Blog Keyword - Midland PaperClips - fine paper, packaging and supply systems distributor

11.08.2011

Disney Publishing Launching Interactive Children’s Printed Magazine

Disney Publishing Worldwide, the world’s largest publisher of children’s books and magazines, is launching FamilyFun Kids, a new, bi-monthly magazine that encourages kids’ creativity with hands-on crafts, skill-building recipes, imaginative games, brainteasers and puzzles. The magazine, geared to 6- to 12-year-olds, is created by the staff of Disney FamilyFun magazine, which millions of moms turn to each month for creative family ideas.

Like its parent magazine, FamilyFun Kids is packed with fun things to read, but is also specifically designed to be a tactile, interactive experience for children with pages they can cut, fold, tear out and decorate.

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11.07.2011

Resolute Forest Products Launches New Identity

Resolute Forest Products, formerly doing business as AbitibiBowater, today began the rollout of its new Company name and identity. When communicating in French, the Company is using the name Produits forestiers Résolu.

"The launch of our new identity, Resolute Forest Products, underscores our forward momentum," stated Richard Garneau, President and Chief Executive Officer. "Our 10,000 employees are united and ready to deliver on Resolute's vision of continued sustainability and profitability."

The Company's new name and associated visual identity now appears on all marketing materials and communications. AbitibiBowater Inc. and its subsidiaries will not change their legal entity names until the Company obtains shareholder approval, as required by law, at its 2012 annual general meeting.

For Resolute's customers, suppliers and other stakeholders little will change beyond how the Company refers to itself. Until the Company obtains shareholder approval to change its legal entity names, the new Company name will not be used on invoices, checks, contracts, product names, Company stocks and stock market listings.

"Resolute is well-positioned for the long term," continued Garneau. "To remain competitive, we must anticipate and respond swiftly to market developments by continuously leveraging operating efficiencies and being opportunistic about investments and realistic when faced with difficult choices."

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11.07.2011

Verso Paper Corp. Reports Third Quarter 2011 Results

Verso Paper Corp. today reported financial results for the third quarter and nine months ended September 30, 2011. Results for the periods ended September 30, 2011 and 2010 include:

Operating income increased 136% to $30.6 million in the third quarter of 2011 from $12.9 million in the third quarter of 2010.
Net sales were $456.8 million in the third quarter of 2011 compared to $432.9 million in the third quarter of 2010.
Adjusted EBITDA before pro forma effects of profitability program was $64.2 million in the third quarter of 2011, compared to $46.0 million in the third quarter of 2010.
Net income before items was $0.8 million in the third quarter of 2011, or $0.01 per diluted share, compared to a net loss before items of $18.6 million, or $0.35 per diluted share in the third quarter of 2010.

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11.07.2011

Oil Falls From Three-Month High on Signs of European Instability

Oil declined in New York, falling from a three-month high as European equity markets declined and the euro weakened against the dollar amid concern that political instability in the region may undermine demand.

Futures dropped as much as 1.1 percent amid speculation that Italian Prime Minister Silvio Berlusconi will struggle to keep a majority, after Greek Prime Minister George Papandreou agreed to step down. The Stoxx Europe 600 index fell as much as 1.8 percent. The dollar gained 0.8 percent against the euro, reducing the appeal of commodities priced in the U.S. currency.

“The worry is about global activity levels going forward if the crisis spreads to Italy,” said Ole Hansen, senior manager of trading advisory at Saxo Bank A/S in Copenhagen, said by phone. “People are getting really worried about whether the Italians can put through the reforms that are needed” to help keep European economies from sliding into recession. He expects crude to trade in a range from $89.50 to $95 a barrel this week.

Oil for December delivery was down 95 cents, or 1 percent, at $93.31 a barrel in electronic trading on the New York Mercantile Exchange at 10:17 a.m. London time, after rising as high as $94.96, the highest price since Aug. 2.

Crude in New York gained for a fifth week in the five trading days ended Nov. 4, the longest rising streak since the period ended April 3, 2009. Prices are up 2.3 percent this year.

Brent crude for December settlement was down 47 cents at $111.50 a barrel. The European benchmark contract was at a premium of $18.08 to New York crude, compared with $17.71 on Nov. 4 and a record settlement of $27.88 on Oct. 14.

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11.07.2011

FSC makes changes to align its standards with government legality efforts

In October 2010, the European Union adopted a regulation to prevent sales of illegal timber and timber-products on the EU internal market. The regulation covers a wide range of timber products, including plywood, veneer, particle board, furniture and others, but exempts printed media.

The EUTR will affect thousands of companies, small and large, that are producing timber domestically or importing timber or timber products into the EU. Some of them are aware of the EUTR, but many are not. It is therefore important that FSC certificate holders get early signals that FSC is ready for the EUTR while doing that extra bit to support responsible forest management.

FSC identified that certain elements of the FSC Controlled Wood, Forest Management and FSC Chain of Custody standards are affected by the regulation and as a result plans to conduction a minor review of the FSC Controlled Wood Standard by the end of 2011, eliminate any non-controlled component from FSC certified products, and release an Advice Note on legality for Forest Management Certification.

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11.07.2011

Simon & Schuster Has Strong Third Quarter

Growth in digital sales in the third quarter was enough to offset print declines giving Simon & Schuster a 1% increase in revenue to $220 million. OBIDA (Operating Income Before Depreciation & Amortization) rose 19%, to $38 million.

CEO Carolyn Reidy said sales in the adult group rose 3.5% led by A Stolen Life, a title that now has a combined 1.3 million print and digital copies in circulation. Sales in the children's group slowed in the quarter, but international sales increased 5%, driven by a 21% increase in the U.K.

Digital sales more than doubled in the quarter and now represent 17% of revenue. Reidy noted that without Borders, sales of physical books are as low as they have been in years. "There is pressure on retail," Reidy observed, though she said the new stores opening in former Borders locations, and elsewhere, will ease some of that pressure. Furthermore, Reidy added, S&S "has adjusted to the new environment" without Borders.

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11.07.2011

Source Interlink Media’s GrindMedia Group Acquires ATV Magazine

GrindMedia, a leading action and adventure sports media company and division of Source Interlink Media, has announced the acquisition of ATV Magazine, atvmagonline.com and atvsport.com. The magazine, which has been published since 1995 by Ehlert Publishing Group, LLC, and the Web sites will be folded into GrindMedia’s ATV Rider Magazine, according to Norb Garrett, SVP and Group Publisher of GrindMedia. Current subscribers to ATV Magazine will begin receiving ATV Rider effective with the January/February 2012 issue, said Garrett.

“This acquisition will strengthen our efforts in the ATV market,” said Garrett. “ATV Rider has been making great strides in both its editorial and sales efforts, and this additional reach will provide our readers and marketing partners with even greater access to this terrific audience.”

ATV Rider will continue to publish six times per year. As a result of the acquisition, ATV Rider’s circulation will increase to 30,000, according to publisher Damian Ercole. ATV Rider will also expand its coverage of the utility ATV market behind the direction of editor Eli Madero.

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11.04.2011

HarperCollins Reports Rise in Quarterly Revenue, Profits

HarperCollins had a “a great quarter,” reporting an increase in revenue and profit over first quarter results last year. Some HarperCollins results were released as part of News Corps' results for the first fiscal quarter of 2012.

According to a Harper spokesperson Print books sold through physical book stores accounted for 71% of sales in the U.S. and 77% of sales worldwide. HarperCollins authors Thomas Transtromer and Ellen Johnson Sirleaf were awarded Nobel Prizes for Literature and Peace. The company reported 50 bestsellers including Portrait of a Spy by Daniel Silva, Reamde by Neal Stephenson, and State of Wonder by Ann Patchett.

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11.04.2011

Postal Reform Bill Bodes Well For Periodicals Industry

According to at least some publishing industry groups and analysts, the postal reform bill introduced Wednesday in the U.S. Senate would be good for both the Postal Service and periodicals mailers.

The bipartisan bill, sponsored by senators Joe Lieberman, Susan Collins, Tom Carper and Scott Brown, was called "excellent" in a statement from MPA-The Association of Magazine Media, and greeted positively by the Postal Service itself, which in a press release thanked the bill's sponsors for introducing legislation "to address critical Postal Service issues" while reasserting the need for long-term legislation to enable the organization to control costs.

The bill takes elements from bills previously introduced by Democrat Carper and Republican Collins. Its most important provision is a proposed return to the Postal Service of an estimated $6.9 billion dollar overpayment to the Federal Employees Retirement System. It also opens the Postal Service up to offering new services such as delivery of wine and beer, changes workers compensation and salary arbitration provisions, and—for now anyway—preserves 6-day delivery.

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11.04.2011

Mercer International Inc. Reports Strong 2011 Third Quarter Results

Mercer International Inc. today reported strong results for the third quarter ended September 30, 2011. Operating EBITDA in the third quarter of 2011 was €49.2 million ($69.5 million), compared to €65.5 million ($84.7 million) in the third quarter of 2010 and €50.1 million ($72.1 million) in the second quarter of 2011. Operating EBITDA is defined on page 5 of this press release and reconciled to net income on page 8 of the financial tables in this press release.

In the current quarter, total revenues were €204.8 million ($289.1 million), compared to €234.4 million ($303.1 million) in the third quarter of 2010. We reported net income of €8.4 million ($11.9 million), or €0.15 ($0.21) per basic share, for the third quarter of 2011, which included an aggregate non-cash unrealized loss of €10.7 million, or €0.20 ($0.28) per basic share, on the Stendal interest rate derivative and foreign exchange losses on our debt and an income tax expense of €3.1 million ($4.4 million), or €0.06 ($0.08) per basic share. In the third quarter of 2010, we reported net income of €46.1 million ($59.6 million), or €1.17 ($1.51) per basic share, which included aggregate non-cash gains of €10.4 million, or €0.26 ($0.34) per basic share, on the Stendal interest rate derivative and foreign exchange gains on our debt and a net income tax benefit of €7.2 million ($9.3 million), or €0.18 ($0.22) per basic share.

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11.04.2011

M&F Worldwide Corp. Reports Third Quarter and Year-to-Date 2011 Results

M & F Worldwide Corp. today reported results for the third quarter and nine months ended September 30, 2011. Additionally, M & F Worldwide filed its Quarterly Report on Form 10-Q with the Securities and Exchange Commission today.

Consolidated net revenues decreased by $1.6 million, or 0.4%, to $438.3 million for the third quarter of 2011 from $439.9 million for the third quarter of 2010. The decrease was due to lower net revenues at the Harland Clarke and Scantron segments, in part due to volume declines of certain products and services, partially of offset by increases in net revenues of $2.2 million for the Licorice Products segment and $1.5 million for the Harland Financial Solutions segment, as further described below.

Operating income increased by $13.2 million, or 17.9%, to $86.8 million for the third quarter of 2011 from $73.6 million for the third quarter of 2010. The increase was primarily due to decreases in the fair value of accrued contingent consideration related to the GlobalScholar acquisition at the Scantron segment and the Parsam acquisition at the Harland Financial Solutions segment that resulted in a non-cash gain of $19.5 million. The reduction in the fair value of accrued contingent consideration was the result of revenue projections that fall below the threshold amount that would trigger a payment. In addition, an increase in operating income for the Harland Clarke segment of $14.8 million was substantially offset by additional costs incurred at the Scantron segment, which were primarily associated with the GlobalScholar and Spectrum K12 acquisitions, deferral of revenue as further described in Segment Results for Scantron below and increased costs for the Corporate segment.

Net income increased by $14.3 million, or 47.4%, to $44.5 million for the third quarter of 2011 from $30.2 million for the third quarter of 2010. The increase was primarily due to a $19.5 million non-cash gain for changes in the fair value of contingent consideration arrangements, of which $19.2 million is not subject to income taxes.

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11.04.2011

Aeropostale Provides Business Update

Aeropostale, Inc., a mall-based specialty retailer of casual apparel for young women and men, today announced revised guidance for the third quarter.

For the third quarter of fiscal 2011 net sales decreased 1% to $596.5 million, from $602.8 million in the year ago period. Same store sales for the third quarter decreased 9%, compared to essentially flat same store sales last year. Based on better than expected gross margins for the quarter, the Company now expects third quarter earnings in the range of $0.27 - $0.28 per diluted share, versus its previously issued guidance in the range of $0.09 - $0.15 per share.

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11.04.2011

Oil Rises to Three-Month High After Greece Cancels Referendum

Oil rose its highest in three months in New York as signs that Europe will reach an agreement with Greece on a rescue plan reduced concern economic growth will falter and damp fuel demand.

Futures rose as much as 0.9 percent and are poised for a fifth weekly gain, the longest rising streak since April 2009. Greece won’t hold a public vote on a bailout package, Finance Minister Evangelos Venizelos told lawmakers in Athens yesterday. Oil is approaching its 200-day moving average, which is at $94.84 a barrel today, according to data compiled by Bloomberg.

“The euro zone is the risk factor for the oil price,” said Sintje Boie, an analyst at HSH Nordbank in Hamburg, who predicts the price of Brent crude will slide to $105 by year- end. “The uncertainty is high but we don’t expect it will end in a catastrophe. Oil demand is not so bad in the U.S., and growth in Asia is strong.”

Crude for December delivery rose as much as 86 cents to $94.93 a barrel, the highest price since August 2, in electronic trading on the New York Mercantile Exchange. The contract was at $94.77 at 10:57 a.m. London time. Futures are up 1.6 percent this week and 3.7 percent in 2011.

Brent oil for December settlement on the London-based ICE Futures Europe exchange was up $1.07 at $111.90 a barrel. The premium of Brent to New York crude was at $17.13, down from a record-high settlement of $27.88 on Oct. 14.

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11.04.2011

Boise Inc. Reports Financial Results for Third Quarter 2011

Boise Inc. today reported net income of $28.4 million, or $0.24 per diluted share, for third quarter 2011, compared with net income of $35.9 million, or $0.43 per diluted share, for third quarter 2010. EBITDA was $98.5 million for third quarter 2011, compared with $109.8 million for third quarter 2010.

Total sales for third quarter 2011 were $631.7 million, up $77.6 million, or 14%, from $554.1 million for third quarter 2010, due primarily to the acquisition of Tharco Packaging, which was completed in March 2011, as well as higher net selling prices for linerboard, newsprint, and corrugated products. Total sales for third quarter were up $28.6 million, or 5%, from second quarter 2011 sales of $603.1 million, driven by higher prices for uncoated freesheet and increased sales volumes of corrugated products.

Uncoated freesheet net selling prices were flat for third quarter 2011, compared with third quarter 2010, and increased 3%, compared with second quarter 2011, driven by improved pricing across our cut-size office papers. Total uncoated freesheet sales volumes were 312,000 short tons for third quarter 2011, a decrease of 2% versus the prior-year period and flat versus second quarter 2011.

Corrugated container and sheet sales volumes improved 31% during third quarter 2011, compared with third quarter 2010, due primarily to the acquisition of Tharco. Corrugated sales volumes increased 3%, compared with second quarter 2011, driven by seasonally stronger demand in agricultural markets. Corrugated container and sheet prices increased 18% during third quarter 2011, compared with third quarter 2010, driven primarily by product mix changes due to the Tharco acquisition, and increased 1% sequentially from second quarter 2011.

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11.04.2011

HP Helps Consolidated Graphics Veritas Take Advantage of Digital Print Growth Opportunities

HP today announced that Consolidated Graphics Inc., one of the nation’s largest commercial print service providers (PSPs) offering the world’s largest integrated digital printing footprint, installed an HP T200 Color Inkjet Web Press at Veritas Document Solutions, a CGX company based in Buffalo Grove, Ill.

The new press was showcased today during an open house customer event at Veritas Document Solutions in Buffalo Grove. With the press, Veritas expands its range and quality of data-driven solutions, gaining the ability to:

— develop more opportunities in high- and mid-volume digital printing, including fast-turnaround, full-color print-on-demand publications, web-to-print marketing collateral and other commercial print application;

— streamline bill and statement offerings by replacing two-step color offset shell printing and monochrome digital imprinting with one-pass, full-color digital production; and

— enhance direct marketing programs with affordable, high-quality, variable-data color imaging.

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11.04.2011

Stora Enso plans restructuring of packaging operations to better meet customer needs

Stora Enso’s Packaging Business Area plans to increase its cost competitiveness and respond to market demand by restructuring its core and coreboard operations in Finland, Germany, the United Kingdom and the USA, and streamlining corrugated packaging production in Finland.

“In core and coreboard markets the main customer is the board and paper industry. Decreased demand for paper mill cores in mature markets has made the market situation tighter, and in the current financial situation the outlook is uncertain. Corrugated packaging markets are very local and closely related to national economies. In Finland demand is still clearly below pre-crisis levels, and there are no signs of sustained recovery. The planned restructuring and streamlining measures, including some development investments, will enable us to better meet customer and market expectations and ensure our competitiveness by being more cost efficient and streamlining our operations,” says Mats Nordlander, EVP, Stora Enso Packaging Business Area.

The planned restructuring measures would reduce approximately 80 employees in corrugated packaging operations in Finland, and approximately 70 employees in core and coreboard operations mainly in Germany, Finland, the United Kingdom and the USA. In addition, the plans include possible temporary lay-offs at corrugated packaging operations in Finland.

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11.04.2011

J. C. Penney Company, Inc. Reports October Sales Results

J. C. Penney Company, Inc. reported today that its comparable store sales for the four-week period ended Oct. 29, 2011, decreased 2.6 percent. While sales overall were soft, women's apparel and accessories experienced sales gains in October. Geographically, the southeast was the top performing region. Total Company sales decreased 6.6 percent for the month.

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11.04.2011

Kohl's Corporation Reports October Comparable Store Sales

Kohl's Corporation reported today that for the four-week month ended October 29, 2011 total sales increased 5.6 percent and comparable store sales increased 3.9 percent over the four-week month ended October 30, 2010. Year to date, total sales increased 3.5 percent and comparable store sales increased 1.7 percent.

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11.04.2011

Nordstrom Reports October Sales

Nordstrom, Inc. today reported a 5.4 percent increase in same-store sales for the four-week period ended October 29, 2011 compared with the four-week period ended October 30, 2010. Preliminary total retail sales of $749 million for October 2011 increased 13.3 percent compared with total retail sales of $662 million for the same period in fiscal 2010.

Third quarter same-store sales increased 7.9 percent compared with the same period in fiscal 2010. Preliminary third quarter total retail sales of $2.38 billion increased 14.2 percent compared with total retail sales of $2.09 billion for the same period in fiscal 2010.

Year-to-date same-store sales increased 7.2 percent compared with the same period in fiscal 2010. Preliminary year-to-date total retail sales of $7.33 billion increased 12.8 percent compared with total retail sales of $6.49 billion for the same period in fiscal 2010.

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11.04.2011

Target Reports October Sales Results

Target Corporation today reported that its net retail sales for the four weeks ended October 29, 2011 were $4,839 million, an increase of 4.3 percent from $4,641 million for the four weeks ended October 30, 2010. On this same basis, comparable-store sales increased 3.3 percent in October and 4.3 percent in the third quarter.

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11.04.2011

Gap Inc. Reports October Sales

Gap Inc. today reported that October 2011 net sales decreased 4 percent compared with last year.

Net sales for the four-week period ended October 29, 2011 were $1.14 billion compared with net sales of $1.19 billion for the four-week period ended October 30, 2010. The company’s comparable sales for October 2011, which include the associated comparable online sales, were down 6 percent compared with a 4 percent increase for October 2010.

In addition, the company reported that net sales for the third quarter, which ended October 29, 2011, decreased 2 percent to $3.59 billion compared with $3.65 billion for the third quarter last year. The company’s third quarter comparable sales, which include the associated comparable online sales, were down 5 percent compared with a 1 percent increase in the third quarter of the prior year.

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11.04.2011

September 2011 US Commercial Printing Shipments Steady with 2010

September 2011 US commercial printing shipments were $7.426 billion, an increase of $22 billion (+0.3%) on a current dollar basis compared to September 2010. On an inflation-adjusted basis, shipments for September 2011 were down -$266 million (-3.5%) compared to the prior year.

The first three quarters of 2011 were up +$130 million (+0.2%) compared to 2010, but down -$1.8 billion (-2.8%) after inflation adjustment.

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11.04.2011

UPM to Close the Myllykoski Paper Mill and Implement from Job to Job Programme

UPM will permanently cease production at the Myllykoski paper mill by the end of this year. UPM and its employees were unable to establish a way to meet the commercial requirements for continuation of operations at the Myllykoski mill during employee negotiations. In addition, the company is cutting down its overlapping operations in paper sales, the supply chain and its functions in Finland.

The personnel reductions will affect 371 people at the Myllykoski paper mill and 21 people at Myllykoski Corporation and Myllykoski Sales Nordic. Personnel reductions will start in January 2012.

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11.03.2011

Macy's, Inc. Same-Store Sales up 2.2% in October

Macy's, Inc. today reported total sales of $1.842 billion for the four weeks ended Oct. 29, 2011, an increase of 2.0 percent compared with total sales of $1.806 billion in the four weeks ended Oct. 30, 2010. On a same-store basis, Macy's, Inc. sales were up 2.2 percent in October.

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11.03.2011

CVS Caremark Reports Third Quarter Results

CVS Caremark Corporation, today announced revenues, operating profit, and net income for the three months ended September 30, 2011.

Net revenues for the three months ended September 30, 2011 increased $3.0 billion to $26.7 billion, up from $23.7 billion during the three months ended September 30, 2010.

Revenues in the Pharmacy Services segment increased 25.8% to $14.8 billion in the three months ended September 30, 2011.

Revenues in the Retail Pharmacy segment increased 3.8% to $14.7 billion in the three months ended September 30, 2011. Same store sales increased 2.3% over the prior year period. Pharmacy same store sales rose 2.4% and include a positive impact from Maintenance Choice(TM) of approximately 140 basis points on a net basis (i.e., a positive impact of approximately 170 basis points on a gross basis, net of approximately 30 basis points from the conversion of 30-day prescriptions at retail to 90-day prescriptions under the Maintenance Choice program). Pharmacy same store sales were negatively impacted by approximately 200 basis points due to recent generic introductions. Front store same store sales increased 2.0% in the three months ended September 30, 2011.

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11.03.2011

Limited Brands Reports October 2011 Sales and Increases Third Quarter Earnings Guidance

Limited Brands, Inc. reported a comparable store sales increase of 6 percent for the four weeks ended Oct. 29, 2011, compared to the four weeks ended Oct. 30, 2010. The company reported net sales of $652.4 million for the four weeks ended Oct. 29, 2011, compared to net sales of $617.3 million last year.

The company reported a comparable store sales increase of 9 percent for the third quarter ended Oct. 29, 2011, compared to the third quarter ended Oct. 30, 2010. The company reported net sales of $2.173 billion for the third quarter ended Oct. 29, 2011, compared to sales of $1.983 billion last year.

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11.03.2011

American Eagle Outfitters Reports Third Quarter Sales Increase of 11%

American Eagle Outfitters, Inc. today announced that total sales for the third quarter ended October 29, 2011 increased 11% to $832 million, compared to $752 million for the quarter ended October 30, 2010. Comparable store sales increased 5% for the quarter, compared to a 1% increase for the same period last year. Including AEO direct, comparable store sales increased 7% for the quarter.

Third quarter sales results reflected strength across brands, with AE posting a 5% comp increase and aerie comps rising 8%. AEO direct posted a 21% sales increase in the third quarter.

Total sales for the year-to-date period ended October 29, 2011 increased 3% to $2.12 billion, compared to $2.05 billion for the period ended October 30, 2010. Comparable store sales decreased 1% for the year-to-date period, compared to a 1% increase for the same period last year. Including AEO direct, comparable store sales increased 1% for the period.

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11.03.2011

Abercrombie & Fitch Reports Third Quarter Sales Results

Abercrombie & Fitch today reported net sales of $1.076 billion for the fiscal quarter ended October 29, 2011, a 21% increase from net sales of $885.8 million for the fiscal quarter ended October 30, 2010. U.S. sales, including direct-to-consumer sales, increased 14% to $820.2 million. International sales, including direct-to-consumer sales, increased 56% to $255.7 million. Total Company direct-to-consumer sales, including shipping and handling, increased 41% to $132.4 million.

Total comparable store sales for the quarter increased 7%. By brand, comparable store sales increased 4% for Abercrombie & Fitch, 6% for abercrombie kids, and 8% for Hollister Co.

Year-to-date, the Company reported net sales of $2.829 billion, a 22% increase from net sales of $2.319 billion last year. U.S. sales, including direct-to-consumer sales, increased 13% to $2.146 billion. International sales, including direct-to-consumer sales, increased 64% to $683.3 million. Total Company direct-to-consumer sales, including shipping and handling, increased 34% to $340.3 million.

Total comparable store sales for the year-to-date period increased 8%. By brand, comparable store sales increased 5% for Abercrombie & Fitch, 8% for abercrombie kids, and 10% for Hollister Co.

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11.03.2011

Saks Incorporated Announces October Comparable Store Sales

Retailer Saks Incorporated today announced that owned sales totaled $235.7 million for the four weeks ended October 29, 2011 compared to $233.9 million for the four weeks ended October 30, 2010, a 0.8% increase. Comparable store sales increased 1.8% for the month.

For October, the strongest categories at Saks Fifth Avenue stores included women's contemporary sportswear and WEAR NOW (bridge) apparel, men's clothing and contemporary apparel, men's shoes, and handbags. Saks Direct performed well during the month.

This October, the Company excluded cosmetics and fragrances from its four-day Friends & Family discount event; cosmetics and fragrances were offered at a ten percent discount during the October 2010 event. Management estimates that October 2011 comparable store sales would have increased by mid-single digits if cosmetics and fragrances had been included in the event.

For the third quarter ended October 29, 2011, owned sales totaled $678.6 million compared to $649.6 million for the prior year third quarter ended October 30, 2010, a 4.5% increase. Comparable store sales increased 5.8% for the third quarter.

On a year-to-date basis, for the nine months ended October 29, 2011, owned sales totaled $2,050.5 million compared to $1,889.8 million for the prior year nine months ended October 30, 2010, an 8.5% increase. Comparable store sales increased 10.3% for the nine months.

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11.03.2011

Pearson nine-month Interim Management Statement

Pearson, the world’s leading learning company, is today providing its regular nine-month interim management statement.

Pearson increased sales by 6% and operating profit by 13% in the first nine months of 2011. Our businesses once again produced strong competitive performances in generally weak market conditions, benefiting from premium content and services, digital innovation and presence in developing economies.

The fourth quarter is always a key selling season in education and consumer publishing. But with all of our businesses performing well, we are reaffirming our trading guidance for the full year in spite of the recent deterioration in the macroeconomic outlook.

In addition, we anticipate that our interest and tax charges on adjusted earnings will be lower than our previous guidance. As a result, we now expect to achieve adjusted earnings per share of approximately 83p for the full year (ahead of our previous guidance of approximately 80p). This guidance assumes that the current exchange rate of £1:$1.60 prevails in the fourth quarter.

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11.03.2011

Crude Oil Advances a Second Day as Europe Presses Greece on Rescue Deal

Oil rose for a second day in New York, reversing losses as European leaders pressured Greece into proceeding with a rescue package that may stem the region’s debt crisis.

West Texas Intermediate futures on the New York Mercantile Exchange rebounded after dropping as much as 1.8 percent. Led by Germany and France, Europe’s economic and political anchors, the euro’s guardians yesterday cut off financial aid for Greece until an early December vote determines whether it deserves a fresh batch of loans.

“Market sentiment about the success of the rescue package seems to change within hours,” said Carsten Fritsch, a Frankfurt-based analyst at Commerzbank AG, who forecasts Brent crude oil will average $100 a barrel this quarter. “We expect Europe to slip into recession, but it will be just a brief and shallow one.”

Crude for December delivery was up 39 cents at $92.90 in electronic trading on the New York Mercantile Exchange at 10:59 a.m. London time. It earlier fell as much as $1.64 to $90.87 a barrel.

Brent for December settlement traded 30 cents higher at $109.64 a barrel on the London-based ICE Futures Europe exchange. Brent’s premium to New York crude was $16.74 a barrel, compared with settlements of $16.83 yesterday and a record-high $27.88 on Oct. 14.

U.S. crude supplies increased 1.83 million barrels to 339.5 million in the week ended Oct. 28, the U.S. Energy Department said yesterday. That was more than the 1 million barrels forecast by analysts in a Bloomberg News survey.

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11.03.2011

DMA Applauds Introduction of 'The 21st Century Postal Service Act of 2011'

The Direct Marketing Association (DMA) applauds Senators Joe Lieberman (I-CT), Susan Collins (R-ME), Tom Carper (D-DE) and Scott Brown (R-MA) for introducing a bipartisan postal reform bill, “The 21st Century Postal Service Act of 2011” (Act) today.

The Postal Service (USPS) is in dire financial straits. It is imperative that the US Mail — a vital communications channel for the American public, the American economy, and DMA members — be placed on a solid financial footing and remain affordable to the American public and American businesses. The $1.1 trillion mailing industry and its over 8 million employees depend on it.

It is time for Congress to set aside differences and work on a bipartisan bill that can be signed by the President. Senators Lieberman, Collins, Carper, and Brown have taken a huge step in that direction.

This bipartisan bill tackles the difficult issues of USPS retiree health benefit prefunding, five-day delivery, door delivery, labor arbitration, and USPS down-sizing. We are pleased that the bill maintains nonprofit rate preferences and requires a study of underwater classes and products to determine how their costs are affected by USPS excess capacity.

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11.03.2011

Kraft Foods Reports Strong Q3 Results and Raises 2011 Guidance

Kraft Foods Inc. today reported third quarter results driven by strong organic revenue growth and operating income gains in each geographic region.

Net revenues for the third quarter were $13.2 billion, up 11.5 percent. Organic Net Revenues grew 8.4 percent, driven by strong growth in all geographies. Pricing contributed 7.0 percentage points of growth as the company continued to successfully implement pricing actions to recover higher input costs. Despite these pricing actions, volume/mix contributed 1.4 percentage points to growth.

Operating income was $1.7 billion, and operating income margin was 12.8 percent. Underlying Operating Income, which excludes acquisition-related(2) and Integration Program(3) costs, grew 12.2 percent to $1.8 billion. The increase in Underlying Operating Income was driven by effective management of input costs through pricing and productivity, favorable foreign currency and growth from volume/mix. These gains were partially offset by the negative impacts from the Starbucks CPG business(4) and the timing of SG&A expenses. While profit growth was strong, Underlying Operating Income(1) margin increased only 10 basis points due to the impact of the higher revenue base (from pricing) on the margin calculation.

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11.03.2011

Improved operations at Norske Skog

Norske Skog’s gross operating earnings were NOK 469 million in the third quarter. This is significantly better than in the second quarter. The improvement is due to lower costs, higher volumes and better prices.

Cash flow from operations also improved markedly, and net interest-bearing debt was reduced.

Operating earnings (IFRS) were minus NOK 1 883 million, compared to minus NOK 202 million for the second quarter of 2011 and minus NOK 326 million for the third quarter of 2011. The operating result was strongly affected by impairments of NOK 1 883 million. Of these, NOK 927 relate to Norske Skog Parenco in the Netherlands.

The result from financial items was minus NOK 253 million. In the second quarter financial items were minus NOK 70 million, and in the third quarter of 2010 there was a positive result of NOK 49 million.

The net loss was NOK 1 841 million, compared to a loss of NOK 280 million in the second quarter of 2011 and a loss of NOK 244 million in the third quarter of 2010.

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11.03.2011

Tredegar Reports Third-Quarter Results

Tredegar Corporation reported third-quarter net income from continuing operations of $12.7 million (40 cents per share) compared to $9.0 million (28 cents per share) in the third quarter of 2010. Results from continuing operations in the third quarter of 2011 include a net after-tax gain of $4.3 million (14 cents per share) for special items primarily related to the divestiture of our film products business in Italy and transaction expenses incurred on the acquisition of Terphane Holdings LLC ("Terphane"). Further details regarding these items are provided in the financial tables included with this press release.

Income from ongoing operations in the third quarter was $8.4 million (26 cents per share) versus $9.4 million (29 cents per share) in last year's third quarter. Third-quarter sales increased to $202.6 million from $197.5 million in the third quarter of 2010.

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11.03.2011

Sappi Fine Paper Europe confirms to customers the uninterrupted supply of Galerie Art

M-real Oyj, which produces the Galerie Art range of woodfree coated reels and sheets for Sappi Europe, has today announced that it will initiate a consultation process with the employees of its Äänekoski mill in accordance with Finnish labour law. Such consultation might result in the definitive closure of paper machine 2 (PM2). Sappi Europe has therefore established a contingency plan to ensure that it maintains an uninterrupted supply of products to its customers.

Sappi Europe and M-real Oyj have agreed that, in case of a cessation of production at Äänekoski mill, the supply of Galerie Art woodfree coated reels would be transferred to M-real’s Husum mill in Sweden. Sappi Europe would remain the exclusive seller of coated paper produced by M-real’s Husum mill.

With regard to the supply of Galerie Art woodfree coated sheets produced at Äänekoski Mill, this production would be transferred to other Sappi sites in Europe.

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11.03.2011

KapStone Reports Record Net Sales

KapStone Paper and Packaging Corporation today reported results for the third quarter ended September 30, 2011.

Roger W. Stone, Chairman and Chief Executive Officer, stated, "KapStone's strong production in the third quarter of 2011 enabled us to achieve record net sales of $216 million and generate $38 million of free cash flow. Our mills produced nearly 329,000 tons of paper, and we improved operating margins year-over-year with pricing and productivity improvements. We are implementing a $50 per ton price increase for our kraft paper grades which will be fully realized in early 2012. Our order backlog remains strong."

Third Quarter Operating Highlights: Net sales for the quarter ended September 30, 2011 were $215.8 million, an increase of 4.0 percent, when compared to third quarter of 2010 net sales of $207.5 million. The increase in net sales was attributable primarily to higher unit selling prices. Average revenue per ton increased to $639 in 2011 versus $614 during the third quarter of 2010 and accounted for $7.3 million of the improvement in sales. The higher average unit selling prices reflect full realization of price increases effective in 2010 and the first half of 2011. Sales revenues in the third quarter of 2011 benefited by $1.5 million from favorable exchange rates. Offsetting the increase in net sales was $0.5 million due to Hurricane Irene in August 2011.

Operating income of $30.1 million for the 2011 quarter exceeded prior year's results by $3.5 million. The primary reasons for the improved results were higher unit pricing and improved mix which contributed $7.9 million and productivity improvements of $1.7 million. The stronger Euro, up 10 percent on the third quarter average, improved operating income by $1.5 million. However, operating income was negatively impacted by $5.1 million of inflation on input costs, mainly for caustic soda, higher wages, and freight-in for wood and $1.2 million for higher maintenance work at our Charleston mill. In addition, KapStone incurred $1.1 million of expenses related to the USC acquisition.

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11.02.2011

Discover U.S. Spending MonitorSM Consumer Confidence Rebounds Slightly in October

Consumer confidence slightly rebounded in October as more consumers felt the economy and their personal finances were improving, while fewer felt the economy and their finances were getting worse according to the Discover U.S. Spending Monitor.

The Monitor, a 4-year-old daily poll tracking economic confidence and spending intentions of nearly 8,200 consumers throughout the month, recorded a 2-point rise to 79.0 percent. Fourteen percent of consumers felt economic conditions were getting better in October, a 2-point rise from September. Sixty-two percent felt economic conditions were getting worse, down 1 point from September.

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11.02.2011

MOD-PAC CORP. Grows Revenue 16% to $14.4 million in the Third Quarter

MOD-PAC CORP., a manufacturer of custom paper board packaging and provider of personalized print products, today reported its results for the three and nine months ended October 1, 2011.

In the third quarter of 2011, revenue increased by 16.0% to $14.4 million compared with revenue of $12.4 million in the third quarter of 2010.

Net income for the third quarter of 2011 was $0.6 million, or $0.18 per diluted share, compared with $1.0 million, or $0.28 per diluted share, in the third quarter of 2010. The change in net income was the result of both higher raw material costs that impacted the Company's gross margin and a lower effective tax rate in the 2010 third quarter due to the utilization of available net operating loss carry-forward for which a valuation allowance was previously recorded.

Sales of folding cartons were $11.2 million in the third quarter of 2011, up 21.1% from $9.3 million in the third quarter of 2010, mainly due to increased business from several large existing customers, business from two new customers, and increased waste sales due to improved market conditions, partially offset by decreased business with some existing customers.

Stock packaging sales were $2.3 million in the third quarter of 2011, up 2.7% from the third quarter of 2010, primarily due to improved market conditions.

Personalized print sales were $725,000 in the third quarter of 2011, down 4.2% from $757,000 in the third quarter of 2010, primarily due to continued weakness in this market.

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11.02.2011

RR Donnelley Reports Third-Quarter 2011 Results

R.R. Donnelley & Sons Company today reported third-quarter net earnings attributable to common shareholders of $158.0 million, or $0.83 per diluted share, on net sales of $2.7 billion compared to $53.3 million, or $0.25 per diluted share, on net sales of $2.5 billion in the third quarter of 2010. The third-quarter net earnings attributable to common shareholders included the recognition of previously unrecognized income tax benefits ($77.4 million, non-cash) as well as pre-tax charges for restructuring ($23.6 million) and impairment ($10.6 million, non-cash), a loss on debt extinguishment ($1.3 million), and acquisition-related expenses ($0.7 million) totaling $36.2 million, compared to pre-tax charges for restructuring ($20.2 million) and impairment ($28.5 million, non-cash) and acquisition-related expenses ($2.6 million) totaling $51.3 million in 2010.

Net sales in the quarter were $2.7 billion, up $195.2 million, or 7.8%, from the third quarter of 2010, including the impact of acquisitions. Pro forma for acquisitions, net sales grew by $40.7 million, or 1.5%, from the third quarter of 2010, driven by a $26.8 million (101 basis points) increase from favorable changes in foreign exchange rates, as well as volume growth in certain product offerings. Gross margin of 23.4% in the third quarter of 2011 compared to 23.7% in the third quarter of 2010 as pricing pressure was mostly offset by productivity improvements, a higher recovery on print-related by-products and lower variable compensation expense. SG&A expense as a percentage of net sales in the third quarter of 2011 increased to 11.1% from 10.5% in the third quarter of 2010 primarily due to the acquisition of Bowne and higher pension and other benefits-related expenses, partially offset by lower variable compensation expense. Operating earnings were negatively impacted by restructuring and impairment charges and acquisition expenses of $34.9 million in the third quarter of 2011 and $51.3 million in the third quarter of 2010, resulting in operating income of $156.8 million in 2011 and $148.7 million in 2010. Operating margin was 5.8% in 2011 and 6.0% in 2010.

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11.02.2011

M-real plans to restructure its coated paper business

M-real Corporation, part of Metsäliitto Group, plans to restructure its coated paper business to achieve an approximately EUR 20 million improvement in annual operating result.

Paper production at the Husum mill in Sweden is planned to be reorganized. The annual coated paper capacity on the mill will be increased from 285,000 tonnes to approximately 340,000 tonnes without material investments. The reel production of Äänekoski paper machine is planned to be transferred to Husum.

Äänekoski mill’s coated fine paper machine is planned to be closed and the sheeting capacity converted fully to folding boxboard sheeting. Statutory negotiations related to the possible closure of the paper production and the development of sheeting capacity covering the whole of Äänekoski paper and board mills’ personnel of approximately 370 people will be commenced on 9 November 2011. Amount of personnel at the Äänekoski mills is expected to reduce by 180 at the maximum.

Currently there is one machine at Äänekoski paper mill with an annual capacity of approximately 200,000 tonnes of coated fine paper. After the planned closure of paper production the paper and board sheeting operations at the site are planned to be combined. This would increase the folding boxboard sheeting capacity and improve M-real’s profitability.

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11.02.2011

M-real's operating result excluding non-recurring items for the January-September 2011 EUR 81 million

Result for January–September 2011
• Sales were EUR 1,961 million (Q1–Q3/2010: 1,940)
• Operating result excluding non-recurring items EUR 81 million (136). Operating result including non-recurring items EUR 1 million (150).
• Result before taxes excluding non-recurring items EUR 33 million (72). Result before taxes including non-recurring items EUR -51 million (70).
• Earnings per share from continuing operations excluding non-recurring items EUR 0.06 (0.16), and including non-recurring items EUR -0.20 (0.15)

Result for the third quarter of 2011
• Sales EUR 616 million (Q2/2011: 660)
• Operating result excluding non-recurring items EUR 6 million (32). Operating result including non-recurring items EUR -13 million (-32).
• Result before taxes excluding non-recurring items EUR -11 million (16). Result before taxes including non-recurring items EUR -29 million (-53).
• Earnings per share from continuing operations excluding non-recurring items EUR -0.05 (0.04), and including non-recurring items EUR -0.11 (-0.17)

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11.02.2011

Crude Gains on European Debt Crisis Talks as U.S. Fuel Stockpiles Decline

Oil rose in New York for the first time in four days on speculation European leaders will push Greece to accept their rescue plan, reducing the chances the region’s debt crisis will worsen and curb economic growth.

Futures rose as much as 1.1 percent, reversing a decline of 1.3 percent, as European leaders prepared to tell Greece there is no alternative to budget cuts in their bailout plan. Gasoline and distillate-fuel stockpiles in the U.S., the world’s biggest oil consumer, probably fell for a fifth week, according to a Bloomberg News survey before an Energy Department report today. Goldman Sachs Group Inc. recommended investors buy long-dated crude futures in New York and London.

“The inventories will be watched even more closely than normal,” said Tobias Merath, head of global commodity research at Credit Suisse AG in Zurich, who forecasts Brent crude will slip to $105 a barrel in three months. “We’re probably going to be in for a period of uncertainty, which isn’t a good harbinger for commodities trading.”

Oil for December delivery climbed as much as $1.01 to $93.20 a barrel in electronic trading on the New York Mercantile Exchange. It was at $92.47 at 11:02 a.m. London time. Yesterday, the contract slid 1.1 percent to $92.19. Prices are up 1.2 percent this year.

Brent for December settlement on the London-based ICE Futures Europe exchange increased as much as $1.40, or 1.3 percent, to $110.94 a barrel. The European benchmark contract was at $17.33 over New York futures, compared with $16.37 on Oct. 31, the premium’s smallest settlement since June 28.

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11.02.2011

EFI Receives Four IDEAlliance Digital Press Certifications

EFI™, a world leader in customer-focused digital printing innovation, today announced it has achieved four Digital Press Certifications from IDEAlliance for Fiery servers driving engines from Canon, Konica Minolta, Ricoh and Xerox. Fiery technology has been a leader in the industry for 20 years, with more than 1.7 million Fiery servers sold worldwide.

IDEAlliance Digital Press Certification is a certification program developed to certify that a specific combination of digital print engine, controller and paper meets stringent color reprographic standards. Fiery servers, combined with the engines from these partners, meet or exceed established industry tolerances for excellence in the areas of colorimetric accuracy, uniformity, repeatability, durability, and registration. Digital Press Certification is the only certification program for digital presses in the U.S.

"EFI is proud to be the first company to earn multiple Digital Press Certifications, leveraging our advanced Fiery color management technology and our close working relationships with the leading engine manufacturers," said Toby Weiss, senior vice president of EFI and general manager of the Fiery business group. "Fiery technology has always been focused on exceeding customer expectations for quality and reliability, so it's fitting that we have earned these stringent certifications."

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11.02.2011

Glatfelter Reports Third Quarter 2011 Results

Glatfelter today reported financial results for the third quarter ended September 30, 2011, with sales increasing 10 percent to a record $416.5 million, versus $379.1 million a year ago.

Adjusted earnings were $12.8 million, or $0.28 per diluted share, compared with $16.7 million, or $0.36 per diluted share, in the third quarter of 2010. On a GAAP basis, third-quarter 2011 net income was $13.0 million, or $0.28 per diluted share, versus $39.4 million or $0.85 per diluted share, in the same period of 2010. The 2010-third quarter GAAP-basis results benefited from cellulosic biofuel production credits totaling $23.1 million, or $0.50 per diluted share.

On a year-over-year basis, Specialty Papers’ net sales increased $8.1 million primarily due to a $4.6 million benefit from higher selling prices and a 2.2 percent increase in shipping volumes. Specialty Papers’ shipments continued its seven-year track record of outperforming the broader uncoated free sheet market, which was down 3.6 percent in the year-over-year comparison.

Composite Fibers’ net sales increased $21.1 million, or 20.4 percent reflecting a 5.5 percent increase in shipping volume led by single-serve coffee and tea products. In addition, higher average selling prices added $2.7 million and foreign currency translation contributed $7.7 million.

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11.02.2011

Metsäliitto Group Interim Report 1-9/2011

Result for January–September 2011
– Sales amounted to EUR 4,123 million (1––9/2010: EUR 3,986 million).
– Operating result excluding non-recurring items was EUR 311 million (405). Operating result including non-recurring items was EUR 229 million (415).
– Result before taxes and excluding non-recurring items was EUR 217 million (299). Including non-recurring items, the result before taxes was EUR 130 million (293).

Result for July–September 2011
– Sales amounted to EUR 1,317 million (7–9/2010: EUR 1,345 million).
– Operating result excluding non-recurring items was EUR 63 million (155). Operating result including non-recurring items was EUR 44 million (170).
– Result before taxes and excluding non-recurring items was EUR 35 million (114). Including non-recurring items, the result before taxes was EUR 17 million (128).

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11.02.2011

Consolidated Graphics Reports Financial Results for the Quarter Ended September 2011

Consolidated Graphics, Inc. today announced financial results for the quarter ended September 30, 2011.

Year-over-Year Quarterly Highlights: Revenue increased 3% to $267.4 million; Adjusted Operating Income was $15.2 million, or 6% of revenues; Adjusted Diluted Earnings Per Share were $.76.

Revenue for the September quarter increased $7.3 million, or 2.8%, to $267.4 million, compared to the prior year quarter. The year-over-year revenue increase was due to growth in same-store sales of 1.7% and acquisitions, partially offset by a decline in election-related business. Adjusted Operating Income for the September 2011 quarter was $15.2 million or 5.7% of revenue, compared to $17.0 million or 6.5% of revenue last year. Adjusted Net Income was $8.3 million, or $.76 per diluted share for the quarter, compared to Adjusted Net Income of $9.0 million or $.77 per diluted share for the prior year quarter.

Operating income was $13.9 million for the September 2011 quarter and included $.6 million in charges. Operating income during the September 2010 quarter was $15.4 million and included $.7 million in charges primarily related to lease termination expenses and certain asset impairments. Net income for the September 2011 quarter was $7.5 million or $.69 diluted earnings per share, compared to $8.1 million or $.69 diluted earnings per share last year.

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11.02.2011

Quad Setting Records for Co-Mail Volume and Postage Savings as Fall Mailing Season Peaks

As the mailing volume of catalogs and magazines nears its seasonal peak, Quad/Graphics, Inc. reports that it is now breaking company and industry records for co-mail pool sizes, aggregated volume and customer postage savings. Company co-mail analysts are projecting that annualized co-mail volume will top 4.9 billion pieces in 2011.

“Mailing and distribution represents more than half the cost of typical catalog and magazine programs, so our ability to save money for customers in this area is a critical value,” says Joel Quadracci, Quad/Graphics Chairman, President & CEO. “Given the potential for more changes in postage rates and services in the near future, that advantage will become even more important for our customers.”

Quad pioneered co-mailing almost 30 years ago. The process combines mailstreams from multiple customers into a single mailstream that creates mailing efficiencies through combined volume and drives postage savings. Quad/Graphics became the largest U.S. printer and co-mailer of catalogs and magazines in 2010 when it acquired Worldcolor, and is now maximizing the benefits of that combined volume for its customers.

Dave Riebe, Quad/Graphics’ President of Logistics & Distribution, says volume drives the ability to pre-sort and deliver mail to the deepest sortation facilities of the USPS platform to achieve the maximum postal discounts available. “We now have more volume, co-mail equipment and capacity than any of our competitors, but the key isn’t just size, it’s our unique co-mail optimization software that analyzes multiple cost components of the process – manufacturing, inline/offline co-mail, distribution and postage – to produce the maximum savings,” he said.

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11.02.2011

Time Warner Inc. Releases Third-Quarter 2011 Results

Time Warner Inc. today reported financial results for its third quarter ended September 30, 2011.

In the quarter, Revenues grew 11% from the same period in 2010 to $7.1 billion, reflecting higher revenues at the Filmed Entertainment and Networks segments. Adjusted Operating Income and Operating Income each grew 18% to $1.6 billion, due to increases at the Filmed Entertainment segment. Adjusted Operating Income and Operating Income margins were both 23% versus 21% in the 2010 quarter.

In the third quarter, the Company posted Adjusted Diluted Net Income per Common Share (“Adjusted EPS”) of $0.79 versus $0.62 for the year-ago quarter. Diluted Income per Common Share was $0.78 for the three months ended September 30, 2011, compared to $0.46 in the prior-year quarter.

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11.02.2011

Torstar Corporation Reports Third Quarter Reslults

Torstar Corporation today reported financial results for the third quarter ended September 30, 2011.

Highlights for the quarter:

• Revenue was $378.7 million in the quarter, up $25.0 million from the third quarter of 2010. Excluding accounting changes and the impact of foreign exchange, total revenue was up $22.9 million or 6.5% in the quarter.

• EBITDA (see “non-IFRS measures”) was $53.7 million in the quarter, down $1.4 million from $55.1 million in the third quarter of 2010. This decline included a $1.6 million decline from the impact of foreign exchange and $1.9 million of lower Media Segment results partially offset by $2.2 million of higher Harlequin results.

• Net income was $25.2 million ($0.32 per share) in the third quarter, up $10.7 million ($0.14 per share) from $14.5 million ($0.18 per share) last year.

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