Paperclips Blog | Walgreens Results

05.15.2012
Golfsmith Announces First Quarter 2012 Earnings Results

Golfsmith International Holdings, Inc., today announced financial results for the first quarter of fiscal 2012 ended March 31, 2012.

First Quarter Highlights
• Net revenues increased 11.0% to $90.5 million as compared to $81.5 million in the first quarter of fiscal 2011. The increase was driven by a comparable store sales increased 8.5% and five new store openings since the end of the first quarter fiscal 2011, partially offset by a 4.7% decrease in the direct-to-consumer-channel.

• Operating loss totaled $4.9 million as compared to a loss of $3.3 million in the first quarter of fiscal 2011. The first quarter of fiscal 2012 includes $0.4 million in lease termination charges, $0.2 million in severance for a former executive and 0.2 million in legal and other expenses related to our recently announced merger with Golf Town U.S.A. Holdings, Inc. ("Golf Town"), as described below. Net loss for the first quarter of fiscal 2012 totaled $3.6 million or $0.22 per share. This compares to a net loss of $3.1 million or $0.19 per share for the first quarter of fiscal 2011. Excluding unusual charges, the Company's net loss for the first quarter of fiscal 2012 was $3.1 million, or $0.19 per share, as compared to $3.1 million, or $0.19 per share, for the first quarter of fiscal 2011.

• Store pre-opening expenses were $1.2 million and $0.3 million in each of the three-month periods ended March 31, 2012 and April 2, 2011, respectively. Fiscal 2012 reflects occupancy charges primarily related to ten new stores, three of which opened in the current quarter, one store relocation and two additional relocations which are scheduled to occur later in the year. The previous year consists primarily of occupancy charges related to three new store openings in fiscal 2011.

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05.15.2012
More communities OK plastic bag bans

Four more communities, three of them in California, have banned single-use plastic carryout bags, bringing the number of communities with plastics-related bans in the United States to 74, almost two-thirds of them in California.

And looming on the horizon is a proposal to ban both plastic and paper carryout bags in Los Angeles, the nation's second-largest city, with a population of nearly 4 million.

There also is a proposal in Illinois, SB 3422, that has the plastic bag industry divided, as it would prohibit plastic bag bans in all cities in the state except Chicago, but which also carries several requirements that some view as a form of extended producer responsibility and that others think would make it difficult for small manufacturers to sell plastic bags in Illinois.

The Illinois proposal also has drawn the opposition of six California-based environmental groups, including Californians Against Waste, which usually just focuses on California issues and legislation.

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05.15.2012
Resolute Owns 70.9% of Fibrek

AbitibiBowater Inc., doing business as Resolute Forest Products, today announced that it has taken up and accepted for payment 9,894,933 additional shares of Fibrek Inc. deposited to its offer as of the close of business today. Together with the shares the Company acquired up to and including May 4, Resolute holds approximately 70.9% of the currently outstanding Fibrek shares. As aggregate consideration for the shares taken up today, Resolute will distribute approximately 280,000 newly-issued shares of its common stock and CAD$5.4 million in cash through RFP Acquisition Inc., a wholly-owned subsidiary.

Resolute reminds Fibrek's shareholders that, as previously announced, the offer will NOT be further extended and will expire definitively at 5:00 p.m. (Eastern time) on May 17, 2012.
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05.15.2012
Meredith Corp. Announces Scrapbooks Etc Magazine to Cease Publication

Meredith Corporation announced today that Scrapbooks Etc magazine will be ceasing publication after its August 2012 issue. The move has shocked industry observers, as the magazine’s circulation numbers have been the strongest in the industry over the past several years, based partially on its leveraging of strong newstand placement.

The announcement was made via a post by editor Michelle Rubin to the magazine’s blog. The blog posting said the closing decision by Meredith was made because “due to the longer term business forecast for the franchise and the industry, the corporation has chosen to cease publishing within this marketplace.”

The final issue of Scrapbooks Etc, August 2012, will go on sale June 19th and be available through August 14th. The magazine’s website will continue to offer content through that time period in support of the print issue.

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05.15.2012
FCL Graphics Attains G7 Master Qualification in Four Printing Processes

FCL Graphics, a leading North American printer of marketing and direct mail materials, announced it has achieved G7 Master Printer Qualification in four key service categories: proofing, digital print, sheetfed and web offset. According to IDEAlliance, FCL is one of only two printing plants in the country to have G7 Master Qualification in all four of these key print services.

G7 is IDEAlliance’s industry-leading set of best practices for achieving gray balance, and is the driving force for achieving visual similarity across all print processes.

“Many direct marketers and print buyers have struggled to maintain corporate colors and print characteristics across the range of printing presses and paper stocks available in the market,” said Michael Ford, president and CEO of FCL Graphics. “G7 methodology solves that problem by calibrating presses to an industry standard gray balance and neutral tonality defined by G7.

“By using G7 methodology, print products will look alike to the human eye regardless of the printing press or paper used. For print buyers and marketers who believe a visual color match is critical across print products, they should consider making G7 a buying requirement,” Ford added.

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05.15.2012
Berlin Packaging Acquires Lerman Container

Berlin Packaging, a leading full-service supplier of plastic, glass, and metal containers and closures, today announced the acquisition of Connecticut-based Lerman Container in a transaction that expands the company's geographic coverage and team of packaging solution experts. The combined company will have 2012 revenues exceeding $700 million, over 110 packaging consultants, and more than 80 sales offices and warehouse locations across North America.

Established in 1979, Lerman is a packaging distributor with marquee customers across multiple vertical markets. The acquisition:

Augments Berlin Packaging's presence in the Northeast by adding Lerman sales and customer service staff in Connecticut and New Jersey, providing easier access to innovative, cost-effective packaging solutions for Berlin Packaging customers in those markets.

Adds personal care and pharmaceutical packaging expertise due to Lerman's many years operating in these sectors, complementing Berlin Packaging's own know-how in these areas as well as in other areas including food and beverage, chemical and industrial, household care, lab supply and dangerous goods packaging.

Expands the services and specialty offerings available to Lerman's customers through Berlin Packaging's Studio One Eleven design, Berlin Global worldwide sourcing, E3 consulting, Berlin Financial Services lending, Freund Container ordering convenience, Qorpak lab supplies, and Dangerous Goods shipping systems.

Enables Berlin Packaging's suppliers to reach new customers in order to grow sales, increase the success of new product introductions, and maximize the amount of product they can remove from their own floor through the warehouse and inventory management programs that Berlin Packaging offers.

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05.15.2012
Metsä Group takes pulp logistics to the new era through RFID technology

Metsä Group is creating new technology for its logistics chain in the pulp industry by being the first to introduce Radio Frequency Identification (RFID) based on the wireless identification of products. RFID will be introduced at all Metsä Group’s pulp mills and most loading ports during the spring.

RFID is major advance from the manual and barcode identification of pulp lots due to the technology's precision, durability and small size. RFID has been used in many industries, but with Metsä Group leading the way, the existing technology will now be utilised in the pulp delivery process.

"RFID development is a good example of our continuous renewal with which we can ensure success in global competition," says Ismo Nousiainen, SVP, Production, Metsä Fibre.

The pulp units’ RFID tags will include the product's lot number, the date of manufacture and the manufacturer itself. Pulp with an RFID tag meets product safety requirements and is suitable for food use.

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05.15.2012
Mayr-Melnhof Group Announces Results for the 1st Quarter 2012

The consolidated sales of the Group of EUR 494.9 million again reached previous year’s level (1Q 2011: EUR 494.7 million), especially due to improved average prices.

Operating profit was at EUR 42.1 million, thus EUR 7.9 million or 15.8 % below the historical peak value of the first quarter 2011 (EUR 50.0 million). This difference is mainly attributable to the significant increase in input costs.

The profit before tax reached EUR 39.6 million, following EUR 48.5 million in the first quarter of the previous year. Income tax expense amounted to EUR 11.1 million (1Q 2011: EUR 13.1 million), hence the effective tax rate of the Group was 28.0 % (1Q 2011: 27.0 %).

Consequently, the profit for the period of EUR 28.5 million reached previous quarters’ levels (4Q 2011: EUR 26.8 million; 3Q 2011: EUR 27.9 million; 2Q 2011: EUR 28.6 million), but was below the record value of the first quarter 2011 (EUR 35.4 million).
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05.15.2012
Groupon’s revenue jumps 89%

For the first time ever, Groupon Inc.’s operations didn’t cause the daily deal operator to post a quarterly operating loss. The daily deal operator today announced it had a $39.6 million operating income in the first quarter.

For the first quarter ended March 31, Groupon reported:
•Revenue increased 89.3% to $559.3 million, compared with $295.5 million in 2011.
•North American revenue of $238.6 million, a 74.7% jump from $136.6 million a year earlier.
•International sales of $320.7 million, a 101.8% increase from $158.9 million in 2011.
•Operating income of $39.6 million, compared with an operating loss of $117.1 million in 2011.
•A net loss attributable to common stockholders of $11.7 million, compared with a year-ago net loss of $146.5 million
•Gross billings, which reflects the gross amount collected from Groupon customers for Groupon vouchers sold, excluding applicable taxes and refunds, were $1.35 billion, a 102.0% spike from $668.2 million in 2010.
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05.15.2012
More advertisers want readers to take action—now

Quick Response, or QR, codes and other 2-D bar codes; digital watermarks, which like QR codes can be read by smartphone cameras; and Near Field Communication, or NFC, wireless chips, all are designed to get smartphone owners to take immediate action—to scan the code with their smartphone and be linked via the mobile web to a video, an app download page, additional product information, or even an m-commerce site page to make a purchase. Use of these codes by magazine advertisers is on the rise, a possible indication that consumers are taking a liking to this form of advertising.

In the first quarter of 2012, at least one of these types of codes, sometimes called “action codes,” appeared in 99 of the top 100 U.S. magazines ranked by circulation; this is up from 78 in Q1 2011, according to a new study by mobile marketing firm and 2-D bar code specialist Nellymoser. The overall number of magazine ad pages containing an action code was up 288% quarter over quarter—from 352 in Q1 2011 to 1,365 in Q1 2012.

The percentage of magazine advertising pages containing a mobile action code exceeded 8% each month of the first quarter of 2012, the study says. This is up significantly from March 2011 when just 3.55% of ad pages contained an action code.
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05.15.2012
Asia Pulp & Paper (APP) Announces New Policies on High Conservation Value Forest

Asia Pulp & Paper Group (APP) has announced its new High Conservation Value Forest policies to evolve APP’s business, including the immediate suspension of natural forest clearance on its own pulpwood plantations in Indonesia.

Over the past decade, APP has built and implemented a broad-ranging sustainability strategy to preserve critical aspects of Indonesia’s precious natural resources, high conservation areas and biodiversity.

Now, in what the Group calls the ‘next natural evolution’ of its sustainability strategy, APP is announcing a move to adopt the internationally- recognized standards for High Conservation Value Forest (HCVF).

The HCVF policies will be implemented immediately in the following way:
1. With respect to APP owned concessions in Indonesia: a. Effective from 1st June 2012, we will suspend natural forest clearance while HCVF assessments are conducted. b. We have engaged credible experts to conduct HCVF assessments, in accordance with HCV Resource Network best practice. The assessments will be based on a multi-stakeholder approach. c. We will protect all identified HCVF areas as a result of the HCVF assessments.

2. With respect to APP’s independent pulpwood suppliers in Indonesia: a. Given our firm commitments on HCVF, APP expects independent suppliers to comply with our request for HCVF assessments, by 31 December 2014. b. With an international NGO partner, we will engage with our independent suppliers to adopt HCVF assessments. c. We will review and reevaluate supply agreements where HCVF assessments are not conducted.

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05.15.2012
Fortress Paper Announces First Quarter 2012 Results

Fortress Paper Ltd. reported 2012 first quarter EBITDA loss of $1.8 million. For the fourth quarter of 2011, EBITDA loss was $1.5 million and for the first quarter of 2011, EBITDA was $1.0 million.

Fortress reported an adjusted net loss of $9.1 million, or diluted adjusted loss per share of $0.64 for the first quarter of 2012 on sales of $61.4 million. In the fourth quarter of 2011, the Company reported an adjusted net loss of $6.3 million or diluted adjusted loss per share of $0.44 on sales of $49.5 million and for the first quarter of 2011 adjusted net loss of $5.6 million or diluted loss per share of $0.42 on sales of $85.5 million.

Production of dissolving pulp commenced in early December 2011. Commercial production for accounting purposes, with the equipment operating as intended by management, began on March 18, 2012. After such date all sales and cost of sales will be included in the operating results.

The Specialty Papers Segment continued its strong performance in the first quarter. Margins remain strong and the order log is healthy. Contributing to the positive results were improvements in production efficiency, reduced pulp prices, full utilization of the Company's new dry waste plant and strong sales tonnage and realized prices.

The Security Paper Products Segment experienced another difficult quarter. Unfortunately, the continued postponement of several major currencies has resulted in optimization challenges due to low volumes. There has been positive progress on securing orders, however due to lead times the benefit of such orders are not expected to be realized until at least the second half of 2012.

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05.15.2012
Oil Trades Near Five-Month Low on U.S. Supply Increase

Oil traded near the lowest in five months in New York before reports forecast to show U.S. crude stockpiles rose to the highest level in 21 years.

Futures fluctuated after sliding as much as 0.9 percent earlier today. U.S. crude supply probably climbed 1.5 million barrels last week to 381 million, the most since August 1990, according to a Bloomberg News survey before government data tomorrow. Prices rose in London as Germany’s faster-than- estimated economic growth helped the euro area avoid its second recession in three years.

“The build-up of inventories in the U.S. is something to consider,” said Christopher Bellew, a senior broker at Jefferies Bache Ltd. in London who predicts further price declines will be limited. “But the other side of the coin is that the U.S. economy has shown impressive signs of recovery. The emphasis for oil prices is ultimately where demand is growing most strongly, such as China and India.”

Crude for June delivery was at $94.57 a barrel, down 21 cents, in electronic trading on the New York Mercantile Exchange at 11:07 a.m. London time. Prices dropped 1.4 percent to $94.78 yesterday, the lowest close since Dec. 19.

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05.15.2012
Ziff Davis acquires Computer Shopper

Ziff Davis, which publishes PCMag.com, has acquired Computer Shopper, a website offering comparison shopping of technology products, from SX2 Media Labs. Financial terms of the deal were not disclosed.

The acquisition of Computer Shopper is Ziff Davis' fifth deal since the beginning of last year. Among its acquisitions are Focus Research and Toolbox.com.

Ziff Davis had owned Computer Shopper, introduced in 1979, from 1993 to 2001 before selling it to CNET Networks. SX2 Media Labs acquired it from CNET in 2006.

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05.15.2012
Adobe Study Reveals Tablet Traffic Has Grown 10 Times Faster Than Smartphone Traffic

Adobe Digital Marketing Summit EMEA — Adobe Systems Incorporated today announced findings from its most recent Adobe® Digital Index report examining how global website traffic and engagement differ when the visitor is on a tablet, smartphone or personal computer (PC). The report found that tablet devices will generate more Web traffic than smartphones by early 2013 and that consumers find browsing websites on tablets nearly as engaging as on PCs.

“As businesses rethink their digital experiences to include mobile strategies, tablets are emerging as the consumer device of choice”.

The results indicate that tablets have become a channel very distinct from smartphones. While apps have proven a highly valuable and important component of a mobile strategy, companies would be well served to invest in optimizing mobile Web pages for the growing and affluent* tablet demographic. Key report findings include:
• The share of website visits from tablets grew approximately 10 times faster than the rate for smartphones in the first two years after market introduction and grew more than 300 percent in the last year. This rapid growth is driven by both higher rates of tablet shipments and a disproportionately higher number of website visits per tablet than smartphones.
• Tablets’ share of website traffic will exceed smartphone traffic by early 2013 and reach 10 percent of total website traffic in 2014.
• Although consumers consider the tablet website experience to be nearly as engaging as that of PCs, they use PCs to visit websites three times as frequently as tablets.

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05.15.2012
The Home Depot Announces First Quarter Results

The Home Depot®, the world's largest home improvement retailer, today reported sales of $17.8 billion for the first quarter of fiscal 2012, a 5.9 percent increase from the first quarter of fiscal 2011. Comparable store sales for the first quarter of fiscal 2012 were positive 5.8 percent, and comp sales for U.S. stores were positive 6.1 percent.

Net earnings for the first quarter were $1.0 billion, or $0.68 per diluted share, compared with net earnings of $812 million, or $0.50 per diluted share, in the same period of fiscal 2011. For the first quarter of fiscal 2012, diluted earnings per share increased 36.0 percent from the same period in the prior year.

First quarter of fiscal 2012 results reflect a benefit to earnings, net of tax, of $43 million, or $0.03 per diluted share, related to the termination of the Company's guarantee of a senior secured loan.

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05.15.2012
Saks Incorporated Announces Results for the First Quarter Ended April 28, 2012

Retailer Saks Incorporated today announced results for the first quarter ended April 28, 2012.

Overview of Results for the First Quarter Ended April 28, 2012

For the first quarter ended April 28, 2012, the Company posted net income of $32.1 million, or $.18 per diluted share. The results included after-tax items totaling $0.6 million composed of $0.4 million of pre-opening costs associated with the Company’s new fulfillment center opening in Tennessee in August 2012 and $0.2 million of final expenses related to the Saks Fifth Avenue Pittsburgh store closing. Excluding these items, the Company would have recorded net income of $32.7 million, or $.19 per share, for the first quarter ended April 28, 2012.

For the prior year first quarter ended April 30, 2011, the Company posted net income of $28.4 million, or $.16 per diluted share. The results included after-tax items totaling $2.1 million composed of $1.8 million of store closing expenses and a $0.3 million loss on debt extinguishment (related to the early retirement of approximately $1.9 million of senior notes). Excluding these items, the Company would have recorded net income of $30.5 million, or $.17 per share, for the first quarter ended April 30, 2011.

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05.14.2012
Domtar announces the acquisition of EAM Corporation

Domtar Corporation today announced that it has acquired EAM Corporation, a leading privately-held manufacturer of high quality absorbent composite solutions, from Kinderhook Industries, LLC for $61 million.

"The acquisition of EAM Corporation will give us long term research capabilities to further differentiate our full line of adult incontinence products while integrating the best available technology to grow our existing businesses," said John D. Williams, President and Chief Executive Officer. "EAM's patented airlaid manufacturing process provides the performance, quality, and cost competitiveness that we believe to be keys to success in the personal care market."

EAM Corporation produces airlaid and ultrathin laminated absorbent cores with brands such as NovaThin® and NovaZorb® used in feminine hygiene, adult incontinence, baby diapers and other medical, healthcare and performance packaging solutions. The company serves a diversified customer base and has long-standing relationships including well-known branded and private label consumer products manufacturers throughout North America and abroad. The company operates a 71,000 square foot facility with state-of-the-art research campus and production lines in Jesup, Georgia. EAM Corporation has annual sales of approximately $45 million in more than 50 countries and a total of 53 employees.

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05.14.2012
China Shengda Packaging Group Inc. Announces First Quarter 2012 Results

China Shengda Packaging Group Inc., a leading Chinese paper packaging manufacturer, today announced its financial results for the three months ended March 31, 2012.

"This quarter was marked by difficult market conditions as our customers experienced slow growth in their businesses. We fought hard for business but lost some volume compared to the same quarter last year. Pricing conditions enabled us to pass on some increased costs to customers but margins were still reduced by lower volumes and lower operating leverage," Mr. Daliang Teng, Chief Executive Officer of China Shengda Packaging, said.

Revenues increased 5.7% to $28.5 million from $26.9 million in the prior year period. The increase was primarily as a result of the increase in average per square meter prices, partially offset by the decrease in sales volume. Sales volume decreased by 1.0 million square meters, or 1.4%, to 72.6 million square meters for the three months ended March 31, 2012, from 73.6 million square meters for the same period of 2011. The decreased sales volume was mainly the result of a reduction in demand from customers due to challenges resulting from domestic and foreign economic environment, which adversely affected the business of many customers.

Color cartons accounted for 27.2% of the revenues and flexo cartons accounted for 72.8% of the revenues, compared to 26.0% and 74.0%, respectively, for the same period of 2011. Average per square meter prices for the color cartons and flexo cartons for the three months ended March 31, 2012 were approximately $0.44 and $0.38, respectively, as compared to approximately $0.42 and $0.35, respectively, for the same period of 2011.

Consumer and industrial goods manufacturing sectors are the Company's principal markets. The major customers remained home appliances and electronics manufacturers and food, beverage and cigarette manufacturers in the YRD, which accounted for 29.4% and 29.6%, respectively, of the revenues for the three months ended March 31, 2012.

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05.14.2012
Publix cuts grocery bag use by 2 billion

Publix has achieved the eco milestone of saving more than 2 billion grocery bags since mid 2007. The company said it achieved this goal by training front service clerks and cashiers to increase the number of items per bag, implementing bag reduction goals for each store, holding communication campaigns to encourage the use of reusable bags and donating reusable bags to non-profits and partner organizations throughout the Southeast.

“At Publix, we are fortunate to have customers and associates who are committed to sustaining our environment,” said Maria Brous, Publix director of media and community relations. “That’s why we focus on the responsible use of environmental resources, and offering our customers and associates options when choosing paper, plastic or reusable bags.”

The company has offered in-store recycling of paper and plastic bags since the mid-1970s and introduced its first 99-cent reusable bags in mid-2007. Since the introduction, more than 21 million reusable bags have been sold at Publix locations.
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05.14.2012
Hot Rod Relauches Web Site, Will Relaunch Magazine

Hot Rod, the "performance" car magazine launched in 1948 by the late Robert ("Pete") Petersen out of his Los Angeles garage, is getting a major "tune-up" from owner Source Interlink Media.

Overhaul of Hot Rod's online, video, and social media platforms have been implemented. A highlight is editor-in-chief David Freiburger's 200-plus-miles per-hour test-drive of the 2012 Chevy Camaro ZL1 with Lingenfelter performance modifications.

The print relaunch of the 625,000 rate-base monthly comes with the Sept. 2012 issue that will be released on July 10. Freiburger says there will be a "50% increase in editorial pages and an all-new design, both of which support a complete reinvention of the content. Our mission is to consider what we used to do--in fact, what every car magazine used to do--and to ask ourselves how we can make it bigger, better, faster, louder. Wilder ideas, more emotional presentations, pure entertainment. At least a few times per issue, I want the reader to think, ‘I can’t believe they did that!’”

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05.14.2012
Metsä Group plans to invest EUR 30 million in upgrading Metsä Wood’s Vilppula sawmill

Metsä Group will launch an investigation into upgrading Metsä Wood’s Vilppula sawmill. The planned investment includes building a new sawmill line and a new green sorting line as well as renovating other parts of the sawmill.

The new sawmill line would enable the use of diverse sawing patterns as well as the efficient use of small logs in addition to large ones. The replacement of two sawmill lines with a new line would significantly enhance production efficiency. The investment is estimated to approximately EUR 30 million, and it would be carried out in 2013. The capacity of the sawmill would not change significantly.

“The investment project would enable us to offer more highly processed products that are customised precisely to customers’ needs, based on their product ranges and production processes. We want to help our customers improve their competitiveness while creating as much added value as possible for our owners' wood raw material," says Timo Karinen, Group Executive Vice President, Metsä Wood.

Adding value, improving cost-efficiency and investing in product and service development are essential parts of Metsä Wood’s business strategy. “The investment would create better opportunities for further processing our own sawn timber and serving demanding industrial customers,” says Karinen.

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05.14.2012
Ilim Group Locations in Siberia Have Manufactured 363,000 Tons of P&P Products

Over January-March 2012, Ilim Group’s Bratsk and Ust-Ilimsk Mills (Irkutsk Oblast) manufactured 363,000 tons of pulp and paper products. This almost equals the performance in the first quarter of the previous year.

This figure includes 314,000 tons of market pulp, which is a 2% percent increase from the similar period performance in 2011.

Board production has amounted to 48,500 tons, going down by 16% as compared to the output in January - March of the previous year. Improved corrugating technologies have boosted demand for thinner board. This has resulted in lower volumes in tons but almost the same number of square meters produced.

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05.14.2012
Ilim Group's Mills in Northwest Russia Demonstrate Production Growth in the First Quarter of 2012

Over the first three months of 2012 Ilim Group's Koryazhma Mill (Arkhangelsk Oblast) has manufactured 273,000 tons of pulp and paper products. This is 2% more than in the first quarter of 2011.

This includes about 91,000 tons of market pulp, which is a 1% percent increase as compared to the similar period of the previous year.

Paper production has gained 15%, going up to 59,000 tons. This includes 22,000 tons of sack paper, 30,000 tons of offset paper, and 7,000 tons of wallpaper.

Board production has amounted to 124,000 tons, going down by 2.5% against the similar period performance in 2011. This slight reduction in board output has been triggered by the changing ratio of sack paper and board output with more sack paper to satisfy the market demand.

Pulp cooking has grown by 3%, totaling 288,000 tons in the first quarter.

Wood supplies have exceeded the figures of January - March 2011 by 7%, amounting to 1,430,000 cubic meters.

OAO Ilim Gofra, corrugated box business of Ilim Group in the Leningrad Oblast, increased its production volumes by more than 4%, manufacturing 29,400,000 square meters of corrugated products in the first quarter of 2012.

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05.14.2012
Randall-Reilly Undergoes Corporate, Executive Restructuring

Randall-Reilly, the Tuscaloosa, Alabama-based b-to-b media company targeting the trucking and construction markets, has recently undergone a corporate restructuring around six "centers of excellence": Content, interactive, events, business intelligence, custom marketing solutions and audience development. As a result, the executive team, which remains intact, has also shuffled its roles.

The organizational structure mirrors what most b-to-b media companies are prioritizing these days—diversifying print with digital, data and custom marketing services. However, the challenge has often been to free these elements from their own silos so they scale across a company's market verticals and brands. "In the prior setup, some of these centers of excellence were encompassed in certain business units," explains Brent Reilly, now the company's president. "Our data company, for example, operated as its own business unit. Now it drives data solutions for all of our customers in the industries we serve, as well as the audiences we reach."

The new structure has also helped the company better target its investments, which these days tend to focus on units other than print. "We don't see print going away in the near future even though we're seeing the same declines everyone else in b-to-b is seeing," says Reilly, "so, obviously our investment level in print is nowhere near the investment we're making in data and other centers of excellence."

When the company does invest in print, adds Reilly, it tends to be on associated units such as social media or research. "Our primary investments this year have been in our data center and our interactive division, with a smaller level in events, audience development and custom marketing solutions."

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05.14.2012
Catalyst Paper announces rescheduling of Creditor meetings to consider Plan of Arrangement

Catalyst Paper today announced that the meetings of its secured and unsecured creditors to consider the plan of arrangement under the Companies’ Creditors Arrangement Act have been rescheduled to May 23, 2012. The meetings were previously scheduled for May 18, 2012.

“Our discussions are continuing towards the possibility of amending the current plan of arrangement which would better enable Catalyst to emerge from creditor protection on a stronger financial footing, said Kevin J. Clarke, President and Chief Executive Officer. “The additional time is intended to permit these discussions to be successfully completed.”

The rescheduled meetings will be held at a new location, the Westin Wall Centre, Vancouver Airport, 3099 Corvette Way, Richmond, BC at 10:00 am for unsecured creditors and 11:00 am for the First Lien Noteholders.

It is anticipated that the court date to sanction and approve the plan of arrangement will be rescheduled to May 25, 2012.
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05.14.2012
Oil Falls to 2012 Low on Greek Debt, Saudi Call for Drop

Oil fell below $94 a barrel in New York for the first time since December as Europe’s debt crisis worsened and Saudi Arabia’s energy minister said prices should decline further.

West Texas Intermediate slid as much as 2.6 percent to the lowest level this year. Brent crude, trading at about $110 a barrel today, should drop to $100 as supply outweighs demand, Saudi Oil Minister Ali al-Naimi said yesterday in Adelaide, Australia. Futures also slipped after Greece failed to agree on a unity government and European Union officials considered the nation’s possible exit from the euro. Hedge funds cut bullish bets on oil by the most in three years, data showed last week.

“It’s about Greece and a potential exit from the euro zone, which more and more people expect within months or even weeks,” said Hannes Loacker, analyst at Raiffeisen Bank International AG in Vienna, who correctly predicted last month that oil was set to drop. “And then it’s about fundamentals, with U.S. crude stocks high and demand in the developed world still weak.”

Crude for June delivery fell as much as $2.48 to $93.65 a barrel in electronic trading on the New York Mercantile Exchange, the lowest front-month intraday price since Dec. 19. It was at $94.36 at 10:35 a.m. London time. Prices slid 95 cents to $96.13 on May 11 and are down 4.6 percent this year.

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05.14.2012
Amcor has completed the acquisition of the Aperio Group

Amcor announced today that the company has completed the acquisition of the Aperio Group. First announced on 7 March 2012, the acquisition is an important strategic opportunity for the Asia Pacific flexible packaging business to deliver an improved offering to customers, particularly through innovation.
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05.14.2012
Verso Paper Corp. Reports First Quarter 2012 Results

Verso Paper Corp. today reported financial results for the first quarter of 2012. Results for the quarters ended March 31, 2012 and 2011 include:
• Operating loss of $12.3 million in 2012 compared to operating income of $14.1 million in 2011.
• Net loss before items of $39.0 million in 2012, or $0.74 per diluted share, compared to a net loss before items of $18.1 million, or $0.34 per diluted share in 2011.

Verso's net sales for the first quarter of 2012 decreased $41.3 million, or 9.9%, reflecting an 8.2% decrease in sales volume and a 1.9% decrease in the average sales price for all of our products. Typically the first quarter is a seasonally slow quarter due to lower demand for coated paper. However, prior year results were positively impacted by unusually high sales volume for coated papers in March of 2011. The decline in sales volume for the first quarter of 2012 was also impacted by the permanent shutdown of three paper machines in the fourth quarter of 2011. The lower average sales price for all of our products reflects a decline in the price of pulp while coated paper prices remained flat compared to the first quarter of 2011. We announced a price increase of $60 per ton on coated groundwood and $30 per ton on coated freesheet, effective May 1, 2012. Additionally, three pulp price increases, each for $30 per metric ton, have been announced since March 1.

Verso reported a net loss of $73.9 million in the first quarter of 2012, or $1.40 per diluted share, which included $34.9 million of charges from special items, or $0.66 per diluted share, primarily due to debt refinancing and unrealized hedge losses. Verso had a net loss of $44.6 million, or $0.84 per diluted share, in the first quarter of 2011, which included $26.5 million of charges from special items, or $0.50 per diluted share, primarily due to losses associated with debt refinancing.

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05.14.2012
Golf Town to Acquire Golfsmith International

Golf Town, Canada's largest specialty golf retailer, and Golfsmith International Holdings, Inc., announced today that they have signed a definitive merger agreement, pursuant to which Golf Town will acquire Golfsmith, a leading specialty golf retailer in the United States, for US $6.10 per share in cash. This represents a premium of 32.2% to Golfsmith stockholders based on the volume-weighted average closing prices of the Company Common Stock on the 30 trading days immediately preceding this announcement. This also represents a premium of 55.1% to Golfsmith stockholders based on the volume-weighted average closing prices of the Company Common Stock on the 30 trading days immediately preceding the announcement on March 1, 2012, that the Company was evaluating strategic alternatives, including a potential sale of the Company. The closing of the acquisition, which is subject to limited closing conditions, including regulatory approvals, is expected to occur in the third quarter of 2012. The transaction is not subject to a financing condition.

Golf Town is owned by OMERS Private Equity and operates 54 stores across Canada and 7 stores in the greater Boston area. Golfsmith has been in business for over 40 years and is a speciality retailer of golf equipment and related apparel and accessories.

The transaction will result in the creation of the world's largest specialty golf retailer.

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05.11.2012
Nordstrom First Quarter 2012 Earnings In Line with Company Expectations

Nordstrom, Inc. today reported net earnings of $149 million, or $0.70 per diluted share, for the first quarter ended April 28, 2012. This represented an increase of 2.9 percent compared with net earnings of $145 million, or $0.65 per diluted share, for the same quarter last year.

First quarter same-store sales increased 8.5 percent compared with the same period in fiscal 2011. Net sales in the first quarter were $2.53 billion, an increase of 13.7 percent compared with net sales of $2.23 billion during the same period in fiscal 2011.

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05.11.2012
Vertis Launches Advanced Commingling Capabilities

Vertis Communications, a results-driven marketing communications company, today announced an extension to its proven postal optimization offerings with the addition of advanced commingling capabilities. With commingling, Vertis improves its comprehensive postal solution that moves its clients’ programs further downstream in the USPS delivery system and achieves higher postal discounts.

Vertis’ addition of commingling enhances a full suite of delivery solutions that ensure mail campaigns will reach clients’ intended audiences on time and on budget. In addition to offering copalletization and drop ship, which afford clients discounts and improved penetration into the postal system, Vertis’ commingling capability delivers lower postal rates with greater saturation. With advanced commingling, Vertis integrates data processing to optimize postal sortation along with a proprietary postal optimization process to maximize end-to-end traceability of mail. Now, Vertis’ clients can locate individual mail pieces at any time and even review images of those pieces captured in process during commingling for complete accountability.

“Today, businesses and organizations must find ways to manage rising postage, processing and logistics costs, and meet speed-to-market demands in order to drive marketing ROI,” said Dave Colatriano, Chief Operating Officer, Direct Marketing, Vertis Communications. “We are excited to add the commingling solution to our best-in-class postal optimization capabilities. It will dramatically improve our clients’ delivery time, save them money, and increase their customer response.”

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05.11.2012
Sonoco CorrFlex's Rural Hall Plant Achieves 95 Percent Landfill Diversion

Sonoco Recycling, LLC, a unit of Sonoco and one of the largest packaging recyclers in North America, today announced that Sonoco CorrFlex's Rural Hall, N.C., facility has successfully diverted over 95 percent of its waste to landfill. The plant is the second CorrFlex facility to receive a silver-tier Star Award.

In September 2011, employees at Sonoco CorrFlex's Rural Hall, N.C., fulfillment facility formed Team Green, focused on achieving landfill-free status in two years. Since the plant is a fulfillment facility, its materials mix frequently changes based on the current customer and project. One of the major challenges for the team was staying on top of the flux of materials and determining the best outlet for each. To better understand their current program, the team began tracking landfill and recycling tonnage. Dumpster contents were monitored, assessing those areas that needed work to reduce the plant's landfill tonnage. Common recycling areas were set up in production and office areas, and employees were encouraged to bring in their recyclables from home.
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05.11.2012
Hachette Book Group Sales Up in Quarter

Total sales at Lagardere Publishing rose slightly in the first quarter, up to 394 million euros from 390 million euros. Sales were driven by a 2.8% increase in revenue at Hachette Book Group plus a 4.8% increase in illustrated books that helped to offset declines in France (-3.5%) and Spain (-11.6%). In the U.S., digital sales rose 32% in the quarter and e-books accounted for 28% of adult revenues in the period, up from 22% in the comparable period in 2011. HBG had 95 titles hit the bestsellers lists in the quarter compared to 75 in the 2011 first quarter.

Worldwide, e-book sales grew rapidly in most areas, most notably in the U.K where they now account for 25% of adult trade sales. For all of Lagardere Publishing, e-books represented 9% of sales.
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05.11.2012
Orient Paper Inc. Announces First Quarter 2012 Results

Orient Paper, Inc., a leading manufacturer and distributor of diversified paper products in northern China, today announced financial results for the first quarter ended March 31, 2012.

For the quarter ended March 31, 2012, revenue was $34.4 million, an increase of 3.6% from $33.2 million during the same period in 2011.

Revenue from corrugating medium paper was $19.1 million in the first quarter of 2012, representing an increase of 123.7% compared to $8.5 million in the year ago period. The Company sold a total of 45,391 tonnes of corrugating medium paper during the first quarter of 2012, up 104.9% compared to the year ago period.

Since December 2011, Orient Paper began selling corrugating medium paper produced from its new 360,000 tonnes paper production line. Of the total corrugating medium paper sold during the first quarter, 26,978 tons, or 59.4%, were produced from the Company's new production line. The ASPs for corrugating medium paper rose 9.1% year over year to $420/ton in the first quarter of 2012.

Revenue from medium-grade offset printing paper was $13.8 million for the three months ended March 31, 2012, down 38.9% from $22.5 million for the comparable period in 2011. The Company sold a total of 17,831 tonnes of offset printing paper during the first quarter of 2012, down 37.9% compared to the year ago period. The ASP of offset printing paper products decreased 1.8% from $786/ton in the first quarter of 2011 to $772/ton in the first quarter of 2012. The Company experienced lower tonnage sales of offset printing paper after January 2012 due to temporary suspension of offset printing paper trading, which suffered from a lower gross profit margin as a result of decline in ASP during the first quarter of 2012.

Revenue from the Company's digital photo paper products decreased 26.9% year over year to $1.6 million, or 4.6% of total revenue during the first quarter of 2012. We believe the decline in revenue was primarily due to a temporary slowdown in demand around the extended national holiday. In the first quarter of 2012, the Company sold a total of 398 tons of digital photo paper compared with 527 tons sold in the first quarter of 2011.

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05.11.2012
Heinzel to Install New Kraft Paper Machine at Pols Mill in Austria

Alfred Heinzel, chairman and CEO of the Heinzel Group, has announced the construction of a new paper machine at the Pols site (Austria). The total investment volume amounts to 115 million Euros.

"With the construction of the new paper machine, we are primarily reacting to the increasing quality demands of the market while strengthening the Pols site at the same time", said Alfred Heinzel, CEO of the Heinzel Group.

Zellstoff Pols AG, a subsidiary of the Heinzel Group, is the largest producer of premium grade bleached long-fibre sulphate pulp in Central and South-Eastern Europe. In addition to pulp, its main product, Pols also produces premium grade bleached kraft paper under the STARKRAFT name. With the new paper machine, the site will increase its capacities to 80,000 tons per year.

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05.11.2012
More cartonboard capacity at Metso Board’s Äenekoski mill

Metsä Board, Europe’s leading producer high quality folding boxboard, has completed the rebuild of the board machine at the ?änekoski mill in Finland, increasing its folding boxboard capacity by 30,000 tonnes per annum to 240,000 tpa. Normal production restarted in early May of Carta Integra and Carta Solida, Metsä Board’s products especially recommended for high quality packaging and graphics.

“Demand for sustainable packaging made from fresh forest fibres continues to be strong, and we have responded by increasing the availability of our cartonboards,” says Olli Mäki, VP Cartonboard Sales, Metsä Board. “Their purity and excellent sensory properties make them ideal for confectionery, pharmaceuticals, cosmetics and beautycare products, and their superior printing surface allows perfect reproduction for high quality packaging. Their light weight, in comparison to boards with similar strength, means less impact on the environment.”

An additional project to increase cartonboard sheeting capability is also underway at ?änekoski, converting the facility released by closure of the paper machine at the site. This will be finalised in the autumn.
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05.11.2012
Houghton Mifflin Harcourt Reaches Agreement with Lenders and Investors

Global education leader Houghton Mifflin Harcourt (HMH) today announced that it has reached an agreement with more than 70% of its senior secured lenders and bondholders on the terms of a comprehensive financial restructuring plan to convert HMH’s outstanding long-term debt to equity and create an appropriate capital structure to support the Company’s strategic plan and business objectives.

Acceptance of this plan is currently being solicited by the Company from its broader lender, bondholder and shareholder constituencies. If approved by the requisite percentages and implemented as proposed, HMH will eliminate $3.1 billion of debt and reduce current annual cash interest costs by approximately $250 million, providing the Company with greater liquidity and financial flexibility as it pursues growth opportunities in the digital, consumer and international markets.

“We are excited to have reached an agreement with our lenders and bondholders on a financial restructuring plan that will equitize our current long-term debt and put HMH in a financially stronger position for the future,” said Linda K. Zecher, President and Chief Executive Officer of HMH. “With a more appropriately-sized capital structure and greater financial flexibility, along with our world-class brand and innovative digital education solutions, we will be well-positioned to accelerate our growth initiatives and expand our digital platform.”

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05.11.2012
Inside Columbia Magazine Brings Vertical Integration In-House

When Inside Columbia—a city and regional magazine targeting the residents of Columbia, Missouri—relocated its headquarters in a building constructed in the 1940s, it discovered an opportunity for a unique brand expansion—a cooking school.

The magazine has had a focus on the food category, one of six core competencies it identified a few years ago in a vertical integration strategy: It hosts culinary trips where 30-60 readers are brought on a cooking adventures to foodie cities such as New York, Sonoma and New Orleans; produces a week-long wine and food festival; and publishes wine newsletters.

As the building was being remodeled to accommodate the magazine's new offices, there was plenty of space left over—"We realized we could do a cooking school in there," publisher Fred Parry says.

But rather than simply being an added, and incremental, revenue opportunity to offer cooking classes to readers, the space took on a host of side benefits and new business models. "In addition to allowing us to deepen our commitment to the category, it also builds community by bringing the audience into the building. It created a greater engagement with readers that we didn't anticipate."

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05.11.2012
Gap launches digital and social campaign

Gap launched a digital and social marketing campaign May 10, said Rachel Tipograph, global director of digital and social media at the Gap. The “Be Your Own T” campaign accompanies the launch of a new t-shirt collection and includes several digital experiences, including a Facebook initiative.

Part of the campaign is called T.I.Y—a play on D.I.Y.—that shows customers how to “upcycle” old t-shirts into new items, such as flip flops, the company said. “For T.I.Y., the experience lives across Facebook, Twitter, Instagram, Pinterest and blogs,” Tipograph said “Communities like Facebook, Twitter and Pinterest are an integral part of consumers' lives, so it's important that we engage with them on these properties.”

“For T.I.Y., we are releasing a new project every Friday within our social channels for eight weeks,” she said. T.I.Y was created in partnership with Threadless.

The other digital aspect of the launch, called Styld.by, is a partnership with Gap and several blogs, including Refinery29, Rue and WhoWhatWear, Tipograph said. Styld.by is a way for the Gap to collaborate with these blogs and to introduce new content and items through them, the company said in a statement. It's like a catalog, the company said, but the partners get to curate content and engage readers, too.

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05.11.2012
Catalyst Paper Q1 results impacted by restructuring costs

Catalyst Paper recorded a net loss of $25.6 million in the first quarter of 2012 due primarily to the impact of restructuring and reorganization expenses of $27.6 million. Before specific items, the net loss was $9.6 million. This compared with a net loss of $708.0 million and $41.7 million before specific items in the fourth quarter which was impacted by significant impairment charges on Canadian operations and on Snowflake mill lands, restructuring costs and foreign exchange.

Earnings before interest, tax, depreciation and amortization (EBITDA) in the first quarter was $18.1 million and EBITDA before restructuring costs was $23.3 million compared with EBITDA of $2.8 million and EBITDA before restructuring costs of $8.7 million in the prior quarter.
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05.11.2012
Oil Heads for Second Weekly Drop as Supply Exceeds Demand

Oil fell in New York, heading for a second weekly drop, on concern that Europe’s debt crisis will worsen and curb fuel demand as global crude supplies increase.

Futures slipped as much as 1.4 percent, retreating for the seventh day in eight. OPEC is producing 8.3 percent more crude than it considers necessary this quarter, data released yesterday by the Vienna-based group showed. Prices narrowed their declines after the International Energy Agency said today global oil markets are “marginally tighter” and predicted that geopolitical risks to crude supply will keep prices high.

“The recent correction is to do with the broader risk-off mode,” Harry Tchilinguirian, head of commodity-markets strategy at BNP Paribas SA in London. “We had been building up to a correction as a result of higher OPEC supply and a whole string of crude inventory gains in the U.S. But fundamentals are sufficient to maintain the price above $95.”

Crude for June delivery fell as much as $1.34 to $95.74 a barrel in electronic trading on the New York Mercantile Exchange, and was at $96.05 at 10:47 a.m. London time. The contract yesterday rose 27 cents to $97.08. Prices are 2.5 percent lower this week and down 2.8 percent this year.

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05.11.2012
Postal Service Losses of $3.2 Billion in Second Quarter Underscore the Need for Legislative Changes

The Postal Service ended its second quarter (Jan. 1 – March 31) with a net loss of $3.2 billion, compared to a net loss of $2.2 billion for the same period last year. Despite ongoing management actions that have grown and improved efficiency, the losses will continue until key provisions of the Postal Service five-year business plan move forward.

Without the impact of the non-controllable costs related to mandated retiree health benefit pre-funding payments and accounting for non-cash adjustments for worker’s compensation, the non-GAAP loss for the quarter was $486 million compared to $469 million for the same period last year as shown in Table I below.

The losses are due primarily to legislative mandates such as the unique mandated pre-funding of retiree health benefits, and prohibiting management from making the needed operational and human resource changes required to address these issues under current laws and contracts. Also contributing to the continuing losses are the declining First-Class Mail and Standard Mail volumes. The Congress must act soon to pass legislation providing the Postal Service with the flexibility and speed needed to make the changes necessary for long-term financial viability.
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05.11.2012
AAA Fuel Gage & Exchange Rates

AAA’s Fuel Gage Report as of 5/11/12
National Unleaded Regular:
Current Average - $3.734/gallon
Month Ago Average - $3.915/gallon
Year Ago Average - $3.962/gallon
Highest Recorded Average - $4.114/gallon on 7/17/08
Diesel:
Current Average - $4.054/gallon
Month Ago Average - $4.161/gallon
Year Ago Average - $4.144/gallon
Highest Recorded Average - $4.845/gallon on 7/17/08

Current Exchange Rates as of 5/10/12
American Dollar to Canadian Dollar = 1.00124 (120 day high - 1.01905 on April 26, 2012; low 0.950905 on November 25, 2011)
American Dollar to Chinese Yuan = 0.15837 (120 day high – 0.159363 on May 2, 2012; low 0.156639 on November 28, 2011)
American Dollar to Euro = 1.2961 (120 day high - 1.3511 on December 2, 2011; low 1.2669 on January 16, 2012)
American Dollar to Japanese Yen = 0.0125457 (120 day high – 0.0131387 on February 2, 2012; low 0.0119026 on March 21, 2012)
American Dollar to Mexican Peso = 0.0744879 (120 day high – 0.0793808 on March 14, 2012; low 0.0700535 on November 25, 2011)

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05.11.2012
Preliminary April printing & writing statistics (UBS)

PPPC preliminary N American printing/writing stats show a much narrower y/y shipment decline vs March (-5.5% vs -12.4%), but this was supported by a significantly easier comp. Absolute shipments fell 6.6% m/m-to the lowest level in any month since at least 2000. Utilization fell 400bp m/m but was flat y/y. Current op rate is 400bp below levels we view as balanced. YTD utilization is off 100bp.

Uncoated free shipments fell 4.7% y/y (-2.2% ytd). While this was weaker than the coated trend, uncoated free faced a comp 1000+ bp tougher than any other grade in April. Utilization fell a steep 600bp m/m-but off a fairly high level. April op rate was still 100bp above the print/write avg. Uncoated groundwood continues to post weakest shipment trend, off 12.2% y/y in April (-17.8% ytd). But it posted flat utilization and highest op rate of any grade in April (400bp > print/write avg).

Coated paper shipments only fell 2% y/y in April-improved from 13% declines in Mar. But the April comps were 1300-1500bp easier than in March. Coated free utilization fell a further 300bp m/m-off an already low base. The April op rate was 500bp weaker than the print/write avg. Coated groundwood utilization also fell 300bp m/m and trailed all printing & writing by 300bp in the month.

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05.11.2012
Grainger Reports April 2012 Sales Results

Grainger today reported sales results for the month of April 2012. Daily sales increased 12 percent versus April 2011. Results for the month included a 5 percentage point contribution from acquisitions. Excluding acquisitions, organic sales increased 7 percent, including 5 percentage points from volume and 3 percentage points from price, partially offset by a 1 percentage point decline from foreign exchange. April 2012 had 21 selling days, the same as April 2011. The 2012 second quarter will have the same number of selling days as the 2011 second quarter (64 days).
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05.10.2012
CVS Caremark Reports Record First Quarter Results

CVS Caremark Corporation today announced revenues, operating profit and net income for the three months ended March 31, 2012.

First Quarter and Year-Over-Year Highlights:
•Net revenues increased 19.9% to a record $30.8 billion, with Pharmacy Services up 32.3% and Retail Pharmacy up 9.9%
•Retail Pharmacy segment same stores sales increased 8.4%
•Adjusted EPS of $0.65, up 14.7%; GAAP diluted EPS from continuing operations of $0.59
•Generated free cash flow of $2.4 billion; cash flow from operations of $2.8 billion

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05.10.2012
The Yankee Candle Company, Inc. Reports Fiscal 2012 First Quarter Results

Yankee Holding Corp. and The Yankee Candle Company, Inc. today announced financial results for the first quarter ended March 31, 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 first quarter of 2012 were $155.1 million, an increase of $11.0 million or 7.6% from the prior year first quarter. Retail sales were $81.0 million, an increase of $6.2 million or 8.3% from the prior year quarter. Sales in the Company's Wholesale segment were $50.2 million, an increase of $2.7 million or 5.7% versus the prior year first quarter. Sales in the Company's International segment were $23.9 million, an increase of $2.0 million or 9.3% from the first quarter of fiscal 2011. The Company recorded a net loss of $3.5 million for the first quarter of 2012 compared to a net loss of $5.3 million for the first quarter of 2011.

The Company presents Adjusted EBITDA (as defined below) to provide investors with additional information to evaluate the Company's operating performance and its ability to service its debt. Adjusted EBITDA for the first quarter of 2012 decreased by 3.8% to $20.0 million, or 12.9% of sales, as compared to Adjusted EBITDA for the prior year first quarter of $20.8 million, or 14.5% of sales.

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05.10.2012
Quad/Graphics Reports First Quarter 2012 Results

Quad/Graphics, Inc. today reported results for its first quarter ending March 31, 2012. For full financial results, please see the accompanying information.

“Our performance during the first quarter gave us a solid start to the year,” said Joel Quadracci, Quad/Graphics Chairman, President & CEO. “Our results are in line with our expectations and we are pleased with the progress we made on our key priorities to improve productivity, reduce costs, lower our debt and meet our synergy objectives, which enabled us to generate significant Recurring Free Cash Flow and improve upon our already strong credit metrics.”

Net sales for the first quarter 2012 were $990 million versus $1,022 million for the same period in 2011. First quarter 2012 Adjusted EBITDA was $126 million versus $142 million for the same period in 2011. The results reflect expected volume and pricing pressures, which were partially offset by continued productivity improvements and incremental synergy savings totaling $25 million during the quarter and $221 million since the Worldcolor acquisition. Recurring Free Cash Flow was $107 million, demonstrating the Company's ability to generate strong, consistent cash flow.

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05.10.2012
Sappi Limited Results for the Second Quarter Ended March 2012

•Profit for the period US$58 million (Q2 2011 loss US$74 million)
•EPS 11 US cents (Q2 2011 loss per share 14 US cents)
•Net cash generated US$91 million (Q2 2011 US$100 million)
•Net debt US$2,133 million, down US$42 million from Q1 2012
•Cost savings led to improved performance in European business
•Southern African chemical cellulose business continues strong performance

Commenting on the results, Sappi Chief Executive Officer Ralph Boettger said:

"The improving trend in operating performance continued in the quarter, with the European and North American businesses in particular showing good improvement. The group achieved a net profit for the period of US$58 million (Q2 2011 US$74 million loss) and EPS of 11 US cents (Q2 2011 loss of 14 US cents) in the second quarter of the 2012 financial year.

"The performance of the European business was particularly pleasing, following the relentless focus on cost reduction in that region. Market conditions for coated paper have been weaker than in the equivalent period last year, but despite this, our operating rates remained good in both Europe and North America as a result of management action. Variable costs and fixed costs are generally lower, particularly in Europe, enabling margins to be maintained or widened.

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