax adjustments of approximately $7 million ($0.07 per share).

    Net loss per share, including specific items, of $0.20, mostly reflecting net impairment losses and unrealized losses on financial instruments (both non-cash items).

    click here
  • 11.10.2011

    Consolidated Graphics Boosts Performance and Drives New Business with KODAK PROSPER 5000XL Press

    Consolidated Graphics, Inc., one of North America’s leading commercial printers with the world’s largest integrated digital printing footprint, has purchased a KODAK PROSPER 5000XL Press for its Automated Graphic Systems (AGS) facility in White Plains, Md. AGS is using the PROSPER Press to extend its technology leadership position in the market and provide full-color, on-demand publishing to its broad range of clients. 

    Consolidated Graphics installed the press in November 2010 as part of the PROSPER Press pioneer program and has been evaluating the device in a production environment with outstanding results. The PROSPER 5000XL Press joins the more than 30 KODAK NEXPRESS Digital Production Color Presses installed in multiple Consolidated Graphics companies to deliver versatile digital printing options from lower volumes to very high speed—all with high quality. 

    “High-volume, variable data, production inkjet printing technology is a key ingredient in our current and long-range plans, and the PROSPER 5000XL Press gives us the quality and productivity we need to move the business forward,” said Ric Davis, Executive Vice President, Purchasing and Operations, Consolidated Graphics. “We have been impressed with the performance and reliability of the press, and know that this is a smart investment for our company.”

    click here
  • 11.10.2011

    US Retailers Forecast 2.9% Increase in Total 2011 Holiday Sales, BDO Survey Finds

    Soft consumer confidence and lingering unemployment have retailers looking to the 2011 holiday season with caution.  According to a recent BDO USA survey, chief marketing officers at leading US retailers expect a modest 2.9 percent increase in total holiday sales this year.  This is a less optimistic point of view compared to the projected 3.5 percent increase in 2010 (and the actual 5.2 percent increase reported by the National Retail Federation).  Overall, 41 percent of CMOs expect an increase, down from 2010 (52 percent) and 2009 (47 percent).  However, CMOs at the top 100 largest retailers included in the sample are more optimistic, with 67 percent expecting an increase in overall holiday sales. 

    Retailers also fear another year of excessive discounting and markdowns to clear inventory.  While 23 percent say they have increased inventory purchases for the holidays, the vast majority (65 percent) say their inventory purchases have stayed about the same compared to 2010.  Overall, CMOs expect inventory levels to be up by less than one percent (0.7 percent) – a far cry from the 2.8 percent increase projected in 2010.  Most CMOs (52 percent) also say they’re making no change in SKUs (stock keeping units).  Overall CMOs project SKUs to be down slightly (-0.2 percent), meaning less variety for consumers. 

    “With a weak jobs outlook and the economy still in flux, most retailers are not expecting big sales increases this holiday season,” said Doug Hart, partner in the Retail and Consumer Product Practice at BDO USA, LLP.  “However, larger retailers appear to be more confident that their greater purchasing power and resources will allow them to be more competitive in this environment.  Across the board retailers are dialing back the recent trend of expanding merchandise offerings, and are instead looking for a signal of recovering consumer spending before making big inventory investments.”

    click here
  • 11.10.2011

    Paper Recycling Conference: The Mills' Vantage Point

    Concerns about the availability of recovered fiber as well as the quality of the material available were among the challenges Steve Silver, president and CEO of FutureMark Paper, based in Alsip, Ill., and Jim Porter, president of corrugated packaging and recycling at RockTenn, Norcross, Ga., saw for the paper industry.

    Silver and Porter participated in the session, “The Mill Viewpoint,” which was moderated by Kevin Duncombe, president of Western Pacific Pulp & Paper, Downey, Calif., and Jim Keefe, group publisher of the Recycling Today Media Group, Richfield, Ohio, at the Paper Recycng Conference & Trade Show. The event was Oct. 23-25 at the Marriott Downtown Chicago Magnificent Mile.

    Porter said concerns about recovered fiber availability led RockTenn to invest in virgin fiber with its acquisition of Smurfit-Stone. The acquisition helped provide balance to RockTenn’s raw material supplies, which had been heavily weighted toward recovered fiber. In 2010 recovered fiber accounted for 82 percent of RockTenn’s raw material. Following the acquisition, virgin fiber accounts for 55 percent of RockTenn’s raw material, while recovered fiber accounts for 45 percent, according to the company.

    Silver said it was unfair to say the United States suffers from low recovery rates for fiber, noting that tissue production needed to be taken out of the equation, as it cannot be recovered for recycling. In 2009, the most recent year the American Forest & Paper Association (AF&PA), Washington, D.C., has reported recovery figures for, 63.4 percent of the paper consumed domestically was recovered for recycling.

    Silver said when FutureMark was first established in November of 2009, it was 100 percent reliant on brokers for material. Since then, the mill has been developing its own collection system in an effort to lessen price volatility and have more control over quality, he added.

    Silver said most companies were not willing to pay more for recycled content in their paper, meaning FutureMark needs to be able to compete with paper made from virgin sources. This can be a challenge, particularly since the company’s recovered fiber costs increased by 45 percent from Christmas 2010 through June 2011, he added. “I can’t put a surcharge on my product if my competitor doesn’t do it when it consumes virgin material.”

    click here
  • 11.10.2011

    Sappi Limited Announces Major Investment in North American Operations

    Sappi Limited announced today the approval of a US$170 million capital project to convert the kraft pulp mill in Cloquet, Minnesota to chemical cellulose used in textile and consumer goods markets. The planned conversion is slated to come online in 2013 and once complete will allow the production of 330,000 metric tons of chemical cellulose per year. Approved capital plans also call for a US$13 million project to upgrade coated paper manufacturing at the Sappi Somerset Mill in Skowhegan, Maine. These investments reflect Sappi Limited's confidence that the North American region can play a significant role in the global chemical cellulose market, complementing already strong market positions in release and fine papers.

    "The chemical cellulose conversion project at the Cloquet Mill is consistent with our announced strategy to diversify further into this fast growing segment," said Ralph Boettger, Chief Executive Officer Sappi Limited. "The globally low cost position of Sappi's Cloquet pulp mill will provide an attractive platform for growth with our current chemical cellulose customers as well as open up new markets to us."

    Sappi is currently the world's largest manufacturer of chemical cellulose out of its Saiccor Mill in KwaZulu-Natal, South Africa. The Cloquet project, together with the earlier announced expansion at the Sappi Ngodwana Mill in South Africa will bring Sappi's total chemical cellulose capacity to over 1.3 million metric tons per year.

    click here
  • 11.10.2011

    Sappi Limited Results for the Fourth Quarter and Year Ended September 2011

    Financial Summary for the quarter:

    Operating profit excluding special items: US$80 million, up 33% on Q3 2011 (Q4 2010 US$129 million)
    Cash generation: US$279 million (Q4 2010 US$238 million)
    Strategic initiatives result in asset impairment and restructuring charges of US$165 million
    North American business and Southern African chemical cellulose business continued to perform strongly
    High input costs continued to squeeze margins
    Loss per share of 24 US cents (Q4 2010 EPS of 16 US cents)

    click here
  • 11.10.2011

    Hearst supersizes HGTV Magazine rollout

    HGTV Magazine, the first new magazine introduced by Hearst Magazines since David Carey took the reins as president in mid-2010, looks like it is a runaway hit right out of the gate.

    The publisher is taking the unusual step of printing a second run of another 135,000 copies, Media Ink has learned.

    In April, Hearst and Scripps Networks Interactive’s HGTV said they would release two test issues of the magazine in October and January based on the home-improvement channel’s programming.

    The same pairing had already given rise to the successful launch of Food Network Magazine.

    Hearst introduced HGTV Magazine last month, and so far it has sold 200,000 of the original 350,000 sent to retail outlets.

    The publisher has received subscription orders for another 215,000 copies, even though Hearst and its partner Scripps have yet to greenlight the project beyond January.

    click here
  • 11.10.2011

    Baker Publishing to Sell on Espresso Book Machine

    After a flurry of announcements in recent weeks that both HarperCollins and O’Reilly Media have signed with On Demand Books to make their books available on the company’s Espresso Book Machine, ODB announced its first major Christian publisher contract with Baker Publishing Group. Under the agreement Baker will make substantially all of its entire paperback list available through the EBM network.
     
    “We believe the Espresso Book Machine in a local bookstore offers the book-reading customer the best overall access to printed books at the time they are in store and ready to purchase a title,” says Baker executive v-p of sales and marketing David Lewis, adding that the EBM gives independents a better chance to survive. “It allows a local bookseller to compete on selection with online retailers.”
     
    In June, ODB signed a joint marketing agreement with the Association for Christian Retail to encourage Christian publishers to make their books available on the EBM. ODM also showcased the book machine at the International Christian Retail Show in July.    
    click here
  • 11.10.2011

    Quad/Graphics Reports Third Quarter 2011 Results

    Quad/Graphics, Inc., today reported results for its third quarter ending September 30, 2011, and declared a cash dividend of $0.20 per share, payable on December 10, 2011, to shareholders of record as of November 30, 2011. The results reported below include the Company's Canadian operations, which are in the process of being sold, unless otherwise noted.

    Third quarter 2011 net sales were $1,186 million versus $1,209 million for the same period in 2010. The results reflect moderate declines in volume primarily due to macroeconomic pressures, including continuing industry softness in the book market, and an aggressive pricing environment. Adjusted EBITDA for the third quarter was $173.6 million versus $159.2 million in the same period in 2010. The increase in Adjusted EBITDA was mostly attributable to Worldcolor transaction synergy savings and lower incentive compensation. Adjusted EBITDA was adversely affected by volume and pricing pressures, as well as temporary productivity declines associated with transitioning work from plants being consolidated as part of the Worldcolor integration.

    "The volume declines we began to see late in the second quarter accelerated during the third quarter, and included continued weakness in the book market," said Joel Quadracci, Chairman, President & CEO. "This, along with temporary productivity declines and ongoing competitive pricing pressures, resulted in Adjusted EBITDA below what we had anticipated for the quarter. Given this environment, we remain focused on performing well for our customers, improving productivity and aggressively managing costs to produce results that drive shareholder value."

    click here
  • 11.10.2011

    All generations prefer paper to digital media when it comes to reading, new European research reveals

    In a wide-ranging new survey, a new generation of digital natives show strong preferences for paper; still the favoured medium of all age groups for reading and safe keeping of documents. The research conducted by IPSOS, in association with industry organisations Two Sides and Print Power, interviewed 4,500 European consumers who declared their preference for paper based media in a digital world.
    click here
  • 11.10.2011

    The Yankee Candle Company, Inc. Reports Fiscal 2011 Third Quarter Results

    Yankee Holding Corp. and The Yankee Candle Company, Inc. today announced financial results for the third quarter ended October 1, 2011.  Yankee Holding Corp., a direct subsidiary of YCC Holdings LLC, is a holding company formed in connection with the Company's Merger with an affiliate of Madison Dearborn Partners, LLC on February 6, 2007 (the "Merger"), and is the parent company of The Yankee Candle Company, Inc.

    Sales for the third quarter of 2011 were $195.1 million, a $19.4 million or 11.0% increase from the prior year third quarter.  Retail sales were $84.9 million, an increase of $5.3 million or 6.6% from the prior year quarter. Sales in the Company's Wholesale segment were $83.2 million, an increase of $7.0 million or 9.2% versus the prior year third quarter.  Sales in the Company's International segment, which is being reported as a separate business segment beginning in 2011 after previously having been included in the Wholesale segment, were $27.0 million, an increase of $7.1 million or 35.6% from the third quarter of fiscal 2010.  The Company recorded net income of $12.5 million for the third quarter of 2011 compared to net income of $8.8 million for the third quarter of 2010.  

    click here
  • 11.10.2011

    RDA Holding Co. Announces Results for the Third Quarter Ended September 30, 2011

    RDA Holding Co., parent company of The Reader's Digest Association, Inc., the global multi-brand and multi-platform media and direct marketing company, announced today its financial results for the three-month period ended September 30, 2011.

    Revenue increased 4.4% from the 2010 quarter to $357.0 million. On a constant currency basis and excluding the effects of fair value adjustments, revenue declined 4.7% primarily due to a significant decline in our Lifestyle & Entertainment Direct segment (LED), declining advertising in our recently sold Every Day with Rachael Ray (EDWRR) title, and declining renewals on certain titles within our North America segment. This was primarily offset by increased book revenue in our North America segment as well as increased offerings and targeted promotion efforts in our major European markets and our Humana partnership, which we entered into earlier this year.

    Net loss improved to a loss of $76.8 million compared to a loss of $86.8 million for the 2010 period, primarily due to the combined effects of modestly higher product sales in our North America segment, as well as lower impairment charges and lower fair value adjustments. These improvements were offset by a significant decline in our LED segment, declining advertising in the EDWRR title, declining renewals on certain titles within our North America segment, and the effects of foreign exchange translation.

    click here
  • 11.10.2011

    Kohl's Corporation Reports Third Quarter Financial Results

    Kohl's Corporation today reported results for the fiscal period ended October 29, 2011.

    Kohl's Corporation reported third quarter diluted earnings per share increased 40 percent to $0.80. Net income for the quarter increased 20 percent to $211 million, compared to $176 million ($0.57 per diluted share) a year ago. Net sales were $4.4 billion, an increase of 3.8 percent over the comparable prior year quarter. Comparable store sales for the quarter increased 2.1 percent.

    On a year-to-date basis, diluted earnings per share increased 26 percent to $2.56. Net income was $711 million, compared with $626 million ($2.03 per diluted share) for the first nine months of fiscal 2010. Net sales were $12.8 billion, an increase of 3.5 percent. Year-to-date comparable store sales increased 1.7 percent.

    click here
  • 11.10.2011

    Cenveo Announces Third Quarter 2011 Results

    Cenveo, Inc. today announced results for the three and nine months ended October 1, 2011.
    For the three months ended October 1, 2011, net sales increased approximately 10.0% to $500.6 million, compared to $455.1 million for the three months ended October 2, 2010, primarily due to the acquisition of MeadWestvaco Corporation's Envelope Product Group ("EPG"), which closed in February, and growth from the Company's direct envelope group, which benefited from strong direct mail volumes.  For the nine months ended October 1, 2011, net sales increased approximately 10.7% to $1.50 billion, compared to $1.35 billion for the nine months ended October 2, 2010. This increase was driven by the acquisition of EPG and organic growth in the Company's direct envelope, custom label, content management, and specialty packaging product lines.

    The Company generated operating income of $35.7 million for the three months ended October 1, 2011, compared to an operating loss of $156.1 million for the three months ended October 2, 2010. This increase was a result of lower restructuring and impairment charges, a lower operating cost structure than prior year and contributions from the EPG acquisition. Non-GAAP operating income increased 12.0% to $44.3 million for the three months ended October 1, 2011, compared to $39.5 million for the three months ended October 2, 2010. For the nine months ended October 1, 2011, the Company generated operating income of $87.2 million, compared to an operating loss of $124.6 million for the nine months ended October 2, 2010. This increase was a result of lower restructuring and impairment charges, a lower operating cost structure than prior year and contributions from the EPG acquisition. For the nine months ended October 1, 2011, non-GAAP operating income increased 11.5% to $119.4 mi llion, compared to $107.1 million for the nine months ended October 2, 2010. Non-GAAP operating income excludes integration, acquisition and other charges, stock-based compensation provision, restructuring and impairment charges and divested operations or assets held for sale. A reconciliation of operating income to non-GAAP operating income is presented in the attached tables.

    click here
  • 11.10.2011

    RockTenn Reports Results for the Fourth Quarter of Fiscal 2011

    RockTenn today reported earnings for the quarter ended September 30, 2011 of $1.17 per diluted share and adjusted earnings of $1.70 per diluted share.

    Net sales of $2,463.5 million for the fourth quarter of fiscal 2011 increased $1,656.7 million over the fourth quarter of fiscal 2010, primarily as a result of the full quarter impact of the May 27, 2011, Smurfit-Stone acquisition.

    Segment income, adjusted to eliminate $4.0 million of pre-tax acquisition inventory step-up was $241.0 million, up 81.9% over the prior year quarter, primarily as a result of the Smurfit-Stone acquisition.

    RockTenn's restructuring and other costs and operating losses and transition costs due to plant closures, net of related noncontrolling interest were $0.35 per diluted share after-tax, for the fourth quarter of fiscal 2011. These costs consisted primarily of $18.0 million of pre-tax facility closure charges primarily related to former Smurfit-Stone corrugated container plants, $8.7 million of pre-tax integration costs that primarily consisted of severance and other employee costs and professional services, $4.0 million of pre-tax acquisition costs, $3.3 million pre-tax operating losses and transition costs in connection with consolidating converting facilities and a charge of $3.3 million for tax adjustments related primarily to non-deductible acquisition costs.

    click here
  • 11.09.2011

    Multi-Color Corporation Announces Results for Second Quarter of Fiscal Year 2012

    Multi-Color Corporation today announced second quarter increases in net revenues and gross profit.

    Net revenues increased 13% to $102.6 million from $90.6 million compared to the three months ended September 30, 2010.  Net revenues increased 10% or $9 million in the three months ending September 30, 2011 due to acquisitions and start-ups that occurred after September 30, 2010.  The remaining increase was due to a 5% favorable impact of foreign exchange rates primarily driven by the strengthening Australian dollar and Euro partially offset by a 2% decline in sales volumes.  

    Gross profit increased $2.7 million or 14% compared to the three months ended September 30, 2010.  Adjusted for special items in the prior year quarter, gross profit increased $2.2 million or 12%.  Acquisitions and start-ups occurring after September 30, 2010 contributed 5% to the adjusted gross profit increase.  The remaining 7% increase was due to the impact of favorable foreign exchange rates and improved operating efficiencies.  Gross margins, adjusted for special items, were 21% of sales revenues for the three months ended September 30, 2011 and 2010. 

    click here
  • 11.09.2011

    Macy's, Inc. Reports Third Quarter Earnings of 32 Cents Per Diluted Share

    Macy's, Inc. today reported strong third quarter earnings that reflect ongoing sales growth and success in implementing the company's key business strategies. Earnings were 32 cents per diluted share for the third quarter of 2011, ended Oct. 29, 2011. This compares with earnings of 2 cents per diluted share in last year's third quarter, or 8 cents per diluted share in last year's third quarter excluding expenses of 6 cents per share associated with the repurchase of debt.

    Sales in the third quarter totaled $5.853 billion, up 4.1 percent from total sales of $5.623 billion in the third quarter of 2010. On a same-store basis, Macy's, Inc.'s third quarter sales were up 4.0 percent.

    For the year to date, Macy's, Inc. sales totaled $17.681 billion, up 5.7 percent from total sales of $16.734 billion in the first 39 weeks of 2010. On a same-store basis, Macy's, Inc.'s year-to-date sales were up 5.3 percent.

    Online sales (macys.com and bloomingdales.com combined) were up 39.8 percent in the third quarter and 39.4 percent year to date, compared with the same periods in 2010. Online sales positively affected the company's same-store sales by 1.5 percentage points in the third quarter and 1.4 percentage points in the year to date. Online sales are included in the same-store sales calculation for Macy's, Inc.

    click here
  • 11.09.2011

    Neenah Paper Reports 2011 Third Quarter Results

    Neenah Paper, Inc. today reported a 40 percent increase in earnings per diluted common share, with $0.42 in the third quarter of 2011 compared to $0.30 in the third quarter of 2010.

    Net sales of $174.9 million in the third quarter of 2011 rose eight percent compared to the third quarter of 2010, while consolidated operating income increased seven percent, growing to $12.5 million in the current quarter from $11.7 million in the third quarter of 2010.

    Technical Products net sales of $107.1 million in the third quarter of 2011 increased 13 percent compared to $94.8 million in the third quarter of 2010. Volumes increased four percent, led by growth in filtration, tape and wall cover. Average selling prices were up two percent, reflecting price increases implemented over the past year and sales of more advanced, higher value products. The remaining sales growth was due to currency impacts from a stronger Euro.

    Fine Paper third quarter 2011 net sales of $67.8 million grew two percent compared to $66.7 million in 2010. A four percent decline in volume, reflecting continued weak market conditions, was more than offset by a six percent gain in average selling prices. Higher average prices reflected benefits from sales growth in higher value products, as well as price increases implemented over the past year. Volumes in targeted growth areas such as labels, luxury packaging and international markets increased by more than six percent in the quarter.

    click here
  • 11.09.2011

    1.38 million books given to reception-aged children from Booktime

    New research[iii] published today (9 November 2011) reveals that 98% of primary school teachers are concerned that not enough reading for pleasure is taking place in some of the nation’s homes and that this is having an impact on the time pupils spend reading and talking about books in school.

    As part of the research, which has been commissioned by Booktime, the national free books programme for reception-aged pupils in England, over 1,000 parents and carers along with 200 primary school teachers participated in the study to explore the modern realities of children’s reading habits.

    Teachers said that they could see a clear difference between those children who are read with at home and those who are not:   72% of teachers attributed developed language skills and more advanced reading levels to those children who regularly enjoy shared book time with a parent/carers in the home, 30% of teachers found that these pupils also tend to be the first to answer questions in class/first with their hand up and 23% of teachers believe that children who are read with at home are better behaved children in class.

    click here
  • 11.09.2011

    Adobe Reaffirms Fourth Quarter FY2011 Revenue Target, Restructures to Align Business around Digital Media, Digital Marketing

    Adobe Systems Incorporated (Nasdaq:ADBE) today provided a business update for its fourth quarter fiscal year 2011, ending Dec. 2, 2011.  The company also announced plans to further align its business around the explosive growth categories of Digital Media and Digital Marketing solutions.

    Adobe is investing aggressively in Digital Media and Digital Marketing, two growing market areas.  In Digital Media, the company is the industry leader in content authoring solutions, enabling customers to create, distribute and monetize digital content.  In Digital Marketing, the company intends to be the leader in solutions to manage, measure and optimize digital marketing and advertising.

    In order to better align resources around Digital Media and Digital Marketing, Adobe is restructuring its business. This will result in the elimination of approximately 750 full-time positions primarily in North America and Europe. We expect to record in the aggregate approximately $87 million to $94 million in pre-tax restructuring charges. Included in these charges are (i) approximately $17 million to $19 million primarily related to the consolidation of leased facilities and (ii) approximately $70 million to $75 million related to employee severance arrangements. We expect to record approximately $73 million to $78 million of these charges in the fiscal quarter ending Dec. 2, 2011.

    click here
  • 11.09.2011

    Crude Oil Declines on Concern Italy’s Turmoil May Derail European Economy

    Oil declined for the first time in six days in New York after political turmoil in Italy revived concern that Europe’s debt crisis may continue to spread.

    Futures fell as much as 1.9 percent after reaching their highest price in more than three months. European equities declined as the cost of insuring against Italian default rose to a record. The euro sank 1 percent against the dollar, reducing the appeal of commodities priced in the U.S. currency.

    “Further deterioration of the euro-zone crisis has shifted its focus from Greece to Italy, an economy too big to be bailed out,” said James Zhang, a strategist at Standard Bank Plc in London. “It has spurred a general ‘risk off’ in the market.”

    Crude for December delivery dropped as much as $1.79 to $95.01 a barrel in electronic trading on the New York Mercantile Exchange and was at $95.26 at 11:37 a.m. London time. The contract earlier advanced to $97.32, the highest since Aug. 1.

    Brent oil for December settlement on the ICE Futures Europe exchange in London was down 1.7 percent at $113.10 a barrel, reversing a gain of 0.7 percent to $115.75 a barrel. The European benchmark was at a premium of $18.40 to New York crude, compared with a record settlement of $27.88 on Oct. 14.

    click here
  • 11.09.2011

    Interfor’s Q3 Results Improve on Higher Sales Revenue

    INTERNATIONAL FOREST PRODUCTS LIMITED reported net income of $6,000 or $0.00 per share in the third quarter of 2011. Included in the Company's accounts in the quarter was the effect of unrecognized tax assets of $0.6 million and other one-time items of $1.1 million.

    Excluding these items, Interfor recorded a net loss of $0.5 million or $0.01 per share compared to a net loss of $2.9 million or $0.05 per share in the immediately preceding quarter and a loss of $1.1 million or $0.02 per share in the third quarter of 2010.

    Also included in the Company's accounts in the third quarter was a recovery of share-based compensation expense of $0.9 million or $0.02 per share compared to a recovery of $3.1 million or $0.06 per in the second quarter.

    Sales revenue in the third quarter was $200.2 million, up $12.0 million or 6.4% versus the second quarter, resulting from higher log and lumber sales volumes and prices.

    click here
  • 11.09.2011

    International Paper Prices $1.5 Billion of Senior Unsecured Notes

    International Paper today announced that it has priced $900 million of 4.75% senior unsecured notes due 2022 and $600 million of 6.00% senior unsecured notes due 2041. The offering was made pursuant to an effective shelf registration statement.

    International Paper intends to use the net proceeds from the sale of the notes, together with other committed debt financing and available cash, to finance its proposed acquisition of Temple-Inland Inc., which is expected to close in the fourth quarter of 2011 or the first quarter of 2012, subject to customary closing conditions.

    click here
  • 11.09.2011

    Statement on Proceeding with Exigent Pricing Relief

    As a result of the Postal Regulatory Commission’s (PRC) Oct. 31 order denying a motion by the Postal Service to “stay” its request for exigent price relief until Dec. 15, 2011, the Postal Service today informed the Commission that it will continue to proceed with the case. If legislation passes that promotes the Postal Service's financial stability, the Postal Service will review its position and may choose to withdraw the case if warranted.

    The Postal Act of 2006 capped price increases for Mailing Services products and services at the rate of inflation as measured by the Consumer Price Index (CPI). However, the law does allow for increases beyond the CPI cap due to exceptional or extraordinary circumstances. That was the case in July 2010 when the Postal Service filed for an increase above CPI, citing the exceptional circumstances of significant mail volume losses. The Postal Service financial crisis has worsened since then.

    While legislation continues to be introduced to address critical Postal Service issues, the uncertainty over Congressional action leaves the Postal Service little choice but to proceed with the case for now.

    click here
  • 11.09.2011

    Opposition To USPS Pursuing Exigent Rate Case

    The U.S. Postal Service’s decision to pursue an exigent rate increase after the Postal Regulatory Commission denied a motion by the USPS to “stay” its request for exigent price relief until Dec. 15, 2011 has sparked opposition to the USPS’s stance.

    The Postal Service really only has two issues, says Larry Davis, vice president of marketing for gifts merchant Ross-Simons.

    “Not enough revenue and costs that are too high,” he says. “Other than that, they have a great product. And quite honestly, they aren’t going to fix either of these two issues by appealing their rate case.”

    The USPS seems to moving in the right direction to fix its cost problems, Davis adds. “It needs Congress to unshackle them from a legacy footprint, unwieldy labor contracts and a health-care pre-funding requirement that would sink most of the Eurozone. Their recent efforts on costs are to be applauded.”

    click here
  • 11.08.2011

    Urban Outfitters, Inc. Provides Third Quarter Sales Update

    Urban Outfitters, Inc., a leading lifestyle specialty retail company operating under the Anthropologie, Free People, BHLDN, Terrain and Urban Outfitters brands today provided an update on sales for the three months ended October 31, 2011.

    For the third quarter of fiscal 2012, total company net sales increased 6% over the same quarter last year to $610 million. Comparable retail segment net sales, which include the direct-to-consumer channels, decreased 3% for the quarter, while comparable store net sales decreased 7% for the quarter. Comparable retail segment net sales at Free People increased 14%, were flat at Urban Outfitters, and decreased 7% at Anthropologie. Direct-to-consumer comparable net sales increased 15% and wholesale segment net sales rose 13% for the quarter.

    During the three months ended October 31, 2011, the Company opened seven new Urban Outfitters stores, four new Anthropologie stores, four new Free People stores and one BHLDN store.

    click here
© 2010 Midland Paper, Packaging & Supplies. Content Credits