Paperclips Blog | RR Donnelley Results

10.25.2012
Amcor releases its 2012 Sustainability Report

As a global leader in the packaging industry, Amcor has a vital role to play in creating a sustainable future. For several years, Amcor has been internationally recognised as a sustainability leader, with inclusion in the Dow Jones Sustainability Index (Asia Pacific index), the FTSE4Good Index and the Carbon Disclosure Leadership Index (Materials sector, Australian and New Zealand Region). In 2012 Amcor’s approach to sustainability was recognised at the Ethical Investor Australian Sustainability Awards where Amcor received the Environment Award.

Amcor’s approach to sustainability is driven by the company’s operating model, our risk management framework and our key stakeholder interests. The Report outlines our efforts in the five key areas of economy, marketplace, environment, workplace and community.

The Report also demonstrates how Amcor’s sustainability risks and opportunities are identified, prioritised and managed, supporting Amcor’s adherence to the Australian Securities Exchange (ASX) Corporate Governance Council’s Principles of Good Corporate Governance and Best Practice Recommendations – specifically Principle 7 (Recognise and Manage Risk).

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10.25.2012
U.S. Study Reveals Online Marketing is Failing with Consumers

Digital marketing is not meeting the needs of consumers according to new research released today from Adobe Systems Incorporated (Nasdaq:ADBE). The U.S. study, Click Here: The State of Online Advertising exposes new insights into the beliefs of both consumers and professional marketers that traditional marketing is still more effective than online marketing. The research is based on interviews with a nationally representative sample of 1,000 consumers and 250 professional marketers.

The study revealed that two-thirds of consumers believe that television commercials are more effective than online advertising and that online banner ads do not work (54%). Further, respondents prefer to view advertising in their favorite print magazine (45%) or while watching their favorite TV show (23%) compared to the stark 3% who state they prefer to view ads via social media and 0% who like ads in an app.

Attitudes toward online advertising were overwhelmingly negative, with a large percentage of consumers saying they found online ads to be “annoying,” “distracting” and “all over the place.” While advertising created by pros is widely seen as the most effective form of advertising, 27% of marketers and 28% of consumers believe that user-generated content is the best form of online advertising.

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10.25.2012
1-800-FLOWERS.COM® Reports Top and Bottom Line Growth from Continuing Operations for its Fiscal 2013 First Quarter

1-800-FLOWERS.COM, Inc., the world's leading florist and gift shop, today reported revenue growth of 3.1 percent to $120.9 million from continuing operations for its fiscal 2013 first quarter ended September 30, 2012, compared with revenues from continuing operations of $117.2 million in the prior year period. The Company said the revenue growth for the quarter — typically the Company's smallest in terms of revenue due to the lack of gifting holidays during the summer months — was driven by its Consumer Floral division, which increased 3.8 percent to $72.8 million, and its BloomNet business which increased 6.8 percent to $19.8 million, with revenues essentially unchanged in its Gourmet Food and Gift Baskets business compared with the prior year period.

Gross profit margin from continuing operations for the quarter increased 140 basis points to 41.1 percent, compared with 39.7 percent in the prior year period. This growth reflects strong gross margin performance across all three of the Company's business segments including increases of 80 and 350 basis points in its Consumer Floral and BloomNet businesses, respectively. Operating expense ratio during the quarter was 46.4 percent compared with 46.3 percent in the prior year period.

The combination of these factors resulted in an improvement of $700,000 in EBITDA from continuing operations (excluding stock-based compensation expense of $1.0 million) to a loss of $1.0 million, compared with a loss of $1.7 million in the prior year period. EPS from continuing operations for the quarter improved $0.01 per share to a loss of $0.07 per share, compared with a loss of $0.08 per share in the prior year period.

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10.25.2012
IP to Expand Global Corrugated Packaging Platform In Brazil

International Paper and Brazilian corrugated packaging producer Jari Celulose, Embalagens e Papel S/A, a Grupo Orsa company, have entered into an agreement to form a joint venture which will support IP's strategy of growing its global packaging presence and better serving its global customer base. Jari's industrial packaging assets, including three containerboard mills and four box plants, will be separated from its pulp and forestry businesses and transferred to a newly formed company in which IP will hold a 75 percent stake. IP's investment in the joint venture will be BRL 952 million, or approximately $470 million at today's exchange rate.

"This partnership fits well with International Paper's strategy to globally grow our corrugated packaging business in strategic regions of the world," said John Faraci, Chairman and Chief Executive Officer. "We are excited about Brazil's growing market and this investment provides us with an attractive position with a strong return on investment."

With an agreement now in place, the companies expect to finalize the transaction early in the first quarter of 2013, subject to various closing conditions and governmental approvals.

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10.25.2012
Avery Dennison Announces Third Quarter 2012 Results

Avery Dennison Corporation today announced preliminary, unaudited third quarter 2012 results. All non-GAAP financial measures referenced in this document are reconciled to GAAP in the attached tables. Unless otherwise indicated, the discussion of the company’s results is focused on its continuing operations.

“In the third quarter, we delivered the strongest organic sales growth since first quarter 2011,” said Dean Scarborough, Avery Dennison chairman, president and CEO. “Continued top-line momentum in Pressure-sensitive Materials and a rebound in Retail Branding and Information Solutions’ core business, as well as accelerating adoption of RFID, drove better than expected earnings for the quarter. As a result, we raised our guidance for full-year earnings per share.

Pressure-sensitive Materials segment sales increased approximately 7 percent. Within the segment and compared to prior year, Label and Packaging Materials sales increased high single digits, and Graphics and Reflective Solutions sales increased mid-single digits.
Operating margin declined 30 basis points to 7.4 percent due to higher employee-related expenses, the impact of changes in product mix, and higher restructuring costs, partially offset by the benefit of higher volume and productivity initiatives. Adjusted operating margin improved 40 basis points.

Sales increased approximately 7 percent compared to prior year driven by increased demand from U.S. and European retailers and brands, including accelerating RFID adoption.
Operating margin improved 210 basis points to 2.8 percent as the benefit of productivity initiatives, higher volume, and lower restructuring costs more than offset higher employee-related expenses and the impact of changes in product mix. Adjusted operating margin improved 90 basis points.

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10.25.2012
Oil Falls for Fifth Day as Inventories Increase

Oil in New York traded near the lowest close since July after U.S. inventories rose more than forecast and fuel demand dropped.

Prices were little changed after five days of losses, the longest decline in five months. The Energy Department said crude stockpiles jumped 5.9 million barrels last week, more than three times the median 1.8 million gain forecast by analysts in a Bloomberg News survey. Gasoline demand fell to a seven-month low, and the Federal Reserve said unemployment remains elevated.

“Inventory data overnight was a lot more bearish than expected,” said Michael McCarthy, a chief market strategist at CMC Markets in Sydney. The Fed’s comments “added to a general risk-off tone to the markets overnight,” he said.

Crude for December delivery was at $86.05 a barrel in electronic trading on the New York Mercantile Exchange, up 32 cents, at 1:30 p.m. Singapore time. The contract settled at $85.73 yesterday, the lowest since July 10. Prices are down 13 percent this year.

Brent oil for December settlement on the London-based ICE Futures Europe exchange was at $108.12 a barrel, up 27 cents. The European benchmark crude was at a premium of $22.05 to New York-traded West Texas Intermediate grade, from $22.12 yesterday.

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10.25.2012
Rayonier Reports Third Quarter 2012 Results

Rayonier today reported third quarter net income of $81 million, or 62 cents per share, compared to $105 million, or 84 cents per share, in the prior year period. The 2011 results included a $16 million tax benefit from the reversal of a reserve relating to the taxability of the 2009 alternative fuel mixture credit (AFMC). Excluding this benefit, 2011 third quarter net income was $89 million, or 71 cents per share.

Year-to-date 2012 net income totaled $203 million, or $1.58 per share, compared to $220 million, or $1.75 per share, in 2011. Excluding the tax benefit from the AFMC, net income for the first three quarters of 2011 was $204 million, or $1.62 per share.

Cash provided by operating activities was $354 million for the first nine months of 2012 compared to $326 million for the prior year period. Year-to-date cash available for distribution (CAD)1 was $261 million versus $242 million in 2011.

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10.25.2012
Cabela's Inc. Reports Strong Third Quarter 2012 Results

Cabela's Incorporated today reported strong financial results for third quarter fiscal 2012.

For the quarter, total revenue increased 9.2% to $741.2 million; Retail store revenue increased 15.8% to $456.0 million; Direct revenue decreased 6.7% to $196.8 million; and Financial Services revenue increased 20.3% to $85.9 million. For the quarter, comparable store sales increased 3.9%. Net income increased to $42.8 million compared to $33.3 million and earnings per diluted share were $0.60 compared to $0.47, each compared to the year ago quarter.

"The highlight of the quarter was the excellent performance of our new next-generation stores, which bodes well for our future," said Tommy Millner, Cabela's Chief Executive Officer. "The eight next-generation stores open for the full quarter outperformed our existing legacy store base in sales and profit per square foot by a wide margin. Additionally, same store sales from our next-generation stores exceeded the performance of our existing stores by several hundred basis points."

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10.25.2012
Meredith's Fiscal 2013 First Quarter Earnings Per Share Grow 15 Percent

Meredith Corporation, the leading media and marketing company serving American women, today reported fiscal 2013 first quarter earnings per share increased 15 percent to $0.55, compared to $0.48 in the year-ago period. Revenues rose 8 percent to $354 million. Total Company advertising revenues increased 12 percent to $207 million.

Meredith delivered strong results during the first quarter of fiscal 2013 compared to the prior-year period:
•Local Media Group revenues increased 26 percent and were a record high for a fiscal first quarter. Non-political advertising revenues increased 5 percent – the 12th-straight quarter of year-over-year growth. Net political advertising revenues were $12 million, the highest ever for a fiscal first quarter. Operating profit grew 150 percent to $28 million, and the EBITDA margin was 39 percent, both record highs for a fiscal first quarter.
•National Media Group revenues grew 3 percent. Advertising revenues increased 7 percent, driven by the recent acquisitions of the Allrecipes.com, EveryDay with Rachael Ray and FamilyFun brands. Absent the recent acquisitions, advertising revenues decreased 9 percent. Circulation revenues grew 13 percent, and were unchanged excluding the recent acquisitions.
•Total Company digital advertising revenues nearly doubled and reached a record quarterly high. National Media Group digital advertising revenues increased nearly 115 percent, while Local Media Group digital advertising revenues rose more than 15 percent.
•Consumer engagement strengthened across all of Meredith's media platforms. Meredith magazine readership is at an all-time high of 116 million, while Meredith's local television stations delivered another strong ratings book in July. Additionally, total traffic to Meredith websites rose 90 percent to more than 35 million average monthly unique visitors.

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10.24.2012
S&S Reorganizes Adult Group; Levin to Leave Free Press

Simon & Schuster CEO Carolyn Reidy has reorganized the company’s adult publishing imprints into four main groups. Under the new structure, the Atria Publishing Group will be led by Judith Curr; the Scribner Publishing Group, by Susan Moldow; the Simon & Schuster Publishing Group, by Jonathan Karp; and the Gallery Publishing Group, will be under Louise Burke. As a result of the reorganization Martha Levin, executive v-p and publisher of Free Press, and Dominick Anfuso, v-p and editorial director, are leaving the company. Other staffer have also been cut, with the total reduction believed to be less than 10.

The restructuring is aimed at streamlining adult operations by putting together imprints that complement each other or as Reidy noted in her memo, creating a structure “that will lead to a sharper editorial focus for our imprints even as it takes consideration of the natural affinities among them.” The new structure will lead to reduced title output in the future.

The major integration moves include bringing the Free Press imprint under Karp’s S&S group, while the religious publisher Howard Books becomes part of the Atria group, and Touchstone, which had reported to Levin, will become part of Scribner.

In his own note about the changes, Karp said that despite the addition of Free Press, “we will maintain our team structure, to allow editors, publicists, and marketing specialists to work closely together in smaller groups so that they can collaborate throughout the life of the book, from submission to backlist.” As for the future of Free Press ,Karp wrote: “we plan to continue publishing thought leaders and other important cultural voices under the Free Press imprimatur, while also introducing many other Free Press authors, such as novelists and historians and business writers, to the flagship Simon & Schuster imprint.” In the coming weeks, S&S will work to integrate the approximately 100 Free Press authors with works-in-progress into the larger Simon & Schuster group,”while also introducing ourselves to backlist authors,” Karp wrote.

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10.24.2012
SG360° Launches Pre-Testing Direct Marketing Solution

The digital age has permanently changed the relationship between marketers and customers. Using a technology-driven formula, SG360°, a Segerdahl company, under its newly launched BRANDIRECTions service offering, is ensuring its clients are making a connection with the people who matter most.

BRANDIRECTions means clients are able to test the effectiveness of their campaigns with online customer panels before spending a single dime on production. It then micro-segments audiences according to psychographic data and helps to predict future customer purchases based on past behaviors.

The company partnered with LJS Research, a known expert in strategy and research, to create its analytics model, which includes interactive testing, behavioral segmentation, predictive modeling, reporting and more.

“BRANDIRECTions is what makes SG360º stand apart from the competition,” explains Rick Joutras, CEO of SG360°. “Essentially, we’re giving businesses the ability to personalize their communications in a way that’s never been possible before.”

SG360º also provides printing, creative, logistics and fulfillment services. Clients include some of the worlds’ largest and savviest retailers and advertising agencies.

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10.24.2012
EU Timber Regulation: PEFC to Hit the Mark

PEFC certified companies can be confident that PEFC Chain of Custody certification will be aligned with the EU Timber Regulation, with the public consultation on the revised standard expected to commence in early December 2012.

The EU Timber Regulation (EUTR), which enters into force in March 2013, prohibits illegally harvested timber from being placed on the EU market. It sets out mandatory procedures for those trading in timber within the EU designed to minimise the risk of illegal timber being sold and applies to both imported and domestically produced timber and is therefore relevant for companies globally. To comply with the requirements, the operator’s (companies that are the first placers of timber on the European market) due diligence approach must comprise three elements inherent to risk management:
access to information
risk assessment
mitigation of the risk identified

Companies seeking to meet these requirements are well advised to opt for PEFC, which currently is the only global forest certification system requiring that 100% of the material in certified products originates from known sources. PEFC certified companies therefore can minimize and mitigate the risk of any components coming from unknown sources.

A comprehensive gap analysis of PEFC’s Chain of Custody standard earlier this year indicated that small yet smart changes are required to align to it with EUTR requirements. The revision work in the multi-stakeholder working group is well advanced, with the revised Chain of Custody standard expected to become available for public consultation in December 2012. Approval of the final standard is scheduled for February 2013.
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10.24.2012
Wired Hikes 2013 Rate Base to 825,000

Wired VP/publisher (since May 2009) Wired VP/publisher (since May 2009) Howard Mittman announced that the Condé Nast technology-centric monthly will increase its rate base--the circulation guarantee to advertisers--from 800,000 to 825,000 with the January 2013 issue.

The news was expected, because Wired's 837,996 circulation in first-half 2012 (per the Audit Bureau of Circulations) exceeded both the old and new guarantees. Plus, Wired has increased its rate base every year since 2002--one year after Chris Anderson became editor-in-chief--when the guarantee was 500,000.

Says Mittman: “The continued growth of the Wired community underscores our position as the authority on how ideas and innovations are changing the world. As technology increasingly influences and powers people’s lives, our audience will continue to grow, and be more engaged, across all entry points: from the magazine, Web site, and tablet edition to our annual Wired Business Conference [each May] and other marquee events."
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10.24.2012
Readers Digest Shuts Down 'Healthy Cooking' Mag As Standalone

Reader's Digest Association is shutting down the bimonthly Healthy Cooking as a standalone magazine and transferring its 516,000 subscribers to the larger Taste of Home, continuing its effort to focus on its big core brands.

Reader's Digest Association doesn't plan any layoffs associated with the move and will begin running expanded healthy content in Taste of Home as part of the change, according to Frank Quigley, general manager of Reader's Digest Milwaukee, the unit that handles both brands. Taste of Home's section on healthy choices, for example, will double to eight pages.

Health Cooking, which replaced the company's Light & Tasty magazine in 2008, was profitable, Mr. Quigley added. But advertising had not been strong. "That was not an area where we broke through," he said.

The change of course eliminates significant costs in paper, printing and postage, but the company is also betting that it can better capture healthy-food advertisers with Taste of Home's bigger audience. Taste of Home averaged paid and verified circulation of 3.2 million in the first half of the year, compared with 637,798 for Healthy Cooking, according to the magazines' reports to the Audit Bureau of Circulations.

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10.24.2012
Holmen receives high ranking for climate work

The Carbon Disclosure Project (CDP) is an international federation representing over 650 institutional investors that manage a total of USD 78 000 billion. Every year, the CDP conducts the world’s biggest survey of how companies report their carbon emissions and their ability to deal with emissions and climate change.

This year’s survey singled out Holmen for its climate strategy and its way of reporting climate data. As a result of this Holmen is now the only Swedish company to appear on the Carbon Performance Leadership Index. The purpose of this type of index is to make it easier for investors to identify companies that take a responsible and progressive approach to economic, environmental and social issues.

Lars Strömberg, Holmen’s director of sustainable and environmental affairs, is responsible for completing the questionnaire and comments: “Behind this success lies a true case of teamwork, with many employees involved in reporting a broad range of environmental and climate data. Holmen's strategy of investing in energy boilers at Iggesund Mill and at the mill in Workington has also played a key role, with the new boilers set to reduce the use of fossil fuels and emissions of carbon dioxide considerably. This type of survey is important in enhancing sustainability work. The fact that Holmen appears high on the index is proof that active sustainability work and its clear communication strengthen Holmen’s brand and increase our credibility in the field of sustainability.”
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10.24.2012
Pearson launches new iBooks textbooks in UK, Australia and Canada

Pearson, the world’s leading learning company, is today publishing a new range of iBooks textbooks in the UK, Australia and Canada. The books, designed for a range of different students, are available today on the iBookstore.

The new titles include some of Pearson’s bestselling textbooks re-imagined for the iPad and brought to life with engaging video, audio, assessment, interactive images and 3D animations.

In Australia, four new titles for Grade 8 include Pearson: History, Pearson: Science, Pearson: English and Pearson: Maths. Pearson: Maths will be available by the end of 2012. These iBooks textbooks feature beautiful illustrations, videos that can be viewed on a page or as full screen demonstration, chapter reviews and interactive material to help bring the subject to life.

In the UK, Revise Edexcel GCSE Maths for secondary students will include 20 tutorial videos, quizzes and a puzzle game where you have to build 3D structures that match plan and elevation views. Anatomy and Physiology for Beauty Therapy includes high quality colour illustrations, photography and videos alongside interactive knowledge and progress checks.

Previously released science titles from the US market will be available in Canada, including Miller & Levine Biology. One of several high school multimedia texts, it includes vibrant colour interactive pages and illustrations, animations, content, video and photos to help students explore their subject.
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10.24.2012
Future US Titles Feature Augmented Reality Special Edition “FAR CRY 3” Covers

Future US, a leading producer of gaming and technology media properties, will release three very special augmented reality (AR) “Far Cry 3” covers in succession with the first being PlayStation: The Official Magazine (PTOM), followed by Official Xbox Magazine (OXM) and then PC Gamer. These printed magazine covers will use the latest AR technology from Aurasma, the world’s leading AR platform. Fans can interact with the special edition covers by using a free Aurasma-powered app called “Future AR” (for iOS and Android) via their smart phone or tablet. This augmented reality viewer can be used on Future’s media products for additional, interactive content. For these particular executions, Future will be bringing the covers of PTOM, OXM and PC Gamer to life, in partnership with Ubisoft for Far Cry 3. Please visit http://www.digitalfuture.com/aurasma for a sneak peek of the AR covers and how they work.

The issues will hit stands on the following dates:
PlayStation: The Official Magazine – October 23
Official Xbox Magazine – November 6
PC Gamer – November 6

“We are always striving to provide new and creative programs that engage our loyal audience. These special edition covers offer an exciting way for readers and Far Cry fans to interact with the covers of our most popular titles,” said Rachelle Considine, chief operating officer, Future US.

Ubisoft’s “Far Cry 3” allows players to step into the shoes of Jason Brody, a man alone at the edge of the world, stranded on a mysterious tropical island. In this savage paradise where lawlessness and violence are the only sure thing, players dictate how the story unfolds, from the battles they choose to fight to the allies or enemies they make along the way. As Jason Brody, players will slash, sneak, detonate and shoot their way across the island in a world that has lost all sense of right and wrong. The game is set to release on December 4 in the U.S., and fans are anxiously awaiting the release.

The Future AR app’s AR is made possible by Aurasma’s AR platform. Aurasma uses advanced image and pattern recognition to recognize and understand real-world images and objects in much the same way the human brain does. It then blends the images with video and animations called “Auras,” which provide the ability to see the images as if they were in front of them in real life. The Aurasma Lite app has been downloaded more than four million times in more than 100 countries, and boasts more than 8,000 partners across retail, fashion, sport, automotive, entertainment, lifestyle and gaming.
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10.24.2012
Software Company Launches Jamie Magazine

Software development company idoodle is entering into the consumer media space with the launch of Jamie Magazine, and is looking to have its first-and-only title be fully mobilized from the onset.

Jamie Oliver—a celebrity chef and Food Network star—is the personality the brand is founded on. The publication, which first launched in the UK in 2008 and has local editions in Russia, Germany and Holland, will cover the entire North American market, from Canada to the Caribbean.

“We as idoodle have been doing a lot of business in the UK as an education software company,” says Robert Sowah, publisher and CEO of idoodlemedia. “We wanted to take some of the innovative things we’re doing in the software world and merge it together with a magazine, which has been a very exciting opportunity.”

Sowah says the publication will distribute about 300,000 copies across the continent by the end of the year, with about 50 percent heading to newsstands. Jamie Magazine will be regionalized on a per-issue basis, says Sowah. One issue, for example, might focus on the foods of New England with the next on the foods of the Caribbean followed by dishes from British Columbia.
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10.24.2012
Canfor Reports Results for Third Quarter of 2012

Canfor Corporation today reported net income attributable to shareholders of $22.2 million, or $0.16 per share, for the third quarter of 2012, compared to $4.5 million, or $0.03 per share, for the second quarter of 2012 and a shareholder net loss of $21.6 million, or $0.15 per share, for the third quarter of 2011. For the nine months ended September 30, 2012, the shareholder net income was $10.5 million, or $0.08 per share, compared to net loss of $12.5 million, or $0.09 per share, for the comparable period of 2011.

The shareholder net income for the third quarter of 2012 included various items affecting comparability with prior periods, which had an overall impact of $6.9 million, or $0.05 per share. After adjusting for such items, the Company’s adjusted shareholder net income for the third quarter of 2012 was $15.3 million, or $0.11 per share, up $4.2 million, or $0.03 per share, from an adjusted shareholder net income of $11.1 million, or $0.08 per share, for the second quarter of 2012. Adjusted shareholder net loss for the third quarter of 2011 was $1.8 million, or $0.01 per share.

The Company reported operating income of $22.3 million for the third quarter of 2012, down $3.7 million from $26.0 million for the second quarter. The negative variance primarily reflected a significant weakening of Northern Bleached Softwood Kraft (“NBSK”) pulp markets and one-time restructuring costs which were largely offset by improved results in the lumber and panels segments, where solid demand supported higher sales realizations.

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10.24.2012
Buckeye's First Quarter FY 2013 Results

Buckeye Technologies Inc. today announced first quarter net sales of $197 million and adjusted net income* of $24.6 million or $0.62 per share. Net sales for the quarter were down $35 million or 15% compared to the year ago quarter, mainly due to lost sales resulting from the June steam drum failure outage at our Foley facility and weaker demand in some of our wood and cotton specialty fibers markets. The sale of the Merfin Systems converting business in the third quarter of fiscal 2012 accounted for $5 million of the year over year reduction in net sales.

Adjusted operating income of $39.0 million was down $4.4 million compared to the year ago quarter on lower sales volumes, although gross margin was very strong at 25.4% for the quarter compared to 24.3% in the year ago quarter, driven by margin improvements at our cotton cellulose and nonwovens plants. The June outage at our Foley mill had a negative impact of $2.2 million on first quarter operating income and $0.04 on EPS. Selling, general and administrative (SRA) expenses of $13.2 million were up $0.8 million year over year due to growth initiative consulting and legal fees incurred during the quarter.

Adjusted net income* of $24.6 million, or $0.62 per share, excludes net income of $5.5 million or $0.14 per share relating to the cellulosic biofuel credit and after-tax restructuring charges of $0.6 million or $0.02 per share. Adjusted net income* was down $5.3 million or $0.12 per share compared to the prior year period’s $29.9 million or $0.74 per share, which excluded net income of $11.2 million or $0.28 per share relating to the cellulosic biofuel credit. The year over year reduction in adjusted net income was driven by the drop in adjusted operating income mentioned above as well as by a higher effective tax rate.

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10.24.2012
Oil Falls to Three-Month Low as Earnings Bolster Concern

Brent crude rose on evidence of a stronger economy in China, the world’s second-largest oil consumer, and signs that previous price declines were overdone.

Oil traded in London gained as much as 1.1 percent today after China’s preliminary manufacturing index, released by HSBC Holdings Plc and Markit Economics, showed 49.1 in October compared with 47.9 for September. A reading above 50 indicates expansion. West Texas Intermediate crude rebounded from the lowest close since July 12 in New York.

“We have seen a massive price slump in the past few days, so it’s not surprising to see prices rebound,” Carsten Fritsch, an analyst at Commerzbank AG in Frankfurt, said by telephone. “The sharp decrease before was exaggerated. There are still supply-side risks. China helped to improve market sentiment.”

Brent advanced as much as $1.09 to $109.34 a barrel on the ICE Futures Europe exchange and was at $108.69 at 11:28 a.m. London time. The contract closed 1.1 percent lower at $108.25 yesterday, its sixth consecutive decline.

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10.24.2012
At ABM Executive Forum: Study finds publishers cautious about mobile

Despite the overall growth in mobile marketing, business publishers are still taking a cautious approach in developing mobile strategies, according to a study conducted by American Business Media and media and market research company Outsell Inc.

Highlights of the study, “Anytime, Anywhere: Mobile Benchmarks and Directions for B-to-B,” were presented Monday at the ABM Executive Forum here. The study was based on an online survey conducted last summer with 104 C-level and operational executives at ABM member companies.

The study found only 20% of C-level executives have deployed a formal mobile strategy; 56% toggle between a formal strategy and ad hoc efforts; and 24% do their mobile business on a project or case-by-case basis. Only 8% of C-level respondents reported that they plan to hire new employees for mobile development, while 28% plan to outsource.

Mobile does not “come cheap,” said Chuck Richard, VP-lead analyst at Outsell, referring to mobile opportunities for b-to-b publishers. “If you go chasing after everything in mobile, and the revenue is slow, you can get exposed.”

C-level executives reported that 5% of their digital revenue is generated through mobile. However, 19% of their total audiences access content via mobile devices.

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10.24.2012
Ahlstrom revises its organization

Ahlstrom, a global high performance materials company, announced that it will revise its organization to accelerate growth. The current operating model will remain unchanged. The new organization will become effective as of January 1, 2013.

Ahlstrom currently has four business areas: Building and Energy, Filtration, Food and Medical and Label and Processing. As announced earlier, the specialty paper business operated under the Label and Processing business area is planned to be combined with Munksjö AB and the transaction is scheduled to be completed in two steps during the first and second quarter of 2013.

To enable stronger focus on the filtration markets, the current filtration business area will be divided into two business areas: Transportation Filtration and Advanced Filtration.

Ahlstrom's new business areas as of January 1, 2013 will be the following:

Building and Energy: One of the leading players globally for materials used in wallcoverings, floorings and windmill blades.

Transportation Filtration: Global leader in transportation filtration materials.

Advanced Filtration: Global leader in life science and laboratory filtration materials.

Food and Medical: One of the leading players globally for materials used in teabags, food packaging, masking tape and medical gowns and drapes.

These four business areas will form the new reporting segments in Ahlstrom's financial reporting. Subject to the approval by the Extraordinary General Meeting of the demergers of Ahlstrom Corporation on November 27, 2012, the Label and Processing business area will be reported as part of discontinued operations.

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10.23.2012
AEP Industries Inc. Purchases Films Business From Transco Plastics Industries Ltd.

AEP Industries Inc. today announced that the Company, along with its Canadian subsidiary, AEP Canada Inc., has entered into an agreement with Transco Plastics Industries Ltd. ("Transco"), a Quebec company, to purchase the machinery and equipment and related assets necessary to manufacture the performance films, specialty bags and industrial films of Transco.

The transaction, which is expected to close within the next two weeks, has a purchase price of approximately $5.3 million, excluding a one-year commission and transition service costs, and is expected to gain approximately $30 million in annual net sales from Transco's former customers. AEP noted that it intends to relocate the manufacturing activities associated with the Transco businesses to its strategically located manufacturing sites throughout North America.

"This is a compelling investment opportunity for AEP that will gain meaningful business to our company and deliver a solid return on invested capital," said Brendan Barba, Chairman, President and Chief Executive Officer of the Company. "With Transco we will expand our already robust presence in the plastic packaging industry and enhance our suite of products. We are pleased to capitalize on the opportunity to acquire the Transco assets and create additional value for our shareholders."

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10.23.2012
Meredith, CelebTV Team For Content Deal

To give female viewers what they most desire, Meredith Corp. has secured a significant content distribution deal with CelebTV. Financial terms of the agreement were not disclosed.

Initially, CelebTV fare will be available on DivineCaroline.com. Yet according to J.R. McCabe, Meredith’s vice president and chief video officer, the company is already considering expanding the deal to include other Meredith digital sites.

CelebTV specializes in all things Hollywood, from breaking news to celebrity style, body and diet, couples, babies, movies and television-related content.

Meredith currently offers thousands of digital videos across its portfolio of women’s sites on a variety of topics, including lifestyle, entertaining, cooking, home décor and healthy living.

All told, the Meredith Women’s Network reaches approximately 40 million monthly unique visitors, while Divine Caroline draws 1.7 million monthly unique visitors.

In recent years, Meredith Corp. has been on a ravenous content binge. Earlier this year, the company finalized its acquisition of Allrecipes.com for a reported $175 million. The deal put Meredith first in comScore’s Food Community rankings and more than doubled the audience of its Women’s Network.

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10.23.2012
MWV Reports Third Quarter Volume Growth and Solid Earnings Performance

MeadWestvaco Corporation, a global leader in packaging and packaging solutions, announced third quarter 2012 sales of $1.40 billion, which is essentially unchanged versus the third quarter of 2011. The company had solid volume growth, improved pricing and favorable product mix, which were offset by the impact of unfavorable foreign currency exchange and lower land sales. The company's overall volume grew approximately 3 percent, led by gains in markets for corrugated packaging in Brazil, retail food and beverage packaging in North America, and healthcare adherence packaging and plastic medical dispensers, as well as by increased sales of specialty chemicals for asphalt paving and oilfield drilling markets.

Income from continuing operations was $67 million, or $0.38 per share ($69 million or $0.39 per share ex-items). Higher volumes, pricing and product mix improvements, and productivity gains were more than offset by unfavorable foreign currency exchange and lower earnings from land sales.

“Our profitable growth strategy is working in the packaging and specialty chemicals end markets we have targeted,” said John A. Luke, Jr., chairman and chief executive officer. “We are building leading positions that are not only helping us outperform the broader market and demand trends we're seeing today, but also providing a solid foundation from which we can deliver on our long-term performance goals."

Sales from continuing operations in the third quarter of 2012 were $1.40 billion compared to $1.41 billion in the third quarter of 2011. Income from continuing operations in the third quarter of 2012 was $67 million, or $0.38 per share, and included after-tax restructuring charges of $2 million, or $0.01 per share. Income from continuing operations in the third quarter of 2011 was $85 million, or $0.49 per share, and included after-tax restructuring charges of $4 million, or $0.02 per share. Adjusted income and adjusted earnings per share from continuing operations, excluding after-tax restructuring charges, were $69 million, or $0.39 per share, for the third quarter of 2012 compared to $89 million, or $0.51 per share, for the third quarter of 2011.

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10.23.2012
$10 Million Maintenance Shut Down Underway at Irving Pulp & Paper Mill

Over 1,200 trades people with 45 contractor companies, in addition to the 340 mill employees, will be on the job this week at Irving Pulp & Paper in Saint John. It’s part of a week-long, world-class maintenance and refurbishment shutdown that happens every 18 months. The $10-million maintenance work ensures the mill is as productive and efficient as possible. Meanwhile, an additional 110 trades people are involved in maintenance work at the Irving Tissue mill along with the mill’s permanent workforce of 107 employees.

The success of the maintenance shutdown involves a lot of teamwork. The work schedule, parts, and tools required are all planned out well in advance to make sure it’s a well-managed shutdown. “This project has a major impact on local contractors who are key to getting the job done. With maintenance costs of more than $1 million per day plus the lost revenue from operations, it is critical to have a shutdown that is well planned and executed,” said Jim Brewster, manager of the Irving Pulp & Paper mill.

The shutdown began on Saturday, October 20 and will continue until Saturday, October 27. Two major pieces of equipment are being replaced during the maintenance: a pulp dryer cylinder mould and a dregs washer.

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10.23.2012
Record FedEx Holiday Volume to be Driven by E-Commerce

FedEx Corp. expects to have its busiest day in history on Monday, Dec. 10 when it moves a projected 19 million shipments through its global ground, express and freight networks.

The 10 percent, year-over-year, busiest day increase will once again be driven by e-commerce feeding the FedEx Ground and FedEx SmartPost networks on “Green Monday,” which falls on the second Monday of December and is one of the most lucrative days of the year for retail companies. In 2011, U.S. consumers spent $1.1 billion on Green Monday alone, according to comScore. Green Monday also traditionally kicks off the heaviest online shopping week of the year.

For the overall holiday season between Thanksgiving and Christmas, FedEx forecasts more than 280 million shipments to move through its worldwide shipping networks. This would be a year-over-year volume increase of more than 13 percent compared to 2011 when 247 million shipments were processed.

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10.23.2012
Amazon’s zapping of customer’s Kindle library shows why we need library-provided ‘content lockers’

What if Amazon wiped out all your Kindle books and refused to let you open another account? I don’t know what if any sins a customer committed, but such an Orwellian scenario is said to have actually happened. No, I’m not just talking about the remote deletion of 1984, but rather the mysterious zapping of the customer’s entire Kindle library.

The most likely scenario here, as guessed at by BoingBoing, is that the Norwegian customer simply lived outside of the territories for authorized purchases.

While I love content providers—I’m one myself—Amazon’s latest action shows why the Digital Public Library of America or another nonprofit needs to get into the business of offering digital lockers to safe-keep books and other content downloaded from retail outlets and elsewhere. Let the laws be changed if need be to require publishers and retailers to cooperate with library-controlled digital lockers.

If publishers insist on DRM, which I would much rather they not, this is all the more reason why library patrons need digital lockers. I’ve lost a few books myself because of changing DRM standards. Microsoft’s phasing out of Microsoft Reader is yet another indication of the need for protection against the impermanence of DRM and proprietary formats, even if for now customers can still access previous purchases. Better that typical books be in ePub anyhow. If nothing else, libraries should have the express legal right to convert books to ePub for digital lockers and other uses, both in terms of accessibility and consumer rights.
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10.23.2012
American Forest & Paper Association Releases September 2012 Boxboard Report

The American Forest & Paper Association has released its September 2012 U.S. Paperboard Report.

Total boxboard production decreased by 2.1 percent compared to September 2011 and decreased 6.9 percent from last month. Unbleached Kraft Boxboard production increased over the same month last year but decreased compared to last month. Total Solid Bleached Boxboard & Liner production decreased compared to September 2011 and decreased compared to last month. The production of Recycled Boxboard increased compared to September 2011 but decreased when compared to last month.

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10.23.2012
Xerox Reports Third-Quarter 2012 Earnings

Xerox announced today third-quarter 2012 adjusted earnings per share of 25 cents, which excludes 4 cents related to the amortization of intangibles, resulting in GAAP earnings of 21 cents per share.

In the third quarter, total revenue of $5.4 billion was down 3 percent or down 1 percent in constant currency.

Revenue from the company’s services business was up 6 percent in constant currency, partially offsetting a 7 percent constant currency decline in technology revenue, which represents the sale of document systems, supplies, technical service and financing of products.

During the third quarter, upfront investments in new services contracts as well as the impact of government budgetary pressures on existing contracts led to an 8.6 percent operating margin, down 1 point from third-quarter 2011. Gross margin was 31 percent, and selling, administrative and general expenses were 19.4 percent of revenue.

“Our third-quarter performance aligns with shifts in our business as services become a larger proportion of our revenue, and reflects the dynamics of a challenging economy that is creating cost pressures for large enterprises and governments,” said Ursula Burns, Xerox chairman and chief executive officer.

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10.23.2012
Stora Enso to examine the possibility of selling Corbehem Mill in France

Stora Enso will examine the possibility of selling Corbehem Paper Mill in France. The annual capacity of the mill is 330 000 tonnes of light-weight coated magazine paper. Employee organisations and other stakeholders will be fully involved in any process in compliance with the French regulations.
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10.23.2012
Stora Enso Interim Review January–September 2012

•Operational EBIT EUR 34 million higher than in Q2 2012 at EUR 175 (EUR 141) million mainly due to lower costs, EUR 50 million lower year-on-year.
•Cash flow from operations EUR 312 (EUR 362) million and liquidity EUR 1 700 (EUR 1 181) million.
•Ratio of net debt to the last twelve months’ operational EBITDA 2.8 (2.7 in Q2 2012).
•New packaging joint-venture to be established in Pakistan.
•New profitability improvement actions planned across all Business Areas, estimated annual cost savings EUR 36 million and 520 employees affected.
•Q4 2012 sales expected to be at roughly similar level and operational EBIT in line with or slightly lower than Q3 2012.
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10.23.2012
Stora Enso plans profitability improvement actions across all Business Areas

Stora Enso plans restructuring of its operations through the permanent shutdown of paper machine 1 at Hylte Mill in Sweden and the permanent closure of the corrugated packaging plant at Ruovesi in Finland. In addition, Stora Enso plans efficiency improvements at several other mills. The profitability improvement actions are planned to reduce annual costs by EUR 36 million and reduce the number of employees by approximately 520 altogether. Stora Enso will record a restructuring provision and a fixed asset and working capital write-down as non-recurring items totalling approximately EUR 42 million related to the restructuring plans in the fourth quarter 2012 operating profit.

Stora Enso plans the permanent shutdown of paper machine (PM) 1 at Hylte Mill in Sweden with annual capacity 180 000 tonnes of newsprint by the end of the fourth quarter of 2012 due to structural weakening of newsprint demand in Europe. The planned closure and other efficiency improvements would affect approximately 140 employees at Hylte Mill.

Stora Enso plans permanent closure of the corrugated packaging plant at Ruovesi in Finland in the second quarter of 2013 due to decreased demand for offset-printed corrugated packaging in Finland and poor financial performance of the plant. Stora Enso plans to serve Finnish offset customers through its other offset plants in Europe. The planned closure would affect approximately 60 employees at Ruovesi.

It is also planned to streamline operations at the Heinola, Ingerois and Pori board plants in Finland and corrugated packaging operations at all the Swedish units to ensure long-term competitiveness. The plans would reduce the number of employees in Sweden and Finland by up to 100 altogether mostly by the end of the third quarter of 2013.

In addition, Stora Enso plans the permanent shutdown of board machine (BM) 2 at Ostroleka Mill in Poland as announced earlier. BM 2 is reaching the end of its technical lifetime. The shutdown of BM 2 and related technical functions is planned by the end of 2012. Including the effects of an overall review of Polish board and converting operations, the number of employees in Poland would decrease by up to 135 altogether.

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10.23.2012
Iggesund invests in fossil-free production

The end of September marked the inauguration of the new recovery boiler at Iggesund Mill in Sweden. The €240 million investment is decisive for the mill’s future development. In about six months’ time the company will see the results of yet another huge investment in a mill – a biofuel boiler costing €123 million. At one stroke, this will enable Iggesund’s board mill in Workington, England, to operate without fossil carbon emissions and solely on biomass.

“For us the investments mean that we should be able to stabilise our energy costs,” explains Guy Mallinson, Sales Director at Iggesund Paperboard. “When both politicians and industry organisations emphasise strongly that reduced fossil carbon emissions are the way of the future, it’s a wise idea to listen.

“We know that our product portfolio, both from Iggesund and Workington, will now belong to a small, exclusive group of paperboard products whose manufacture involves extremely small amounts of fossil carbon emissions.”

Iggesund’s goal is to totally eliminate the use of fossil fuels in its own production process. However, this is not the same as having a zero carbon footprint because a number of the company’s input goods, primarily cooking chemicals and latex, are made with relatively high carbon emissions.
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10.23.2012
Mill to see two-week shutdown

Resolute Forest Products has confirmed there will be a two-week shutdown at the local mill starting Sunday (Oct. 28).

“Due to challenging market conditions, both paper production and kraft pulp production at the Fort Frances mill will be temporarily down from Oct. 28 until Nov. 11,” company spokesperson Seth Kursman said in an e-mail to the Times yesterday.

“This temporary downtime impacts approximately 6,900 metric tons of paper production and approximately 6,000 metric tons of pulp production,” he noted.

In related news, the Boise Inc. paper mill in International Falls stopped regular pulp purchases from the Fort Frances mill as of this month and began using pulp from its Wallula, Wash. mill, public affairs manager Lori Lyman told the Times in an e-mail Friday.

She added the change allows Boise Inc. to improve the efficiencies of both its mills in International Falls and Washington, and ensures the company can continue to satisfy its customer commitments.

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10.23.2012
Oil Falls for Fourth Day in New York; Brent Fluctuates

Crude dropped below $88 a barrel to the lowest in almost three months in New York while London’s Brent futures fell for a sixth session as companies missed sales forecasts leading to concern about the global economic outlook.

Futures for December delivery tumbled as much as 1.6 percent. Brent fell as much as 0.9 percent to the least since Oct 4. Companies such as Posco, Asia’s third-largest steelmaker, and Faurecia, Europe’s largest maker of car interiors, revised down estimates. The Keystone oil pipeline won’t resume full deliveries until next month after a halt.

“There is a correlation between the equity markets and the oil price,” Michael Hewson, a London-based analyst at CMC Markets, said today by phone. “We’ve had various companies missing price forecasts and these concerns about the future outlook for earnings is keeping a lid on oil prices.”

Crude lost $1.18 to $87.60 a barrel in electronic trading on the New York Mercantile Exchange as of 12:52 p.m. in London. Front-month futures are at the cheapest on an intraday basis since Aug. 3. The November contract fell 1.5 percent yesterday to $88.73, the lowest close since Oct. 3.

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10.22.2012
USW Ratifies Temple-Inland Integration Agreement with IP

The United Steelworkers (USW) today said that workers ratified an agreement this week to integrate about 1,400 workers at 18 former Temple-Inland box plants into the union's master economic agreement with International Paper (IP), with 90% of the ballots cast in favor of the contract.

Overall, the union represents about 4,000 workers at 61 IP box plants, along with some 6,000 hourly employees at 19 IP paper mills. This was the second recent negotiation at IP, where a month ago an agreement to integrate former Temple-Inland mills into the IP master was ratified by nearly the same margin, bringing a total of 80 sites represented by 90 local unions into the IP master agreements.

USW International President Leo W. Gerard credited membership solidarity and shop floor activism at and between the plants for the successful integration of the Temple-Inland locals into the IP system, which began earlier this year when IP purchased its former competitor.

"Especially when bargaining with huge corporations like IP, our members understand that standing together in unity to fight for a fair contract gives us power at the bargaining table," Gerard said.

USW International Secretary-Treasurer Stan Johnson, who chairs the union's IP council, said that integrating workers from Temple-Inland, where pay, benefits and other conditions varied widely by location, into IP's more uniform structure presented a unique challenge in negotiations.

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10.22.2012
2013 Rate-Base Increases for Yoga Journal and Vegetarian Times

Active Interest Media has announced rate base increases for two of its publications, effective in Jan. 2013. Yoga Journal’s rate base will increase to 375,000 from350,000, and Vegetarian Times' will increase to 315,000 from 300,000. This is the second recent increase for Vegetarian Times—in January 2012, the magazine’s rate base increased from 275,000 to 300,000 from the year prior.

Attributing the increase to the rising trend of consumer interest in healthy living, Bill Harper, vice president and publisher for AIM’s Healthy Living Group says the magazines also “both have loyal and long-term subscribers.” While Harper points out that both of the publications “underlying markets” are growing, only Vegetarian Times, up 9.75% over 2011, has experienced an equally healthy growth in ad pages.Yoga Journal is down 2.89% over last year according to min’s November boxscores.
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10.22.2012
Oil Advances; Keystone Pipeline Set to Start

Oil rose from a two-week low in New York on speculation last week’s losses were excessive. TransCanada Corp. planned to start its Keystone pipeline today after a second delay.

Futures climbed as much as 0.7 percent after falling the most in two weeks on Oct. 19. Prices also advanced after the White House denied a New York Times report that administration officials agreed to one-on-one talks with Iran’s government over its nuclear program. TransCanada originally planned to resume operations Oct. 20 on the line that runs from Alberta to the main U.S. oil-storage hub in Cushing, Oklahoma.

“I would expect a small rebound after heavy losses on Friday, given continued supply risks,” said Carsten Fritsch, an analyst at Commerzbank AG in Frankfurt. Geopolitical tensions in the Middle East and delays in loadings of North Sea Forties crude lent some support to prices, he said.

Crude for November delivery rose as much as 65 cents to $90.70 a barrel in electronic trading on the New York Mercantile Exchange and was at $90.58 at 11:04 a.m. in London. Oil fell 2.2 percent on Oct. 19 to $90.05, the lowest close since Oct. 8.

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10.22.2012
Ahlstrom interim report January-September 2012: Major steps taken in execution of strategy

Continuing operations July-September 2012 compared with July-September 2011

•Net sales EUR 391.7 million (EUR 389.7 million).
•Operating profit EUR 9.4 million (EUR -17.3 million).
•Operating profit excluding non-recurring items EUR 9.3 million (EUR 8.0 million).
•Operating margin excluding non-recurring items 2.4% (2.0%).
•Profit before taxes EUR 0.3 million (EUR -24.4 million).
•Earnings per share EUR -0.16 (EUR -0.47).

July-September 2012 highlights

•Ahlstrom continued to focus its business and announced the demerger of the Label and Processing business area, which will be combined with Munksjö AB to form a new global leader in specialty papers.
•Consistent with the company's growth strategy Ahlstrom announced the acquisition of Munktell Filter AB, which will further strengthen the company's offering in advanced filtration business, particularly in life science and laboratory applications.

Jan Lång, President & CEO
- Combining the Label and Processing business area with Munksjö is a significant step in our strategy execution, allowing us to focus our resources on areas where we see the most attractive growth opportunities. Another recent strategic step is the Munktell acquisition, which is a prime example of our growth ambition. The transaction enables us to broaden our product portfolio and expand our geographical presence.
- We were able to improve our profit margin somewhat in the third quarter, helped by good pricing management despite the weakening market. However, our profit was hurt by the shortfall in sales volumes and adverse currency effects.

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10.22.2012
Potlatch Reports Third Quarter 2012 Results

Potlatch Corporation today reported financial results for the third quarter ended September 30, 2012.

"We are very pleased with our strong third quarter operating results, which exceeded our expectations. The stronger than anticipated demand for manufactured wood products that began in the first quarter has continued through the third quarter. Our Wood Products segment has now had two consecutive quarters of their highest quarterly operating income in over five years," said Michael Covey, chairman, president and chief executive officer of Potlatch Corporation. "The improved lumber markets are also having a positive effect on prices for our Resource segment, primarily in Idaho. The results from our Resource segment increased in the third quarter due to increased harvest levels related to seasonal factors, along with the improved prices. Our Real Estate segment continues to perform well, having closed 28 sales transactions during the third quarter and 124 on a year-to-date basis," concluded Mr. Covey.

Q3 2012 Financial Summary
• Total consolidated revenues for the quarter were $151.9 million, compared to $152.9 million in Q3 2011 and $117.5 million in Q2 2012.
• Net income for the quarter was $18.6 million, or $0.46 per diluted share, compared to $25.6 million, or $0.63 per diluted share in Q3 2011 and $5.1 million, or $0.13 per diluted share in Q2 2012.
• EBITDDA was $37.0 million for Q3 2012, compared to $44.8 million in Q3 2011 and $22.6 million in Q2 2012.

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10.22.2012
Gannett acquires Rovion

Gannett Co., Inc. today announced it acquired Rovion, a Boston-based, rich-media advertising company, which is owned by Local Corporation. Rovion's primary product, Ad Composer, includes a self-service technology platform that enables the full development and deployment of rich media and mobile HTML5 ads without requiring coding expertise.

Advertisers and agencies are increasingly demanding mobile rich media ad solutions and self-service ad creation tools, and the Rovion acquisition will enable Gannett's PointRoll, a leading provider of digital marketing solutions and technology, to expand their mobile and self-service platform capabilities.

Rovion will be part of the Gannett Digital organization under PointRoll, with all Gannett divisions leveraging the Rovion platform capabilities.

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10.19.2012
UPM Ranked in the Nordic Climate Change Disclosure Index with Top Scores

UPM has received high scores for its climate change disclosure in the Nordic Carbon Disclosure Leadership Index. The index is compiled annually by the Carbon Disclosure Project (CDP). UPM was ranked in shared first place in the index with top scores: 98 points out of 100. UPM is featured in the index for the fourth consecutive year.

In the Nordic Carbon Disclosure Leadership Index high scores indicate good internal data management and understanding of climate change related issues affecting the company. The index highlights companies within the Nordic stock exchanges which have displayed the most professional approach to corporate governance in respect of climate change disclosure practices.

As the Biofore company, UPM provides sustainable products made from renewable and recyclable raw materials using low-carbon energy sources. UPM is constantly developing new solutions to respond the growing demand for carbon neutral products and renewable energy sources.

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10.19.2012
Industry Sales Growth Slowing in 2012, According to ‘Print Market Update’

According to Printing Industries of America’s 208 “Print Market Update” survey panelists, printing industry sales have increased by 2.3 percent year-to-date in 2012. By comparison, the U.S. Census Bureau reports year-to-date 2012 shipments on a nominal unadjusted basis declined 2.2 percent. While still a decline, that is an improvement from the first quarter’s 3.9 percent decline.

Since the first quarter of 2011, both our survey panel and the U.S. Census Bureau reported print sales weakening.

For the past few quarters, the majority of industry growth was generated from larger firms. When calculating the percent change in industry sales, Printing Industries of America panel members with more than 100 employees are give a higher weight because these firms generate more than 60 percent of industry sales.

Since the fourth quarter of 2011, there has been a noticeable a trend—larger firms reporting sales growth declining each quarter, from a high of 5.1 percent in the fourth quarter of 2011 to a low of 2.1 percent in the current quarter. This slowdown in sales growth rate for larger firms is the main reason why the panel’s year-to-date sales increase has declined from 2.6 percent last quarter to 2.3 percent this quarter.

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10.19.2012
Mag Bag: Ad Pages Continue To Fall

2012 is shaping up to be another lousy year for consumer magazines, at least as far as print advertising is concerned. According to the latest quarterly tally from the Publishers Information Bureau, total ad pages fell 8% to 36,059 in the third quarter of this year. That follows similar declines in the first and second quarters of the year; in the first nine months of 2012, ad pages are down 8.6% to 110,843.

Out of 216 titles tracked by PIB, 153 experienced declines in ad pages in the third quarter, including 88 which experienced declines of 10% or more, and 41 which experienced declines of 20% or more.

Women’s interest titles were especially hard hit. In the domestic category, Ladies’ Home Journal fell 33.3% to 155; Martha Stewart Living 32.3% to 153;Good Housekeeping 16% to 277; and Family Circle 12.2% to 299. In women’s lifestyles, Redbook fell 29.5% to 238, while Cosmopolitan slipped 10.8% to 355. In the celebrity category, In Touch Weekly fell 20.9% to 135; Life & Style Weekly 19% to 97; Entertainment Weekly 12.5% to 231; and People 11.7% to 719.Glamour was down 16.7% to 320, and shopping mag Lucky tumbled 27.4% to 214.

Newsweeklies also took their hits, with Time down 15.4% to 244, The Economist down 12.5% to 325, and Newsweek (whose print edition will close at the end of the year) down 9.4% to 165. Among business titles, Entrepreneur slid 15.7% to 171;Bloomberg Businessweek 14.3% to 292; Inc. 12.4% to 146; Fortune 11.7% to 371; and Money 11.4% to 123.
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10.19.2012
Glatfelter Comments on Mill Fire in Scaer, France

P. H. Glatfelter announced today that it has completed a preliminary assessment of the damage resulting from an October 14th fire at its paper mill in Scaer, France. The fire damaged the electrical system primarily servicing paper machine #3 and certain mill infrastructure. There were no injuries or environmental impact to report. While the initial inspection of the mill’s two paper machines indicates there was no damage, it may take several weeks to restart the machines following the restoration of electrical equipment and completion of clean up activities. Paper machine #4 is expected to be down approximately 3-4 weeks and paper machine #3 approximately 6-8 weeks.

The finishing and shipping operations were not impacted by the incident. Shipment of customer orders resumed within 24 hours and on site inventories are adequate to satisfy orders through mid-November. Given the flexibility of its assets and mill production systems, and available capacity at other Company facilities to meet production needs, the Company expects no interruption in its ability to supply customers.

An assessment of the costs for the impact of inventory loss, equipment damage, and clean up costs is underway. Based on its preliminary assessment, the Company expects no significant financial impact from this incident as it is expected to be covered by insurance, subject to a deductible of $0.5 million. However, there may be an impact to fourth quarter results due to downtime and the timing of recording costs associated with the fire versus recognition of the insurance recovery under the applicable accounting standards.

The Scaer mill produces specialty papers and wet-laid nonwovens on two inclined wire paper machines for the food and beverage markets as well as technical specialty paper grades. Approximately 130 Glatfelter employees work in this mill.

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10.19.2012
EFI Reports Third Quarter 2012 Results

Electronics For Imaging, Inc., a world leader in customer-focused digital printing innovation, today announced its results for the third quarter of 2012.

For the quarter ended September 30, 2012, the Company reported revenue of $154.1 million, up 5% compared to third quarter 2011 revenue of $147.3 million. Third quarter 2012 non-GAAP net income was $13.3 million or $0.28 per diluted share compared to non-GAAP net income of $11.6 million or $0.25 per diluted share for the same period in 2011. GAAP net income was $13.4 million or $0.28 per diluted share, compared to $6.1 million or $0.13 per diluted share for the same period in 2011.

For the nine months ended September 30, 2012, the Company reported revenue of $478.0 million, up 12% year-over-year compared to $428.5 million for the same period in 2011. Non-GAAP net income was $41.7 million or $0.87 per diluted share, compared to non-GAAP net income of $36.4 million or $0.76 per diluted share for the same period in 2011. GAAP net income was $26.7 million or $0.56 per diluted share, compared to GAAP net income of $16.0 million or $0.34 per diluted share for the same period in 2011.
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10.19.2012
AAA Fuel Gage & Exchange Rates

AAA’s Fuel Gage Report as of 10/19/12
National Unleaded Regular:
Current Average - $3.715/gallon
Month Ago Average - $3.854/gallon
Year Ago Average - $3.474/gallon
Highest Recorded Average - $4.114/gallon on 7/17/08
Diesel:
Current Average - $4.131/gallon
Month Ago Average - $4.123/gallon
Year Ago Average - $3.838/gallon
Highest Recorded Average - $4.845/gallon on 7/17/08

Current Exchange Rates as of 10/19/12
American Dollar to Canadian Dollar = 1.012667
American Dollar to Chinese Yuan = 0.159885
American Dollar to Euro = 1.304319
American Dollar to Japanese Yen = 0.012630
American Dollar to Mexican Peso = 0.077734

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10.19.2012
Oil Heads for Weekly Gain as TransCanada Shuts Keystone

Oil headed for a second weekly gain in New York after TransCanada (TRP) Corp. shut its Keystone pipeline for repairs, disrupting crude supplies to the U.S. Midwest.

Futures rose as much as 0.2 percent, extending the longest run in more than a decade of daily price moves of less than 25 cents. Crude pared a decline of as much as 1.6 percent yesterday after TransCanada shut the 590,000 barrel-a-day link for three days, saying it found a “small anomaly” in a section running from Missouri to Illinois. Improving U.S. fuel demand is being met by rising local supplies, a government report this week showed. The latest U.S. growth data were mixed.

“The macro-economic side is not showing big enough figures to pull the market up significantly,” Thina Saltvedt, an analyst at Nordea Bank AB, said by telephone from Oslo. “Any move upwards will be driven by the political risk increasing or further supply disruptions such as the pipeline in the U.S. having to close for three days.”

Crude for November delivery was little changed at $92.09 a barrel, in electronic trading on the New York Mercantile Exchange at 12:09 p.m. London time.

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