-Alcore S.a.r.l. today announced it will raise prices by £40 per tonne on all recycled paperboard grades sold in the United Kingdom. The price change will be effective with shipments on or after August 15, 2016. "This price increase is in direct response to rising raw material costs," said Phil Woolley, director, Paper Europe. "We will continue to monitor market conditions to determine if additional pricing actions will be required in other European markets."
Consolidated sales for the three-month period ended June 25, 2016 , were $376 million, as compared to $365 million in the same quarter a year ago. The Company generated net earnings of $9 million or $0.09 per share in the June 2016 quarter compared to a net loss of $16 million or $0.16 per share in the June 2015 quarter. Operating earnings before depreciation, amortization and other items (adjusted EBITDA) was $26 million for the three-month period ended June 25, 2016 , as compared to adjusted EBITDA of $2 million a year ago and adjusted EBITDA of $36 million in the prior quarter. click Read More below for more details
Trading in-line with our expectations: Sales of £1,866m declined 7% in underlying terms primarily due to the expected declines in assessment revenues in the US and UK, which are weighted towards the first half of the year, but also the phasing of both gross sales and returns in North American Higher Education courseware. Revenues declined 11% at constant exchange rates, reflecting underlying revenue declines, the impact of a change in revenue model at Connections Education which now records revenue for services charged at cost on a net basis, and the disposal of PowerSchool. Headline sales decreased 7% with the benefit from the strength of the US Dollar against Sterling partly offset by the weakness of key emerging market currencies. Deferred revenues grew 5% in underlying terms. Adjusted operating profit of £15m is in-line with our expectations and down £39m when compared to H1 2015 reflecting lower revenues, incentive compensation accruals and dual IT running costs, partly offset by initial savings from our simplification programme and phasing of integration benefits at Penguin Random House.
Common shares outstanding plus shares underlying stock-based awards totaled 495 million on June 30, 2016, compared with 488 million one year ago. Net sales increased 31% to $30.4 billion in the second quarter, compared with $23.2 billion in second quarter 2015. The favorable impact from year-over-year changes in foreign exchange rates throughout the quarter on net sales was $166 million. Operating income was $1.3 billion in the second quarter, compared with $464 million in second quarter 2015. Net income was $857 million in the second quarter, or $1.78 per diluted share, compared with $92 million, or $0.19 per diluted share, in second quarter 2015.
Second Quarter 2016 Summary • Reported sales increased 4% to $620 million • Changes in foreign currency exchange rates had a negative impact of 2% on the sales growth • Recently acquired Mega Airless contributed approximately $18 million or 3% of the sales growth and approximately $0.02 per share to reported earnings per share • Reported earnings per share rose to a quarterly record of $0.91 compared to $0.90 reported in the prior year • Operating margins were strong across each business segment
National Average Price for Regular Unleaded – Current: $2.139; Month Ago: $2.294; Year Ago: $2.686 National Average Price for Diesel – Current: $2.326; Month Ago: $2.373; Year Ago: $2.754
American Dollar to Canadian Dollar = 0.759833; American Dollar to Chinese Yuan = 0.150370; American Dollar to Euro = 1.111221; American Dollar to Japanese Yen = 0.009678; American Dollar to Mexican Peso = 0.052804
Oil is poised for a drop of 20 percent since early June, meeting the definition of a bear market. While excess crude production is abating, inventories around the world are brimming, especially for gasoline, and a revival in U.S. drilling threatens to swell supplies further. As the output disruptions that cleared some of the surplus earlier this year begin to be resolved, crude could again slump toward $30 a barrel, Morgan Stanley predicts. “The tables are turning on the bulls, who were prematurely constructive on oil prices on the basis the re-balancing of the oil market was a done deal,” said Harry Tchilinguirian, head of commodity markets strategy at BNP Paribas SA in London. “It’s probably going to take a little longer than they expected.” Oil almost doubled in New York between February and June as big names from Goldman and the International Energy Agency to new Saudi Energy Minister Khalid Al-Falih said declining U.S. oil production and disruptions from Nigeria to Canada were finally ending years of oversupply. Prices are set for their biggest monthly loss in a year amid a growing recognition the surplus will take time to clear.
Electronics For Imaging, Inc. announced that the EFI™ Fiery® Color Profiler Suite, version 4.9, was awarded G7® System Certification from Idealliance®. Fiery Color Profiler Suite, which received the G7 certification on May 30, is the first color management toolset for cut sheet digital print systems that provides G7 calibration, verification of G7 Grayscale compliance, and output profiling integrated with a digital front end (DFE) so no additional software investment or manual entry/upload of data is required. Detailed procedures are included in an Application Data Sheet available on the Idealliance web site. Other G7 System Certified software for digital cut sheet presses requires additional investment in, and training for, third party verification software, adding system cost and operator time to ensure compliance.
INTERFOR CORPORATION recorded net earnings in Q2’16 of $23.2 million, or $0.33 per share, compared to $0.8 million, or $0.01 per share in Q1’16. Adjusted net earnings1 in Q2’16 were $20.9 million, or $0.30 per share, compared to $2.6 million, or $0.04 per share, in Q1’16. Adjusted EBITDA1 was $56.9 million on sales of $458.8 million in Q2’16, versus Adjusted EBITDA1 of $33.4 million on sales of $433.9 million in Q1’16.