OPEC frets over oil price volatility

The Organization of Petroleum Exporting Countries said in a joint statement with Russia price volatility and oversupply was damaging the market for crude oil. Russian Energy Minister Alexander Novak hosted OPEC Secretary-General Abdullah al-Badri to discuss short-term market tends and long-term prospects in the crude oil market. "It was stressed during the meeting that price volatility and the general oversupply in the oil market observed in recent quarters have been less conducive for market stability," both parties said in a joint statement. "Despite current uncertainties, signs of a more balanced market in 2016 may provide much desired stability to the oil market in the longer-term, a prerequisite for the continuity of timely and adequate investments."
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Weyerhaeuser Reports Second Quarter Results

Weyerhaeuser Company (NYSE: WY) today reported second quarter net earnings to common shareholders of $133 million, or 26 cents per diluted share, on net sales of $1.8 billion. This compares with net earnings of $90 million, or 17 cents per diluted share, on net sales of $1.7 billion for first quarter 2015, and net earnings of $280 million, or 47 cents per diluted share, on net sales from continuing operations of $2.0 billion for the second quarter last year. Excluding special items, second quarter net earnings of $133 million compares with net earnings from continuing operations before special items of $99 million for first quarter 2015, and $234 million for the second quarter last year.
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Clearwater Paper Reports Second Quarter 2015 Results

The company reported net sales of $444.6 million for the second quarter of 2015, down 10.9% compared to net sales of $498.8 million for the second quarter of 2014 primarily due to the sale of the company's specialty mills in December 2014. Net earnings determined in accordance with generally accepted accounting principles, or GAAP, for the second quarter of 2015 were $15.6 million, or $0.81 per diluted share, compared to $12.5 million, or $0.61 per diluted share, for the second quarter of 2014. The 2015 second quarter GAAP net earnings included $1.0 million of after-tax benefit associated with the mark-to-market impact of directors' equity-based compensation, $0.9 million of net after-tax gain associated with the settlement of a working capital escrow account established in connection with the sale of the company's specialty mills, and $0.5 million of after-tax expense associated with the closure of the company's Long Island, New York, converting and distribution facility. Excluding those items, second quarter 2015 adjusted net earnings were $14.2 million, or $0.74 per diluted share, compared to second quarter 2014 adjusted net earnings of $15.3 million, or $0.74 per diluted share.
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Industry Alert: Postal Commission Rules on Exigency Remand

The Postal Regulatory Commission today today ruled that the US Postal Service has justified the recovery of $1.191B of contribution in addition to the $2.766B of contribution the PRC previously granted from the original 2013 exigent rate request. That amounted to an extra 4.3% increase on top of the January 2014 rate hike. Bottom line to catalogers is reasonable considering the possibilities: Expect the exigent surcharge to be in place for about eight more months. Below are highlights from the full PRC ruling. * The PRC finds the USPS has justified the recovery of $1.191 billion of contribution in addition to the $2.766 billion of contribution previously found justified by its previous order. * The exigent surcharge shall remain in effect until removed in accordance with the surcharge removal plan filed June 2, 2014, and the provisions of PRC's prior orders. * The Postal Service must continue to report incremental and cumulative surcharge revenue to the PRC 45 days after the end of each quarter as required by the PRC's previous orders. * The Postal Service must notice the removal of the exigent surcharge at least 45 days before the date of the removal. * The Postal Service shall provide bi-weekly estimates of the incremental and cumulative surcharge revenue beginning the quarter in which the Postal Service anticipates removing the surcharge.
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Take note: The paper industry is planning a big comeback

Remember paper? Memos to sign. Maps to fold. Letters to write. Calendars to flip. Wistful paper executives remember. They’ve watched e-mail, annotatable PDFs, digital calendars and paperless billing diminish more than a third of the copy- and writing-paper business in recent years, spurring mill closures and eliminating hundreds of thousands of jobs. But now paper and packaging — still a $132 billion industry but absorbing a 5 percent loss in office- and writing-paper revenue each year — is fighting back.
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Meredith Reports Over 20 Percent Growth In Fiscal 2015 Earnings Per Share

Excluding special items in both years, fiscal 2015 earnings per share were $3.30, compared to $2.80, an 18 percent increase. Fiscal 2015 revenues rose 9 percent to a record $1.6 billion, including 15 percent growth in advertising revenues. "Fiscal 2015 was a year of strong growth in revenues, profit and cash flow," said Meredith Chairman and CEO Stephen M. Lacy. "Our Local Media Group delivered the best financial performance in its over 65-year history, and our National Media Group set records in digital advertising and brand licensing revenues. We aggressively added to our portfolio, including acquiring great local television stations, powerful national brands, and cutting-edge digital properties. Importantly, we continued to deliver on our Total Shareholder Return strategy by returning cash to shareholders through increased dividends and our share repurchase program."
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Shutterfly Announces Second Quarter 2015 Financial Results

Second Quarter 2015 Financial Highlights • Net revenues totaled $183.9 million, a 16% year-over-year increase. ◦ Consumer net revenues totaled $171.3 million, a 14% year-over-year increase.(1) ◦ Enterprise net revenues totaled $12.6 million, a 40% year-over-year increase.(1) • Second quarter 2015 represents the 58th consecutive quarter of year-over-year net revenue growth. • Included in net revenues is a change in accounting estimate related to flash deal deferred revenue breakage of $7.5 million. ◦ Excluding this amount, total net revenues totaled $176.4 million, an 11% year-over-year increase.(1) ◦ Excluding this amount, consumer net revenues totaled $163.8 million, a 9% year-over-year increase.(1)
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Sealed Air Reports Second Quarter 2015 Results

Sealed Air Corporation (NYSE:SEE) today announced financial results for second quarter 2015. Commenting on these results, Jerome A. Peribere, President and Chief Executive Officer, said, “Our second quarter 2015 performance demonstrates our continued focus on profitable growth and ongoing commitment to delivering innovative solutions to our customers. Net sales in the second quarter increased 3.3% on an organic basis and Adjusted EBITDA of $308 million was 17.2% of net sales. Adjusted EBITDA margins expanded by 280 basis points with margin expansion across all divisions. Given our performance in the first half of 2015 and our forecast for the remainder of the year, we are raising our outlook for Adjusted EBITDA, Adjusted EPS and Free Cash Flow.”
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Newsroom Headcounts Fall Again

According to the American Society of News Editors, which carried out an annual census of newsrooms along with the School of Journalism and Mass Communication at Florida International University, total newsroom employment fell 10.4% from 36,700 full-time journalists in 2014 to 32,900 in 2015. Taking a longer view, total newsroom employment has fallen 42% from a peak of 56,400 in 2001 to the present figure.
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