Meredith Corporation's Special Interest Media Group, the nation's largest distributor of premium brand content and The New York Times Company, a global media organization, are introducing a series of Times-branded special edition publications that will be available at Meredith's Magazine Store, Amazon and on retail newsstands nationwide beginning July 26. The inaugural "Summer of '69" issue will coincide with The New York Times coverage of the 50-year anniversary of that summer. As part of the collaboration, there are plans for five subsequent issues devoted to other historical events, significant milestones and cultural subjects. "Combining the extraordinary, authoritative content from The New York Times with our broad scale and retail expertise is an unbeatable combination in the marketplace," said Doug Olson, President, Meredith Magazines. "We're thrilled to be collaborating with the Times on this first-ever collaboration that will expand our premium content offerings for a new and existing passionate group of readers." Click Read More below for additional information.
Q2/2019 (compared with Q2/2018) · Sales decreased by 2.1% to EUR 2 608 (2 664) million. · Operational EBIT margin was 11.0% (12.3%), above 10% for the eighth consecutive quarter. Operational EBIT was EUR 287 (327) million. · Operating profit (IFRS) was EUR 142 (317) million. · Strong cash flow from operations amounted to EUR 548 (357) million. · The net debt to operational EBITDA ratio at 2.2 (1.3) increased temporarily slightly over the target level of 2.0, due to the restructuring of Bergvik Skog (impact 0.6) and the adoption of IFRS 16 Leases (impact 0.3). · Operational ROCE was 11.3% (15.5%). Q1–Q2/2019 (year-on-year) · Sales were EUR 5 242 (5 243) million, similar to the comparison period. · Operational EBIT of EUR 610 million decreased by 12.3%, mainly due to increased wood costs. Click Read More below for additional information.
Canfor Corporation announced further capacity reductions at two of its British Columbia sawmills with an indefinite curtailment at its Mackenzie sawmill and the permanent elimination of one shift at its Isle Pierre sawmill. The indefinite curtailment at Mackenzie, which is effective immediately, is due to the high cost of fibre, continued poor lumber markets and challenging operating conditions that have combined to make the mill uneconomic under these conditions. The Isle Pierre sawmill will be permanently reduced from two shifts to one shift effective September 20, 2019. The capacity reduction, which is due to insufficient timber supply as a result of the mountain pine beetle epidemic and associated decline in the annual allowable cut, will enable the mill to better align its production capacity with the sustainable fibre supply in the region. Click Read More below for additional information.
Q2 2019 in brief • Net sales grew to EUR 867 million (EUR 786 million) • Adjusted EBIT was EUR 78 million (EUR 71 million); reported EBIT EUR 78 million (EUR 80 million) • Adjusted EPS was EUR 0.51 (EUR 0.46); reported EPS EUR 0.51 (EUR 0.54) • Comparable net sales growth was 6% at Group level and 7% in emerging markets. H1 2019 in brief • Net sales grew to EUR 1,669 million (EUR 1,511 million) • Adjusted EBIT was EUR 146 million (EUR 131 million); reported EBIT EUR 145 million (EUR 141 million) • Adjusted EPS was EUR 0.95 (EUR 0.86); reported EPS EUR 0.95 (EUR 0.93) • Comparable net sales growth was 5% at Group level and 7% in emerging markets. Click Read More below for additional information.
Stora Enso has initiated feasibility studies for a possible cross laminated timber (CLT) unit in connection with its Ždírec mill in the Czech Republic and a new construction beam unit to be located at the Ybbs mill in Austria. Stora Enso also plans to consolidate production to increase focus on efficiency and to streamline the asset base. Stora Enso continues its transformation into a leading provider of innovative wood-based solutions. The transformation in Wood Products includes both selected growth in added-value businesses and consolidation of production to increase focus on efficient integrated production. The proposed expansion in Ždírec would add a total annual capacity of approximately 120 000 m3of CLT. It would be Stora Enso’s fourth CLT unit, following the inauguration of the Gruvön CLT unit in Sweden earlier this year. The study is expected to be completed by the end of 2019. Click Read More below for additional information.
National Average Price for Regular Unleaded – Current: $2.784; Month Ago: $2.676; Year Ago: $2.851. National Average Price for Diesel – Current: $3.007; Month Ago: $3.005; Year Ago: $3.161. https://gasprices.aaa.com/
American Dollar to Canadian Dollar = 0.766240; American Dollar to Chinese Yuan = 0.145388; American Dollar to Euro = 1.123005; American Dollar to Japanese Yen = 0.009287; American Dollar to Mexican Peso = 0.052583. https://www.x-rates.com/table/?from=USD&amount=1.00
Oil broke its fourth consecutive day of losses on the back of the news that an American warship downed an Iranian drone near the Strait of Hormuz yesterday. The bearish grip is still too strong and there is too much pressure on oil producers to keep the supply in check and the demand equation isn’t showing any sign of recovery due to the ongoing trade war between the US and China. https://www.forbes.com/sites/naeemaslam/2019/07/19/crude-oil-recovery-may-not-last-despite-the-recent-event/#123641171df1
Intertape Polymer Group Inc. is pleased to announce that the Toronto Stock Exchange has approved the renewal of the Company's normal course issuer bid. Under the renewed NCIB, the Company will be entitled to repurchase for cancellation up to 4,000,000 common shares, representing 7.13% of the Company's "public float" as of July 10, 2019, over a twelve-month period starting on July 23, 2019 and ending on July 22, 2020. The purchases by the Company will be effected through the facilities of the TSX and on other alternative trading systems in Canada, and will be made at the market price of the shares at the time of the purchase. There were 58,877,185 common shares of the Company issued and outstanding as of July 10, 2019, of which 56,076,867 shares constituted the "public float". Click Read More below for additional information.
Pier 1 Imports, Inc. announced the appointment of Douglas Diemoz to the newly created role of President and Robert Riesbeck as Executive Vice President and Chief Financial Officer, both effective July 22, 2019. Mr. Riesbeck succeeds Deborah Rieger-Paganis, who has served as Interim Chief Financial Officer since April 2019. Mr. Diemoz, 51, will be responsible for day-to-day operation and performance of Pier 1’s business, including merchandise buying, planning and allocations, marketing, field and e-Commerce operations, global supply chain, information technology and human resources. Mr. Riesbeck, 55, will be responsible for financial operations and accounting, including financial reporting, planning and analysis, treasury, tax, procurement and investor relations. He is a seasoned finance executive with more than 25 years of experience in retail and consumer goods. Click Read More below for additional information.