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08.07.2012
Cascades, a leader in the recovery and manufacturing of green packaging and tissue paper products, is pleased to announce that substantial investments, up to $750000, will be made in its Cascades Enviropac HPM, LLC plant, located in Grand Rapids, Michigan. By the end of 2012 and beginning 2013, new equipment will be added to modernize the plant and optimize its overall efficiency, from the competitiveness, quality and service standpoints. These investments will also allow us to retain jobs in the plant and its offices.
This is a great opportunity for Cascades to strengthen its market shares in the Central and Midwest Regions, while increasing its industrial product offering such as Technicomb™ protective packaging systems, Flexicomb® flexible protective packaging, and ThermaFresh™ recyclable therma-insulator containers for fresh food conservation. These products are the perfect alternatives to traditional packaging, since they are made of honeycomb paperboard and fibre composites which are recyclable. As Mr. Simon Gosselin, General Manager for the Industrial Packaging sector of Cascades Specialty Products Group, mentioned: “These investments are directly in line with Cascades' key strategic axes to further support the operations, with the ultimate goal of assuring the commercial success of our innovative, eco-designed products.”
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08.07.2012
Oil traded near its highest in two weeks in New York on forecasts that crude inventories fell in the U.S., the world’s largest consumer of the commodity. Brent surpassed $110 a barrel for the first time in 11 weeks.
West Texas Intermediate futures were little changed, recouping an earlier loss of 0.5 percent. U.S. crude stockpiles probably fell by 1.6 million barrels last week, according to a Bloomberg News survey of nine analysts before an Energy Department report tomorrow. Tropical storm Ernesto was forecast to become a hurricane as it heads for Mexico’s Bay of Campeche..
“The market has been bolstered by significant crude stock drawdowns reported in recent weeks,” said Andrey Kryuchenkov, an analyst at VTB Capital in London. “There’s probably a bit of additional support coming from Ernesto, set to become a hurricane by late tonight.”
Crude for September delivery was at $92.47 a barrel in electronic trading on the New York Mercantile Exchange at 11:58 a.m. London time, having slid as much as 42 cents to $91.78 a barrel. It settled yesterday at $92.20, the highest level since July 19. Prices are 6 percent lower this year.
Brent crude for September settlement rose above $110 a barrel for the first time since May 17.
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08.07.2012
Appleton’s second quarter 2012 net sales of $213.9 million decreased 1.2% compared to second quarter 2011 net sales. However, the Company’s strong revenue growth continued in the thermal papers segment where an 8.6% increase in net sales nearly offset the sales decreases in carbonless papers and Encapsys.
Excluding one-time items, second quarter 2012 adjusted operating income was $16.9 million, $6.3 million higher than adjusted operating income reported for second quarter 2011.
Appleton reported a second quarter 2012 operating loss of $32.5 million compared to operating income of $10.7 million during second quarter 2011. The operating loss for second quarter 2012 was largely the result of $42.9 million of costs related to ceasing papermaking operations at the West Carrollton, Ohio, mill and transitioning to base paper produced by Domtar as part of the 15-year supply agreement announced in February. Appleton also recorded $6.5 million of transaction costs associated with the proposed business combination between Appleton and Hicks Acquisition Company II. On July 13, the two companies announced they had agreed to discontinue the proposed business combination.
Appleton’s net sales for the first six months of 2012 were $433.5 million, slightly lower than first half 2011 net sales of $434.6 million. Appleton reported an operating loss of $82.3 million for the first six months of 2012 compared to operating income of $21.0 million for the same period last year. Excluding one-time items, current year adjusted operating income was $29.7 million, $5.6 million higher than adjusted operating income reported for the first half of 2011. On a year-to-date basis, costs related to ceasing papermaking operations at West Carrollton and transitioning to Domtar base paper were $105.1 million. First half 2012 results also included $6.9 million of transaction costs discussed above. First half 2011 operating income included a $3.1 million charge for a litigation settlement.
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08.07.2012
Amazon.com, Inc. today announced the launch of Amazon Textbook Rental. Now college students can choose from thousands of textbooks to rent for the semester and save up to 70%. To rent a textbook, simply search Amazon.com for the book, select “Rent Now,” choose shipping and payment options, and check out. All textbook rentals are Fulfilled by Amazon and are eligible for Free Super Saver Shipping on orders over $25, and Prime Free Two-Day Shipping. At the end of the rental period, returns are free and simple with a prepaid, printable label.
“College is expensive, and students are always looking for ways to save money on textbooks, which is why we’ve long offered great prices on both new and used textbooks,” said Ripley MacDonald, Director of Textbooks at Amazon.com. “With Textbook Rental, Amazon gives students yet another great option for saving money – it’s now easier than ever for students to get the books they need, in the format they want, at affordable prices. So no matter if a student wants to buy or rent their textbooks, Amazon can be their one-stop shop.”
Textbook rentals and millions of other items including books, backpacks, electronics, video games, the latest fashion in clothing and shoes, and other college essentials are eligible for Free Two-Day Shipping with an Amazon Prime membership.
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08.07.2012
Ahlstrom, a global high performance materials company, has completed an investment on additional capacity in filtration material at its site in Turin, Italy. The company has started to ramp up its new saturator line, which is expected to be commercial during the third quarter of 2012, slightly ahead of the planned schedule. The value of the investment, initially announced in December 2010, is approximately EUR 17.5 million.
"This capacity increase in Turin is an important step for Ahlstrom's Filtration business area. We are committed to grow with our customers as a global supplier in the filtration market with a full offering of filter media. We are pleased to be able to provide the newest technology to our customers, both for transportation and advanced filtration materials. This way we will help our customers to stay ahead," stated Tommi Björnman, Executive Vice President, Filtration.
"We are excited about the new saturator line, which has state-of-the-art control equipment that ensures manufacturing of a very consistent, clean and high quality media," said Gary Blevins, Vice President, Transportation Filtration.
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08.07.2012
Office Depot, Inc., a leading global provider of office supplies and services, today announced results for the fiscal quarter ending June 30, 2012.
Total Company sales for the second quarter of 2012 were approximately $2.5 billion, down 7% compared to the second quarter of 2011. On a constant currency basis, second quarter 2012 sales were down approximately 5% versus prior year.
The Company reported a net loss, after preferred stock dividends, of $64 million or $0.23 per diluted share in the second quarter of 2012, compared to a net loss, after preferred stock dividends, of $29 million or $0.11 per share in the second quarter of 2011.
Second quarter 2012 results included approximately $9 million of charges primarily related to restructuring activities and actions to improve future operating performance, and approximately $24 million related to a non-cash asset impairment charge.
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08.06.2012
Walgreens had July sales of $5.59 billion, a decrease of 3.7 percent from $5.81 billion for the same month in fiscal 2011. Compared with prior months during this calendar year, July sales comparisons were more significantly impacted by an increase in generic drug introductions.
Sales in comparable stores decreased by 7.0 percent. The effect of generic drug introductions in the last 12 months negatively impacted total comparable sales by 4.5 percentage points, while calendar day shifts positively impacted total comparable sales by 1.4 percentage points.
Calendar year-to-date sales were $40.65 billion, a decrease of 3.0 percent from $41.92 billion in 2011.
Fiscal 2012 year-to-date sales for the 11 months were $65.79 billion, down 0.4 percent from $66.06 billion in fiscal 2011.
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08.06.2012
The Washington Post Company today reported net income attributable to common shares of $51.8 million ($6.84 per share) for the second quarter ended June 30, 2012, compared to $45.6 million ($5.74 per share) for the second quarter of last year. Net income includes $17.8 million ($2.36 per share) in income from discontinued operations and $2.0 million ($0.26 per share) in losses from discontinued operations for the second quarter of 2012 and 2011, respectively. Income from continuing operations attributable to common shares was $34.0 million ($4.48 per share) for the second quarter of 2012, compared to $47.6 million ($6.00 per share) for the second quarter of 2011.
Revenue for the second quarter of 2012 was $1,006.9 million, down 5% from $1,061.3 million in the second quarter of 2011. The Company reported operating income of $60.4 million in the second quarter of 2012, compared to operating income of $82.1 million in the second quarter of 2011. Revenues were down at the education and newspaper publishing divisions, offset by increases at the television broadcasting and cable television divisions. Operating results were down at all of the Company’s divisions, except for the television broadcasting division.
For the first six months of 2012, the Company reported net income attributable to common shares of $82.9 million ($10.87 per share), compared to $60.7 million ($7.57 per share) for the same period of 2011. Net income includes $38.1 million ($5.02 per share) in income from discontinued operations and $4.8 million ($0.59 per share) in losses from discontinued operations for the first six months of 2012 and 2011, respectively. Income from continuing operations attributable to common shares was $44.8 million ($5.85 per share) for the first six months of 2012, compared to $65.5 million ($8.16 per share) for the first six months of 2011. As a result of the Company’s share repurchases, there were 6% fewer diluted average shares outstanding in the first six months of 2012.
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08.06.2012
Tetra Pak today announces the acquisition of the assets of Genius Automação de Sistemas Ltda., a São Paulo, Brazil-based specialist in industrial control systems.
The acquisition will strengthen resources and competences in automation for Tetra Pak’s processing and packaging solutions, particularly in the area of Manufacturing Execution Systems (MES), control systems which manage and monitor work-in-process on a factory floor.
“Genius implements high performance and scalable systems that improve industrial performance using state-of-the-art software technologies. Their automation competence combined with our own automation expertise will enable us to offer our customers the highest standard in manufacturing performance, operational efficiency and food quality and safety,“ said Tim High, Executive Vice President, Tetra Pak Processing Systems.
The acquisition is part of Tetra Pak’s strategy to develop highly integrated and automated processing and packaging production lines. Genius’ automation competence will contribute to future development and offerings of Tetra PlantMaster™, Tetra Pak’s factory control, supervision and operation software.
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08.06.2012
Open Sky Media, a portfolio company of Chicago-based private equity firm Hadley Capital, is expanding its network of regional magazines with acquisition of several properties from Gulfshore Media LLC. Terms of the deal were not released.
The Florida-based Gulfshore Media division will now be among the largest of Open Sky Media’s (OSM) five regional offices. The deal includes monthlies Gulfshore Life and Gulfshore Business, and annual titles like Gulfshore Life At Home, Forever Young, the Southwest Florida Guide to the Arts and several custom publications for local Florida organizations.
OSM has been rapidly expanding its regional publishing business with several acquisitions in multiple markets. As previously reported in November by FOLIO:, the company—which formed in March 2011 when it acquired titles Austin Monthly, Austin Monthly Home, and San Antonio magazine from Wisconsin-based Conley Publishing Group—is looking to have a portfolio of ten to twelve titles over time. In August 2011, the company acquired Slice magazine, which serves the greater Oklahoma City area.
“Open Sky Media is a very attractive buyer because of their interest in the city magazine space and belief in long-term prospects for that industry,” says Dan Denton, president of Gulfshore Media LLC.
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08.06.2012
Catalyst Paper announced today that it has entered into a commitment letter with a Canadian chartered bank for a $175 million syndicated asset based loan facility (ABL Facility) maturing on the earlier of 5 years from date of closing and 90 days prior to maturity of any significant debt.
The ABL Facility is a pre-condition for Catalyst to exit from creditor protection and would provide for the refinancing of existing credit facilities to fund the operations of the Company on exit from creditor protection and for general corporate purposes thereafter. The collateral would primarily consist of all present and future working capital assets of the Company. The ABL borrowing base would be calculated on balances of eligible accounts receivable and inventory, less certain reserves. Customary fees are payable in connection with the ABL Facility. The ABL Facility is subject to the completion of a credit agreement, syndication, documentation and certain other conditions.
Catalyst also entered into a commitment letter with respect to a secured exit notes facility of up to US$80 million (Exit Facility). The Exit Facility provides Catalyst with backstop financing should additional funding be required to pay costs and expenses or manage other contingencies on exit from creditor protection.
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08.06.2012
Oil slid from the highest close in two weeks in New York amid speculation that its biggest gain in more than a month was excessive. Tropical Storm Ernesto slowed as it headed westward in the Caribbean.
Futures slipped as much as 0.8 percent after closing 4.9 percent higher on Aug. 3, the most since June 29. Prices finished last week with a gain of 1.4 percent after U.S. payrolls rose more than estimated and service industries expanded at a faster pace. Ernesto, located about 180 miles east of the Nicaragua and Honduras border, had winds of about 50 mph, down from 60 mph on Aug. 4, according to the U.S. National Hurricane Center.
“This is a small correction after the massive move last Friday,” said Eugen Weinberg, head of commodity market research at Commerzbank AG in Frankfurt. “Brent near $110 is a bit excessive.”
Oil for September delivery slid as much as 77 cents to $90.63 a barrel in electronic trading on the New York Mercantile Exchange and was at $91.15 at 10:54 a.m. London time. It surged $4.27 to $91.40 on Aug. 3, the highest settlement since July 20.
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08.06.2012
Global spending on advertising rose across most media types in the first quarter, with digital advertising seeing the largest boost, according to a report from Nielsen Co.
According to Nielsen's “Global AdView Pulse,” worldwide ad expenditures were up 3.1% overall in the first quarter compared with the same period last year. Radio advertising was up 7.9%, and newspaper ad expenditures were 3.1% higher. Magazine advertising declined 1.4%.
Advertisers spent 12.1% more on Internet advertising globally, with the Middle East and Africa (up 35.2%) and Latin America (up 31.8%) outstripping the average.
In North America, outdoor advertising expenditures increased 4.4%, TV advertising grew 4.0% and radio was up 2.6%. Magazine advertising was down 5.3%, while newspaper ad spending fell 2.1%.
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08.03.2012
Gap Inc. today reported that net sales for the second quarter of fiscal year 2012 increased 6 percent compared with last year, and July 2012 net sales increased 12 percent compared with last year.
Net sales for the second quarter, which ended July 28, 2012, increased 6 percent to $3.58 billion compared with $3.39 billion for the second quarter last year. The company’s second quarter comparable sales were up 4 percent compared with a 2 percent decrease in the second quarter last year.
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08.03.2012
Rite Aid Corporation today announced sales results for July.
For the four weeks ended July 28, 2012, same store sales increased 0.5 percent over the prior-year period. July front-end same store sales increased 1.2 percent. Pharmacy same store sales, which included an approximate 742 basis points negative impact from new generic introductions increased 0.2 percent. Prescription count at comparable stores increased 4.5 percent over the prior-year period.
Same store sales for the 21-week period ended July 28, 2012 increased 1.5 percent over the prior-year period. Front-end same store sales increased 2.0 percent while pharmacy same store sales increased 1.2 percent. Prescription count at comparable stores increased 3.2 percent over the prior-year period.
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08.03.2012
Retailer Saks Incorporated today announced that owned sales totaled $200.7 million for the four weeks ended July 28, 2012 compared to $191.0 million for the four weeks ended July 30, 2011, a 5.1% increase. Comparable store sales increased 3.5% for the month.
For July, the strongest categories included women’s contemporary and designer apparel; men’s accessories, shoes, and contemporary apparel; fashion and fine jewelry; handbags; and cosmetics and fragrances. This July, the Company added a one-day Electronic Gift Card (“EGC”) event to its promotional calendar. Management estimates that the additional EGC event positively impacted July comparable store sales by approximately 200 basis points.
For the second quarter ended July 28, 2012, owned sales totaled $690.6 million compared to $658.1 million for the prior year second quarter ended July 30, 2011, a 4.9% increase. Comparable store sales increased 4.7% for the second quarter.
On a year-to-date basis, for the six months ended July 28, 2012, owned sales totaled $1,434.5 million compared to $1,371.8 million for the prior year six months ended July 30, 2011, a 4.6% increase. Comparable store sales increased 4.7% for the six months.
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08.03.2012
Kohl’s Corporation reported today that for the four-week month ended July 28, 2012 total sales increased 3.4 percent and comparable store sales increased 1.7 percent over the four-week month ended July 30, 2011. For the quarter, total sales decreased 1.0 percent and comparable store sales decreased 2.7 percent from the second quarter of 2011.
Kevin Mansell, Kohl’s chairman, president and chief executive officer, commented, “We are pleased with the improvement in July’s comparable store sales. We have made significant progress in improving inventory levels as we enter the Back-to-School season and believe we have the appropriate mix of both basics and fashion. From a line of business perspective, Footwear, Home and Men’s all reported mid-single-digit comp increases. The Midwest, Mid-Atlantic and Northeast were the strongest regions in July.”
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08.03.2012
Nordstrom, Inc. today reported July and second quarter sales, which reflected the shift in timing of the Anniversary Sale event, historically the Company’s largest sale event of the year. This event started one week later in July compared with last year. As a result, an additional week of the event shifted into August, which is part of the Company’s fiscal third quarter. Due to the event shift and as previously reported in the first quarter earnings release, the Company expected second quarter same-store sales to increase in the low-single-digit range.
The Company reported a 0.9 percent increase in same-store sales for the four-week period ended July 28, 2012 compared with the four-week period ended July 30, 2011. Preliminary total retail sales of $1.00 billion for July 2012 increased 1.1 percent compared with total retail sales of $993 million for the same period in fiscal 2011.
Second quarter same-store sales increased 4.5 percent compared with the same period in fiscal 2011. Preliminary second quarter total retail sales of $2.92 billion increased 7.4 percent compared with total retail sales of $2.72 billion for the same period in fiscal 2011.
Year-to-date same-store sales increased 6.3 percent compared with the same period in fiscal 2011. Preliminary year-to-date total retail sales of $5.45 billion increased 10.3 percent compared with total retail sales of $4.95 billion for the same period in fiscal 2011.
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08.03.2012
Fictional billionaire playboy Christian Grey, the lead male character in E L James's Fifty Shades trilogy, lives in Seattle - but has strong ties to northern Maine. Nearly 3,000 tons of paper for the record-breaking trilogy has been produced at Great Northern Paper, LLC on Baxter Brite paper. Great Northern Paper's responsiveness, service, and the paper's consistent performance make Baxter Brite a reliable choice for Fifty Shades paper merchant Midland Paper and the books' publisher, Vintage, an imprint of Random House, Inc. GNP ships the paper to varying printers around the country.
"The demand for Fifty Shades was so high that its paper merchant and publisher had to seek out many paper manufacturers and printers. It's a proud feeling to know that people around the U.S. are reading the books on our paper," said GNP President and CEO Richard M. Cyr. "We are happy to be doing business with both Midland Paper and Random House. We know our superior Baxter Brite paper is the right choice."
Baxter Brite is produced at GNP's East Millinocket mill in Maine's north woods, literally next to the wood basket, which ensures consistency and direct access to a superior fiber supply. The durable fiber mix provides for enhanced opacity and a very clean sheet, preferred for book publishing.
The trilogy - Fifty Shades of Grey, Fifty Shades Darker, and Fifty Shades Freed - has sold more than 10 million copies in trade paperback in the U.S. (and more than 20 million copies in paperback and ebook combined) making it one of the fastest-selling trilogies in publishing history. The three novels are number one, two, and three on the New York Times trade paperback fiction bestseller list. Since April, one out of every five adult print novels sold in the U.S. has been a Fifty Shades title.
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08.03.2012
Verso Paper Corp. today announced that after conducting a comprehensive assessment, Verso has made the difficult decision not to reopen its paper mill in Sartell, Minnesota. Verso's decision is based on the length of time that it would take to rebuild the mill structures and systems that were destroyed in the Memorial Day fire and explosion, and the marketplace challenges that would present.
The permanent closure of the Sartell Mill will reduce Verso's annual coated groundwood capacity by 180,000 tons or approximately 20 percent, and will eliminate approximately 35,000 tons of annual supercalendered paper capacity.
Verso President and CEO David Paterson met with state and local officials earlier today to deliver the news in person. "After a thorough review of the many factors involved following the Memorial Day tragedy, we have made the very difficult decision not to reopen the Sartell Mill," Paterson said. "The mill has not been competitive for a number of years and, despite our employees' dedicated efforts since the December 2011 shutdown of two of the facility's three paper machines, our assessment indicates that it is impossible for the mill to achieve a competitive position in today's marketplace, especially after a setback of this magnitude and duration. We will work closely with local and state officials to develop options for the future use of the mill site."
"We know that the decision to permanently close the mill will have a significant impact on many people across this region, especially our Sartell Mill employees and their families," said Verso Senior Vice President for Manufacturing and Energy Lyle Fellows. "We continue to work with affected employees to help them access the resources needed to identify alternative employment opportunities."
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08.03.2012
Results for the third quarter ended June 2012 in line with expectations despite tough market conditions. Sappi remains focused on debt reduction, chemical cellulose expansion.
"Operating profit excluding special items for the quarter was in line with expectations and guidance provided. Market conditions remain challenging with little visibility which impacted pricing and demand for most products.
"However the southern Africa chemical cellulose business continued to perform strongly with good margins and volumes. The chemical cellulose conversion projects at the Ngodwana and Cloquet mills are progressing well.
"The successful refinancing during the quarter of the expensive bonds due in 2014 will result in a substantial reduction in interest costs going forward and significantly improve Sappi's debt maturity profile. Once-off charges related to the refinancing did, however, lead to a net loss per share for the quarter.
"Market conditions are expected to remain generally tough, with greater uncertainty and lack of visibility. Trading conditions are expected to be weaker than a year ago, with lower volumes for most of our products and pricing, particularly for pulp, to remain under pressure. We believe input prices should remain generally flat and that fixed costs are well under control.
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08.03.2012
Brides is ratcheting back its print brand and investing more in its digital presence with a mobile-enhanced website. The 300,000-circ magazine is dropping down to a bimonthly frequency and the site will become fully mobile compatible and feature new tools and functionality to drive more engagement.
The magazine's last monthly issue will be December, with a January-March issue after that and then the bimonthly schedule will kick in with the April/May issue.
The site enhancements include new image galleries and more interactive tools like check-lists and countdowns as well as features that allow users to contribute and share content from web to mobile and back again. Brides.com averages about 1.2 million monthly uniques, according to the company.
The digital build-out fits with Condé's digitally-focused strategic plan, and Brides publisher Michelle Myers says that the combined editorial and business oversight of both digital print properties is a helpful structure to push through the dual platform changes.
In a recent interview with Folio:, Condé Nast CTO Joe Simon noted the company's push to re-integrate digital and print initiatives under a combined team structure.
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08.03.2012
Mercer International Inc. today reported results for the second quarter ended June 30, 2012. Operating EBITDA* in the second quarter of 2012 was €32.9 million ($42.2 million), compared to €50.1 million ($72.1 million) in the second quarter of 2011 and €30.6 million ($40.1 million) in the first quarter of 2012.
For the second quarter of 2012, we had net income of €1.5 million ($1.9 million), or €0.03 ($0.04) per basic share, compared to net income of €14.4 million ($20.7 million), or €0.32 ($0.46) per basic share, in the second quarter of 2011 and net income of €1.2 million ($1.6 million), or €0.02 ($0.03) per basic share, for the first quarter of 2012.
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08.03.2012
Harte-Hanks, Inc. today reported second quarter 2012 diluted loss per share of ($1.74) on revenues of $199.1 million. These results compare to diluted earnings per share of $0.15 on $213.0 million in revenues for the second quarter of 2011.
The financial results reflect the previously announced non-cash income statement charge of $165.3 million for the impairment of Shoppers goodwill and other intangibles and $2.2 million for restructuring charges. Excluding these items, 2012 second quarter diluted income per share was $0.13.
For the three months ended June 30, 2012, the company generated free cash flow (defined below) of $11.1 million, an increase from $8.8 million in the prior year’s second quarter. Capital expenditures for the quarter were $2.6 million compared to $7.0 million in the prior year’s second quarter.
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08.03.2012
The Economist Group’s CQ Roll Call business, which produces a variety of publications that includes CQ Weekly, CQ Today and Roll Call, is undergoing a series of changes, most notably with the consolidation of its brand into one daily print publication and laying off up to 30 employees.
"When the companies merged in 2009, we brought together two long standing brands—CQ and Roll Call,” a spokesperson for The Economist Group’s CQ Roll Call business tells AD. “One (is) known for serious policy content and the other for politics and commentary. CQ Roll Call is uniquely positioned to cover both and as we realign our resources, we are consolidating the newsroom and creating efficiencies in our delivery of news and information, by moving towards publishing one print daily."
The spokesperson from CQ Roll Call would not confirm the number of individuals let go, or the areas of the company that saw cuts. According to news reports from FishBowl D.C., 30 employees in the last two weeks have been laid off. It is unclear whether more staffing changes will be had for the brand going forward in 2012 amid its consolidation, and how the present cuts might affect business in its present state.
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08.03.2012
Boise Inc. today reported net income of $13.7 million, or $0.14 per diluted share, for second quarter 2012, compared with net income of $11.9 million, or $0.11 per diluted share, for the same period in 2011. EBITDA was $75.1 million for second quarter 2012, compared with $70.5 million for second quarter 2011.
Packaging segment sales for second quarter 2012 were $284.8 million, an increase of $41.5 million, or 17%, compared with second quarter 2011. The acquisition of Hexacomb on December 1, 2011, increased our corrugated product sales volumes, compared with the prior period. Additionally, corrugated sales volumes for our other operations also increased.
Paper segment sales for second quarter 2012 were $363.3 million, a decrease of $7.8 million, or 2%, compared with second quarter 2011, due to decreased net selling prices and volumes of market pulp. Net selling prices of uncoated freesheet decreased slightly and volumes remained flat, compared with second quarter 2011. Paper segment sales decreased $19.1 million, or 5%, compared with first quarter 2012, due to decreased volumes and prices of uncoated freesheet.
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08.03.2012
AAA’s Fuel Gage Report as of 8/03/12
National Unleaded Regular:
Current Average - $3.567/gallon
Month Ago Average - $3.336/gallon
Year Ago Average - $3.701/gallon
Highest Recorded Average - $4.114/gallon on 7/17/08
Diesel:
Current Average - $3.794/gallon
Month Ago Average - $3.654/gallon
Year Ago Average - $3.964/gallon
Highest Recorded Average - $4.845/gallon on 7/17/08
Current Exchange Rates as of 8/02/12
American Dollar to Canadian Dollar = 0.997884 (120 day high - 1.01905 on April 26, 2012; low 0.961252 on June 5, 2012)
American Dollar to Chinese Yuan = 0.156896 (120 day high – 0.159363 on May 2, 2012; low 0.156521 on July 13, 2012)
American Dollar to Euro = 1.227888 (120 day high - 1.3454 on February 28, 2012; low 1.2089 on July 24, 2012)
American Dollar to Japanese Yen = 0.012773 (120 day high – 0.0128855 on February 13, 2012; low 0.0119026 on March 21, 2012)
American Dollar to Mexican Peso = 0.075394 (120 day high – 0.0793808 on March 14, 2012; low 0.0691788 on June 1, 2012)
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08.03.2012
Oil rebounded from the lowest close in almost three weeks in New York amid forecasts that hiring increased in the U.S., the world’s largest consumer of crude.
Futures rose as much as 1.2 percent, trimming a second weekly decline. Employers probably added 100,000 workers in July after an 80,000 gain in June, according to a Bloomberg News survey ahead of government data today. Tropical Storm Ernesto weakened as it moved west into the Caribbean, the U.S. National Hurricane Center said. Oil fell 2 percent yesterday after the European Central Bank failed to assure investors it was ready to take immediate steps to support the economy.
“Oil markets are getting a bit tighter, and demand should be picking up,” said Hannes Loacker, an analyst at Raiffeisen Bank International AG (RBI) in Vienna, who predicts prices in London will struggle to pass $110 a barrel. “Without doubt, the U.S. recovery and the Chinese economy are the two most important factors on the demand side, more so than Europe.”
Crude for September delivery increased as much as $1.06 a barrel to $88.19 a barrel in electronic trading on the New York Mercantile Exchange and was at $88.17 at 10:29 a.m. London time. The contract yesterday fell $1.78 to $87.13, the lowest close since July 13.
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08.03.2012
Aeropostale, Inc., a mall-based specialty retailer of casual apparel for young women and men, today announced updated expectations for the second quarter.
For the second quarter of fiscal 2012, net sales increased 4% to $485.3 million, from $468.2 million in the year ago period. Comparable sales, including the e-commerce channel, for the second quarter were essentially flat, compared to a 12% decrease last year. Same store sales, excluding the e-commerce channel, for the second quarter decreased 1%, compared to a 14% decrease last year.
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08.03.2012
The US Commerce Department report of US commercial printing shipments for June 2012 was $6.85 billion, up +$139 million compared to last year (+2.1%). On an inflation-adjusted basis, shipments were up +$27 million (+0.4%).
For the first half of 2012 shipments were $40.1 billion, down -$400 million (-1.2%) compared to the same period last year, and down -$1.4 million (-3.4%) on an inflation-adjusted basis.
Comparing the 12-month period of July 2011 to June 2012 to the similar period of the year before, current dollar shipments were down -1.5% and -4.3% on an inflation adjusted basis.
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08.03.2012
For second quarter 2012, Sealed Air Corporation reported sales of $2.0 billion, a 65% increase over 2011, including a 67% increase from the Diversey acquisition, a 2% increase in organic sales, and a 4% unfavorable foreign currency translation. Sales volume performance improved slightly and reflected unit volume growth in all regions except EMEA, due to a 3% volume decline in Europe. On a pro forma basis, sales decreased 4%. Excluding the unfavorable impact of foreign exchange, pro forma sales increased 1% from 2% higher price and 1% lower unit volumes.
For the second quarter 2012, Sealed Air reported a loss of $0.07 per share after a $0.27 per share unfavorable effect from special items. This compares with reported net earnings per common share (EPS) of $0.37 in 2011. On an adjusted basis, second quarter 2012 EPS was $0.20 compared with second quarter 2011 adjusted EPS of $0.40.
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08.02.2012
Resolute Forest Products Inc., today reported a net loss of $20 million for the second quarter, or $(0.20) per share, on sales of $1.2 billion. This compares with net income of $61 million, or $0.63 per diluted share, on sales of $1.2 billion in the second quarter of 2011.
Excluding $50 million of special items described below, net income for the quarter was $30 million, or $0.30 per diluted share. Net income excluding special items for the second quarter of 2011 was $63 million, or $0.65 per diluted share, and included a $44 million income tax benefit from a tax reserve adjustment.
"Resolute's newsprint, specialty papers and wood products segments each delivered their strongest quarterly results in recent history, more than making up for headwinds in the pulp and coated papers segments" said Richard Garneau, president and chief executive officer. "Our cost-focused strategy positions us to continually optimize our diversified asset base and generate cash even in challenging environments."
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08.02.2012
Resolute Forest Products Inc. and Fibrek Inc. announced today the completion of their previously announced second step plan of arrangement transaction (the "arrangement"), whereby Fibrek and RFP Acquisition Inc., a wholly-owned subsidiary of Resolute, have amalgamated resulting in Resolute indirectly owning 100% of the shares of Fibrek Inc. This announcement comes following the approval of the arrangement by Fibrek's shareholders on July 23, 2012 and the issuance of a final order of the Superior Court of Quebec on July 27, 2012 approving the arrangement.
Fibrek has applied for its common shares to be delisted from the Toronto Stock Exchange and expects such delisting to be effective as of the close of markets on August 2, 2012. In addition, Fibrek has applied and made the required filings with the relevant Canadian securities regulatory authorities in order for Fibrek to cease to be a reporting issuer or the equivalent in the relevant Canadian provinces and territories.
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08.02.2012
Abercrombie & Fitch Co. today reported on the Company's performance for the quarter ended July 28, 2012.
Net sales increased 4% to $951.4 million for the quarter, compared to net sales of $916.8 million for the fiscal quarter ended July 30, 2011. Total US sales, including direct-to-consumer sales, decreased 5% to $648.0 million. Total international sales, including direct-to-consumer sales, increased 31% to $303.4 million. Total Company direct-to-consumer sales, including shipping and handling, increased 25% to $127.7 million.
Comparable store sales for the quarter were down 10% relative to last year. Comparable store sales were down 5% in US stores and were down 26% in international stores. Within the quarter, comparable store sales were weakest in June.
The Company expects gross margin rate erosion for the second quarter of approximately 100 basis points versus last year. Additionally, the Company expects inventory at cost to be up approximately 20% at the end of the second quarter versus a year ago.
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08.02.2012
KapStone Paper and Packaging Corporation today reported record results for the second quarter ended June 30, 2012.
•Net sales of $306 million up $91 million, or 43 percent, versus prior year
•Net income of $18.4 million up 1.3 percent versus 2011
•Adjusted EBITDA of $50 million up $6 million, or 13 percent, versus prior year
•Diluted EPS of $0.39 up $0.01 per share, or 3 percent, versus 2011
•Adjusted diluted EPS of $0.42 up $0.03 per share, or 8 percent, versus prior year
•Unfavorable foreign exchange rates impacted EPS by $0.03 versus prior year
•$50 million voluntary loan repayment made in second quarter of 2012
Second Quarter Operating Highlights
Consolidated net sales of $306.3 million in the second quarter of 2012 increased by $91.5 million, or 42.6 percent compared to $214.8 million for the 2011 second quarter. The increase is primarily due to the USC acquisition which added $97.2 million of additional revenue based on selling 1.6 billion square feet of corrugated products compared to none in 2011. In 2012's second quarter, 324,000 tons of paper were sold compared to 329,000 tons a year earlier. The Company's average selling price decreased by $10 primarily from lower export containerboard prices which have been recovering since bottoming out in March.
Operating income of $32.5 million for the 2012 second quarter increased by $1.8 million, or 6.0 percent, compared to the 2011 second quarter. The improved financial performance primarily reflect benefits from the acquisition partially offset by lower selling prices, lower sales volume, unfavorable foreign exchange rates, inflation on input costs and acquisition start up expenses.
Unfavorable foreign exchange rates resulting from the strengthening of the U.S. dollar compared to the euro reduced diluted earnings per share by approximately $0.03.
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08.02.2012
Tronox Limited today reported revenue of $428.9 million and Adjusted EBITDA of $146.2 million for the second quarter of 2012. Revenue in the second quarter was essentially level to that in the prior-year quarter and includes $30.5 million in mineral ore sales for the two-week period following the closing of the Exxaro Mineral Sands acquisition on June 15, 2012. Adjusted EBITDA of $146.2 million in the second quarter, including $23.3 million from acquired businesses (100 percent of the South Africa mineral sands business formerly owned by Exxaro and 50 percent of the Tiwest mineral sands and pigments business formerly owned by Exxaro), increased 22 percent from $119.6 million in the prior-year quarter.
"In our mineral sands segment for second half of 2012, we anticipate feedstock sales volumes will remain strong and prices will be significantly higher compared to the second half last year. This strong performance is expected despite zircon sales forecasted to be at approximately half the year-ago levels. As the largest vertically integrated player in our industry, Tronox now benefits from the same rising ore prices that non-integrated titanium dioxide producers will face as advantaged ore contracts expire. We believe that we are built to optimize market swings on either side of the supply chain and are well positioned to thrive in changing market conditions," Casey said.
"In the first half of 2012, we saw a softening of sales volumes in our pigments segment compared to very strong volumes a year ago due to simultaneous market weakness in China, Europe and North America. While we are encouraged by signs of recovery in U.S. housing and increasingly stimulative national policy in China, we are conservatively forecasting pigment sales volumes to be level and modestly lower global average pigment selling prices in the second half 2012 as compared to the first half 2012.
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08.02.2012
Second quarter sales at Harlequin fell to C$107.0 million from C$110.3 million, but operating profit rose to C$18.0 million from C$16.3 million in last year’s second period, parent company Torstar reported this morning. The drop in revenue was due to the decline in sales of print titles that was not entirely offset by higher digital sales. Earnings rose due to lower promotional spending and a lower returns provision. Foreign exchange had a C$100,000 negative impact on revenue.
According to Torstar, North America sales were down C$3.3 million in the quarter with declines of C$2.6 million in retail print and C$2.3 million in direct-to-consumer revenue more than offsetting digital revenue growth of C$1.6 million. Torstar noted that in North America, the shift in retail sales from print to digital moderated in the second quarter, although it added that Harlequin has adjusted its print volumes to account for the higher percentage of digital sales. For all of Harlequin, digital revenue was 20.4% of total sales in the quarter (and the six month period), compared to 15.0% for the second quarter of 2011 (and 14.3% for the six months).
In overseas markets, business continued to be negatively impacted by softness in Europe, although in the quarter digital revenue growth offset lower retail print and direct-to-consumer revenue resulting in an increase in sales of about C$200,000.
For the first half of 2012, sales were down 5.3%, to C$213.7 million, but operating earnings were up slightly, rising to C$38.4 million from C$38.3 million. Torstar said it expects results in the second half of 2012 at Harlequin to decline due to factors that include higher author royalty rates for digital sales and a difficult comparison with a strong 2011 performance. Beginning July 1, Harlequin raised its e-book royalty rate on its frontlist titles and for much of its backlist.
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08.02.2012
Norske Skog has entered into an agreement to sell its paper mill Parenco in Renkum in the Netherlands and the global recovered paper business, Reparco, to investment firm H2 Equity Partners. Norske Skog expects to release cash from the transaction in the order of EUR 30 millions. The transaction is part of the effort to reduce Norske Skog's net debt. H2 sees good growth opportunities for the mill, and will consider conversion of the mill to produce packaging paper.
The sale is part of our strategy to improve Norske Skog's cash flow and financial position. Profitability at Parenco has been a challenge for a long time, and we have considered both sale and closure of the mill. We are very pleased to be able to sell to a company with long-term plans for the overall operations at Parenco, says President and CEO in Norske Skog, Sven Ombudstvedt.
We are happy that we can bring the good news that this company, with its 100 years of history, can continue to operate. It is a good, well positioned paper mill, with well-motivated, expert staff, modern equipment, and it is geographically well situated. The sourcing of raw material from Reparco adds strategic value. We see good growth opportunities for Parenco, mainly driven by the substitution to higher quality magazine paper grades as well as the on-going growth in relevant publishing segments such as door-to-door retail folders. It is our ambition to create a healthy company with high quality, sustainable products and a defendable market position, in line with the overall mission of H2 Equity Partners to build better businesses, says Harmen Geerts, partner at H2 Equity Partners.
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08.02.2012
Discount-store operator Fred's Inc. said Wednesday that its same-store sales increased 1.2% during the four weeks ended July 28, helped by markdowns that increased customer traffic. The company also raised its earnings guidance for the second quarter, citing a tax settlement with the state of Tennessee.
Total sales for the month rose 5% to $136.7 million.
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08.02.2012
A.H. Belo, which publishes the Dallas Morning News among other newspapers, saw total revenues decrease 5% from to $109 million in the second quarter of 2012, the company announced Wednesday.
Total advertising revenues sank 8%, from second-quarter 2011 to second-quarter 2012, with display ads down 15% to $21.5 million, preprint revenue down 1% to $20 million, and classifieds down 13% to over $13 million. Total digital ad revenues increased 1% to $9 million, while circulation revenues decreased 3% to $34 million.
Looking to the near future, A.H. Belo chairman, president and CEO Robert Decherd warned that “advertising revenue volatility may continue for the remainder of the year,” echoing similar comments from executives at other big newspaper publishers, including Lee Enterprises and McClatchy.
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08.02.2012
Improved financial, safety and environmental performance, highlight Longview Fibre Paper and Packaging, Inc.'s first-ever Sustainability Report.
"We are now a sustainable business, solidly in the game for the long run," said President Randy Nebel, in the report. "We will continue to pursue our vision, work safely, meet customer expectations, and deliver results."
Longview's financial performance was strong in 2011, producing positive earnings for investors. This was aided by eight consecutive quarters of record mill production.
Also highlighted in the report was Longview's dramatic improvement in safety. In 2006, Longview had a yearly incident rate of 8.6. That figure dropped to 1.57 by the end of 2011. And from Sept. 1, 2011, to Feb. 10, 2012, the mill reached one million consecutive safe hours worked. One of the company's container plants in Utah reached six years without a recordable injury, in March, 2012.
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08.02.2012
This year, for the first time, the U.S. will spend more than any other country on mobile advertising, according to a new forecast from research firm eMarketer Inc. U.S. marketers in 2012 will spend $2.3 billion on the tiny ads that appear on mobile web sites, including paid search ads, and in mobile apps; this is an increase of 92% over $1.2 billion in 2011, eMarketer says.
Growth in the U.S. and other countries will help drive mobile ad spending worldwide to $6.4 billion in 2012, up 60% from $4.0 billion in 2011, eMarketer finds.
The top spender in 2011 was Japan, unleashing $1.4 billion on the mobile ad market, eMarketer says. Its spend will climb 21% to $1.7 billion in 2012. Mobile advertising is more mature in Japan, which means growth in percentage terms is far lower than in North American markets, eMarketer notes.
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08.02.2012
Catalyst Paper recorded a net loss of $11.7 million in the second quarter of 2012 ($0.03 per common share), in comparison to a net loss of $25.6 million ($0.07 per common share) the quarter before. Improvement in the current quarter was mainly due to a gain on the sale of surplus-assets and a net reorganization credit reflecting confirmed claim amounts. Before these and other specific items, the net loss for the quarter was $5.0 million compared to a net loss of $9.6 million in the prior quarter.
Earnings before interest, tax, depreciation and amortization (EBITDA) in the second quarter was $14.6 million and EBITDA before restructuring costs was $14.5 million, compared with EBITDA of $18.1 million and EBITDA before restructuring costs of $23.3 million in the first quarter.
“We focused relentlessly on satisfying the requirements of the reorganization process and it’s gratifying to have gained creditor approval of our second amended plan of arrangement,” said Catalyst President and CEO Kevin J. Clarke. “We reached that milestone within five months of entering creditor protection and are now poised for an orderly exit in the third quarter. While market conditions are challenging, the benefit of reduced operating costs and the 60% reduction in debt puts us on much better competitive footing as our industry continues to reinvent for the future.”
Catalyst filed for creditor protection on January 31, 2012 and on June 14, 2012 announced a second amended plan of arrangement. This plan received the necessary creditor approval on June 25, 2012 and was subsequently approved by both the British Columbia Supreme Court and by the United States Court in Delaware. Sale and investor solicitation procedures relating to all or substantially all of the company’s assets – initiated when an earlier version of the plan fell short of required levels of creditor support – were suspended.
Creditor protection has been extended to September 30, 2012, and implementation of the approved plan of arrangement is conditional on Catalyst securing a new asset-based loan facility and adequate exit financing. Implementation of the plan is expected to reduce annual operating costs by approximately $35 million, annual interest expenses by US $34 to $42 million and will reduce long-term debt by nearly US$400 million.
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08.02.2012
Oil rose for a second day in New York as the European Central Bank meets to discuss the bloc’s debt crisis, while U.S. fuel stockpiles shrank.
Futures advanced as much as 0.3 percent, extending a 1 percent gain yesterday that was the biggest in almost two weeks. U.S. crude inventories slid the most since December, Energy Department data showed yesterday. The Federal Reserve yesterday pledged additional support for the U.S. economy if necessary. Enbridge Inc. (ENB) was waiting for approval to resume a pipeline that carries Canadian oil to the Midwest.
“The ECB will issue strong words, but are unlikely to announce anything substantial,” said Guy Wolf, a strategist at Marex Spectron Group Ltd., a London-based commodities broker. “The central bank meetings are inhibiting trading activity, which in any case is subdued because of the summer.”
Oil for September delivery was at $89.16 a barrel, 25 cents higher in electronic trading on the New York Mercantile Exchange at 10:32 a.m. London time. The contract rose 85 cents yesterday, the biggest gain since July 19. Prices are 9.8 percent lower this year.
Brent crude for September settlement was at $106.57, up 61 cents, on the London-based ICE Futures Europe exchange.
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08.02.2012
American Eagle Outfitters, Inc. announced that it is raising its second quarter adjusted EPS outlook to $0.19 to $0.21, compared to adjusted EPS of $0.13 last year. The revised outlook is primarily due to stronger than expected sales. The company?s previous second quarter adjusted EPS guidance was $0.13 to $0.15 per diluted share. As previously announced, results exclude the 77kids business and restructuring charges.
Net sales for the second quarter increased 11% to $740 million compared to $669 million last year. Comparable store sales increased 9%, including sales from AEO direct.
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08.02.2012
Limited Brands, Inc. reported a comparable store sales increase of 12 percent for the four weeks ended July 28, 2012, compared to the four weeks ended July 30, 2011. The company reported net sales of $649.8 million for the four weeks ended July 28, 2012, compared to net sales of $660.4 million last year.
The company reported a comparable store sales increase of 8 percent for the second quarter ended July 28, 2012, compared to the second quarter ended July 30, 2011. The company reported net sales of $2.399 billion for the second quarter ended July 28, 2012, compared to sales of $2.458 billion last year.
The company reported a comparable store sales increase of 8 percent for the 26 weeks ended July 28, 2012, compared to the 26 weeks ended July 30, 2011. The company reported net sales of $4.553 billion for the 26 weeks ended July 28, 2012, compared to sales of $4.675 billion last year.
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08.02.2012
OfficeMax® Incorporated, a leader in office supplies, technology and services, today announced the results for its fiscal second quarter ended June 30, 2012.
Total sales were $1,602.4 million in the second quarter of 2012, a decrease of 2.7% from the second quarter of 2011. For the second quarter of 2012, OfficeMax reported operating income of $23.1 million, compared to $4.0 million in the second quarter of 2011, and net income available to OfficeMax common shareholders of $10.7 million, or $0.12 per diluted share, compared to a net loss of $3.0 million, or $0.04 per diluted share, in the second quarter of 2011.
Contract segment sales decreased 0.2% compared to the prior year period to $878.8 million in the second quarter of 2012 (an increase of 1.0% on a local currency basis). This decrease reflected a U.S. Contract operations sales increase of 2.6% and an international Contract operations sales decrease of 6.0% in U.S. dollars (a decrease of 2.3% on a local currency basis).
Retail segment sales decreased 5.7% to $723.6 million in the second quarter of 2012 compared to the second quarter of 2011, reflecting a same-store sales decrease of 1.8% due to unfavorable foreign currency translation and reduced store transactions.
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08.02.2012
The Bon-Ton Stores, Inc. today announced comparable store sales in the four weeks ended July 28, 2012 were even with last year. Total sales decreased 0.1% to $173.4 million in the current year compared with $173.6 million in the prior year period.
For the second quarter of fiscal 2012, comparable stores sales increased 0.1%. Total sales for the thirteen weeks ended July 28, 2012 decreased 0.1% to $594.9 million compared with $595.5 million for the prior year period.
Year-to-date comparable store sales decreased 0.6%. Year-to-date total sales decreased 0.8% to $1,235.6 million compared with $1,245.4 million in the same period last year.
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08.02.2012
Stein Mart, Inc. today reported comparable store sales for the four-week period ended July 28, 2012 increased 2.8 percent. Total sales for the period were $69.9 million, an increase of 4.0 percent from $67.2 million in the same period in 2011.
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08.02.2012
Macy's, Inc. today reported total sales of $1.693 billion for the four weeks ended July 28, 2012, an increase of 5.1 percent compared with total sales of $1.611 billion in the four weeks ended July 30, 2011. On a same-store basis, Macy's, Inc. sales were up 4.1 percent in July 2012 as compared to July 2011.
For the second quarter of 2012, the company’s total sales were $6.119 billion, up 3.0 percent from total sales of $5.939 billion in the same 13-week period last year. On a same-store basis, Macy’s, Inc.’s second quarter sales were up 3.0 percent.
For the year to date, Macy’s, Inc.’s sales totaled $12.262 billion, up 3.7 percent from total sales of $11.828 billion in the first 26 weeks of 2011. On a same-store basis, Macy’s, Inc.’s year-to-date sales were up 3.7 percent.
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