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11.27.2012
Ahlstrom, a global high performance fiber-based materials company, updates its 2012 outlook for net sales and operating profit excluding non-recurring items after the Extraordinary General Meeting of the company approved the demerger of the Label and Processing business area.
Ahlstrom's Extraordinary General Meeting of the Shareholders today resolved to approve the demergers of the Label and Processing business in Europe and the Coated Specialties business in Brazil according to the respective demerger plans. Consequently, the Label and Processing business area will be classified as an asset held for distribution to owners and reported separately as discontinued operations in the Financial Statements Bulletin 2012.
Ahlstrom's view of the market environment remains unchanged. However, the outlook is only adjusted to reflect the resolution by the EGM to approve the demerger of the Label and Processing business area.
Ahlstrom now expects net sales from continuing operations to be EUR 960 -1,040 million and operating profit excluding non-recurring items from continuing operations to be EUR 22 - 32 million in 2012. Ahlstrom had previously estimated, including the Label and Processing business area, net sales to be EUR 1,550 - 1,630 million and operating profit excluding non-recurring items to be EUR 48 - 58 million.
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11.26.2012
Plastic bag manufacturers have taken their battle against Toronto's bag ban to a new level.
The Canada Plastic Bag Association has started a legal proceeding Nov. 19 in the Ontario Superior Court of Justice in Toronto against the City of Toronto.
"As Toronto City Council gave no notice, undertook no public consultation, carried out no due diligence, and received no advice prior to adopting the Plastic Bag Ban, the bag ban resolution ought to be quashed for having been passed in bad faith," noted CPBA spokesman Joe Hruska in a news release.
CPBA argues that Toronto's council did not get input from anyone who indicated the ban "would further the economic, social, and/or environmental well-being of the city or would protect the health, safety and well-being of any person."
The CPBA legal filing is the second notice of court action in less than a week. The Ontario Convenience Stores Association launched the first legal challenge Nov. 15.
CPBA is an ad hoc group recently formed to fight the ban, Hruska said in a telephone interview. It comprises bag producers and distributors throughout Canada. Its members supply single-service bags to supermarkets, department stores, discount stores, drug stores, convenience stores and other retail outlets.
The convenience stores association has retained high powered law firm McCarthy Tetrault of Toronto to prosecute its case. The association opposes the ban on the grounds the law is outside the city's jurisdiction and that it was rushed through without consultation.
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11.26.2012
Resolute Forest Products today announced plans to build an industrial wood pellet plant that will convert a currently underutilized residual material into a reliable source of renewable energy. Construction of the plant is expected to begin shortly and is scheduled for completion in 2014. The Company has signed a ten-year agreement to supply Ontario Power Generation with 45,000 metric tons of pellets annually.
The plant will be built adjacent to the Company's sawmill in Thunder Bay, Ontario, creating approximately 24 new jobs when fully operational and improving the long-term viability of the sawmill and the approximately 350 jobs that it supports.
"Wood pellets are a clean, renewable energy source, and together with other biofuel opportunities, a natural diversification target for Resolute," said Richard Garneau, President and Chief Executive Officer. "This project provides the opportunity to enhance the use of our existing asset base to produce biofuel for a strategic, committed consumer and allows the Company to gain valuable manufacturing experience in commercial biomass production."
Resolute will invest approximately C$10 million in the construction of the plant, adding to the investments of approximately C$120 million the Company has announced for its Ontario operations since 2011.
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11.26.2012
Woody biomass is becoming a major part of our renewable energy portfolio, with PEFC leading the discussion on necessary adaptions to strengthen the link between sustainable biomass and forest certification. “We already know a lot about how to manage our forests sustainably,” remarked Uwe Fritsche, IINAS, during his opening keynote address, “but the rise of forest derived bioenergy brings about new issues and challenges not yet considered in existing voluntary forest initiatives.”
The keynote address hinted at some of the inherent complexities and tough choices facing society as we transition towards a green economy. Forests provide a great renewable resource that can offer substitution for fossil fuels. But added demand on forest resources presents both opportunities and challenges to ensuring their sustainable management. Wise substitutions of our energy sources must deliver real and significant greenhouse gas emissions savings, requiring careful calculation across different time and spatial scales.
The event, held in Vienna, Austria, on 14 November, attracted nearly 150 participants and successfully brought together diverse representatives from the bio-energy and forest sectors. The event provided a timely opportunity for participants to hear from European Commission (EC) and the UK Government Department of Energy and Climate Change representatives on their renewable energy policies, targets and proposed criteria for sustainable solid biomass.
These new and proposed governmental regulations simultaneously stimulate demand for renewable energy sources (especially woody biomass) while potentially imposing new sets of requirements and safeguards on the land managers and upstream market actors. It is within this dynamic context of emerging regulations and sustainability requirements that forest sector and energy sector representatives were able to identify much common ground and potential for further collaboration.
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11.26.2012
Mondi, the international packaging and paper group, has received several international accolades from PPI and WWF International - one of the world´s largest conservation organisations. On 12 November this year, Mondi was announced the winner of the “Environmental Strategy of the Year 2012” award by PPI in recognition of its approach in managing the social, environmental, safety and health impacts of products through their life-cycle.
The PPI Awards recognise the achievements of companies, mills and individuals in the global pulp and paper sector. On the same evening, judges - including the managing director of the Confederation of European Paper Industries (CEPI) and economic advisor of Resource Information Systems Inc. (RISI) - awarded Mondi SCP in Slovakia the top prize for “Managing Risk and Safety 2012” and “Energy Improvements of the Year 2012”.
A few days later, WWF International announced Mondi as one of the winners of the “Environmental Paper Awards 2012” in the category ‘Transparency’ and the “Best Environmental Performance Paper Brands Award” for 100% recycled NAUTILUS® SuperWhite.
Emmanuelle Neyroumande, Manager of WWF International´s global pulp and paper work commented: "Mondi has been applauded by WWF for transparency on its environmental footprint, showing that the company takes their environmental and social responsibility seriously. We welcome that Mondi has published 92% of Mondi-branded uncoated fine papers on WWF's Check Your Paper database of eco-rated papers."
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11.26.2012
The second half of the year isn’t bringing any relief to the newspaper industry, with total advertising revenues falling 5.1% from $5.56 billion in the third quarter of 2011 to $5.27 billion in the third quarter of 2012.
Revenue declines were spread across all the major newspaper ad categories. National advertising fell 10.4% from $823 million to $738 million, retail was down 6% from $2.8 billion to $2.64 billion, and classifieds slipped 4.8% from $1.2 billion to $1.14 billion.
As in previous quarters, online ad revenues posted modest growth with a 3.6% increase from $733 million to $759 million.
For the year to date, total newspaper ad revenues fell 6.1% from $17.1 billion in the first nine months of 2011 to $16 billion. For the same period, national revenues are down 10.5% from $2.7 billion to $2.4 billion, retail fell 6.6% from $8.4 billion to $7.88 billion, and classifieds dipped 7.5% from $3.6 billion to $3.3 billion.
This is the 25th straight quarter of ad revenue declines, according to the NAA. From 2006-2011, total newspaper ad revenues plunged 51.5% from $49.3 billion to $23.9 billion.
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11.26.2012
Black Friday bled into Thanksgiving Day this year, as retailers competed for consumers’ holiday shopping dollars by offering Friday-after-Thanksgiving specials online on Thursday and many retail chains opened their stores on Thanksgiving night. But two reports released today make clear that e-commerce emerged as the winner on those two shopping days, making big gains while store sales were virtually unchanged from a year ago.
In-store sales actually decreased 0.18% for Thanksgiving Day and Friday—the day often referred to as Black Friday because of its boost to retailers’ profits—compared to the same two days in 2011, payment processor Chase Paymentech reported today, based on sales of its retailer clients. The number of transactions increased 0.15% but the average ticket in stores declined 0.33%, Chase reports.
But it was a very different story online. For Thursday and Friday combined e-retail sales increased 29.3% to $1.675 billion from $1.295 billion, reports comScore, which tracks the actual buying behavior of some 1 million online consumers in the U.S.
“Despite the frenzy of media coverage surrounding the importance of Black Friday in the brick-and-mortar world, we continue to see this shopping day become more and more prominent in the e-commerce channel—particularly among those who prefer to avoid crowds at the stores,” says comScore chairman, Gian Fulgoni, in commenting on the results. Thanksgiving Day online sales increased 32% to $633 million and Black Friday sales rose 26% to $1.042 billion, the first time e-retail sales eclipsed $1 billion on the day after Thanksgiving, comScore says.
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11.26.2012
Rather than camp out in front of Best Buy or Toys ‘R’ Us for their post-pie purchasing, many consumers opted for a more comfy venue to kick off their gift buying this Black Friday—the comfort of their couch. However, while online sales were up an impressive 20.7% this Black Friday compared to the day after Thanksgiving last year, shoppers spent less and purchased fewer items per order, says Jay Henderson, strategy program director for IBM.
The average order value for merchants was $181.22 yesterday, down about 4.7% from the same day last year. Average number of items per order also fell—to 5.6 per shopping trip—down 12% from last year. Henderson says part of this could be because many e-retailers lowered the minimum amount consumers had to purchase to qualify for free shipping.
When it comes to the most popular online shopping categories in terms of sales, home goods retailers led the way in sales growth, according to IBM, which tracks sales at its 500 e-retailer clients for its analysis. Home goods retailers posted a 28.2% increase in sales this Black Friday compared to last. Apparel retailers came in second with a 17.5% increase and department stores in third with sales up 16.8% over last year.
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11.26.2012
Oil declined from a three-session high in New York amid concern that Spain may postpone a request for a bailout while European finance chiefs meet today to discuss additional funds for Greece.
Futures dropped as much as 0.7 percent after gaining the most since October last week. Pro-independence parties in Spain’s Catalonia won a regional vote, strengthening a drive for a referendum on secession in defiance of the nation’s Prime Minister. European officials gather in Brussels today, less than a week after an all-night meeting failed to yield an agreement. Oil rose last week because of concern that fighting between Israel and Hamas and unrest in Egypt would spread and disrupt Middle Eastern crude supplies.
“It’s a really bad circle,” Michael Poulsen, an analyst at Global Risk Management in Middelfart, Denmark, said of Europe’s attempts to resolve the debt crisis. “The geopolitical risk premium is the major wild card in the weeks and months to come.”
West Texas Intermediate, or WTI, for January delivery fell as much as 64 cents, or 0.7 percent, to $87.64 a barrel on the New York Mercantile Exchange and was at $87.77 at 10:53 a.m. London time.
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11.26.2012
Domtar Corporation today confirmed the November 20 closing of its previously announced Definitive Purchase and Sale Agreement ("the agreement") signed by its Canadian subsidiary, Domtar Inc., for the sale of its hydro assets in Ottawa, Ontario and Gatineau, Québec. The purchaser is Chaudière Hydro L.P. ("Chaudière Hydro"), the newly-created affiliate of Energy Ottawa Inc.
The approximately $46 million transaction, after closing adjustments, includes Domtar's three power stations (21 MW of installed capacity), Domtar's water rights in the area, as well as the company's equity stake in the Chaudière Water Power Inc. (CWPI) ring dam consortium. With the closing of the agreement, the 12 workers currently operating the three power stations become employees of Chaudière Hydro.
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11.21.2012
Courier Corporation, one of America’s leading innovators in book manufacturing, publishing and content management, today announced fourth-quarter and full-year results for its fiscal year ended September 29, 2012.
Courier’s 2012 fiscal year had 53 weeks, with the extra week included in the fourth quarter. Fourth-quarter revenues in fiscal 2012 were $77.1 million, up 5% from $73.7 million in last year’s fourth quarter. Net income for the quarter was $5.7 million or $.50 per diluted share, including restructuring costs of $1.5 million or $.08 per diluted share primarily related to the writedown of an unutilized one-color press. Excluding those costs, fourth-quarter net income was $6.6 million or $.58 per diluted share. In fiscal 2011, fourth-quarter net income was $6.4 million or $.53 per diluted share including restructuring costs, and $6.5 million or $.54 per diluted share excluding those costs.
For fiscal 2012, Courier sales were $261.3 million, up slightly from $259.4 million in fiscal 2011. Net income was $9.2 million or $.77 per diluted share, including restructuring costs of $3.3 million or $.17 per diluted share as well as a first-quarter pretax gain of $0.6 million from the sale of certain non-operating assets. Excluding those items, net income for fiscal 2012 would have been $10.9 million or $.91 per diluted share. In fiscal 2011, Courier’s net income was $134,000 or $.01 per diluted share including restructuring costs, a bad-debt provision related to Borders Group Inc. and an impairment charge related to Research & Education Association in the wake of the Borders bankruptcy. Excluding those charges, net income for fiscal 2011 would have been $10.7 million or $.89 per diluted share. Details of the restructuring costs, impairment charges and other items for both years can be found in the tables at the end of this release.
“After another challenging year in a sluggish economy, we were pleased to have a strong finish,” said Courier Chairman and Chief Executive Officer James F. Conway III. “We were especially pleased to reap the growing benefits of our steady investments in four-color digital inkjet technology, innovative content management solutions for the education and trade markets, and global distribution capabilities on behalf of our largest religious customer.
“It was a year of strong growth at Courier Digital Solutions, where sales increased 48% in response to escalating demand for college textbooks customized to individual course requirements and schedules. But it was also a year of growth in trade book sales as publishers increasingly utilized digital printing in combination with offset to capture the full life-cycle potential of every title. Separate from this trend, we also saw an increase in four-color offset sales from new and existing customers.
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11.21.2012
HP today announced financial results for its fourth fiscal quarter and full fiscal year ended Oct. 31, 2012.
For the full year fiscal 2012, net revenue of $120.4 billion was down 5% from the prior-year period and down 4% when adjusted for the effects of currency.
Full-year GAAP loss per share was $6.41, down from diluted earnings per share (EPS) of $3.32 in the prior-year period. Full-year non-GAAP diluted EPS was $4.05, down 17% from the prior-year period. Full year non-GAAP earnings information excludes after tax costs of $20.7 billion, or $10.46 per diluted share, related to the impairment of goodwill and purchased intangible assets, restructuring charges, amortization of purchased intangible assets, charges relating to the wind down of non-strategic businesses and acquisition-related charges.
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11.21.2012
Books-A-Million, Inc. today announced financial results for the 13-week and 39-week periods ended October 27, 2012. Net sales for the 13-week period ended October 27, 2012, increased 11.0% to $104.7 million compared with sales of $94.4 million in the year-earlier period. Comparable store sales for the third quarter decreased 3.6%, compared with the 13-week period in the prior year. Net loss from continuing operations for the third quarter was $2.8 million, or $0.18 per diluted share, compared with net loss from continuing operations of $3.8 million, or $0.24 per diluted share, in the year-earlier period.
For the 39-week period ended October 27, 2012, net sales increased 12.2% to $338.2 million from net sales of $301.6 million in the year-earlier period. Comparable store sales declined 2.4% compared with the same period in the prior year. For the 39-week period ended October 27, 2012, the Company reported net loss from continuing operations of $5.6 million, or $0.37 per diluted share, compared with net loss from continuing operations of $10.1 million, or $0.64 per diluted share, in the year-earlier period.
Commenting on the results, Terrance G. Finley, Chief Executive Officer and President, said, “Sales for the third quarter reflect stabilization in our core book business and improvements in our toys & game, and other general merchandise sales. We are focused on the upcoming holiday season and bringing our customers an expanded offering of gifts across a broad range of categories; the best books, toys, tech and more.”
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11.21.2012
Oil rose on speculation that the conflict between Israel and the Palestinians of Gaza will disrupt crude supply from the Middle East. Prices advanced earlier after a report showed U.S. stockpiles declined.
Futures climbed as much as 0.8 percent after Egyptian plans to announce a cease-fire in Gaza fell through yesterday following a weeklong barrage of Palestinian rockets and Israeli airstrikes. The American Petroleum Institute said yesterday crude inventories fell for the second week in three. An Energy Department report today is forecast to show supplies increased.
“Until we get some further news from the Palestine-Israel situation, traders will probably trade from the long side,” Ole Hansen, senior manager of trading advisory at Saxo Bank A/S, said by phone from Copenhagen today. “There were increased hopes of a cease-fire in the Middle East yesterday. That has not really materialized.”
Crude for January delivery was at $87.22 a barrel, up 47 cents, in electronic trading on the New York Mercantile Exchange at 9:56 a.m. London time.
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11.21.2012
Seventy-five percent of marketers said they are bullish about growth prospects for digital and direct marketing, according to the Direct Marketing Association's Quarterly Business Review for the third quarter. The review is conducted is partnership with the Winterberry Group, a management consultancy.
The figure is up slightly from the second-quarter survey, in which 72% of respondents said they were bullish about growth prospects.
When asked to rate their confidence in the growth of digital and direct marketing on a scale of 1 to 5 (with 1 representing low confidence and 5 representing high confidence), respondents gave an average score of 3.91, up slightly from 3.85 in the second quarter.
The latest report was based on an online survey in October of 322 marketers who are members of the DMA.
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11.21.2012
Ahlstrom, a global high performance fiber-based materials company, has developed a PFOA-free* version of its Ahlstrom Coralpack range, a flexible packaging paper for direct wrapping and packing of numerous grease-containing food products, such as biscuits, pastries, coffee beans, fast food, take-away food, pizzas, popcorn for micro wave, butter & margarine, soup cubes and many more.
To produce grease resistant packaging papers, fluorochemicals are added in the paper production process. However, deriving from the production process of these fluorochemicals, trace amounts of PFOA can be found as an unintended impurity. In January 2006, the US Environmental Protection Agency (EPA) invited manufacturers of fluorochemicals to commit to reduce by 95% PFOA from their emissions and products content not later than by 2010 and to eliminate it totally by 2015.
To offer its customers a grease resistant paper free of this unintended impurity, Ahlstrom Group Product & Technology Development services have designed a new generation of grease resistant papers.
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11.21.2012
Resolute Forest Products today announced the indefinite idling of the kraft mill and paper machine number 5 (PM5) at its pulp and paper operation in Fort Frances, Ontario. The kraft mill has an annual production capacity of approximately 200,000 metric tons of market pulp, while PM5 has an annual capacity of 105,000 metric tons of groundwood specialty printing papers.
"The markets for these products are challenging and are expected to remain so. The kraft mill situation is particularly difficult given Fort Frances' operating configuration and the recent decision by a key customer to stop consuming the pulp supplied by Resolute to its mill," said Resolute's President and Chief Executive Officer, Richard Garneau. "Our kraft mill's drying capacity is limited to about 40 percent of its production capacity, making it impossible to continue operating the mill in a profitable manner."
Resolute is exploring alternative product possibilities for its Fort Frances pulp mill, which will be idled in a manner that will protect the equipment.
The idling of PM5 is driven by the decrease in consumption as well as the high value of the Canadian dollar.
"We will monitor market conditions closely and work with key stakeholders to explore ways to improve the mill's cost position," added Garneau.
The running down of fiber inventories and orderly shutdown of the Fort Frances kraft mill is expected to be completed by late November. PM5 will also continue to operate until late November. Approximately 239 employees will be impacted by the idling.
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11.20.2012
Chico's FAS, Inc. today announced its financial results for the fiscal 2012 third quarter and thirty-nine weeks ended October 27, 2012.
For the third quarter, the Company reported net income of $41.7 million, an increase of 57.4% compared to net income of $26.5 million in last year's third quarter, and earnings per diluted share of $0.25, an increase of 56.3% compared to $0.16 per diluted share in last year's third quarter. Excluding non-recurring acquisition and integration costs related to the Boston Proper acquisition, the Company's third quarter earnings per diluted share were $0.25, an increase of 38.9% compared to $0.18 per diluted share in last year's third quarter. These results represent the highest third-quarter earnings per share since 2005.
For the thirty-nine weeks ended October 27, 2012, the Company reported net income of $148.7 million, an increase of 28.4% compared to net income of $115.8 million in the same period last year, and record earnings per diluted share of $0.89, an increase of 34.8% compared to $0.66 per diluted share in the same period last year. Excluding non-recurring acquisition and integration costs related to the Boston Proper acquisition, the Company's earnings per diluted share for the thirty-nine weeks ended October 27, 2012 were a record $0.89, an increase of 30.9% compared to $0.68 per diluted share for the same period last year.
For the third quarter, net sales were $636.7 million, an increase of 18.2% compared to $538.5 million in last year's third quarter, reflecting comparable sales growth of 9.9%, square footage increase of 8.2%, and Boston Proper sales for seven incremental weeks of $16.7 million. The 9.9% increase in comparable sales for the third quarter was on top of a 3.7% increase in last year's third quarter, for a two-year stack of 13.6%, and reflected increases in both average dollar sale and transaction count. The comparable sales growth primarily reflected a positive customer response to the fall fashion assortments and the effectiveness of the Company's innovative marketing plans.
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11.20.2012
dELiA*s, Inc., a multi-channel retail company comprised of two lifestyle brands primarily targeting teenage girls and young women, today announced the results for its third quarter of fiscal 2012.
Third Quarter Fiscal 2012 Highlights:
Total revenue decreased 4.0% to $55.7 million from $58.1 million in the third quarter of fiscal 2011. Revenue from the retail segment decreased 2.8% to $35.2 million, due to a reduction in store count, partially offset by a comparable store sales increase of 2.4%. Revenue from the direct segment decreased 6.1% to $20.6 million on a catalog circulation decrease of 14.4%.
Consolidated gross margin increased to 33.9% compared to 32.3% in the prior year quarter.
Net loss was $2.0 million, or $0.06 per diluted share. Net loss for the third quarter of fiscal 2011 was $4.4 million, or $0.14 per diluted share.
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11.20.2012
TC Media is proud to announce that it received the Mobiz Business – Society Award for its P$ Mobile Service solution, developed in close collaboration with Stationnement de Montréal, at the 2012 Mobiz Awards held last Thursday night in Montreal. Presented during the MTL DGTL festival, the Mobiz Awards recognize the ingenuity and excellence of individuals or companies that stand out in the field of mobile solutions.
TC Media developed the P$ Mobile Service remote payment solution for Stationnement de Montréal, which was launched in June 2012. Motorists can now pay for their parking spots using the P$ Mobile Service app, available free for iPhone, BlackBerry(R) and Android™ devices, or online and through its mobile version, at pservicemobile.ca. The solution has been a smash hit from the moment it was introduced: already more than 76,000 people have downloaded the app, across all platforms, and the solution registers an average of 28,000 transactions a week, a number which is growing rapidly, for a total of more than 300,000 transactions since it was introduced.
"We are very happy to have won this prize, which is a credit to the talent and expertise of our mobile solutions team," said Bruno Leclaire, Senior VP, Digital Solutions at TC Media. "We are especially proud of P$ Mobile Service, a custom-designed mobile payment ecosystem originating entirely in Montreal, and designed and developed in-house at TC Media. Successful solutions like this are helping TC Media carve out a leading position in Canada's mobile industry."
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11.20.2012
Quad/Graphics, Inc. and Vertis Holdings, Inc. jointly announced today that the waiting period for antitrust review in relation to their proposed business combination expired at midnight on Friday, November 16, with no action taken by the Federal Trade Commission. The companies can now move forward with their proposed sale agreement, pending the receipt of Court approval and the completion of necessary integration plans.
Quad/Graphics and Vertis on October 10, 2012, announced the execution of an agreement through which Quad/Graphics will acquire substantially all of the assets comprising Vertis’ businesses. Vertis simultaneously filed voluntary petitions for Chapter 11 relief to complete the sale as efficiently as possible while maintaining continuity for its clients and employees. As part of the sale through the Chapter 11 case, Vertis and its advisors will evaluate any competing bids that may be submitted in order to ensure it receives the highest and best offer. Under procedures approved by the Bankruptcy Court, any competing bidders must submit their offers in accordance with the approved procedures by November 23, 2012, in order to be considered. Vertis has the support of its lenders with respect to the sale to Quad/Graphics.
Both companies currently anticipate the sale will be approved by the Bankruptcy Court on December 6, 2012, and will close in the first quarter of 2013. Vertis and Quad/Graphics will continue to operate separately and independently until Bankruptcy Court approval is received and the sale closes.
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11.20.2012
In a striking piece of research from Mindshare UK on behalf of the Professional Publishers Association, magazines were discovered to deliver higher ROI to advertisers than any other medium. The UK Business Planning Unit of Mindshare studied 77 campaigns with an ad spend of over £6 million. The results showed that ad pages were especially effective in creating high “bonding scores” for products, which are considered the strongest influence on purchase behavior.
The ROI on this metric beat out Web, TV and newspapers handily, the research finds, although results varied according to campaign. In fact, the budget for ad pages would have had to double before the ROI dropped to the same as TV. Generally the diminishing return scale and media reallocation analysis showed that sales on the advertised products increased as did the magazine spend.
According to reporting in Mediaweek UK, “Mindshare also discovered that the gains made by reallocating budget to magazines were far greater than the losses from the host medium.”
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11.20.2012
Following the success of its innovative Digital Paper Program and the introduction of high-performance inkjet web papers, it is with great excitement that Finch Paper announces a solution for businesses seeking better, more consistent printed color.
FIT Color Management and Workflow Services, denoting Fluid + Ink + Toner, leverages the company’s technical knowledge surrounding color-managed workflows and ICC color profiles across printing platforms. “Fluid” refers to inkjet presses using aqueous inks, “Ink” refers to traditional offset presses, and “Toner” refers to digital production printing presses. The ultimate challenge is to have consistent, predictable color results across all three platforms.
Through on-site consultations, the technical experts at Finch look at the entire process — from design to finishing — adjusting color settings and workflow to hit the color mark from run to run and machine to machine while lowering the total cost of print.
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11.20.2012
Cascades is the proud recipient of a 2012 Green Supply Chain Award for its sustainable approach to its supply chain. It will be listed along with other award winners in the December issue of the American magazine Supply & Demand Chain Executive, specialists in the supply chain sector for over 10 years.
The Green Supply Chain Award recognizes companies who make sustainability a core part of their supply chain strategy, and work to achieve measurable sustainability goals within their own operations and supply chains. It also recognizes providers of supply chain solutions and services who assist their customers in achieving measurable sustainability goals.
Cascades was recognized for its closed-loop business process with its Cascades Recovery Division, for its collaboration with sustainable supply chain management company EcoVadis, and for its annual presentation of the Sustainable Supplier Award honoring its distribution partners' role in advancing sustainability.
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11.20.2012
Oil slid from the highest level in a month in New York on signs that yesterday’s gains were excessive, given speculation stockpiles rose for a third week in the U.S., the world’s largest consumer of crude.
West Texas Intermediate dropped as much as 0.8 percent after climbing 2.7 percent. Crude inventories in the U.S. probably increased by 1 million barrels last week, a Bloomberg News survey showed before an Energy Department report tomorrow. Prices surged yesterday as Israeli ground forces prepared to enter the Gaza Strip for the first time in almost four years.
“The market remains well-supplied,” Carsten Fritsch, an analyst at Commerzbank AG in Frankfurt who forecasts WTI futures will rise above $90 a barrel before the end of the year, said by phone. “The bias is upwards due to supply risks and geopolitical tensions. The risk of an Israeli invasion into the Gaza strip is still there.”
Crude for January delivery fell as much as 75 cents to $88.53 a barrel in electronic trading on the New York Mercantile Exchange. It was at $89.07 at 11:46 a.m. London time.
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11.20.2012
RDA Holding Co., parent company of The Reader’s Digest Association, Inc., the global multi-brand and multi-platform media and direct marketing company, announced today its financial results for the third quarter ended September 30, 2012.
Revenue decreased $82.3 million to $230.1 million, a decline of 26.3% from the 2011 quarter. The revenue declines were primarily due to a lower active customer base on our books and home entertainment products and a reduction in promotional investment across many of our markets in Europe and Asia. Our revenue declines were also due to lower sales on some of our book product lines in North America, the sale of the Every Day with Rachael Ray publication in October 2011 and declining subscription renewals on certain of our magazine titles.
Third quarter operating loss was $100.1 million, which reflects an impairment charge of $85.0 million. Excluding impairment charges in both comparable periods, operating loss decreased $25.9 million to $15.1 million, a decrease of 63.2% from the 2011 quarter. The decrease in operating loss was primarily the result of the sale of the Every Day with Rachael Ray publication, as well as a reduction in promotional investments and overhead cost savings related to our 2011 restructuring initiatives.
EBITDA for the quarter was negative $8.9 million, compared to negative $6.0 million in the 2011 quarter, which has been adjusted to exclude discontinued operations, as well as the Every Day with Rachael Ray publication.
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11.20.2012
Urban Outfitters, Inc., a leading lifestyle specialty retail company operating under the Anthropologie, BHLDN, Free People, Terrain and Urban Outfitters brands, today announced net income of $60 million and $155 million for the three and nine months ended October 31, 2012, respectively. Earnings per diluted share were $0.40 and $1.06 for the three and nine months ended October 31, 2012, respectively.
Total Company net sales rose by 14% over the same quarter last year to $693 million. Comparable retail segment net sales, which include our comparable direct-to-consumer channel, increased by 8% for the quarter, while comparable store net sales decreased by 1%. Comparable retail segment net sales at Free People, Urban Outfitters and Anthropologie increased by 24%, 7% and 6%, respectively, for the quarter. Direct-to-consumer net sales increased by 36% and wholesale segment net sales rose by 7% for the quarter.
"Favorable customer response to our product offerings and better marketing resulted in record third quarter sales and significant margin improvement," said Chief Executive Officer, Richard A. Hayne. "We see this trend continuing into the fourth quarter which bodes well for our Holiday season," finished Mr. Hayne.
For the three months ended October 31, 2012, the gross profit rate improved by 222 basis points versus the prior year's comparable period. The increase in gross profit rate was primarily due to a reduction in merchandise markdowns. For the nine months ended October 31, 2012, the gross profit rate improved by 29 basis points versus the prior year's comparable period. The increase in the rate was primarily due to a reduction in merchandise markdowns partially offset by the deleverage of store occupancy costs related to the negative comparable store net sales.
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11.20.2012
Best Buy Co., Inc. today announced a GAAP net loss from continuing operations of $13 million, or $0.04 per share, for the three months ended November 3, 2012 compared to net earnings from continuing operations of $173 million, or $0.47 per diluted share for the prior-year period. Excluding previously announced restructuring charges, adjusted (non-GAAP) net earnings from continuing operations for the third quarter of fiscal 2013 were $10 million, or $0.03 per diluted share compared to $173 million and $0.47 for the prior-year period. Comparable store sales were down during the quarter and adjusted (non-GAAP) operating income declined significantly.
Excluding restructuring charges primarily related to previously announced store closures, the Domestic segment operating income for the three months ended November 3, 2012 declined to $50 million ($16 million on a GAAP basis) from $249 million in the prior-year period. The decline was due to a lower gross profit rate, higher SG&A expense and lower revenue.
The Domestic segment revenue was $7.7 billion and declined 4.7 percent compared to the prior year period. The Domestic segment revenue decline reflected a 4.0 percent comparable store sales decline and the impact of store closures.
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11.19.2012
Hastings Entertainment, Inc., a leading multimedia entertainment retailer, today reported results for the three and nine months ended October 31, 2012. Net loss was approximately $8.0 million, or $0.98 per diluted share, for the three months ended October 31, 2012 compared to a net loss of approximately $5.5 million, or $0.65 per diluted share, for the three months ended October 31, 2011. Net loss was approximately $10.5 million, or $1.28 per diluted share, for the nine months ended October 31, 2012 compared to net loss of $9.2 million, or $1.07 per diluted share, for the nine months ended October 31, 2011.
Fiscal year 2011 net loss numbers included tax benefits of $3.9 million for the three months ended October 31, 2011 and $4.7 million for the nine months ended October 31, 2011. There were no tax benefits for the current quarter and current year to date due to the valuation allowance that was established in the fourth quarter of fiscal 2011. For further details on the valuation allowance, see the comment on income tax expense in the section covering financial results for the nine months ended October 31, 2012. Pre-tax loss decreased approximately $1.4 million to $8.0 million for the three months ended October 31, 2012, compared to a pre-tax loss of $9.4 million for the three months ended October 31, 2011. Pre-tax loss decreased approximately $3.5 million to $10.4 million for the nine months ended October 31, 2012, compared to a pre-tax loss of $13.9 million for the nine months ended October 31, 2011.
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11.19.2012
UPS today released new published rates for 2013, including an average net increase of 4.5 percent on all UPS Air and U.S. origin international services and 4.9 percent on UPS Ground services.
The rate increase for UPS Air and International Services is based on a 6.5 percent average increase in the base rate, less a two percentage point reduction to the Air and International fuel surcharge table. The rate increase for UPS Ground services is based on a 5.9 percent average increase in the base rate, less a one percentage point reduction to the Ground fuel surcharge table.
Additionally, UPS Next Day Air Freight, UPS 2nd Day Air Freight and UPS 3 Day Freight rates for shipments within and between the U.S., Canada and Puerto Rico will increase 4.9 percent.
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11.19.2012
Today the Postal Regulatory Commission approved the U.S. Postal Service’s request to raise prices for market dominant products finding that the new prices are at or below the Consumer Price Index (CPI) cap of 2.570 percent and meet all other statutory requirements.
There is one exception. In reviewing the price proposals for compliance with Commission directives and orders, the Commission found that the Postal Service’s proposed Standard Mail Flats prices fail to satisfy the applicable directives given to the Postal Service in the FY 2010 Annual Compliance Determination. The Commission has remanded the Standard Mail rates to the Postal Service for compliance with its longstanding Order.
The Commission has granted the Service 10 days to decide on its own how to modify its Standard Mail prices. The Commission will also allow an opportunity for the public to provide comments on the revisions the Postal Service proposes.
Price increases will affect rates for all market dominant products: First-Class Mail, Periodicals, Package Services, and Special Services. Single-piece First-Class Mail will increase from 45 cents to 46 cents. The price of a postcard will increase from 32 cents to 33 cents. The new International Forever Stamp will cost $1.10. The Commission also approved several mail classification changes that primarily affect Special Services.
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11.19.2012
The city council of Portland, Ore., voted to expand the city's one-year old plastic bag ban, voting 5-0 to phase out plastic checkout bags at an estimated 5,000 restaurants and retailers.
The ban will impact retailers larger than 10,000 -sq.-ft. on March 1, 2013, and the remaining retailers on October 1, 2013. Portland's 2011 rule affected fewer than 200 businesses.
Retailers will still be able to provide plastic bags for bulk items, produce, meats, dry cleaning and prescription drugs.
Mark Daniels, chair of the American Progressive Bag Alliance, an organization representing the United States' plastic bag manufacturing and recycling sector, which employs 30,800 workers in 349 communities across the nation, issued the following statement in response to the vote:
"Portland residents will be forced to purchase even more reusable bags which cannot be recycled, are predominately imported from China, and have been proven to harbor dangerous bacteria. Those interested in real solutions to reducing litter and protecting the environment should pursue scientifically sound, common sense policies – ones that encourage a comprehensive statewide recycling solution that address all forms of plastic bags, sacks and wraps – instead of targeting one product that makes up a fraction of a percent of the waste stream."
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11.19.2012
U.S. e-commerce sales reached $56.99 billion in the third quarter, up 17.3% from $48.59 billion for the same period a year ago, according to figures released today by the U.S. Department of Commerce. Third quarter 2011 e-commerce sales increased 3.7% from $54.94 billion in the second quarter, according to the department’s seasonally adjusted estimates.
The 17.3% growth posted for the third quarter follows three quarters when e-retail sales growth hovered just above 15%. The last time e-commerce sales growth was greater than 17% was in the first quarter of 2011, when growth clocked in at 17.2%.
E-commerce accounted for approximately 5.2% of total retail sales excluding foodservice—mainly restaurant and bar sales—during the three months ended Sept. 30, up from 4.7% in the third quarter of 2011 and 5.1% from the second quarter of 2012, the Commerce Department says.Total retail sales excluding foodservice during the third quarter totaled $1.09 trillion.
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11.19.2012
Facebook is planning to help direct marketers do what they love to do most: track who is responding to specific ads and in exactly what fashion.
Currently in beta, Facebook's new measurement tool is headed for a December launch as part of Facebook's Optimized CPM bidding system. Marketers will be able to set up the system themselves from the network's Ad Manager page by adding snippet of code to any page on their websites. When a product page or checkout page, for instance, is loaded by a customer who has clicked on a Facebook ad, the conversion gets counted in Ad Manager in any number of configurations predetermined by the advertiser.
“This is not click-through-based, it's action-based, and the advertiser determines what the action is—add to cart, registration page, checkout page,” says Facebook product manager David Baser. “You can track individual ads and monitor which users saw the ad and who converted, and use that data to tailor campaigns to specific segments.”
Baser says the new service is a response of direct marketers' desire to measure customer acquisition rates versus simple click-throughs. Fab.com, an online retailer of high-design merchandise, reported a 39% reduction in cost per acquisition in a beta test of the service. Baser claimed that the figure was near the average for all test participants.
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11.19.2012
Oil advanced to the highest level in more than a week in New York amid concern that Middle East unrest will disrupt supply and speculation the U.S. will avert automatic spending cuts and tax rises that threaten to throw the nation into recession.
West Texas Intermediate futures climbed to more than $88 a barrel, extending two weeks of gains. Israel will continue to attack Gaza and may intensify operations, Defense Minister Ehud Barak said. U.S. President Barack Obama is “confident” of a deal on the so-called fiscal cliff, he said after Nov. 16 talks with congressional leaders.
“Geopolitical tensions in the Middle East are not good news for the energy markets,” Fatih Birol, chief economist at the International Energy Agency, said in an interview in Oslo. “Any geopolitical event may well increase the upward pressure on prices.”
Crude for January delivery rose as much as $1.13, or 1.3 percent, to $88.05 a barrel in electronic trading on the New York Mercantile Exchange, the highest since Nov. 7. Futures were at $87.95 at 11:52 a.m. London time. Front-month prices are down 11 percent this year.
Brent for January settlement gained as much as $1, or 0.9 percent, to $109.95 a barrel on the ICE Futures Europe exchange in London.
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11.19.2012
Ahlstrom, a global leader in high performance fiber-based materials, publishes today pro forma financial information for 2011 and January-September 2012 to illustrate the financial impact of the planned combination of Ahlstrom's Label and Processing business and Munksjö AB (the "Transaction") on Ahlstrom's continuing operations. Ahlstrom is also seeking to find ways to improve its cost structure and adjust its operations to reflect the future size, scope and cost structure of the company following the planned transaction with Munksjö.
During the past years, Ahlstrom has systematically executed its strategy in order to focus its operations in areas that offer the most attractive growth opportunities. The company has chosen to focus on advanced technologies and products that protect people, purify air and liquids, and provide surface and structure to its customers' products. In addition to reinforcing Ahlstrom's leadership in filtration, the company aims to grow in high performance fiber-based materials for building, food and beverages packaging and medical applications.
The combination of the Label and Processing business area with Munksjö AB through two partial demergers is the latest and most significant step in the process of refocusing Ahlstrom. The Transaction enables the company to focus exclusively on its value-added business areas: Building and Energy, Filtration and Food and Medical. The terms and conditions of the proposed transaction were published in a separate stock exchange release on August 28, 2012.
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11.19.2012
The American Forest & Paper Association released its October 2012 Kraft Paper Sector Statistics Report today.
Total Kraft paper shipments were 128.3 thousand tons, a decrease of 5 percent compared to the prior month. Total inventory was 72.9 thousand tons this month. Both unbleached and bleached Kraft shipments decreased year over year.
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11.19.2012
The American Forest & Paper Association released its October 2012 U.S. Paperboard Statistics Report today.
Total boxboard production increased by 2.6 percent compared to October 2011 and increased 0.5 percent from last month. Unbleached Kraft Boxboard production decreased over the same month last year and decreased compared to last month. Total Solid Bleached Boxboard & Liner production increased compared to October 2011 and increased compared to last month. The production of Recycled Boxboard increased compared to October 2011 and increased when compared to last month.
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11.19.2012
The American Forest & Paper Association released its October 2012 U. S. Containerboard Statistics Report today.
Containerboard production rose 2.6 percent over September 2012 and 0.5 percent compared to the same month last year. The month-over-month average daily production decreased 0.7 percent. The containerboard operating rate for October 2012 gained 0.1 points over September 2012, increasing from 96 percent to 96.1 percent.
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11.19.2012
Adobe Systems Incorporated today released its Adobe® Digital Index 2012 Online Shopping Forecast focused on the 2012 holiday shopping season in the U.S. and Europe. The Digital Index analyzed more than 150 billion website visits to more than 500 Adobe retail customers over the past six years in order to forecast sales growth figures and online shopping spikes for the upcoming season. Using predictive analytics technology, the Adobe Marketing Cloud can sift through massive amounts of historical data from the Web’s top retailers to identify patterns and algorithmically predict future results.
Adobe expects Cyber Monday 2012 online revenue for the retail sector to reach $2 billion, growing by 18 percent year-over-year. The company’s data analysis also predicts strong purchasing activity from mobile devices, with mobile representing 21 percent of total online sales this holiday, an increase of 110 percent over last year. Adobe’s online shopping predictions and actual results will also be available on an ongoing basis via a new interactive website that will continuously monitor and update online purchasing data as-it-happens throughout the season. The Adobe Digital Index 2012 Online Shopping Forecast infographic and interactive website can be accessed at http://adobe.com/go/onlineshopping.
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11.19.2012
Resolute Forest Products has certified an additional 3.5 million hectares (8.6 million acres) of Company-managed forestlands in Quebec to Forest Stewardship Council® (FSC) standards. These new certifications raise the total area of Resolute tenures that are FSC-certified in North America to 15.8 million hectares (39 million acres), an area larger than Greece and twice the size of Ireland.
The newly-certified areas include 2.2 million hectares (5.4 million acres) in the Baie-Comeau region of Côte-Nord and 1.3 million hectares (3.2 million acres) in the Senneterre region of Abitibi, the latter representing a joint certification with Tembec. The combined area is equivalent in size to Belgium.
Resolute has committed to increasing FSC certification of its forest tenures from 18% in 2010 to 80% in 2015. As of today, the Company has certified approximately 65% of its forests to FSC standards. 100% of the forests managed by Resolute are already certified to at least one of three internationally-recognized responsible forest management standards - FSC, Canadian Standards Association (CSA Z809) and Sustainable Forestry Initiative® (SFI).
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11.19.2012
Atlantic Packaging Products has announces plans to open the first high-performance lightweight recycled paper mill in North America. The company plans to re-open their Whitby, Ont., mill in March of 2013. The former newsprint mill has been upgraded with technology that will allow Atlantic Packaging to produce 100% recycled lightweight paper used to manufacture high-performance corrugated packaging products.
According to Atlantic Packaging, recycled lightweight paper has available in Europe for many years. The paper is made using less fibre and is enhanced for strength. The result is a much lighter, stronger and more sustainable product.
Dave Boles, president of Atlantic Packaging, says, “In North America, the term lightweight has been primarily used in reference to the basis weight of the paper, with little or no emphasis on strength. What we're talking about is a disruptive technology that is capable of producing low basis weights (lighter paper) with sustainability and strength characteristics unlike anything in corrugated packaging today."
Boles continues, “Sustainability objectives from large retailers are driving the industry forward, and soon Atlantic will be in a position to provide our customers with the most sustainable corrugated packaging option available in North America."
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11.16.2012
AAA’s Fuel Gage Report as of 11/16/12
National Unleaded Regular:
Current Average - $3.430/gallon
Month Ago Average - $3.756/gallon
Year Ago Average - $3.402/gallon
Highest Recorded Average - $4.114/gallon on 7/17/08
Diesel:
Current Average - $3.994/gallon
Month Ago Average - $4.138/gallon
Year Ago Average - $3.983/gallon
Highest Recorded Average - $4.845/gallon on 7/17/08
Current Exchange Rates as of 11/16/12
American Dollar to Canadian Dollar = 0.998773
American Dollar to Chinese Yuan = 0.160269
American Dollar to Euro = 1.274321
American Dollar to Japanese Yen = 0.012328
American Dollar to Mexican Peso = 0.075567
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11.16.2012
Consolidated sales for the three-month period ended September 29, 2012, were $443 million, as compared to $421 million in the comparable period of the prior year. The Company generated a net loss of $47 million or $0.47 per share in the September 2012 quarter compared to a net loss of $17 million or $0.17 per share in the September 2011 quarter. The most recent quarter results include a non-cash asset impairment charge of $50 million relating to the recently idled Chetwynd, British Columbia, pulp mill. Operating earnings before depreciation, amortization and other items (adjusted EBITDA) was $23 million for the three-month period ended September 29, 2012, as compared to adjusted EBITDA of $19 million a year ago and adjusted EBITDA of $27 million in the prior quarter.
For the fiscal year ended September 29, 2012, consolidated sales were $1.7 billion, unchanged from the prior year. The Company generated a net loss of $82 million or $0.82 per share compared to a net loss of $5 million or $0.05 per share in fiscal 2011. Adjusted EBITDA was $64 million compared to $98 million in the prior year.
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11.16.2012
The PPI (Pulp & Paper International) Awards are the only global awards dedicated to recognising achievements in the pulp and paper sector. The winners were announced at the Awards dinner in Brussels on November 12th.
Smurfit Kappa won in the ‘Advances and Innovation in Sustainable Packaging’ category for the Eco Tray, a corrugated tray that offers a green alternative to traditional polystyrene and plastic trays.
As consumer packaging in the fruit and vegetable market has traditionally been dominated by polystyrene trays, Smurfit Kappa developed a thermo formed corrugated board solution which can be applied to this market as well as other sectors. The Eco Tray is 100% recyclable, optimises storage space and leads to savings on CO2 emissions. Moreover, as it is suitable for flexographic print, high quality print and pre-print, it can be customised to fit the customer’s wishes.
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11.16.2012
R. R. Donnelley & Sons Company today announced that its RRD ActiveDisclosureSM system has been recognized as a winner in the 2012 Ventana Research Technology Innovation Awards. RR Donnelley earned the top spot in the governance, risk and compliance (GRC) technology category, which honors innovation that advances business and IT. The RRD ActiveDisclosure system makes the disclosure management process faster and easier to give financial reporting professionals and C-level executives more time to focus on business-critical activities.
The Securities and Exchange Commission's XBRL filing regulations present a challenge to enterprises, leading many to evaluate their processes for external reporting. As companies explore more efficient disclosure management solutions, they can rely on the RR Donnelley team and the RRD ActiveDisclosure system to facilitate filing, XBRL tagging, and workflow and content management. The cloud-based solution lets teams draft, collaborate on and finalize SEC disclosures and other filing requirements in-house.
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11.16.2012
All You, a Time Inc. magazine targeted at value-conscious female Wal-Mart shoppers, is introducing more reader-generated content as part of a new editorial treatment beginning with its December issue, which hits Wal-Mart newsstands on Friday.
The December issue introduces a new editorial feature, “Real Talk,” which highlights readers’ tips and reviews and answers reader questions. Comments from Facebook, bloggers, and the All You Web site are also showcased throughout the magazine.
On the advertising front, the magazine’s “Reality Checkers” -- a group of around 50,000 readers who have opted in for dialogue with the magazine’s editors and advertisers -- are encouraged to test products and share reviews, which may then appear in ads in the magazine.
All You is expanding the reach of user-generated content created by Reality Checkers by encouraging them to share their reviews across social networks. The magazine brand currently has around 300,000 Facebook fans, while traffic to the Web site increased to 1.7 million unique visitors in October -- its best performance for the year so far.
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11.16.2012
Viacom's U.S. and worldwide advertising had a bit of a setback in its fiscal fourth-quarter 2012 period.
Domestic advertising revenues declined 6% and worldwide advertising revenues decreased 7%. For the full year, domestic advertising dropped 4%.
Chief reason: Viacom's kids' network Nickelodeon has seen some steep declines in ratings for the better part of 2012 -- around 30% -- after Nielsen's TV metrics in fall 2011 showed a sudden decline in viewers.
But Anthony DiClemente, media analyst of Barclays Capital, says that for the most part, these results were expected. He writes, Nick has made some gains with a new version of "Teenage Mutant Ninja Turtles."
"As the data continues to improve, Nick ratings are down just 13% in the [fiscal first quarter] to date. We expect another quarter of sequential improvement in the advertising growth rate, barring any commentary from management on the ad environment during the call."
In that call with analysts, Philippe Dauman, president and CEO of Viacom, says scatter market pricing is higher -- in the mid-teen percentages versus the mid-single-digit gains during the period a year ago.
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11.16.2012
IWCO Direct, a leading national provider of direct marketing solutions, has launched a completely revamped website along with its industry-leading SpeakingDIRECT blog. The site helps convey the company’s unwavering commitment to enhance their customers’ marketing performance across all channels through the use of proven and powerful direct mail programs. The site’s innovative responsive design reflects the new reality of when, where and how people work today. It provides customers with easier access to current information about IWCO Direct’s postal strategy, creative services, direct mail services and Mail-Gard® critical communications recovery services, whether working from their desktop or from one or more mobile devices.
“The big idea behind our new approach is this: direct mail powers cross-channel marketing programs, drives audiences to action and improves performance across the board – from broadcast and traditional print advertising to social media, email campaigns and other digital channels,” said Jim Andersen, IWCO Direct chief executive officer. “Just as we focus on providing the high-speed technology solutions that allow our customers to leverage direct mail as a powerful component of their marketing mix, we want our voice in the industry to be equally fresh, focused and technologically relevant.”
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11.16.2012
The U.S. Postal Service ended the 2012 fiscal year (Oct. 1, 2011 – Sept. 30, 2012) with a record net loss of $15.9 billion, compared to a net loss of $5.1 billion for the same period last year. The loss included expenses of $11.1 billion related to two payments to prefund retiree health benefits. The Postal Service, which is uniquely required by law to prefund these obligations, was forced to default on these payments.
Resolving the prefunding requirement, which made up 70 percent of the net loss, and providing more commercial flexibility to allow the Postal Service to manage its business, are among legislative changes needed for USPS to fully implement its business plan to return to financial stability.
“It’s critical that Congress do its part and pass comprehensive legislation before they adjourn this year to move the Postal Service further down the path toward financial health,” said Postmaster General and CEO Patrick Donahoe. “We continue to do our part to grow revenue and reduce expenses by making our operations more efficient and by providing our customers with new and expanded services to meet their mailing and shipping needs. Additionally, through the expanded use of technology, including better use of digital tools and mobile technology, we are providing business mailers with new opportunities to connect with customers in a more individualized way.”
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