Paperclips Blog | Macys Inc Results

02.26.2013
Martha Stewart Living Omnimedia Reports Fourth Quarter and Full Year 2012 Results

Martha Stewart Living Omnimedia, Inc. today announced its results for the fourth quarter and full year ended December 31, 2012. The Company reported revenue for the fourth quarter and full year of $56.4 million and $197.6 million, respectively.

Dan Taitz, Interim Principal Executive Officer, said, "The Company produced higher Adjusted EBITDA for both the fourth quarter and full-year compared to the respective 2011 periods due to important actions taken to lower our cost structure and align our businesses for the future. Merchandising delivered a strong holiday season and a good year overall with strong revenue growth and improved profit margins. MSLO still has much work to do in 2013 as the Company positions itself to return to sustained profitability."

Fourth Quarter 2012 Summary: Total revenues were $56.4 million in the fourth quarter of 2012, compared to $61.7 million in the fourth quarter of 2011, due to lower revenues in the publishing and broadcasting segments, partially off-set by higher merchandising revenues.

Total operating income for the fourth quarter of 2012 was $1.4 million, compared with a loss of $(0.04) million in the prior-year period. The fourth quarter of 2012 included $(3.5) million in charges related to the restructuring moves in our media business. The fourth quarter of 2011 included a $(1.3) million restructuring charge related to severance costs and staffing adjustments.

Full-Year 2012 Summary: Total revenues were $197.6 million in 2012, compared to $221.4 million in 2011.

Total operating loss for the full-year 2012 was $(56.4) million, compared to an operating loss of $(18.6) million in 2011. Included in 2012 results were restructuring and other non-recurring charges of $(49.1) million, which included a $(44.3) million non-cash impairment charge reflecting the write-down of goodwill related to the Company's publishing segment. Restructuring and other non-recurring charges in 2011 totaled $(5.1) million.

Adjusted EBITDA, which excludes the aforementioned charges, was $0.5 million for 2012, compared to an adjusted EBITDA loss of $(4.0) million in the prior year.

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02.26.2013
Dillard’s Q4 profit up; same-store sales up for 10th straight quarter

Dillard’s Inc. posted fourth-quarter net income of $161.4 million, up 14% over the year-ago period. It also reported its 10th consecutive quarter of same-store sales growth.

The department store company posted quarterly net sales of $2.106 billion, up 7% from $1.970 billion during the same quarter last year. (Net sales include the operations of the company's construction business, CDI Contractors LLC of Little Rock. Excluding CDI, total merchandise sales were $2.087 billion, up 7% from $1.946 billion during the same quarter last year.)

Same-store sales were up 3%.

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02.26.2013
Future To Launch Official Pokémon Magazine In UK

Future, the international specialist media group and leading digital publisher, today announces its deal with The Pokémon Company International to launch Official Pokémon Magazine in the UK.

On sale 20th March, Official Pokémon Magazine is the latest print launch from Future and will tap into the global Pokémon phenomenon. The magazine will be a one-stop shop for everything Pokémon, providing UK fans with the ultimate guide to all the latest Pokémon video game, TV series, film and Pokémon Trading Card Game information. The magazine will also feature activities, puzzles and competitions, and each issue will come with a Pokémon-themed cover mounted gift.

With entertainment content including video games, the Pokémon Trading Card Game, a TV series broadcast on CITV, movies and toys, Pokémon is one of the most popular global children’s entertainment properties in the UK.

Official Pokémon Magazine will have a print frequency of 13 issues per year and will sit within Future’s Entertainment Group which comprises film and video game titles, including Official Nintendo Magazine and its related properties. The magazine will be edited by Editor-in-Chief, Chandra Nair.
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02.26.2013
Girl Scouts to Sell Magazine Subs

When Girl Scout troops knock on your door this year, they may have more than just cookies for sale.

Magazine subscription agency M2 Media Group has entered into a licensing agreement with Girl Scouts of the United States of America to provide a new product sales program opportunity for Girl Scout councils nationwide. M2 will partner with local Girl Scout councils to provide members the opportunity to sell magazines and digital subscriptions, utilizing both an online marketplace and face-to-face sales.

“Girl Scouts sell products to raise money. Obviously, the cookie sale is one of the biggest and most beloved fundraising programs in the world,” says Michael Donnarumma, vice president of sales at M2. “But Girl Scouts can now participate in magazine fundraising sales, selling to friends and family to raise money for their troops.”

Donnarumma says when the Girl Scouts’ season starts in the fall—about four months before cookie sales launch—there is a great deal of money needed to get programs running. With this opt-in program, troops will now be able to sell magazines at the beginning of their season to generate start-up funds for their upcoming meetings, allowing local Girl Scout councils to generate additional revenue before the cookie-selling season.

“We’ve created an online marketing program to do it in a simplistic way using the Internet,” he says. “Going door-to-door is something the Girl Scouts are cautious of in this day-and-age, which is the reason we’re utilizing technology as a method to connect with lots of people in a safe way. We’re putting together an online and landed catalog so the girls will have collateral material to sell subscriptions to family members and friends.”

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02.26.2013
EUROGRAPH Publishes January Monthly Statistics of the European Graphic Papers Industry

Total European Shipments of Graphic Papers in January were up 1% over 2012.
Total European Shipments of Newsprint in January were up 1.2% over 2012.
Total European Shipments of SC-Magazine in January were up 3.2% over 2012.
Total European Shipments of Coated Mechanical Reels in January were down 3.2% vs. 2012.
Total European Shipments of Uncoated Mechanical in January were up 4.2% over 2012.
Total European Shipments of Coated Woodfree in January were up 1.1% over 2012.
Total European Shipments of Uncoated Woodfree in January were up 2.8% over 2012.
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02.26.2013
Millinocket Great Northern Paper Buildings to be torn down to make way for industrial park

Most of the old Great Northern Paper Co.’s buildings will be razed as the new GNP and its parent company prep the Katahdin Avenue mill site for an industrial park, a company spokesman said Saturday.

Cate Street Capital executives are keeping busy with the razing of six buildings totaling about 127,760 square feet, continuing development of a torrefied wood factory on the site, plans to start a $120 million pellet mill in Eastport next year, and the continuing success of the East Millinocket paper mill, said spokesman Scott Tranchemontagne.

Work on the Katahdin Avenue campus began last fall when contractors began developing a site for a $35 million torrefied wood mill that Cate Street subsidiary Thermogen Industries LLChopes to begin building this this spring, when the ground thaws. Thermogen is also developing the Eastport project.

Due to start in two weeks, the razing of the old buildings will clear space for an accompanying industrial park, Tranchemontagne said.

“There is a lot going on on the campus,” Tranchemontagne said. “For the last couple of months, we have been rewiring many of the buildings and essentially dismantling power lines from some of the other buildings because they are dilapidated and we will take them down.”

The No. 11 paper machine owned by the new Great Northern Paper Co. LLC, another Cate Street subsidiary, and the machine’s accompanying support structures, will remain intact. So will the E&R building, nearby administrative offices, some garages and other, smaller buildings on the site, Tranchemontagne said.
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02.26.2013
Oil Falls to 7-Week Low on Italian Election

West Texas Intermediate oil fell to the lowest level in seven weeks in electronic trading after the settlement as partial election results in Italy heightened concern that the euro-zone debt crisis may deepen.

Prices dropped as much as 1.1 percent as U.S. stocks tumbled and the euro weakened against the dollar. Early election results showed Italy may be left with a divided parliament, spurring concern that renewed turmoil in European markets will crimp global growth. Oil also fell as U.S. Secretary of State John Kerry signaled that a diplomatic solution to a standoff over Iran’s nuclear program is possible.

“The markets don’t like uncertainty,” said Jacob Correll, a Louisville, Kentucky-based analyst at Summit Energy Inc., which manages more than $20 billion in companies’ annual energy spending. “It’s indicative that the euro-zone crisis is not over yet and there is still a lot of headwind.”

WTI for April delivery fell $1.02, or 1.1 percent, to $92.11 a barrel at 5:01 p.m. in electronic trading on the New York Mercantile Exchange.

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02.26.2013
The Home Depot Announces Fourth Quarter and Fiscal 2012 Results

The Home Depot®, the world's largest home improvement retailer, today reported sales of $18.2 billion for the fourth quarter of fiscal 2012, a 13.9 percent increase from the fourth quarter of fiscal 2011. Comparable store sales for the fourth quarter of fiscal 2012 increased 7.0 percent, and comp sales for U.S. stores were 7.1 percent.

Sales for fiscal 2012 were $74.8 billion, an increase of 6.2 percent from fiscal 2011. Total company comparable store sales for the year increased 4.6 percent, and comp sales for U.S. stores were 4.9 percent for the year. Excluding the 53rd week, sales for fiscal 2012 increased by 4.5 percent from fiscal 2011.

Earnings per diluted share in fiscal 2012 were $3.00, compared to $2.47 per diluted share in fiscal 2011, an increase of 21.5 percent. These results reflect a nonrecurring charge of approximately $145 million, net of tax, or $0.10 per diluted share, associated with the China store closings. On an adjusted basis, earnings per diluted share in fiscal 2012 were $3.10, compared to $2.47 per diluted share in fiscal 2011, an increase of 25.5 percent.

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02.26.2013
RR Donnelley Reports Fourth-Quarter and Full-Year 2012 Results

R.R. Donnelley & Sons Company today reported a 2012 fourth-quarter net loss attributable to common shareholders of $849.0 million, or $4.70 per diluted share, on net sales of $2.7 billion compared to a net loss of $326.7 million, or $1.78 per diluted share, on net sales of $2.7 billion in the fourth quarter of 2011. The fourth-quarter net loss attributable to common shareholders included pre-tax net charges, primarily related to non-cash impairment, totaling $1.0 billion in 2012 and $483.9 million in 2011. The non-cash impairment charges followed our annual impairment test of indefinite-lived assets. Additional details regarding the nature of these and other items are included in the attached schedules.

Non-GAAP net earnings attributable to common shareholders totaled $78.1 million, or $0.43 per diluted share, in the fourth quarter of 2012 compared to $85.2 million, or $0.46 per diluted share, in the fourth quarter of 2011. Fourth-quarter non-GAAP net earnings attributable to common shareholders exclude impairment and restructuring charges, gains on pension curtailment, losses on debt extinguishment, acquisition-related expenses and certain income tax adjustments in both years, as well as contingent compensation on a prior acquisition in the fourth quarter of 2011. For non-GAAP comparison purposes, the effective tax rate increased to 33.0% in the fourth quarter of 2012 from 18.8% in the fourth quarter of 2011, primarily due to certain state tax matters in the fourth quarter of 2011. A reconciliation of GAAP net earnings attributable to common shareholders to non-GAAP net earnings attributable to common shareholders is presented in the attached schedules.

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02.26.2013
Macy's, Inc. Reports Its Fourth Consecutive Year of Double-Digit Growth in Earnings Per Share

Macy’s, Inc.’s sales and earnings grew significantly in the fourth quarter and full year 2012, ended Feb. 2, 2013. The company exceeded the guidance it provided coming into 2012, and today is providing new guidance for continued growth and progress in 2013.

“2012 was another great year in our company’s evolving story of growth. The numbers reflect our success in pursuing the right strategies, and executing them with conviction in every part of the business with a talented team we consider to be the best in retailing,” said Terry J. Lundgren, chairman, president and chief executive officer of Macy’s, Inc. “We again added more than $1 billion in top-line sales growth in 2012. Comp sales rose by 3.7 percent for the year, on top of increases of 5.3 percent in 2011 and 4.6 percent in 2010. Earnings per share grew by double-digits for the fourth consecutive year. Operating cash flow continued to be strong, and we used excess cash to repurchase shares and double the dividend.

For the 53 weeks of fiscal 2012, Macy’s, Inc. earned $3.24 per diluted share. Earnings per diluted share were $3.46 for fiscal 2012, excluding pre-tax expenses of $137 million ($87 million after tax or 21 cents per share) associated with the early retirement of outstanding debt, and $5 million in pre-tax expenses ($3 million after tax or 1 cent per share) related primarily to store closings. The $3.46 per share compares with management’s initial guidance provided at the beginning of the year for earnings per diluted share, excluding such items, to be in the range of $3.25 to $3.30 per diluted share in fiscal 2012.

The company’s total sales for the 53 weeks of fiscal 2012 totaled $27.686 billion, up 4.9 percent from total sales of $26.405 billion in the 52 weeks of fiscal 2011. On a same-store basis – which included comparable 52-week periods this year and last – Macy’s, Inc.’s fiscal 2012 sales were up 3.7 percent. This is better than initial guidance, provided at the beginning of the year, for sales to be up by approximately 3.5 percent in 2012.

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02.26.2013
Saks Incorporated Announces Results for the Fourth Quarter and Fiscal Year Ended February 2, 2013

Retailer Saks Incorporated today announced results for the fourth quarter and fiscal year ended February 2, 2013.

The fiscal year 2012 period includes an extra week, creating a 53-week fiscal year that occurs every six years in the accounting cycle for many retailers. For fiscal 2012, the fourth quarter and fiscal year periods ended February 2, 2013 and included 14 weeks and 53 weeks, respectively. For the prior year, the fourth quarter and fiscal year periods ended January 28, 2012 and included 13 weeks and 52 weeks, respectively.

For the 14 weeks and 53 weeks ended February 2, 2013 compared to the 13 and 52 weeks ended January 28, 2012, respectively, total sales increased 5.6% for the fourth quarter and 4.4% for the full year.

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02.25.2013
PPPC North American Printing & Writing Statistics - January 2013

Relative to the very weak trends shown in December, overall the January data was positive, though industry challenges clearly remain.

The shipment decline moderated dramatically, utilization improved materially (month over month), net imports declined and inventories fell modestly compared to a normal small build in the month.

Aggregate shipments were 140 basis points stronger than shown in the preliminary release and total printing and writing papers utilization was revised up by 100 basis points compared to the preliminary release.

In terms of grades, all four posted improved trends compared to December with much narrower shipment declines and stronger utilization. Uncoated free posted a modestly unfavorable inventory development while the other three grades saw small inventory declines compared to typical builds in the month.

Uncoated groundwood had the strongest shipment trend in the month, benefiting from a much, much easier comp. Coated groundwood had the weakest shipment trend. Uncoated free posted the strongest utilization, 200 basis points stronger than the other three grades.

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02.25.2013
Tetra Pak unveils packaging developments, boosting speed to market and differentiation

Tetra Pak, the world leader in food processing and packaging solutions, today announces significant developments to its packaging solutions portfolio. The innovations deliver faster response times for customers in meeting changing consumer needs whilst minimising packaging equipment investment. The new packaging developments are:
•The Tetra Evero® Aseptic One-Step Opening (OSO)
•The TBA/19 Retrofitability Kit for Tetra Brik® Aseptic 200 and 250 Edge
•The Tetra Pak® A3/Speed filling machine for Tetra Prisma® Aseptic for portion packs

The world’s first carton bottle gets a new opening: Tetra Pak is launching a One-Step Opening on the Tetra Evero Aseptic, the world’s first aseptic carton bottle for ambient white milk. The Tetra Evero Aseptic OSO offers double safety features due to the tamper evidence ring and a neck membrane that is removed by twisting the cap. In addition to these safety features, the Tetra Evero Aseptic with OSO enables customers to offer consumers an easy to open, handle and pour from carton bottle.

More for less - New differentiated package: The TBA/19 Retrofitability Kit allows customers to transform the package shape and base area on the same machine platform, a world first in the aseptic carton packaging industry. Customers with the TBA/19 filling machine for 200 Slim, 250 Base and 125 Slim will soon be able to retrofit their existing filling lines, enabling them to produce the new Tetra Brik Aseptic 200 and 250 Edge. For those with this machine who are not yet ready to invest in the Tetra Pak® A3/Compact Flex filling machine, this solution gives them the option of producing these packages for a fraction of the cost. In addition, the retrofitability kit takes less time to install than a new machine, which means products get to market faster.

Tetra Pak® A3/Speed for Tetra Prisma Aseptic portion packs: The new Tetra Pak A3/Speed filling machine is now available for Tetra Prisma Aseptic 200 and 250 portion packs. The Tetra Pak A3/Speed iLine is the fastest line available from Tetra Pak, with a maximum production capacity of 24,000 portion packs per hour.

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02.25.2013
The Economist Ponders Audio-Only Subs

One of the longest running magazines on the planet, The Economist, is listening to its readers…and its readers are also listening. The suite of audio products from the brand, including readings of the magazine articles and a series of podcasts, has proven so popular that the brand is considering audio-only subscription plans. Publisher Nick Blunden said in London last week at the Digital Media Strategies conference that a high percentage of its subscribers to the digital editions are opting to listen rather than read.
According to a report in Journalism.co.uk, Blunden said in his keynote address that the audio capabilities of digital devices offers publishers the opportunity to “create new habits” in users.

One habit The Economist is hoping to break is bundling. Blunden says the magazine has had some success in unbundling its various channels so that subscribers pick and pay incrementally more for multiple channels of access. While print or digital subs to the periodical cost $127 each, accessing both print and digital editions costs $165. Blunden told attendees at the conference that half of subscribers are choosing the pricier bundle while the other half are divided evenly between those who buy digital or print only. With 1.5 million subscribers, The Economist has 600,000 who access the brand also on apps.

Blunden told the attendees that they needed to start acting more like Netflix in exploring new content models for the multi-screen era that are far removed from the legacy TV and print precedents.

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02.25.2013
Here’s something new: Little, Brown UK launches digital-first imprint for literary fiction

Several publishers have launched digital-first imprints for genre titles — science fiction/fantasy, romance and so on. In these instances, books are published first as ebooks and aren’t released in print unless they take off. Until now, though, we haven’t seen a major publisher launch an e-imprint focused on new literary fiction — more serious fiction of the type that wins awards and gets major reviews.

That appears to be changing with Little, Brown U.K.’s launch of Blackfriars, a digital-only imprint that will focus on new literary fiction and serious nonfiction. The Bookseller reports that the imprint will publish nine to twelve titles a year, and they’ll be eligible for submission to major literary prizes like the Man Booker Prize. The Bookseller notes:

Digital titles are accepted by prizes including the Man Booker Prize and the Women’s Prize for Fiction, with the condition that they are published by “established” houses and made available for sale in print if the title is selected by the judges at the shortlisting or longlisting stage, respectively.

Blackfriars’ first titles will be published in June. Two of them were previously published in the US: The Painted Girls by Cathy Marie Buchanan by Penguin’s Riverhead and Benjamin Anastas’s Too Good to be True: A Memoir by Amazon. According to The Bookseller, the “royalty rates on the titles are largely the same as those on standard combined print and e-deals.” Traditional publishers’ standard royalty on ebooks is 25 percent. (I’ve asked Blackfriars if it is paying advances, and what its ebooks will cost.)

Without the promise of higher royalties, digital-first imprints are not likely to be many authors’ first choice when they consider their publishing options — especially when it comes to literary fiction, which generally has not sold as well in digital formats as genre fiction has. But imprints like Blackfriars could provide a home for books that have had a little trouble taking off, and the books will get additional marketing support from Little, Brown.

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02.25.2013
Cygnus Puts Ag Group on the Block

Cygnus Business Media is putting its agriculture group up for sale, Folio: has learned. The group includes five tradeshows and two publications.

Corporate Solutions, an acquisition advisory firm, has been retained to help secure a buyer.

Cygnus CEO John French says in a statement that the sale will "provide us with an opportunity to improve our overall balance sheet and provide a substantial return to our ownership group."

The assets, he says, are profitable and the group is a "discrete business." A sale would not adversely impact the other affinity groups within the company.

The remainder of the company is not on the market.

One obvious, but not confirmed, bidder would be Penton, which just spent $80 million on Farm Progress Companies last November.

UPDATE: According to French, Cygnus's balance sheet is in good shape, but after increasing interest from other parties in buying the group, and a well-performing agriculture market, the time became right to sell.

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02.25.2013
Brent Trades Near Four-Day High Before Iran Nuke Talks

Brent crude traded near the highest level in four days before international talks with Iran on its nuclear program. China increased fuel prices for the first time since September.

Futures rose as much as 1.6 percent after gaining 0.5 percent on Feb. 22. Iran, which is under a Western embargo on its oil exports, will meet the U.S., China, France, Germany, Russia and the U.K., or the so-called P5+1 group, tomorrow in Almaty, Kazakhstan, after an eight-month lapse in negotiations. The lack of a breakthrough may mean U.S. and European Union sanctions on Iran will continue to cost the Islamic republic about $98.9 million a day in lost oil sales, data compiled by Bloomberg show.

“Any hopes that progress might have been made between Iran and the P5+1 at their meeting this week appear to have been dashed by provocative comments from Iranian spokesmen trumpeting advances in uranium enrichment,” Nic Brown, head of commodities research at Natixis SA in London, said in an e-mailed response to questions today. The talks will probably be “another missed opportunity,” he said.

Brent for April settlement advanced as much as $1.77 to $115.87 a barrel, the highest level since it settled at $117.52 on Feb. 19. It was at $115.84 as of 11:17 a.m. local time on the London-based ICE Futures Europe exchange.

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02.25.2013
Pearson 2012 Preliminary results

Pearson accelerates global education strategy: Restructuring and investment in digital, services and emerging markets for faster growth, larger market opportunity and greater impact on learning outcomes

Financial highlights*
Sales up 5% at CER to £6.1bn (with digital and services businesses contributing 50% of sales)
Adjusted operating profit 1% higher at £936m
Adjusted EPS of 84.2p (86.5p in 2011)
Operating cash flow of £788m (£983m in 2011)

Market conditions and industry change
Market conditions generally weak in developed world and for print publishing businesses; generally strong in emerging economies and for digital and services businesses.
Continuing structural change in education funding, retail channels, consumer behaviour and content business models.
Considerable growth opportunity in education driven by rapidly-growing global middle class, adoption of learning technologies, the connection between education and career prospects and increasing consumer spend, especially in emerging economies.

Strong competitive performance
North American Education revenues up 2% in a year when US School and Higher Education publishing revenues declined by 10% for the industry as a whole.
International Education revenues up 13% with emerging market revenues up 25%.
FT Group revenues up 4% with the Financial Times’ total paid print and online circulation up to 602,000; digital subscriptions exceed print circulation for the first time.
Penguin revenues up 1%, with strong publishing performance and eBooks now 17% of sales.
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02.25.2013
Wausau Paper Announces Closure of Brainerd, Minnesota, Mill

Wausau Paper (WPP) today announced the closure of the Company’s technical specialty paper mill in Brainerd, Minnesota, to occur early in the second quarter of 2013. The closure will affect approximately 130 employees.

Pre-tax closure charges are estimated to be $47 million, with non-cash charges, primarily related to the write-down of long-lived assets, accounting for approximately $44 million of the total. First quarter, pre-tax closure charges of approximately $36 million are expected with the remaining charges occurring over the balance of 2013. After considering income tax liabilities and the anticipated reduction in working capital, the cash impact of the closure is expected to be neutral on a cumulative basis.

The Company recently announced its intent to strategically reposition the company to focus on its Tissue business. A range of alternatives for the divestiture of the technical specialty business have been explored. It has become clear that Brainerd will not contribute to those alternatives and the closure will significantly improve the continuing Paper segment operating results.

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02.25.2013
Barnes & Noble to Evaluate Sale of Retail Business

Barnes & Noble, Inc., the leading retailer of content, digital media and educational products, today announced that its Board of Directors has received notice from Mr. Leonard Riggio, the Company’s founder, largest stockholder and Chairman of the Board, that Mr. Riggio plans to propose to purchase all of the assets of the retail business of Barnes & Noble. Mr. Riggio’s plans with respect to a proposal are set forth in an amendment to his Schedule 13D filed today with the SEC.

The process of evaluating a proposal and negotiation of any transaction will be overseen by a Strategic Committee of three independent directors: David G. Golden, David A. Wilson and Patricia L. Higgins, who is Chair of the Strategic Committee. The Strategic Committee has selected Evercore Partners to serve as its financial advisor and Paul, Weiss, Rifkind, Wharton & Garrison LLP to serve as its legal advisor.

There can be no assurance that the review of Mr. Riggio’s proposal or the consideration of any transaction will result in a sale of the retail business or in any other transaction. There is no timetable for the Strategic Committee’s review. The Company does not intend to comment further regarding the evaluation of Mr. Riggio’s proposal, unless and until definitive agreements for a transaction are entered into or the Strategic Committee determines to conclude the process.
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02.22.2013
New SFI Vice President to Promote Forest Conservation and Broaden Engagement with the Indigenous People of North America

Andrew de Vries has joined the Sustainable Forestry Initiative® as Vice President, Conservation, Indigenous and Government Relations. He will oversee the SFI® conservation program in Canada and engage Native Americans, First Nations and Metis groups both in the development and use of the SFI standard. Andrew will also work with governments in Canada and Europe to ensure inclusive forest certification related policies.

“Andrew brings more than 20 years of wildlife conservation and natural resource management experience to SFI and will lead our forest conservation efforts in Canada,” stated Kathy Abusow, President and CEO. “His ability to work with a wide variety of forest owners and communities dependent on this valuable resource makes Andrew an excellent fit for the SFI program.”

"I am excited to join the SFI team to continue my career by broadening SFI's engagement with the conservation and Indigenous peoples of North America", said de Vries, "SFI provides a great opportunity to do both because of its extensive network of participants and its conservation and community grants program.”

Most recently Andrew was the Chief Biologist for the Forest Products Association of Canada (FPAC), Canada's national forest industry trade association, where he led conservation and aboriginal engagement efforts while also working on the development of government policies in these areas. Andrew has worked with a variety of conservation organizations throughout his career including universities, government agencies and environmental organizations, including those involved in the Canadian Boreal Forest Agreement. His work with Indigenous peoples includes working with Bands and Tribes at the local level on business partnerships, training and conservation opportunities as well as leading a Memorandum of Understanding between FPAC and Canada's Assembly of First Nations in 2008. Throughout his career Andrew has worked closely with each of the 3 sustainable forest management standards in place in North America.

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02.22.2013
Newest Sun Chemical Sustainability Report Highlights the Environmental Footprint of its Suppliers

Sun Chemical released its 2012 Sustainability Report, which showcases Sun Chemical’s leadership in eco-efficiency through established data-driven metrics, as well as examples of how raw material suppliers are contributing to the company’s environmental footprint.

The report describes a balanced scorecard approach that Sun Chemical uses to assess suppliers’ environmental performance and provides details about questionnaires that were sent to suppliers asking about their sustainability policies, carbon footprint emissions, the potential impact on deforestation, etc.

The report cites two case study examples of raw material suppliers who published sustainability reports and described their contributions and practices to eco-efficiency.

“We’re going beyond providing meaningful data that will help meet customer goals,” said Gary Andrzejewski, Sun Chemical’s Corporate Vice President of Environmental Affairs. “We are showing concrete examples of things our raw material suppliers are doing to help Sun Chemical meet and improve upon its eco-efficiency goals. It is our goal to manufacture products that help our customers better meet their environmental goals and we can only do that by ensuring our suppliers are also doing their part to contribute to sustainable practices.”

The report shows data collected every year since 2005 from approximately 170 Sun Chemical sites in over 25 countries. The key sustainability metrics measured in the data include: energy consumption/conservation at production and non-production sites, the energy carbon footprint at the production sites, process waste reduction, water consumption, materials safety, and employee safety.

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02.22.2013
PaperWorks to increase prices on all Masterworks CRB grades and Masterworks URB+

PaperWorks Industries, Inc. today announced price increases that will be coming into effect with shipments as of March 25, 2013, for all MasterWorks grades of coated recycled boxboard by $40 per ton, and for MasterWorks URB+ uncoated recycled boxboard by $25 per ton. This price increase is necessary to recover escalating costs including raw materials, energy, chemicals, transportation, benefits and other expenses.

PWI will continue to minimize these increases with ongoing cost savings initiatives as well as provide leading quality, excellent availability and service for all their paperboard products.

Customers are encouraged to contact their account manager, customer service representative or Jerry Tassone, if they have any questions regarding this increase.
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02.22.2013
INTERPOL's Illegal Logging and Forest Crimes Operation Results in Nearly 200 Arrests

INTERPOL’s first international operation targeting large-scale illegal logging and forest crimes has resulted in almost 200 arrests as well as in the seizure of millions of dollars’ worth of timber and some 150 vehicles across Latin America.

Operation Lead (17 September- 17 November 2012), undertaken in 12 countries in Central and South America under the auspices of INTERPOL’s Environmental Crime Programme and its Project Leaf, brought together law enforcement agencies to combat forestry crime in Bolivia, Brazil, Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, Guatemala, Honduras, Paraguay, Peru, and Venezuela.

Under the operation, officials carried out inspections and investigations on transport vehicles, retail premises, and individuals, as well as surveillance and monitoring at ports and various transport centres.

The resulting seizures of wood and related products during the operation are estimated to amount to more than 50,000 m3 of seized wood, equivalent to some 2,000 truckloads of timber. The total value of the seized timber is estimated at around USD 8 million.

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02.22.2013
Mag Bag: Dennis Publishing Invests In Padify

Dennis Publishing, which owns The Week and Mental Floss in the U.S. and publishes U.K. titles includingMen’s Fitness and Auto Express, has invested in Padify, an app software startup.

The minority stake in Padify, according to Journalism.co.uk, gives Dennis titles access to its design platform, which is currently being used to create an iPad edition for the U.K. version of Men’s Fitness. The platform allows designers to create magazine apps for a variety of devices, and also enables social sharing, bookmarking, and copying text, per the same report.

Dennis app development lead Alex Watson said Padify’s platform is especially useful because designers can build apps without having to use templates, which aren’t necessarily suitable for different magazines. Watson told the Digital Media Strategies conference in London that integrating Padify is part of Dennis Publishing’s“create one publish everywhere” strategy for simplifying digital publishing workflows.
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02.22.2013
HP Reports First Quarter 2013 Results

HP today announced financial results for its first fiscal quarter ended Jan. 31, 2013. First quarter GAAP diluted earnings per share (EPS) was $0.63, down from $0.73 in the prior-year period and above its previously provided outlook of $0.34 to $0.37 per share. First quarter non-GAAP diluted EPS was $0.82, down from $0.92 in the prior-year period and above its previously provided outlook of $0.68 to $0.71 per share. First quarter non-GAAP earnings information excludes after-tax costs of $373 million, or $0.19 per diluted share, related to the amortization of purchased intangible assets, restructuring charges and acquisition-related charges.

For the first quarter, net revenue of $28.4 billion was down 6% year over year and down 4% when adjusted for the effects of currency.

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02.22.2013
AAA Fuel Gage & Exchange Rates

AAA Fuel Gage 2/22/13
National Unleaded Regular:
Current Average - $3.781/gallon
Month Ago Average - $3.316/gallon
Year Ago Average - $3.612/gallon
Highest Recorded Average - $4.114/gallon on 7/17/08
Diesel:
Current Average - $4.145/gallon
Month Ago Average - $3.898/gallon
Year Ago Average - $3.971/gallon
Highest Recorded Average - $4.845/gallon on 7/17/08

Current Exchange Rates as of 2/22/13
American Dollar to Canadian Dollar = 0.981327
American Dollar to Chinese Yuan = 0.160373
American Dollar to Euro = 1.318316
American Dollar to Japanese Yen = 0.010721
American Dollar to Mexican Peso = 0.078607

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02.22.2013
WTI Crude Rebounds; Set for Biggest Weekly Drop Since December

West Texas Intermediate rebounded from the lowest level since December, trimming the largest weekly decline in more than two months. U.S. crude stockpiles increased a fifth week, the longest stretch of gains since May.

Futures climbed as much as 0.7 percent after German business confidence rose more than economists forecast to a 10- month high in February. Crude inventories increased 4.1 million barrels last week, the Department of Energy said yesterday. Stockpiles were forecast to gain by 2 million barrels.

“We are seeing the market correct after the sharp drop yesterday,” Thina Saltvedt, an analyst at Nordea Bank AG, said by phone today from Oslo. “There have been some better macro- indicators from the U.S. and the euro zone too.”

WTI for April delivery rose as much as 64 cents to $93.48 a barrel in electronic trading on the New York Mercantile Exchange and was at $93.05 at 10:06 a.m. London time. The contract fell to $92.84 yesterday, the lowest settlement since Dec. 31.

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02.22.2013
Abercrombie & Fitch Reports Record Sales and Strong Earnings Growth

Abercrombie & Fitch Co. today reported preliminary unaudited fourth quarter results which reflected net income of $173.2 million and net income per diluted share of $2.15 for the fourteen weeks ended February 2, 2013, compared to net income of $19.6 million and net income per diluted share of $0.22 for the thirteen weeks ended January 28, 2012 under the retail method of accounting for inventory. Additionally, the Company reported full year net income of $263.2 million and net income per diluted share of $3.16 for the fifty-three weeks ended February 2, 2013, compared to net income of $127.7 million and net income per diluted share of $1.43 for the fifty-two weeks ended January 28, 2012 under the retail method.

The Company also announced that it has changed its method of accounting for inventory from the retail method to the cost method effective in the fourth quarter.

Under the cost method of accounting for inventory, the Company reported net income of $157.2 million and net income per diluted share of $1.95 for the fourteen weeks ended February 2, 2013, compared to restated net income of $45.8 million and restated net income per diluted share of $0.52 for the thirteen weeks ended January 28, 2012. Under the cost method, the Company reported net income of $237.0 million and net income per diluted share of $2.85 for the fifty-three weeks ended February 2, 2013, compared to restated net income of $143.9 million and restated net income per diluted share of $1.61 for the fifty-two weeks ended January 28, 2012.

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02.22.2013
Nordstrom Reports Fourth Quarter and Fiscal Year 2012 Earnings

Nordstrom, Inc. today reported a 26 percent increase in earnings per diluted share of $1.40 for the fourth quarter ended February 2, 2013 compared to $1.11 per diluted share for the same quarter last year. Net sales in the fourth quarter were $3.6 billion, an increase of 13.5 percent compared with net sales of $3.2 billion during the same period in fiscal 2011. Net earnings of $284 million increased 20 percent compared with net earnings of $236 million for the same quarter last year.

In fiscal year 2012, the Company achieved record sales and earnings while making significant investments to improve the customer experience in store and online. For the third consecutive year, the Company achieved double-digit growth in annual net sales and earnings per diluted share and same-store sales increases in the high single-digit range.

Similar to many other retailers, Nordstrom follows the retail 4-5-4 reporting calendar, which included an extra week in the fourth quarter of fiscal 2012 (the 53rd week). In the 53rd week, the Company had net sales of approximately $162 million, representing an approximate $0.04 increase to earnings per diluted share for both the quarter and fiscal year. The 53rd week is not included in same-store sales calculations.

FULL YEAR RESULTS
Nordstrom achieved record net sales of $11.8 billion, which represented an increase of 12.1 percent compared with prior year net sales of $10.5 billion. Full year same-store sales increased 7.3 percent, on top of last year’s same-store sales increase of 7.2 percent.

Net earnings of $735 million increased 7.7 percent compared with net earnings of $683 million for fiscal year 2011.

Return on invested capital (ROIC) for the 12 months ended February 2, 2013 was 13.9 percent, which increased from 13.3 percent in the prior 12-month period due primarily to the growth in earnings.

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02.22.2013
Valassis Announces Results for the Fourth Quarter and Full Year Ended Dec. 31, 2012

Valassis today announced financial results for the fourth quarter and full year ended Dec. 31, 2012. Fourth-quarter 2012 revenues were $579.4 million, a decrease of 2.7% from $595.3 million in the prior year quarter. Full-year 2012 revenues were $2,162.1 million, a decrease of 3.3% from $2,236.0 million in full-year 2011. The decrease in revenues was primarily due to a shortfall in shared mail volume, a decline in the Neighborhood Targeted segment and consumer packaged goods (CPG) clients' spend patterns, which negatively influenced multiple business segments.

Fourth-quarter 2012 net earnings were $34.1 million, flat from $34.3 million in the prior year quarter. Fourth-quarter 2012 diluted earnings per share (EPS) was $0.85, an increase of 11.8% from $0.76 in the prior year quarter due to a lower share base as a result of share repurchases. Fourth-quarter 2011 net earnings and diluted EPS were negatively impacted by charges in an aggregate amount of $14.0 million ($8.5 million, net of tax) and $0.19, respectively, primarily related to the restructuring of certain non-core businesses and the associated costs including write-offs of impaired assets, as well as the early termination of leases and severance costs.

Full-year 2012 net earnings were $119.0 million, an increase of 4.9% from $113.4 million for full-year 2011. Full-year 2012 adjusted net earnings* were $124.7 million, which excludes $10.7 million of restructuring charges and asset impairments resulting from the exit of the newspaper polybag advertising and sampling and solo direct mail businesses and other non-recurring costs, net of tax, and a tax benefit of $5.0 million related to the reversal of certain tax reserves. Full-year 2011 adjusted net earnings* were $133.5 million, which excludes debt refinancing costs of $11.6 million, net of tax, and the restructuring and related charges described above of $8.5 million, net of tax. Full-year 2012 adjusted net earnings* decreased 6.6% from full-year 2011.

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02.21.2013
Neenah Paper Fourth Quarter and Full Year Results

Neenah Paper, Inc. today reported earnings from continuing operations for the fourth quarter of 2012 of $0.55 per diluted common share compared with earnings of $0.47 per diluted share in the fourth quarter of 2011. After excluding $0.05 per share ($1.5 million pre-tax) of costs incurred in 2012 for integration of acquired fine paper brands and the early redemption of bonds, adjusted earnings per share in the fourth quarter of 2012 of $0.60 increased 28 percent compared with the prior year period.

Net sales of $192.6 million in the fourth quarter of 2012 grew 16 percent compared with $165.5 million in the fourth quarter of 2011. Increases resulted primarily from growth in Fine Paper due to acquired brands, as well as higher Technical Products and Other sales. Consolidated operating income of $15.9 million ($17.4 million adjusted) in the fourth quarter of 2012 increased 28 percent on an adjusted basis as a result of the higher sales and lower manufacturing costs.

For the full year, 2012 net sales of $808.8 million increased 16 percent compared with $696.0 million in 2011. Adjusted operating income of $80.3 million in 2012 increased 36 percent compared with 2011, while 2012 adjusted earnings per diluted share of $2.78 increased 46 percent from $1.91 in 2011. Adjusted earnings is a non-GAAP measure and is reconciled to comparable GAAP measures later in this release. On a GAAP basis compared with prior year, 2012 earnings per diluted share of $2.41 grew 32 percent and operating income of $70.4 million increased 24 percent.
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02.21.2013
Walmart reports Q4 and full year FY2013 earnings

Wal-Mart Stores, Inc. today reported financial results for the fourth quarter and full year ended Jan. 31, 2013.

Net sales for the fourth quarter of fiscal 2013 were $127.1 billion, an increase of 3.9 percent from $122.3 billion in last year's fourth quarter. On a constant currency basis1, net sales would have increased 3.7 percent to $126.8 billion. Membership and other income decreased 7.8 percent to $815 million, due to lower other income. Total revenue for the fourth quarter was $127.9 billion, a 3.9 percent increase over last year.

Income from continuing operations attributable to Walmart for the fourth quarter was $5.6 billion, up 7.9 percent. Diluted earnings per share from continuing operations attributable to Walmart (EPS) for the fourth quarter of fiscal 2013 were $1.67. The effective tax rate for the fourth quarter was 27.7 percent, which was lower than the company's expectations, and compares to 30.9 percent last year. The fourth quarter effective tax rate benefited from a number of discrete tax items, including positive impact from fiscal 2013 legislative changes, most notably the American Taxpayer Relief Act of 2012. In comparison, EPS for the fourth quarter of last year were $1.51.

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02.21.2013
Tronox Reports Fourth Quarter and Full Year 2012 Financial Results

Tronox Limited today reported fourth quarter 2012 revenue of $482 million, an increase of 26 percent versus $383 million in the year-ago quarter. Adjusted EBITDA was $71 million in the fourth quarter, as compared to $139 million in the year-ago quarter. Adjusted net loss in the fourth quarter was $45 million, or $0.40 per diluted share, versus adjusted net income of $71 million or $0.89 per diluted share in the year-ago quarter.

Tom Casey, chairman and CEO of Tronox, said: "The fourth quarter remained challenging but we may have seen the first glimpse of a recovery in the pigment market. Mineral Sands revenue increased 16 percent sequentially versus the third quarter despite the impact of three scheduled ore shipments that were either delayed or cancelled by pigment customers in the fourth quarter. And for the first time since 2005, fourth quarter sales volumes in Pigment were higher, up 2 percent, than those of the third quarter. Though the sequential difference was modest, we view this increase in what is normally a seasonally lower quarter as a positive indication. We believe the fourth quarter represented the material conclusion of the destocking period by our pigment customers."

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02.21.2013
Quad/Graphics Urges Congress to Act Swiftly to Restore Financial Stability and Long-Term Sustainability to the U.S. Postal Service

Quad/Graphics Chairman, President & CEO Joel Quadracci urges Congress to move swiftly to put the U.S. Postal Service (USPS) on a path to sustainability, noting that the $65 billion Postal Service is at the core of a $1.3 trillion mailing industry that provides family-supporting jobs for 8.4 million Americans, nearly 200,000 of whom live and work in Wisconsin.

Quadracci shared his insights on the importance of the U.S. Postal Service to private industry and the U.S. economy at the Senate Homeland Security and Governmental Affairs Committee’s hearing on “Solutions to the Crisis Facing the U.S. Postal Service” on February 13. He was the only printer and member of private industry invited to testify.

“The Postal Service is the backbone for a large portion of the private sector and plays an integral role in our economy, extending across every type of mailer and the printing, paper and technology industries that supply them,” Quadracci said in written testimony provided in advance of the hearing. “These businesses support services in a marketplace that include cost-effective advertising, magazines, catalogs, e-commerce and prescription drug fulfillment, as well as what is still a huge amount of statements, bills and greeting cards, and an expanding package delivery segment.”

Quadracci believes ensuring the viability of the USPS is not a partisan issue and that Congress has the ability to not only save a proud American institution, but also support and promote a vibrant private sector.

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02.21.2013
CEPI Member Countries Paper Production Down 1.7% in 2012

CEPI (Confederation of European Paper Industries) said that preliminary indications are that paper and board production by CEPI member countries fell by in the region of 1.7% in 2012.

CEPI countries in 2012 are: Austria, Belgium, Czech Republic, Finland, France Germany, Hungary, Italy, Norway, Poland, Portugal, Romania, Slovak Republic, Slovenia, Spain, Sweden, The Netherlands, United Kingdom. CEPI totals no longer include data for Switzerland.

It is estimated that CEPI member countries produced around 92 million tonnes of paper and board in 2012, resulting from some adjustments in production capacities with closures amounting to 2 million tonnes and new capacities or upgrading of existing ones accounting for close to 1 million tonne.

It is estimated that the production of pulp (integrated + market) has decreased by up to 1% when compared to the previous year, with total output of approximately 38 million tonnes. It is estimated that output of market pulp increased by about between 4% and 4.5%, while integrated pulp output decreased by 3% in 2012 when compared to 2011.

It is estimated that consumption of paper for recycling by CEPI members fell by between 1% and 1.5%.

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02.21.2013
Mondi Reports Full year 2012 Results

Financial highlights
Strong profitability despite challenging start to the year
Supported by excellent operating performance and cost management
ROCE of 13.7%, in excess of the Group’s through-the-cycle target of 13%
Strong cash generation from operations of €845 million
Total dividend for the year of 28.0 euro cents per share, up 8%

Strategic highlights
Significant progress with strategic initiatives
€1.2 billion spent on acquisitions increasing exposure to higher growth packaging segments
Disposal of interest in non-core Aylesford Newsprint
Capital employed in packaging businesses now 67% of Group total (57% at end of 2011)
Integration of acquisitions on track
Cost synergies from recent acquisitions now estimated at €30 million per annum, up 33%

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02.21.2013
Successful LEGO strategy delivers continued strong growth

In 2012 the LEGO Group increased its revenue by 25% to USD 4,040 million – nearly triple the sales of 2007. This represents the fifth consecutive year in which the LEGO Group delivered year over year revenue growth in excess of 15%.

Key facts from the LEGO Group’s annual report for 2012, which was published today:

• The year's operating profit increased to USD 1,373 million against USD 1,057 million in 2011, an increase of 40%.
• The operating margin increased to 34% from 30% in 2011.
• The year's net profit increased to USD 969 million against USD 776 million in 2011.
• The revenue increased by 25% to USD 4,040 million against USD 3,495 million in 2011. In local currency (i.e. excluding the impact of foreign exchange changes) revenue increased 20% year over year.
• The net cash generated from operating activities was USD 1,100 million against USD 666 million in 2011.
• In 2012 the Group paid USD 330 million in corporate income taxes.
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02.21.2013
Cascades releases fourth quarter and full year 2012 results

Cascades Inc., a leader in the recovery and manufacturing of green packaging and tissue paper products, announces its unaudited financial results for the three-month period and the fiscal year ended December 31, 2012.

Annual Highlights:
Sales of $3,645 million (compared to $3,625 million in 2011 (+1%))

Consolidation of our corrugated products sector in Ontario with the acquisition of Bird Packaging Limited and concurrent investments totaling $30 million

Consolidation of our folding carton and microlithography operations with investments totaling $20 million

Equipment upgrades at Cascades' mill in La Rochette and Reno de Medici's mill in Villa Santa Lucia in Europe

Construction of the Greenpac project mill with start-up still expected in July 2013

Price increase announcement during the fourth quarter in our containerboard sector

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02.21.2013
WTI Oil Falls Second Day to Extend Biggest Drop in Three Months

West Texas Intermediate oil dropped for a second day, extending the biggest decline in three months. U.S. crude stockpiles gained for the sixth week in seven, according to the American Petroleum Institute.

March futures fell 2.3 percent when they expired yesterday, the steepest drop since Nov. 20. U.S. crude inventories gained 2.96 million barrels last week to 372 million, the highest level since December, according to API data issued yesterday after futures settled. A government report today may show supplies rose 2 million barrels, according to a Bloomberg survey. The Federal Reserve signaled it may consider slowing the pace of asset purchases, according to minutes of the Jan. 29-30 meeting.

“The much-needed correction has taken some steam off the overbought market,” said Andrey Kryuchenkov, a commodities analyst at VTB Capital in London, who forecast last week that oil prices would drop. “Short-term fundamentals simply do not justify sustained gains.”

WTI for April delivery slid as much as $1.67 to $93.55 a barrel in electronic trading on the New York Mercantile Exchange, the lowest since Jan. 16, and was at $93.87 at 11 a.m. London time. The March contract fell to $94.46 yesterday.

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02.21.2013
Clearwater Paper Reports Fourth Quarter and Full Year 2012 Results

Clearwater Paper Corporation today reported financial results for the fourth quarter and full year of 2012.

The company reported net sales of $462.7 million for the fourth quarter of 2012, down slightly compared to $466.4 million for the fourth quarter of 2011 due primarily to the sale of the company's Lewiston, Idaho sawmill in November 2011. Net earnings were $19.9 million, or $0.84 per diluted share, in the fourth quarter of 2012, compared to $11.5 million and $0.48, respectively, for the fourth quarter of 2011. Excluding $1.8 million in net after-tax charges related to the sale of the company's sawmill, fourth quarter 2011 adjusted net earnings were $13.3 million, or $0.55 per diluted common share.

Earnings before interest, taxes, depreciation and amortization, or EBITDA, was $56.3 million in the fourth quarter of 2012, up 7.8% compared to $52.2 million in the same quarter last year. Fourth quarter 2011 Adjusted EBITDA, which excludes $2.9 million in pre-tax adjustments associated with the sale of the company's sawmill, was $55.1 million.

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02.21.2013
The New York Times Company Announces Plan to Sell the Boston Globe and Related Properties

The New York Times Company today announced that it plans to sell its New England Media Group, including The Boston Globe and its related properties, and that it has retained Evercore Partners to advise the Company and manage the sales process.

“Our plan to sell the New England Media Group demonstrates our commitment to concentrate our strategic focus and investment on The New York Times brand and its journalism,” said Mark Thompson, president and CEO of The New York Times Company. “The Boston Globe and the Worcester Telegram & Gazette are outstanding newspapers and they and their related digital properties are well-managed leaders in their markets with real opportunities for future development. We are very proud of our association with the Globe and the Telegram & Gazette, but given the differences between these businesses and The New York Times, we believe that a sale is in the best long-term interests of these properties and the employees who work for them as well as in the best interests of our shareholders.”

The principal properties that make up the New England Media Group are:
The Boston Globe; BostonGlobe.com; Boston.com; Worcester Telegram & Gazette; Telegram.com; GlobeDirect, the Globe’s direct mail marketing company.

Also included in the sale is the Company’s 49 percent interest in Metro Boston.

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02.21.2013
Dart Price Increase Effective April 1, 2013

Due to increases in raw material costs, it is necessary that we increase prices to our Foodservice customers on the following Dart products:
5% increase: Unprinted and Custom Printed Conex Translucent Cups and Lids; Unprinted and Custom Printed Conex Deli Containers and Lids; Conex Complements Portion Containers; ClearSeal, Showtime, and StayLock Clear Hinged Lid Containers - OPS; ClearPac OPS Clear Containers and Lids; PresentaBowls Clear Bowls and Lids - OPS; Foam Dinnerware; Famous Service Impact Plastic Dinnerware; Dinnerware Covers; Foam Hinged Lid Containers; Style Select Medium Weight PS Cutlery with Recycled Content - Black.

8% increase: • Portion Container Lids; Unprinted and Custom Printed Conex Classic PET Clear Cups and Lids; Custom Printed and Stock Printed Conex Classic Re-PETE Clear RPET Cups; Unprinted and Custom Printed Conex ClearPro PP Clear Cups; Custom Printed Conex ProMotions PP White Cups; ClearSeal and StayLock Clear Hinged Lid Containers - PET; PresentaBowls Clear Bowls and Lids - PET; ClearPac SafeSeal Clear Containers - PET; PresentaBowls Pro PP Black Containers and Clear Lids; Style Setter Medium Weight PP Cutlery - White and Honey; Bonus Light Weight PP Cutlery - White.

The following retail packaged products will also be increased for those Foodservice customers purchasing them:
5% increase: Retail Packaged Translucent Plastic Cups and Colored Cups; Retail Packaged Dinnerware

8% increase: Retail Packaged Clear Plastic Cups

Effective Date of Increased Prices: April 1, 2013

Orders for unprinted products placed prior to April 1, 2013, calling for immediate shipment and not exceeding a normal two-week supply, will be honored at current prices. Orders received April 1, 2013, and after will be invoiced at the increased prices.

Orders for custom printed products placed prior to April 1, 2013, for a normal single print release quantity calling for immediate shipment, will be honored at current prices. Orders received April 1, 2013, and after will be invoiced at the increased prices.

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02.21.2013
Sappi Fine Paper North America Labeling Update for Invoicing

In order to ensure that we continue to meet the needs of our customers for third party certified fiber, we are implementing an exciting new change to the Forest Stewardship Council certification program in place at our Cloquet Mill.

Effective April 29, 2013, all products manufactured at Sappi’s Cloquet Mill will be FSC® certified and can be labeled FSC. This change is based on a transition from a credit based system to a percent (%) content system. We will manufacture our paper grades with the claim “70% of the fiber from FSC certified sources.”

This includes all sheet grades: McCoy, Opus, and Flo and all Web grades: McCoy, Opus, and Somerset. Formerly, Somerset Web was only available as FSC certified pending the availability of credits, with this change, all Somerset Web product produced at Cloquet Mill will automatically be FSC certified.

Contact your Midland Paper, Packaging & Supplies Sales Representative if you have any questions pertaining to this change.

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02.21.2013
Another step on the Domtar Paper Trail

Continuing its commitment to lead by example when it comes to transparency, Domtar Corporation (NYSE: UFS) (TSX: UFS) today announced the latest additions to its award-winning site, The Paper Trail (www.domtarpapertrail.com). As the fourth update to the site, The Paper Trail will now include:

• Three additional products - EarthChoice®30 Recycled Office Paper, EarthChoice®50 Recycled Office Paper and EarthChoice® Opaque Offset 30% - all part of the Domtar EarthChoice® family of environmentally and socially responsible papers.
• A site history, picture gallery, and local stories from the company's Kingsport, Tennessee mill.

Since its release in June 2011, The Paper Trail has been widely praised, with industry observers applauding Domtar's openness in sharing mill and product data, offering up another concrete example of the company's industry-leading transparency. The Paper Trail was also named a Top Innovative Corporate Social Responsibility Initiative of 2012 by Brave One Agency, joining the likes of Unilever and The North Face in raising the environmental transparency bar for business.

With this latest update of The Paper Trail, Domtar is again voluntarily releasing product and mill data that helps its customers learn about the environmental and social impacts of their paper purchases.

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02.21.2013
OfficeMax Reports Fourth Quarter And Full Year 2012 Financial Results

OfficeMax® Incorporated, a leader in office and facility supplies, technology and services, today announced the results for its fiscal fourth quarter and full year ended December 29, 2012.

Reported Results
Total sales were $6,920.4 million in the full year 2012, a decrease of 2.8% compared to the full year 2011, while total sales for the fourth quarter of 2012 decreased 7.4% to $1,700.5 million compared to the fourth quarter of 2011. For the full year 2012, OfficeMax reported operating income of $24.3 million compared to $86.5 million in the full year 2011, and net income available to OfficeMax common shareholders of $414.7 million, or $4.74 per diluted share, compared to net income of $32.8 million, or $0.38 per diluted share in the full year 2011.

For the fourth quarter of 2012, OfficeMax reported an operating loss of $50.1 million, compared to operating income of $12.6 million in the fourth quarter of 2011; and a net loss available to OfficeMax common shareholders of $33.9 million, or $0.39 per diluted share, compared to net income of $2.9 million, or $0.03 per diluted share, in the fourth quarter of 2011. As previously reported, results for the fourth quarter and the full year 2011 included one additional week of operation in the U.S. ($86 million of sales) compared to fourth quarter and full year 2012.

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02.21.2013
OfficeMax And Office Depot Announce Merger Of Equals To Create $18 Billion Global Office Solutions Company

OfficeMax Incorporated and Office Depot, Inc. today announced the signing of a definitive merger agreement under which the companies would combine in an all-stock merger of equals transaction intended to qualify as a tax-free reorganization. The transaction, which was unanimously approved by the Board of Directors of both companies, will create a stronger, more efficient global provider better able to compete in the rapidly changing office solutions industry. Customers will benefit from enhanced offerings across multiple distribution channels and geographies. The combined company, which would have had pro forma combined revenue for the 12 months ended December 29, 2012 of approximately $18 billion, will also have significantly improved financial strength and flexibility, with the ability to deliver long-term operating performance and improvements through its increased scale and significant synergy opportunities.

Under the terms of the agreement, OfficeMax stockholders will receive 2.69 Office Depot common shares for each share of OfficeMax common stock.

"In the past decade, with the growth of the internet, our industry has changed dramatically. Combining our two companies will enhance our ability to serve customers around the world, offer new opportunities for our employees, make us a more attractive partner to our vendors, and increase stockholder value," said Neil Austrian, Chairman and Chief Executive Officer of Office Depot. "Office Depot and OfficeMax share a similar vision and culture, and will greatly benefit from drawing on the industry's most talented people, combining our best practices and realizing significant savings. We are confident that this merger of equals represents a new beginning for our two companies and will allow us to build a more competitive enterprise for the long term."

"We are excited to bring together two companies intent on accelerating innovation for our customers and better differentiating us for success in a dynamic and highly competitive global industry," said Ravi Saligram, President and CEO of OfficeMax. "We are confident that there will be exciting new opportunities for employees as part of a truly global business. Together, we will have the opportunity to build on our strong digital platforms and to expand our multichannel capabilities to better serve our customers and to compete more effectively. Importantly, this merger of equals transaction will provide stockholders of both companies with a compelling opportunity to participate in the long-term upside potential of the combined company."

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02.20.2013
Deutsche Bank: 2013 outlook for paper and packaging cautiously optimistic, survey says, although printing/writing paper market expected to remain weak

Earlier this month, DB polled paper and packaging executives on their outlook for 2013. We received 100 responses. They provide clues around industry expectations for prices, costs, volumes, capital spending & profitability in 2013. Once again, participants were asked, "What is Wall Street Missing?," as well as opinions regarding the "best managed" companies in the industry. After its success in integrating Temple-Inland, International Paper displaced Packaging Corp. for the top spot on our survey.

Cautious optimism for improving volumes
Outside the printing and writing paper market, there is cautious optimism about 2013 volumes. Most expect volumes to be flat/up 2% y/y. 61% of respondents expect positive box volumes (similar to last year’s expectation. For market pulp, 51% of respondents expect volumes to be up y/y while 38% expect demand to be flat. In paperboard, the general expectation is for volumes to be flat/up 1% y/y. To no surprise, printing and writing paper volumes are expected to remain weak: more than half of respondents expect negative demand trends.

Most players expect rising costs and rising prices
More than half of respondents expect input costs such as freight, plastic resins, wastepaper, caustic soda and pulpwood to increase from current levels. The trade appears relatively optimistic about prices for wood products and paperboard grades. While some expect market pulp prices to fall, 62% expect prices to increase from current levels. Given the pessimism about printing and writing volumes, it is not surprising that most respondents suggest that newsprint, uncoated freesheet and coated paper prices will remain flat or decline.

Digging deeper on containerboard and boxes
Expectations for box demand in December '11 and January '12 were on average in the flat to 2% y/y range (see Question 6). Demand is considered the “most important” determinate of containerboard and box prices. The US$ and exports were viewed as least important. Looking at 2013, 76% of our respondents expect containerboard and box producers to attempt a price increase, with 23% forecasting success. Among our coverage, this would be most positive for RockTenn, International Paper, Packaging Corp. and KapStone. Boise (BZ-not covered) also has exposure to containerboard.

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02.20.2013
Sealed Air Reports Fourth Quarter and Full Year 2012 Results

Sealed Air Corporation today announced financial results for fourth quarter and full year 2012. Net sales for the fourth quarter 2012 totaled $2 billion. Adjusted EPS was $0.34 for the fourth quarter and Adjusted EBITDA for the quarter was $267 million or 13.5% of net sales. On a reported basis, net loss was $(10.9) million, or $(0.06) per share.

Fourth Quarter Highlights:
Net sales for the fourth quarter 2012 totaled $2 billion. Net sales increased 0.8% over 2011 with 2.6% higher volumes, offset by 1.7% of unfavorable currency translation. Reported regional net sales increased over 2011 levels by 9.6% for AMAT (Asia, Middle East, Africa and Turkey), 7.5% for Latin America, 2.3% for North America and 2.0% for Japan/Australia/New Zealand, offset by 5.6% lower net sales in Europe. Additionally, fourth quarter net sales to Developing Regions1 account for 24% of global net sales.

Adjusted EBITDA for the quarter was $267 million or 13.5% of net sales. On an actual and constant dollar basis, this represented a 16.6% increase compared with 2011 adjusted EBITDA of $229 million, primarily driven by higher volume demand and cost synergies. Cost synergies were $35 million for the fourth quarter of 2012 and resulted from a mix of headcount reductions, elimination of redundant costs, plant consolidations and procurement and logistics savings.

Full Year 2012 Summary
Net sales for 2012 totaled $7.6 billion. Net sales increased 37.8% over 2011, including a 38.2% increase from the Diversey acquisition, a 2.3% increase in organic sales, offset by 2.7% unfavorable currency translation. Compared to pro forma 2011, net sales declined 1.7% from 3.6% unfavorable currency translation, offset by 1.8% organic growth, including a 0.8% volume increase from expansion in Developing Regions, partially offset by ongoing weakness in Europe.

Full year Adjusted EBITDA was $996 million, or 13.0% of net sales. On a constant dollar basis, Adjusted EBITDA was $1.02 billion, a 2.8% increase over pro forma 2011 Adjusted EBITDA of $996 million. This increase was primarily due to the realization of cost synergies, partially offset by higher operating expenses, mainly in I&L related to compensation costs and additional resources to support growth in developing regions. Reported net loss was $1.3 billion in 2012, primarily due to impairment of goodwill and other intangibles. Pro forma net earnings were $106 million in 2011. The Company is working to finalize its impairment analysis prior to the filing of its Annual Report on Form 10-K for the year ended December 31, 2012, and as a result may incur additional impairment charges.

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02.20.2013
Stakeholders Show Strong Interest in Forest Certification in China

The China Forest Certification Council (CFCC) has established a platform to facilitate interaction with and between Chinese stakeholders interested in promoting forest certification.

The CFCC Stakeholder Forum, which was inaugurated recently in Beijing, will meet several times per year to provide information and updates about the continuous development of the China Forest Certification Scheme (CFCS). The Forum is designed as a mechanism to encourage knowledge and information exchange, enhance transparency, foster discussions, and ultimately aims to ensure that forest certification requirements address the unique Chinese conditions and are aligned with local management practices and culture.

The inaugural meeting of the Stakeholder Forum, which was chaired by the Secretary General of CFCC, Ms. Yu Ling, was attended by a wide range of organizations, included NGOs, companies, certification bodies, forest industry associations, researchers as well as government representatives.

CFCC Chairman, Wang Wei, outlined progress, key developments and next steps in the development of the national Chinese forest certification system. Participants welcomed the presentation of two draft standards on Plantation Management and Bamboo Management by Mr. Lu Wenming, who leads the standard setting working group, and offered a number of suggestions and potential improvements, which will be considered by the working group in due course. Technical discussions also focussed on the impact of PEFC International's 2013 Chain of Custody standard on its Chinese equivalent.
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