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05.23.2012
AbitibiBowater Inc., doing business as Resolute Forest Products, today announced that its Board of Directors has authorized the repurchase of up to 10% of the Company's common stock for an aggregate purchase price of up to US$100 million. The repurchase program will be funded using the Company's available cash.
"We are taking advantage of our strong financial position to act on an attractive opportunity to return cash to shareholders," said Richard Garneau, President and Chief Executive Officer. "The Company will continue to manage its capital with the utmost discipline, carefully balancing initiatives to return cash to shareholders with other considerations, such as pursuing sound capital investments and opportunities to further increase Resolute's earnings power. We are committed to enhancing shareholder value in the long term."
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05.23.2012
Rottneros said that it is beginning negotiations regarding the termination of continuous groundwood pulp production at Rottneros Mill.
The measure is the result of rapidly declining consumption of printing paper in Europe, which has led to a dramatic reduction in demand for groundwood pulp, the company said.
The mill employs about 100 workers and 50 will be given a notice of termination.
Rottneros said the production of groundwood pulp is expected to cease this winter, but the actual date depends on the outcome of union negotiations and also agreements with customers affected.
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05.23.2012
Nippon Paper Group, Inc. has formulated the Fourth Medium-Term Business Plan (FY2012-FY2014). This is the last medium-term business plan for Group Vision 2015, and aims to achieve operating income of 70 billion yen in FY2014.
After sustaining severe damage to major plants such as the Nippon Paper Industries Ishinomaki Mill (Ishinomaki, Miyagi Prefecture) in the Great East Japan Earthquake, the Group has been moving forward with the Plan for Paper Business Revitalization, designed not only to achieve a recovery at the Ishinomaki Mill but to shut down facilities with a combined total production capacity of 800,000 tons.
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05.23.2012
Forget 2D mobile activation programs and mobile apps or sites. Your readers are already using your print magazines as launching pads to mobile activity whether or not you are providing the programs. According to the latest research of how offline advertising inspires mobile search, Google and Ipsos find that 48% of smartphone readers are performing mobile queries off of ads they see in magazines. In this regard, print holds up well with other media, since only 35% of smartphone users search off of poster and billboards, while 57% do so from in-store promotions and 58% from TV. Magazines in particular are key drivers of the mobile ecosystem.
The mobile device’s important role in the consumer’s path to purchase is starting to emerge in this early research. Among smartphone owners surveyed, 37% said that research that started on mobile led to a purchase they made online, while 32% cited mobile as a starting point for in-store purchases.
While m-commerce has been a marginal activity until recent months, the Google/Ipsos research suggests that the path from a mobile search query off of a print ad to final purchase may not be as distant as it once was. They find 35% of smartphone users have already made a purchase on their cell phones and 68% of those m-shoppers have made a mobile purchase in the last month.
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05.23.2012
Books-A-Million, Inc. today announced financial results for the 13-week first quarter ended April 28, 2012. Net sales for the 13-week period ended April 28, 2012 increased 10.5% to $113.1 million compared with sales of $102.4 million in the year-earlier period. Comparable store sales for the first quarter declined 4.2%, compared with the 13-week period in the prior year. Net loss from continuing operations for the first quarter was $1.9 million, or $0.13 per diluted share, compared with net loss from continuing operations of $3.4 million, or $0.22 per diluted share, in the year-earlier period.
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05.23.2012
Oil declined for a second day in New York after Iran agreed to grant access to United Nations nuclear inspectors and the euro slumped to a 21-month low against the dollar.
West Texas Intermediate slid as much as 1.2 percent. UN inspectors and Iran broke a five-year stalemate with a deal that gives the International Atomic Energy Agency access to the nation’s Parchin military complex, IAEA Director General Yukiya Amano said yesterday. Western governments are holding talks with Iran today in Baghdad. The euro fell on speculation European leaders won’t propose new measures today in Brussels to stem the region’s debt crisis.
“For now the geopolitical premium is likely to remain depressed, and today’s meeting will set the tone for future relations between Iran and the West,” said Andrey Kryuchenkov, an analyst at VTB Capital in London, who predicts further price losses will be limited.
Crude for July delivery declined as much as $1.14 to $90.71 a barrel in electronic trading on the New York Mercantile Exchange. It was at $90.99 at 10:57 a.m. London time. The contract slid 1.1 percent to $91.85 yesterday, the lowest close since May 18. The June futures contract, which expired, fell 91 cents yesterday to $91.66.
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05.23.2012
Barnes & Noble, Inc., the leading retailer of content, digital media and educational products, today announced the launch of its 2012 Summer Reading program: Imagination's Destination. Children in grades 1-6 can earn a free book just by reading eight books and turning in a completed reading journal sheet about the books they read. This year, Imagination’s Destination features the exciting new Scholastic Discover More series along with two special promotions to encourage young readers to explore their imaginations all summer long.
Scholastic Discover More is an innovative new book series that makes learning a fun and immersive journey of discovery at a variety of reading levels, through vivid color photos and in-depth diagrams. Each title in the series comes with a free digital companion book which offers even more illuminating insight. Young explorers can download a digital sample of the Scholastic Discover More experience to read on Barnes and Noble’s award-winning NOOK Color™ or NOOK Tablet™.
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05.23.2012
Forbes Media plans to debut Forbes Brazil, which will be published in Portuguese, in July. The publisher is launching the new magazine, its 22nd international edition, in partnership with BPP LTDA, which is also publishes Billboard Brazil.
Initial distribution will be 50,000 copies, with content that will include local stories as well as editorial from Forbes.
“Forbes Brazil marks our flag in all the BRIC markets where we see significant growth and possibilities for our business going forward,” said Forbes Television and Licensing President Miguel Forbes in a statement.
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05.23.2012
Ahlstrom, a global high performance materials company, will extend the application of its recently launched Ahlstrom Acti-V(TM) technology to all supercalendered release papers manufactured at its La Gère plant in France. The products are used for Pressure Sensitive Adhesive (PSA) labeling, as well as for specialty tape and industrial applications.
Ahlstrom started to market Ahlstrom Acti-V(TM) release papers for PSA labeling applications, manufactured at its Turin plant in Italy. In order to meet the growing customer demand worldwide, the company is planning equipment modifications at its La Gère facility in France in August 2012. Consequently, Ahlstrom will be able to increase its Ahlstrom Acti-V(TM) production volume and potentially reach up to one hundred percent of the plant's output. This will also enable applying Ahlstrom Acti-V(TM) technology to the two-side silicone coating papers range for tape and industrial applications, which represent a major focus of the French site.
Ahlstrom Acti-V(TM) is a new generation of release papers for silicone coating. The Ahlstrom patented technology was first introduced to the market at Labelexpo Europe 2011 in the end of last year. Thanks to the new technology, Ahlstrom Acti-V(TM) plays an active role in the silicone curing and anchorage process. Silicone curing requires less catalyst (platinum) and energy. At the same time, it improves silicone coverage while the anchorage is stronger and more durable, even in challenging environmental conditions.
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05.23.2012
Having cemented its labour contract, the company negotiating to purchase the NewPage mill in Port Hawkesbury, N.S., has advised former employees who will, or won’t, be called back if the mill re-opens.
Only about 229 unionized workers will be returning to work at the mill, down from the more than 500 who were employed prior to the mill’s closure in September 2011. The potential buyer, Pacific West Commercial Corp., will only restart the supercalendered paper line, not the newsprint machine.
Pacific West has reached a tentative deal concerning its electrical power rate, but the agreement must be approved by the province’s utility review board. A meeting has been scheduled for July. A Pacific West spokesman told the Cape Breton Post in May that the company is ready to proceed with the restart once the electricity rate agreement is approved, so workers could be working again as early as August.
Despite the mill closure, work continues on a Nova Scotia Power’s biomass power cogeneration plant at the NewPage Port Hawkesbury site. The steam turbine and generator were placed in late April. Nova Scotia Power says the work on the high pressure steam piping and electrical connections for the generator can now begin. The plant should be producing power by the end of the first quarter of 2013.
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05.23.2012
Multi-Color Corporation today announced fiscal 2012 results including 4% organic growth (excluding foreign exchange), stable 20% gross margins and progress with the York Label Group acquisition integration.
"Total revenues grew 51% to over $500 million in fiscal 2012 and revenues, including the full year impact of acquisitions occurring in fiscal 2012, are expected to exceed $650 million in fiscal 2013. Organic revenue growth was 4% (excluding foreign exchange) and operational improvements helped us achieve a 14% organic operating income improvement (excluding foreign exchange) for fiscal 2012," said Nigel Vinecombe, President and CEO of Multi-Color Corporation.
Net revenues increased 51% to $510.2 million from $338.3 million in the prior year. Net revenues increased 45% or $151.4 million due to acquisitions and start-ups occurring after the beginning of fiscal 2011. Of this acquisition-related revenue increase, $109.9 million is attributable to the acquisition of York Label Group. In addition, organic net revenues, excluding the impact of foreign exchange, increased 4% in the current year comprised of a 2% increase in sales volumes and a 2% favorable impact of sales mix. The impact of foreign exchange rates compared to the prior year was 2% primarily driven by the appreciation in the Australian dollar.
Gross profit increased $30.3 million or 45% compared to the prior year. Adjusted for special items, gross profit increased $31.4 million or 46%. Acquisitions and start-ups occurring after the beginning of fiscal 2011 contributed 31% to the adjusted gross profit increase. The remaining 15% increase was due to the impact of foreign exchange rates, higher sales volumes and favorable sales mix impacts in the current year. Gross margins, adjusted for special items, were steady at 20% of sales revenues compared to the prior year.
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05.22.2012
Best Buy Co., Inc. today reported GAAP net earnings from continuing operations of $161 million, or $0.47 per diluted share, for the three months ended May 5, 2012 compared to net earnings from continuing operations of $255 million, or $0.64 per diluted share for the prior-year period. Excluding previously announced restructuring charges, adjusted (non-GAAP) net earnings from continuing operations for the first quarter was $246 million, or $0.72 per diluted share, compared to adjusted net earnings from continuing operations of $258 million, or $0.65 per diluted share, for the prior-year period.
Total company revenue was $11.6 billion during the fiscal first quarter, an increase of 2.1 percent compared to the prior-year period, and included a comparable store sales decline of 5.3 percent. As a result of the company's fiscal year change, the first quarter of fiscal 2013 included February 2012, which included a fifth ("extra") week. Excluding the extra week, total company revenue declined 4.3 percent compared to the prior-year period. Areas of comparable store sales growth in the Domestic segment included tablets and mobile phones within the Computing & Mobile Phones revenue category, eReaders within the Consumer Electronics revenue category and Appliances. These increases were more than offset by comparable store sales declines primarily in notebooks within the Computing and Mobile Phones revenue category, gaming within the Entertainment revenue category, and digital imaging and televisions within the Consumer Electronics revenue category. The Domestic segment online channel revenue grew 20 percent compared to the prior-year period.
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05.22.2012
dELiA*s, Inc., a multi-channel retail company comprised of two lifestyle brands primarily targeting teenage girls and young women, today announced the results for its first quarter of fiscal 2012.
Total revenue increased 6.7% to $52.5 million from $49.1 million in the first quarter of fiscal 2011. Revenue from the retail segment increased 6.8% to $28.9 million, including a comparable store sales increase of 7.3%. Revenue from the direct segment increased 6.6% to $23.6 million.
Consolidated gross margin was 33.2% compared to 33.5% in the prior year quarter, primarily due to increased shipping and handling costs partially offset by increased merchandise margins and leveraging of occupancy costs.
Net loss was $3.7 million, or $0.12 per diluted share, compared to net loss for the first quarter of fiscal 2011 of $4.5 million, or $0.14 per diluted share. The net loss for the first quarter of fiscal 2012 included a gift card breakage benefit of $0.6 million, or $0.02 per diluted share, and income tax expense of $43,000. The net loss for the first quarter of fiscal 2011 included a gift card breakage benefit of $38,000, as well as a benefit for income taxes of $1.0 million, or $0.03 per diluted share.
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05.22.2012
Williams-Sonoma, Inc. today announced operating results for the first quarter of fiscal 2012 ended April 29, 2012 (“Q1 12”).
Net revenues increased 6.1% to $818 million from $771 million in the first quarter of fiscal 2011 ended May 1, 2011 (“Q1 11”). Comparable brand revenue increased 5.4%.
Operating margin, including unusual business events, decreased to 6.0% from 6.7% in Q1 11. Excluding unusual business events, non-GAAP operating margin in Q1 12 was equal to Q1 11 at 6.9%.
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05.22.2012
UPM organises a global Plant a Tree Day each year in spring and especially on May 22nd, the UN International Day for Biodiversity. This year school children and other stakeholders in Finland, the UK, Russia, China, the US and Uruguay participated in Plant a Tree events.
In Finland the school children and UPM forest professionals plant trees together in Pyhäjärvi, Nokia and Joroinen. UPM participates also as a partner in the ENO tree planting day in Espoo, one of the global events organized by ENO Environment Online. The seedlings for these events come from UPM’s nursery in Joroinen, which produces high quality seedlings of native origin to be used to regenerate UPM forest service customers’ and UPM company forests.
“A tree seedling and a school child are creators of the future,” says Päivi Salpakivi-Salomaa, Vice President, UPM Environment. “Planting a tree is an investment and good for the climate. A growing tree sequestrates atmospheric carbon throughout its lifetime. The new forest improves the quality of surface and ground waters, it creates the preconditions for berry and mushroom production and makes a habitat for hundreds of other species.”
Every year UPM plants more than 50 million tree seedlings. The long time span of sustainable forestry materialises in tree planting. Forest regeneration is a central element of responsible forest management.
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05.22.2012
The National Alliance of Forest Owners (NAFO) today urged the Senate Committee on Energy and Natural Resources to include a definition of biomass in clean energy legislation that will promote rather than discourage the use of biomass to meet America’s renewable energy goals. NAFO provided written testimony for the Committee’s hearing on S. 2146, the Clean Energy Standard Act of 2012, which would create a federal mandate for sources of clean energy beginning in 2015 with a 24 percent share of total energy production and increasing to 82 percent in 2035.
“Forest biomass has been recognized by the President as a key part of an ‘all of the above’ solution to our nation’s energy needs,” said Dave Tenny, President and CEO of NAFO. “Unfortunately, this bill discourages the use of forest biomass in direct contradiction to that approach. By excluding forest biomass from the definition of ‘Renewable Energy’ and inserting legally complicated requirements, the bill creates uncertainties that will discourage forest biomass use by making compliance too expensive and vulnerable to lawsuits”
The bill defines “Qualified Renewable Biomass,” using terms and criteria from national forest management that have been the source of protracted litigation for decades. The new definition would overlay the existing framework of well–established federal, state and local laws, which currently govern private forest practices.
The bill further requires that qualified biomass be assigned a “carbon intensity factor,” ignoring the long-standing international recognition of sustainable biomass combustion in place of fossil fuel combustion as beneficial for the climate.
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05.22.2012
Shiner International, Inc., an emerging global supplier of packaging solutions for food, tobacco, and consumer products, today announced its financial results for the quarter ended March 31, 2012.
Total revenue for the three months ended March 31, 2012 were $17.4 million, an increase of 9.2% compared to total revenue of $15.9 million for the same quarter ended March 31, 2011. This increase was mainly attributable to an increase sales in BOPP film and advanced film. BOPP tobacco revenue increased 24.9%, or $2.0 million, in the three months ended March 31, 2012 to $10.0 million as compared to $8.0 million for the same period in 2011, which is benefited from the operation of our new BOPP tobacco film line resulting in better quality and powerful competitiveness. Coated film revenue decreased 16.3%, or $0.8 million, to $4.1 million in the three months ended March 31, 2012 as compared to $4.9 million for the same period in 2011. Our advanced film revenue increased 67.1%, or $0.9 million, to $2.2 million in the three months ended March 31, 2012 as compared $1.3 million for the same period in 2011, this strong growth tendency was mainly driven by our increased exportation to Vietnam market. Our color printing segment revenues decreased 37.8%, or $0.6 million, to $1.0 million in the three months ended March 31, 2012 as compared to $1.7 million for the same period in 2011.
Internationally, we sell three lines of products: advanced film (anti-counterfeit film), coated film, and color printing. International sales for the three months ended March 31 2012 were $3.0 million, or 17.2%, of our revenues in 2012 as compared to $2.8 million or 18.0% of revenue for the corresponding period in the fiscal year ended 2011. The figures presented that international sales remained steady with little increase. All international sales are indirectly using a network of distributors and converters.
Shiner's gross profit for the three months ended March 31, 2012 was $2.2 million, the gross profit margin decreased to 12.5% compared to 14.9% of total revenue for the same quarter of 2011. The decrease in gross profit margin was primarily a consequence of an increase in overhead unit rates as a result of increased labor costs and depreciation of the new property.
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05.22.2012
IWCO Direct, a leading national provider of direct marketing solutions, has begun to implement the next phase of its strategic platform enhancements. This includes the expansion of its headquarters campus and the installation of numerous pieces of high-speed equipment in Chanhassen and across the platform. These enhancements are designed to provide customers with significantly increased direct mail personalization opportunities, reduced cycle times and enhanced postal optimization.
A key, strategic element of the platform enhancements is the move of IWCO Direct's Chanhassen lettershop and its second Mail-Gard critical communication recovery center to a 150,000 sq. ft. facility adjacent to its headquarters. The facility will be fully functional by July and will support future expansion opportunities.
In another series of platform enhancements, IWCO Direct has completed installation of a new Mitsubishi 3F16 sheet-fed press in Chanhassen. One of the fastest presses available, it is capable of producing 16,000 impressions per hour, and adds aqueous coating to IWCO Direct's print capabilities. In addition, IWCO Direct is installing 22 Océ 8750 digital web printers which will increase personalization capacity by approximately 35 percent. In total, IWCO Direct will install more than 60 pieces of high-speed equipment at its Chanhassen and Hamburg, Pa. facilities during the next five months. The added equipment will provide customers with greater personalization opportunities while increasing capacity by nearly 30 percent to 385 million direct mail packages per month. A full list of IWCO Direct's high-speed personalization technology, web presses, envelope inserters and other technology can be found on IWCO Direct's website.
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05.22.2012
Today, Houghton Mifflin Harcourt filed a “pre-packaged” comprehensive financial restructuring plan that will strengthen the Company financially so we can continue to invest in our business and ensure we are well positioned for the future. This plan, which is supported by the vast majority of our key financial stakeholders, will eliminate $3.1 billion of debt through a debt to equity transaction, and reduce our annual cash interest costs. The Company today lodged voluntary petitions for reorganization under Chapter 11 in the U.S. Bankruptcy Court for the Southern District of New York. With a more appropriate capital structure to support our strategic plan and business objectives, we will have greater financial flexibility to pursue growth opportunities.
Houghton Mifflin Harcourt will maintain normal day-to-day business operations throughout the restructuring process, and we expect no disruptions to our relationships with our customers, agents, authors, employees, business partners and suppliers. Our customers will continue to receive the high quality content they have come to expect from us, and service without interruption. Additionally, our plan provides for our suppliers and vendors to be paid in full during and after this process and for our employees to continue receiving their usual pay and benefits.
Because of the high level of support we have obtained from our lenders, bondholders and shareholders for our plan, we seek to complete this financial restructuring quickly, likely by the end of June 2012.
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05.22.2012
Hastings Entertainment, Inc., a leading multimedia entertainment retailer, today reported results for the three months ended April 30, 2012. Net earnings were approximately $0.8 million, or $0.10 per diluted share, for the first quarter of fiscal 2012, compared to net earnings of $0.4 million, or $0.05 per diluted share, for the first quarter of fiscal 2011.
Total revenues for the first quarter decreased approximately $8.6 million, or 7.0%, to $115.5 million compared to $124.1 million for the first quarter of fiscal 2011. As of April 30, 2012, we operated 8 less superstores, as compared to April 30, 2011. In addition to our superstores, we operated two additional concept stores, TRADESMART (Littleton) and Sun Adventure Sports (Lubbock), as compared to April 30, 2011.
For the first quarter, total merchandise gross profit dollars decreased approximately $0.3 million, or 0.9%, to $32.0 million from $32.3 million for the same period in the prior year, primarily due to a decrease in revenue partially offset by an increase in margin rates. As a percentage of total merchandise revenue, merchandise gross profit increased to 32.1% for the quarter compared to 31.0% for the same period in the prior year. The increase in gross profit rate resulted primarily from a shift in mix of revenues by category as compared to the same quarter in the prior year, lower costs to return products to vendors and lower distribution center costs partially offset by increased freight expense.
For the first quarter, total rental gross profit dollars decreased approximately $1.9 million, or 15.6%, to $10.3 million from $12.2 million for the same period in the prior year, primarily due to a decrease in revenue. As a percentage of total rental revenue, rental gross profit increased to 65.2% for the quarter compared to 62.7% for the same period in the prior year, resulting primarily from lower depreciation and shrinkage expense. Depreciation is a function of rental purchases which were significantly lower for the first quarter of fiscal 2012 than the same quarter in the last year due to lower anticipated rental revenues.
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05.22.2012
Hearst Corporation's House Beautiful, a home decorating magazine, will allow readers to pin images directly from the print version to Pinterest using a new Print-to-Pin solution from Digimarc Corporation, said Ed Knudson, Digimarc's EVP of sales and marketing.
“Most publications are realizing very quickly that print has a long runway. It's still a very immersive and emotional medium,” Knudson said. “[Publishers] are looking to enhance the print experience with some of these digital experiences and I think we'll see more publications breathing new life into print.”
For the June issue, users can download either the HB Connect app or the Digimarc Discover App from the iTunes App Store to scan a watermark on the “Kitchen of the Month” feature in the print magazine. The watermark links readers to the article's Pinterest pinboard, which displays the seven images from the print article. Readers can then re-pin the images to their own Pinterest pinboards, said Knudson.
Regardless of how many times a photo is pinned and re-pinned, it links back to the original advertiser, thus providing a clear marketing advantage, Knudson said. The images "maintain the quality of the brand," he noted.
Using a watermark instead of a QR code also preserves the aesthetic of the creative work, Knudson said. “When you start slapping QR codes and tags all over the place it starts to cheapen the brand,” Kundson said.
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05.22.2012
Crude futures slipped after the Organization for Economic Cooperation and Development trimmed economic growth forecasts in the euro area and Iran agreed to let western nuclear inspectors into the country.
The OECD said Europe’s debt crisis risks spiraling and seriously damaging the world economy, which would hamper demand for fuels. Iran and the International Atomic Energy Agency reached an agreement on nuclear inspections, which they will sign in the next days in the Islamic republic, the IAEA’s Secretary-General Yukiya Amano said today in Vienna.
“The macro environment has clearly worsened and we’d expect energy prices to be broadly lower over the next month.” said Guy Wolf, a macro strategist at Marex Spectron Group Ltd., a London-based broker. “Europe is the main factor that can drive oil prices, and a euro-zone breakup would mean a short sharp drop in economic activity.”
Oil for June delivery on the New York Mercantile Exchange, which expires today, was 57 cents lower at $92 a barrel in electronic trading as of 11:23 a.m. London time. The more- actively traded July contract fell 56 cents to $92.30. Front- month futures climbed 1.2 percent yesterday and are down 6.9 percent this year.
Brent oil for July settlement dropped as much as 71 cents to $108.10 a barrel on the London-based ICE Futures Europe exchange and was last at $108.31. The European benchmark contract was at $15.97 a barrel premium to West Texas Intermediate crude, up from $15.95 yesterday.
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05.22.2012
The requisite regulatory authorities have approved Billerud Finland Oy's acquisition of UPM's packaging paper operations at Pietarsaari and Tervasaari. Billerud Finland Oy is a wholly owned subsidiary of Billerud AB. The purchase price is around EUR 130 million.
“The acquisition strengthens our offering in packaging paper and provides us with a strong platform for the further development of smarter packaging solutions. Also, the acquisition sharply reduces our pulp exposure as we will purchase an annual pulp volume corresponding to around 85% of Billerud's present pulp sales volume. We also reduce our currency exposure,” says Per Lindberg, President and CEO of Billerud.
The transaction involves Billerud taking over one paper machine at Pietarsaari and one at Tervasaari, both in Finland. In 2011, sales amounted to around EUR 220 million (SEK 2 billion). Manufactured products are various packaging papers (sack/kraft paper) with extensive areas of use in the food, retail, construction and other industries.
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05.22.2012
This month the Senate passed the postal reform bill S 1789 and the House of Representatives bill 2309 is currently being debated. It is in the best interest of all mailers that postal reform is passed. Many in Congress believe that raising rates on flats is the answer. Simple economics (2007 rate case) tells us if they raise the flat rates, mailers will reduce circulation. If rates remain the same or are reduced, mailers will mail and prospect more, creating more volume for the Post Office. One proposal by the Postal Regulatory Commission has rates increasing as much as 22%.
Midland Paper strongly supports postal reform and the long term benefits it would provide for our customers. Not surprisingly, postal reform is opposed by the postal unions and postal management.
Currently the Post Office is losing $25 million per day and they need to reduce their total cost by $22 billion by 2015. Currently, the Post Office has a no layoff policy and labor contributes to 80% of the total costs within the Post Office. Besides labor, excess capacity is a significant factor in the massive losses of the Post Office. They must reduce the overall cost of processing flats and first class mail and most believe they have plenty of capacity to do this while downsizing their overall operations.
Midland Paper would urge you to get in touch with your Members of Congress and let them know that postal reform is vital to your business, employees and suppliers.
Another major issue facing mailers is the 20-year-old law established in Quill v. North Dakota, which upheld remote sellers' rights to not have to collect sales or use taxes from customers residing in States in which the marketers have no physical presence. Currently Members of Congress want to overturn this law, which would force mailers to start collecting taxes from customers in more than 9,000 taxing jurisdictions.
If postal reform does not pass and/or Quill v. North Dakota is overturned the overall circulation of mailers will be greatly reduced.
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05.22.2012
Urban Outfitters, Inc., a leading lifestyle specialty retail company operating under the Anthropologie, BHLDN, Free People, Terrain and Urban Outfitters brands, today announced net income of $34 million or earnings per diluted share of $0.23 for the three months ended April 30, 2012.
Total Company net sales rose by 9% over the same quarter last year to $569 million. Comparable retail segment net sales, which include our Direct-to-Consumer channels, increased 2% for the quarter, while comparable store net sales decreased 1%. Comparable retail segment net sales at Free People and Urban Outfitters increased 2%, and 6%, respectively, while comparable retail segment net sales at Anthropologie decreased 2% for the quarter. Direct-to-Consumer comparable net sales increased 15% and wholesale segment net sales increased 2% for the quarter.
For the first quarter ended April 30, 2012, the gross profit rate declined by 131 basis points versus the prior year's comparable period. The decline in the rate was primarily due to occupancy deleverage related to an increased number of store openings versus the prior comparable quarter, as well as, an increased number of new and non-comparable European stores. Also contributing to the rate decline, were slightly higher markdowns on a few women's apparel categories across all brands.
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05.21.2012
Effective with all new and existing orders with confirmed delivery dates of July 1, 2012 or later,
NewPage is increasing the transaction price for the following coated sheet and sheeter roll products:
Anthem®/Fortune®/Gusto® 60 and 70 lb. Text $3.00/cwt US$/CAD$
Anthem®/Fortune®/Gusto® All Cover and greater than 70 lb. Text $2.00/cwt US$/CAD$
This increase applies to all finishes and private label programs.
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05.21.2012
Kruger Inc. today announced that it will reassess the viability of Corner Brook Pulp and Paper's operations after one of four groups of pension plan members rejected the proposal to apply funding relief measures to its pension plan deficits.
Today, independent auditor Brian N. Hillier issued his final report showing the total number of objections received before the May 17 deadline from each group, as follows:
-Pension Plan for Unionized Employees:
-Active members (326): ...............177 objections ..........54.3%
-Retired members (617): 31 objections 5.0%
-Pension Plan for Non-Unionized Employees:
-Active members (78): ..................6 objections .............7.7%
-Retired members (218): ..............7 objections .............3.2%
Under NL legislation, in order for the relief measures to be applied, they cannot be opposed by more than one-third of members in each group (active and retirees). Consequently, with 54.3% of active unionized employees opposing the proposal, the relief measures cannot be applied to the unionized employees' pension plan.
The relief measures were a crucial element in the Mill's strategy to improve its competitiveness and secure its future. In recent years, the Kruger Company has gone to extraordinary lengths to support its Corner Brook operation in a very challenging market afflicted by declining demand for newsprint, increasing energy costs and the negative effects of a strong Canadian currency on exports.
In addition to these challenges, the Corner Brook Mill has to contend with other Canadian paper mills that have competitive operating costs and benefit from the additional advantage of funding relief measures for their own pension plan deficits.
The Company is disappointed with this outcome, especially considering the countless efforts that were put in over the last few weeks to communicate with plan members to seek their support.
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05.21.2012
Buckeye Technologies Inc. announced today that Buckeye Florida has achieved forestry certifications from three internationally recognized organizations that promote responsibly managed forests: the Forest Stewardship Council™ (FSC), the Sustainable Forestry Initiative®(SFI), and the Programme for the Endorsement of Forest Certification (PEFC).
The purpose of these certifications is to ensure that companies which use forest resources meet society’s needs without compromising the ability of future generations to meet their own needs.
Buckeye received the certifications after a rigorous year-long process of developing documents, manuals, and procedures to guide fiber procurement and track fiber chain of custody.
The certification to the FSC standard is for Chain of Custody. The SFI certifications are for the SFI Standard 2010-2014 and for SFI Chain of Custody. The certification to the PEFC standard is for Chain of Custody.
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05.21.2012
International Paper Co. today announced it will permanently close its Minden Container Plant by July 17, resulting in the loss of about 60 jobs.
“Following the merger with Temple-Inland, we have more capacity than our customers need in this area,” said Doug Strickel, region general manager. “Other area facilities are better positioned to handle the production requirements that will be necessary as we consolidate our operations and, unfortunately, that led to the decision to close this plant.”
International Paper will discuss plans for severance and other benefits with the local union, United Steelworkers Local 677.
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05.21.2012
The American Forest & Paper Association released its April 2012 U. S. Containerboard Statistics Report today. Containerboard production lost 1.9% over the same month last year. Production was down 8% compared to March 2012, and the month over month average daily production decreased 5%. The containerboard operating rate for April 2012 fell over March 2012 from 95.7% to 91%.
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05.21.2012
The American Forest & Paper Association released its April 2012 Kraft Paper Sector Report yesterday. Total Kraft paper shipments were 134.7 thousand tons, an increase of 0.8% compared to April 2011. Total inventory for April was 72.3 thousand tons. Total Bleached Kraft shipments were up over last April.
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05.21.2012
The American Forest & Paper Association released its April 2012 U.S. Paperboard Report yesterday.
Total boxboard production decreased by 2.4% compared to April 2011 and decreased 0.9% from last month. Unbleached Kraft Folding production increased over the same month last year and increased compared to last month. Total Solid Bleached Boxboard & Liner production decreased compared to April 2011 and decreased compared to last month. The production of Recycled Folding decreased compared to April 2011 and decreased when compared to last month.
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05.18.2012
AAA’s Fuel Gage Report as of 5/18/12
National Unleaded Regular:
Current Average - $3.713/gallon
Month Ago Average - $3.899/gallon
Year Ago Average - $3.926/gallon
Highest Recorded Average - $4.114/gallon on 7/17/08
Diesel:
Current Average - $4.017/gallon
Month Ago Average - $4.141/gallon
Year Ago Average - $4.105/gallon
Highest Recorded Average - $4.845/gallon on 7/17/08
Current Exchange Rates as of 5/17/12
American Dollar to Canadian Dollar = 0.98631 (120 day high - 1.01905 on April 26, 2012; low 0.964227 on December 14, 2011)
American Dollar to Chinese Yuan = 0.158098 (120 day high – 0.159363 on May 2, 2012; low 0.157085 on December 1, 2011)
American Dollar to Euro = 1.2682 (120 day high - 1.3511 on December 2, 2011; low 1.2669 on January 16, 2012)
American Dollar to Japanese Yen = 0.0124614 (120 day high – 0.0131387 on February 2, 2012; low 0.0119026 on March 21, 2012)
American Dollar to Mexican Peso = 0.072338 (120 day high – 0.0793808 on March 14, 2012; low 0.0715026 on December 28, 2011)
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05.18.2012
TC Media is pleased to announce it has completed the acquisition of a majority stake in Redux Media, a leading online advertising network. Redux Media manages mass online display inventory, optimizing it into custom-targeted and brand-safe advertising channels. The company delivers over 12 billion monthly impressions to more than 80 million unique visitors in Canada and the US (comScore Media Metrix - April 2012). Redux Media’s Real-Time bidding (RTB) solution enables 5,000 publishers to offer advertisers maximum return on investment across 15 content channels.
The transaction is in line with TC Media’s strategy of broadening its existing digital network. TC Media and Redux Media’s combined offering will allow the two companies to reach more than 18.7 million unduplicated unique visitors per month or two thirds of all online Canadians.
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05.18.2012
Stein Mart, Inc. today announced financial results for the first quarter ended April 28, 2012.
Net income for the first quarter was $11.8 million or $0.27 per diluted share compared to net income of $15.9 million or $0.35 per diluted share in 2011. Net income as adjusted for the first quarter of 2011 was $14.7 million or $0.32 per diluted share. See discussion of other income below for explanation of "as adjusted" amounts for 2011.
Sales for the first quarter of 2012 of $303.4 million were flat to last year's first quarter sales of $303.5 million. Comparable store sales decreased 0.4 percent. Beginning in the fourth quarter last year, the Company began reducing coupons to return to an every-day price value model. Approximately 22 percent of first quarter 2012 sales were associated with coupons compared to 33 percent in the first quarter of 2011. The reduction in sales with coupons was predominantly on regular-price merchandise, which was 43 percent lower in the first quarter of 2012 compared to the first quarter of 2011.
Gross profit for the first quarter decreased to $87.2 million or 28.8 percent of sales from $89.9 million or 29.6 percent of sales in 2011. The decrease in the gross profit rate was the result of lower mark-on and slightly higher occupancy and buying costs, offset by lower markdowns. Mark-on and markdowns were lower due to the Company selectively lowering prices on certain merchandise and decreasing coupons in accordance with its new pricing strategy.
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05.18.2012
Sears Canada Inc. announced today that Sears Holdings Corporation, which holds approximately 95% of Sears Canada's common shares, has advised it that Sears Holdings' board of directors has approved plans to pursue a distribution (on a pro rata basis to its stockholders) of a portion of its holdings in Sears Canada such that, immediately following the spin-off, Sears Holdings would retain approximately 51% of the issued and outstanding shares of Sears Canada. Sears Holdings has indicated that subsequent to the spin-off, it may sell, hold or distribute to holders of Sears Holdings' common stock any portion of its remaining interest in Sears Canada.
Sears Canada expects that the proposed distribution by Sears Holdings would, if completed, be anticipated to increase the public float and potentially the liquidity of Sears Canada shares. In connection with the distribution, Sears Canada is expected to file documents with the United States Securities and Exchange Commission and the Canadian Securities Administrators.
"We are looking forward to working with Sears Holdings on its plan to pursue a partial spin-off of its shares in Sears Canada. While we have benefited from a close relationship with Sears Holdings, we believe this distribution would provide an increased focus on our performance as an independent company and enhance the liquidity of holders of Sears Canada's common shares," said Calvin McDonald, President and Chief Executive Officer, Sears Canada Inc.
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05.18.2012
AbitibiBowater Inc., doing business as Resolute Forest Products, today announced that it has taken up and accepted for payment 4,762,192 additional shares of Fibrek Inc. deposited to its offer as of the close of business today. Together with the shares the Company acquired up to and including May 14, Resolute holds approximately 74.56% of the currently outstanding Fibrek shares. As aggregate consideration for the shares taken up today, Resolute will distribute approximately 135,000 newly-issued shares of its common stock and CAD$2.6 million in cash through RFP Acquisition Inc., a wholly-owned subsidiary.
The Resolute offer expired at 5:00 p.m. (Eastern time) on May 17, 2012. As further described in the offer circular and other ancillary documentation related to the offer (as amended), Resolute intends to carry out a second step transaction to acquire the Fibrek shares not deposited in the offer. With more than 66 2/3% of the Fibrek shares having been deposited to and taken up by Resolute under its offer, Resolute is in a position to cause a second step transaction to be approved by Fibrek's shareholders at a special meeting of shareholders to be convened and held for such purpose.
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05.18.2012
Neenah Paper, Inc., announced today that its Board of Directors has authorized a program that would allow the Company to repurchase up to $10 million of its outstanding common stock.
Purchases by the Company under this program would be made from time to time in the open market or in privately negotiated transactions in accordance with the requirements of applicable law. The timing and amount of any purchases will depend on share price, market conditions and other factors. The program does not require the Company to purchase any specific number of shares and may be suspended or discontinued at any time.
“This action by our Board provides us with added flexibility in how we can deploy our cash when we believe our share price is undervalued,” said John O’Donnell, Chief Executive Officer. “Our balance sheet and ability to generate cash flow remains strong, and we continue to look for ways to invest that will deliver attractive returns for our shareholders.”
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05.18.2012
Mohawk has taken a bold step in the paper world by simplifying its portfolio of premium paper lines from 22 to six, reducing the number of SKUs in half and introducing the new line with a simple chip chart overview. The New Mohawk Product Selector presents all Mohawk papers in one place and is the first in a wave of tools that Mohawk will be releasing over the coming year.
Designed by Michael McGinn Design Office using the brand designed by Pentagram, the selector opens to three accordion fold charts, each containing several dozen tear-drop-shaped paper chips. Together, they organize Mohawk papers into three broad categories based on performance, character and value.
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05.18.2012
The long awaited first-half 2012 boxscores are in. The pattern of women's fashion and beauty titles taking the highest ad-pages is stubbornly consistent, with the monthlies' cumulatively near the -6% differential since January. The reason is consistent, too: such key categories as automotive, food, and pharmaceutical are, in the words of one publisher: "getting killed. Yes, there is some movement to digital, but those revenues
are pennies for us next to the [print] dollar."
The two key exceptions are beauty and fashion, and they are shown by the impressive June performances from Allure (+41.15% versus June 2011), Elle (+15.09%), Harper's Bazaar (+13.31%), Marie Claire (+6.80%), and Vogue (+10.78%). These patterns, too, are consistent, and the question as to whether the momentum will carry through to the key September "Fall Previews" will be answered in about two months.
By then, we will learn if there are any signs of an overall turnaround, as the monthlies will be competing with a second half from last year that was far weaker than the first. There is hope.
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05.18.2012
Media General, Inc. today announced that it has signed agreements with Berkshire Hathaway, Inc., for the purchase of newspapers and new financing. A subsidiary of Berkshire Hathaway, BH Media Group, will purchase all of the newspapers owned by Media General, with the exception of the Tampa group, for $142 million in cash. Media General said it is in discussions with other prospective buyers for its Tampa print assets.
Under a separate credit agreement, Berkshire Hathaway will provide Media General with a $400 million term loan and a $45 million revolving credit line. The new loan will be used to fully repay the company’s existing bank debt due March 2013 and will mature in May 2020. In conjunction with this, Media General will issue Berkshire Hathaway penny warrants for approximately 4.6 million Class A shares, which represents 19.9 percent of Media General’s existing shares outstanding. In addition, Berkshire Hathaway has the option to nominate a director to Media General’s Board of Directors.
The newspapers being purchased by BH Media Group include 63 daily and weekly titles in Virginia, North Carolina, South Carolina and Alabama, in addition to digital assets, including websites and mobile and tablet applications. The newspapers also have a substantial commercial printing business.
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05.18.2012
Facebook Inc. said today it has priced its shares at $38 for its initial public offering. If investors agree with that price when Facebook shares go on sale tomorrow, the social network’s valuation would stand at $104 billion.
Facebook yesterday increased the number of shares it will offer in its initial public offering to 421.2 million from 388 million. Including the nearly 63.2 million shares earmarked for overallotment, which allows underwriters to buy additional shares to meet excess demand, Facebook could raise more than $18.4 billion.
Facebook is not selling any of the additional shares. Rather, they are being sold by the company’s founders, employees and investors. The social network begins trading on Friday on the NASDAQ exchange using the symbol FB. CEO Mark Zuckerberg is scheduled to the ring the exchange’s opening bell from Facebook’s California headquarters.
Facebook’s IPO stands to be the largest ever to come out of Silicon Valley. Google Inc. raised nearly $2 billion when it went public in 2004. “The strong pricing at $38 indicates unabated, exuberant investor demand,” says Josef Schuster, founder of IPO research and investment house IPOX Schuster. “Given the big stock market slump across all market sectors during the past weeks, which is not reflected in Facebook’s share price, investors at these levels may be in for a rough ride for the time being.”
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05.18.2012
Gap Inc. today reported that net sales for the first quarter, which ended April 28, 2012, increased 6 percent to $3.5 billion compared with $3.3 billion for the first quarter last year. The company’s first quarter comparable sales increased 4 percent. Net income for the first quarter was $233 million, flat compared with the first quarter last year. First quarter diluted earnings per share increased 18 percent to $0.47 compared with $0.40 last year.
The company’s first quarter comparable sales were up 4 percent compared with a 3 percent decrease in the first quarter last year. Comparable sales for the first quarter of fiscal year 2012 were as follows: Gap North America: positive 5 percent versus negative 3 percent last year; Banana Republic North America: positive 5 percent versus negative 1 percent last year; Old Navy North America: positive 4 percent versus negative 2 percent last year; International: negative 4 percent versus negative 6 percent last year.
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05.18.2012
Aysling Digital Media Solutions completed an external ISO 9001:2008 audit conducted by Verisys Registrars. Upon the completion of the audit on May 2nd, 2012, Aysling received re-certification until the next required audit, as is consider per standard practice.
Aysling first received its initial accreditation for ISO 9001 back in 2010 and this re-certification exemplifies Aysling’s continued commitment to policies, procedures and the quality assurance standards set forth by the ISO 9001 program.
“Passing the external audit and achieving re-certifications demonstrates Aysling’s continued commitment to our clients,” states Patrick Becker, President of Aysling Digital Media Solutions. “Our clients recognize and appreciate our diligence in identifying, resolving and improving our business process as it relates to the publishing industry”.
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05.18.2012
The Forest Products Association of Canada (FPAC) is today unveiling a new industry-led vision that outlines where the forest industry sees itself by the year 2020. Through its accompanying goals, the vision will challenge companies, governments and other partners to find innovative ways to further transform the sector to reach its potential.
Under the brand of “Canada’s Natural Advantage”, the FPAC vision states that “by 2020, the Canadian forest products industry will power Canada’s new economy by being green, innovative and open to the world. It is a place to grow and prosper.”
Vision 2020 sets out three ambitious goals for the sector:
• PRODUCTS: Generate an additional $20 billion in economic activity from new innovations and growing markets
• PERFORMANCE: Deliver a further 35% improvement in the sector’s environmental footprint
• PEOPLE: Renew the workforce with at least 60,000 new recruits including women, Aboriginals and immigrants
“Canada's forest products industry has already made significant progress in becoming more competitive, in tackling new markets, in developing innovative new bio-products from wood fibre and in greening our operations,” says the President and CEO of FPAC, Catherine Cobden. “However we do not intend to rest on our laurels. This vision will inspire us to go even further to ensure a vibrant path for the industry in the years ahead.”
“The Government of Canada is proud of the unprecedented investments we have made in the evolution of Canada’s forest industry and applaud the industry for its ongoing transformation,” says the Honourable Joe Oliver, Minister of Natural Resources. “Our Government supports the development of new, innovative products and technologies, and growing markets so that Canada’s forest sector will continue to be on a strong footing into the future.”
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05.18.2012
Casual Male Retail Group, Inc., the largest retailer of big & tall men's apparel and accessories, today reported operating results for the first quarter of fiscal 2012.
For the first quarter of fiscal 2012, total sales of $95.9 million increased $0.1 million from $95.8 million for the first quarter of fiscal 2011. Comparable sales for the first quarter increased 2.0% when compared to the same period of the prior year. On a comparable basis, sales from the retail business increased 3.8% while the U.S. direct business decreased 3.9%.
For the first quarter of fiscal 2012, gross margin rate, inclusive of occupancy costs, was 47.7% as compared to a gross margin rate of 46.9% for the first quarter of fiscal 2011. The increase of 80 basis points was the result of increased merchandise margins for the first quarter of fiscal 2012 of 90 basis points offset by an increase of 10 basis points in occupancy costs. On a dollar basis, occupancy costs for the first quarter of fiscal 2012 increased less than 1% when compared to the first quarter of fiscal 2011.
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05.18.2012
Many self-published authors are still turning to literary agents to sell foreign rights to their books. In a move that could cut some agents out, Amazon now allows those authors to distribute their print books through European Amazon sites for free.
Self-published authors can already sell their e-books on Amazon’s international sites when they use KDP (Kindle Direct Publishing). Now, when authors upload those books to Amazon’s free print publishing tool, CreateSpace, Amazon will distribute the books to Amazon.co.uk, Amazon.de, Amazon.fr, Amazon.es and Amazon.it.
When consumers in those countries (or in the U.S.) order a CreateSpace book, Amazon prints it on demand. The books are available for same-day shipping and eligible for free shipping and Amazon Prime. (Amazon Prime, which offers unlimited free two-day shipping for a yearly fee, is available in the U.S. and UK and in Germany, France, Italy and Spain as “Amazon Premium.”)
Using CreateSpace is free, but an author’s royalty payment depends on factors like page count and color.
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05.18.2012
Oil headed for its third weekly decline in New York and fell to this year’s low in London on concern that demand will falter as Europe’s debt crisis worsens.
West Texas Intermediate futures were little changed after closing at the lowest price in more than six months yesterday. Greece was downgraded by Fitch Ratings, while Moody’s Investors Service cut credit ratings of 16 Spanish banks and manufacturing in the Philadelphia region unexpectedly shrank in May. Enbridge Inc. (ENB) and Enterprise Products Partners LP (EPD) reversed the Seaway pipeline to alleviate a glut in the U.S. Midwest, causing Brent crude’s premium to WTI to narrow.
“The market is facing strong headwinds from the stronger dollar and continuing concerns about the euro zone, such as a Greek exit, possible contagion, economic weakness and the possibility of further downgrades,” said Eugen Weinberg, head of commodities research at Commerzbank AG in Frankfurt. “Still, the underlying physical market is tighter than the price declines suggest.”
Crude for June delivery was at $92.62 a barrel, up 6 cents in electronic trading on the New York Mercantile Exchange at 11 a.m. London time after falling as much as 1 percent to $91.60. The contract yesterday slipped 25 cents to $92.56, the lowest close since Nov. 2.
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05.18.2012
UBM has formed two new divisions in the U.S.: UBM Technology and UBM Connect. The company said the reorganization is designed to take greater advantage of the potential growth in marketing services.
“In the past we've had to reorganize to manage a retreat. This is about reorganizing the business for growth, which is really important to note,” UBM CEO David Levin said in an interview with BtoB. “This is a positive development for the business. This is a growing business, a growing and profitable business.”
UBM Technology brings together the previously autonomous businesses of UBM Channel, UBM Electronics and UBM TechWeb. The new group, which will have about $285 million in revenue and 675 employees, will be headed by CEO Paul Miller, who was previously CEO of UBM Electronics.
Robert Faletra will remain as CEO of the channel group within UBM Technology. Tony Uphoff, who had been CEO of UBM TechWeb, has decided to leave UBM, Levin said.
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05.18.2012
Aeropostale, Inc., a mall-based specialty retailer of casual apparel for young women and men, today reported results for the first quarter of fiscal 2012, and provided guidance for the second quarter of fiscal 2012.
Diluted net earnings for the first quarter of 2012 were $0.13 per share, compared to $0.20 per diluted share in the same period last year. Net income for the first quarter of 2012 was $10.6 million, compared to net income of $16.4 million last year.
For the first quarter of fiscal 2012, net sales increased 6% to $497.2 million, from $469.2 million in the year ago period. Comparable sales, including the e-commerce channel, for the first quarter increased 2%, compared to a 5% decrease last year. Comparable store sales, excluding the e-commerce channel, for the first quarter were essentially flat, compared to a 7% decrease last year.
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