UPM’s support of the “Local waters” school project enables the project to expand nationwide

UPM supports a school project called "Local waters". Originally launched in schools in the city of Rauma, the project will expand to other UPM mill locations in Finland in 2016. The project aims to improve grammar and encourage secondary school students to become more interested in natural sciences-particularly natural science related to water-by exploring the natural waters in the vicinity of the schools. In addition to UPM, the Finnish Environment Institute (SYKE), Raumanmeri Rotary Club and the organisation puhdasvesi.fi are also involved in the project. Schools involved in the project will receive equipment needed for water studies. Pupils will solve water-related tasks using information from various school subjects, and the findings are transmitted digitally to teachers via smartphones. The project is aimed at 5th and 7th graders. UPM will expand the project to other locations in Finland this year, particularly to Jämsä, Kuusankoski (Kouvola), Pietarsaari, Valkeakoski and Lappeenranta where UPM's mills are located.
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Stora Enso evaluates expansion of Ostrołęka Mill production

Stora Enso has decided to commence a feasibility study with the aim of expanding containerboard production at Ostrołęka Mill in Poland by 500 000 tonnes annually. The findings of a recently completed pre-feasibility study supported continuation of the process. The feasibility study, which is expected to be completed by the end of 2016, will evaluate the profitability of the possible expansion. The studied investment will be cost competitive and it has synergies with the newest containerboard machine in Ostrołęka, which went into production in 2013. If the investment is approved following the feasibility study, the capital expenditure for the expansion is estimated to be in the range of EUR 350-400 million over a couple of years.
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Bemis Company Reports First Quarter Results

SUMMARY: • First quarter adjusted diluted earnings per share from continuing operations were $0.60 in 2016, which includes a reduction of approximately $0.03 from the net impact of currency translation when compared to last year. • Gross profit margins improved 70 basis points to 21.6 percent of net sales for the first quarter of 2016, compared to 20.9 percent in the prior first quarter. • Adjusted return on invested capital increased to 10.5 percent at March 31, 2016, compared to 9.9 percent at March 31, 2015. • On February 4, 2016, the Board increased the authorization for share repurchases by 20 million additional shares of Bemis Company stock, supplementing the previous remaining authorization. • On April 20, 2016, Bemis announced its agreement to acquire the medical device packaging operations and related value-added services of SteriPack Group.
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Stora Enso Interim Report January–March 2016

•Sales EUR 2 445 (EUR 2 491) million decreased 1.8%. Sales excluding the structurally declining paper business and divested Barcelona Mill increased 2.4%, primarily due to increasing volumes from Montes del Plata Mill and the ramp-up of Varkaus kraftliner mill. •Operational EBIT increased 12.7% to EUR 248 (EUR 220) million, and the margin was record high at 10.1%. •EPS EUR 0.15 (EUR 0.16) •Cash flow from operations amounted to EUR 289 (EUR 171) million, due to increased profitability and continued good working capital management; cash flow after investing activities was EUR 96 (EUR 29) million. •Continued improvement of the balance sheet; net debt to operational EBITDA 2.3 (2.6), liquidity reduced to EUR 604 (EUR 1 320) million, as planned. •Operational ROCE 11.3% (10.1%), operational ROCE excluding the Beihai Mill investment 13.7% (11.3%).
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Cabela’s Inc. Announces Strong First Quarter 2016 Profitability

- Adjusted First Quarter Diluted EPS of $0.43 - Adjusted Operating Income Grew 19.9% and Adjusted Operating Margin Increased 80 Basis Points - Total Revenue Increased 4.5% to $864.7 Million - Adjusted SD&A as a Percentage of Total Revenue Decreased 90 Basis Points - Consolidated Comp Sales Decreased 4.3% on a Shift-Adjusted Calendar Basis - Cabela’s CLUB® Avg. Receivables Grew 15.3%
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Domtar Corporation Reports Preliminary First Quarter 2016 Financial Results

Domtar Corporation reported net earnings of $4 million ($0.06 per share) for the first quarter of 2016 compared to net earnings of $57 million ($0.91 per share) for the fourth quarter of 2015 and net earnings of $36 million ($0.56 per share) for the first quarter of 2015. Sales for the first quarter of 2016 were $1.3 billion. Excluding items listed below, the Company had earnings before items1 of $22 million ($0.35 per share) for the first quarter of 2016 compared to earnings before items1 of $70 million ($1.11 per share) for the fourth quarter of 2015 and earnings before items1 of $48 million ($0.75 per share) for the first quarter of 2015.
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KapStone Reports First Quarter Results

KapStone Paper and Packaging Corporation reported results for the first quarter ended March 31, 2016. As compared to 2015's first quarter, results for 2016's first quarter are below: •Net sales of $738 million up $192 million, or 35 percent •Net income of $16 million down $10 million, or 38 percent •Adjusted net income of $22 million down $7 million, or 24 percent •Adjusted EBITDA of $88 million up $1 million, or 2 percent •Diluted EPS of $0.17 down $0.10 per share, or 37 percent •Adjusted diluted EPS of $0.23 down $0.07 per share, or 23 percent
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Edwards Brothers Malloy Installs Digital Print Center in IPG Distribution Center

Edwards Brothers Malloy announced that it has partnered with Independent Publishers Group (IPG) to provide digital printing services for IPG clients out of IPG’s Chicago distribution center. IPG is the original and second largest independent book distributor in the U.S. The partnership offers IPG clients print-on-demand and digital short-run services from the same facility where their books are stored, speeding time to market and eliminating freight charges. “We can offer IPG clients a greater variety of stocks and trim sizes than they can get elsewhere plus the savings and efficiency of printing where orders are fulfilled,” says John Edwards, president and CEO of Edwards Brothers Malloy. “It’s an ideal solution for helping IPG clients lower their inventory costs and improve cash flow without sacrificing availability.” Staffed and managed by Edwards Brothers Malloy employees, the digital print center will produce a variety of finished goods including perfect-bound books, saddle-stitched booklets, laminated covers, and more.
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A reply to USA Today: Not only is paper good for learning – it’s one of the most sustainable products around us!

Last week, USA Today published a column entitled “Paper may be bad for trees, but it is good for people” by Tal Gross, an assistant professor at Columbia University (@talgross https://twitter.com/talgross). Here at Two Sides we could not agree more with the findings and statements related to the benefits of paper for education and learning. Mr. Gross outlines research showing the following: •Students that read on paper versus screens score better in comprehension tests. •Those that take notes on paper versus a laptop learn more from lectures. •Those that doodle on paper (versus sitting still) while listening to a recording performed better in memory tests. Neuroscientific experiments have shown that there is a stronger emotional connection with print and paper versus screens, and our fact sheet Print and paper play a key role in learning and literacy highlights the tremendous social benefits of print and paper. We also have more good news for Mr. Gross, as outlined in the facts below, regarding the environmental sustainability of paper.
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Gannett Reports First Quarter 2016 Results of Operations

Recent highlights include: Improved revenue trends over 2015. Operating income of $47.5 million. Adjusted EBITDA of $77.6 million. Adjusted EBITDA margin of 11.8% improved 186 basis points over prior year. Accelerated production and distribution efficiencies. National digital advertising up 17.5%. Digital-only subscriptions grew 37%. Completed the acquisition of Journal Media Group, Inc. (JMG). The USA TODAY NETWORK and the Detroit Free Press were honored with top awards in the prestigious Scripps Howard Foundation’s national journalism competition.
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