The Commerce Department is reviewing a December order that imposed tariffs on two Canadian paper companies with substantial operations in Maine. The department will revisit the 18.85 percent countervailing duties on supercalendered paper — the glossy, coated paper used in magazines and other products – produced in Canada by Irving Pulp and Paper and Catalyst Paper. Tariffs were imposed on both after the Commerce Department ruled that Canadian supercalendered paper producers were given unfair subsidies by the Canadian government. However, the tariffs on Irving and Catalyst were based on an investigation into the government help provided to another company, Port Hawkesbury Paper. Maine Sens. Angus King and Susan Collins, who welcomed the duties of more than 20 percent imposed on Port Hawkesbury Paper, said the duties on Irving and Catalyst paper were “arbitrary and unfair” because the Commerce Department had not conducted a separate investigation into whether those two companies were subsidized by the Canadian government.
Today, Two Sides North America released a new study outlining key facts on why paperless initiatives do not save trees. Findings point to mounting evidence that loss of markets for paper and other wood products, a large portion of which are produced from wood harvested on privately-owned land, increases the risk of forest loss. The study was conducted by Dovetail Partners, an environmental think-tank specializing in forestry research and analysis. "This study is another example of why slogans such as 'go paperless - save trees' or 'go green - go paperless' are not only misleading, but false. Over the past 60 years, the number of trees on managed U.S. forest lands has been increasing considerably due to responsible forestry practices. Wood is a valuable renewable resource that we are taking care of," explains Phil Riebel, President of Two Sides North America.
Glatfelter today reported 2015 full year adjusted earnings per diluted share of $1.34 (GAAP $1.47) compared with $1.55 per diluted share in 2014 (GAAP $1.57). For the 2015 fourth quarter Glatfelter reported adjusted earnings of $22.9 million, or $0.52 per diluted share, compared with $19.7 million, or $0.45 per diluted share, in the 2014 fourth quarter. On a GAAP basis, fourth quarter 2015 net income totaled $34.3 million, or $0.78 per diluted share, compared with $19.6 million, or $0.45 per diluted share, in the fourth quarter of 2014. Consolidated net sales totaled $412.9 million in the fourth quarter of 2015 compared with $436.3 million in the fourth quarter of 2014. On a constant currency basis, net sales declined $5.1 million, or 1.2 percent.
Highlights •Q4 Adjusted EBITDA increased to $180.7 million versus $171.8 million in the prior year period •Q4 Adjusted EBITDA Margin increased to 17.6% from 17.2% •Full-year Adjusted EBITDA increased to $751.2 million versus $710.8 million in the prior year •Full-year Adjusted EBITDA Margin increased to 18.1% from 16.8% •Full-year Adjusted Earnings per Diluted Share increased to $0.75 versus $0.72 in the prior year •Returned $112 million to shareholders in 2015 and $36 million subsequent to year-end through dividends and share repurchases
While PEFC certification is part of the license to operate for many companies along the timber supply chain, why forest certification matters is not clear to others. Why are forests important, what does PEFC deliver, how can my company contribute? These questions are answered in a new 2-minute video recently launched by PEFC.
Finland's pulp and paper industry production grew 0.2% in 2015. Production of softwood sawn timber decreased 2.7%, however. The figures for pulp and paperboard were clearly more positive than other forest industry statistics, with production volumes growing in both categories, said the Finnish Forest Industries Federation (FFIF). The year 2015 was mixed for forest industry production. Fresh information on the industry's past year emphasizes how much a rapid leap in competitiveness is needed, FFIF said.
“Why are they walking away from all that revenue?” was the typical response among fellow publishers. Rodale didn’t really explain the change, only stating that it will coincide with the launch of “a bold new editorial vision for the world’s most established and original healthy lifestyle brand.” But the company left a trail of clues about the change in Prevention’s strategy. Publishers, pay attention, because Rodale may be on to something. The conventional wisdom in magazine publishing says that, even at heavily discounted rates, ad pages are profitable. But publishing ads can increase magazines’ costs in many ways beyond the relatively small expense of printing more pages.
EFI™ today reported that Cheadle, U.K.-based Cestrian Imaging Ltd is one of the first companies worldwide to have invested in the EFI VUTEk® HSr Pro, a dedicated roll-to-roll inkjet press – part of a dual-press purchase that also included an EFI VUTEk HS100 Pro hybrid roll/flatbed press. The company chose the EFI presses because of their robust production capabilities; the presses’ precise ink lay-down enables production-quality imaging at full-rated speeds – a unique advantage of their highly consistent, reliable ink adhesion on a wide range of substrates. “At Cestrian we pride ourselves on developing and processing materials which provide our customers with the best solution for their requirements, including those products that have high environmental credentials. However, our innovative approach to product development is not without its challenges, with some materials providing print instability and ink adhesion issues, for example. The EFI VUTEk presses give us the flexibility to process these materials with a low amount of waste, offering high quality at a competitive speed,” said Paul Gibson, Cestrian’s Production Director.
Brent crude futures were last up 35 cents at $33.23 a barrel by 0940 GMT, down from Monday's session high of $34.68. US futures were up 66 cents at $30.35. Financial markets have been rattled in the last week by concern about banks given signs of a potential global slowdown, prompting buying of perceived safe-haven assets such as gold , German Bunds and the Swiss franc. Oil, which had gained nearly 30 percent in the two weeks to early February, breaking above $35, has receded, in line with a retreat in stocks and industrial commodities.
•For full year 2015, the Company recorded a loss from continuing operations of $0.44 per share (diluted). Excluding certain items management considers not representative of ongoing operations, adjusted earnings were $2.00 per share, in line with management guidance. These results compared with $2.07 per share in 2014 on a constant currency basis. The Company's charge in 2015 for asbestos-related costs covers a four year period of estimated asbestos claims not yet asserted against the Company versus the three year period used in the prior year. •Fourth quarter 2015 adjusted earnings were $0.40 per share, compared with $0.32 per share in the same period of 2014 on a constant currency basis. •O-I generated $210 million of free cash flow for the full year 2015, modestly exceeding management guidance. This is on par with prior year free cash flow in constant currency, which was the Company's second highest year on record.