Paperclips Blog | Office Depot Results

  • 05.17.2012

    PEFC Calls on FSC to Focus on Sustainable Forest Management

    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

    Survey: 80% of consumers actively looking for rebates

    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

    Good customer service via social media can lead to more spending

    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

    U.S. Postal Service gives 2-D bar codes its stamp of approval

    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

    Los Angeles Times Shutting Down LA Magazine

    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 Closes in on Vehicle Fleet Fuel Efficiency Goal Years Ahead of Schedule

    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

    Crude Oil Rises

    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

    Curwood’s Groundbreaking FreshCase® Packaging Wins Top Honors in the DuPont Packaging Awards

    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 Reports First Quarter 2012 Earnings

    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. Reports 2012 First Quarter Results

    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

    Domtar Publication Papers – Important Pricing Information

    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 Reports Strong First Quarter 2012 Earnings

    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

    EU Ecolabel Awarded to UPM Plattling Papers

    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

    Talbots and Sycamore Partners Extend Exclusivity Agreement

    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 And Hicks Acquisition Company II Agree To $675 Million Business Combination

    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 Reports First Quarter 2012 Results

    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

    Ukraine's Zhydachiv Mill Stops Production of Newsprint

    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 CFOs more optimistic about economic growth; investments back on table

    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

    Flint Group Introduces EkoCure™ – High Performance Flexo and Rotary Screen Inks for UV LED Curing

    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. Reports First Quarter Earnings

    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

    Domtar Co-Sponsors the Rainforest Alliance's 25th Anniversary Gala

    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. to Build New Beverage Can Plant in Sihanoukville, Cambodia

    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 announces Amendments to Plan of Arrangement

    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 Drops to Six-Month Low on Rising Stockpiles, Greek Crisis

    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 Group Reports Q1 2012 Results

    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 Reports First Quarter 2012 Results

    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

    Adobe Announces Next Generation of Digital Publishing Suite

    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

    Jostens moving operations to Tennessee

    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. Announces First Quarter 2012 Performance

    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

    MWV Introduces New Fragrance Pumps at LuxePack New York 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 Reports Financial Results for the First Quarter 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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  • 05.15.2012

    Golfsmith Announces First Quarter 2012 Earnings Results

    Golfsmith International Holdings, Inc., today announced financial results for the first quarter of fiscal 2012 ended March 31, 2012.

    First Quarter Highlights
    • Net revenues increased 11.0% to $90.5 million as compared to $81.5 million in the first quarter of fiscal 2011. The increase was driven by a comparable store sales increased 8.5% and five new store openings since the end of the first quarter fiscal 2011, partially offset by a 4.7% decrease in the direct-to-consumer-channel.
     
    • Operating loss totaled $4.9 million as compared to a loss of $3.3 million in the first quarter of fiscal 2011. The first quarter of fiscal 2012 includes $0.4 million in lease termination charges, $0.2 million in severance for a former executive and 0.2 million in legal and other expenses related to our recently announced merger with Golf Town U.S.A. Holdings, Inc. ("Golf Town"), as described below. Net loss for the first quarter of fiscal 2012 totaled $3.6 million or $0.22 per share. This compares to a net loss of $3.1 million or $0.19 per share for the first quarter of fiscal 2011. Excluding unusual charges, the Company's net loss for the first quarter of fiscal 2012 was $3.1 million, or $0.19 per share, as compared to $3.1 million, or $0.19 per share, for the first quarter of fiscal 2011.
     
    • Store pre-opening expenses were $1.2 million and $0.3 million in each of the three-month periods ended March 31, 2012 and April 2, 2011, respectively. Fiscal 2012 reflects occupancy charges primarily related to ten new stores, three of which opened in the current quarter, one store relocation and two additional relocations which are scheduled to occur later in the year. The previous year consists primarily of occupancy charges related to three new store openings in fiscal 2011.

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  • 05.15.2012

    More communities OK plastic bag bans

    Four more communities, three of them in California, have banned single-use plastic carryout bags, bringing the number of communities with plastics-related bans in the United States to 74, almost two-thirds of them in California.

    And looming on the horizon is a proposal to ban both plastic and paper carryout bags in Los Angeles, the nation's second-largest city, with a population of nearly 4 million.

    There also is a proposal in Illinois, SB 3422, that has the plastic bag industry divided, as it would prohibit plastic bag bans in all cities in the state except Chicago, but which also carries several requirements that some view as a form of extended producer responsibility and that others think would make it difficult for small manufacturers to sell plastic bags in Illinois.

    The Illinois proposal also has drawn the opposition of six California-based environmental groups, including Californians Against Waste, which usually just focuses on California issues and legislation.

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  • 05.15.2012

    Resolute Owns 70.9% of Fibrek

    AbitibiBowater Inc., doing business as Resolute Forest Products, today announced that it has taken up and accepted for payment 9,894,933 additional shares of Fibrek Inc. deposited to its offer as of the close of business today.  Together with the shares the Company acquired up to and including May 4, Resolute holds approximately 70.9% of the currently outstanding Fibrek shares. As aggregate consideration for the shares taken up today, Resolute will distribute approximately 280,000 newly-issued shares of its common stock and CAD$5.4 million in cash through RFP Acquisition Inc., a wholly-owned subsidiary.
     
    Resolute reminds Fibrek's shareholders that, as previously announced, the offer will NOT be further extended and will expire definitively at 5:00 p.m. (Eastern time) on May 17, 2012.
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  • 05.15.2012

    Meredith Corp. Announces Scrapbooks Etc Magazine to Cease Publication

    Meredith Corporation announced today that Scrapbooks Etc magazine will be ceasing publication after its August 2012 issue. The move has shocked industry observers, as the magazine’s circulation numbers have been the strongest in the industry over the past several years, based partially on its leveraging of strong newstand placement.
     
    The announcement was made via a post by editor Michelle Rubin to the magazine’s blog. The blog posting said the closing decision by Meredith was made because “due to the longer term business forecast for the franchise and the industry, the corporation has chosen to cease publishing within this marketplace.”
     
    The final issue of Scrapbooks Etc, August 2012, will go on sale June 19th and be available through August 14th. The magazine’s website will continue to offer content through that time period in support of the print issue.

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  • 05.15.2012

    FCL Graphics Attains G7 Master Qualification in Four Printing Processes

    FCL Graphics, a leading North American printer of marketing and direct mail materials, announced it has achieved G7 Master Printer Qualification in four key service categories: proofing, digital print, sheetfed and web offset. According to IDEAlliance, FCL is one of only two printing plants in the country to have G7 Master Qualification in all four of these key print services.

    G7 is IDEAlliance’s industry-leading set of best practices for achieving gray balance, and is the driving force for achieving visual similarity across all print processes.

    “Many direct marketers and print buyers have struggled to maintain corporate colors and print characteristics across the range of printing presses and paper stocks available in the market,” said Michael Ford, president and CEO of FCL Graphics. “G7 methodology solves that problem by calibrating presses to an industry standard gray balance and neutral tonality defined by G7.

    “By using G7 methodology, print products will look alike to the human eye regardless of the printing press or paper used. For print buyers and marketers who believe a visual color match is critical across print products, they should consider making G7 a buying requirement,” Ford added.

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  • 05.15.2012

    Berlin Packaging Acquires Lerman Container

    Berlin Packaging, a leading full-service supplier of plastic, glass, and metal containers and closures, today announced the acquisition of Connecticut-based Lerman Container in a transaction that expands the company's geographic coverage and team of packaging solution experts. The combined company will have 2012 revenues exceeding $700 million, over 110 packaging consultants, and more than 80 sales offices and warehouse locations across North America.

    Established in 1979, Lerman is a packaging distributor with marquee customers across multiple vertical markets. The acquisition:

    Augments Berlin Packaging's presence in the Northeast by adding Lerman sales and customer service staff in Connecticut and New Jersey, providing easier access to innovative, cost-effective packaging solutions for Berlin Packaging customers in those markets.

    Adds personal care and pharmaceutical packaging expertise due to Lerman's many years operating in these sectors, complementing Berlin Packaging's own know-how in these areas as well as in other areas including food and beverage, chemical and industrial, household care, lab supply and dangerous goods packaging.

    Expands the services and specialty offerings available to Lerman's customers through Berlin Packaging's Studio One Eleven design, Berlin Global worldwide sourcing, E3 consulting, Berlin Financial Services lending, Freund Container ordering convenience, Qorpak lab supplies, and Dangerous Goods shipping systems.

    Enables Berlin Packaging's suppliers to reach new customers in order to grow sales, increase the success of new product introductions, and maximize the amount of product they can remove from their own floor through the warehouse and inventory management programs that Berlin Packaging offers.

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  • 05.15.2012

    Metsä Group takes pulp logistics to the new era through RFID technology

    Metsä Group is creating new technology for its logistics chain in the pulp industry by being the first to introduce Radio Frequency Identification (RFID) based on the wireless identification of products. RFID will be introduced at all Metsä Group’s pulp mills and most loading ports during the spring.

    RFID is major advance from the manual and barcode identification of pulp lots due to the technology's precision, durability and small size. RFID has been used in many industries, but with Metsä Group leading the way, the existing technology will now be utilised in the pulp delivery process.

    "RFID development is a good example of our continuous renewal with which we can ensure success in global competition," says Ismo Nousiainen, SVP, Production, Metsä Fibre.

    The pulp units’ RFID tags will include the product's lot number, the date of manufacture and the manufacturer itself. Pulp with an RFID tag meets product safety requirements and is suitable for food use.

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  • 05.15.2012

    Mayr-Melnhof Group Announces Results for the 1st Quarter 2012

    The consolidated sales of the Group of EUR 494.9 million again reached previous year’s level (1Q 2011: EUR 494.7 million), especially due to improved average prices.
     
    Operating profit was at EUR 42.1 million, thus EUR 7.9 million or 15.8 % below the historical peak value of the first quarter 2011 (EUR 50.0 million). This difference is mainly attributable to the significant increase in input costs.
     
    The profit before tax reached EUR 39.6 million, following EUR 48.5 million in the first quarter of the previous year. Income tax expense amounted to EUR 11.1 million (1Q 2011: EUR 13.1 million), hence the effective tax rate of the Group was 28.0 % (1Q 2011: 27.0 %).
     
    Consequently, the profit for the period of EUR 28.5 million reached previous quarters’ levels (4Q 2011: EUR 26.8 million; 3Q 2011: EUR 27.9 million; 2Q 2011: EUR 28.6 million), but was below the record value of the first quarter 2011 (EUR 35.4 million).
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  • 05.15.2012

    Groupon’s revenue jumps 89%

    For the first time ever, Groupon Inc.’s operations didn’t cause the daily deal operator to post a quarterly operating loss. The daily deal operator today announced it had a $39.6 million operating income in the first quarter.
     
    For the first quarter ended March 31, Groupon reported:
     •Revenue increased 89.3% to $559.3 million, compared with $295.5 million in 2011.
     •North American revenue of $238.6 million, a 74.7% jump from $136.6 million a year earlier.
     •International sales of $320.7 million, a 101.8% increase from $158.9 million in 2011.
     •Operating income of $39.6 million, compared with an operating loss of $117.1 million in 2011.
     •A net loss attributable to common stockholders of $11.7 million, compared with a year-ago net loss of $146.5 million
     •Gross billings, which reflects the gross amount collected from Groupon customers for Groupon vouchers sold, excluding applicable taxes and refunds, were $1.35 billion, a 102.0% spike from $668.2 million in 2010.
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  • 05.15.2012

    More advertisers want readers to take action—now

    Quick Response, or QR, codes and other 2-D bar codes; digital watermarks, which like QR codes can be read by smartphone cameras; and Near Field Communication, or NFC, wireless chips, all are designed to get smartphone owners to take immediate action—to scan the code with their smartphone and be linked via the mobile web to a video, an app download page, additional product information, or even an m-commerce site page to make a purchase. Use of these codes by magazine advertisers is on the rise, a possible indication that consumers are taking a liking to this form of advertising.
     
    In the first quarter of 2012, at least one of these types of codes, sometimes called “action codes,” appeared in 99 of the top 100 U.S. magazines ranked by circulation; this is up from 78 in Q1 2011, according to a new study by mobile marketing firm and 2-D bar code specialist Nellymoser. The overall number of magazine ad pages containing an action code was up 288% quarter over quarter—from 352 in Q1 2011 to 1,365 in Q1 2012.
     
    The percentage of magazine advertising pages containing a mobile action code exceeded 8% each month of the first quarter of 2012, the study says. This is up significantly from March 2011 when just 3.55% of ad pages contained an action code.
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  • 05.15.2012

    Asia Pulp & Paper (APP) Announces New Policies on High Conservation Value Forest

    Asia Pulp & Paper Group (APP) has announced its new High Conservation Value Forest policies to evolve APP’s business, including the immediate suspension of natural forest clearance on its own pulpwood plantations in Indonesia.

    Over the past decade, APP has built and implemented a broad-ranging sustainability strategy to preserve critical aspects of Indonesia’s precious natural resources, high conservation areas and biodiversity.

    Now, in what the Group calls the ‘next natural evolution’ of its sustainability strategy, APP is announcing a move to adopt the internationally- recognized standards for High Conservation Value Forest (HCVF).

    The HCVF policies will be implemented immediately in the following way:
    1. With respect to APP owned concessions in Indonesia: a. Effective from 1st June 2012, we will suspend natural forest clearance while HCVF assessments are conducted. b. We have engaged credible experts to conduct HCVF assessments, in accordance with HCV Resource Network best practice. The assessments will be based on a multi-stakeholder approach. c. We will protect all identified HCVF areas as a result of the HCVF assessments.

    2. With respect to APP’s independent pulpwood suppliers in Indonesia: a. Given our firm commitments on HCVF, APP expects independent suppliers to comply with our request for HCVF assessments, by 31 December 2014. b. With an international NGO partner, we will engage with our independent suppliers to adopt HCVF assessments. c. We will review and reevaluate supply agreements where HCVF assessments are not conducted.

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  • 05.15.2012

    Fortress Paper Announces First Quarter 2012 Results

    Fortress Paper Ltd. reported 2012 first quarter EBITDA loss of $1.8 million. For the fourth quarter of 2011, EBITDA loss was $1.5 million and for the first quarter of 2011, EBITDA was $1.0 million.

    Fortress reported an adjusted net loss of $9.1 million, or diluted adjusted loss per share of $0.64 for the first quarter of 2012 on sales of $61.4 million. In the fourth quarter of 2011, the Company reported an adjusted net loss of $6.3 million or diluted adjusted loss per share of $0.44 on sales of $49.5 million and for the first quarter of 2011 adjusted net loss of $5.6 million or diluted loss per share of $0.42 on sales of $85.5 million.

    Production of dissolving pulp commenced in early December 2011. Commercial production for accounting purposes, with the equipment operating as intended by management, began on March 18, 2012. After such date all sales and cost of sales will be included in the operating results.

    The Specialty Papers Segment continued its strong performance in the first quarter. Margins remain strong and the order log is healthy. Contributing to the positive results were improvements in production efficiency, reduced pulp prices, full utilization of the Company's new dry waste plant and strong sales tonnage and realized prices.

    The Security Paper Products Segment experienced another difficult quarter. Unfortunately, the continued postponement of several major currencies has resulted in optimization challenges due to low volumes. There has been positive progress on securing orders, however due to lead times the benefit of such orders are not expected to be realized until at least the second half of 2012.

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  • 05.15.2012

    Oil Trades Near Five-Month Low on U.S. Supply Increase

    Oil traded near the lowest in five months in New York before reports forecast to show U.S. crude stockpiles rose to the highest level in 21 years.

    Futures fluctuated after sliding as much as 0.9 percent earlier today. U.S. crude supply probably climbed 1.5 million barrels last week to 381 million, the most since August 1990, according to a Bloomberg News survey before government data tomorrow. Prices rose in London as Germany’s faster-than- estimated economic growth helped the euro area avoid its second recession in three years.

    “The build-up of inventories in the U.S. is something to consider,” said Christopher Bellew, a senior broker at Jefferies Bache Ltd. in London who predicts further price declines will be limited. “But the other side of the coin is that the U.S. economy has shown impressive signs of recovery. The emphasis for oil prices is ultimately where demand is growing most strongly, such as China and India.”

    Crude for June delivery was at $94.57 a barrel, down 21 cents, in electronic trading on the New York Mercantile Exchange at 11:07 a.m. London time. Prices dropped 1.4 percent to $94.78 yesterday, the lowest close since Dec. 19.

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  • 05.15.2012

    Ziff Davis acquires Computer Shopper

    Ziff Davis, which publishes PCMag.com, has acquired Computer Shopper, a website offering comparison shopping of technology products, from SX2 Media Labs. Financial terms of the deal were not disclosed.

    The acquisition of Computer Shopper is Ziff Davis' fifth deal since the beginning of last year. Among its acquisitions are Focus Research and Toolbox.com.

    Ziff Davis had owned Computer Shopper, introduced in 1979, from 1993 to 2001 before selling it to CNET Networks. SX2 Media Labs acquired it from CNET in 2006.

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  • 05.15.2012

    Adobe Study Reveals Tablet Traffic Has Grown 10 Times Faster Than Smartphone Traffic

    Adobe Digital Marketing Summit EMEA — Adobe Systems Incorporated today announced findings from its most recent Adobe® Digital Index report examining how global website traffic and engagement differ when the visitor is on a tablet, smartphone or personal computer (PC). The report found that tablet devices will generate more Web traffic than smartphones by early 2013 and that consumers find browsing websites on tablets nearly as engaging as on PCs.

    “As businesses rethink their digital experiences to include mobile strategies, tablets are emerging as the consumer device of choice”.

    The results indicate that tablets have become a channel very distinct from smartphones. While apps have proven a highly valuable and important component of a mobile strategy, companies would be well served to invest in optimizing mobile Web pages for the growing and affluent* tablet demographic. Key report findings include:
    • The share of website visits from tablets grew approximately 10 times faster than the rate for smartphones in the first two years after market introduction and grew more than 300 percent in the last year. This rapid growth is driven by both higher rates of tablet shipments and a disproportionately higher number of website visits per tablet than smartphones.
    • Tablets’ share of website traffic will exceed smartphone traffic by early 2013 and reach 10 percent of total website traffic in 2014.
    • Although consumers consider the tablet website experience to be nearly as engaging as that of PCs, they use PCs to visit websites three times as frequently as tablets.

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  • 05.15.2012

    The Home Depot Announces First Quarter Results

    The Home Depot®, the world's largest home improvement retailer, today reported sales of $17.8 billion for the first quarter of fiscal 2012, a 5.9 percent increase from the first quarter of fiscal 2011. Comparable store sales for the first quarter of fiscal 2012 were positive 5.8 percent, and comp sales for U.S. stores were positive 6.1 percent.
     
    Net earnings for the first quarter were $1.0 billion, or $0.68 per diluted share, compared with net earnings of $812 million, or $0.50 per diluted share, in the same period of fiscal 2011. For the first quarter of fiscal 2012, diluted earnings per share increased 36.0 percent from the same period in the prior year.
     
    First quarter of fiscal 2012 results reflect a benefit to earnings, net of tax, of $43 million, or $0.03 per diluted share, related to the termination of the Company's guarantee of a senior secured loan.

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  • 05.15.2012

    Saks Incorporated Announces Results for the First Quarter Ended April 28, 2012

    Retailer Saks Incorporated today announced results for the first quarter ended April 28, 2012.

    Overview of Results for the First Quarter Ended April 28, 2012
     
    For the first quarter ended April 28, 2012, the Company posted net income of $32.1 million, or $.18 per diluted share. The results included after-tax items totaling $0.6 million composed of $0.4 million of pre-opening costs associated with the Company’s new fulfillment center opening in Tennessee in August 2012 and $0.2 million of final expenses related to the Saks Fifth Avenue Pittsburgh store closing. Excluding these items, the Company would have recorded net income of $32.7 million, or $.19 per share, for the first quarter ended April 28, 2012.

    For the prior year first quarter ended April 30, 2011, the Company posted net income of $28.4 million, or $.16 per diluted share. The results included after-tax items totaling $2.1 million composed of $1.8 million of store closing expenses and a $0.3 million loss on debt extinguishment (related to the early retirement of approximately $1.9 million of senior notes). Excluding these items, the Company would have recorded net income of $30.5 million, or $.17 per share, for the first quarter ended April 30, 2011.

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  • 05.14.2012

    Domtar announces the acquisition of EAM Corporation

    Domtar Corporation today announced that it has acquired EAM Corporation, a leading privately-held manufacturer of high quality absorbent composite solutions, from Kinderhook Industries, LLC for $61 million.

    "The acquisition of EAM Corporation will give us long term research capabilities to further differentiate our full line of adult incontinence products while integrating the best available technology to grow our existing businesses," said John D. Williams, President and Chief Executive Officer. "EAM's patented airlaid manufacturing process provides the performance, quality, and cost competitiveness that we believe to be keys to success in the personal care market."

    EAM Corporation produces airlaid and ultrathin laminated absorbent cores with brands such as NovaThin® and NovaZorb® used in feminine hygiene, adult incontinence, baby diapers and other medical, healthcare and performance packaging solutions. The company serves a diversified customer base and has long-standing relationships including well-known branded and private label consumer products manufacturers throughout North America and abroad. The company operates a 71,000 square foot facility with state-of-the-art research campus and production lines in Jesup, Georgia. EAM Corporation has annual sales of approximately $45 million in more than 50 countries and a total of 53 employees.

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  • 05.14.2012

    China Shengda Packaging Group Inc. Announces First Quarter 2012 Results

    China Shengda Packaging Group Inc., a leading Chinese paper packaging manufacturer, today announced its financial results for the three months ended March 31, 2012.

    "This quarter was marked by difficult market conditions as our customers experienced slow growth in their businesses. We fought hard for business but lost some volume compared to the same quarter last year. Pricing conditions enabled us to pass on some increased costs to customers but margins were still reduced by lower volumes and lower operating leverage," Mr. Daliang Teng, Chief Executive Officer of China Shengda Packaging, said.

    Revenues increased 5.7% to $28.5 million from $26.9 million in the prior year period. The increase was primarily as a result of the increase in average per square meter prices, partially offset by the decrease in sales volume. Sales volume decreased by 1.0 million square meters, or 1.4%, to 72.6 million square meters for the three months ended March 31, 2012, from 73.6 million square meters for the same period of 2011. The decreased sales volume was mainly the result of a reduction in demand from customers due to challenges resulting from domestic and foreign economic environment, which adversely affected the business of many customers.

    Color cartons accounted for 27.2% of the revenues and flexo cartons accounted for 72.8% of the revenues, compared to 26.0% and 74.0%, respectively, for the same period of 2011. Average per square meter prices for the color cartons and flexo cartons for the three months ended March 31, 2012 were approximately $0.44 and $0.38, respectively, as compared to approximately $0.42 and $0.35, respectively, for the same period of 2011.

    Consumer and industrial goods manufacturing sectors are the Company's principal markets. The major customers remained home appliances and electronics manufacturers and food, beverage and cigarette manufacturers in the YRD, which accounted for 29.4% and 29.6%, respectively, of the revenues for the three months ended March 31, 2012.

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