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Recent Paperclips Industry News
18Mar 19
Tilly’s, Inc. Announces Fiscal 2018 Fourth Quarter and Full Year Results
Fourth Quarter Results Overview: • Total net sales were $170.6 million, an increase of 3.8% from $164.3 million last year, despite last year's fourth quarter containing an extra week of net sales worth approximately $7.1 million to the quarter. The Company ended fiscal 2018 with 229 total stores, including four RSQ-branded pop-up stores, compared to 219 full-size stores last year. • Comparable store net sales, which includes e-commerce net sales, increased 6.4% compared to flat comparable store net sales during last year's fourth quarter. E-commerce net sales increased 49.6% and represented approximately 20% of total net sales this year, compared to a decrease of 12% and a 14% share of total net sales last year. • Net income was $8.7 million, or $0.29 per diluted share, compared to $6.7 million, or $0.23 per diluted share, last year. On a non-GAAP basis, excluding the negotiated expense reductions noted above, non-GAAP net income was $8.0 million, or $0.27 per diluted share, compared to $6.7 million, or $0.23 per diluted share, last year. Fiscal 2018 Full Year Results Overview: • Total net sales were $598.5 million, an increase of 3.7% from $576.9 million last year, despite fiscal 2017 containing an extra week of net sales worth approximately $5.8 million to the year. • Comparable store net sales increased 4.0% in fiscal 2018, following a 1.0% increase in fiscal 2017. Comparable store net sales in physical stores increased 1.4% and represented approximately 85% of total net sales, compared to an increase of 1.6% and a 87% share of total net sales last year. • Net income was $24.9 million, or $0.84 per diluted share, compared to $14.7 million, or $0.51 per diluted share, last year. Click Read More below for additional detail.
18Mar 19
Ennis Will Acquire Assets of Integrated Print & Graphics
Ennis, Inc., announced that one of its wholly owned subsidiaries has entered into a Letter of Intent to acquire the assets of Integrated Print & Graphics (IPG) in South Elgin, Ill., a suburb of Chicago. IPG has been in the Chicago marketplace since the 1970s and does about $20 million in sales annually. The Ennis subsidiary, operating under the IPG brand and name, will lease the current facility from the current owner for several years with options to renew. The current owner, Gary Mozina, will not continue as an employee of IPG. The employees will continue their employment with the newly acquired IPG and produce the same products with the same quality and attention to customer service as before. Ennis believes that the acquisition will be accretive to earnings in the current year. Ennis expects to sign and close the Asset Purchase Agreement effective the close of business March 16, 2019. Click Read More below for additional detail.
18Mar 19
Stora Enso starts co-determination process regarding the possible conversion of the Oulu paper mill into packaging board mill and closure of one paper machine
Stora Enso announced in June 2018 that it would evaluate development opportunities for the Oulu Mill, because current coated wood-free paper production is facing challenges with market demand and profitability. The feasibility study focused on converting the mill into packaging board grades. Based on the technical and financial aspects of the feasibility study results, the proposed plan is to convert paper machine 7 into kraftliner production and close down paper machine 6 and the sheeting plant by the end of 2020 at the latest. The capital expenditure for the potential investment is estimated to be approximately EUR 350 million during the years 2019–2021 instead of the EUR 700 million estimated in the initial feasibility study scope. The potential investment would include a new world-class kraftliner line with a capacity of 450 000 tonnes per year and the modification of the pulp mill and drying machine to produce unbleached brown pulp. Moreover, it would include investments to enhance environmental performance. Click Read More below for additional detail.