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05.18.2012
Mohawk has taken a bold step in the paper world by simplifying its portfolio of premium paper lines from 22 to six, reducing the number of SKUs in half and introducing the new line with a simple chip chart overview. The New Mohawk Product Selector presents all Mohawk papers in one place and is the first in a wave of tools that Mohawk will be releasing over the coming year.
Designed by Michael McGinn Design Office using the brand designed by Pentagram, the selector opens to three accordion fold charts, each containing several dozen tear-drop-shaped paper chips. Together, they organize Mohawk papers into three broad categories based on performance, character and value.
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05.18.2012
The long awaited first-half 2012 boxscores are in. The pattern of women's fashion and beauty titles taking the highest ad-pages is stubbornly consistent, with the monthlies' cumulatively near the -6% differential since January. The reason is consistent, too: such key categories as automotive, food, and pharmaceutical are, in the words of one publisher: "getting killed. Yes, there is some movement to digital, but those revenues
are pennies for us next to the [print] dollar."
The two key exceptions are beauty and fashion, and they are shown by the impressive June performances from Allure (+41.15% versus June 2011), Elle (+15.09%), Harper's Bazaar (+13.31%), Marie Claire (+6.80%), and Vogue (+10.78%). These patterns, too, are consistent, and the question as to whether the momentum will carry through to the key September "Fall Previews" will be answered in about two months.
By then, we will learn if there are any signs of an overall turnaround, as the monthlies will be competing with a second half from last year that was far weaker than the first. There is hope.
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05.18.2012
Media General, Inc. today announced that it has signed agreements with Berkshire Hathaway, Inc., for the purchase of newspapers and new financing. A subsidiary of Berkshire Hathaway, BH Media Group, will purchase all of the newspapers owned by Media General, with the exception of the Tampa group, for $142 million in cash. Media General said it is in discussions with other prospective buyers for its Tampa print assets.
Under a separate credit agreement, Berkshire Hathaway will provide Media General with a $400 million term loan and a $45 million revolving credit line. The new loan will be used to fully repay the company’s existing bank debt due March 2013 and will mature in May 2020. In conjunction with this, Media General will issue Berkshire Hathaway penny warrants for approximately 4.6 million Class A shares, which represents 19.9 percent of Media General’s existing shares outstanding. In addition, Berkshire Hathaway has the option to nominate a director to Media General’s Board of Directors.
The newspapers being purchased by BH Media Group include 63 daily and weekly titles in Virginia, North Carolina, South Carolina and Alabama, in addition to digital assets, including websites and mobile and tablet applications. The newspapers also have a substantial commercial printing business.
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05.18.2012
Facebook Inc. said today it has priced its shares at $38 for its initial public offering. If investors agree with that price when Facebook shares go on sale tomorrow, the social network’s valuation would stand at $104 billion.
Facebook yesterday increased the number of shares it will offer in its initial public offering to 421.2 million from 388 million. Including the nearly 63.2 million shares earmarked for overallotment, which allows underwriters to buy additional shares to meet excess demand, Facebook could raise more than $18.4 billion.
Facebook is not selling any of the additional shares. Rather, they are being sold by the company’s founders, employees and investors. The social network begins trading on Friday on the NASDAQ exchange using the symbol FB. CEO Mark Zuckerberg is scheduled to the ring the exchange’s opening bell from Facebook’s California headquarters.
Facebook’s IPO stands to be the largest ever to come out of Silicon Valley. Google Inc. raised nearly $2 billion when it went public in 2004. “The strong pricing at $38 indicates unabated, exuberant investor demand,” says Josef Schuster, founder of IPO research and investment house IPOX Schuster. “Given the big stock market slump across all market sectors during the past weeks, which is not reflected in Facebook’s share price, investors at these levels may be in for a rough ride for the time being.”
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05.18.2012
Gap Inc. today reported that net sales for the first quarter, which ended April 28, 2012, increased 6 percent to $3.5 billion compared with $3.3 billion for the first quarter last year. The company’s first quarter comparable sales increased 4 percent. Net income for the first quarter was $233 million, flat compared with the first quarter last year. First quarter diluted earnings per share increased 18 percent to $0.47 compared with $0.40 last year.
The company’s first quarter comparable sales were up 4 percent compared with a 3 percent decrease in the first quarter last year. Comparable sales for the first quarter of fiscal year 2012 were as follows: Gap North America: positive 5 percent versus negative 3 percent last year; Banana Republic North America: positive 5 percent versus negative 1 percent last year; Old Navy North America: positive 4 percent versus negative 2 percent last year; International: negative 4 percent versus negative 6 percent last year.
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05.18.2012
Aysling Digital Media Solutions completed an external ISO 9001:2008 audit conducted by Verisys Registrars. Upon the completion of the audit on May 2nd, 2012, Aysling received re-certification until the next required audit, as is consider per standard practice.
Aysling first received its initial accreditation for ISO 9001 back in 2010 and this re-certification exemplifies Aysling’s continued commitment to policies, procedures and the quality assurance standards set forth by the ISO 9001 program.
“Passing the external audit and achieving re-certifications demonstrates Aysling’s continued commitment to our clients,” states Patrick Becker, President of Aysling Digital Media Solutions. “Our clients recognize and appreciate our diligence in identifying, resolving and improving our business process as it relates to the publishing industry”.
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05.18.2012
The Forest Products Association of Canada (FPAC) is today unveiling a new industry-led vision that outlines where the forest industry sees itself by the year 2020. Through its accompanying goals, the vision will challenge companies, governments and other partners to find innovative ways to further transform the sector to reach its potential.
Under the brand of “Canada’s Natural Advantage”, the FPAC vision states that “by 2020, the Canadian forest products industry will power Canada’s new economy by being green, innovative and open to the world. It is a place to grow and prosper.”
Vision 2020 sets out three ambitious goals for the sector:
• PRODUCTS: Generate an additional $20 billion in economic activity from new innovations and growing markets
• PERFORMANCE: Deliver a further 35% improvement in the sector’s environmental footprint
• PEOPLE: Renew the workforce with at least 60,000 new recruits including women, Aboriginals and immigrants
“Canada's forest products industry has already made significant progress in becoming more competitive, in tackling new markets, in developing innovative new bio-products from wood fibre and in greening our operations,” says the President and CEO of FPAC, Catherine Cobden. “However we do not intend to rest on our laurels. This vision will inspire us to go even further to ensure a vibrant path for the industry in the years ahead.”
“The Government of Canada is proud of the unprecedented investments we have made in the evolution of Canada’s forest industry and applaud the industry for its ongoing transformation,” says the Honourable Joe Oliver, Minister of Natural Resources. “Our Government supports the development of new, innovative products and technologies, and growing markets so that Canada’s forest sector will continue to be on a strong footing into the future.”
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05.18.2012
Casual Male Retail Group, Inc., the largest retailer of big & tall men's apparel and accessories, today reported operating results for the first quarter of fiscal 2012.
For the first quarter of fiscal 2012, total sales of $95.9 million increased $0.1 million from $95.8 million for the first quarter of fiscal 2011. Comparable sales for the first quarter increased 2.0% when compared to the same period of the prior year. On a comparable basis, sales from the retail business increased 3.8% while the U.S. direct business decreased 3.9%.
For the first quarter of fiscal 2012, gross margin rate, inclusive of occupancy costs, was 47.7% as compared to a gross margin rate of 46.9% for the first quarter of fiscal 2011. The increase of 80 basis points was the result of increased merchandise margins for the first quarter of fiscal 2012 of 90 basis points offset by an increase of 10 basis points in occupancy costs. On a dollar basis, occupancy costs for the first quarter of fiscal 2012 increased less than 1% when compared to the first quarter of fiscal 2011.
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05.18.2012
Many self-published authors are still turning to literary agents to sell foreign rights to their books. In a move that could cut some agents out, Amazon now allows those authors to distribute their print books through European Amazon sites for free.
Self-published authors can already sell their e-books on Amazon’s international sites when they use KDP (Kindle Direct Publishing). Now, when authors upload those books to Amazon’s free print publishing tool, CreateSpace, Amazon will distribute the books to Amazon.co.uk, Amazon.de, Amazon.fr, Amazon.es and Amazon.it.
When consumers in those countries (or in the U.S.) order a CreateSpace book, Amazon prints it on demand. The books are available for same-day shipping and eligible for free shipping and Amazon Prime. (Amazon Prime, which offers unlimited free two-day shipping for a yearly fee, is available in the U.S. and UK and in Germany, France, Italy and Spain as “Amazon Premium.”)
Using CreateSpace is free, but an author’s royalty payment depends on factors like page count and color.
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05.18.2012
Oil headed for its third weekly decline in New York and fell to this year’s low in London on concern that demand will falter as Europe’s debt crisis worsens.
West Texas Intermediate futures were little changed after closing at the lowest price in more than six months yesterday. Greece was downgraded by Fitch Ratings, while Moody’s Investors Service cut credit ratings of 16 Spanish banks and manufacturing in the Philadelphia region unexpectedly shrank in May. Enbridge Inc. (ENB) and Enterprise Products Partners LP (EPD) reversed the Seaway pipeline to alleviate a glut in the U.S. Midwest, causing Brent crude’s premium to WTI to narrow.
“The market is facing strong headwinds from the stronger dollar and continuing concerns about the euro zone, such as a Greek exit, possible contagion, economic weakness and the possibility of further downgrades,” said Eugen Weinberg, head of commodities research at Commerzbank AG in Frankfurt. “Still, the underlying physical market is tighter than the price declines suggest.”
Crude for June delivery was at $92.62 a barrel, up 6 cents in electronic trading on the New York Mercantile Exchange at 11 a.m. London time after falling as much as 1 percent to $91.60. The contract yesterday slipped 25 cents to $92.56, the lowest close since Nov. 2.
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05.18.2012
UBM has formed two new divisions in the U.S.: UBM Technology and UBM Connect. The company said the reorganization is designed to take greater advantage of the potential growth in marketing services.
“In the past we've had to reorganize to manage a retreat. This is about reorganizing the business for growth, which is really important to note,” UBM CEO David Levin said in an interview with BtoB. “This is a positive development for the business. This is a growing business, a growing and profitable business.”
UBM Technology brings together the previously autonomous businesses of UBM Channel, UBM Electronics and UBM TechWeb. The new group, which will have about $285 million in revenue and 675 employees, will be headed by CEO Paul Miller, who was previously CEO of UBM Electronics.
Robert Faletra will remain as CEO of the channel group within UBM Technology. Tony Uphoff, who had been CEO of UBM TechWeb, has decided to leave UBM, Levin said.
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05.18.2012
Aeropostale, Inc., a mall-based specialty retailer of casual apparel for young women and men, today reported results for the first quarter of fiscal 2012, and provided guidance for the second quarter of fiscal 2012.
Diluted net earnings for the first quarter of 2012 were $0.13 per share, compared to $0.20 per diluted share in the same period last year. Net income for the first quarter of 2012 was $10.6 million, compared to net income of $16.4 million last year.
For the first quarter of fiscal 2012, net sales increased 6% to $497.2 million, from $469.2 million in the year ago period. Comparable sales, including the e-commerce channel, for the first quarter increased 2%, compared to a 5% decrease last year. Comparable store sales, excluding the e-commerce channel, for the first quarter were essentially flat, compared to a 7% decrease last year.
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05.18.2012
The U.S. Postal Service today announced plans to move ahead with a modified plan to consolidate its network of 461 mail processing locations in phases. The first phase of activities will result in up to 140 consolidations through February of 2013. Unless the circumstances of the Postal Service change in the interim, a second and final phase of 89 consolidations is currently scheduled to begin in February of 2014.
“We revised our network consolidation timeline to provide a longer planning schedule for our customers, employees and other stakeholders, and to enable a more methodical and measured implementation,” said Patrick R. Donahoe, Postmaster General and Chief Executive Officer of the Postal Service.
“We simply do not have the mail volumes to justify the size and capacity of our current mail processing network. To return to long-term profitability and financial stability while keeping mail affordable, we must match our network to the anticipated workload,” said Donahoe. “Our current plan meets our cost reduction goals, ensures seamless and excellent service performance throughout the implementation period, and provides adequate time for our customers to adapt to our network changes.”
The Postal Service will begin consolidating operations this summer – which mostly involve transferring mail-processing operations from smaller to larger facilities. Due to the volume of high-priority mail predicted for the election and holiday mailing seasons, no consolidating activities will be conducted from September through December of 2012. Approximately 5,000 employees will begin receiving notifications next week related to consolidating and other efficiency-enhancing activities to be conducted this summer.
“We will be conducting consolidation activities this summer at only 48 locations,” said Megan Brennan, chief operating officer of the Postal Service. “As a result, nearly all consolidating activities in 2012 will occur in August and then will resume again the early part of next year.”
These consolidating activities will reduce the size of the Postal Service workforce by approximately 13,000 employees and, when fully implemented, will generate cost reductions of approximately $1.2 billion annually.
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05.18.2012
Pacific Sunwear of California, Inc., announced today that net sales from continuing operations for the first quarter of fiscal 2012 ended April 28, 2012, were $173.8 million versus net sales of $171.9 million for the first quarter of fiscal 2011 ended April 30, 2011. Total Company same-store sales increased 1% during the period.
On a GAAP basis, the Company reported a loss from continuing operations of $15.6 million, or $(0.23) per share, for the first quarter of fiscal 2012, compared to a loss from continuing operations of $28.7 million, or $(0.43) per share, for the first quarter of fiscal 2011. The loss from continuing operations for the Company's first quarter of fiscal 2012 included a non-cash gain of $6.3 million, or $0.09 per 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 the non-cash gain on derivative liability and using a normalized annual income tax rate of approximately 37%, the Company's loss from continuing operations for the first quarter of fiscal 2012 would have been $13.7 million, or $(0.20) per share, as compared to a loss from continuing operations of $18.1 million, or $(0.27) per share, for the same period a year ago.
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05.17.2012
Pearson, the world’s leading learning company, is today announcing the acquisition of Certiport, Inc. from Spire Capital Partners for $140m in cash.
Founded in 1997 in Utah, Certiport develops, markets and distributes certification exams and practice tests of IT and digital literacy skills. It is a leading provider of foundation-level certification programmes for Microsoft, Adobe, HP, Intuit and other renowned technology companies. Certiport sells its certifications and assessments through a network of 12,000 testing centres operated by 70 partners in more than 150 countries. The network delivers approximately 225,000 examinations in 27 languages every month.
The acquisition extends the product range and geographic reach of Pearson’s professional testing business, Pearson VUE. Certiport’s foundation-level services complement Pearson VUE’s strong position in certifications and assessments for established technology professionals. Certiport also supports Pearson VUE’s expansion in fast-growing international markets, generating more than 60% of its revenues outside North America with particular strength in Asia and the Middle East. By providing access to Pearson’s content, assessment and test preparation services, the two companies intend to develop and enhance the range of services that Certiport offers to its customers.
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05.17.2012
International Paper released its 2011 Sustainability Report that showcases the company's new suite of 12 voluntary sustainability goals. The company expects to reach a number of goals by 2020, which include:
•15% improvement of energy efficiency in purchased energy use
•20% absolute reduction in global GHG emissions (Scope 1 and 2) associated with the production of products
•15% global increase in third party certified fiber volume
In addition to these goals, International Paper set a host of other goals addressing issues such as fiber certification, philanthropy, safety and water use.
"At International Paper, sustainability is more than a business practice," said Chairman and CEO John Faraci. "Environmental, social and economic performance has been at the core of our company for more than 110 years. Stewardship of the forestland and surrounding habitat is ingrained in our company's DNA."
The report highlights International Paper's sustainability commitment in every aspect of the business. "At every point of the International Paper supply chain – from the design of our paper and packaging, to the people and manufacturing processes, to end-use recycling and other beneficial uses, International Paper strives for a sustainable product life cycle," added Faraci.
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05.17.2012
Wal-Mart Stores, Inc. today reported financial results for the quarter ended April 30, 2012. Net sales for the first quarter of fiscal 2013 were $112.3 billion, an increase of 8.6 percent from $103.4 billion in the first quarter last year. Net sales for this quarter included a negative currency exchange rate impact of approximately $800 million.
Membership and other income increased 3.2 percent, excluding $51 million from the sale of an investment owned by Walmart Chile during the prior year’s quarter.
Income from continuing operations attributable to Walmart for the quarter was $3.7 billion, up 9.2 percent from the first quarter last year. Diluted earnings per share from continuing operations attributable to Walmart (EPS) for the first quarter of fiscal 2013 were $1.09. By comparison, last year’s EPS were $0.98. The company had several pre-tax items in the first quarter of last year that netted to a $0.01 benefit to EPS.
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05.17.2012
The Bon-Ton Stores, Inc. today reported results for the first quarter of fiscal 2012 ended April 28, 2012.
First Quarter Highlights
• Comparable store sales decreased 1.3%.
• Gross margin rate was 34.3% of net sales compared with 35.5% in the first quarter of fiscal 2011.
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05.17.2012
A recent NEPCon study which evaluated the extent to which the PEFC system could guarantee that controversial wood was excluded from PEFC certified products, a requirement of the FSC Controlled Wood (CW) standard (FSC-STD-40-005), found that PEFC’s rules and verification systems for unacceptable sources are not sufficiently rigorous to meet the FSC system requirements.
In particular, only 3 out of 18 national PEFC forest management standards fulfil the requirements of FSC’s CW standard, with most of them having weaker provisions concerning traditional and/or civil rights and forest conversion. Further, PEFC’s chain of custody and overall system assurance make it impossible for FSC to recognize even wood certified under those 3 standards that do offer sufficient assurance with regards to FSC CW.
Both FSC and PEFC allow non-certified wood or fibre to be mixed into certified products which carry a ‘mixed sources’ claim. However, in order to maintain system credibility it is crucial that wood from unacceptable sources be excluded from mixed products. FSC operates the Controlled Wood system to minimise this risk.
FSC commissioned NEPCon to carry out this study, which individually analysed and assessed the PEFC Forest Management standards, Chain of Custody requirements assurance system against the FSC Controlled Wood requirements and FSC assurance system. Nepcon was hired to conduct this study given its expertise in both PEFC certification and FSC Controlled Wood. FSC only defined the terms of reference for the study and did not have any input in the analysis or the final report.
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05.17.2012
FSC’s renewed attempt to undermine the credibility of PEFC, a move that is not in the interest of our common goal of promoting sustainable forest management,” said Ben Gunneberg, Secretary General of PEFC International, in response to a report published on the FSC website.
“Now is not the time for partisan bickering about the number of angels that can dance on the head of a pin. As we approach Rio+20 we should be working together to fulfil the promise of forest certification, especially in tropical countries where less than one percent of the forests are certified.”
The report, which was funded by the FSC International Center, repeats findings of an earlier report published by FSC in 2009, namely that “PEFC certified products do not qualify as FSC Controlled Wood.”
“I had hoped that by this point in our development and maturation that these silly school yard games would have ceased and we could work together to promote sustainable forest management in those difficult and challenging places around the world,” added William Street, Chair of PEFC Council. “It is our intent to continue to focus on making certification a tool to address the twin problems of deforestation and poverty in the developing world, not argue about minutia based on misunderstanding and miscommunication.” Mr. Street encouraged all stakeholders to sign the Rio Forest Certification Declaration, which is based on the idea that a common set of principles is needed, a set of principles that provides guidance to all of us about what is needed to better promote and expand forest certification.
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05.17.2012
Ninety-five percent of consumers are interested in products that come with rebates and 80% of consumers actively seek out rebate, according to an annual consumer survey by Parago, the largest rebate provider in the United States.
The survey found that consumer preference for rebates versus instant discounts is growing. And while economic recovery may be on its way by the numbers, consumer sentiments around spending are still timid.
“With our third annual study of consumer shopping behavior, we have seen sustained sensitivity to price and willingness to hunt for bargains,” said Juli Spottiswood, Parago president & CEO. “Price perception is king, and consumers are indifferent to how that price point is achieved, whether through rebate, coupon, club or sale.”
However, Spottiswood added, because consumers understand that rebates offer deeper discounts than other sales, there is a strong interest in the promotions and shoppers are actively looking for rebates before and during the shopping experience.
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05.17.2012
Retailers that want to persuade consumers to spend more should do more to offer good customer service via social media. That’s the message of a recent survey report from American Express World Service.
An online survey conducted in February of 1,000 U.S. consumers found that 17% of respondents had used social media for customer service at least once within the past year. Those consumers are willing to increase their spending by 21% with companies that provide “great” customer service, the report says. That compares with an 11% bump in spending for those respondents who had not used social media for customer service.
“Delivering outstanding service creates impassioned advocates and can serve as a powerful marketing weapon for companies,” says Jim Bush, executive vice president of American Express World Service, charged with providing service to the payment card network’s global consumers. “[Those consumers] tell three times as many people about positive service experiences compared to the general population. Ultimately, getting service right with these social media savvy consumers can help a business grow.”
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05.17.2012
The U.S. Postal Service is getting behind mobile marketing. The USPS announced it will offer discounts this summer to marketers that include in their mailings a two-dimensional bar code that can be scanned by a mobile device.
During July and August, the postal service is offering a 2% postage discount on standard mail and first-class mail letters as well as direct mail flats and cards that include a 2-D bar code such as a Quick Response (QR) code, a Microsoft Tag or a SpyderLynk SnapTag.
When scanned, the bar code must activate a link directly to either a mobile-optimized web page that allows the mail recipient to purchase a product or service or to a mobile-optimized page tailored to the mail recipient and accessible by a personalized URL.
“Mobile technologies continue to be one of the fastest-growing marketing sectors,” says Gary Reblin, vice president of domestic products for USPS. “During the holidays, mobile purchases were up from 5.5% of e-commerce sales in 2010 to 11% in 2011. The integration of direct mail with mobile technologies will not only improve the long-term value of direct mail but also increase returns for merchants.”
48% of U.S. mobile subscribers own a smartphone, and one in five U.S. smartphone owners scanned a QR code with their smartphones as of December, according to MarketingProfs, an online resource for marketing professionals.
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05.17.2012
The Los Angeles Times is shutting down its monthly Sunday magazine, LA. The last issue will be June 3rd and the closure comes after attempts to recast the publication through frequency reductions, management shifts and editorial change-ups.
Kathy Thomson, president of the Los Angeles Times, announced the closure in a blog, writing, “The entire magazine industry has been faced with a very challenging environment. We are not immune to the challenges and have made the decision that LA, Los Angeles Times Magazine will publish its final issue on June 3rd.”
Thomson says the magazine’s website and Twitter and Facebook accounts will remain active until the end of June, and will be used to transition readers to similar content covered in The Times.
In the meantime, a new quarterly product covering luxury, design, fashion and style is currently in development. “The publication will highlight seasonal trends and occasions with print, digital and mobile iterations intended to further enhance our feature coverage and deepen our connection with our members and advertising partners,” says Thomson.
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05.17.2012
FedEx Express, a unit of FedEx Corp., has made significant progress towards its goal to make its vehicle fleet 20 percent more fuel efficient by 2020, announcing today that the FedEx Express vehicle fleet is now 16.6 percent more fuel efficient through FY2011 than it was in 2005. Twenty percent of the FedEx Express diesel vehicle pickup and delivery fleet has already been converted to more efficient and cleaner emission models that comply with 2010 U.S. Environmental Protection Agency diesel emission standards.
“Although we are less than halfway to the end date we set for ourselves, we have achieved 80 percent of our vehicle fuel efficiency goal as of the conclusion of fiscal year 2011, compared to our original baseline set in 2005,” said Mitch Jackson, staff vice president of environmental affairs and sustainability, FedEx Corp. “As a result, we are reevaluating our 2020 goal to potentially raise the standard we originally set out to achieve.”
“Thanks to this team effort, we have converted 20 percent of our pickup and delivery fleet to cleaner and more fuel efficient models,” said Dennis Beal, vice president of global vehicles, FedEx Express. “By pursuing the most promising avenues of advanced technologies, enlisting multiple experienced manufacturers and optimizing our vehicle operations, FedEx is reducing fuel use and emissions faster than expected.”
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05.17.2012
Oil rose from the lowest settlement in six months in New York after economic data in Japan beat estimates and technical indicators signaled declines in crude prices may be exaggerated.
Crude for June delivery rose as much as 91 cents to $93.72 a barrel in electronic trading on the New York Mercantile Exchange and was at $93.25 at 3:04 p.m. Singapore time. The contract yesterday fell 1.2 percent to $92.81, the lowest close since Nov. 2.
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05.17.2012
On the heels of winning an FPA Gold Award for sustainability, FreshCase® packaging for fresh red meat has garnered a Diamond award in the 24th DuPont Awards for Packaging Innovation. Groundbreaking FreshCase® vacuum packaging solves a decades-long challenge for meat processors by maintaining meat’s fresh red appearance throughout an extended shelf life. The DuPont Packaging Awards recognize excellence in innovation, sustainability and waste/cost reduction.
An alternative to expanded polystyrene (EPS) trays with PVC overwrap, FreshCase® packaging offers up to 10 times the shelf life and 75% fewer markdowns and waste than store-wrapped meats. Compared to other case-ready formats, it reduces packaging material up to 75% for lower costs and greater sustainability. FreshCase® packaging is USDA-approved for a shelf life up to 36 days for whole muscle beef and 34 days for ground beef.
“We are excited that FreshCase® packaging is being recognized for the innovation it brings to the meat case,” says Derrick Sytsma, Curwood’s Vice President of Marketing. “This active material technology took years to develop. It’s a game-changing breakthrough for the face of the meat market and opens new possibilities for processors and retailers alike.”
Compared to case-ready EPS/PVC packages that are centrally packed, FreshCase® packaging eliminates the aesthetic drawbacks of high-oxygen gas-flushed packaging, such as “black bones.” It also eliminates the appearance of excess packaging common with gas-flushed packaging due to the amount of headspace required in MAP packages.
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05.17.2012
Limited Brands, Inc. today reported 2012 first quarter results.
Earnings per share for the first quarter ended April 28, 2012, were $0.41 compared to adjusted earnings per share of $0.40 for the quarter ended April 30, 2011. First quarter operating income was $293.2 million compared to adjusted operating income of $266.8 million last year, and net income was $124.6 million compared to adjusted net income of $129.8 million last year. Adjusted results exclude certain significant items as detailed below: A pre-tax gain of $86.4 million, or $0.17 per share, related to the sale of Express stock; A pre-tax non-cash expense of $50 million, or $0.10 per share, related to the multi-year funding of the company's charitable foundation; and An income tax benefit of $11 million, or $0.03 per share, related to the favorable resolution of certain income tax matters.
Including the significant items above, reported first quarter earnings per share were $0.41 compared to $0.50 last year; operating income was $293.2 million compared to $216.8 million last year; and net income was $124.6 million compared to $165.2 million last year.
Comparable store sales for the first quarter increased 7 percent, and net sales were $2.154 billion compared to $2.217 billion last year. First quarter 2011 sales included $214.0 million attributable to the third party apparel sourcing business, which was sold in November 2011.
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05.16.2012
J. C. Penney Company, Inc. today announced financial results for its fiscal quarter ended April 28, 2012. For the quarter, jcpenney reported an adjusted net loss of $55 million or $0.25 per share, excluding markdowns taken as a result of the Company's continuing efforts to reduce inventory levels to align with its new strategy, restructuring and management transition charges and non-cash qualified pension expense. On a GAAP basis, the Company reported a net loss of $163 million or $0.75 per share.
Comparable store sales for the first quarter declined 18.9 percent. Total sales decreased 20.1 percent, which includes the effects of the Company's exit from its outlet business. Internet sales through jcp.com were $271 million in the first quarter, decreasing 27.9 percent from last year.
Gross margin was 37.6 percent of sales, compared to 40.5 percent in the same period last year. Overall, compared to last year, gross margin was impacted by lower than expected sales in the quarter and the impact of taking deeper seasonal markdowns to clear inventory coming out of the fourth quarter of 2011. This also includes the impact of a $53 million markdown reserve taken as a result of the Company's continuing efforts to reduce inventory levels to align with its new strategy. This reserve had a 170 basis point impact on gross margin; excluding this reserve, gross margin was 39.3 percent of sales.
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05.16.2012
Effective with shipments July 1, 2012, pricing will increase 4-5% for Domtar EarthChoice® Tradebook.
Additionally, pricing will increase 2-3% effective with shipments July 1, 2012, for the following products: Domtar Earthcote• Domtar Ocean Cote• Vista® Opaque• Featherweight Opaque• Printers Opaque• Rampart® Opaque• Century® Premium Opaque• Century® Premium Opaque Pharma• Guardian® Opaque• Guardian® Opaque Pharma• All other lightweight opaques
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05.16.2012
Target Corporation today reported first quarter net earnings of $697 million, or $1.04 per share. Adjusted earnings per share, a measure the company believes is useful in providing period-to-period comparisons of the results of its U.S. operations, were $1.11 in first quarter 2012, up 11.5 percent from $0.99 in 2011. A reconciliation of non-GAAP financial measures to GAAP measures is provided in the tables attached to this press release. All earnings per share figures refer to diluted earnings per share.
As previously reported, sales increased 6.1 percent in the first quarter to $16.5 billion in 2012 from $15.6 billion in 2011, due to a 5.3 percent increase in comparable-store sales and the contribution from new stores. Segment earnings before interest expense and income taxes (EBIT) were $1,199 million in the first quarter of 2012, an increase of 12.9 percent from $1,062 million in 2011.
First quarter 2012 U.S. Retail Segment EBITDA and EBIT margin rates were 10.3 percent and 7.3 percent, respectively, compared with 10.1 percent and 6.8 percent in 2011. First quarter gross margin rate declined to 30.2 percent in 2012 from 30.4 percent in 2011, reflecting downward pressure from the company's integrated growth strategies partially offset by a beneficial mix of higher-margin sales and underlying rate improvements within categories. U.S. Retail Segment first quarter selling, general and administrative (SG&A) expense rate was 19.9 percent in 2012 compared with 20.4 percent in 2011.
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05.16.2012
All UPM paper products produced at UPM Plattling mill in Germany have now been granted the EU Ecolabel.
Reels and sheets supplied by the mill complement the comprehensive range of UPM paper products already carrying the EU Ecolabel which is geographically the most extensive eco-label available. The label guarantees that paper meets strict environmental criteria concerning air and water emissions as well as energy and chemical consumption. In addition, the origin of all wood fibre must be known.
"The EU Ecolabel is a proof of our products’ excellent overall environmental performance and thus low environmental impact,” says Päivi Rissanen, UPM's Environmental Director for Paper Business Group.
To date almost all UPM copy and graphic papers produced in Europe have been awarded the EU Ecolabel and the company is a clear industry leader with almost 200 paper grades from 15 paper mills approved under the EU Ecolabel scheme. All in all about 8 million tonnes of UPM paper will be able to carry the EU Ecolabel award by end of 2012.
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05.16.2012
The Talbots, Inc. today announced that, based on ongoing discussions during the last week, the Company and Sycamore Partners have agreed to extend the exclusivity period under the exclusivity agreement entered into on May 5, 2012 in connection with Sycamore Partners’ non-binding proposal to acquire all of the Company’s outstanding common stock for $3.05 per share. The exclusivity period will now expire on May 22, 2012.
The Company’s Board of Directors is being advised in this process by its financial advisor, Perella Weinberg Partners, and legal advisor, White & Case LLP. There can be no assurance that any definitive agreement will be entered into, or, if entered into, what the terms thereof will be, or that this or any other transaction will be approved or consummated. The Company does not intend to comment further regarding the negotiation with Sycamore Partners or the Company’s evaluation of strategic alternatives, unless a specific transaction is recommended by the Board.
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05.16.2012
Appleton Papers Inc. and Hicks Acquisition Company II, Inc. today announced a definitive agreement under which Appleton will engage in a business combination with Hicks Acquisition Company II valued at $675 million. The combined company will be listed on the Nasdaq exchange, positioning Appleton for long-term growth and profitability with an improved balance sheet and greater access to capital. Appleton is a leading manufacturer of specialty high value-added coated paper products and a provider of proprietary encapsulation applications. Hicks Acquisition Company II is a special purpose acquisition company founded and headed by Thomas O. Hicks with approximately $149.3 million of cash in trust.
It was also announced today that when the transaction closes Appleton will change its corporate name to Appvion. The new name combines the words "applied" and "innovation," reflecting the company's successful transformation from a paper company to a business focused on coating formulations and applications, and specialty chemicals.
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05.16.2012
Cereplast, Inc., a leading manufacturer of proprietary biobased, sustainable bioplastics, today announced its financial results for the first quarter ending March 31, 2012.
Net sales for the three months ended March 31, 2012 were approximately $103,000, compared to $7.2 million in the same period in 2011. The decrease in sales was due to transitioning significant resources and efforts towards the recovery of past due accounts receivables from customers and minimizing any additional exposure to the accounts receivable credit risk. The current period sales were primarily prepaid shipments of sample material and nominal shipments to established existing customers with low risk credit limits.
Net loss for the three months ended March 31, 2012 was $2.4 million. These results were unfavorably impacted by a decrease in net sales.
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05.16.2012
The Zhydachiv Pulp and Paper Plant (Zhydachiv, Lviv region), a monopoly producer of newsprint in Ukraine, has stopped producing this type of paper in connection with non-profitability of this product due to the constant growth of prices of wood and tariffs on cargo transportation.
The situation at the mill is very tough now, a source in the industry has told Interfax-Ukraine. The mill's personnel have been drastically reduced in connection with the closure of a woodpulp plant and a chemical and thermomechanical pulp plant, which are involved in the production of newsprint.
As was earlier reported, the central committee of trade unions of the Ukrainian forestry sector on February 24, 2012, sent a letter to Prime Minister Mykola Azarov, asking to address the issue of including newsprint in the state order, with the secured provision of wood, establish state supervision over regulation of the prices of wood, and achieve a reduction in round wood exports.
However, the executive director of the UkrPapir association Eduard Litvak told Interfax-Ukraine, there had been no response from the authorities to that request.
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05.16.2012
Retail financial chiefs are increasingly optimistic about economic prospects over the next 12 months and plan to pivot toward expansion and adding jobs, according to a survey by American Express.
The fifth annual American Express/CFO Research Global Business & Spending Monitor, a survey of 541 senior finance executives from the United States, Europe, Canada, Latin America, Asia and Australia, revealed that investments in expanded operating capacity, research and development, and mergers and acquisitions are once again on the table.
Hiring is also on the rise, the research found, with a majority of finance executives planning to increase headcount over the next twelve months.
“Finance executives are looking for ways to stimulate growth, in part by deploying some of the cash that has built up on corporate balance sheets in recent years,” said Janey Whiteside, senior VP global corporate payments, American Express. “Finance executives also report they’ll be keeping a sharp eye on the bottom line, while spending selectively on activities that will drive revenue like sales and marketing and new product development.”
Specifically, the study found that, this year, 64% of CFOs foresee modest to substantial expansion over the next twelve months, but that’s lower than in 2011 and 2010 (when 75% and 71% of all respondents anticipated economic expansion, respectively).
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05.16.2012
In response to the increasing need for improved sustainable print solutions, Flint Group Narrow Web is introducing a series of ink technologies for UV LED curing under the EkoCure™ brand. These inks will be the first commercially available inks designed for combination print formulated specifically for UV LED curing.
EkoCure™ is developed using specially selected photoinitiators that match the narrow and targeted wavelength area that is typical for UV LED lamp output. The main advantages with UV LED can be summarized as ecological and economical:
•Ecological benefits – energy will be saved; UV LED lamps are ozone and mercury free (improved worker and environmental safety); EkoCure™ is formulated on bio-renewable resources.
•Economical benefits – energy consumption will be significantly reduced; manufacturing space is reduced; UV LED lamps are nearly maintenance free.
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05.16.2012
Chico's FAS, Inc. today announced its financial results for the fiscal 2012 first quarter ended April 28, 2012.
For the first quarter, net income was $53.6 million, or $0.32 per diluted share, compared to net income of $45.9 million, or $0.26 per diluted share for last year's first quarter, reflecting an earnings per share increase of 23%.
For the first quarter, net sales were $650.8 million, an increase of 21.2% compared to $537.2 million in last year's first quarter. The increase reflects a consolidated comparable sales increase of 9.6%, an 8.0% increase in square footage and $33.7 million in sales for Boston Proper. The consolidated comparable sales increase of 9.6% for the first quarter was on top of a 7.7% increase for last year's first quarter, and reflects increases in both average dollar sale and transaction count. The Chico's/Soma Intimates brands' comparable sales increased 8.8% on top of a 7.8% increase in last year's first quarter and the White House | Black Market ("WH|BM") brand's comparable sales increased 11.3% on top of a 7.4% increase in last year's first quarter.
For the first quarter, gross margin was $378.6 million, an increase of 19.2% compared to $317.7 million in last year's first quarter. As a percentage of net sales, gross margin was 58.2%, a 90 basis point decrease from last year's first quarter, reflecting the cycling of 2011's four-year record gross margin rate, a more promotional environment, and the inclusion of Boston Proper's results.
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05.16.2012
To help celebrate 25 years of the Rainforest Alliance's achievements, Domtar Corporation (NYSE: UFS) (TSX: UFS) today announced it will co-sponsor the sustainability organization's 25th anniversary gala on May 16 in New York City.
The annual dinner and award ceremony will commemorate some of the Rainforest Alliance's biggest triumphs since pioneering the concept of responsible forestry certification. Those include:
Conserving more than 170 million acres of forest and farmlands in over 100 countries;
Improving the lives of more than 9.5 million people worldwide, including farmers, forest managers, workers and their families;
Engaging with more than 490,000 agriculture, forestry and tourism operations; and
Introducing countless consumers to Rainforest Alliance Certified™ products. That includes extensive work with Domtar, whose papers have set the industry standard for displaying the Forest Stewardship Council™ (FSC®) label and the Rainforest Alliance Certified seal.
Domtar has worked with the Rainforest Alliance to ensure that 28 of the company's pulp and paper mills and converting and distribution facilities now meet FSC standards. Nearly 20 percent of Domtar's paper products have been FSC-certified while, across America, the FSC estimates that only 4 to 6 percent of paper products earn that distinction.
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05.16.2012
Crown Holdings, Inc., a leading supplier of metal packaging products worldwide, announced today that it will build a new beverage can plant in Sihanoukville, Cambodia to meet growing demand. Sihanoukville is on the Gulf of Thailand approximately 200 km from the Cambodian capital, Phnom Penh. It is the country’s primary commercial port and is also enjoying growing tourism.
The new plant will be sized to accommodate multiple can lines and have an initial annual production capacity of 725 million two-piece 33cl aluminum cans. The facility is expected to be operational in the third quarter of 2013 and will be Crown’s second beverage can plant in Cambodia including its two line operation in Phnom Penh.
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05.16.2012
Catalyst Paper today announced that it has amended its proposed Plan of Arrangement (the Plan) under the Companies’ Creditors Arrangement Act. The Plan as so amended (the Amended Plan) will be considered by Catalyst Paper’s secured and unsecured creditors at the meetings scheduled for May 23, 2012 (the Meetings).
“We’re pleased that over the past weeks, the various stakeholders, advisors and the company have worked diligently to craft an agreement that sizably reduces the company’s debt level,” said Kevin J. Clarke, President and Chief Executive Officer. “This agreement, with the support of creditors at the meetings on May 23, 2012, will enable Catalyst to emerge from creditor protection with improved liquidity and the capacity to return and sustain normal trade terms for the foreseeable period.”
The court-appointed monitor (the Monitor) is recommending that creditors vote in favour of the Amended Plan at the Meetings. Catalyst Paper’s Board of Directors is unanimously recommending that all holders of First Lien Notes, Unsecured Notes and General Unsecured Claims vote in favour of the Amended Plan at the Meetings.
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05.16.2012
Oil dropped in New York to the lowest price in more than six months after U.S. crude stockpiles grew and talks to form a coalition government in Greece collapsed, raising concern that Europe’s debt crisis will worsen.
West Texas Intermediate futures slid as much as 2.3 percent, declining for a fourth day. U.S. inventories rose 6.6 million barrels last week, data from the American Petroleum Institute indicated. A government report today is projected to show a gain of 1.8 million, according to a Bloomberg News survey. Greece will schedule new elections as early as June 10, which German Finance Minister Wolfgang Schaeuble said will be a referendum on whether the country stays in the euro.
“We have demand destruction at the same time that supply risks are being relieved,” said Hakan Kocayusufpasaoglu, chief investment officer at Archbridge Capital in Zug, Switzerland, who predicts that commodities will recover in the second half of the year. “What took the market by surprise is how quickly the European economic situation deteriorated. If Greece leaves, it sets a precedent, and the consequences for Europe would be catastrophic.”
Crude for June delivery decreased as much as $2.17 to $91.81 a barrel in electronic trading on the New York Mercantile Exchange, the lowest intraday price since Nov. 3. It was at $92.24 at 10:47 a.m. London time. Yesterday, the contract fell 0.8 percent to $93.98.
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05.16.2012
Arctic Paper S.A., the second-largest European producer of bulky-book paper and one of Europe’s leading producers of high-quality graphic paper, generated revenue during the 1st quarter of 2012 of over PLN 680.4 million, 7.2% higher than in the same period of 2011, and EBITDA of over PLN 53.7 million, up 76.2% year-on-year. Operating profit in Q1 2012 was PLN 23.3 million, an increase of 165%, while net profit was over PLN 9.6 million, as against a loss during the same period of the prior year.
In the 1st quarter of 2012 demand for high-quality paper in Europe was 5.4% greater than observed in Q4 2011, and 4.6% less than in Q1 2011. During the same period Arctic Paper increased its sales volume by 6.2% from Q4 2011 and 2.1% from Q1 2011.
Use of the company’s production capacity in Q1 2012 was at a high 96%, up 3.3 pp from Q4 2011 and at about the same level as Q1 2011. The average use of production capacity over the past three years was about 95%.
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05.16.2012
Abercrombie & Fitch Co. today reported unaudited results which reflected net income of $3.0 million and net income per diluted share of $0.03 for the thirteen weeks ended April 28, 2012, compared to net income of $25.1 million and net income per diluted share of $0.28 for the thirteen weeks ended April 30, 2011.
Net sales for the thirteen weeks ended April 28, 2012 increased 10% to $921.2 million from $836.7 million for the thirteen weeks ended April 30, 2011. U.S. sales, including direct-to-consumer sales, increased 1% to $644.3 million. International sales, including direct-to-consumer sales, increased 42% to $277.0 million. Total Company direct-to-consumer sales, including shipping and handling, increased 40% to $148.2 million.
Total comparable store sales for the quarter decreased 5%. By brand, comparable store sales decreased 4% for Abercrombie & Fitch, decreased 11% for abercrombie kids, and decreased 5% for Hollister Co. Total sales by brand were $360.4 million for Abercrombie & Fitch, $77.7 million for abercrombie kids and $463.6 million for Hollister Co.
The gross profit rate for the first quarter was 62.6%, 240 basis points lower than last year's first quarter gross profit rate. The decrease in the gross profit rate was driven by a significant increase in average unit cost.
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05.16.2012
At Adobe’s annual Digital Publishing Summit, Adobe Systems Incorporated today announced a series of groundbreaking new features for Adobe® Digital Publishing Suite (DPS) that will allow media companies and corporate publishers to deliver unparalleled reach and monetize their unique content in new ways. Among the new features are Content Viewer for iPhone, social sharing, expanded font licensing and enhanced integration with Adobe Creative Suite® 6, a milestone release, creating an unbeatable combination for media and corporate organizations. Adobe is live blogging from the Summit at blogs.adobe.com/dpsnyc2012.
Adobe also announced Meredith Corporation has chosen Digital Publishing Suite to produce and distribute its leading brands, including Better Homes and Gardens, Parents and Fitness, to multiple channels. Digital Publishing Suite is the industry-leading cross-platform solution with 850 customers worldwide who have published more than 1,700 active applications and delivered more than 25 million digital issues to iPad, Kindle Fire and Android™ tablets since April 2011. Adobe is currently distributing 120,000 publications every day to tablet readers and continually evolves Digital Publishing Suite to keep pace with rapidly changing industry needs.
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05.16.2012
Longtime Topeka employer Jostens is moving all its production work from its Topeka plant to Clarksville, Tenn., beginning in July, affecting 372 jobs, the company announced Monday.
The Minneapolis-based maker of yearbooks, class rings and similar products informed its Topeka workers of its decision Monday.
“This transition allows Jostens to take advantage of improved technologies, innovation and workflow efficiencies in Clarksville, as well as to respond effectively to changing market dynamics,” said Rich Stoebe, director of communications for Jostens.
The company’s 372 production jobs will be phased out. The company plans to keep 87 employees in Topeka, mainly in customer service, marketing and technical support.
The announcement on Monday came one year after Jostens announced it was cutting 83 full-time and seasonal jobs in Topeka as production of diploma covers moved to a plant in Shelbyville, Tenn.
“Due to the time necessary to transition some of the operations, the affected positions will be separated starting in July 2012 and will continue over the fall of 2012,” Stoebe said. “The transition is expected to be substantially complete by January of 2013.
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05.16.2012
Staples, Inc. announced today the results for its first quarter ended April 28, 2012. Total company sales for the first quarter of 2012 were $6.1 billion, a decrease of one percent in U.S. dollars and flat on a local currency basis compared to the first quarter of 2011. Net income for the first quarter of 2012 decreased six percent year over year to $187 million. Diluted earnings per share, on a GAAP basis, decreased four percent to $0.27 from $0.28 achieved in the first quarter of 2011.
During the first quarter of 2012, the company recorded $28 million of pre-tax expenses primarily related to headcount reductions in North America, Europe and Australia, as well as the settlement of a contractual dispute associated with the acquisition of Corporate Express. These expenses negatively impacted the company’s first quarter 2012 diluted earnings per share, on a GAAP basis, by approximately $0.03.
“In North America we continue to build momentum in categories beyond office supplies while trends in our international business remain soft,” said Ron Sargent, Staples’ chairman and chief executive officer. “Our plans remain on track to grow both sales and earnings during 2012.”
On a GAAP basis, first quarter 2012 operating income rate decreased 43 basis points to 5.21 percent. This decrease primarily reflects severance costs related to headcount reductions, as well as deleverage of fixed expenses on lower sales in International Operations, partially offset by reduced marketing and supply chain expense.
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05.16.2012
MeadWestvaco Corporation, a global leader in packaging and packaging solutions, today announced an extension of its popular Melodie® line of fragrance pumps with the launch of Melodie® Delicate and Melodie® Forever. These two new solutions build on MWV’s current Melodie portfolio to provide the most advanced dispensing technology options available for the high-end luxury fragrance market.
The new Melodie pumps, along with MWV’s complete line of solutions for the Beauty and Personal Care industry, will be on display at LuxePack New York on May 16-17 at booth number F14. These extensions of the Melodie pump product line highlight MWV’s continued success and growth in the fragrance packaging market.
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05.15.2012
Presstek, Inc., a leading supplier of digital offset printing solutions to the printing and communications industries, today reported financial and operating results for the first quarter ended March 31, 2012. The Company reported total revenue of $27.0 million compared to $31.9 million in the first quarter of 2011.
The Company generated positive adjusted EBITDA of $0.5 million for the quarter, a reduction of $0.3 million from the prior year but an increase of $1.4 million on a sequential quarter basis. The Company had an operating loss of $0.7 million in the first quarter of 2012 versus an operating loss of $1.2 million in the 2011 first quarter, an improvement of $0.5 million. Cost reduction actions undertaken in the latter half of 2011 contributed significantly to this improvement. During the first quarter of 2012, the Company incurred a net loss from continuing operations of $1.2 million, or $0.03 per share, compared to a net loss from continuing operations of $1.5 million, or $0.04 per share, in the first quarter of 2011.
"We are still in the early stages of the recovery as spending remained cautious in the first quarter; however, the number and quality of opportunities in our pipeline has definitely strengthened," said Stanley E. Freimuth, Presstek's Chairman, President and Chief Executive Officer. "We continue to make good progress in our drive to reduce operating expenses to improve profitability, and we are pleased to report positive adjusted EBITDA of $0.5 million. Our focus on optimizing our operations is on track, and we are well positioned to leverage our lowered fixed cost base as our sales grow.
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