Paperclips Blog | MeadWestvaco Results

03.05.2013
EU introduces illegal timber import controls

The EU Timber Regulation (EUTR) requires importers or sellers of timber and wood products to keep records of the sources of their supplies. Interpol estimates that illegal logging contributes up to 30% of timber in the global market, costing in excess of 15bn euros ($20bn/£13bn) each year. The EU accounts for 35% of the world's primary timber consumption.

The law, which was adopted by the European Parliament and Council back in October 2010, is only just coming into force because of the measures member states and private companies had to put in place.

Operators, which refers to "those who first place a timber product on the EU market" - through a "due diligence" system - are required to "make every effort to ensure that the wood they trade in is legal". The due diligence system (DDS) comprises three elements, including access to information relating to shipments' country of origin, quantity and suppliers' details; evaluation that the timber was produced in compliance with the laws of the country of origin; taking additional steps to ensure the legality of the timber if there is any doubt over its provenance. In addition, the EUTR requires traders ("those who sell or buy the timber already on the EU market") to keep "adequate information so that the wood they deal in can be easily traced".

Officials say the new law covers a wide range of products, from paper and pulp to solid wood and flooring, and forms a part of ongoing efforts to help tackle the global problem of illegal logging. Illegal logging is defined as the harvesting of wood that breaches the laws or regulations of the country of origin. The European Union says it has "severe economic, environmental and social impacts for some of the world's most valuable remaining forests and the billions of people that rely on them."

In 2012, Interpol and the UN launched Project Leaf, an initiative to combat illegal logging and organised forest crime. In February, Interpol said almost 200 people had been arrested in a wide-ranging international anti-illegal logging operation. The global anti-crime agency added that the three-month effort spanned 12 Central and South American countries, and $8m (£5.2m) worth of timber had been seized.

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03.05.2013
Smurfit Kappa completes CoC certification programme

Smurfit Kappa, one of the world’s largest integrated manufacturers of paper-based packaging products with operations in Europe and the Americas, is proud to announce that all relevant packaging operations in Europe are now Chain of Custody certified. This is in line with the Company’s long-term sustainability commitment and covers 19 European countries where Smurfit Kappa is present, namely: Austria, Belgium, Czech Republic, Denmark, France, Germany, Ireland, Italy, Lithuania, the Netherlands, Norway, Poland, Portugal, Russia, Slovakia, Spain, Sweden, Switzerland and the United Kingdom.

This ambitious programme started more than three years ago with the certification of all virgin paper mills, followed by all recycled paper mills and has concluded with every relevant packaging production operation being certified. The granting of these certificates is evidence of Smurfit Kappa’s objective to fully comply with the Forest Stewardship Council (FSC) and Programme for the Endorsement of Forest Certification (PEFC) Chain of Custody certification schemes.

These certificates enable Smurfit Kappa to assure its customers that its packaging is produced from solely sustainable raw material. Packaging materials can now be traced and the Chain of Custody certification guarantees that no unsustainable material has entered the supply chain.

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03.05.2013
Quad/Graphics Reports Fourth Quarter and Full-Year 2012 Results

Quad/Graphics, Inc. today reported fourth quarter and full-year 2012 results that were in line with management's originally announced annual guidance with the exception of Recurring Free Cash Flow, which surpassed the Company's upwardly revised guidance. For full financial results, please see the accompanying information.

Net sales for the fourth quarter 2012 were $1.1 billion versus $1.2 billion for the same period in 2011. Fourth quarter 2012 Adjusted EBITDA was $174 million compared to $187 million for the same period in 2011, and Adjusted EBITDA margin was 15.3% compared to 15.4% for the same period in 2011. The quarterly results reflect expected volume declines, pricing pressures on print and byproduct sales, and challenges in the book product line. Partially offsetting these impacts in the quarter were lower selling, general and administrative costs, and incremental synergy savings.

For the full-year 2012, net sales were $4.1 billion versus net sales of $4.3 billion for the previous year. Full-year 2012 Adjusted EBITDA was $566 million compared to $618 million for the previous year, and Adjusted EBITDA margin was 13.8% compared to 14.3% for the previous year. Recurring Free Cash Flow was $375 million compared to $340 million for the previous year, continuing the Company's track record of solid cash-flow generation.

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03.05.2013
A. Schulman Offers To Acquire Ferro Corporation

A. Schulman, Inc. announced today that it has made a proposal to the Board of Directors of Ferro Corporation (NYSE: FOE) to acquire all of the outstanding shares of Ferro common stock for per-share consideration of $6.50, representing an estimated total enterprise value of approximately $855 million including total indebtedness. The offer represents a 25 percent premium over the closing price of Ferro common stock on March 1, 2013, and a 32 percent premium over the volume-weighted average trading price over the preceding 60-day period.

The Company said its proposed offer price of $6.50 per share includes an immediate cash payment of $3.25 for each Ferro share outstanding and $3.25 worth of A. Schulman common stock. When cost savings and synergies are fully implemented, A. Schulman estimates annual savings of $35 million over and above the previously announced Ferro targets. Based on these additional savings, A. Schulman believes that its offer presents the opportunity for significant future value to Ferro shareholders through the equity portion of the consideration. A. Schulman stated that its offer was based upon publicly available information about Ferro, which reported sales of approximately $1.2 billion through the first nine months of its fiscal year ended December 31, 2012. However, with greater visibility into Ferro's businesses, A. Schulman expects its offer could be adjusted subject to customary due diligence.

A. Schulman expressed its "strong intent" in pursuing the combination in a letter to Ferro on February 13, 2013. Ferro's Board rejected A. Schulman's offer and expressed their belief that the company should remain independent. A. Schulman first contacted Ferro in November 2012.

"A. Schulman and Ferro are both recognized leaders in specialty chemicals with value-added product lines, similar business models, complementary competencies, markets and applications," said Joseph M. Gingo, Chairman, President and Chief Executive Officer of A. Schulman. "We believe our combination will deliver superior value to our respective shareholders and offer better value to customers, and we would welcome the opportunity to engage in a mutually beneficial dialogue with Ferro's Board and management."

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03.05.2013
Lecta Confirms Price Hike for Coated Woodfree Paper

Lecta has informed its customers that the company will continue implementing the announced price increase of 5 - 6% on its CWF (coated woodfree) paper.

Lecta said the price hike is the result of the high cost of its primary raw materials, transportation and energy.

In a written statement, the company said, "After the success in the price movement in our distribution network in the southern part of Europe, Lecta confirms that price increase will be totally consolidated till end of March also in the rest of the EEA.

"Further price increases will be needed in 2013 to recover the minimum profitability that would guarantee actual quality and service levels," Lecta added.

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03.05.2013
WTI Crude Rebounds From 10-Week Low; Brent Pipeline Remains Shut

Oil rebounded from the lowest level in 10 weeks as traders speculated recent declines may have been excessive, while a North Sea pipeline system remained shut after a platform leak.

Both West Texas Intermediate and Brent futures rose as much as 0.6 percent. The Brent pipeline system was closed for a third day after an oil leak was discovered March 2 on the Cormorant Alpha platform, according to Abu Dhabi National Energy Co. (TAQA) PJSC, the operator known as Taqa. U.S. crude stockpiles probably increased for a seventh week, the longest stretch since May, a Bloomberg News survey showed before Energy Department data tomorrow.

“It’s worth keeping an eye on developments at Cormorant Alpha since any prolonged disruption in the North Sea would support Brent,” said Andrey Kryuchenkov, an analyst at VTB Capital in London who predicts that Brent will trade in a range of $109 to $112 a barrel this month.

WTI for April delivery rose as much as 58 cents to $90.70 a barrel in electronic trading on the New York Mercantile Exchange and was at $90.38 at 10:39 a.m. London time.

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03.05.2013
Appleton Reports Fourth Quarter and Full Year 2012 Results

Appleton’s 2012 net sales of $849.8 million decreased 0.9% compared to 2011 net sales of $857.3 million. Appleton’s fourth quarter 2012 net sales of $205.5 million were flat when compared to fourth quarter 2011. Adjusting for the Company’s decision to discontinue the sale of carbonless papers into certain non-strategic international markets, fourth quarter and full year 2012 net sales were up 7.9% and 3.1%, respectively. The Company’s strong revenue growth from thermal papers almost entirely offset full year 2012 revenue declines in carbonless papers and Encapsys.

Appleton reported a 2012 operating loss of $88.5 million compared to an operating loss of $9.4 million in 2011. Excluding one-time and other items as explained below, adjusted operating income was $74.8 million, $30.0 million higher than adjusted operating income reported for 2011. Costs related to ceasing papermaking operations at the West Carrollton, Ohio facility and transitioning to Domtar base paper were $117.4 million for the year and included $28.6 million of restructuring expense, $77.4 million of other related costs and $11.4 million of transition costs.

During fourth quarter 2012, the Company adopted mark-to-market accounting for its pension and other postretirement benefit plans whereby all gains and losses are immediately recognized in current year earnings. In addition, the Company also elected to change its method of accounting for certain costs included in inventory, whereby retiree benefit costs for former employees are excluded from inventoriable costs. Both of these accounting method changes were retroactively applied to all periods presented. The change in retiree benefits accounting resulted in a mark-to-market adjustment of $33.6 million in fourth quarter 2012 and $51.1 million in fourth quarter 2011.

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03.05.2013
Avery Dennison Unveils New North American Collection of Price-Neutral FSC®-Certified Label Constructions

Avery Dennison Label and Packaging Materials today introduced a new collection of North American Forest Stewardship Council (FSC)-certified paper label materials. The new products’ prices are comparable with those of non-certified alternatives to drive the use of FSC-certified materials throughout the value chain.

The new collection of FSC-certified products contains 22 specifications featuring three paper facestocks – Fasson® 54# Semi-Gloss FSC, Fasson Lightweight Dairy FSC and Fasson Estate Label®No. 8 FSC – commonly used in wine, spirits, dairy and food applications. The new offering is a result of the company’s commitment to develop and offer sustainable label and packaging solutions to converters and brand owners.

“We have heard clearly from members of our value chain about the need for innovations that focus on improving sustainability,” said Darrell Hughes, vice president and general manager, Materials Group North America. “As a market leader, it’s our responsibility to produce and promote items that contribute to the environmental health of our planet. This price-neutral collection of select FSC-certified constructions is the next step in our effort to make our industry more sustainable.”

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03.05.2013
Avery Dennison Announces Responsible Paper Procurement Policy

Avery Dennison Corporation announced today that it has formalized a company-wide policy to promote responsible paper sourcing and procurement. The policy will be available in the Reports and Downloads section of the company’s sustainability website.

“As a leader in labeling and packaging materials and solutions, we recognize that we have a responsibility to help our customers and our industry become more sustainable,” said Dean Scarborough, Avery Dennison chairman, president and CEO. “Our policy will guide us in sourcing materials responsibly, using them more efficiently in our operations, and developing greener products from them.”

Developed with the support of non-governmental organization Rainforest Alliance, Avery Dennison’s policy commits the company and its businesses to: Identify and disclose the sources of the pulp, natural fiber and paper in its labeling and packaging materials and solutions; Help ensure that its suppliers follow sustainable forest management practices; Evaluate and reward sound environmental performance on the part of its supply chain partners; Seek to maximize its use of recycled content and fiber sourced from Forest Stewardship Council-certified forestry operations; Work to avoid controversial fiber sources.

Avery Dennison is working with external certification experts, including Rainforest Alliance, to assess the potential risk to the company’s supply chain of illegal timber or irresponsibly harvested fiber and develop systems and procedures for documenting, verifying and reporting supplier performance.

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03.04.2013
The Yankee Candle Company, Inc. Reports Fiscal 2012 Fourth Quarter and Full Year Results

Yankee Holding Corp. and The Yankee Candle Company, Inc. today announced financial results for the fourth quarter and full year ended December 29, 2012. Yankee Holding Corp., a direct subsidiary of YCC Holdings LLC, is a holding company that was 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.

Net sales for the fourth quarter of 2012 were $342.1 million as compared to net sales of $316.6 million during the fourth quarter of 2011, an increase of $25.5 million or 8.1%. Retail sales were $234.4 million for the fourth quarter of 2012 as compared to $216.5 million during the fourth quarter of 2011, an increase of $17.9 million or 8.3% from the prior year fourth quarter. Sales from the Company's Wholesale segment were $64.0 million, a decrease of $2.4 million or 3.7% versus the prior year fourth quarter. Sales in the Company's International segment were $43.7 million, an increase of $10.0 million or 29.7% from the prior year fourth quarter.

The Company recorded net income of $61.1 million, or 17.9% of net sales for the fourth quarter of 2012 compared to net income of $54.8 million, or 17.3% of net sales for the fourth quarter of 2011.

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03.04.2013
Verso CFS Price Increase

Effective with all orders shipping on or after April 1, 2013, Verso Paper Corp. is increasing the transaction price of all Coated Freesheet grades.

The increase applies to all Coated Freesheet grades, including but not limited to the following brands: Influence® $2.50/cwt ($50/short ton); Velocity® $2.50/cwt ($50/short ton)

All grades, basis weights, bulks and finishes.

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03.04.2013
Twin Rivers Paper Company Releases Acadia® Laminating

Twin Rivers Paper Company, a leader in lightweight specialty packaging, label and publishing papers, expands its specialty packaging options with the release of a high performance laminating base paper, Acadia Laminating. This uncoated, machine-finished paper is engineered to deliver optimal uniformity and smoothness to perform under the most demanding laminating conditions. Available in a broad range of basis weights, it is ideal for foil-laminated applications such as candy bars, bags, hamburger wraps, sandwich wraps and gift wraps.

“We recognize the importance of having a rich product portfolio and giving our customers more options for their converting or end-use applications. Acadia Laminating is one of the many packaging options we will be launching in 2013,” says Dave Deger, Director of Business Development and Marketing at Twin Rivers Paper Company.
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03.04.2013
The Newark Group to Hike Price for All Coated Grades of Recycled Paperboard

The Newark Group announced a $40 per ton price increase on all coated grades of recycled paperboard effective with shipments on or after April 2, 2013.

“The increase is necessary due to the escalating costs of raw materials, freight and energy,” said Raymond Vargo, Jr., Vice President of Sales, Newark Paperboard Mills.

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03.04.2013
Study: Men's Mags May Be Bad For Men

What do Fortune, Wired and Field & Stream have in common? They’re all read mostly by men, and contain large numbers of ads that may contribute to “hyper-masculinity,” leading to “troubling behavior in young men,” according to a new study just published in Sex Roles, an academic journal.

The researchers, led by Megan Vokey, a Ph.D. candidate from the University of Manitoba, tracked advertising in eight magazines with a primarily male audience, scoring each ad on four components: Toughness, violence, dangerousness and callous attitudes toward women and sex. The authors found that these “hyper-masculine depictions” were common in all titles, regardless of age or earnings.

At least one of these four attributes was found in 56% of the total sample, while in some magazines, it was as many as 90%. But titles aimed at younger, less affluent readers were more likely to contain such ads. Game Informer, Playboy and Maxim had the most; Fortune and Golf Digest the least.

Ads with either a sexual or violent tone were less common. “Masculine ideology valuing toughness and danger may be more accepted generally by men than are overt violence and callousness towards women and sex,” the authors say. Other studies have linked hyper-masculinity with such problems as “dangerous driving, drug use and violence towards women.”

Increasingly, academic researchers are examining the impact ads can have on public health issues ranging from obesity to anorexia to binge drinking. Sometimes, as in the case of food marketing to children, the result has been stepped-up regulations.
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03.04.2013
Ilim Group’s New Paper Machine at Koryazhma produces First Paper

On the 3rd of March in Koryazhma, Arkhangelsk oblast, Ilim Group’s new paper machine build as a part of Big Koryazhma investment project made paper for the first time.

During the coming weeks, Ilim Group’s specialists, supported by experts from International Paper and representatives of equipment suppliers, will be working together to bring the machine up to full production, and help it meet all of the product quality parameters.

New high quality office and offset paper – will soon enter Russian market.

Big Koryazhma is a project is an investment of $270 million, involving construction of a new paper machine, installation of an off-machine coater, installation of cut-size and folio sheeters, construction of precipitated calcium carbonate (PCC) plant and implementation of infrastructure projects. Construction of a new paper machine in Koryazhma started in summer of 2011 at the production site of Ilim Group Branch in Koryazhma. As a result of the project Russia's most advanced state-of-the-art paper machine has started operations and will produce more than 150,000 tons per year of office paper. In summer of 2013 the company will start producing 70,000 tons of coated paper per year to make Ilim Group Russia's first and only manufacturer of this product. The project was approved by Ilim Group's Board of Directors on June 30, 2010. The Ministry of Industry and Trade of the Russian Federation has given this project priority status.

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03.04.2013
Chico's FAS, Inc. Reports Earnings Per Share Increase of 27% in Fourth Quarter and 32% in Fiscal 2012

Chico's FAS, Inc. today announced its financial results for the fiscal 2012 fourth quarter and fiscal year ended February 2, 2013. The Company also provided its outlook.

For the fourteen-weeks ended February 2, 2013 (the fourth quarter), when excluding non-recurring acquisition and integration costs related to the Boston Proper acquisition, the Company reported net income of $32.7 million, an increase of 29.8% compared to net income of $25.2 million in last year's thirteen-week fourth quarter, and earnings per diluted share of $0.20, an increase of 33.3% compared to $0.15 per diluted share in last year's fourth quarter. Including non-recurring acquisition and integration costs, the Company reported net income of $31.5 million, an increase of 25.6% compared to net income of $25.1 million in last year's fourth quarter, and earnings per diluted share of $0.19, an increase of 26.7% compared to $0.15 per diluted share in last year's fourth quarter. These results represent the highest fourth quarter earnings per share since 2005.

For the fifty-three weeks ended February 2, 2013 (fiscal 2012), when excluding non-recurring acquisition and integration costs, the Company reported net income of $182.2 million, an increase of 26.1% compared to net income of $144.4 million for the fifty-two week year ended January 28, 2012 (fiscal 2011), and record earnings per diluted share of $1.09, an increase of 29.8% compared to $0.84 per diluted share in fiscal 2011. Including non-recurring acquisition and integration costs, the Company reported net income of $180.2 million, an increase of 27.9% compared to net income of $140.9 million in fiscal 2011, and earnings per diluted share in fiscal 2012 of a record $1.08, an increase of 31.7% compared to $0.82 per diluted share in fiscal 2011.

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03.04.2013
WTI Oil Futures Decline to Trade Near $90 a Barrel

West Texas Intermediate crude fell to trade near $90 a barrel after money managers cut bets on rising prices.

Futures retreated for a third day in New York after sliding to a 10-week low on March 1. Net-long positions in WTI dropped 16 percent, according to data from the Commodity Futures Trading Commission. Services industries in China expanded at the slowest pace in five months in February, a survey of purchasing managers showed yesterday.

“Oil is going to remain under pressure for a while yet,” said Christopher Bellew, a senior broker at Jefferies Bache Ltd. in London, who correctly predicted last month that prices were set to drop. “When prices were strong last month there was an influx of fresh speculative buying, and the opposite is happening now.”

WTI for April delivery fell as much as 59 cents to $90.09 a barrel in electronic trading on the New York Mercantile Exchange. It was at $90.51 at 11:33 a.m. London time.

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03.04.2013
Bertelsmann Acquires Full Ownership of Music Company BMG

Bertelsmann, the international media group, is taking full ownership of the innovative music rights management company BMG by acquiring the shares currently held by Kohlberg Kravis Roberts & Co. (KKR), and will continue to develop BMG as a wholly owned subsidiary. The transaction, which is subject to regulatory approval, is scheduled to close during the first half of this year. The parties have agreed to keep the financial details of the transaction confidential. BMG administers the rights to more than one million songs, including works by such artists as Bruno Mars, Duran Duran, Gossip, Johnny Cash, and Will.i.am. It also represents the master rights (composition and recording) of artists who include Brian Ferry, Nena and Anastacia.

Bertelsmann Chairman & CEO Thomas Rabe said: “This is a great day for Bertelsmann: We are bringing the music home to our group. A few years after our exit from the traditional music business, in association with KKR, we have succeeded in building the world's fourth-largest music rights management business.” Rabe emphasized that KKR has been a good partner. “Our partnership made it possible for BMG to take advantage of consolidation opportunities and to rapidly advance the organic expansion of the business. I thank them for an excellent collaboration.”

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03.04.2013
Barnes & Noble Reports Fiscal 2013 Third Quarter Financial Results

Barnes & Noble, Inc. today reported sales and earnings for its fiscal 2013 third quarter ended January 26, 2013.

Third quarter consolidated revenues were $2.2 billion, a decrease of 8.8% as compared to the prior year. Third quarter consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) were $55 million, as compared to $150 million a year ago. Third quarter consolidated net losses were $6.1 million, as compared to net earnings of $52 million a year ago. Third quarter results were adversely impacted by NOOK inventory charges and promotional allowances discussed below in the NOOK section. Third quarter net losses were $0.18 per share, which includes the impact of the dividend on redeemable preferred shares, as compared to net earnings of $0.71 per share a year ago.

On January 23, 2013, the company announced the completion of its strategic partnership with Pearson, which invested $89.5 million in NOOK Media LLC for preferred membership interests representing a 5% equity stake. Following the closing of the transaction, Barnes & Noble now owns approximately 78.2% of the NOOK Media subsidiary and Microsoft, which also holds preferred membership interests, owns approximately 16.8%.

The company ended the third quarter with cash of $214 million and no borrowings under its $1 billion Revolving Credit facility, as compared to a net debt position of $74 million a year ago.
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03.04.2013
Arjowiggins graphic launches the innovative 100% recycled High speed inkjet paper portfolio

Arjowiggins Graphic has announced the launch of its Innovative 100% recycled High speed Inkjet paper portfolio, a range of OEM qualified and sustainable products designed to run on all Inkjet digital presses including the latest generation of machines. Once again Arjowiggins Graphic meets market demand and continues to lead industry innovation with an exciting new range of 100% recycled papers, engineered specifically for inkjet colour printing.

“This Inkjet Portfolio complements the rest of our digital product offering. We see this product range as an innovative and alternative solution for printers and their Corporate clients. These specially engineered, premium quality web inkjet papers are already creating profitable new markets in transpromo and direct mail, with increasing commercial print applications,” said Jean Charles Monange, sales and marketing director, Arjowiggins Graphic.

The Cocoon and Cyclus Jet families provide a unique combination of high quality performance at full press speed and Improve color depth in combination with ink consumption reduction.

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03.04.2013
Arctic Paper Group in 2012: increased revenue and share of mature European market, expansion of Arctic Paper Group

Arctic Paper S.A., the second-largest European producer of bulky book paper by volume and one of Europe’s leading producers of high-quality graphic paper, generated revenue through four quarters of 2012 of over PLN 2.6bn, or 2.9% higher than in 2011. Excluding the costs of the one-off events of the listing on NASDAQ OMX in Stockholm and the tender offer for shares of the Swedish company Rottneros AB, the group’s EBITDA in 2012 was almost PLN 32.6m, or 17.2% higher than the year before, while net profit was 132.6% higher than in 2011, at almost PLN 28.1m.

Despite continuing weak demand for high-quality paper in Europe, in 2012 the company increased its sales volume by 23,000 tonnes, or 3.1%, over 2011, thus increasing its share of the mature market in spite of the fairly difficult situation in the industry. Utilization of the company’s production capacity in 2012 as a whole was at the high level of 96%.

In 4Q 2012, sales revenue fell from the 3rd quarter, but this phenomenon is typical for the end of each calendar year, in connection with the limited demand for graphic paper in the last three weeks of the year. Sales revenue was PLN 615m, more than 8% lower than in 3Q 2012 and in 4Q 2011. On an annual basis sales revenue increased by 2.9%, to PLN 2.6bn.

In 2012, the Arctic Paper Group increased its sales volume over 2011 levels by more than 23,000 tonnes, or 3.1%, which, with declining sales volumes in Europe, meant that the group increased its market share.

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03.04.2013
American Forest & Paper Association Releases January 2013 Printing-Writing Paper Report

The American Forest & Paper Association has released its January 2013 Printing-Writing Paper Report.

According to the report, total printing-writing paper shipments were down 3 percent from January 2012.

Additional key findings:
•January shipments of coated free sheet (CFS) papers increased in 5 percent compared to January 2012, the third year-over-year increase in the past four months.
•Uncoated free sheet (UFS) papers shipments of 766,300 tons in January were 3 percent below the same period last year.
•January uncoated mechanical (UM) paper shipments decreased 10 percent when compared to January 2012.
•January shipments of coated mechanical (CM) decreased 9 percent compared to January 2012 to 255,900 tons.

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03.04.2013
Best Buy Reports Fourth Quarter and Fiscal Year Results

Best Buy Co., Inc. today announced results for the 13-week fourth quarter (“Q4 FY13”) and 53-week fiscal year ended February 2, 2013 (“FY13”), as compared to the 13-week fourth quarter (“Q4 FY12”) and the 52-week fiscal year ended January 28, 2012 (“FY12”). In FY13, the extra week occurred during the first quarter.

Domestic revenue of $12.55 billion declined 0.3% versus last year. This decline was driven by the loss of revenue from 49 big box stores that were closed earlier in the year, but was substantially offset by a positive 0.9% comparable store sales increase and incremental revenue from 126 additional Best Buy Mobile stand-alone stores. It is important to note, however, that comparable store sales in the quarter benefitted from an estimated 35 basis points due to a calendar shift in this year’s “pre-Super Bowl” sales from Q1 FY14 to Q4 FY13.

Domestic online sales increased 11.2%, reaching a record $1.3 billion as momentum accelerated throughout the quarter. Highly effective “traffic-generating” marketing initiatives drove these better-than-expected results.

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03.04.2013
Gap Inc. Reports Fourth Quarter Earnings Per Share Increase of 66 Percent

Gap Inc. today reported fourth quarter and full year results for fiscal year 2012 and provided guidance for fiscal year 2013. Improved product performance and continued global expansion helped drive an 8 percent increase in net sales for the full year. The company reported earnings per share for the 53 weeks ended February 2, 2013 increased 49 percent to $2.33 on a diluted basis, compared with $1.56 for the 52 weeks ended January 28, 2012.

“Our results in 2012 were stellar in many ways, and I’m very pleased with how well our product resonated with customers,” said Glenn Murphy, chairman and chief executive officer of Gap Inc. “We enter 2013 focused on leveraging our global brands to gain more market share and continuing to increase shareholder value.”

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03.04.2013
Limited Brands Reports Fourth Quarter and Earnings

Limited Brands, Inc. today reported 2012 fourth quarter and full-year results.

Adjusted earnings per share for the 14-week fourth quarter ended Feb. 2, 2013, which exclude certain significant items as detailed below, were $1.76 compared to $1.50 for the 13-week fourth quarter ended Jan. 28, 2012. Fourth quarter adjusted operating income was $907.8 million compared to $786.5 million last year, and adjusted net income was $519.2 million compared to $459.2 million last year.

Including the significant items below, reported fourth quarter earnings per share were $1.39 compared to $1.17 last year; operating income was $787.8 million compared to $641.1 million last year; and net income was $411.4 million compared to $359.4 million last year.

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03.04.2013
J.C. Penney Company Reports 2012 Fiscal Fourth Quarter and Full Year Results

J. C. Penney Company, Inc. today announced financial results for its fiscal fourth quarter and full year ended February 2, 2013. For the quarter, jcpenney reported a net loss of $552 million or $2.51 per share. Excluding restructuring and management transition charges and non-cash primary pension plan expense, the Company's adjusted net loss for the quarter was $427 million or $1.95 per share.

For the year, jcpenney reported a net loss of $985 million or $4.49 per share. Excluding markdowns related to the alignment of inventory with the Company's new strategy, restructuring and management transition charges, non-cash primary pension plan expense and the net gain on the sale or redemption of non-operating assets, the Company's adjusted net loss for the year was $766 million or $3.49 per share.

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03.04.2013
Cenveo Announces Fourth Quarter and Full Year 2012 Results

Cenveo, Inc. today announced results for the three months and full year ended December 29, 2012.

The Company generated net sales of $451.8 million for the three months ended December 29, 2012, compared to $486.5 million for the same period last year. The Company generated net sales of $1.8 billion for the year ended December 29, 2012, compared to $1.9 billion for the prior year. The decrease in net sales was primarily due to lower sales in our print and envelope product lines as a result of lower direct mail volumes from our financial services customers, the closure and consolidations of a print plant and two envelope plants and our decision to exit certain low margin business. Net sales from our label and packaging business lines decreased slightly for the fourth quarter and full year of 2012 due to our decision to exit low margin business within those platforms, which has been offset largely by our e-commerce initiatives and new account wins in our packaging business.

Operating income was $34.0 million for the three months ended December 29, 2012, compared to $39.0 million for the same period last year. The decrease in operating income was primarily due to lower sales, lower byproduct recoveries and increased pension expense, offset in part by lower compensation-related expenses. Non-GAAP operating income was $41.6 million for the three months ended December 29, 2012, compared to $46.7 million for the same period last year. For the year ended December 29, 2012, operating income was $112.2 million, compared to $117.8 million for the prior year. The decrease in operating income was primarily due to increased restructuring, impairment and other charges as a result of the closure and consolidations of a print plant and two envelope plants along with other cost savings actions, lower sales, lower byproduct recoveries and increased pension expense, offset in part by our lower cost structure due to the integration of our Envelope Product Group acquisition and lower compensation-related expenses. For the year ended December 29, 2012, non-GAAP operating income was $151.9 million, compared to $157.2 million for the prior year. Non-GAAP operating income excludes integration, acquisition and other charges, stock-based compensation provision, and restructuring, impairment and other charges.

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02.27.2013
Quad/Graphics Reports Preliminary Fourth Quarter and Full-Year 2012 Results

Quad/Graphics, Inc. today reported preliminary unaudited fourth quarter and full-year 2012 results in advance of management's attendance at the 2013 Baird Business Solutions Conference in New York City on February 27, 2013. For reconciliation of Adjusted EBITDA and Recurring Free Cash flow to U.S. generally accepted accounting principles (GAAP) measures, please see the accompanying information.

Highlights of expected results for Fourth Quarter and Full-Year 2012:
Net sales expected to be $1.1 billion in the fourth quarter and $4.1 billion for the full-year 2012.
Adjusted EBITDA expected to be $174 million in the fourth quarter and $566 million for the full-year 2012.
The Company expects to generate $375 million in full-year Recurring Free Cash Flow, surpassing increased revised guidance of $340 million, partially benefitted by $15 million in lower capital expenditures that moved from 2012 into 2013.
In 2012, the Company repaid $120 million in debt, maintaining its year-end leverage of 2.39x within the targeted range of 2.0x to 2.5x.

“Despite ongoing economic and industry challenges in 2012, we expect our fourth quarter and full-year 2012 results to be in line with our previously discussed expectations,” said Joel Quadracci, Quad/Graphics Chairman, President & CEO. “During the fourth quarter, we paid a $2 special dividend and announced an increase in our regular 2013 quarterly cash dividend by 20% to $0.30 per share. In early 2013, we completed the Vertis Holdings, Inc., acquisition, which is a natural and strategic fit. We believe all of these activities added value for our shareholders, and were made possible by our strong focus on generating Recurring Free Cash Flow and maintaining a strong balance sheet, while simultaneously paying down debt.”

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02.27.2013
"End Of An Error": Variety.com Goes Free this Friday

Amidst a sea of online competition that includes Hollywood Reporter, TheWrap and Deadline Hollywood, the grandfather of media trade publications is changing its model to keep pace. On Friday March 1, Variety.com will lower its paywall as it begins a new chapter of the century-old trade’s history. CEO of owner Penske Media, Jay Penske said of the move at the Variety site, “Internally, we’ve been referring to the paywall dropping as ‘the end of an error.’ It was an interesting experiment that didn’t work.”

New hires and promotions for the Penske-owned publication will navigate these new waters. A trio of editors-in-chief has been installed by CEO Jay Penske and new Variety publisher Michelle Sobrino (left). Claudia Eller, most recently of the Los Angeles Times, Cynthis Littleton, recent Variety deputy editor, and Andrew Wallenstein, recent TV editor, will share the duties across print and digital platforms. The company is quick to point out that for the first time in the brand’s history women are in a leadership role. The three-part editorial team is designed to bring comprehensive expertise of film, TV and digital media together for tighter collaboration and cross-platform focus.

While online content will go free, Variety claims to be committed to its paid print publication, which will bow a new weekly format on March 26. The daily Variety newspaper will cease publication with the March 18 issue. The company s planning an ambitious schedule of special editions throughout the year, highlight key industry issues like violence in media.

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02.27.2013
Boise Inc. Reports Financial Results for Fourth Quarter and Year End 2012

Boise Inc. today reported net income of $13.5 million, or $0.13 per diluted share, for fourth quarter 2012, compared with net income of $16.3 million, or $0.15 per diluted share, for fourth quarter 2011. Net income for the year ended 2012 was $52.2 million, or $0.52 per diluted share, compared with $75.2 million, or $0.70 per diluted share, for the year ended 2011. Net income excluding special items for the year ended 2012 was $71.6 million, compared with $79.9 million for the year ended 2011.

EBITDA excluding special items(1) was $78.7 million for fourth quarter 2012, compared with EBITDA excluding special items of $85.0 million for fourth quarter 2011. EBITDA excluding special items was $331.8 million for the year ended 2012, versus our record 2011 EBITDA excluding special items of $340.2 million.

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02.27.2013
WTI Crude Rebounds From 2013 Low; Iran Talks End Without Deal

West Texas Intermediate rose from its lowest level this year. World powers and Iran ended two days of talks without agreement on the country’s nuclear program.

Futures gained as much as 0.5 percent. Iranian nuclear negotiator Saeed Jalili said negotiations with the U.S. and its partners will resume next month in Istanbul as discussions in Almaty, Kazakhstan, concluded. Americans and others made no offer to ease oil or financial sanctions on Iran, said a U.S. official, asking not to be identified. Crude inventories climbed by 904,000 barrels last week to 373.4 million, the highest level since December, the American Petroleum Institute said yesterday.

“Although there are promises for another round of talks and statements on both sides seem to be putting a positive spin to the talks, there was no deal done,” said Amrita Sen, chief oil market strategist at consultant Energy Aspects Ltd. in London.

WTI for April delivery was at $92.86, up 23 cents at 10:49 a.m. London time in electronic trading on the New York Mercantile Exchange.

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02.27.2013
American Forest & Paper Association Releases January 2013 Kraft Paper Sector Report

The American Forest & Paper Association released its January 2013 Kraft Paper Report on Feb. 22.

Total Kraft paper shipments were 140.5 thousand tons, an increase of 19 percent compared to the prior month. Bleached Kraft paper shipments increased year-over-year 17 percent, and unbleached Kraft paper shipments increased 7 percent year-over-year. As a result, total Kraft paper shipments begin the year 9 percent higher than 2012. Total month-end inventory decreased 14 percent to 73.5 thousand tons this month compared to December 2012 month-end inventories.

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02.27.2013
American Forest & Paper Association Releases January 2013 Paperboard Statistics Report

The American Forest & Paper Association has released its January 2013 U.S. Paperboard Report.

Total boxboard production increased by 0.9 percent compared to January 2012 and increased 1.7 percent from last month. Unbleached Kraft Boxboard production increased over the same month last year and increased compared to last month. Total Solid Bleached Boxboard & Liner production decreased compared to January 2012 and decreased compared to last month. The production of Recycled Boxboard increased compared to January 2012 and increased when compared to last month.

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02.27.2013
American Forest & Paper Association Releases January 2013 Containerboard Statistics Report

The American Forest & Paper Association has released its January 2013 U.S. Containerboard Statistics Report.

Containerboard production rose 1.7 percent over December 2012 and 3.5 percent over the same month last year. The month-over-month average daily production increased 1.7 percent. The containerboard operating rate for January 2013 gained 1.3 points over December 2012, from 95.8 percent to 97.1 percent.

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02.27.2013
Port Alberni mill reaches 10-year year milestone as supplier for Rolling Stone Magazine

Catalyst Paper's Port Alberni mill is marking 10 years as the supplier of coated mechanical paper for Rolling Stone Magazine, Wenner Media's flagship publication. As the only producer of coated mechanical paper in Western North America, Catalyst's Port Alberni mill also supplies paper for the popular Men's Journal, and the Westcoast edition of Us Weekly.

Catalyst President and CEO Kevin J. Clarke paid tribute to Wenner Media and Bulkley Dunton (the company that handles Wenner's paper supply) while in Port Alberni to meet with employees, City officials, community and business leaders.

"We have an excellent relationship and a shared commitment to being great partners. The titles they publish on our paper have great name recognition and having a long-standing anchor account helps grow additional coated business because people can see our paper in print, not only on a roll or in a sample pack," said Mr. Clarke.

With a total coated mechanical capacity of 223,000 tonnes, Catalyst produces Electracote, a coated four and Pacificote, a coated five product, on Port Alberni's No. 5 paper machine and the company's product development team is now testing the capability to make an even higher quality coated grade.
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02.27.2013
Target Reports Fourth Quarter and Fiscal 2012 Earnings

Target Corporation today reported fourth quarter net earnings of $961 million, or $1.47 per share, and full-year net earnings of $2,999 million, or $4.52 per share. Adjusted earnings per share, a measure the Company believes is useful in providing period-to-period comparisons of the results of its U.S. operations, were $1.65 in fourth quarter 2012, up 10.1 percent from $1.49 in 2011. Full-year adjusted earnings per share were $4.76, up 7.9 percent from $4.41 in 2011. A reconciliation of non-GAAP financial measures to GAAP measures is provided in the tables attached to this press release. All earnings per share figures refer to diluted earnings per share.

“We’re pleased with Target’s fourth quarter performance, particularly in the face of a highly promotional retail environment and continued consumer uncertainty,” said Gregg Steinhafel, chairman, president, and chief executive officer of Target Corporation. “Outstanding discipline and execution by our team allowed us to achieve our full-year financial and strategic goals in 2012. We believe these results position us well to deliver on significant plans in 2013, including completion of the largest store opening program in our company’s history with 124 stores in Canada and additional Target and CityTarget locations in the U.S., investing in new processes and technology that will improve our guests’ multichannel experience and closing the sale of our credit card receivables.”

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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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