The PRINTING United Digital Experience Begins This Week

For the eighth consecutive year, Midland recently participated as a Sponsor of the thINK 2022 Inkjet Printing Conference. This exclusive industry event took place in Boca Raton, FL and is one of the largest invitation-only summits designed for printing executives who want to understand how Canon Solutions America’s production inkjet printing technology, software and solutions can help them grow their business now and in the future. At thINK 2022, Midland’s booth exhibit saw a steady stream of leading printers from across the country asking for Midland’s guidance on how they can navigate the turbulent waters of a market fraught with supply chain and paper mill allocation challenges. Discussions were centered on “positioning for the future supply chain” for various paper categories including coated, uncoated, inkjet treated, inkjet coated, specialty inkjet media and more. “We are honored and excited to once again participate as a founding partner of this incredibly important independent user group and industry event. Our goal at Midland is to help Canon customers across the country address their most challenging inkjet media needs with new products and solid solutions”, said David Field, Midland’s General Manager, Specialty Paper & Film Division.

R.R. Donnelley & Sons Company announced that it has entered into a definitive merger agreement to be acquired by affiliates of Chatham Asset Management, LLC, a leading private investment firm, in an all-cash transaction with a total enterprise value of approximately $2.3 billion and total equity value of approximately $897 million. RRD also announced that it has terminated its previously announced merger agreement with affiliates of Atlas Holdings LLC, dated November 3, 2021, pursuant to which affiliates of Atlas had agreed to acquire RRD for $10.35 per share in cash. The termination of the Amended Atlas Merger Agreement follows the decision by Atlas to waive its contractual opportunity through December 16, 2021 to negotiate an amendment of the Amended Atlas Merger Agreement such that the transaction contemplated by the Chatham Merger Agreement would no longer constitute a “Superior Proposal” as defined in the Amended Atlas Merger Agreement.

Our reported revenue and organic constant-currency revenue declined 7% and 10%, respectively, in Q1. The pandemic continues to negatively impact our revenue results, but the year-over-year decline was less severe in Q1 compared to Q4 across all segments Q1 FY2021 GAAP operating income increased $10.6 million year over year to $36.0 million. The negative revenue impact of the pandemic was offset by variable cost controls, advertising efficiency and fixed cost savings. We also had a year-over-year decrease in restructuring charges of $2.3 million. Our GAAP operating income benefited from about $4.0 million of COVID-19-related government incentives, primarily to offset wages for manufacturing and customer service team members in countries where demand decreased but roles were maintained.