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08.15.2012
Staples, Inc. announced today the results for its second quarter ended July 28, 2012. Total company sales for the second quarter of 2012 were $5.5 billion, a decrease of six percent in U.S. dollars and three percent on a local currency basis compared to the second quarter of 2011. Diluted earnings per share, on a GAAP basis, decreased 28 percent to $0.18 from $0.25 achieved in the second quarter of 2011.
Second quarter 2012 operating income rate decreased 78 basis points to 4.00 percent. This decrease primarily reflects deleverage of fixed expenses and lower product margins, offset by reduced marketing expense.
The company generated operating cash flow of $257 million and invested $126 million in capital expenditures year to date, resulting in free cash flow of $131 million for the first half of 2012. The company repurchased 12.1 million shares for $159 million during the second quarter of 2012. At the end of the second quarter, the company had $2.1 billion in liquidity, including $1.0 billion in cash and cash equivalents.
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08.15.2012
Abercrombie & Fitch Co. today reported unaudited results which reflected net income of $15.5 million and net income per diluted share of $0.19 for the thirteen weeks ended July 28, 2012, compared to net income of $32.0 million and net income per diluted share of $0.35 for the thirteen weeks ended July 30, 2011.
Net sales for the thirteen weeks ended July 28, 2012 increased 4% to $951.4 million from $916.8 million for the thirteen weeks ended July 30, 2011. Total U.S. sales, including direct-to-consumer sales, decreased 5% to $648.0 million. Total international sales, including direct-to-consumer sales, increased 31% to $303.4 million. Total Company direct-to-consumer sales, including shipping and handling, increased 25% to $127.7 million.
Total comparable store sales for the quarter decreased 10% relative to last year. By brand, comparable store sales decreased 11% for Abercrombie & Fitch, 10% for abercrombie kids, and 10% for Hollister Co. Total sales by brand were $362.5 million for Abercrombie & Fitch, $76.3 million for abercrombie kids and $485.6 million for Hollister Co.
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08.14.2012
UPM has completed the sale of its closed Papierfabrik Albbruck GmbH to the German Karl Group. UPM permanently ceased graphic paper production at the mill situated in Baden-Württemberg, Germany in January 2012.
The Karl Group, experienced in developing industrial sites, is planning to establish new businesses on the premises of the former paper mill within the next 3 to 5 years in agreement with the local authorities.
“Our aim was to identify development ideas and business opportunities for the site“, says Hartmut Wurster, who represented UPM in the negotiations. “The sale to Karl Group opens up new economic perspectives for the whole region“. Meanwhile, more than 200 former paper mill employees have found new jobs supported by the transfer company funded by UPM.
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08.14.2012
R. R. Donnelley & Sons Company today announced that its Global Outsourcing Services offering has been recognized in 2012's The Global Outsourcing 100®. RR Donnelley was also ranked among the Best 5 Providers by Industry Focus in supporting real estate companies (construction and transaction) and among the Best 5 By Service Area in delivering legal support services. It was also listed in the Best 10 by Service Area for its work in providing document management services, and was recognized in the Best 20 by Service Area for financial management services organizations and in the Best 20 by Industry Focus for supporting financial management (insurance) companies. The listing also included RR Donnelley's United Kingdom resources among the Best 20 by Region Served.
The Global Outsourcing 100 list is compiled annually by the International Association of Outsourcing Professionals, a global organization dedicated to the development of the outsourcing industry and related standards. All candidates were independently evaluated and judged by a group of experienced outsourcing professionals across four key areas including size and growth, customer references, organizational competencies and management capabilities.
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08.14.2012
Resolute Forest Products Inc. today celebrated the planting of one billion trees at its forestry operations in northern Ontario. This achievement is the result of collective efforts made over the past 30 years by the Company, its employees, numerous contractors and suppliers, and the Ontario Ministry of Natural Resources.
To mark the occasion, two-meter tall white spruce trees were planted simultaneously near three of the Company's mill sites in the province - at Fort Frances, Iroquois Falls, and Thunder Bay. Ontario's Minister of Natural Resources, the Honourable Michael Gravelle, as well as Member of Provincial Parliament Bill Mauro were present at the Thunder Bay site. Many community and Aboriginal leaders also attended each of the ceremonies.
"This planting ceremony speaks to our long, successful and proud Company history in northern Ontario and our unwavering commitment to forest renewal and sustainable forestry," said Richard Garneau, President and Chief Executive Officer of Resolute. "Forests are among the world's only renewable resources. We are fortunate to be involved in an industry that is truly sustainable."
The planting of one billion trees represents more than five million hours of actual planting, and does not include the countless hours spent by cone collectors, nursery workers, transportation companies, site preparation operators, and resource professionals, all of whose skills are invaluable throughout the process.
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08.14.2012
Pregis Corp., a leading supplier of protective packaging solutions, has acquired Inter-Pac, Inc., based in Tupelo, Miss., for an undisclosed amount. The acquisition will make Pregis the largest producer of polyethylene sheet foam in the United States.
“We are pleased to add Inter-Pac’s Tupelo facility to Pregis’ manufacturing footprint. Its geographic location will be an asset in servicing the protective packaging needs of our East Coast customers. This investment is the latest example of our commitment to our growth strategy,” said Kevin Baudhuin, president and chief executive officer, Pregis.
Pregis will continue to operate Inter-Pac’s 180,000 square foot Tupelo manufacturing facility. Its 25 employees will be joining Pregis’ 2,000-member worldwide team.
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08.14.2012
China Shengda Packaging Group Inc., a leading Chinese paper packaging manufacturer, today announced its financial results for the three months ended June 30, 2012.
"The business environment remains challenging and in line with our expectations as previously reported. Pricing is somewhat stable but raw material costs continue to rise beyond our ability to pass them along to our customers. In that context, the second quarter produced a solid performance. We added new customers and increased our sales volumes and revenues significantly compared to last year. The apparent per meter price decline is mainly a function of sales mix. Gross margins declined due to higher raw materials costs, but control of our operating costs enabled us to generate operating income in line with our expectations," said Mr. Daliang Teng, Chief Executive Officer of China Shengda Packaging.
Revenues increased 12.5% to $36.7 million from $32.6 million in the prior year period. The increase was attributable to the increase of sales volume, partially offset by the decrease in average prices per square meter. Sales volume increased by 11.8 million square meters, or 14.7%, to 91.9 million square meters for the three months ended June 30, 2012, from 80.1 million square meters for the same period of 2011. The increased sales volume was mainly the result of greater sales efforts despite challenges resulting from domestic and foreign economic environment, which adversely affected the business of many customers. The average price per square meter decreased by 2.6% to $0.40 for the three months ended June 30, 2012 from $0.41 in the same period of 2011.
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08.14.2012
It may be hard to imagine two magazines more unalike than lad mag Maxim and family-friendly Parenting. And yet both books share at least one thing in common in their September issues. They both are enhanced with mobile-base augmented reality (AR).
Yes, they are using AR in very different ways, rest assured. Parenting is deploying Aurasma’s AR technology to enhance select editorial and advertising as a trigger for additional content. Readers download a branded Parenting Live app and use its camera view to hover over pages in the September issue with the Parenting Live app logo. As the video below illustrates, the app triggers video content or coupons and special offers from advertisers or as complements to editorial.
Almost a dozen advertisers are participating in the AR-enhanced programs, including Toshiba, Purina, Lego DUPLO and Tyson. From what we can tell, Parenting is using the AR less for its augmentation of reality than for its ability to activate mobile content.
In traditional AR, the digital overlay often remains in synch with the underlying physical object to literally enhance its properties or make an animated or 3D object seem to pop from a 2D object. Many magazines are instead using AR as a kind of image recognition technology in place of other kinds of print watermarking or 2D mobile codes like QR. In these scenarios the AR mechanism really is just a trigger for a video or Web link that works independently of the phone’s orientation to the page.
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08.14.2012
Cascades Inc., a leader in the recovery and the manufacturing of green packaging and tissue paper products, continues to consolidate its operations and announces the permanent closure of the Cascades Tissue Group plant located in Scarborough (McNicoll Street) in Toronto.
The production of this unit specialized in paper napkin production for the Away-from-Home market, mainly for quick service restaurants, will be redirected to Laval, Quebec and Waterford, New York plants, also specialized in that market. Approximately 30 employees will be affected by this closure, which is effective today, August 13th, 2012. This release does not concern our activities at our Milliken Street plant, also located in Scarborough.
"In line with our restructuring actions to increase our operations' efficiency, this decision was taken to secure our position as leader in the Away-from-Home tissue paper sector. This initiative will enable us to maximize the production at Laval and Waterford plants, while continuing to offer a first-class product and service to our customers", stated Suzanne Blanchet, President and Chief Executive Officer of Cascades Tissue Group.
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08.14.2012
Oil climbed, snapping two days of losses in New York on speculation that inventories declined for a third week in the U.S., the world’s biggest crude consumer.
Futures rose as much as 0.9 percent before a government report tomorrow forecast to show that U.S. crude stockpiles fell last week as refiners operated near the highest rates in five years. U.S. retail sales probably expanded last month, the first increase since March, a separate survey showed before a Commerce Department report today. Brent crude rose to more than $115 a barrel yesterday after a U.S. Navy ship collided with an oil tanker in the Persian Gulf.
“The general positive tone in financial markets, plus supply risks and geopolitical tensions, is supporting oil,” said Carsten Fritsch, an analyst at Commerzbank AG in Frankfurt who estimates that crude prices are higher than market conditions justify. “The oil price increase is dangerous because it isn’t driven by demand.”
Oil for September delivery advanced as much as 80 cents to $93.53 a barrel in electronic trading on the New York Mercantile Exchange and traded at $93.30 at 10:19 a.m. in London. It slid 0.2 percent yesterday to $92.73, the lowest close since Aug. 6.
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08.14.2012
The Home Depot®, the world's largest home improvement retailer, today reported second quarter of fiscal 2012 net earnings of $1.5 billion, or $1.01 per diluted share, compared with net earnings of $1.4 billion, or $0.86 per diluted share, in the same period of fiscal 2011. For the second quarter of fiscal 2012, diluted earnings per share increased 17.4 percent from the same period in the prior year.
Sales for the second quarter totaled $20.6 billion, a 1.7 percent increase from the second quarter of fiscal 2011. Comparable store sales for the second quarter of fiscal 2012 were positive 2.1 percent, and comp sales for U.S. stores were positive 2.6 percent.
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08.14.2012
NewPage Corporation announced today that it has filed a Joint Chapter 11 Plan (the "Plan") with the United States Bankruptcy Court for the District of Delaware. The Company also requested an extension of time to file the disclosure statement related to the Plan.
"The filing of our plan of reorganization is an important and positive step forward to a successful completion of our financial reorganization," said George F. Martin, president and chief executive officer. "Discussions with and among our major creditor groups regarding the plan are ongoing. We are hopeful that these discussions will lead to broad support for our plan."
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08.14.2012
Retailer Saks Incorporated today announced results for the second quarter and six months ended July 28, 2012.
Overview of Results for the Second Quarter and Six Months Ended July 28, 2012
For the second quarter ended July 28, 2012, the Company recorded a net loss of $12.3 million, or $.08 per diluted share. The results included after-tax charges totaling $4.3 million composed of $1.5 million of pre-opening costs associated with the Company’s new fulfillment center in Tennessee which opened in July 2012 and $2.8 million of asset impairments and store closing costs. Excluding these items, the Company would have recorded a net loss of $8.0 million, or $.05 per share, for the second quarter ended July 28, 2012.
For the prior year second quarter ended July 30, 2011, the Company recorded a net loss of $8.4 million, or $.05 per diluted share. Those results included after-tax charges totaling $0.8 million composed of a pension and related benefit charge, a write-down of a third party receivable, and an asset impairment charge totaling $1.8 million and the reversal of approximately $1.0 million in state income tax reserves deemed no longer necessary. Excluding these after-tax charges, the Company would have recorded a net loss of $7.6 million, or $.05 per share, for the second quarter ended July 30, 2011.
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08.10.2012
Executives from Weyerhaeuser, Nippon Paper Industries, Cowlitz County Public Utility District, and the Bonneville Power Administration (BPA) will gather today at the North Pacific Paper Corporation (NORPAC) facility to celebrate the largest industrial energy efficiency project in BPA history and one of the largest energy efficiency projects in the United States to date.
When complete, the project is expected to save 100,000,000 kilowatt-hours per year. The energy savings from the completed project will save enough energy to serve approximately 8,000 Northwest homes. The first phase of the project was completed in June 2011 and the second and final phase is expected to be completed in the first quarter of 2013.
The project, referred to as a "Chip Pre-Treatment Interstage Screen Project," adds two new components to the NORPAC facility. The first change to the mill is the addition of the chip pre-treatment equipment. This equipment treats wood chips with steam and chemicals prior to refining the chips into pulp, resulting in reduced pulp bleaching and brightening costs. The second feature of the project is the inter-stage screening. Prior to the new screening process, wood chips were ground through two stages of refining. These refining machines are driven by numerous electric motors that require thousands of connected horsepower, which makes the refining process very energy intensive. The inter-stage screening process now allows paper-ready fibers (wood fibers that do not require additional refining) to bypass the second stage of refining, which results in significant electrical energy savings.
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08.10.2012
Kruger Inc. today announced that Woodland Operations at its Corner Brook Mill have achieved certification under the Forest Stewardship Council® (FSC®) National Boreal Standard. Issued by QMI-SAI Canada Limited, an FSC-accredited organization, the certificate recognizes that all woodland operations comply with FSCrequirements, including management planning, road construction and maintenance, harvesting operations, fibre transportation, silviculture and support activities.
"Achieving FSC National Boreal Standard certification is part of our long-standing commitment to environmental protection and the result of our employees' dedication to managing and using resources responsibly," said Pat Tompkins, Woodlands Manager, Corner Brook Pulp and Paper Limited.
FSC standards are among the strictest and most recognized in the global forest industry. Kruger's Corner Brook Mill obtained this certification after a rigorous auditing process, building on its existing certifications to the ISO Environmental Management and CSA Sustainable Forest Management Standards. The new certificate (license code QMI-FM/COC-001506) covers forest management districts nos. 5, 6, 9, 14, 15 and 16.
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08.10.2012
Johnson Publishing Co. is quietly revamping its no. 2 magazine, the bi-weekly Jet, decreasing its target circulation and hiring a new managing editor this year.
While Jet's circulation has dropped over the past year, that was part of a planned strategy to spend less on boosting circulation and more on a remake of the publication, said Johnson CEO Desiree Rogers. The company, which also publishes the monthly Ebony magazine, is now promising advertisers a circulation of 700,000 for Jet as opposed to 800,000.
The magazine's circulation declined to 745,809 on average for the six months ended June 30, from 820,557 for the same period a year earlier, according to the Audit Bureau of Circulations, but it was able to reach the number it had committed to advertisers.
“This is part of what we manage,” Ms. Rogers said in an interview. “We're very happy that we made rate base.”
She also said she's pleased that the Chicago-based company has been able to decrease the percentage of magazines that are distributed, sometimes free-of-charge, to beauty salons, doctors' offices and other such commercial locations to 1.2 percent as of June 30, from 9.2 percent a year ago.
Jet decreased its frequency to bi-weekly from weekly in January and on May 30 hired a new managing editor, Anslem Samuel Rocque, who was previously culture editor of the Source magazine and editor-in-chief of the Ave magazine. He replaced Candi Meriwether.
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08.10.2012
The Postal Service ended its third fiscal quarter (April 1 – June 30) with a net loss of $5.2 billion, compared to a net loss of $3.1 billion for the same period last year. Contributing significantly to the quarter’s $5.2 billion loss was $3.1 billion of expense for the legislatively mandated prefunding of retiree health benefits. These expenses, along with the continued decline of First-Class Mail volume, more than offset the quarter’s 9 percent growth in revenue from Shipping Services and package delivery. Despite continued success in generating new package delivery revenue, improving efficiency and reducing costs, large losses are expected to continue until legislative changes are made in line with the Postal Service Business Plan to return to financial stability.
The Postal Business Plan includes measures that require urgent legislative changes, including:
•A refund of $11 billion of pension plan overfunding needed to pay down debt and invest for future growth
•Transition to a five-day schedule of weekly mail delivery
•The elimination of prefunding for retiree health benefits with the introduction of a Postal health insurance program, independent of the current federal programs.
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08.10.2012
Nordstrom, Inc. today reported its results for the second quarter, which reflected a shift in timing of the Anniversary Sale event with one week of the event moving into the fiscal third quarter. Net earnings were $156 million, or $0.75 per diluted share, for the second quarter ended July 28, 2012, compared with net earnings of $175 million, $0.80 per diluted share, for the same quarter last year.
The Anniversary Sale is historically the Company’s largest sale of the year and started one week later in July relative to last year. The Company expected the event shift to cause an unfavorable comparison in the second quarter, offset by a favorable impact in the third quarter. Second quarter sales and Anniversary Sale results through the end of July exceeded Company expectations. Second quarter same-store sales increased 4.5 percent compared with the same period in fiscal 2011. Net sales in the second quarter were $2.92 billion, an increase of 7.4 percent compared with net sales of $2.72 billion during the same period in fiscal 2011.
Nordstrom’s second quarter performance reflected top-line strength consistent with the Company’s growth strategy to elevate the customer experience and innovate through ongoing investments.
•Nordstrom net sales, which include results from the full-line and Direct businesses, increased $139 million, or 6.1 percent, compared with the same period in fiscal 2011. Same-store sales increased 4.9 percent. Top-performing merchandise categories included Handbags, Women’s Shoes and Cosmetics.
• Full-line same-store sales increased 1.1 percent compared with the same period in fiscal 2011. The South and Midwest regions were the top-performing geographic areas relative to the second quarter of 2011.
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08.10.2012
Alberta Newsprint Company (“ANC”) announced ownership approval for construction of a power generation plant at its newsprint operation in Whitecourt, Alberta. ANC is a joint venture owned by West Fraser and Whitecourt Newsprint Company Limited Partnership. ANC is a preferred supplier of high-quality newsprint in North America.
The approximately 65 Megawatt power plant will produce electricity fueled by natural gas. Electricity generated by the plant will be consumed by ANC and sold into the Alberta power grid.
“ANC is committed to being a competitive, reliable and long-term supplier of newsprint to our customers.” says ANC President Ron Stern. “This significant investment will further enhance our ability to deliver a high-quality product to the market.”
ANC is in the final stages of selecting the equipment supplier for the project. ANC expects to begin construction of the project in the fall of 2012 with an anticipated start-up in late 2013. Construction of the power plant will not disrupt newsprint production operations.
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08.10.2012
What do you do with another recipe app? Even though Apple recently parsed a new Food and Drink app category that gives recipe and fast food apps a place of their own, the space remains cluttered with options. It is hard for any newbie to stand out without a highly visible personality, special feature or brand. Relish magazine comes into the fray with an OK app using the Zumobi content and advertising engine. It is pleasantly and cleanly designed, but unremarkable otherwise.
The app is good to its Daily Dish moniker in that it pushes a daily set of featured recipes to the surface as well as a wall of tiles containing editors’ favorites. All the usual tools are here. We get a grocery list, favorite-ing, share tools, etc. The search box is really the main interface here. There is a filtering tool that lets you set three parameters: meal, dish type and main ingredient, but that really isn’t enough to make the tool that helpful. You can only choose one option in each category, so the filtering functionality is pretty basic.
The Articles section gives you a relatively scant collection of how-to pieces, but nothing like the catalog of instructional material we have seen elsewhere.
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08.10.2012
From January to June 2012 Koryazhma Mill (Arkhangelsk Oblast) increased its production volume by 2%, as compared to the similar period of the previous year. Production output totaled 543,000 tons, including 189,000 tons of market pulp. The increase amounts to 7% against production output in the first six months of 2011.
The Mill produced 118,000 tons of paper, which is 10% above the production output for the similar period of the last year. This includes 43,000 tons of sack paper, 57,000 tons of offset paper, and 18,000 tons of wallpaper.
Market containerboard production totaled 236,000 tons, going down by 4.5%. Decrease in containerboard output is due to redistribution of sack paper/ board production volumes in favor of sack paper taking into account the current market conditions.
Over the first six months of 2012 pulp cooking output has reached 567,000 tons, with a 2% increase.
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08.10.2012
Davler Media Group, publisher of NYMetroParents, City Guide and Promenade, has acquired Long Island Parent and its associated website from Wordsmiths Media, LLC.
Davler, which produces eight editions of NYMetro Parents for New York City, Long Island and Connecticut suburbs, plans to fold its Long Island titles into Long Island Parent and produce two monthly regional editions for Nassau and Suffolk counties. The rebranded, combined issues will start with the October issues.
Wordsmiths Media founder Liza Burby will join Davler in a senior publishing role. "In addition to our readers, I believe our clients will benefit because they can cover their market more efficiently," says Burby in a statement announcing the deal. "Over the next year we will be able to produce new opportunities for them, in print, online and through live events."
In all, Davler publishes 14 magazines and produces five annual live events. It distributes 3 million copies of its City Guide magazine to more than 300 hotels. The eight editions of NYMetroParents distribute 400,000 copies monthly.
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08.10.2012
AAA’s Fuel Gage Report as of 8/10/12
National Unleaded Regular:
Current Average - $3.673/gallon
Month Ago Average - $3.383/gallon
Year Ago Average - $3.637/gallon
Highest Recorded Average - $4.114/gallon on 7/17/08
Diesel:
Current Average - $3.878/gallon
Month Ago Average - $3.680/gallon
Year Ago Average - $3.934/gallon
Highest Recorded Average - $4.845/gallon on 7/17/08
Current Exchange Rates as of 8/10/12
American Dollar to Canadian Dollar = 0.993585 (120 day high - 1.01905 on April 26, 2012; low 0.961252 on June 5, 2012)
American Dollar to Chinese Yuan = 0.157202 (120 day high – 0.159363 on May 2, 2012; low 0.156521 on July 13, 2012)
American Dollar to Euro = 1.227160 (120 day high - 1.3454 on February 28, 2012; low 1.2089 on July 24, 2012)
American Dollar to Japanese Yen = 0.012752 (120 day high – 0.0128855 on February 13, 2012; low 0.0119026 on March 21, 2012)
American Dollar to Mexican Peso = 0.075997 (120 day high – 0.0793808 on March 14, 2012; low 0.0691788 on June 1, 2012)
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08.10.2012
Oil fell the most in six days, paring its weekly gain, as a collapse in China’s export growth signaled the global economy is weakening and the International Energy Agency said demand expansion is slowing.
Futures fell as much as 1.1 percent in New York after the customs bureau in Beijing said today that China’s net oil imports shrank to the lowest level this year. The bureau also said outbound shipments of all goods increased 1 percent in July from a year earlier, compared with an 8 percent median estimate in a Bloomberg survey of analysts. The Paris-based IEA cut global oil demand forecasts for this year and next.
“Most of the drop in oil prices today come from macro figures in China,” Thina Saltvedt, an analyst at Nordea Bank AB, said by phone from Oslo. “It started with China and then the IEA. That just added to the gloomy picture.”
Oil for September delivery dropped as much as $1.20, the most since Aug. 2, to $92.16 a barrel in electronic trading on the New York Mercantile Exchange. It traded at $92.22 at 11:15 a.m. London time. Prices are up 1 percent this week.
Brent crude for September settlement fell $1.43 to $111.79 a barrel on the London-based ICE Futures Europe exchange after advancing 1 percent yesterday.
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08.10.2012
With the USPS’s second mobile barcode discount winding down at the end of this month, there’s a third one on the way. As ACMA reported in late June, the USPS proposed for another 2% upfront postal discount for Standard letters, flats, and cards (presort and automation) as well as First Class mail containing mobile barcodes at that time. On Tuesday, the Postal Regulatory Commission approved it. The promotion, which runs from November 7th to 21st, contains some tighter provisions, but some additional perks as well.
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08.10.2012
J. C. Penney Company, Inc. today announced financial results for its fiscal second quarter ended July 28, 2012. For the quarter, jcpenney reported an adjusted net loss of $81 million or $0.37 per share, excluding restructuring and management transition charges, inventory transition markdowns, gain on the redemption of the Simon REIT units, net of fees and non-cash qualified pension expense. On a GAAP basis, the Company reported a net loss of $147 million or $0.67 per share.
Comparable store sales for the second quarter declined 21.7 percent. Total sales decreased 22.6 percent, which includes the effects of the Company's exit from its outlet business. Internet sales through jcp.com were $220 million in the second quarter, decreasing 32.6 percent from last year. Sales were adversely impacted by the Company's decision to significantly reduce its marketing activities during the latter half of the quarter, as it reconsidered its approach to pricing and marketing in time for back to school.
Gross margin was 33.2 percent of sales, compared to 38.3 percent in the same period last year. Gross margin was impacted by lower than expected sales in the quarter and approximately $102 million of markdowns taken to clear discontinued inventory in preparation for new product arriving in the fall of 2012. Excluding these transitional markdowns, which lowered gross margin by 340 basis points, adjusted gross margin was 36.6 percent of sales.
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08.10.2012
Grainger today reported sales results for the month of July 2012. Daily sales increased 11 percent versus July 2011. Results for the month included a 5 percentage point contribution from acquisitions and a 2 percentage point decline from foreign exchange. Organic sales on a daily basis increased 8 percent, including 4 percentage points from volume and 4 percentage points from price. July 2012 had 21 selling days, one more than July 2011. The 2012 third quarter will have one less selling day than the 2011 third quarter (63 versus 64 days).
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08.09.2012
RDA Holding Co., parent company of The Reader’s Digest Association, Inc., the global multi-brand and multi-platform media and direct marketing company, announced today its financial results for the second quarter ended June 30, 2012.
Revenue decreased $84.5 million to $290.5 million, a decline of 22.5% from the 2011 quarter. The revenue declines were primarily due to the sale of the Every Day with Rachael Ray publication in October 2011, the closure of our freshHome title, declining subscription renewals on certain of our magazine titles, lower sales of books and a decline in advertising in Canada. Our revenue declines were also due to a lower active customer base and a reduction in promotional investment, across many of our markets in Europe.
Second quarter operating loss was $93.2 million, which reflects an impairment charge of $113.4 million. Excluding impairment charges in both comparable periods, operating profit increased $5.5 million to $20.2 million, an increase of 37.4% from the 2011 quarter. The increase in operating profit was primarily the result of higher stock-based compensation expense in the 2011 quarter, decreased amortization costs resulting from the application of fresh start accounting and our emergence from bankruptcy, reduced promotional investments and efficiency improvements related to our customer-centric strategy, and lower overhead costs driven by our 2011 restructuring initiatives.
EBITDA for the quarter was $34.3 million, compared to $57.1 million from the 2011 quarter, which has been adjusted to exclude discontinued operations, as well as the Every Day with Rachael Ray publication.
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08.09.2012
Cenveo, Inc. today announced results for the three and six months ended June 30, 2012.
The Company generated net sales of $438.9 million for the second quarter of 2012, compared to $469.9 million for the second quarter of 2011. The decrease in net sales was primarily due to lower sales in our print and envelope product lines as a result of lower direct mail volumes from our financial services customers, the closure and consolidation of a print plant and our decision to exit certain low margin businesses. The Company generated net sales of $894.5 million for the first six months of 2012, compared to $946.9 million for the first six months of 2011. The decrease in net sales was primarily due to lower sales in our print and envelope product lines as a result of lower direct mail volumes from our financial services customers, customer product launches in the first six months of 2011 that did not repeat in the first six months of 2012, the closure and consolidation of a print plant and our decision to exit certain low margin businesses. The Company expects the di rect mail market to strengthen in the second half of 2012. Net sales from our label and packaging business lines remained relatively flat for the second quarter of 2012 and for the six months of 2012 despite our decision to exit low margin businesses within those platforms, which has been offset in part by our e-commerce initiatives and new account wins in our packaging business.
Operating income was $29.0 million for the second quarter of 2012, compared to $26.3 million for the second quarter of 2011. The increase in operating income was primarily due to our lower cost structure as a result of the integration of our Envelope Product Group ("EPG") acquisition and lower compensation related expenses, offset by increased pension expense and lower byproduct recoveries. Non-GAAP operating income was $36.3 million for the second quarter of 2012, compared to $37.3 million for the second quarter of 2011. Operating income was $43.2 million for the first six months of 2012, compared to $45.5 million for the first six months of 2011. The decrease in operating income was primarily due to increased restructuring, impairment and other charges as a result of the closure and consolidation of a print plant and other cost savings actions executed in the first quarter of 2012, increased pension expense and lower recoveries, offset in part by our lower cost structure due to the integration of our EPG acquisition and lower compensation related expenses. Non-GAAP operating income was $67.9 million for the first six months of 2012, compared to $68.8 million for the first six months of 2011. Non-GAAP operating income excludes integration, acquisition and other charges, stock-based compensation provision, restructuring, impairment and other charges.
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08.09.2012
Consolidated Graphics, Inc. today announced financial results for its first quarter ended June 30, 2012.
Revenue for the June quarter was $238.3 million, a $5.0 million or 2.1% decline compared to the prior year quarter. The decline in revenue compared to the prior year quarter was due to a 2.5% decline in same-store sales, partially offset by sales growth related to an acquisition. The same- store sales change includes the benefit of election-related revenue growth, compared to the prior year. Adjusted Operating Income for the June 2012 quarter was $2.8 million or 1.2% of revenue, compared to $8.9 million or 3.7% of revenue last year. Adjusted Net Income was $1.0 million or $.09 per diluted share for the quarter, compared to Adjusted Net Income of $4.9 million or $.43 per diluted share for the prior year quarter. Adjusted EBITDA was $21.4 million for the June 2012 quarter.
Operating income during the June 2012 quarter was $.5 million and included other charges of $1.7 million primarily related to relocating certain production facilities. Operating income for the prior year quarter was $3.6 million and included $4.6 million in other charges due to withdrawing from certain multi-employer pension plans. Net loss for the June 2012 quarter was $.4 million or $.04 diluted loss per share, compared to net income of $1.6 million or $.14 diluted earnings per share last year.
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08.09.2012
A Hoquiam, Wash., paper mill that shut down about a year ago has been sold and its new owners plan to begin producing paper within 45 days.
Harbor Paper officially took over the shuttered Grays Harbor Paper mill this week.
The Daily World of Aberdeen reports ( http://is.gd/0zmhDK) that the mill sold for about $3.7 million. In a separate sale, the Grays Harbor Public Utility District sold its interest in three biomass turbines at the mill for $540,000.
New Harbor Paper CEO John Begley says he wants to hire about 175 employees over the next two to three months.
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08.09.2012
Yankee Holding Corp. and The Yankee Candle Company, Inc. today announced financial results for the second quarter ended June 30, 2012. Yankee Holding Corp., a direct subsidiary of YCC Holdings LLC, is a holding company formed in connection with the Company's Merger with an affiliate of Madison Dearborn Partners, LLC on February 6, 2007 (the "Merger"), and is the parent company of The Yankee Candle Company, Inc.
Sales for the second quarter of 2012 were $145.3 million, an increase of $15.4 million or 11.9% from the prior year second quarter. Retail sales were $81.8 million, an increase of $8.7 million or 11.9% from the prior year second quarter. Sales in the Company's Wholesale segment were $40.5 million, an increase of $2.4 million or 6.3% versus the prior year second quarter. Sales in the Company's International segment were $23.0 million, an increase of $4.3 million or 22.8% from the prior year second quarter.
The Company recorded a net loss of $13.5 million for the second quarter of 2012 compared to a net loss of $7.4 million for the second quarter of 2011. The net loss for the second quarter of 2012 includes a loss of $13.4 million recorded in connection with the Company's April 2012 new term loan financing, which consisted of the write-off of unamortized deferred financing fees of $6.7 million associated with the Company's prior credit facility and call premiums of $6.7 million associated with the redemption of certain of the Company's senior notes.
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08.09.2012
Quad/Graphics, Inc., announced today that its Actable™ interactive print solution is the enabling technology behind Maxim magazine’s new MAXIM MOTION app. Debuting in the September issue, MAXIM MOTION allows readers to launch an on-page video of cover model Bar Refaeli simply by scanning the cover image with a smartphone or other mobile device. Additional on-page, image-activated videos appear throughout the magazine, which hits stands nationwide on August 14.
Quad/Graphics’ Actable™ interactive print solution allows publishers to create engaging multichannel editorial and advertising experiences. Once Maxim readers download the free MAXIM MOTION app, they can instantly interact with the printed page and launch related content directly from images, eliminating the need for QR codes. In Maxim’s September cover application, a combination of image recognition and augmented reality techniques gives app-enabled mobile device users the appearance of a video screen on the cover page. The screen then seamlessly animates with Bar Refaeli’s image and video.
“MAXIM MOTION is the latest example of how Quad/Graphics is helping our customers redefine print by seamlessly integrating it with mobile technology to create a compelling call to action that can be measured with sophisticated data analytics and reporting,” said Joel Quadracci, Quad/Graphics Chairman, President & CEO. “We understand the pressure our customers are under to integrate print with other media and we are well-positioned as their one-stop technology integrator.”
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08.09.2012
News Corporation today reported financial results for the three months and full year ending June 30, 2012.
The Company reported annual revenue of $33.7 billion, a $301 million, or 1%, increase over the $33.4 billion of revenue reported a year ago. The annual revenue increase was led by 14% growth at the Company’s Cable Network Programming segment, partially offset by declines primarily at the Company’s Publishing and Other segments.
The Company reported annual total segment operating income(3) of $5.4 billion compared to $4.9 billion reported a year ago. This increase was driven by operating income improvements at nearly all of the Company’s segments, led by a $535 million, or 19%, increase at the Cable Network Programming segment and a $205 million, or 22%, increase at the Filmed Entertainment segment. These improvements were partially offset by decreases at the Publishing segment, reflecting advertising weakness at the international newspaper and integrated marketing services businesses, and the absence of contributions from The News of the World. The full year results included a $224 million charge related to the costs of the ongoing investigations initiated upon the closure of The News of the World. The prior year results included a $125 million charge at the Company’s integrated marketing services business related to the settlement of litigation. Excluding these charges from both years, respectively, this year’s adjusted total segment operating income of $5.6 billion increased $628 million, or 13%, from $5.0 billion in the prior year.
The Company reported annual net income of $1.2 billion ($0.47 per share), compared to net income of $2.7 billion ($1.04 per share) reported in the prior year.
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08.09.2012
Dillard's, Inc. announced operating results for the 13 weeks ended July 28, 2012. This release contains certain forward-looking statements. Please refer to the Company's cautionary statements regarding forward-looking information included below under "Forward-Looking Information".
Second Quarter Results
Dillard's reported net income for the 13 weeks ended July 28, 2012 of $31.0 million, or $0.63 per diluted share compared to net income of $17.6 million or $0.32 per share for the 13 weeks ended July 30, 2011. Highlights of the 13 weeks ended July 28, 2012 included:
•A 3% increase in comparable store sales
•Merchandise gross margin improvement of 70 basis points of sales
•Operating expense leverage of 70 basis points of sales
•Repurchase of $134.6 million (2.1 million shares) of Class A Common Stock
Dillard's Chief Executive Officer, William T. Dillard, II, stated, "Continuing on the momentum of a successful first quarter, we are proud to report a 97% increase in second quarter earnings per share. Our 3% sales increase combined with gross margin improvement and control of our expenses enabled us to report a notable improvement in operating results today. Additionally, with strong cash flow during the quarter, we repurchased $134.6 million of Class A Common Stock under our share repurchase program."
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08.09.2012
Over the six months of 2012, OJSC Ilim Group’s mills in Siberia (the Bratsk and Ust-Ilimsk Mills) manufactured 732,000 tons of pulp and paper products. As compared to the first six months of the previous year, production output remains flat.
This includes 626,000 tons of market pulp, which is slightly better than the similar period performance in 2011.
Board production has amounted to 106,000 tons, going down by 7.7% against the similar period performance in 2011. As in the previous period (Q1 2012), decrease in production output is due to market demand for reduced basis weight board, which leads to output decrease in terms of tons produced. However, in terms of square meters produced, board output remains flat.
Pulp cooking volumes have not changed significantly and amounted to 795,000 tons.
Over the first six months of 2012 wood harvested by Ilim Group totaled 3.4 million cubic meters, going up by 12% as compared to the first six months of 2011.
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08.09.2012
Future, the international specialist media group and publisher of the UK’s market-leading photography titles, is to launch a new, digital magazine called Photography Week.
On sale in September, Photography Week will be a weekly, Tablet-only, international photography magazine available on the iPad and packed with rich, interactive content that shows readers how to improve their images and get more from their cameras.
Future’s current stable of photography magazines already enjoy huge success on the Apple Newsstand. Digital Camera World is the best-selling digital photography magazine for iPad (Jan-Dec 2011 ABC), and with Canon-only title PhotoPlus, and recent launches N-Photo: The Nikon Magazine and Practical Photoshop, these four magazines’ iPad editions boast more than 1.3 million container app downloads.
Following on from this success, Photography Week has been built specifically for the iPad by the team behind Digital Camera World, using Future’s digital publishing software, Future Folio. This will enable Photography Week to have the kind of interactivity and functionality not yet seen in any weekly photography title.
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08.09.2012
Cascades Inc., a leader in the recovery and manufacturing of green packaging and tissue paper products, announces its financial results for the three-month period ended June 30, 2012.
Q2-2012 Financial Highlights:
Sales of $944 million (compared to $891 million in Q1-2012 (+6%) and $991 million in Q2-2011 (-5%))
Excluding specific items:
EBITDA of $84 million (compared to $72 million in Q1-2012 (+17%) and $62 million in Q2-2011 (+35%))
Net earnings per share of $0.08 (compared to net earnings of $0.04 in Q1-2012 and a net loss of $0.09 in Q2-2011)
Including specific items:
EBITDA of $77 million (compared to $75 million in Q1-2012 (+3%) and $68 million in Q2-2011 (+13%))
Net earnings per share of $0.08 (compared to $0.06 in Q1-2012 and $1.27 in Q2-2011)
Net debt of $1,585 million (compared to $1,524 million as at March 31, 2012), including $134 million of non-recourse debt
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08.09.2012
Speculation that nations are stockpiling oil at the fastest rate in 14 years is fanning expectations for Brent crude to drop below $100 a barrel.
OPEC pumped 2.1 million barrels a day more than projected demand in April through June, the biggest overproduction for any quarter since 1998, the International Energy Agency estimates. Brent will fall to $93 by September and $83 by year-end, according to the Centre for Global Energy Studies. The increase was little noticed as traders focus on U.S.-led sanctions curbing Iran’s oil exports, Citigroup Inc. said.
Shuttered oil output in nations outside the Organization of Petroleum Exporting Countries is poised to resume after South Sudan this week agreed on a transit fee with its northern neighbor and Yemen fixed its main crude pipeline. Those two countries will add about 500,000 barrels a day to compete with OPEC, which is pumping the most since 2008. While the world faces the slowest pace of growth in fuel demand since the 2009 recession, crude rallied above $110 this week amid heightened political tensions in Syria.
“There is an overhang of producible oil in the world,” Ed Morse, Citigroup’s global head of commodities research, said in a July 31 phone interview from Houston. “We will probably see more Iranian oil lifted or leaked while OPEC continues to produce more than is demanded. If China remains sluggish, oil could drop to the low $90s and even fall into the $80s.”
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08.09.2012
Neenah Paper, Inc. today reported adjusted earnings from continuing operations of $0.85 per diluted common share in the second quarter of 2012 compared with earnings of $0.49 per share in the second quarter of 2011. Without adjustments of $0.08 per share ($1.9 million pre-tax) to exclude costs of integrating purchased fine paper brands, earnings on a GAAP basis in the second quarter of 2012 were $0.77 per share. There were no adjusting items in the second quarter of 2011.
Net sales of $211.7 million in the second quarter of 2012 grew 16 percent compared with the second quarter of 2011. Adjusted operating income of $23.9 million increased 52 percent from $15.7 million in the prior year. Adjusted income of $13.9 million increased 78 percent compared to $7.8 million in the prior year. Adjusted earnings are reconciled to GAAP figures later in this release.
"Our businesses set an all-time quarterly record for sales and profits, with Technical Products and Fine Paper each delivering double-digit earnings growth. Our teams are executing well against key objectives of growing high value, performance-oriented Technical Products offerings and delivering the value promised from our expanded Fine Paper business," said John O'Donnell , Chief Executive Officer. "In addition, both businesses are realizing cost benefits from more efficient manufacturing operations; and this, along with our strong market positions, will serve us well in what may be weaker global economic conditions in the second half of the year."
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08.09.2012
Verso Paper Corp. today reported financial results for the second quarter and six months ended June 30, 2012.
Verso's net sales for the second quarter of 2012 decreased $33.5 million, or 8.4%, reflecting a 5.5% decrease in the average sales price for all of our products combined with a 3.1% decline in total sales volume, which was driven by the shutdown of three paper machines late last year. Verso's gross margin was 11.5% for the second quarter of 2012 compared to 15.1% for the second quarter of 2011, reflecting the higher average sales prices during 2011.
Verso reported a net loss of $20.7 million in the second quarter of 2012, or $0.39 per diluted share, which included $22.4 million of net benefits from special items, or $0.42 per diluted share, primarily due to debt refinancing. Verso had a net loss of $24.3 million, or $0.46 per diluted share, in the second quarter of 2011, which included $3.7 million of charges from special items, or $0.07 per diluted share.
"Demand in the coated industry continued to be challenged during the second quarter of 2012 which resulted in a delay in the announced price increases during the quarter. This was primarily a result of the drop-off in advertising spending and slowdowns in the commercial print area which are impacted by the sluggish GDP growth. However, our coated groundwood and coated freesheet volumes were relatively flat with last year's levels and we did a good job of managing our pricing relative to overall market demand. Adjusted EBITDA was comparable to the first quarter of this year and slightly better if you exclude the over $5.0 million impact related to scheduled maintenance outages we took during the second quarter," said David Paterson, President and Chief Executive Officer of Verso.
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08.09.2012
Kohl’s Corporation today reported results for the quarter ended July 28, 2012.
Kohl’s Corporation reported second quarter net income of $240 million ($1.00 per diluted share) compared to $299 million ($1.08 per diluted share) a year ago. Net sales were $4.2 billion, a decrease of 1.0 percent for the quarter. Comparable store sales for the quarter decreased 2.7 percent.
Year to date, net income was $394 million ($1.63 per diluted share) compared to $500 million ($1.76 per diluted share) a year ago. Net sales were $8.4 billion, an increase of 0.4 percent. Year-to-date comparable store sales decreased 1.3 percent.
Kohl’s ended the quarter with 1,134 stores in 49 states, compared with 1,097 stores at the same time last year. During the first half of the year, the Company opened 9 new stores, including 1 relocated store, closed 1 store and completed 40 remodels. The company expects to open an additional 12 stores and complete an additional 10 remodels in September.
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08.09.2012
Continuing operations April-June 2012 compared with April-June 2011
• Net sales EUR 413.2 million (EUR 423.7 million).
• Operating profit EUR 7.4 million (EUR 22.1 million).
• Operating profit excluding non-recurring items EUR 13.2 million (EUR 20.4 million).
April-June 2012 in brief
• Weaker operating profit was due to the exceptional foreign exchange rate fluctuations towards the end of the quarter, impacting mainly the Label and Processing business area. In addition, the shortfall in volumes had a negative impact on profitability.
• Ahlstrom continued to successfully launch new products, including air filtration applications for the automotive and heavy duty vehicle industries and announced the expansion of the well-received Acti-V(TM) technology in release papers.
• A manufacturing waste reduction project was completed during the review period. Annual cost savings estimated at EUR 20 million are expected in 2012.
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08.08.2012
Even the most addicted mobile shopper may get tired of scanning the 250 mobile-activated images in the new issue of Seventeen. In a major push for its back-to-school issue, the magazine has partnered with a wide range of marketing partners to mobilize the in-print experience and turn the magazine into an interactive shopping experience.
Using the new Seventeen Shopping Insider app, readers can scan images associated with shopping bag icons found next to 250 spots across the issue. The scans can add items into a mobile shopping list or unlock coupons in the app. According to Seventeen’s mobile activation partner Nellymoser, this is the broadest use of mobile activations in any issue from a top-100 magazine.
Eighteen advertisers participated in some aspect of the print and mobile app program, including American Rag, Aeropostale, Walgreen’s, Office Depot and many others. “The whole program serves as a bridge from the magazine to the store,” says Seventeen’s Associate Publisher of Marketing, Howard Grier. Driving teens from page to purchase has always been the goal, of course, but with a mobilized shopping list and deals on their devices, “this literally facilitates that,” he says. “You can save it from the magazine and bring it into the store, but this also gives you an incentive to shop as well.”
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08.08.2012
Quad/Graphics, Inc. today reported results for its second quarter and year-to-date ending June 30, 2012.
Net sales for the second quarter were $934 million versus $977 million for the same period in 2011. Second quarter 2012 Adjusted EBITDA was $112 million compared to $116 million for the same period in 2011, and Adjusted EBITDA margin was 12.0% as compared to 11.9% in 2011. The quarterly results reflect expected volume and pricing pressures. Offsetting these impacts were incremental synergy savings totaling $21 million and lower selling, general and administrative costs.
For the first six months of 2012, net sales were $1.92 billion versus net sales of $2.0 billion for the same period in 2011, reflecting expected volume and price pressures combined with impacts from continued economic uncertainty and secular pressures. Year-to-date Adjusted EBITDA was $238 million versus $258 million in 2011, reflecting lower volumes partially offset by lower selling, general and administrative costs. Recurring Free Cash Flow was $167 million for the first six months of 2012 compared to $102 million in the first six months of 2011, continuing a track record of solid cash flow generation.
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08.08.2012
Foam holds a very prominent place in the world. It is a virtually ubiquitous commodity in industries everywhere, and for that reason RBL Industries, a packaging manufacturer based in Maryland, has doubled its efforts when it comes to providing custom foam packaging on a higher level.
As President of RBL Industries, Bob Lipsky explains, "You can find foam everywhere, and there's a very good reason for that." He goes on to explain that the many advantageous properties of foam make it an ideal solution for everything from protection to floatation, and especially for custom foam packaging. With this in mind, Lipsky explains that the Maryland packaging manufacturer has endeavored to expand upon the company's ability to provide custom foam packaging to suit the various sizes, shapes, and specifications required by industries everywhere.
By designing and engineering custom foam packaging solutions in polyethylene, polyurethane, and other "next gen" foams, Lipsky explains that the company has had the opportunity to cater foam packaging solutions to the specific needs of market sectors ranging from the military and aerospace industries to the medical industry and beyond. In addition to expanding the packaging company's capabilities to work with a number of new and improved foam materials, Lipsky adds, "And as always, we never stop stocking a large inventory of standard foam packaging products and supplies."
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08.08.2012
Presstek, Inc., a leading supplier of digital offset printing solutions to the printing and communications industries, today reported financial and operating results for the second quarter ended June 30, 2012. The Company reported total revenue of $29.7 million compared to $31.4 million in the second quarter of 2011.
The Company generated positive adjusted EBITDA of $0.8 million for the quarter, an increase of $0.4 million from the prior year. The Company had an operating loss of $0.3 million in the second quarter of 2012 versus an operating loss of $1.2 million in the 2011 second quarter, an improvement of $0.9 million. Cost reduction actions undertaken in the latter half of 2011 contributed significantly to this improvement. During the second quarter of 2012, the Company incurred a net loss of $0.8 million, or $0.02 per share, compared to a net loss of $1.7 million, or $0.05 per share, in the second quarter of 2011. (See "Information Regarding Non-GAAP Measures")
"While we continue to experience the effects of the difficult economic climate, especially in Europe, our quarterly results reflect continued improvement in EBITDA and a narrowing of our quarterly operating loss. While these results are in large part due to our cost management efforts, we believe that we are positioned for improving results once the overall economic environment improves," said Stanley Freimuth, Presstek's Chairman, President and CEO.
Total revenue in the second quarter was $29.7 million, a decrease of $1.7 million from the second quarter of 2011.
•Equipment revenue increased $0.2 million, to $6.4 million, compared with the same prior year period due primarily to an increase in the number of DI units sold, including the sale of two 75DI units.
•Consumables revenue totaled $17.6 million compared with $19.3 million for the same prior year period resulting primarily from unfavorable economic conditions in Europe as well as the continued gradual erosion of some of our legacy plate product lines.
•Service revenue decreased $0.2 million, to $5.7 million, compared to the prior year quarter due to lower contract revenues resulting from a decrease in active legacy equipment accounts.
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08.08.2012
Multi-Color Corporation today announced first quarter fiscal 2013 results which sets a good foundation for fiscal 2013.
"Organic revenue growth continues in our largest market of North America, somewhat offset by softer organic European revenues in the quarter. Operating margins are solid but still impacted by integration activities in North and Latin America," said Nigel Vinecombe, President and CEO of Multi-Color Corporation.
First quarter highlights:
Net revenues increased 64% to $165 million from $100.6 million compared to the three months ended June 30, 2011. Net revenues increased 66% or $66.2 million due to acquisitions occurring after June 30, 2011. Organic net revenues increased by 2% due to a favorable impact of pricing and sales mix. Net revenues decreased 4% compared to the prior year quarter due to the unfavorable impact of foreign exchange rates primarily driven by depreciation in the Australian dollar and the Euro.
Gross profit increased $8.7 million or 39% compared to the first three months of the prior year. Adjusted for special items, gross profit increased $9.2 million or 41%. The increase is primarily due to acquisitions occurring after June 30, 2011 partially offset by a decrease related to the unfavorable impact of foreign exchange rates in the current quarter. Gross margins, adjusted for special items, decreased to 19% of net revenues compared to 22% of net revenues in the prior year quarter. This reduction in adjusted gross margins is due primarily to lower European sales, integration inefficiencies in North and Latin America and an above average quarter in the prior year. The adjusted gross margin for the three months ended June 30, 2012 is similar to the adjusted gross margin for fiscal year 2012.
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08.08.2012
The Audit Bureau of Circulations released its semiannual Fas-Fax report for U.S. consumer magazines this morning (Aug. 7). In addition to its “top 25 lists” that look at circulation totals and single-copy sales, this marks the first time ABC has specifically broken out circulation for digital replica editions of consumer magazines.
It comes as no surprise that newsstand sales for 22 or the top 25 consumer magazines fell during the first half of 2012. At more than 1.3 million in single-copy sales, Numerically, Cosmopolitan easily tops the list (1,351,738), though it is down 15.5% versus first-half 2011. Woman’s World ranks second, experiencing a decline of 3.7%. Family Circle, which saw its newsstand sales rise 8%, from 525,358 to 567,632, was the percentage leader among the three exceptions, followed by rival Woman's Day (+6.2%) and Life & Style Weekly (+2.5%).
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08.08.2012
Walt Disney Co. posted some strong third-quarter fiscal results -- driven in large part by its parks and resorts business unit. Advertising results at its TV networks offered more of a mixed picture.
Net income gained 24% to $1.8 billion with revenues climbing 4%, rising to $11.1 billion in Disney's third quarter.
Disney's media networks witnessed 3% higher revenue, rising to $5.1 billion -- with cable networks climbing 3% to $3.6 billion and broadcasting networks rising 3% to $1.5 billion.
Disney's big revenue generator, ESPN, experienced advertising revenue growth from higher rates, increased units sold and improved ratings -- resulting from a shift in the timing of NBA games because of the late start of the season from the NBA lockout. Disney executives say revenues grew in the "mid-teens" percentage during the period that ended in June.
But recent TV advertising business -- especially at ESPN and its other networks -- has been hurt. Jay Rasulo, senior executive vp and chief financial officer of Walt Disney Co., said: "Our business has been impacted by the Olympics."
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