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12.03.2012
Bonnier Corporation’s Caribbean Travel + Life magazine will cease publication beginning next year. Additionally, its Discovery Channel television program will not be revived.
“As part of this initiative, Islands will increase its frequency to 10x, while Caribbean Travel + Life ceases publication after its Jan./Feb. 13 issue,” an internal announcement from the company says. “By blending content, staff, resources, audiences and business opportunities formerly split between Islands and Caribbean Travel + Life, the Islands brand will be better positioned to compete aggressively and earnestly within all travel segments worldwide.”
To ensure that the title remains relevant among its newly Caribbean-focused audience and advertising parents, Bonnier says, Islands will produce two Caribbean-themed issues in May and November, as well as dedicating consistent pages focused on that region within departments and feature wells of each issue.
“By merging Islands’ traditionally strong inspirational content with an infusion of service-based content both in print and digitally, the brand will better meet the needs of its engaged traveling audience in all media channels,” the company’s announcement says.
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12.03.2012
FedEx Corp. will increase shipping rates for FedEx Ground and FedEx Home Delivery by a net average of 4.9% effective January 7, 2013.
The FedEx Ground and FedEx Home Delivery full average rate increase of 5.9% will be partially offset by adjusting the fuel price threshold at which the fuel surcharge begins, reducing the fuel surcharge by one percentage point. FedEx SmartPost rates also will change.
Details of surcharge changes and new rates for FedEx Ground will be available at fedex.com/us/2013rates on Dec. 7, 2012.
FedEx previously announced on Sept. 18, 2012 that it will increase shipping rates for FedEx Express by a net average of 3.9% for U.S. domestic, U.S. export and U.S. import services also effective January 7, 2013. FedEx Freight implemented a 6.9% general rate increase on July 9, 2012.
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12.03.2012
The paper mill in Manistique has a soggy burnt mess to clean up after a fire broke out in a pile of paper bales Thursday night. No injuries were reported, according to Manistique Public Safety, which responded to the blaze.
Officers and volunteer firefighters were dispatched at 8:14 p.m. to the report of a fire at FutureMark Paper Mill at 453 S. Mackinac St. The business was formerly Manistique Papers.
"Mill employees reported that the fire was located in a large storage pile of paper bales located outside of the mill but adjacent to the southwest corner of the building, near the clippings shed," stated Public Safety Director Ken Golat in a news release this morning.
When firefighters arrived, mill employees were in the process of fighting the blaze - which involved about 900 large bales of paper, he said.
The bales had to be torn down to properly extinguish each one, slowing down firefighting efforts; the 21-degree temperature also hampered suppression efforts, according to the news release.
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11.30.2012
Magazines’ newsstand sales may be struggling, but there’s a bright spot when it comes to digital readership. Today, GfK MRI released its fall 2012 Survey of the American Consumer, which tracks print and digital magazine readership, and found that magazine readership had increased by 1.6 percent (or nearly 20 million people) to 1.2 billion people since last spring. That was helped by a significant bump in digital consumption: Readership of magazines' digital editions jumped 47 percent, or 4.4 million people, to more than 13.5 million.
Among the magazines with the biggest digital readerships were ESPN The Magazine, which had 967,000 digital-only readers (despite a drop in overall readership), WebMD the Magazine (767,000 digital readers), and Food Network Magazine (541,000).
Still in growth mode, Food Network Magazine also had the largest overall readership increase in raw numbers, adding nearly 1.3 million readers (or 14 percent) across print and digital. Other big readership gainers were big-circulation titles like AARP The Magazine and TV Guide (up 4 percent and 8.6 percent, respectively) as well as two more food titles, Bon Appétit and Cooking with Paula Deen. (Speaking of Paula Deen, Diabetic Cooking magazine had the third-highest readers increase of any magazine, while Diabetes Forecast and Diabetes Self-Management also saw big gains.)
Thought-leader titles such as The Atlantic, Time, Wired, New York and Texas Monthly all gained readers between the spring and fall surveys (during the same time that the heated 2012 election cycle was nearing its end). Special-interest magazines about gaming, cars and motorcycles, and the outdoors also increased their numbers. MRI compared its fall and spring surveys because a change in methodology made year-over-year comparisons invalid.
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11.30.2012
Next Issue Media, the company formed by a consortium of big magazine publishers to expand the market for digital magazines, is adding eight new titles to its catalog of iPad editions. The additions bring the total number of magazine titles available through its unlimited subscription plans to 80.
The new titles added to NIM’s iPad catalog include ESPN The Magazine, Fast Company, Food & Wine, Inc., Men’s Fitness, Men’s Journal, New York andTravel + Leisure. These titles are available through two unlimited subscription plans. The Unlimited Basic plans give access to all 73 monthly and biweekly titles for $9.99 per month, while the Unlimited Premium plan gives access to all these as well as seven weekly titles for $14.99 per month. Both plans also offer unlimited access to back issues.
NIM has also launched a gift campaign encouraging consumers to give subscriptions as gifts to friends and families this holiday season; buyers can choose from 3-, 6-, and 12-month gift subscriptions to the Unlimited Premium.
In October, NIM CEO Morgan Guenther shared some statistics about early NIM subscribers with attendees at the American Magazine Conference. According to Guenther, 82% of subscribers have an annual household income over $75,000, and the overall average household income is $148,000. They are heavily engaged with the content, with unlimited premium subscribers spending an average 90 minutes per week using the NIM app, and unlimited basic subscribers spending 70 minutes.
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11.30.2012
Total European shipments of graphic papers in October increased 2.4% vs. 2011 and are down 4.1% year-to-date. Total European shipments of Newsprint in October increased 3.3% vs. 2011 and are down 3.2% year-to-date. Total European shipments of SC-Magazine grades in October were down 0.9% vs. 2011 and are down 5% year-to-date. Total European shipments of Coated Mechanical Reels in October increased 0.1% vs. 2011 and are down 7.0% year-to-date. Total European shipments of Uncoated Mechanical (Improved & Others) in October were up 1.7% vs. 2011 and are down 3.5% year-to-date. Total European shipments of Coated Woodfree in October were up 6% vs 2011 and are down 2.9% year-to-date. Total European shipments of Uncoated Woodfree in October were up 2.6% vs. 2011 and are down 3.0% year-to-date.
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11.30.2012
AAA’s Fuel Gage Report as of 11/30/12
National Unleaded Regular:
Current Average - $3.402/gallon
Month Ago Average - $3.521/gallon
Year Ago Average - $3.295/gallon
Highest Recorded Average - $4.114/gallon on 7/17/08
Diesel:
Current Average - $4.017/gallon
Month Ago Average - $3.847/gallon
Year Ago Average - $3.957/gallon
Highest Recorded Average - $4.845/gallon on 7/17/08
Current Exchange Rates as of 11/30/12
American Dollar to Canadian Dollar = 1.007570
American Dollar to Chinese Yuan = 0.160518
American Dollar to Euro = 1.300614
American Dollar to Japanese Yen = 0.012095
American Dollar to Mexican Peso = 0.077437
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11.30.2012
Oil headed for its first monthly gain since August in New York amid signs of economic growth in the U.S. and China, the world’s biggest crude consumers.
West Texas Intermediate futures were little changed after climbing 1.8 percent yesterday, the most since Nov. 19. Prices will probably be stable next week amid talks in Washington aimed at avoiding more than $600 billion in spending cuts and tax increases known as the fiscal cliff that are due to kick in next year, according to a Bloomberg survey. The U.S. economy expanded more than previously estimated last quarter, the Commerce Department said in Washington.
“What could initiate a rally is a resolution to the fiscal cliff,” said Torbjoern Kjus, a senior oil analyst at DNB ASA (DNB) in Oslo. “There will be a compromise reached and that could unleash a rally. I expect there’ll be a strong start to the year in the oil market.”
Crude for January delivery was at $88.12 a barrel, up 5 cents, in electronic trading on the New York Mercantile Exchange at 12:02 p.m. London time. The contract gained $1.58 yesterday to $88.07. Prices are up 2.2 percent this month. WTI has lost 11 percent this year, the worst annual performance since 2008.
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11.30.2012
At the New Generation Plantation Project (NGPP) conference organised this week in the capital of Uruguay in Montevideo, UPM showcased how it manages sustainable forestry plantations. The international conference was attended by forestry, plantation and sustainability experts from all over the world as well as global companies and representatives of the Uruguayan government.
Opening the conference Tabare Aguerre, the Uruguayan Minister for Agriculture, highlighted the fact that Uruguay is the only country in South America that had actually increased its area of native forest in the last twenty years.
Minister Aguerre said: “Plantation forestry has helped develop and diversify the Uruguayan economy and continues to attract investments”.
“Well-managed plantations can have a positive role to play in economic, social and environmental development when they are managed in accordance with the concepts of the New Generation Plantation Project”, said Luis Neves Silva of WWF, Manager of the NGPP.
“Our approach to plantation management is aligned with the New Generation Plantation Principles. Wherever we operate, we respect the rights of local communities and protect ecosystems and natural forests. All of our eucalyptus plantations in Uruguay are FSC and PEFC certified,” says Javier Solari, Vice President of UPM’s Plantation Operations.
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11.30.2012
Pacific Sunwear of California, Inc., announced today that net sales for the third quarter of fiscal 2012 ended October 27, 2012, were $228.4 million versus net sales of $226.8 million for the third quarter of fiscal 2011 ended October 29, 2011. Total Company same-store sales increased 1% during the period.
On a GAAP basis, the Company reported income from continuing operations of $0.9 million, or $0.01 per diluted share, for the third quarter of fiscal 2012, compared to a loss from continuing operations of $14.0 million, or $(0.21) per diluted share, for the third quarter of fiscal 2011. Income from continuing operations for the Company's third quarter of fiscal 2012 included a non-cash gain of $5.6 million, or $0.08 per diluted share, related to a derivative liability that resulted from the issuance of the Convertible Series B Preferred Stock (the "Series B Preferred") in connection with the term loan financing the Company completed in December 2011.
On a non-GAAP basis, excluding store closure related charges of $1.7 million and the non-cash gain on derivative liability of $5.6 million, and using a normalized annual income tax rate of approximately 37%, the Company would have incurred a loss from continuing operations for the third quarter of fiscal 2012 of $1.8 million, or $(0.03) per share, as compared to a loss from continuing operations of $7.1 million, or $(0.11) per share, for the same period a year ago.
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11.30.2012
Barnes & Noble, Inc. today reported sales and earnings for its fiscal 2013 second quarter ended October 27, 2012.
Second quarter consolidated revenues were $1.9 billion, a decrease of 0.4% as compared to the prior year. Second quarter consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) increased 16% as compared to a year ago to $65 million. Consolidated second quarter net earnings attributable to Barnes & Noble were $2 million, as compared to a loss of $7 million in the prior year. Second quarter net losses attributable to Barnes & Noble were $0.04 per share, which includes the impact of the dividend on redeemable preferred shares, as compared to a loss of $0.17 per share a year ago.
“In addition to growing our EBITDA 16% during the quarter, the company also completed the formation of our promising NOOK Media subsidiary and closed our investment from Microsoft,” said William Lynch, Chief Executive Officer of Barnes & Noble. “We expect our two highly acclaimed new NOOK products, and our Microsoft partnership on Windows 8 to further fuel the growth of our digital business, and are encouraged by the promising start to the holidays in our retail and digital businesses.
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11.30.2012
Gap Inc. today reported that November 2012 net sales increased 3 percent compared with last year.
Net sales for the four-week period ended November 24, 2012 were $1.52 billion compared with net sales of $1.47 billion for the four-week period ended November 26, 2011. The company’s comparable sales for November 2012 were up 3 percent compared with a 5 percent decrease for November 2011.
Comparable sales for November 2012 were as follows:
•Gap North America: positive 5 percent versus negative 2 percent last year
•Banana Republic North America: positive 3 percent versus flat last year
•Old Navy North America: positive 1 percent versus negative 7 percent last year
•International: positive 3 percent versus negative 9 percent last year
Year-to-date net sales were $12.44 billion for the 43 weeks ended November 24, 2012, an increase of 6 percent compared with net sales of $11.73 billion for the 43 weeks ended November 26, 2011. The company’s year-to-date comparable sales increased 4 percent compared with a 3 percent decrease last year.
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11.30.2012
Nordstrom, Inc. today reported a 1.1 percent decrease in same-store sales for the four-week period ended November 24, 2012 compared with the four-week period ended November 26, 2011. Preliminary total retail sales of $926 million for November 2012 increased 1.8 percent compared with total retail sales of $910 million for the same period in fiscal 2011.
Sales were weaker in the first half of the month, largely attributable to a lower than planned Half-Yearly Sale for Women and Kids. Customers continue to demonstrate a strong preference for fashion and newness, which has made clearance events less compelling. Sales also were unfavorably impacted by store closures in the Northeast and Mid-Atlantic regions due to Hurricane Sandy. Sales trends in the second half of the month rebounded to their recent historical level.
Year-to-date same-store sales increased 6.7 percent compared with the same period in fiscal 2011. Preliminary year-to-date total retail sales of $9.09 billion increased 10.4 percent compared with total retail sales of $8.24 billion for the same period in fiscal 2011.
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11.30.2012
Kohl’s Corporation reported today that for the four-week month ended November 24, 2012 total sales decreased 4.9 percent and comparable store sales decreased 5.6 percent from the four-week month ended November 26, 2011. Year to date, total sales increased 0.4 percent and comparable store sales decreased 1.1 percent.
Kevin Mansell, Kohl’s chairman, president and chief executive officer, commented, “Though November sales were lower than expectations, we are encouraged by improved sales over the Thanksgiving week. There was a significant shift in Black Friday-related sales into our E-Commerce channel. For the week, both transactions and sales in E-Commerce increased over 50 percent with most of these sales being recognized in December. The combination of these E-Commerce sales and our store sales resulted in higher sales for the last week of the month.”
All regions reported negative sales for the month. The Mid-Atlantic and Northeast were the most challenging regions due to weak sales early in the month following Superstorm Sandy. Children’s was the strongest line of business.
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11.29.2012
The Bon-Ton Stores, Inc. today announced comparable store sales in the four weeks ended November 24, 2012 decreased 0.1%. Total sales decreased 0.8% to $301.3 million in the current year compared with $303.6 million in the prior year period.
Year-to-date comparable store sales increased 0.2%. Year-to-date total sales were slightly above last year at $2,205.7 million, compared with $2,205.1 million in the same period last year.
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11.29.2012
Stein Mart, Inc. today reported comparable store sales for the four-week period ended November 24, 2012 increased 7.1 percent. Total sales for the period were $109.8 million, an increase of 7.5 percent from $102.1 million in the same period in 2011.
All merchandise categories posted positive comps for the month with linens, men's furnishings and ladies' career sportswear performing the best and ladies' casual sportswear, ladies' accessories and dresses performing lower than the chain. Geographically, sales increased in every state except New Jersey, with the Gulf States and the Southeast performing better than the chain and the West slightly lower.
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11.29.2012
Sun Chemical today announces a price increase for its European customers across all Sun Chemical product lines, effective from January 1st 2013.The percentage increase will be in the high single digits and will vary dependent on the product composition and product line.
Sun Chemical will communicate specific increases directly with customers.
Despite average raw material prices stabilising in 2012, costs have risen on an annual basis and further increases are expected for 2013. These are mainly due to production and environmental restrictions on key materials, weaker value of the Euro and high demand levels.
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11.29.2012
Sappi Fine Paper North America has learned that, in a vote yesterday, the Cloquet Mill employees represented by the United Steelworkers (USW) have authorized their leadership to call a strike if it chooses to do so. "Even though such a vote is not uncommon, and does not mean a strike will occur, we are very disappointed in the membership's action, given our fair and competitive contract package," said Rick Dwyer, Managing Director, Cloquet, Sappi Fine Paper North America.
In addition to offering a very competitive package, Sappi is making a major commitment to the Cloquet site and its employees. The $170 million capital project to convert the pulp mill to specialized cellulose will help provide attractive jobs for years to come. At a time of so much industry uncertainty, including bankruptcies, mill closures and layoffs, we are disappointed that our employees would risk a potential strike over the highly competitive, total compensation and benefits package offered by Sappi.
We are hopeful that our Cloquet employees represented by the USW, on reflection, will ratify the contract. However, in the event the Steelworkers strike, we will fully pursue our legally protected right to operate the mill, and supply our customers and are prepared to do so.
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11.29.2012
For years we have been talking about how magazines are bringing their content to the iPad. And now Apple has reversed that polarity a bit and brought the digital magazine back onto the pages of some of the highest profile weekly books. In a highly creative back page execution that readers have detected at Time and New Yorker, Apple takes the current week’s cover for the respective magazine and “Mini-aturizes” it on the back cover. That is, an ad for the iPad Mini shows the new 7.9-inch tablet at scale in the lower right corner and containing the digital edition cover of the same magazine. Apple has also done this with the monthlies Marie Claire and Women's Health. Apple agency TBWA/Media Arts Lab tells Mashable that it is looking ofrward to doing more.
The ad campaign makes the point that the newsstand reader or subscriber to the magazine can get the exact content also on their iPad Mini. Both Time and New Yorker are available in the iOS Newsstand. The image to the right was prodcued at the Apple news blog 9to5Mac.
The ad campaign speaks to a new aggressiveness by Apple in promoting their device. The company tends to emphasize TV spots and some online rich media display creative in its product roll-outs. That the company is using a more highly targeted approach by customizing the creative to the individual magazines speaks to Apple’s increasing friendliness towards the media companies that provide its devices content. Lest we forget, it was only in the last year that Apple accommodated magazines’ need for greater flexibility in the business models in the App Store and launched the “Newsstand” and marketed magazines as a discrete category in the App Store. Now it is buying ad space in the very print media many feel its tablets are supplanting, and delivering a message about that very migration from print to digital. Will the ironies ever cease?
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11.29.2012
Catalyst Paper announced that it has accepted a qualified stalking horse bid from MLR Ventures, LLC (the Stalking Horse) as part of the sales process for disposition of the Snowflake facility and Apache Railway.
“We have received a $12.0 million Stalking Horse bid for the assets and land associated with the Snowflake facility and the equity of Apache Railway,” said President and Chief Executive Officer Kevin J. Clarke. “We look forward to beginning the next phase of the sale process and to identifying a qualified buyer in the near term.”
The bid by the Stalking Horse is subject to higher and better offers obtained through the US Court-approved sale and investor solicitation procedures. Catalyst Paper expects to receive binding bids for the assets from qualified bidders on December 7, 2012 and expects to hold an auction among qualified bidders on December 17, 2012 in New York City. A hearing in the US Court is scheduled for December 19, 2012 to consider approval of the sale.
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11.29.2012
Brown Printing has signed a multi-year agreement to print and distribute The Weekly Standard.
Under the agreement, starting in December 2012, Brown will produce The Standard at its East Greenville facility and distribute the magazine using local and regional entry into the USPS system as well as airfreight to western states, thus enabling faster delivery. The Weekly Standard has subscribers in every state and a paid circulation of approximately 95,000.
“We are pleased to be working with Brown Printing,” said Terry Eastland, publisher of The Weekly Standard, “and we look forward to a partnership that will ensure excellent production each time we go to press and also the best distribution once the magazine is printed and bound.”
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11.29.2012
Oil rose for the first time in four days in New York after U.S. stockpiles declined unexpectedly and political leaders in the world’s biggest crude consumer expressed optimism about agreeing on a federal budget.
Futures advanced as much as 1.2 percent after sliding 0.8 percent yesterday to a two-week low. Republican House Speaker John Boehner believes talks on tax increases and spending cuts known collectively as the fiscal cliff can “avert this crisis sooner rather than later,” he told reporters. President Barack Obama said he hopes to reach a deal before Christmas. U.S. crude supplies slid 347,000 barrels last week, an Energy Department report showed. They were forecast to climb 350,000 barrels, according to a Bloomberg News survey of analysts.
“The oil market is still reasonably tight,” said Tobias Merath, head of commodity research at Credit Suisse AG in Zurich, who predicts crude will rise about $5 a barrel over the next three months. “There could be a year-end rally for crude as global supply growth seems to be peaking, and economic growth has surprised a bit to the upside.”
West Texas Intermediate crude for January delivery climbed as much as $1.01 to $87.50 a barrel in electronic trading on the New York Mercantile Exchange and was at $87.49 at 10:48 a.m. London time.
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11.29.2012
Aeropostale, Inc., a mall-based specialty retailer of casual apparel for young women and men, today reported results for the third quarter of fiscal 2012, and provided guidance for the fourth quarter of fiscal 2012.
Third Quarter Performance
Diluted net earnings for the third quarter of 2012 were $0.31 per share, compared to $0.30 per diluted share in the same period last year. Net income for the third quarter of 2012 was $24.9 million, compared to net income of $24.1 million last year.
For the third quarter of fiscal 2012, net sales increased 2% to $605.9 million, from $596.5 million in the year ago period. Comparable sales, including the e-commerce channel, for the third quarter decreased 1% compared to a 7% decrease last year. Comparable store sales, excluding the e-commerce channel, for the third quarter decreased 2%, compared to a 9% decrease last year.
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11.29.2012
American Eagle Outfitters, Inc. today announced that income from continuing operations increased 37% to $0.41 per diluted share for the third quarter ended October 27, 2012, compared to $0.30 per diluted share for the comparable quarter last year. Due to the exit of the 77kids business, its results are presented as discontinued operations for all periods and are further discussed below. Net income for the third quarter, which includes a loss from discontinued operations, was $0.39 per diluted share, compared to $0.27 per diluted share last year.
Third Quarter Results - Continuing Operations (Excluding 77kids)
• Net sales increased 11% to a record $910 million, compared to $819 million last year.
• Comparable store sales, including AE Direct, increased 10%, compared to a 7% increase last year.
• Gross profit increased 21% to $379 million and increased 350 basis points to 41.6% as a rate to sales. Within gross margin, the merchandise margin improved 290 basis points primarily as a result of improved product costs and lower markdowns. Buying, occupancy and warehousing costs leveraged 60 basis points due to strong sales.
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11.29.2012
Limited Brands, Inc. reported a comparable store sales increase of 5 percent for the four weeks ended Nov. 24, 2012, compared to the four weeks ended Nov. 26, 2011. The company reported net sales of $922.0 million for the four weeks ended Nov. 24, 2012, compared to net sales of $872.6 million last year.
The company reported a comparable store sales increase of 7 percent for the 43 weeks ended Nov. 24, 2012, compared to the 43 weeks ended Nov. 26, 2011. The company reported net sales of $7.525 billion for the 43 weeks ended Nov. 24, 2012, compared to net sales of $7.721 billion last year.
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11.29.2012
J.Crew Group, Inc. today announced financial results for the three months and the nine months ended October 27, 2012.
On March 7, 2011, J.Crew was acquired by investment funds affiliated with TPG Capital, L.P. and Leonard Green & Partners, L.P. Although the Company continued as the same legal entity after the acquisition, last year's financial statements were prepared for the following periods: (i) March 8, 2011 to October 29, 2011 (Successor) and (ii) January 30, 2011 to March 7, 2011 (Predecessor). To facilitate a meaningful comparison of our results, we have presented a pro forma statement of operations for the first nine months of fiscal 2011, which reflects the combination of the Successor and Predecessor periods, giving effect to the acquisition and related transactions as if they occurred on the first day of the fiscal year. The results of the third quarter of fiscal 2011 have not been prepared on a pro forma basis, as the transaction was effective prior to the first day of the quarter.
Third Quarter highlights:
•Revenues increased 16% to $555.8 million, with comparable company sales increasing 10%. Comparable company sales increased 5% in the third quarter last year. Store sales increased 17% to $391.7 million. Store sales increased 10% in the third quarter last year. Direct sales increased 13% to $156.8 million following an increase of 18% in the third quarter last year.
•Gross margin increased to 47.3% from 42.1% in the third quarter last year. Last year included amortization of inventory step-up from purchase accounting of $5.8 million.
•Selling, general and administrative expenses increased to $188.6 million, or 33.9% of revenues, from $143.9 million, or 30.0% of revenues, in the third quarter last year. This year reflects additional share-based and incentive compensation of $8.3 million. Last year included transaction-related net insurance recoveries of $3.6 million.
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11.29.2012
Graphic Packaging Holding Company, a leading provider of packaging solutions to food, beverage and other consumer products companies, today announced an agreement for one of its subsidiaries to acquire A&R Carton's Beer and Beverage packaging business in Europe.
"The acquisition of A&R Carton's Beer and Beverage packaging business enhances our position in the European beverage packaging market and enables us to extend our customer reach in the region," said David Scheible, Graphic Packaging's President and Chief Executive Officer. "A&R has a solid reputation as an innovative beverage packaging supplier and the combination allows us to better serve our global beverage customers with a broader base of new products and services. Similar to our strategy in the U.S., we are committed to growing our European business around food and beverage end markets and optimizing our supply chain footprint around our customers' needs. The A&R acquisition, combined with last week's announced acquisition of Contego Cartons, gives Graphic Packaging a significant position in the European folding carton market and widens the Company's global footprint."
Under the terms of the transaction, Graphic Packaging will pay approximately €19 million in cash and assume approximately €7 million in other net liabilities. The transaction will be funded with existing cash and borrowings from the Company's current revolving line of credit. The A&R Beer and Beverage packaging business includes two manufacturing facilities that convert approximately 30,000 tons of paperboard annually. The folding carton facilities are located in the Netherlands and Germany. The acquisition is subject to standard closing requirements and is expected to close in late December.
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11.29.2012
Coldwater Creek Inc. today reported financial results for the three-month period ended October 27, 2012.
Third Quarter of Fiscal 2012 Operating Results
Consolidated net sales were $188.1 million, compared with $187.5 million in third quarter 2011. Net sales from the retail segment were $147.2 million, compared with $144.1 million in the same period last year, primarily reflecting an increase in comparable premium retail store sales of 7.3 percent. Net sales from the direct segment were $40.9 million, compared with $43.3 million in the same period last year.
Consolidated gross profit increased $9.8 million to $66.1 million, or 35.1 percent of net sales, compared with $56.3 million, or 30.0 percent of net sales, for third quarter 2011. The 510 basis point increase in gross profit margin was primarily due to increased leverage of buying and occupancy costs and improvements in merchandise margins reflecting improved product performance.
Selling, general and administrative expenses (SG&A) were $76.1 million, or 40.5 percent of net sales, compared with $84.5 million, or 45.1 percent of net sales, for third quarter 2011. The $8.4 million decline in SG&A was due primarily to lower marketing expense compared to the same period last year.
Net loss was $20.5 million, or $0.67 per share on 30.5 million weighted average shares outstanding, and included other loss, net, of $6.8 million, or $0.22 per share, due to the change in the fair value of the derivative liability related to the Series A Preferred Stock issued in July 2012. This compares to a net loss of $29.2 million, or $1.24 per share on 23.6 million weighted average shares outstanding for third quarter 2011.
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11.29.2012
Target Corporation today reported that its net retail sales for the four weeks ended November 24, 2012 were $6,183 million, a decrease of 0.1 percent from $6,191 million for the four weeks ended November 26, 2011. On this same basis, November comparable-store sales decreased 1.0 percent.
“November sales were below our expectations, reflecting weaker-than-planned sales performance in the first two weeks combined with stronger sales growth across all channels later in the month,” said Gregg Steinhafel, chairman, president and chief executive officer of Target Corporation. “Profitability for the month remained on plan, reflecting our efforts to balance thoughtful price investments in an intensely competitive environment with our continued focus on driving sales. With the upcoming launch of the Target/Neiman Marcus Holiday Collection, our unique assortment of exclusive, affordable merchandise and the compelling benefits of 5% REDcard Rewards and our Holiday Price Match, we believe Target has the right plans in place to allow our guests to shop with confidence throughout the holiday season.”
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11.29.2012
Macy’s, Inc. today reported total sales of $2.450 billion for the four weeks ended Nov. 24, 2012, a decrease of 0.6 percent compared with total sales of $2.464 billion in the four weeks ended Nov. 26, 2011. On a same-store basis, Macy’s, Inc. sales were down 0.7 percent in November as compared to November 2011.
“Despite the largest-volume Thanksgiving weekend in our company’s history, we were not able to overcome the weak start to the month, which included the disruption of Hurricane Sandy. Yet we remain on track to deliver a very strong sales performance in the fourth quarter, consistent with our guidance,” said Terry J. Lundgren, chairman, president and chief executive officer of Macy’s, Inc.
For the year to date, Macy’s, Inc. sales totaled $20.786 billion, up 3.2 percent from total sales of $20.145 billion in the first 43 weeks of 2011. On a same-store basis, Macy’s, Inc.’s year-to-date sales were up 3.1 percent.
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11.28.2012
Late yesterday, the USPS filed a response to the Postal Regulatory Commission (PRC) after the PRC on November 16th remanded the USPS’s proposed annual rate adjustment back to the Postal Service to deal with the Standard Flats cost coverage issue. Pending further review, the response seems reasonable, something we can live with. Here are the two key outcomes from the response:
• Carrier Route rates were not changed
• Standard Mail Flats were increased 0.047% beyond the original proposed increase – from 2.57% to 2.617%, appreciably above the CPI price cap
Beyond these two categories, no other Standard Mail rates were changed in the USPS response. The filing contains some adjustments that could prove to be favorable. Most notably, the pound rate, applicable to pieces over 3.3 ounces, decreases by a tenth of a cent per pound. Also, no dropship discounts changed and the minimum per-piece rate did not change for 5-digit automation pieces.
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11.28.2012
Snipp Interactive Inc., a provider of mobile marketing solutions, has teamed up with Meredith’s Special Interest Media Group (SIMG) to digitally enhance its reader response activation program. The new digital approach uses Snipp’s ''Mobilize Me'' platform and its new Mobile Microsite builder. SIMG VP/group publisher Steve Levinson says that he and his staff are testing the approach with two titles, Kitchen and Bath and Diabetic Living, (the latter of which has never previously included a reader response section). “I think that the technology lends itself to Diabetic Living in particular for the pharmaceutical accounts that really want to engage people.”
Of Kitchen and Bath, Levinson says it “has historically been one of our stronger lead-gen publications.” However they were finding that an increasing number of advertisers no longer wanted to fulfill lead generation through the mail given the high cost and slow response time. Although the mobile Web sites will offer the option of requesting collateral by mail, they also will feature a wide range of actions that readers may choose to engage with advertisers. Included are requesting PDF brochures by email, contacting advertisers directly, interacting with their social media pages, watching a video or visiting the Web sites.
Using Snipp Interactive’s tools, Meredith can create customized mobile Web sites for its advertisers where readers can interact by requesting advertising materials in ways that are easy for them—including by texting—and get a much faster response time. For advertisers, the solution cuts mail costs, but also makes it easier to convert leads as they are immediately notified when readers make requests for information.
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11.28.2012
All You has even more "you" now after incorporating reader comments and questions into nearly a third of the pages of its most recent edition.
The December issue of All You debuted "Real Talk," an editorial feature that opens each of the magazine's sections with a question from readers. The franchise is threaded throughout the book as well, with flagged reader comments appearing as sidebars within several stories.
An expansion of the testimonial advertising program "Reality Checkers" was also introduced, adding social sharing elements.
True to its name, the magazine has always incorporated user-generated content into its print and digital products, but has broadened its use recently with "Real Talk," "Reality Checkers" and a digital video curation initiative.
"From the day we launched in 2004, social has been a big component of the brand," says Nina Willdorf, executive editor of All You. "As editors, our job is not to push information out, but to open up the dialogue and a conversation to other readers, and to capture that dialogue in a way that's most compelling."
Market--frequent women shoppers looking for value--and distribution--more than a quarter of their 1.5-million circulation comes from an exclusive deal with WalMart newsstands--makes user-generated and social content especially relevant for the title, Willdorf says.
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11.28.2012
Costco Wholesale Corporation today reported net sales of $8.15 billion for the month of November, the four weeks ended November 25, 2012, an increase of nine percent from $7.51 billion during the similar four-week period last year.
For the first fiscal quarter (12 weeks) of its 2013 fiscal year (from September 3 through November 25, 2012), the Company reported net sales of $23.21 billion, an increase of ten percent from $21.18 billion in the first fiscal quarter of 2012.
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11.28.2012
Lieferando, a fast growing on-line supplier of home-delivery food such as pizza, pasta and sushi has chosen Billerud’s 100% primary fibre paper for their new and improved pizza delivery boxes. The main reason behind the decision is the purity of the material guaranteeing a high level of product safety for their customers. High customer satisfaction is key and lieferando is not willing to comprise on the quality of the packaging.
Product safety is a hot topic and the regulations around food packaging are very strict. In Italy, the home of the pizza, the boxes are always made of primary fibres. Now the trend is moving North and lieferando is introducing stronger and fresher pizza boxes in Germany made from the highest quality Scandinavian fibres. The strength of the raw material makes it possible to reduce the weight of the packaging and at the same time increase the printability and purity of the food packaging.
“We are a new company wanting to challenge the market by modern technology and high customer satisfaction. It is therefore natural that we look for smarter packaging that boosts our brand and protect out high quality pizzas in the best possible way.” says Kai Hansen, MD and founder of lieferando.
The boxes will be produced by the Schiettinger Group in Auerswalde together with MB Karton Ernst Behrend in Berlin, Germany. Schiettinger Group is a company with over a century’s experience of producing solid and corrugated board for numerous types of end uses.
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11.28.2012
Oil traded near the lowest price in a week in New York amid signs of rising supplies in the U.S. and concern that lawmakers are struggling to reach agreement on how to address the nation’s deficit.
West Texas Intermediate futures declined as much as 0.7 percent. An Energy Department report today may show crude supplies rose by 350,000 barrels to 374.8 million, according to a Bloomberg News survey. U.S. Senate Majority Leader Harry Reid said yesterday he was disappointed with progress made during congressional budget talks over $607 billion in tax increases and spending cuts set to begin in January.
“The market has been kept well-supplied,” said Guy Wolf, a strategist at London-based commodities broker Marex Spectron Group Ltd. who predicts Brent crude will recover to $125 a barrel early next year. “Funds are not engaged with the market right now, partly due to potential events such as the U.S. fiscal cliff. Even though everyone assumes it will resolve itself, the question is how close to the edge do we go first?”
Crude for January delivery slid as much as 61 cents to $86.57 a barrel in electronic trading on the New York Mercantile Exchange, and was at $86.60 at 11:58 a.m. London time.
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11.28.2012
The American Forest & Paper Association released its October 2012 U.S. Recovered Fiber Monthly Report on Nov. 20, 2012.
According to the report, total U.S. industry consumption of recovered paper in October was 2.49 million tons, 6 percent higher than in September 2012. Consumption was up across all grades except for Newspapers, which remained at its September low and was 25 percent lower than in October 2011. Year-to-date total consumption in 2012 is 4 percent lower than during the same period last year.
U.S. exports of recovered paper remained approximately flat, dropping 1 percent in September compared to August. Average export $/Ton figures were lower across all grades when compared to the prior month. Year-to-date exports of recovered paper in 2012 are 7 percent lower than during the same period in 2011.
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11.28.2012
The American Forest & Paper Association released its October 2012 Printing-Writing Paper Report on Nov. 21.
According to the report, total printing-writing paper shipments decreased 2 percent in October compared to October 2011, primarily driven by declines in uncoated mechanical shipments.
Additional key findings include:
October shipments of coated free sheet papers increased year-over-year for the fifth time in the past twelve months, reaching the highest level since September 2010.
Shipments of uncoated free sheet paper in October increased 2 percent over the same period in 2011, with mill inventories at the lowest level since July 1995.
October uncoated mechanical paper shipments decreased 23 percent compared to October 2011, with YTD shipments down 16 percent relative to the previous year.
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11.28.2012
JoS. A. Bank Clothiers, Inc. announces that net income for the third quarter of fiscal year 2012 decreased 11.2% to $13.3 million as compared with net income of $15.0 million for the third quarter of fiscal year 2011. Diluted earnings per share for the third quarter of fiscal year 2012 decreased 13.0% to $0.47 per share as compared with diluted earnings per share of $0.54 for the third quarter of fiscal year 2011. Total sales for the third quarter of fiscal year 2012 increased 11.1% to $232.9 million from $209.6 million in the third quarter of fiscal year 2011. Comparable store sales increased 4.8% and Direct Marketing sales increased 25.8% in the third quarter of 2012.
Comparing the first nine months of fiscal year 2012 with the first nine months of fiscal year 2011, net income declined 3.8% to $51.3 million as compared with $53.3 million and diluted earnings per share declined 4.2% to $1.83 per share as compared to $1.91 per share. Total sales for the first nine months of fiscal year 2012 increased 9.6% to $694.5 million from $633.6 million for the first nine months of fiscal year 2011, while comparable store sales increased 3.5% and direct marketing sales increased 21.8%.
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11.27.2012
Berry Plastics Group, Inc. today reported results for the September quarter and fiscal year 2012:
Net sales decrease of 2 percent versus September 2011 quarter
Adjusted free cash flow of $159 million for the September 2012 quarter
Fiscal year 2012 Adjusted EBITDA of $803 million with the leverage ratio (net debt/Adjusted EBITDA) at 4.9x (pro forma for the IPO), a reduction of 1.2x from fiscal year 2011
Operating EBITDA increased 13 percent and Operating EBITDA margin increased to 17.6 percent from 15.3 percent in the September 2011 quarter
Adjusted net income (loss) per share of $0.34 for the quarter compared to ($0.04) in September 2011
“Berry’s improved product mix, aggressive cost reduction initiatives, and lower costs for raw materials, coupled with higher prices in certain of our product segments, allowed us to achieve record earnings and reduce our leverage,” said Jon Rich, Chairman and CEO of Berry Plastics. “While we are pleased with our overall performance, the weakening global economic environment will present challenges to our industry and to Berry.”
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11.27.2012
Indonesia has become the latest Asian country to join PEFC after after China and Malaysia, demonstrating that PEFC is the forest certification system of choice for region. The Indonesian Forestry Certification Cooperation (IFCC) decision to join the world's largest forest certification system was founded in PEFC's unique bottom-up approach, which respects the uniqueness of sovereignty, ecosystem diversity, and the culture of every country.
“Indonesia is home of some of the most biologically diverse forests in the world. We are looking forward to working with IFCC to promote sustainable forest management through forest certification and welcome them as a PEFC member,” said Ben Gunneberg, PEFC Secretary General.
“PEFC has refined its Sustainability Benchmarks over the past years to remove barriers to tropical forest certification, and we are excited to see the development of a national forest certification standard by Indonesians for Indonesians,” added Mr. Gunneberg. "The promise of Indonesian's forests being managed sustainably, in a manner that provides people with jobs that comply with the fundamental ILO conventions, safeguards forest biodiversity, and protects them from conversions, should be viewed by all who care about saving the world's forests as an important first step in the right direction. The fact that the challenges of the past will be addressed for a sustainable future is positive."
Indonesia’s forest land comprises 60 % of the country’s land area, which makes it the third largest area of tropical rainforest in the world. Indonesia’s forest is therefore important not only for the national economy and local livelihoods, but also for the global environment. The Indonesian rainforests are also among the world’s richest in terms of biodiversity, yet for each year between 2003 and 2006, the Indonesian government estimates that around 1.17 million ha of forest was cleared or degraded.
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11.27.2012
On 7 November 2012 Arctic Paper S.A. announced its public offer to buy all of the shares in Rottneros AB. On the same day the Board of Directors of Rottneros recommended that the shareholders should accept the offer, subject to the conditions specified.
The Board of Directors of Rottneros has now been informed in writing by shareholders (including Skagen Vekst and Peter Gyllenhammar via companies, who taken together control more than 10 per cent of the capital and voting power in Rottneros), that these owners will not accept the bid announced by Arctic Paper.
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11.27.2012
Atlantic Packaging Products recently announced plans to re-open the company's Whitby mill in Ontario, Canada, in March of 2013.
Atlantic said that its former newsprint mill has been upgraded with technology that will allow it to produce 100% recycled lightweight paper used to manufacture high performance corrugated packaging products.
"In North America, the term lightweight has been primarily used in reference to the basis weight of the paper, with little or no emphasis on strength, said Dave Boles, President of Atlantic Packaging.
"What we're talking about is a disruptive technology that is capable of producing low basis weights (lighter paper) with sustainability and strength characteristics unlike anything in corrugated packaging today," Boles explained.
"Sustainability objectives from large retailers are driving the industry forward, and soon Atlantic will be in a position to provide our customers with the most sustainable corrugated packaging option available in North America," he added.
The Whitby mill, which had the capacity to produce 150,000 tpy of 100% recycled newsprint, was closed in March of 2010. At that time, Atlantic cited the steep drop-off in North American demand for newsprint and overcapacity in the market as contributing factors to the closure of the mill.
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11.27.2012
Arandell Corporation and Schumann Printers today announced a joint venture marketing agreement to cross sell the two family-owned manufacturing platforms. Currently, Arandell specializes in long-run equipment and services, while Schumann Printers focuses on short-run equipment and services. By working together, both Wisconsin-based printers will be able to expand their range of services to both existing and new customers.
“By bringing together two very different, but complementary, manufacturing platforms, this strategic partnership will enable each of our companies to extend the capabilities we offer our client base,” said Don Treis, Arandell CEO. “Arandell will gain access to a manufacturing platform that will make us very competitive, for the first time, in the short run catalog and custom publication markets.” Currently, Arandell does not have the capability to offer these services with its long-run equipment platform.
“Schumann Printers will be able to expand into new markets with Arandell’s long-run equipment, that we could not do alone,” said Daniel Schumann, President of Schumann Printers. “We will also be able to offer our customers Arandell’s resources in catalog consulting, pre-media, database marketing, and mobile applications for smart phones and tablets.”
Over the last few months, Arandell and Schumann Printers have worked to develop a strong collaborative relationship to ensure consistent quality for clients across both manufacturing platforms. The partnership will also provide additional capacity and a valuable backup to enable each company to meet unexpected demand or urgent client needs.
“Arandell Corporation and Schumann Printers share the same values and the same commitment to quality and service,” said Daniel Schumann, President of Schumann Printers. “We are confident that this agreement will help each of our companies to grow and expand in a competitive marketplace.”
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11.27.2012
The magazine industry’s faith in the future of tablets is not easing up, even though advertiser support for digital editions has been slow in coming and these platforms still represent a small fraction of overall distribution for most books. According to the latest analysis from McPheters and Co. iMonitor, which tracks thousands of branded media apps, the number of apps from publishers continues to grow month over month. By its count 9,125 publication-related apps were available in a range of app stores in October, more than double the 4,299 available on the same month last year. And up from the 8,839 in September. The market has expanded steadily throughout the year.
Leading among group publishers is Hearst, from whom iMonitor counted 89 apps, followed by Time Warner with 84, Conde Nast with 83 and Future Media with 82.
Getting a handle on circulation benchmarks is a bit tougher, since only 256 titles are now reporting digital circulation is their ABC reports in the first half of 2012. Among those that do include their app editions in the audited counts, however, the share of overall circulation coming from digital versions is 5.7%, up from 4.7% in the second half of 2011. The limited benchmarks we do have around sales of magazine apps does show strong growth, however. During the second half of 2011, only 28 titles were claiming digital edition circ. of under 30,000, but in H1 2012 that number grew to 50. At the higher end, five titles went to more than 30,000 but less than 100,000, up from 3. And now 1 title, Game Informer, enjoys a digital edition circulation of over 1 million.
Apple’s iOS continues to be the platform on which publishers develop and deploy their most advanced tablet editions. It is also far and away the platform delivering the highest sales. But according to Rebecca McPheters, CEO, McPheters & Co., the migration to emerging tablet platforms comes at a cost. “The average publisher is now on 4.6 platforms,” she tells minonline. “There is a dramatic increase in the number of apps individual publishers have. Multiply that by all the other platforms, and the complexity of this undertaking for publishers has scaled up more rapidly than the revenue potential. They started on the platform with the greatest revenue potential and as they expand onto these other platforms their return on investment is diminishing.”
By iMonitor’s count the penetration of magazine titles across iPad, Nook and Kindle are now at about the same levels with between 73% and 79% of U.S. publisher present on each of the platforms.
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11.27.2012
Future, the media group and leading digital publisher, today unveils a major new ongoing research panel, designed to provide a continuous dialogue through which to understand its core audiences.
The Future illuminate Panel is the largest online consumer research programme Future has ever undertaken, representing a major investment for the business, which aims to enable Future to shape and refine its products and content.
The panel will focus on Future’s Technology, Games, Film, Music, Cycling and Photography groups which reach over 9 million UK adults online, across brands as diverse as TechRadar, T3, CVG, Total Film, Classic Rock and Cycling Plus.
Together with Vision Critical, the industry-leading provider of online community panels and market research technology, Future will aim to recruit over 10,000 UK consumers to develop a highly interactive online community. Through this community, Future will establish a unique ongoing dialogue with the panel to bring consumers closer to its brands and ensure business decisions reflect consumer insight and opinions.
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11.27.2012
The McGraw-Hill Companies today announced it has signed a definitive agreement to sell its McGraw-Hill Education business to investment funds affiliated with Apollo Global Management, LLC, for a purchase price of $2.5 billion, subject to certain closing adjustments. As part of this transaction, McGraw-Hill will receive $250 million in senior unsecured notes issued by the purchaser at an annual interest rate of 8.5%. The transaction, which is expected to close in late 2012 or early 2013, is subject to regulatory approval and customary closing conditions.
Upon closing, McGraw-Hill, which will be renamed McGraw Hill Financial (subject to shareholder approval), will be a high-growth, high-margin benchmarks, content and analytics company in the global capital and commodities markets. With customers in more than 150 countries, McGraw Hill Financial expects 2012 revenue of approximately $4.4 billion with nearly 40% from international markets. The Company will provide 2013 financial guidance for McGraw Hill Financial when it announces its 2012 fourth quarter and year-end financial results.
"After carefully considering all of the options for creating shareholder value, the McGraw-Hill Board of Directors concluded that this agreement generates the best value and certainty for our shareholders and will most favorably position the world-class assets of McGraw-Hill Education for long-term success," said Harold McGraw III, Chairman, President and CEO of The McGraw-Hill Companies who will lead McGraw Hill Financial once the transaction is complete. "We were able to secure an attractive outcome and create additional balance sheet flexibility for McGraw Hill Financial."
Mr. McGraw added, "McGraw-Hill Education is a leader in digital learning with world-class content and enormously talented and committed employees. As we begin the next chapter in our rich history, I am very proud of and grateful to all the McGraw-Hill Education professionals who are contributing so much to the company and to educators, administrators and students all over the world. I look forward to seeing their continued success with the expertise and support of Apollo."
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11.27.2012
Despite all the lip service being paid to behavioral targeting, segmenting by age, gender, and income still pays the biggest dividends in targeted marketing campaigns, according to marketers responding to a new survey.
Demographic segmentation of their email marketing efforts returned the best results, said 39% of the nearly 300 enterprise-level marketers surveyed by Lyris for its 2012 Digital Optimizer Survey. The next most effective segmentations were purchase history (28%), open rates (26%), and click-through rates (25%).
The methods direct marketers use to evaluate what's effective could be called into question, however. Half of them said they tested 25% or less of their campaigns, with 10% admitting to doing no testing at all.
Even so, corporate silos still block the way to better marketing through Big Data, says Lyris CMO Alex Lustberg. “Everybody understands that we need to do more of it, but it's just difficult to get behavioral segmentation,” he says. “It's the disconnected nature of the digital marketing landscape. We're all going to make use of social data, but at the end of the day it's different teams, budgets, and databases.”
Mining the data generated by social media may remain a work in progress, but marketers are very much involved in the medium. More than 80% of those polled said they've deployed programs on Facebook, Twitter, and LinkedIn. Pinterest registered the lowest level of usage at 54%. Facebook will continue to receive the bulk of respondents' attention and funds in 2013, with 51% saying they would increase spending on the network. Next on marketer's lists for spending hikes came Twitter and Youtube.
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11.27.2012
Oil traded near its lowest level in almost a week in New York as a forecast that U.S. crude supplies increased balanced optimism that a new agreement on aid for Greece will help resolve Europe’s debt turmoil.
Futures were little changed after paring an earlier advance of as much as 0.6 percent. U.S. crude inventories probably rose 500,000 barrels last week, according to a Bloomberg News survey of analysts before an Energy Department report tomorrow. European Union ministers agreed to help Greece manage its debt burden in talks in Brussels that lasted 13 hours, an EU official said early today.
“The positive outcome on Greece has already been priced in,” said Andrey Kryuchenkov, an analyst at VTB Capital in London who predicts Brent crude may slide to $110 a barrel this month. “Now attention is turning to fundamentals and they are far from ideal.”
Crude for January delivery was at $87.80 a barrel in electronic trading on the New York Mercantile Exchange at 10:52 a.m. London time, having gained as much as 51 cents to $88.25 a barrel.
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11.27.2012
Ahlstrom, a global high performance fiber-based materials company, updates its 2012 outlook for net sales and operating profit excluding non-recurring items after the Extraordinary General Meeting of the company approved the demerger of the Label and Processing business area.
Ahlstrom's Extraordinary General Meeting of the Shareholders today resolved to approve the demergers of the Label and Processing business in Europe and the Coated Specialties business in Brazil according to the respective demerger plans. Consequently, the Label and Processing business area will be classified as an asset held for distribution to owners and reported separately as discontinued operations in the Financial Statements Bulletin 2012.
Ahlstrom's view of the market environment remains unchanged. However, the outlook is only adjusted to reflect the resolution by the EGM to approve the demerger of the Label and Processing business area.
Ahlstrom now expects net sales from continuing operations to be EUR 960 -1,040 million and operating profit excluding non-recurring items from continuing operations to be EUR 22 - 32 million in 2012. Ahlstrom had previously estimated, including the Label and Processing business area, net sales to be EUR 1,550 - 1,630 million and operating profit excluding non-recurring items to be EUR 48 - 58 million.
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