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

02.01.2012

Ilim Group is awarded Proof of Leadership in Forest Management Certification

Following the results of 2011, Ilim Group was acknowledged as the leader of forest management certification. The respective Proof of Leadership was awarded to Ilim Group by the Russian Branch of the Forest Stewardship Council (FSC). Therefore Ilim Group has proved once again its leadership in forest management certification in Russia. As a reminder, all forest areas leased by Ilim Group, which is over 5.16 million hectares, have been certified by FSC. The Company’s share accounts for 18.4% of all certified forests in Russia.

A FSC Forest Management Certificate guarantees that only economically sustainable, socially and environmentally responsible forest management methods were used during logging operations, all requirements for reforestation were observed, and the rights of local community and indigenous peoples were fully respected.

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02.01.2012

Menasha Packaging Announces Acquisition of The Strive Group

Menasha Packaging Company announced today that it has acquired The Strive Group of Chicago. Both companies are family-owned and privately held. Terms of the transaction were not disclosed.

According to Mike Waite, president of Menasha Packaging, “The acquisition of Strive will enhance our merchandising supply chain model and strengthen our geographic coverage. Customers are increasingly turning to companies that can manage their entire merchandising process and the addition of Strive to Menasha Packaging will improve our offerings and strengthen our competitive position.”

The acquisition will make Menasha the largest independent in-store promotional solutions provider to retailers and CPGs in the United States as well as strengthen its traditional packaging business.

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02.01.2012

UPM to build the world's first biorefinery producing wood-based biodiesel

UPM is to invest in a biorefinery producing biofuels from crude tall oil in Lappeenranta, Finland. The industrial scale investment is the first of its kind globally. The biorefinery will produce annually approximately 100,000 tonnes of advanced second generation biodiesel for transport. Construction of the biorefinery will begin in the summer of 2012 at UPM’s Kaukas mill site and be completed in 2014. UPM’s total investment will amount to approximately EUR 150 million.

”The biofuels business has excellent growth potential. The quality of our end product and its environmental characteristics has gained significant interest among a wide range of customers, and the investment is profitable. Lappeenranta is the first step on UPM’s way in becoming a significant producer of advanced second generation biofuels. This is also a focal part in the realisation of our Biofore strategy”, says UPM President and CEO Jussi Pesonen.

UPM ’s advanced biodiesel, UPM BioVerno, is an innovation which will decrease greenhouse gas emissions of transport up to 80% in comparison to fossil fuels. The product’s characteristics correspond to those of the traditional oil-based fuels and highly complement today’s vehicles and fuel distribution systems.

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02.01.2012

UPM continues to invest in efficient energy generation

UPM continues to invest in efficient energy generation and builds a new combined heat and power plant at the UPM Schongau mill in Germany. The target is to significantly reduce energy costs as well as to secure the energy supply. The total investment is EUR 85 million.

The new power plant will generate process heat as well as electricity for the mill. It will also provide sustainable and energy efficient district heating for roughly 750 households and public institutions such as local school and hospital in Schongau. The renewed energy supply at the mill will be based on the highly efficient combined heat and power technology utilising gas as a fuel.

“The new gas power plant will improve the security and self-sufficiency of energy supply to our mill,” explains Winfried Schaur, General Manager, UPM Schongau. “The renewal of the energy generation ensures efficient production and will safeguard the competiveness of the mill. Furthermore, it guarantees a sustainable paper production loop based on innovative and low-emission technologies.”

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02.01.2012

Avery Dennison Announces Fourth Quarter and Full-Year 2011 Results

Avery Dennison Corporation today announced preliminary, unaudited fourth quarter and full-year 2011 results. All non-GAAP financial measures are reconciled to GAAP in the attached tables. Unless otherwise indicated, the discussion of the Company’s results is focused on its continuing operations.

Fourth Quarter 2011 Results by Segment: Label and Packaging Materials sales grew compared to the prior year due to the benefit of pricing actions taken to offset raw material inflation. Sales in Graphics and Reflective Solutions grew compared to prior year due to higher volume. Operating margin declined 40 basis points to 6.9 percent as increased raw material costs and costs associated with restructuring were largely offset by the benefit of pricing actions and productivity initiatives. Excluding costs associated with restructuring, operating margin was roughly flat. Retail Branding and Information Solutions (RBIS) Sales declined due to lower unit demand from retailers and brands in the U.S. and Europe reflecting caution about consumer spending. Operating margin declined 180 basis points to 2.7 percent as lower volume and increased costs associated with restructuring were partially offset by the benefit of productivity initiatives. Excluding costs associated with restructuring, operating margin was roughly flat.

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02.01.2012

Catalyst Paper to fle for creditor protection

Catalyst Paper Corporation announced today that to facilitate an orderly restructuring of its business and operations, the board of directors of the company has approved a filing for an Initial Order from the Supreme Court of British Columbia to commence proceedings under the Companies’ Creditors Arrangement Act (CCAA). The terms and conditions of the restructuring plan have not yet been determined by the company.

The operations of Catalyst and its subsidiaries are intended to continue as usual and obligations to employees and suppliers during the restructuring process are expected to be met in the ordinary course. Catalyst management will remain responsible for the day-to-day operations of the company. The company expects that the Interim Order will provide that while the company and its subsidiaries are under CCAA protection, all proceedings on the part of their creditors will be stayed.

The company previously announced a consensual recapitalization transaction under the Canada Business Corporations Act (CBCA) that had the support of certain of the holders of the company’s 11% senior secured notes due 2016 and 7 3/8% senior notes due 2014 who were parties to a Restructuring and Support Agreement (Agreement). The Agreement provided that, among other conditions, the recapitalization transaction was subject to the following two conditions being met by January 31, 2012: (a) a new labour agreement ratified by all six union locals at the company’s BC mills and (b) two-thirds support of all 2014 and 2016 noteholders. Since these conditions will not be met, the company will not be proceeding with a recapitalization under the CBCA.

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01.31.2012

Crude Oil Heads for Monthly Gain on Signs of EU Progress, Tension in Iran

Oil headed for the third monthly gain since September after Greece’s Prime Minister said debt- swap talks in have made progress, easing concern that Europe’s sovereign debt turmoil will curb demand.

Futures increased as much as 1.1 percent in New York after slipping yesterday to the lowest settlement in more than a week. Crude also rallied as equities gained and the dollar weakened after Greek Prime Minister Lucas Papademos said following a European Union summit in Brussels that he is committed to debt- swap talks with bondholders. Speculation that sanctions may reduce oil exports from Iran heightened as international nuclear inspectors met with officials in Tehran.

“There’s risk-on this morning,” which is lifting equities and commodities, said Ole Hansen, a senior manager of trading advisory at Saxo Bank A/S in Copenhagen. “We’ve got a host of geopolitical situations among the major producers and that will keep the market supported,” he said, citing Iran tensions and output halts in South Sudan and Nigeria.

Crude for March delivery gained as much as $1.21 to $99.99 a barrel in electronic trading on the New York Mercantile Exchange. It was at $99.81 at 10:34 a.m. London time. The contract yesterday fell 78 cents to $98.78, the lowest closing level since Jan. 20. Prices have risen 1 percent this month and are headed for their biggest January gain since 2006.

Brent oil for March settlement advanced $1.01, or 0.9 percent, to $111.67 a barrel on the London-based ICE Futures Europe exchange for a gain of 4.1 percent this month.

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01.31.2012

Champion Reports Net Loss for Quarter, Fiscal Year

Champion Industries announced a net loss of $4.0 million for the year ended Oct. 31, 2011, compared to net income of $0.5 million for the year ended Oct. 31, 2010. The company reported a net loss of $5.4 million for the quarter ended Oct. 31, 2011, compared to net income of $0.9 million for the same quarter of 2010.

On a core net income basis, Champion reported net income of $1.0 million for the years ended Oct. 31, 2011 and 2010. Core net income is defined as net loss income as reported, adjusted for restructuring and other charges, non-cash impairment charges, gain on early extinguishment of debt from a related party and interest rate swap.

The results for 2011 over 2010 reflected a substantial decrease in earnings, primarily as a result of non-cash impairment related charges associated with goodwill, trade name and masthead in the amount of $8.7 million or $5.4 million net of tax on a basic and diluted basis. The impairments are a result of the acquisition of The Herald-Dispatch daily newspaper in 2007.

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01.31.2012

Plum Creek Reports Results for Fourth Quarter and Full Year 2011

Plum Creek Timber Company, Inc. today announced fourth quarter earnings of $61 million, or $0.38 per diluted share, on revenues of $315 million. Earnings for the fourth quarter of 2010 were $59 million, or $0.37 per diluted share, on revenues of $356 million. Earnings for the fourth quarter of 2010 include a $13 million, or $0.08 per diluted share, loss on the early extinguishment of debt.

Earnings for the full year of 2011 were $193 million, or $1.19 per diluted share, on revenues of $1.17 billion. Earnings for the full year of 2010 were $213 million, or $1.31 per diluted share, on revenues of $1.19 billion. Results for the full year of 2010 include an $11 million, or $0.07 per diluted share, after-tax gain on the first-quarter sale of certain natural gas assets. As a result, income from continuing operations for 2010 was $202 million, or $1.24 per diluted share.

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01.31.2012

Sappi Fine Paper North America Launches 2011 Sustainability Report

Sappi Fine Paper North America today announced the launch of its 2011 Sustainability Report, the company's first ever regional report focusing on its environmental and social responsibility performance. The report illustrates how sustainability is fundamental to Sappi's business strategy and future success, underscoring its commitment to corporate transparency. Showcasing the company's strong sustainability performance in North America, the report demonstrates that Sappi is not only leading the industry in sustainability metrics but is also raising the bar on future sustainability goals to advance change in the marketplace. Among its most recent initiatives, Sappi has extended its participation in a pilot project in Maine with the Sustainable Forestry Initiative®. It has also become a member of the Forest Stewardship Council™(FSC®) to support sustainable forestry through chain of custody certification.

Sappi Fine Paper North America's 2011 Sustainability Report highlights the company's performance against its current five-year goals and outlines new five-year goals, which measure Sappi's impact on the environment; its social responsibility to employees, customers and constituents in the communities in which we operate; and its prosperity as a business. These goals were designed by Sappi to establish best practices across the company and produce results in key areas of public concern and operational impact.

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01.31.2012

The McGraw-Hill Companies Reports 17% Increase in Adjusted Diluted 4Q EPS of $0.63

The McGraw-Hill Companies today reported adjusted diluted earnings per share of $0.63 from continuing operations in the fourth quarter of 2011, an increase of 17% compared to $0.54 for the same period in 2010. On an as reported basis, diluted earnings per share of $0.47 from continuing operations in the fourth quarter of 2011 decreased 4% compared to $0.49 for the same period in 2010.

Excluded in 2011 from fourth quarter earnings per share were a $66 million restructuring charge for severance related to a workforce reduction of approximately 800 positions and $10 million in one-time separation expenses necessary to complete the Growth and Value Plan. Excluded in 2010 from fourth quarter earnings per share were restructuring and lease impairment charges of $27 million.

On an adjusted basis, net income from continuing operations in the fourth quarter of 2011 grew by 10% to $184 million. Revenue in the fourth quarter increased by 2% to $1.5 billion.

For the full year 2011, adjusted earnings per share were $2.91, a 9% increase compared to adjusted earnings per share of $2.68 in 2010. The 2011 results exclude a $66 million restructuring charge and $10 million in separation expenses for the Growth and Value Plan. The 2010 results exclude restructuring and lease impairment charges of $27 million and gains on divestitures of $11 million. On an as reported basis, full year 2011 diluted earnings per share from continuing operations were $2.75, a 4% increase compared to $2.64 in 2010. On an adjusted basis, net income from continuing operations in 2011 grew by 6% to $883 million. Revenue in 2011 increased by 3% to $6.2 billion.

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01.31.2012

China promotes recycled paper and a reduction in paper consumption

China will promote recycling paper and reducing its use in order to save resources and protect the environment, according to the country's new five-year plan for its paper industry.

The authorities should urge people to cut back on using high-quality paper such as sheets with high whiteness, said the country's 12th Five-Year Plan (2011-2015) for the Paper Industry, released last week.

Current paper product standards should be revised to encourage the production of energy-saving and emission-reducing paper, and promote the substitution of paper packaging for alternatives, said the plan.

The plan requires government purchasers to give priority to paper products mixed with waste paper, and to reduce paper use by switching to digital systems.

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01.31.2012

UPS Delivers Record 4Q Results

UPS today announced fourth quarter 2011 adjusted diluted earnings per share of $1.28, a 21% improvement over the prior-year period. Total revenue increased 6% to $14.2 billion and adjusted operating profit climbed 17% to more than $2 billion.

Last Friday, the company announced a change in pension accounting to a mark-to-market methodology. Adopted in the fourth quarter of 2011 and applied retrospectively, this new method resulted in after-tax charges in 2011 and 2010 of $527 million and $75 million, respectively. Also, in the prior-year period, UPS recorded a net after-tax gain of $32 million from the sale of certain non-core business units in the Supply Chain and Freight segment. On a reported basis, fourth quarter 2011 diluted earnings per share were $0.74, a decline of 28% from the same quarter last year.

For the full year 2011, UPS achieved a new high in adjusted diluted earnings per share at $4.35. On a reported basis, diluted earnings per share were $3.84.

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01.31.2012

Potlatch Reports Fourth Quarter and Full Year 2011 Results

Potlatch Corporation today reported financial results for the fourth quarter and full year ended December 31, 2011.
"Economic conditions remained challenging throughout 2011, which is reflected in our fourth quarter and full year results," said Michael Covey, chairman, president and chief executive officer of Potlatch Corporation. "For full year 2011, earnings from continuing operations were $40.3 million, which was comparable to 2010. In our Resource segment, we experienced varying conditions between our regions. Demand remained strong in our Northern region, which kept timber prices and harvest volumes at favorable levels. In fact, we were even able to shift a portion of our harvest from the Southern region to the Northern region to capture better pricing opportunities. In our Southern region, fiber availability due to dry weather kept prices depressed most of the year, which was the primary driver of our harvest deferral. Wood Products had a solid year, with operating income and shipments comparable to last year, and Real Estate had another very good year in 2011, with four large non-strategic timberland sales and continued steady demand for HBU and rural real estate properties," concluded Mr. Covey.
Q4 2011 FINANCIAL SUMMARY: In Q4 2011, Potlatch had a loss from continuing operations of $1.5 million, or a loss of $0.04 per diluted common share, compared to earnings from continuing operations of $8.9 million, or $0.22 per diluted common share in Q4 2010. In Q4 2010, the company completed a non-strategic timberland sale of approximately 29,000 acres in Wisconsin and 17,400 acres in Arkansas to RMK Timberland Group, a timber investment management organization, for $36.1 million, which provided $0.16 of non-recurring positive EPS impact.

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01.30.2012

Gannett Co., Inc. Reports Fourth Quarter and Full Year Results

Gannett Co., Inc., a leading international media and marketing solutions company, today reported fourth quarter and full year 2011 financial results. Highlights are summarized below:

Earnings per diluted share, on a GAAP (generally accepted accounting principles) basis were $0.49 for the fourth quarter of 2011 compared to $0.72 for the fourth quarter last year.

Earnings per diluted share from continuing operations for the 2011 fiscal year were $1.89 compared to $2.35 for 2010.

Excluding special items in 2011 and 2010, fourth quarter earnings per diluted share were $0.72 compared to $0.83 for the same quarter in 2010.

Earnings per diluted share excluding special items for the 2011 fiscal year were $2.13.

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01.30.2012

Oil Falls a Second Day on Speculation EU Talks May Fail to Resolve Crisis

Oil dropped for a second day in New York on speculation that European Union leaders meeting today may fail to resolve the region’s debt crisis, while OPEC’s secretary-general said the market is well-supplied.

Futures slipped as much as 0.9 percent as stocks dropped and the dollar strengthened. EU chiefs will gather in Brussels today to complete a German-led deficit-control treaty and endorse a 500 billion-euro ($660 billion) rescue fund. Hedge funds and other large speculators increased wagers on rising crude prices, the Commodity Futures Trading Commission’s Commitment of Traders report on Jan. 27 showed.

“The market is taking off risk before the meeting,” said Thina Saltvedt, an analyst at Nordea Bank AB in Oslo, who predicts Brent crude will average $107 a barrel this quarter. “Ahead of this meeting, sentiment is less optimistic.”

Crude for March delivery fell as much as 85 cents to $98.71 a barrel in electronic trading on the New York Mercantile Exchange. It was at $98.89 at 10:26 a.m. London time. The contract lost 14 cents to $99.56 on Jan. 27. Prices are 0.1 percent higher this month.

Brent oil for March settlement was at $110.95 a barrel, down 51 cents, on the London-based ICE Futures Europe exchange.

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01.30.2012

Catalayst Paper Announces Crofton Unions Voting Results

Catalyst Paper Corporation advised today that at votes taken this weekend, one union local at the Crofton mill voted down a new labour agreement while the other union local voted to support a new labour agreement. Unanimous ratification of a new labour agreement by January 31, 2012 is a condition of the company’s recapitalization transaction announced on January 14, 2012.

Local 2 of the Pulp, Paper and Woodworkers Union of Canada (PPWC) voted down the new labour agreement at a ratification meeting on Saturday. PPWC represents approximately 380 employees at the Crofton pulp mill.

On Friday, Communications, Energy and Paperworkers Union of Canada (CEP) local 1132 voted to support the new labour agreement, joining locals 1, 76, 592 and 686 which had earlier ratified the agreement to take effect at expiry of the current agreement April 30, 2012. The CEP locals represent 700 employees at the company’s Crofton, Powell River and Port Alberni paper mills. Details of the proposed agreements are not being disclosed at this time.

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01.30.2012

Catalyst Paper gains additional support for recapitalization – extends early consent date

Catalyst Paper Corporation announced that it has gained additional support for the proposed recapitalization transaction and now has the support of holders of approximately 79.47% of the company’s 11% senior secured notes due 2016 (the Senior Secured Notes) and holders of approximately 54.96% of the company’s 7 3/8% senior notes due 2014 (the Senior Notes were issued under the company’s former name, Norske Skog Canada Limited). Holders of the Senior Secured Notes and Senior Notes who are parties to the Restructuring and Support Agreement (the Agreement) (or have signed joinder agreements to the Agreement) have agreed to vote in favour of and support the recapitalization transaction. The company will continue to solicit and expects further support for the recapitalization.

The company also announced that it has extended the early consent date to 6:00 p.m. (Eastern) on January 30, 2012. Under the Agreement, a holder of Senior Notes that signs the Agreement (or a joinder to the Agreement) on or before the early consent date is entitled to receive its share, pro rata with other holders of Senior Notes who sign on or before the early consent date, of 4.5% of the company’s common shares. These shares are in addition to the pro rata share of 15% of the company’s common shares and warrants that all holders of Senior Notes are entitled to receive under the recapitalization.

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01.30.2012

International Paper, Temple-Inland Extend DOJ Review Period

International Paper Company and Temple-Inland Inc. today announced that they have agreed to extend the U.S. Department of Justice's ("DOJ") review period with respect to International Paper's acquisition of Temple-Inland until February 13, 2012 to provide the parties with time to enter into binding documentation to resolve the DOJ's concerns with respect to the pending transaction.

International Paper Chairman and CEO John Faraci said, "We have been working constructively with the DOJ to address their concerns and anticipate entering into a definitive agreement on terms that are acceptable to all parties. The acquisition of Temple-Inland is a compelling value proposition for International Paper shareholders, and will create numerous benefits for our customers and employees."

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01.30.2012

Cenveo Announces Agreement to Sell Forms and Business Documents Group to Ennis, Inc.

Cenveo, Inc. today announced that it has agreed to sell its Forms and Business Documents Group to Ennis, Inc., manufacturer of printed business products & apparel headquartered in Midlothian, Texas. The divestiture of the Documents Group, including the Printegra and PrintXcel brands, to Ennis is expected to better position the business for continued growth and success. The sale is expected to close during February 2012. Terms of the transaction were not disclosed.

Robert G. Burton, Sr., Chairman and Chief Executive Officer stated: "Cenveo's Documents Group has built its leading position and strong reputation on producing business forms and document products to meet a variety of business customer needs. This divestiture allows Cenveo to focus on our core operations including labels, specialty packaging, envelopes, print and content management. We remain committed to executing our game plan of operating niche growth businesses while using our cash flow to invest in and grow our higher margin product groups and de-leveraging our balance sheet to achieve our stated leverage targets by the end of next year. I look forward to sharing our fourth quarter results and outlook for 2012 when we release earnings next month."

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01.30.2012

Kappa Books Acquires Modern Publishing

Kappa Books announced Thursday that it has acquired Modern Publishing, a division of Unisystems that has been in the coloring and activity business for more than 40 years. The two companies’ operations will be merged, but Kappa will retain the Modern name and will market Modern’s line of mass market children’s books through a new division headed by longtime Modern president Andrew Steinberg.

“We decided it’s time,” Steinberg says. “It’s become more and more challenging to do what we do. We wanted a partner that understood the business and could make it work. They have the printing strength and the distribution strength, and we have the licensing strength. It’s about taking both of our skill sets and merging them.”

Kappa’s core business is puzzle books, but it also sells reference titles and some coloring, activity, story and other children’s books. It holds the Sesame Street license for a line of board books, as well as Woman’s Day, Chicken Soup for the Soul, and TV Guide for puzzle book series. The acquisition will add Modern’s Lisa Frank, Fisher Price, Hot Wheels, Zhu Zhu Pets, Hello Kitty, Smurfs, Lalaloopsy, and other licenses to Kappa’s portfolio.

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01.30.2012

ThermoSafe(R) Brands Announces Price Increase

ThermoSafe Brands, a business unit of Sonoco, announced a price increase of 4 -7 percent across most of its product portfolio, effective March 5, 2012. This price increase will affect all expanded polystyrene (EPS) and polyurethane (PUR), including custom and cataloged shipper solutions and components globally.

The price increase is necessary to cover rising costs in raw materials, labor, energy and transportation. "At ThermoSafe, we continually invest in our operations, technology, people and infrastructure to ensure we offer industry leading solutions, products and services at competitive prices," stated Mary Kate Phillips, director of North American Sales. "Despite our efforts to offset cost increases through Lean initiatives, we reached a point where we must raise prices to offset the ongoing inflation in our costs."

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01.27.2012

Oil Heads for First Weekly Gain in Three: Total Sees $100 Brent Support

Oil headed for its first weekly gain in three, trading near a one-week high in New York amid signs of economic recovery in the U.S., the world’s biggest crude consumer.

Futures gained as much as 0.8 percent, advancing for a third day. The U.S. Commerce Department may say today that economic growth accelerated in the fourth quarter. Durable goods orders rose more than forecast in December, according to data published yesterday, and a report this week showed gasoline demand grew the most in more than two months. Total SA Chief Executive Officer Christophe de Margerie said it would take a “real recession” to send Brent crude below $100 a barrel.

“To see a lower price of oil, below $100, you really would need to have a real recession, and I don’t think we will get a real recession,” de Margerie said in an interview on Bloomberg TV with Maryam Nemazee from Davos, Switzerland.

Crude for March delivery on the New York Mercantile Exchange rose as much as 80 cents to $100.50 a barrel and was at $100.30 a barrel at 11:05 a.m. London time. Yesterday, the contract gained 30 cents to $99.70, the highest settlement since Jan. 19. Prices have climbed 1.9 percent this week and 17 percent in the past year.

Brent oil for March settlement on the London-based ICE Futures Europe exchange was at $111.42 a barrel, up 63 cents.

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01.27.2012

Cascades Tissue Group Launches First-Of-Its-Kind Unbleached, 100 Percent Recycled Bathroom Tissue

North America's fourth largest producer of towel and tissue paper, Cascades Tissue Group today announced the launch of Cascades® Moka™ 100 percent recycled unbleached bathroom tissue, a first-of-its-kind product available to the Away-from-Home market in late August. Beige in appearance, Cascades Moka offers commercial purchasers the highest hygienic qualities and softness while significantly reducing the environmental impact associated with manufacturing a highly common, yet also single-use product. In addition to eliminating chemical whitening, Cascades' value-added tissue product is made of a pulp mix composed of 100 percent recycled fiber, 80 percent of which is post-consumer material and 20 percent are recovered corrugated boxes. The product is also offset with 100 percent Green-e® certified renewable wind electricity; saving 2,500 pounds of CO2 emissions for each ton produced.

A detailed life cycle analysis (LCA) of the new pulp mix used in Cascades Moka, which was undertaken by the company, revealed a reduction in overall environmental impact by at least 25 percent when compared to the pulp mix used in the traditional Cascades 100 percent recycled fibre bathroom tissue. The latter had been regarded as the sustainable tissue exemplar in recent years but includes a chlorine-free whitening process for aesthetics.

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01.27.2012

Deluxe Reports Fourth Quarter 2011 Financial Results

Deluxe Corporation announced its financial results for the fourth quarter ended December 31, 2011.

Fourth Quarter 2011 Highlights: Revenue for the quarter was $366.4 million compared to $351.5 million during the fourth quarter of 2010. Revenue increased 4.2% compared to 2010, with growth in Small Business Services more than offsetting declines in the personal check businesses.

Gross margin was 64.5 percent of revenue compared to 64.0 percent in 2010. Favorable impacts from price increases and the Company’s continued cost reduction initiatives more than offset increased material costs and delivery rates in 2011.

Operating income in 2011 was $74.0 million compared to $60.9 million in the fourth quarter of 2010. Restructuring and transaction-related costs were $3.1 million in 2011 versus $7.8 million in 2010. The 2011 costs were primarily attributable to the Company’s on-going cost reduction initiatives. Results for 2011 also included an asset impairment charge of $1.2 million related to a vacant facility. Operating income was 20.2 percent of revenue compared to 17.3 percent in the prior year driven primarily by the increase in Small Business Services revenue.

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01.27.2012

Mobile Action Codes Increased 439 Percent in Top 100 Mags Last Year

Mobile action codes, which include 2D barcodes, QR codes, Microsoft Tags and watermarks, have seen a tremendous uptake in magazine media in the last year. According to a recent study by mobile marketing firm Nellymoser, the top 100 magazines by circulation increased usage of the codes by 439 percent between the first and fourth quarters.

According to the study, there were 352 codes appearing in the top 100 titles in Q1, which increased to 1,899 in Q4—a total of 4,468 action codes appeared during the year.

Advertisers accounted for the vast majority of the codes—4,011—and by September the ratio of advertiser codes to editorial codes was 25:1.

Interestingly, editorial codes changed from video extensions of magazine features to sweepstakes-oriented programs.

Among other findings, by December 1 out of every 12 magazine ad pages had an action code. QR codes and Microsoft Tags dominated at 97 percent of all codes in the fourth quarter of 2011—but QR codes were by far the most popular at 72 percent of all used. Microsoft Tags were the more popular format for editorial use.

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01.27.2012

New commercial NCC plant proves growing momentum for innovative forest products

The Forest Products Association of Canada (FPAC) says the opening of the world’s first nano-crystalline cellulose (NCC) plant in Canada is clear evidence of the rapid transformation of the forest sector and its growing role in the emerging bio-economy.

Leading edge research by FPInnovations has led to the official opening today of the CelluForce plant in Windsor Quebec which will fabricate NCC for eventual use in such products as paints and coatings, films and barriers, textiles, and composites.

“This kind of development underscores the new business model that consolidates the economics of wood and pulp and paper production with the extraction of innovative new bio-energy, bio-chemicals and bio-materials,” says the President and CEO of FPAC, Avrim Lazar. “Extracting more value from every tree harvested is going to have an extraordinary impact for Canada economically, environmentally and socially.”

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01.27.2012

Price increase for Koehler Thermal Papers

Papierfabrik August Koehler AG announces a price increase for thermal paper in North America by 5% effective April 1, 2012 due to continued escalation of raw material costs.

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01.27.2012

Metso-supplied containerboard line starts up at Saica Containerboard in the UK

The Metso-supplied complete containerboard production line, PM 11, for Saica Containerboard UK Ltd., successfully came on stream on January 15, 2012 at Partington, near Manchester in the United Kingdom. The record-breaking start-up speed was 1,105 m/min with a basis weight of 95 g/m2.

Three days later, on January 18, the first sellable paper reels were produced and tested, leaving the mill and reaching the first customers shortly afterwards.

The new 8.2-m-wide PM 11 has an annual production capacity of approximately 400,000 tonnes of lightweight testliner and fluting grades in the basis weight range of 75 to 125 g/m2, out of 100% recycled raw material. The design speed is 1,700 m/min.

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01.27.2012

Pira forecasts $820 billion global packaging market by 2016

The global packaging market is expected to reach $820 billion by 2016, according to “The Future of Global Packaging to 2016,” from Pira Intl.

Driven mainly by increasing demand for packaging in emerging and transitional economies, a 3% annual growth rate will focus on board products and rigid plastics, with $40 billion and $33 billion in cumulative predicted growth respectively to 2016.

Pira says growth will be driven by trends such as growing urbanization, investment in housing and construction, a burgeoning healthcare sector, and the rapid development still evident in the emerging economies, including China, India, Brazil, and some eastern European countries. An increase in personal disposable income in the developing regions fuels consumption across a broad range of products, with consequential growth in demand for the packaging of these goods.

More specifically, robust growth in demand for rigid plastic packaging, especially in sectors like drinks, cosmetics, toiletries, and household and personal care products, is stimulating packaging consumption.

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01.27.2012

Tembec reports financial results for its first quarter ended December 24, 2011

Consolidated sales for the three-month period ended December 24, 2011, were $401 million, as compared to $422 million in the comparable period of the prior year. The Company generated a net loss of $16 million or $0.16 per share in the December 2011 quarter compared to a net loss of $11 million or $0.11 per share in the December 2010 quarter. Operating earnings before depreciation, amortization and other specific or non-recurring items (EBITDA) was $12 million for the three-month period ended December 24, 2011, as compared to EBITDA of $12 million a year ago and EBITDA of $19 million in the prior quarter.

The Specialty Cellulose and Chemical Pulp segment generated EBITDA of $27 million on sales of $152 million for the quarter ended December 24, 2011, compared to EBITDA of $30 million on sales of $180 million in the prior quarter. Sales decreased by $28 million primarily as a result of lower shipments.

The Paper segment generated EBITDA of $10 million on sales of $85 million for the quarter ended December 24, 2011, compared to EBITDA of $6 million on sales of $84 million in the prior quarter. Higher prices and newsprint shipments were offset by lower coated bleached board shipments. In terms of markets, coated bleached board remained healthy while newsprint remained stable despite continued weaker North American demand statistics.

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01.27.2012

Media General Reports Fourth-Quarter 2011 Results

Media General, Inc., a multimedia provider of broadcast television, digital media and print products, today reported operating income for the fourth quarter of 2011 of $27.7 million, excluding non-cash intangible asset impairment of $6 million and severance expense of $3.5 million. This compared with operating income of $36.7 million in the 2010 fourth quarter, excluding severance expense of $1.2 million and an insurance gain of $956,000. The impairment charge in the current quarter was related to DealTaker.com, as discussed below.

The company reported a net loss in the fourth quarter of 2011 of $3.3 million, or 15 cents per share, including the severance expense and impairment. Adjusted for severance and impairment, income in the fourth quarter of 2011 was $4.5 million, compared with income in the 2010 fourth quarter of $9.3 million, adjusted for severance expense and the insurance gain.

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01.26.2012

Domtar consolidates its ownership of the Attends brand with an acquisition in Europe

Domtar Corporation today announced the signing of a definitive agreement for the acquisition of privately-held Attends Healthcare Limited ("Attends Europe"), manufacturer and supplier of adult incontinence care products in Europe, from Rutland Partners for €180 million. The closing of the transaction is expected during the first quarter of 2012, subject to customary closing conditions.

"The acquisition of Attends Europe moves us further along the path we started down last summer and it consolidates our ownership of the Attends brand on both sides of the Atlantic. With this acquisition, we are adding another platform for growth with a well-established business that has the critical mass to drive product development and brand growth with our current North American business," said John D. Williams, President and Chief Executive Officer of Domtar. "Demand for incontinence care products in Europe is strong, and our intent is to double earnings within the next five years."

Attends Europe sells and markets a complete line of branded and private-label adult incontinence care products. The company distributes its products in several channels with its own sales organizations in nine European countries. Attends Europe operates a world-class 374,000 square foot (34,000 square meter) manufacturing facility with eight production lines; a research and development center and a distribution center in Aneby, Sweden; it also operates distribution centers in Scotland and Germany. Attends has 413 employees, estimated annual run rate sales and EBITDA of €140 million and €23 million respectively.

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01.26.2012

Vistaprint Reports Fiscal Year 2012 Second Quarter Financial Results

Vistaprint N.V., a leading online provider of professional marketing products and services to micro businesses and the home, today announced financial results for the three month period ended December 31, 2011, the second quarter of its 2012 fiscal year.

“We are very pleased with our second quarter,” said Robert Keane, president and chief executive officer. “The quarter reflects momentum in our strategy initiatives and investment in resources which we are confident will lead to future growth. Revenue was in the upper half of our guidance range due to strong sales of holiday and small business products during our seasonally strongest quarter of the year. Earnings per share excluding gains from our recent share repurchase activity exceeded our expectations due to a favorable non-operational foreign currency benefit, favorability in our tax rate, the timing of some planned operating expenses, and gross margin improvements. We were able to deliver these great results in the organic business while negotiating, performing due diligence, carrying out closing activities and planning integration activities for two acquisitions.”

Highlights: Revenue for the second quarter of fiscal year 2012 grew to $299.9 million, a 28 percent increase over revenue of $234.1 million reported in the same quarter a year ago. Excluding Albumprinter revenue of $15.7 million, total second quarter revenue was $284.2 million. There was no revenue recognized during the quarter from the acquired Webs business. Excluding the estimated impact from currency exchange rate fluctuations and revenue from acquired businesses, total revenue grew 21 percent from the same quarter a year ago. Gross margin (revenue minus the cost of revenue as a percent of total revenue) in the second quarter was 66.8 percent, compared to 66.3 percent in the same quarter a year ago. Excluding the Albumprinter business, gross margin was 67.0 percent. Operating income in the second quarter was $32.5 million, or 10.9 percent of revenue, and reflected a 15 percent decrease compared to $38.2 million, or 16.3 percent of revenue in the same quarter a year ago.

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01.26.2012

Nation's Largest Specialty Golf Retailer Opening 10 New Locations

Golfsmith, the nation's largest golf retailer announced plans to open 10 new stores and relocate four existing locations in fiscal 2012. The openings and relocations combined will result in a 17.5% increase in square footage.

Golfsmith Planned New Store Locations In 2012: Cleveland, OH; Washington DC metro area — 2 stores; Chattanooga, TN; Nashville, TN; Atlanta, GA; Baltimore, MD; Christiana, DE; San Antonio, TX.

Golfsmith's plans for the four relocations are within existing markets. These stores will move into spaces that provide an updated and expanded golf retail experience that mirrors the Company's new stores. All scheduled store openings and relocations will be complete by the end of the year.

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01.26.2012

1-800-FLOWERS.COM, Inc. Reports Solid Revenue and Bottom-Line Performance for its Fiscal 2012 Second Quarter

1-800-FLOWERS.COM, Inc., the world's leading florist and gift shop, today reported revenues from continuing operations of $239.8 million for its fiscal 2012 second quarter ended January 1, 2012, compared with revenues from continuing operations of $228.9 million in the prior year period. The Company said the 4.8 percent increase, or $11.0 million, reflected growth across all three of its business segments driven primarily by continued positive trends in its Consumer Floral segment, which grew 10.3 percent, or $8.5 million. Total revenue growth also benefited from several small acquisitions completed in the second half of fiscal 2011 and early in the first quarter of fiscal 2012.

Gross profit margin for the quarter was 41.8 percent compared with 42.4 percent in the prior year period, primarily reflecting product mix and lower gross margins in the Company's BloomNet and wholesale gift basket businesses. Gross profit margin in the Company's ecommerce channels increased 30 basis points driven by a continued focus on reduced promotional pricing and enhanced manufacturing efficiencies. Operating expenses as a percent of revenue improved 20 basis points to 31.6 percent compared with 31.8 percent in the prior year period. The improved operating expense ratio primarily reflects the increased revenues for the quarter as well as the Company's continued focus on improving leverage across its business platform.

EBITDA from continuing operations for the quarter increased 13.1 percent, or $3.9 million, to $33.3 million compared with EBITDA of $29.5 million in the prior year period. EBITDA for the quarter includes a $3.8 million pre-tax gain from the sale of 17 Fannie May Fine Chocolates retail stores as part of a 62-store franchise deal announced November 21, 2011. The Company noted that, while the sale of the stores significantly accelerated its Fannie May franchising program, the loss of revenues associated with the stores in the quarter reduced EPS by approximately $0.01 per share for the period.

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01.26.2012

Legal Matters : Proposed Marketplace Fairness Act Threatens Direct Marketers

On Nov. 9, 2011, a group of 10 senators from both sides of the aisle introduced the Marketplace Fairness Act, S.1832. On Oct. 13, 2011, a similar bipartisan bill was introduced in the House of Representatives called the Marketplace Equity Act.

For more than a quarter century, states have tried to convince Congress to enact legislation that would strip direct marketers of their constitutional protection from having to collect state sales taxes when delivering products to consumers in states where they have no physical presence such as retail stores, warehouses or salesmen. In landmark decisions in 1967 and again in 1992, the Supreme Court ruled that absent such an in-state physical presence — the Court referred to it as “nexus” — it would be unfair to require out-of-state retailers to collect taxes for state and local governments that provide no services to those companies in return.

The justices were especially concerned with the burdens involved in collecting taxes on behalf of thousands of sales tax jurisdictions with varying rates and requirements. However, the Supreme Court concluded in its famous 1992 Quill vs. North Dakota decision that if Congress chose to do so, it could grant the states new and expanded taxation authority over remote sellers. Since that ruling numerous bills have been introduced that would impose tax collection obligations on catalog companies and electronic merchants. None have passed, however, primarily because the proposals failed to include sufficient simplification and uniformity measures to address the disparate and confusing features of state and local sales taxes.

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01.26.2012

Bemis Company Reports 2011 Fourth Quarter and Full Year Results

Bemis Company, Inc. today reported quarterly diluted earnings of $0.19 per share for the fourth quarter ended December 31, 2011. Diluted earnings per share would have been $0.45 for the fourth quarter of 2011, excluding the effect of facility consolidation and acquisition related integration charges detailed in the attached schedule, “Reconciliation of Non-GAAP Data.”

Highlights of the full year 2011: Cash flow from operations was $416.6 million, an increase of 13.2 percent from 2010. Acquisitions of barrier packaging manufacturing companies in China and North America position Bemis to expand its geographic and market application reach. Bemis initiated a facility consolidation program to generate over $100 million in savings over the next three years. Facility consolidation related activities resulted in a charge of $0.24 per share during the fourth quarter of 2011, representing employee related charges and other fixed asset related costs.

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01.26.2012

Bertelsmann focuses Arvato on growth

Bertelsmann is focusing its Arvato division on growth with an emphasis on the services businesses. To achieve this, the gravure operations and all of Arvato’s international printers are being grouped into a separate unit outside the Arvato division. The Bertelsmann AG Supervisory Board approved the Executive Board’s plans to this effect at a meeting in Gütersloh today.

The new printing unit will have revenues of €1.2 billion. It will consist of the Prinovis Group and its sites in Germany and the UK, and Arvato's printers in Italy, Spain and America. The Mohn Media group and GGP Pößneck will remain with Arvato, however, because they dovetail very closely with Arvato’s services businesses. The Arvato division is simplifying its structure to concentrate on its fast-growing services business and the development of new business fields.

Bertelsmann will manage these printing operations directly in a separate unit alongside its four corporate divisions RTL Group, Random House, Gruner + Jahr and Arvato. This reorganization makes it possible to better manage and focus the businesses. After Gruner + Jahr recently ceded its stake in Prinovis to Bertelsmann, the new grouping will result in a powerful printing unit. The new structure, which was jointly developed in close coordination between Bertelsmann CEO Thomas Rabe and Arvato CEO Rolf Buch, will be implemented during the first half of this year. It will then be decided who will manage the new unit. The shareholding structure at Prinovis and Arvato’s international printing plants remains unchanged.

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01.26.2012

Oil Gains a Second Day After Federal Reserve Commits to Low Interest Rates

Oil rose for a second day in New York on speculation that Federal Reserve plans to keep U.S. interest rates near a record low will bolster investor demand for commodities.

Futures advanced as much as 0.9 percent after the Fed’s announcement sent the dollar to its lowest in more than a month against the euro, making assets priced in the U.S. currency more attractive. The Federal Open Market Committee said it expects its benchmark interest rate to stay at “exceptionally low levels” at least through late 2014. A wider ban on Iranian oil than that announced this week by the European Union could boost crude by $30 a barrel, the International Monetary Fund said.

“It’s a big commitment from the central bank,” said Sintje Boie, who correctly predicted in November that oil prices would slide by year-end. “For the markets, it’s a liquidity thing. All this liquidity must go somewhere, and so we have some money also going into oil. Prices are higher because of this bubble of liquidity.”

Crude for March delivery rose as much as 90 cents to $100.30 a barrel on the New York Mercantile Exchange and was at $100.18 at 10:37 a.m. London time. The contract rose 45 cents to $99.40 yesterday. Prices are up 15 percent in the past year.

Brent oil for March settlement was up $1.16, or 1.1 percent, at $110.97 a barrel on the ICE Futures Europe exchange in London.

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01.26.2012

USPS rolls out '2nd Ounce Free' pricing

The U.S. Postal Service has introduced 2nd Ounce Free pricing, permitting commercial mailers to send out first-class pieces of up to 2 ounces at the 1-ounce price.

According to USPS, the offer is aimed at commercial mailers of presorted transactional items such as bills, invoices and statements, allowing them to add in additional information about offers, up- and cross-selling opportunities, notifications, surveys and reply cards, or to use upgraded stock and envelopes, the USPS said.

The 2nd Ounce Free program is a new price for presorted first-class mail, not a limited-time promotion such as the USPS' previous “summer sale” programs. First-class 1-ounce prices rose this week to 45 cents, or 35 cents for automated mailings.

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01.26.2012

Catalyst Paper gains additional support for recapitalization

Catalyst Paper Corporation announced that it has gained additional support for the proposed recapitalization transaction and now has the support of holders of approximately 69.8% of the company’s 11% senior secured notes due 2016 (the Senior Secured Notes) and holders of approximately 40.1% of the company’s 7 3/8% senior notes due 2014 (the Senior Notes were issued under the company’s former name, Norske Skog Canada Limited). Holders of the Senior Secured Notes and Senior Notes who are parties to the Restructuring and Support Agreement (the Agreement) (or have signed joinder agreements) have agreed to vote in favour of and support the recapitalization transaction. The company will continue to solicit and expects further support for the recapitalization by January 27, 2012 (the early consent deadline under the Agreement).

Details of the recapitalization will be provided in an information circular expected to be distributed to shareholders and holders of the Senior Secured Notes and Senior Notes in February, 2012. The recapitalization is expected to close by March 31, 2012.

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01.26.2012

CEPIFINE Releases European Fine Paper Statistics for December 2011

Total deliveries of CWF were down 5% vs. December 2010 and down 4.8% for the full year. Total deliveries of UWF were down 2.0% vs. December 2010 and down 2.6% for the full year.

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01.26.2012

CEPIPRINT Monthly Statistics on the European Mechanical Papers Industry

Total shipments of Newsprint were down 4.4% vs. December 2010 and down 2.8% for the full year. Total shipments of SC-Magazine grades were down 6.0% vs. December 2010 and down 1.1% for the full year. Total shipments of Coated Mechanical Reels were down 13.5% vs. December 2010 and down 0.6% for the full year. Total shipments of Uncoated Mechanical (Improved & Others) was down 11.3% vs. December 2010 and down 2.7% for the full year.

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01.26.2012

SCA Reports Results for Q4 2011

1 JANUARY–31 DECEMBER 2011 (compared with same period a year ago) including the packaging operations held for sale:

Net sales decreased by 1% (increased by 4% excluding exchange rate effects and divestments) to SEK 105,750m (106,965); Operating profit excluding items affecting comparability decreased by 4% (unchanged excluding exchange rate effects) to SEK 9,224m (9,608); Items affecting comparability, write-downs of goodwill, restructuring costs, etc., amounted to SEK 5,676m (931).

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01.26.2012

Courier Reports Solid First Quarter

Courier Corporation, one of America’s leading book manufacturers and specialty publishers, today announced results for the quarter ended December 24, 2011, the first quarter of its 2012 fiscal year. Revenues for the quarter were $62.9 million, up 3% from last year’s first-quarter sales of $61.2 million. Net income for the quarter was $1.5 million or $.12 per diluted share, compared to $1.7 million or $.14 per diluted share in the first quarter of fiscal 2011. Results in this year’s first quarter included a pretax charge of $1.5 million related to severance and post-retirement benefit costs, as well as a pretax gain of $0.6 million from the sale of certain non-operating assets. Excluding these transactions, income for the quarter was $.17 per diluted share. Details of these transactions can be found in the tables at the end of this release.

Sales gains were concentrated in Courier’s book manufacturing segment, reflecting the effects of multi-year agreements with key customers in the education and religious markets, with particularly strong growth in Courier Digital Solutions’ customized college textbook business. Sales in the company’s publishing segment were down from last year’s first quarter, which included nearly $500,000 in sales to Borders Group. Borders filed for bankruptcy in February 2011 and completed the liquidation of its store inventories in September, eliminating a major outlet for books and undercutting sales at other booksellers during this period.

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01.26.2012

O-I Reports Full Year and Fourth Quarter 2011 Results

Owens-Illinois, Inc. today reported financial results for the full year and fourth quarter ending December 31, 2011.

Highlights: Reported net earnings: O-I reported a full year 2011 loss from continuing operations attributable to the Company of $3.12 per share, compared to earnings of $1.55 per share (diluted) in 2010. Despite higher sales and production volumes in 2011, the Company’s full year 2011 reported earnings were significantly lower due to the impact of several charges that management does not consider representative of ongoing operations. These charges were discussed in earlier quarters and include the Company’s goodwill impairment, asbestos-related costs, and restructuring and asset impairment.

Adjusted net earnings: Excluding the items not representative of ongoing operations, adjusted net earnings (non-GAAP) were $2.37 per share for full year 2011, compared to $2.60 per share for full year 2010. Fourth quarter 2011 adjusted net earnings were $0.48 per share, compared to $0.45 in the fourth quarter of 2010.

Higher sales and volume in 2011: Prior year acquisitions and organic growth across most regions drove net revenue higher in full year 2011 as tonnes shipped increased by more than 5 percent. Sales also benefited from favorable pricing and foreign currency translation.

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01.25.2012

Grainger Reports Record Sales of $8.1 Billion and Record EPS of $9.07 for the Year Ended December 31, 2011

Grainger today reported record sales, net earnings and earnings per share for the year ended December 31, 2011. Sales of $8.1 billion were up 12 percent versus $7.2 billion in 2010. Net earnings of $658 million increased 29 percent versus $511 million in 2010. Earnings per share of $9.07 increased 31 percent versus $6.93 in 2010.

For the 2011 fourth quarter, the company reported sales of $2.1 billion, an increase of 14 percent versus $1.8 billion in the 2010 quarter. Net earnings for the quarter of $148 million increased 12 percent versus $132 million in 2010. Fourth quarter earnings per share of $2.04 increased 11 percent versus $1.83 in 2010. In November of 2011, the company announced its plan to close 25 branches in the United States during the 2011 fourth quarter and incur a charge of approximately $14 to $18 million, or $0.12 to $0.15 per share, which was excluded from company earnings guidance. In total, Grainger closed 27 branches, at a cost of $18 million or $0.16 per share. The company also recognized a $0.07 per share gain on the sale of its joint venture investment in MRO Korea.

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01.25.2012

Buckeye’s Second Quarter FY 2012 Results

Buckeye Technologies Inc. today announced second quarter adjusted net income* of $27.9 million or $0.69 per share, which excludes after-tax non-cash asset impairment charges of $29.7 million, or $0.74 per share, related to the announced closure of the cotton linter pulp production line in Brazil and sale of our converting business in North Carolina, and income tax expense of $3.6 million or $0.09 per share related to cellulosic biofuel credits. Adjusted net income* rose 37% as compared to the prior year period’s $20.3 million, or $0.50 per share, which excluded after tax costs of $3.2 million, or $0.08 per share, from early extinguishment of debt, restructuring and accrued interest related to cellulosic biofuel credits.

Net sales of $227 million were up 8% versus last year’s second quarter sales of $210 million. Sales benefited from higher selling prices and increased specialty wood fibers shipment volume. The $0.19 increase in adjusted EPS*, compared to the prior year period, was driven by these same factors. The prior year quarter also benefited by $0.05 per share from the final insurance settlement related to June 2010 power outage at our Florida specialty wood pulp facility. Aside from higher cotton linter costs, which were up about 30% in North America over the year ago quarter, cost inflation for chemicals, transportation and other raw materials was modest with energy prices stable.

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01.25.2012

RockTenn Reports Results for the First Quarter of Fiscal 2012

RockTenn today reported earnings for the quarter ended December 31, 2011 of $1.06 per diluted share and adjusted earnings of $1.18 per diluted share.

Net sales of $2,267.7 million for the first quarter of fiscal 2012 increased $1,506.6 million over the first quarter of fiscal 2011, primarily as a result of the May 27, 2011, Smurfit-Stone acquisition.
Segment income, adjusted to eliminate $0.4 million of pre-tax acquisition inventory step-up, was $193.5 million, up 74.8% over the prior year quarter, primarily as a result of the Smurfit-Stone acquisition.
RockTenn’s restructuring and other costs and operating losses and transition costs due to plant closures, net of related noncontrolling interest were $0.12 per diluted share after-tax, for the first quarter of fiscal 2012. These costs consisted primarily of $3.6 million of pre-tax facility closure charges primarily related to former Smurfit-Stone corrugated container plants, $7.3 million of pre-tax integration and acquisition costs that primarily consisted of professional services and other employee costs and $1.6 million of pre-tax operating losses and transition costs in connection with consolidating converting facilities.

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