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05.21.2012
Effective with all new and existing orders with confirmed delivery dates of July 1, 2012 or later,
NewPage is increasing the transaction price for the following coated sheet and sheeter roll products:
Anthem®/Fortune®/Gusto® 60 and 70 lb. Text $3.00/cwt US$/CAD$
Anthem®/Fortune®/Gusto® All Cover and greater than 70 lb. Text $2.00/cwt US$/CAD$
This increase applies to all finishes and private label programs.
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05.21.2012
Kruger Inc. today announced that it will reassess the viability of Corner Brook Pulp and Paper's operations after one of four groups of pension plan members rejected the proposal to apply funding relief measures to its pension plan deficits.
Today, independent auditor Brian N. Hillier issued his final report showing the total number of objections received before the May 17 deadline from each group, as follows:
-Pension Plan for Unionized Employees:
-Active members (326): ...............177 objections ..........54.3%
-Retired members (617): 31 objections 5.0%
-Pension Plan for Non-Unionized Employees:
-Active members (78): ..................6 objections .............7.7%
-Retired members (218): ..............7 objections .............3.2%
Under NL legislation, in order for the relief measures to be applied, they cannot be opposed by more than one-third of members in each group (active and retirees). Consequently, with 54.3% of active unionized employees opposing the proposal, the relief measures cannot be applied to the unionized employees' pension plan.
The relief measures were a crucial element in the Mill's strategy to improve its competitiveness and secure its future. In recent years, the Kruger Company has gone to extraordinary lengths to support its Corner Brook operation in a very challenging market afflicted by declining demand for newsprint, increasing energy costs and the negative effects of a strong Canadian currency on exports.
In addition to these challenges, the Corner Brook Mill has to contend with other Canadian paper mills that have competitive operating costs and benefit from the additional advantage of funding relief measures for their own pension plan deficits.
The Company is disappointed with this outcome, especially considering the countless efforts that were put in over the last few weeks to communicate with plan members to seek their support.
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05.21.2012
Buckeye Technologies Inc. announced today that Buckeye Florida has achieved forestry certifications from three internationally recognized organizations that promote responsibly managed forests: the Forest Stewardship Council™ (FSC), the Sustainable Forestry Initiative®(SFI), and the Programme for the Endorsement of Forest Certification (PEFC).
The purpose of these certifications is to ensure that companies which use forest resources meet society’s needs without compromising the ability of future generations to meet their own needs.
Buckeye received the certifications after a rigorous year-long process of developing documents, manuals, and procedures to guide fiber procurement and track fiber chain of custody.
The certification to the FSC standard is for Chain of Custody. The SFI certifications are for the SFI Standard 2010-2014 and for SFI Chain of Custody. The certification to the PEFC standard is for Chain of Custody.
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05.21.2012
International Paper Co. today announced it will permanently close its Minden Container Plant by July 17, resulting in the loss of about 60 jobs.
“Following the merger with Temple-Inland, we have more capacity than our customers need in this area,” said Doug Strickel, region general manager. “Other area facilities are better positioned to handle the production requirements that will be necessary as we consolidate our operations and, unfortunately, that led to the decision to close this plant.”
International Paper will discuss plans for severance and other benefits with the local union, United Steelworkers Local 677.
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05.21.2012
The American Forest & Paper Association released its April 2012 U. S. Containerboard Statistics Report today. Containerboard production lost 1.9% over the same month last year. Production was down 8% compared to March 2012, and the month over month average daily production decreased 5%. The containerboard operating rate for April 2012 fell over March 2012 from 95.7% to 91%.
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05.21.2012
The American Forest & Paper Association released its April 2012 Kraft Paper Sector Report yesterday. Total Kraft paper shipments were 134.7 thousand tons, an increase of 0.8% compared to April 2011. Total inventory for April was 72.3 thousand tons. Total Bleached Kraft shipments were up over last April.
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05.21.2012
The American Forest & Paper Association released its April 2012 U.S. Paperboard Report yesterday.
Total boxboard production decreased by 2.4% compared to April 2011 and decreased 0.9% from last month. Unbleached Kraft Folding production increased over the same month last year and increased compared to last month. Total Solid Bleached Boxboard & Liner production decreased compared to April 2011 and decreased compared to last month. The production of Recycled Folding decreased compared to April 2011 and decreased when compared to last month.
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05.18.2012
AAA’s Fuel Gage Report as of 5/18/12
National Unleaded Regular:
Current Average - $3.713/gallon
Month Ago Average - $3.899/gallon
Year Ago Average - $3.926/gallon
Highest Recorded Average - $4.114/gallon on 7/17/08
Diesel:
Current Average - $4.017/gallon
Month Ago Average - $4.141/gallon
Year Ago Average - $4.105/gallon
Highest Recorded Average - $4.845/gallon on 7/17/08
Current Exchange Rates as of 5/17/12
American Dollar to Canadian Dollar = 0.98631 (120 day high - 1.01905 on April 26, 2012; low 0.964227 on December 14, 2011)
American Dollar to Chinese Yuan = 0.158098 (120 day high – 0.159363 on May 2, 2012; low 0.157085 on December 1, 2011)
American Dollar to Euro = 1.2682 (120 day high - 1.3511 on December 2, 2011; low 1.2669 on January 16, 2012)
American Dollar to Japanese Yen = 0.0124614 (120 day high – 0.0131387 on February 2, 2012; low 0.0119026 on March 21, 2012)
American Dollar to Mexican Peso = 0.072338 (120 day high – 0.0793808 on March 14, 2012; low 0.0715026 on December 28, 2011)
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05.18.2012
TC Media is pleased to announce it has completed the acquisition of a majority stake in Redux Media, a leading online advertising network. Redux Media manages mass online display inventory, optimizing it into custom-targeted and brand-safe advertising channels. The company delivers over 12 billion monthly impressions to more than 80 million unique visitors in Canada and the US (comScore Media Metrix - April 2012). Redux Media’s Real-Time bidding (RTB) solution enables 5,000 publishers to offer advertisers maximum return on investment across 15 content channels.
The transaction is in line with TC Media’s strategy of broadening its existing digital network. TC Media and Redux Media’s combined offering will allow the two companies to reach more than 18.7 million unduplicated unique visitors per month or two thirds of all online Canadians.
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05.18.2012
Stein Mart, Inc. today announced financial results for the first quarter ended April 28, 2012.
Net income for the first quarter was $11.8 million or $0.27 per diluted share compared to net income of $15.9 million or $0.35 per diluted share in 2011. Net income as adjusted for the first quarter of 2011 was $14.7 million or $0.32 per diluted share. See discussion of other income below for explanation of "as adjusted" amounts for 2011.
Sales for the first quarter of 2012 of $303.4 million were flat to last year's first quarter sales of $303.5 million. Comparable store sales decreased 0.4 percent. Beginning in the fourth quarter last year, the Company began reducing coupons to return to an every-day price value model. Approximately 22 percent of first quarter 2012 sales were associated with coupons compared to 33 percent in the first quarter of 2011. The reduction in sales with coupons was predominantly on regular-price merchandise, which was 43 percent lower in the first quarter of 2012 compared to the first quarter of 2011.
Gross profit for the first quarter decreased to $87.2 million or 28.8 percent of sales from $89.9 million or 29.6 percent of sales in 2011. The decrease in the gross profit rate was the result of lower mark-on and slightly higher occupancy and buying costs, offset by lower markdowns. Mark-on and markdowns were lower due to the Company selectively lowering prices on certain merchandise and decreasing coupons in accordance with its new pricing strategy.
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05.18.2012
Sears Canada Inc. announced today that Sears Holdings Corporation, which holds approximately 95% of Sears Canada's common shares, has advised it that Sears Holdings' board of directors has approved plans to pursue a distribution (on a pro rata basis to its stockholders) of a portion of its holdings in Sears Canada such that, immediately following the spin-off, Sears Holdings would retain approximately 51% of the issued and outstanding shares of Sears Canada. Sears Holdings has indicated that subsequent to the spin-off, it may sell, hold or distribute to holders of Sears Holdings' common stock any portion of its remaining interest in Sears Canada.
Sears Canada expects that the proposed distribution by Sears Holdings would, if completed, be anticipated to increase the public float and potentially the liquidity of Sears Canada shares. In connection with the distribution, Sears Canada is expected to file documents with the United States Securities and Exchange Commission and the Canadian Securities Administrators.
"We are looking forward to working with Sears Holdings on its plan to pursue a partial spin-off of its shares in Sears Canada. While we have benefited from a close relationship with Sears Holdings, we believe this distribution would provide an increased focus on our performance as an independent company and enhance the liquidity of holders of Sears Canada's common shares," said Calvin McDonald, President and Chief Executive Officer, Sears Canada Inc.
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05.18.2012
AbitibiBowater Inc., doing business as Resolute Forest Products, today announced that it has taken up and accepted for payment 4,762,192 additional shares of Fibrek Inc. deposited to its offer as of the close of business today. Together with the shares the Company acquired up to and including May 14, Resolute holds approximately 74.56% of the currently outstanding Fibrek shares. As aggregate consideration for the shares taken up today, Resolute will distribute approximately 135,000 newly-issued shares of its common stock and CAD$2.6 million in cash through RFP Acquisition Inc., a wholly-owned subsidiary.
The Resolute offer expired at 5:00 p.m. (Eastern time) on May 17, 2012. As further described in the offer circular and other ancillary documentation related to the offer (as amended), Resolute intends to carry out a second step transaction to acquire the Fibrek shares not deposited in the offer. With more than 66 2/3% of the Fibrek shares having been deposited to and taken up by Resolute under its offer, Resolute is in a position to cause a second step transaction to be approved by Fibrek's shareholders at a special meeting of shareholders to be convened and held for such purpose.
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05.18.2012
Neenah Paper, Inc., announced today that its Board of Directors has authorized a program that would allow the Company to repurchase up to $10 million of its outstanding common stock.
Purchases by the Company under this program would be made from time to time in the open market or in privately negotiated transactions in accordance with the requirements of applicable law. The timing and amount of any purchases will depend on share price, market conditions and other factors. The program does not require the Company to purchase any specific number of shares and may be suspended or discontinued at any time.
“This action by our Board provides us with added flexibility in how we can deploy our cash when we believe our share price is undervalued,” said John O’Donnell, Chief Executive Officer. “Our balance sheet and ability to generate cash flow remains strong, and we continue to look for ways to invest that will deliver attractive returns for our shareholders.”
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05.18.2012
Mohawk has taken a bold step in the paper world by simplifying its portfolio of premium paper lines from 22 to six, reducing the number of SKUs in half and introducing the new line with a simple chip chart overview. The New Mohawk Product Selector presents all Mohawk papers in one place and is the first in a wave of tools that Mohawk will be releasing over the coming year.
Designed by Michael McGinn Design Office using the brand designed by Pentagram, the selector opens to three accordion fold charts, each containing several dozen tear-drop-shaped paper chips. Together, they organize Mohawk papers into three broad categories based on performance, character and value.
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05.18.2012
The long awaited first-half 2012 boxscores are in. The pattern of women's fashion and beauty titles taking the highest ad-pages is stubbornly consistent, with the monthlies' cumulatively near the -6% differential since January. The reason is consistent, too: such key categories as automotive, food, and pharmaceutical are, in the words of one publisher: "getting killed. Yes, there is some movement to digital, but those revenues
are pennies for us next to the [print] dollar."
The two key exceptions are beauty and fashion, and they are shown by the impressive June performances from Allure (+41.15% versus June 2011), Elle (+15.09%), Harper's Bazaar (+13.31%), Marie Claire (+6.80%), and Vogue (+10.78%). These patterns, too, are consistent, and the question as to whether the momentum will carry through to the key September "Fall Previews" will be answered in about two months.
By then, we will learn if there are any signs of an overall turnaround, as the monthlies will be competing with a second half from last year that was far weaker than the first. There is hope.
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05.18.2012
Media General, Inc. today announced that it has signed agreements with Berkshire Hathaway, Inc., for the purchase of newspapers and new financing. A subsidiary of Berkshire Hathaway, BH Media Group, will purchase all of the newspapers owned by Media General, with the exception of the Tampa group, for $142 million in cash. Media General said it is in discussions with other prospective buyers for its Tampa print assets.
Under a separate credit agreement, Berkshire Hathaway will provide Media General with a $400 million term loan and a $45 million revolving credit line. The new loan will be used to fully repay the company’s existing bank debt due March 2013 and will mature in May 2020. In conjunction with this, Media General will issue Berkshire Hathaway penny warrants for approximately 4.6 million Class A shares, which represents 19.9 percent of Media General’s existing shares outstanding. In addition, Berkshire Hathaway has the option to nominate a director to Media General’s Board of Directors.
The newspapers being purchased by BH Media Group include 63 daily and weekly titles in Virginia, North Carolina, South Carolina and Alabama, in addition to digital assets, including websites and mobile and tablet applications. The newspapers also have a substantial commercial printing business.
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05.18.2012
Facebook Inc. said today it has priced its shares at $38 for its initial public offering. If investors agree with that price when Facebook shares go on sale tomorrow, the social network’s valuation would stand at $104 billion.
Facebook yesterday increased the number of shares it will offer in its initial public offering to 421.2 million from 388 million. Including the nearly 63.2 million shares earmarked for overallotment, which allows underwriters to buy additional shares to meet excess demand, Facebook could raise more than $18.4 billion.
Facebook is not selling any of the additional shares. Rather, they are being sold by the company’s founders, employees and investors. The social network begins trading on Friday on the NASDAQ exchange using the symbol FB. CEO Mark Zuckerberg is scheduled to the ring the exchange’s opening bell from Facebook’s California headquarters.
Facebook’s IPO stands to be the largest ever to come out of Silicon Valley. Google Inc. raised nearly $2 billion when it went public in 2004. “The strong pricing at $38 indicates unabated, exuberant investor demand,” says Josef Schuster, founder of IPO research and investment house IPOX Schuster. “Given the big stock market slump across all market sectors during the past weeks, which is not reflected in Facebook’s share price, investors at these levels may be in for a rough ride for the time being.”
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05.18.2012
Gap Inc. today reported that net sales for the first quarter, which ended April 28, 2012, increased 6 percent to $3.5 billion compared with $3.3 billion for the first quarter last year. The company’s first quarter comparable sales increased 4 percent. Net income for the first quarter was $233 million, flat compared with the first quarter last year. First quarter diluted earnings per share increased 18 percent to $0.47 compared with $0.40 last year.
The company’s first quarter comparable sales were up 4 percent compared with a 3 percent decrease in the first quarter last year. Comparable sales for the first quarter of fiscal year 2012 were as follows: Gap North America: positive 5 percent versus negative 3 percent last year; Banana Republic North America: positive 5 percent versus negative 1 percent last year; Old Navy North America: positive 4 percent versus negative 2 percent last year; International: negative 4 percent versus negative 6 percent last year.
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05.18.2012
Aysling Digital Media Solutions completed an external ISO 9001:2008 audit conducted by Verisys Registrars. Upon the completion of the audit on May 2nd, 2012, Aysling received re-certification until the next required audit, as is consider per standard practice.
Aysling first received its initial accreditation for ISO 9001 back in 2010 and this re-certification exemplifies Aysling’s continued commitment to policies, procedures and the quality assurance standards set forth by the ISO 9001 program.
“Passing the external audit and achieving re-certifications demonstrates Aysling’s continued commitment to our clients,” states Patrick Becker, President of Aysling Digital Media Solutions. “Our clients recognize and appreciate our diligence in identifying, resolving and improving our business process as it relates to the publishing industry”.
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05.18.2012
The Forest Products Association of Canada (FPAC) is today unveiling a new industry-led vision that outlines where the forest industry sees itself by the year 2020. Through its accompanying goals, the vision will challenge companies, governments and other partners to find innovative ways to further transform the sector to reach its potential.
Under the brand of “Canada’s Natural Advantage”, the FPAC vision states that “by 2020, the Canadian forest products industry will power Canada’s new economy by being green, innovative and open to the world. It is a place to grow and prosper.”
Vision 2020 sets out three ambitious goals for the sector:
• PRODUCTS: Generate an additional $20 billion in economic activity from new innovations and growing markets
• PERFORMANCE: Deliver a further 35% improvement in the sector’s environmental footprint
• PEOPLE: Renew the workforce with at least 60,000 new recruits including women, Aboriginals and immigrants
“Canada's forest products industry has already made significant progress in becoming more competitive, in tackling new markets, in developing innovative new bio-products from wood fibre and in greening our operations,” says the President and CEO of FPAC, Catherine Cobden. “However we do not intend to rest on our laurels. This vision will inspire us to go even further to ensure a vibrant path for the industry in the years ahead.”
“The Government of Canada is proud of the unprecedented investments we have made in the evolution of Canada’s forest industry and applaud the industry for its ongoing transformation,” says the Honourable Joe Oliver, Minister of Natural Resources. “Our Government supports the development of new, innovative products and technologies, and growing markets so that Canada’s forest sector will continue to be on a strong footing into the future.”
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05.18.2012
Casual Male Retail Group, Inc., the largest retailer of big & tall men's apparel and accessories, today reported operating results for the first quarter of fiscal 2012.
For the first quarter of fiscal 2012, total sales of $95.9 million increased $0.1 million from $95.8 million for the first quarter of fiscal 2011. Comparable sales for the first quarter increased 2.0% when compared to the same period of the prior year. On a comparable basis, sales from the retail business increased 3.8% while the U.S. direct business decreased 3.9%.
For the first quarter of fiscal 2012, gross margin rate, inclusive of occupancy costs, was 47.7% as compared to a gross margin rate of 46.9% for the first quarter of fiscal 2011. The increase of 80 basis points was the result of increased merchandise margins for the first quarter of fiscal 2012 of 90 basis points offset by an increase of 10 basis points in occupancy costs. On a dollar basis, occupancy costs for the first quarter of fiscal 2012 increased less than 1% when compared to the first quarter of fiscal 2011.
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05.18.2012
Many self-published authors are still turning to literary agents to sell foreign rights to their books. In a move that could cut some agents out, Amazon now allows those authors to distribute their print books through European Amazon sites for free.
Self-published authors can already sell their e-books on Amazon’s international sites when they use KDP (Kindle Direct Publishing). Now, when authors upload those books to Amazon’s free print publishing tool, CreateSpace, Amazon will distribute the books to Amazon.co.uk, Amazon.de, Amazon.fr, Amazon.es and Amazon.it.
When consumers in those countries (or in the U.S.) order a CreateSpace book, Amazon prints it on demand. The books are available for same-day shipping and eligible for free shipping and Amazon Prime. (Amazon Prime, which offers unlimited free two-day shipping for a yearly fee, is available in the U.S. and UK and in Germany, France, Italy and Spain as “Amazon Premium.”)
Using CreateSpace is free, but an author’s royalty payment depends on factors like page count and color.
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05.18.2012
Oil headed for its third weekly decline in New York and fell to this year’s low in London on concern that demand will falter as Europe’s debt crisis worsens.
West Texas Intermediate futures were little changed after closing at the lowest price in more than six months yesterday. Greece was downgraded by Fitch Ratings, while Moody’s Investors Service cut credit ratings of 16 Spanish banks and manufacturing in the Philadelphia region unexpectedly shrank in May. Enbridge Inc. (ENB) and Enterprise Products Partners LP (EPD) reversed the Seaway pipeline to alleviate a glut in the U.S. Midwest, causing Brent crude’s premium to WTI to narrow.
“The market is facing strong headwinds from the stronger dollar and continuing concerns about the euro zone, such as a Greek exit, possible contagion, economic weakness and the possibility of further downgrades,” said Eugen Weinberg, head of commodities research at Commerzbank AG in Frankfurt. “Still, the underlying physical market is tighter than the price declines suggest.”
Crude for June delivery was at $92.62 a barrel, up 6 cents in electronic trading on the New York Mercantile Exchange at 11 a.m. London time after falling as much as 1 percent to $91.60. The contract yesterday slipped 25 cents to $92.56, the lowest close since Nov. 2.
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05.18.2012
UBM has formed two new divisions in the U.S.: UBM Technology and UBM Connect. The company said the reorganization is designed to take greater advantage of the potential growth in marketing services.
“In the past we've had to reorganize to manage a retreat. This is about reorganizing the business for growth, which is really important to note,” UBM CEO David Levin said in an interview with BtoB. “This is a positive development for the business. This is a growing business, a growing and profitable business.”
UBM Technology brings together the previously autonomous businesses of UBM Channel, UBM Electronics and UBM TechWeb. The new group, which will have about $285 million in revenue and 675 employees, will be headed by CEO Paul Miller, who was previously CEO of UBM Electronics.
Robert Faletra will remain as CEO of the channel group within UBM Technology. Tony Uphoff, who had been CEO of UBM TechWeb, has decided to leave UBM, Levin said.
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05.18.2012
Aeropostale, Inc., a mall-based specialty retailer of casual apparel for young women and men, today reported results for the first quarter of fiscal 2012, and provided guidance for the second quarter of fiscal 2012.
Diluted net earnings for the first quarter of 2012 were $0.13 per share, compared to $0.20 per diluted share in the same period last year. Net income for the first quarter of 2012 was $10.6 million, compared to net income of $16.4 million last year.
For the first quarter of fiscal 2012, net sales increased 6% to $497.2 million, from $469.2 million in the year ago period. Comparable sales, including the e-commerce channel, for the first quarter increased 2%, compared to a 5% decrease last year. Comparable store sales, excluding the e-commerce channel, for the first quarter were essentially flat, compared to a 7% decrease last year.
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05.18.2012
The U.S. Postal Service today announced plans to move ahead with a modified plan to consolidate its network of 461 mail processing locations in phases. The first phase of activities will result in up to 140 consolidations through February of 2013. Unless the circumstances of the Postal Service change in the interim, a second and final phase of 89 consolidations is currently scheduled to begin in February of 2014.
“We revised our network consolidation timeline to provide a longer planning schedule for our customers, employees and other stakeholders, and to enable a more methodical and measured implementation,” said Patrick R. Donahoe, Postmaster General and Chief Executive Officer of the Postal Service.
“We simply do not have the mail volumes to justify the size and capacity of our current mail processing network. To return to long-term profitability and financial stability while keeping mail affordable, we must match our network to the anticipated workload,” said Donahoe. “Our current plan meets our cost reduction goals, ensures seamless and excellent service performance throughout the implementation period, and provides adequate time for our customers to adapt to our network changes.”
The Postal Service will begin consolidating operations this summer – which mostly involve transferring mail-processing operations from smaller to larger facilities. Due to the volume of high-priority mail predicted for the election and holiday mailing seasons, no consolidating activities will be conducted from September through December of 2012. Approximately 5,000 employees will begin receiving notifications next week related to consolidating and other efficiency-enhancing activities to be conducted this summer.
“We will be conducting consolidation activities this summer at only 48 locations,” said Megan Brennan, chief operating officer of the Postal Service. “As a result, nearly all consolidating activities in 2012 will occur in August and then will resume again the early part of next year.”
These consolidating activities will reduce the size of the Postal Service workforce by approximately 13,000 employees and, when fully implemented, will generate cost reductions of approximately $1.2 billion annually.
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05.18.2012
Pacific Sunwear of California, Inc., announced today that net sales from continuing operations for the first quarter of fiscal 2012 ended April 28, 2012, were $173.8 million versus net sales of $171.9 million for the first quarter of fiscal 2011 ended April 30, 2011. Total Company same-store sales increased 1% during the period.
On a GAAP basis, the Company reported a loss from continuing operations of $15.6 million, or $(0.23) per share, for the first quarter of fiscal 2012, compared to a loss from continuing operations of $28.7 million, or $(0.43) per share, for the first quarter of fiscal 2011. The loss from continuing operations for the Company's first quarter of fiscal 2012 included a non-cash gain of $6.3 million, or $0.09 per share, related to a derivative liability that resulted from the issuance of the Convertible Series B Preferred Stock (the "Series B Preferred") in connection with the term loan financing the Company completed in December 2011.
On a non-GAAP basis, excluding the non-cash gain on derivative liability and using a normalized annual income tax rate of approximately 37%, the Company's loss from continuing operations for the first quarter of fiscal 2012 would have been $13.7 million, or $(0.20) per share, as compared to a loss from continuing operations of $18.1 million, or $(0.27) per share, for the same period a year ago.
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05.17.2012
Pearson, the world’s leading learning company, is today announcing the acquisition of Certiport, Inc. from Spire Capital Partners for $140m in cash.
Founded in 1997 in Utah, Certiport develops, markets and distributes certification exams and practice tests of IT and digital literacy skills. It is a leading provider of foundation-level certification programmes for Microsoft, Adobe, HP, Intuit and other renowned technology companies. Certiport sells its certifications and assessments through a network of 12,000 testing centres operated by 70 partners in more than 150 countries. The network delivers approximately 225,000 examinations in 27 languages every month.
The acquisition extends the product range and geographic reach of Pearson’s professional testing business, Pearson VUE. Certiport’s foundation-level services complement Pearson VUE’s strong position in certifications and assessments for established technology professionals. Certiport also supports Pearson VUE’s expansion in fast-growing international markets, generating more than 60% of its revenues outside North America with particular strength in Asia and the Middle East. By providing access to Pearson’s content, assessment and test preparation services, the two companies intend to develop and enhance the range of services that Certiport offers to its customers.
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05.17.2012
International Paper released its 2011 Sustainability Report that showcases the company's new suite of 12 voluntary sustainability goals. The company expects to reach a number of goals by 2020, which include:
•15% improvement of energy efficiency in purchased energy use
•20% absolute reduction in global GHG emissions (Scope 1 and 2) associated with the production of products
•15% global increase in third party certified fiber volume
In addition to these goals, International Paper set a host of other goals addressing issues such as fiber certification, philanthropy, safety and water use.
"At International Paper, sustainability is more than a business practice," said Chairman and CEO John Faraci. "Environmental, social and economic performance has been at the core of our company for more than 110 years. Stewardship of the forestland and surrounding habitat is ingrained in our company's DNA."
The report highlights International Paper's sustainability commitment in every aspect of the business. "At every point of the International Paper supply chain – from the design of our paper and packaging, to the people and manufacturing processes, to end-use recycling and other beneficial uses, International Paper strives for a sustainable product life cycle," added Faraci.
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05.17.2012
Wal-Mart Stores, Inc. today reported financial results for the quarter ended April 30, 2012. Net sales for the first quarter of fiscal 2013 were $112.3 billion, an increase of 8.6 percent from $103.4 billion in the first quarter last year. Net sales for this quarter included a negative currency exchange rate impact of approximately $800 million.
Membership and other income increased 3.2 percent, excluding $51 million from the sale of an investment owned by Walmart Chile during the prior year’s quarter.
Income from continuing operations attributable to Walmart for the quarter was $3.7 billion, up 9.2 percent from the first quarter last year. Diluted earnings per share from continuing operations attributable to Walmart (EPS) for the first quarter of fiscal 2013 were $1.09. By comparison, last year’s EPS were $0.98. The company had several pre-tax items in the first quarter of last year that netted to a $0.01 benefit to EPS.
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05.17.2012
The Bon-Ton Stores, Inc. today reported results for the first quarter of fiscal 2012 ended April 28, 2012.
First Quarter Highlights
• Comparable store sales decreased 1.3%.
• Gross margin rate was 34.3% of net sales compared with 35.5% in the first quarter of fiscal 2011.
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05.17.2012
A recent NEPCon study which evaluated the extent to which the PEFC system could guarantee that controversial wood was excluded from PEFC certified products, a requirement of the FSC Controlled Wood (CW) standard (FSC-STD-40-005), found that PEFC’s rules and verification systems for unacceptable sources are not sufficiently rigorous to meet the FSC system requirements.
In particular, only 3 out of 18 national PEFC forest management standards fulfil the requirements of FSC’s CW standard, with most of them having weaker provisions concerning traditional and/or civil rights and forest conversion. Further, PEFC’s chain of custody and overall system assurance make it impossible for FSC to recognize even wood certified under those 3 standards that do offer sufficient assurance with regards to FSC CW.
Both FSC and PEFC allow non-certified wood or fibre to be mixed into certified products which carry a ‘mixed sources’ claim. However, in order to maintain system credibility it is crucial that wood from unacceptable sources be excluded from mixed products. FSC operates the Controlled Wood system to minimise this risk.
FSC commissioned NEPCon to carry out this study, which individually analysed and assessed the PEFC Forest Management standards, Chain of Custody requirements assurance system against the FSC Controlled Wood requirements and FSC assurance system. Nepcon was hired to conduct this study given its expertise in both PEFC certification and FSC Controlled Wood. FSC only defined the terms of reference for the study and did not have any input in the analysis or the final report.
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05.17.2012
FSC’s renewed attempt to undermine the credibility of PEFC, a move that is not in the interest of our common goal of promoting sustainable forest management,” said Ben Gunneberg, Secretary General of PEFC International, in response to a report published on the FSC website.
“Now is not the time for partisan bickering about the number of angels that can dance on the head of a pin. As we approach Rio+20 we should be working together to fulfil the promise of forest certification, especially in tropical countries where less than one percent of the forests are certified.”
The report, which was funded by the FSC International Center, repeats findings of an earlier report published by FSC in 2009, namely that “PEFC certified products do not qualify as FSC Controlled Wood.”
“I had hoped that by this point in our development and maturation that these silly school yard games would have ceased and we could work together to promote sustainable forest management in those difficult and challenging places around the world,” added William Street, Chair of PEFC Council. “It is our intent to continue to focus on making certification a tool to address the twin problems of deforestation and poverty in the developing world, not argue about minutia based on misunderstanding and miscommunication.” Mr. Street encouraged all stakeholders to sign the Rio Forest Certification Declaration, which is based on the idea that a common set of principles is needed, a set of principles that provides guidance to all of us about what is needed to better promote and expand forest certification.
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05.17.2012
Ninety-five percent of consumers are interested in products that come with rebates and 80% of consumers actively seek out rebate, according to an annual consumer survey by Parago, the largest rebate provider in the United States.
The survey found that consumer preference for rebates versus instant discounts is growing. And while economic recovery may be on its way by the numbers, consumer sentiments around spending are still timid.
“With our third annual study of consumer shopping behavior, we have seen sustained sensitivity to price and willingness to hunt for bargains,” said Juli Spottiswood, Parago president & CEO. “Price perception is king, and consumers are indifferent to how that price point is achieved, whether through rebate, coupon, club or sale.”
However, Spottiswood added, because consumers understand that rebates offer deeper discounts than other sales, there is a strong interest in the promotions and shoppers are actively looking for rebates before and during the shopping experience.
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05.17.2012
Retailers that want to persuade consumers to spend more should do more to offer good customer service via social media. That’s the message of a recent survey report from American Express World Service.
An online survey conducted in February of 1,000 U.S. consumers found that 17% of respondents had used social media for customer service at least once within the past year. Those consumers are willing to increase their spending by 21% with companies that provide “great” customer service, the report says. That compares with an 11% bump in spending for those respondents who had not used social media for customer service.
“Delivering outstanding service creates impassioned advocates and can serve as a powerful marketing weapon for companies,” says Jim Bush, executive vice president of American Express World Service, charged with providing service to the payment card network’s global consumers. “[Those consumers] tell three times as many people about positive service experiences compared to the general population. Ultimately, getting service right with these social media savvy consumers can help a business grow.”
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05.17.2012
The U.S. Postal Service is getting behind mobile marketing. The USPS announced it will offer discounts this summer to marketers that include in their mailings a two-dimensional bar code that can be scanned by a mobile device.
During July and August, the postal service is offering a 2% postage discount on standard mail and first-class mail letters as well as direct mail flats and cards that include a 2-D bar code such as a Quick Response (QR) code, a Microsoft Tag or a SpyderLynk SnapTag.
When scanned, the bar code must activate a link directly to either a mobile-optimized web page that allows the mail recipient to purchase a product or service or to a mobile-optimized page tailored to the mail recipient and accessible by a personalized URL.
“Mobile technologies continue to be one of the fastest-growing marketing sectors,” says Gary Reblin, vice president of domestic products for USPS. “During the holidays, mobile purchases were up from 5.5% of e-commerce sales in 2010 to 11% in 2011. The integration of direct mail with mobile technologies will not only improve the long-term value of direct mail but also increase returns for merchants.”
48% of U.S. mobile subscribers own a smartphone, and one in five U.S. smartphone owners scanned a QR code with their smartphones as of December, according to MarketingProfs, an online resource for marketing professionals.
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05.17.2012
The Los Angeles Times is shutting down its monthly Sunday magazine, LA. The last issue will be June 3rd and the closure comes after attempts to recast the publication through frequency reductions, management shifts and editorial change-ups.
Kathy Thomson, president of the Los Angeles Times, announced the closure in a blog, writing, “The entire magazine industry has been faced with a very challenging environment. We are not immune to the challenges and have made the decision that LA, Los Angeles Times Magazine will publish its final issue on June 3rd.”
Thomson says the magazine’s website and Twitter and Facebook accounts will remain active until the end of June, and will be used to transition readers to similar content covered in The Times.
In the meantime, a new quarterly product covering luxury, design, fashion and style is currently in development. “The publication will highlight seasonal trends and occasions with print, digital and mobile iterations intended to further enhance our feature coverage and deepen our connection with our members and advertising partners,” says Thomson.
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05.17.2012
FedEx Express, a unit of FedEx Corp., has made significant progress towards its goal to make its vehicle fleet 20 percent more fuel efficient by 2020, announcing today that the FedEx Express vehicle fleet is now 16.6 percent more fuel efficient through FY2011 than it was in 2005. Twenty percent of the FedEx Express diesel vehicle pickup and delivery fleet has already been converted to more efficient and cleaner emission models that comply with 2010 U.S. Environmental Protection Agency diesel emission standards.
“Although we are less than halfway to the end date we set for ourselves, we have achieved 80 percent of our vehicle fuel efficiency goal as of the conclusion of fiscal year 2011, compared to our original baseline set in 2005,” said Mitch Jackson, staff vice president of environmental affairs and sustainability, FedEx Corp. “As a result, we are reevaluating our 2020 goal to potentially raise the standard we originally set out to achieve.”
“Thanks to this team effort, we have converted 20 percent of our pickup and delivery fleet to cleaner and more fuel efficient models,” said Dennis Beal, vice president of global vehicles, FedEx Express. “By pursuing the most promising avenues of advanced technologies, enlisting multiple experienced manufacturers and optimizing our vehicle operations, FedEx is reducing fuel use and emissions faster than expected.”
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05.17.2012
Oil rose from the lowest settlement in six months in New York after economic data in Japan beat estimates and technical indicators signaled declines in crude prices may be exaggerated.
Crude for June delivery rose as much as 91 cents to $93.72 a barrel in electronic trading on the New York Mercantile Exchange and was at $93.25 at 3:04 p.m. Singapore time. The contract yesterday fell 1.2 percent to $92.81, the lowest close since Nov. 2.
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05.17.2012
On the heels of winning an FPA Gold Award for sustainability, FreshCase® packaging for fresh red meat has garnered a Diamond award in the 24th DuPont Awards for Packaging Innovation. Groundbreaking FreshCase® vacuum packaging solves a decades-long challenge for meat processors by maintaining meat’s fresh red appearance throughout an extended shelf life. The DuPont Packaging Awards recognize excellence in innovation, sustainability and waste/cost reduction.
An alternative to expanded polystyrene (EPS) trays with PVC overwrap, FreshCase® packaging offers up to 10 times the shelf life and 75% fewer markdowns and waste than store-wrapped meats. Compared to other case-ready formats, it reduces packaging material up to 75% for lower costs and greater sustainability. FreshCase® packaging is USDA-approved for a shelf life up to 36 days for whole muscle beef and 34 days for ground beef.
“We are excited that FreshCase® packaging is being recognized for the innovation it brings to the meat case,” says Derrick Sytsma, Curwood’s Vice President of Marketing. “This active material technology took years to develop. It’s a game-changing breakthrough for the face of the meat market and opens new possibilities for processors and retailers alike.”
Compared to case-ready EPS/PVC packages that are centrally packed, FreshCase® packaging eliminates the aesthetic drawbacks of high-oxygen gas-flushed packaging, such as “black bones.” It also eliminates the appearance of excess packaging common with gas-flushed packaging due to the amount of headspace required in MAP packages.
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05.17.2012
Limited Brands, Inc. today reported 2012 first quarter results.
Earnings per share for the first quarter ended April 28, 2012, were $0.41 compared to adjusted earnings per share of $0.40 for the quarter ended April 30, 2011. First quarter operating income was $293.2 million compared to adjusted operating income of $266.8 million last year, and net income was $124.6 million compared to adjusted net income of $129.8 million last year. Adjusted results exclude certain significant items as detailed below: A pre-tax gain of $86.4 million, or $0.17 per share, related to the sale of Express stock; A pre-tax non-cash expense of $50 million, or $0.10 per share, related to the multi-year funding of the company's charitable foundation; and An income tax benefit of $11 million, or $0.03 per share, related to the favorable resolution of certain income tax matters.
Including the significant items above, reported first quarter earnings per share were $0.41 compared to $0.50 last year; operating income was $293.2 million compared to $216.8 million last year; and net income was $124.6 million compared to $165.2 million last year.
Comparable store sales for the first quarter increased 7 percent, and net sales were $2.154 billion compared to $2.217 billion last year. First quarter 2011 sales included $214.0 million attributable to the third party apparel sourcing business, which was sold in November 2011.
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05.16.2012
J. C. Penney Company, Inc. today announced financial results for its fiscal quarter ended April 28, 2012. For the quarter, jcpenney reported an adjusted net loss of $55 million or $0.25 per share, excluding markdowns taken as a result of the Company's continuing efforts to reduce inventory levels to align with its new strategy, restructuring and management transition charges and non-cash qualified pension expense. On a GAAP basis, the Company reported a net loss of $163 million or $0.75 per share.
Comparable store sales for the first quarter declined 18.9 percent. Total sales decreased 20.1 percent, which includes the effects of the Company's exit from its outlet business. Internet sales through jcp.com were $271 million in the first quarter, decreasing 27.9 percent from last year.
Gross margin was 37.6 percent of sales, compared to 40.5 percent in the same period last year. Overall, compared to last year, gross margin was impacted by lower than expected sales in the quarter and the impact of taking deeper seasonal markdowns to clear inventory coming out of the fourth quarter of 2011. This also includes the impact of a $53 million markdown reserve taken as a result of the Company's continuing efforts to reduce inventory levels to align with its new strategy. This reserve had a 170 basis point impact on gross margin; excluding this reserve, gross margin was 39.3 percent of sales.
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05.16.2012
Effective with shipments July 1, 2012, pricing will increase 4-5% for Domtar EarthChoice® Tradebook.
Additionally, pricing will increase 2-3% effective with shipments July 1, 2012, for the following products: Domtar Earthcote• Domtar Ocean Cote• Vista® Opaque• Featherweight Opaque• Printers Opaque• Rampart® Opaque• Century® Premium Opaque• Century® Premium Opaque Pharma• Guardian® Opaque• Guardian® Opaque Pharma• All other lightweight opaques
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05.16.2012
Target Corporation today reported first quarter net earnings of $697 million, or $1.04 per share. Adjusted earnings per share, a measure the company believes is useful in providing period-to-period comparisons of the results of its U.S. operations, were $1.11 in first quarter 2012, up 11.5 percent from $0.99 in 2011. A reconciliation of non-GAAP financial measures to GAAP measures is provided in the tables attached to this press release. All earnings per share figures refer to diluted earnings per share.
As previously reported, sales increased 6.1 percent in the first quarter to $16.5 billion in 2012 from $15.6 billion in 2011, due to a 5.3 percent increase in comparable-store sales and the contribution from new stores. Segment earnings before interest expense and income taxes (EBIT) were $1,199 million in the first quarter of 2012, an increase of 12.9 percent from $1,062 million in 2011.
First quarter 2012 U.S. Retail Segment EBITDA and EBIT margin rates were 10.3 percent and 7.3 percent, respectively, compared with 10.1 percent and 6.8 percent in 2011. First quarter gross margin rate declined to 30.2 percent in 2012 from 30.4 percent in 2011, reflecting downward pressure from the company's integrated growth strategies partially offset by a beneficial mix of higher-margin sales and underlying rate improvements within categories. U.S. Retail Segment first quarter selling, general and administrative (SG&A) expense rate was 19.9 percent in 2012 compared with 20.4 percent in 2011.
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05.16.2012
All UPM paper products produced at UPM Plattling mill in Germany have now been granted the EU Ecolabel.
Reels and sheets supplied by the mill complement the comprehensive range of UPM paper products already carrying the EU Ecolabel which is geographically the most extensive eco-label available. The label guarantees that paper meets strict environmental criteria concerning air and water emissions as well as energy and chemical consumption. In addition, the origin of all wood fibre must be known.
"The EU Ecolabel is a proof of our products’ excellent overall environmental performance and thus low environmental impact,” says Päivi Rissanen, UPM's Environmental Director for Paper Business Group.
To date almost all UPM copy and graphic papers produced in Europe have been awarded the EU Ecolabel and the company is a clear industry leader with almost 200 paper grades from 15 paper mills approved under the EU Ecolabel scheme. All in all about 8 million tonnes of UPM paper will be able to carry the EU Ecolabel award by end of 2012.
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05.16.2012
The Talbots, Inc. today announced that, based on ongoing discussions during the last week, the Company and Sycamore Partners have agreed to extend the exclusivity period under the exclusivity agreement entered into on May 5, 2012 in connection with Sycamore Partners’ non-binding proposal to acquire all of the Company’s outstanding common stock for $3.05 per share. The exclusivity period will now expire on May 22, 2012.
The Company’s Board of Directors is being advised in this process by its financial advisor, Perella Weinberg Partners, and legal advisor, White & Case LLP. There can be no assurance that any definitive agreement will be entered into, or, if entered into, what the terms thereof will be, or that this or any other transaction will be approved or consummated. The Company does not intend to comment further regarding the negotiation with Sycamore Partners or the Company’s evaluation of strategic alternatives, unless a specific transaction is recommended by the Board.
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05.16.2012
Appleton Papers Inc. and Hicks Acquisition Company II, Inc. today announced a definitive agreement under which Appleton will engage in a business combination with Hicks Acquisition Company II valued at $675 million. The combined company will be listed on the Nasdaq exchange, positioning Appleton for long-term growth and profitability with an improved balance sheet and greater access to capital. Appleton is a leading manufacturer of specialty high value-added coated paper products and a provider of proprietary encapsulation applications. Hicks Acquisition Company II is a special purpose acquisition company founded and headed by Thomas O. Hicks with approximately $149.3 million of cash in trust.
It was also announced today that when the transaction closes Appleton will change its corporate name to Appvion. The new name combines the words "applied" and "innovation," reflecting the company's successful transformation from a paper company to a business focused on coating formulations and applications, and specialty chemicals.
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05.16.2012
Cereplast, Inc., a leading manufacturer of proprietary biobased, sustainable bioplastics, today announced its financial results for the first quarter ending March 31, 2012.
Net sales for the three months ended March 31, 2012 were approximately $103,000, compared to $7.2 million in the same period in 2011. The decrease in sales was due to transitioning significant resources and efforts towards the recovery of past due accounts receivables from customers and minimizing any additional exposure to the accounts receivable credit risk. The current period sales were primarily prepaid shipments of sample material and nominal shipments to established existing customers with low risk credit limits.
Net loss for the three months ended March 31, 2012 was $2.4 million. These results were unfavorably impacted by a decrease in net sales.
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05.16.2012
The Zhydachiv Pulp and Paper Plant (Zhydachiv, Lviv region), a monopoly producer of newsprint in Ukraine, has stopped producing this type of paper in connection with non-profitability of this product due to the constant growth of prices of wood and tariffs on cargo transportation.
The situation at the mill is very tough now, a source in the industry has told Interfax-Ukraine. The mill's personnel have been drastically reduced in connection with the closure of a woodpulp plant and a chemical and thermomechanical pulp plant, which are involved in the production of newsprint.
As was earlier reported, the central committee of trade unions of the Ukrainian forestry sector on February 24, 2012, sent a letter to Prime Minister Mykola Azarov, asking to address the issue of including newsprint in the state order, with the secured provision of wood, establish state supervision over regulation of the prices of wood, and achieve a reduction in round wood exports.
However, the executive director of the UkrPapir association Eduard Litvak told Interfax-Ukraine, there had been no response from the authorities to that request.
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05.16.2012
Retail financial chiefs are increasingly optimistic about economic prospects over the next 12 months and plan to pivot toward expansion and adding jobs, according to a survey by American Express.
The fifth annual American Express/CFO Research Global Business & Spending Monitor, a survey of 541 senior finance executives from the United States, Europe, Canada, Latin America, Asia and Australia, revealed that investments in expanded operating capacity, research and development, and mergers and acquisitions are once again on the table.
Hiring is also on the rise, the research found, with a majority of finance executives planning to increase headcount over the next twelve months.
“Finance executives are looking for ways to stimulate growth, in part by deploying some of the cash that has built up on corporate balance sheets in recent years,” said Janey Whiteside, senior VP global corporate payments, American Express. “Finance executives also report they’ll be keeping a sharp eye on the bottom line, while spending selectively on activities that will drive revenue like sales and marketing and new product development.”
Specifically, the study found that, this year, 64% of CFOs foresee modest to substantial expansion over the next twelve months, but that’s lower than in 2011 and 2010 (when 75% and 71% of all respondents anticipated economic expansion, respectively).
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