Forest Industry Welcomes Trade Action Against China

The Forest Products Association of Canada (FPAC) applauds the federal government for pursuing trade action against China at the World Trade Organization (WTO) regarding duties on Canadian dissolving pulp. China had imposed anti-dumping duties of up to 23.7% on Canadian dissolving pulp in 2013 saying the imports were negatively impacting China’s domestic pulp market. The Chinese duties have resulted in significant loss of market for Canadian dissolving pulp producers including FPAC members and put a chill on future investment.
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Oil Climbs Above $60 First Time This Year as Supply Seen Slowing

Oil extended its rally above $60 a barrel in London for the first time this year amid speculation that a decline in U.S. drilling will slow production and curb a global supply glut. Brent futures rose as much as 2.1 percent and are headed for a third weekly increase. Apache Corp. is cutting its oil-drilling rigs by 70 percent while Total SA joins companies including BP Plc and Royal Dutch Shell Plc in reducing spending. Venezuela, Ecuador and Russia are committed to strengthening the market, Venezuelan Oil Minister Asdrubal Chavez said on Twitter. Weather delays my reduce shipments from Iraqi ports by as much as 1 million barrels a day this month, according to consultant Petromatrix.
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AAA Fuel Gage & Exchange Rates

AAA Fuel Gage 02/13/15 National Average Prices: http://www.fuelgaugereport.aaa.com/ Regular: Current Average - $2.239/gallon Month Ago Average - $2.117/gallon Year Ago Average - $3.327/gallon Diesel: Current Average - $2.816/gallon Month Ago Average - $2.987/gallon Year Ago Average - $3.953/gallon Current Exchange Rates as of 02/13/15 12:45 UTC http://www.x-rates.com/table/?from=USD&amount=1.00 American Dollar to Canadian Dollar = 0.798163 American Dollar to Chinese Yuan = 0.160260 American Dollar to Euro = 1.139616 American Dollar to Japanese Yen = 0.008396 American Dollar to Mexican Peso = 0.066714
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Magazine Circ Continues Downward Spiral

Consumer magazine circulation continued to decline in the second half of 2014, down 2.2 percent, according to data on nearly 400 titles released by the Alliance for Audited Media. Some publishers are taking measures to make things seem better than they really are however. Paid subscriptions declined 1.5 percent overall, but AMI’s Fit Pregnancy (up 264 percent) and Time Inc.’s Allrecipes (107 percent) led the way for those that bucked the trend. The entertainment segment had several above-average performers in paid subscriptions as well, with People Stylewatch (30 percent), Star (14 percent) and OK! Weekly (12 percent). Single copy sales plummetted 14.2 percent in the second half of the year, though the supply chain was impacted by the shutdown of Source Interlink Distribution in May. Business titles stood out, with Entrepreneur (up 60 percent), Inc. (37 percent) and Fast Company (36 percent) each posting big gains.
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Quad Acquires Marin’s International

Quad/Graphics, Inc. (NYSE: QUAD) ("Quad/Graphics" or the "Company") today announced it has acquired Marin's International ("Marin's"), a worldwide leader in the point-of-sale display industry, based in Paris, France. Marin's is the exclusive licensee of an international patent portfolio covering a variety of display systems, including the popular Lamà created by François L’Hotel that instantly pops open into position with no assembly required. The acquisition strengthens and expands both companies' offerings to retailers and brand marketers around the world, including major consumer packaged goods companies. Through Marin's, Quad/Graphics clients will have additional ways to promote their products or services as part of a global brand campaign. Backed by Quad/Graphics' financial strength and resources, Marin's will continue developing new products and services that enhance its value in the marketplace and to its global licensee network.
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McClatchy Announces Corporate Reorganization and Changes to Advertising, Digital, Technology Operations

The McClatchy Company (NYSE: MNI) today announced plans to reorganize its corporate operations, including expanding its sales and marketing efforts and integrating McClatchy Interactive, the company's digital hub, into the rest of the company. "Today's announcement is another step forward in our digital transformation," said Pat Talamantes, McClatchy's president and CEO. "The reorganization will emphasize innovation and product development to meet the changing needs of our readers and advertisers.
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2014 US Commercial Printing Rebounds from Poor First Half with Positive Third and Fourth Quarters

The US commercial printing industry rebounded from a poor start to 2014, finishing nearly even with 2013, up +0.2% in current dollars, at $77.8 billion. Decembers shipments were strong, up +3.7% compared to 2013. It was the first positive December since 2010. At that time, however, current shipments were more that $7 billion; December 2014 shipments were nearly $6.52 billion. On an inflation-adjusted basis, shipments for the year were $77.1 billion, down -$1.15 billion (-1.5%) compared to 2013. Nearly all of the turnaround of 2014 was in the fourth quarter. First quarter inflation-adjusted shipments were down -5.2%, with second quarter shipments at -2.7%. The situation turned mildly positive in the third quarter, with a +0.4% rise. The fourth quarter was up +1.6% compared to 2013.
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Grainger Reports January 2015 Sales Results

Grainger (NYSE: GWW) today reported sales results for the month of January 2015. Daily sales increased 3 percent versus January 2014. Results for the month included 1 percentage point from acquisitions and a 2 percentage point decline from unfavorable foreign exchange. Excluding acquisitions and foreign exchange, organic sales increased 4 percent on a daily basis driven by 4 percentage points from volume and a 2 percentage point benefit from favorable comparability to the business disruptions in January 2014 due to the extreme weather. This increase was partially offset by a 2 percentage point decline from lower sales of seasonal products. January 2015 had 21 selling days, one fewer than in January 2014. The 2015 first quarter will have 63 selling days, the same number as the 2014 first quarter.
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Rayonier Reports Fourth Quarter and Full Year 2014 Results

Rayonier (NYSE:RYN) reported fourth quarter 2014 net income attributable to Rayonier of $9 million, or $0.07 per share, compared to $80 million, or $0.62 per share, in the prior year period. The current and prior period fourth quarter results included $0.3 million and $48 million, respectively, of income from discontinued operations.1 The current period also includes $2 million of costs related to the internal review and restatement announced in November, 2014. Excluding these items, pro forma net income2 was $11 million, or $0.09 per share, for the fourth quarter and $32 million, or $0.25 per share, in the prior year period.
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Cabela’s Inc. Announces Fourth Quarter 2014 Financial Results

For the quarter, total revenue increased 7.2% to $1.3 billion; Retail store revenue increased 13.9% to $810.6 million; Direct revenue decreased 5.4% to $349.9 million; and Financial Services revenue increased 9.9% to $113.3 million. During the period, comparable store sales decreased 5.5%. For fiscal 2014, net income was $207.1 million compared to $238.3 million last year, and earnings per diluted share were $2.88 compared to $3.32 a year ago, each adjusted for certain items. The Company reported GAAP net income of $201.7 million and earnings per diluted share of $2.81 as compared to GAAP net income of $224.4 million and earnings per diluted share of $3.13 a year ago.
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