*Second quarter 2015 GAAP earnings per diluted share were $.63, compared with $.57 per diluted share in the same period of 2014, as restated. On July 16, 2015, Sonoco previously reported preliminary estimated second quarter 2015 GAAP earnings per diluted share of $.61. *Base net income attributable to Sonoco (base earnings*) for second quarter 2015 was $.68 per diluted share, compared with $.61 in the same period of 2014, as restated. The Company previously reported estimated base earnings of $.66 per diluted share for second quarter 2015. *Year-to-date 2015 GAAP earnings per diluted share were $1.47 per diluted share, compared with $1.06 in the same period in 2014, as restated. The Company previously reported year-to-date 2015 GAAP preliminary estimated results of $1.44. *Year-to-date 2015 base earnings were $1.22, compared with $1.11 in the same period in 2014, as restated. The Company previously reported year-to-date preliminary estimated base earnings of $1.19.
Gap Inc.’s comparable sales for the second quarter of fiscal year 2015 were down 2 percent versus flat last year. Comparable sales by global brand for the second quarter were as follows: * Gap Global: negative 6 percent versus negative 5 percent last year * Banana Republic Global: negative 4 percent versus flat last year * Old Navy Global: positive 3 percent versus positive 4 percent last year For the first half of fiscal year 2015, the company’s diluted earnings per share were $1.09. The company’s adjusted diluted earnings per share were $1.42, or an increase of approximately 12 percent compared with adjusted diluted earnings per share for the first half of fiscal year 2014, which excludes a $0.05 gain on asset sale.
Verso Corporation (NYSE: VRS) today announced that it plans to make major reductions in its coated paper and pulp production capacity by shutting down the No. 1 pulp dryer and No. 2 paper machine at its Androscoggin Mill in Jay, Maine, and indefinitely idling its mill in Wickliffe, Kentucky. Together, these actions will reduce Verso's production capacity by 430,000 tons of coated paper and 130,000 tons of dried market pulp. Verso intends to implement these capacity reductions beginning in the fourth quarter of 2015.
Verso Corporation (NYSE: VRS) announced today that the New York Stock Exchange has notified Verso that it has fallen below the NYSE's continued listing standard requiring that Verso's average market capitalization be at least $50 million over a consecutive 30-trading-day period. As of August 13, 2015, the date of the NYSE notification, Verso's average market capitalization over the past 30 consecutive trading days was approximately $44.2 million.
Arlington Swifty Printing has joined Two Sides North America, the non-profit organization that promotes and encourages the responsible production, use, and sustainability of print and paper. “The information Two Sides provides is very important and will allow us to get the true facts out to our customers about printing and paper. Two Sides is a perfect fit with our own environmental friendly approach here at Swifty,” said Charles Pappas, Arlington Swifty Printing.
Second Quarter Overview • Comparable store sales decreased 1.3% in the second quarter as compared with the prior year period. • Gross margin rate increased 24 basis points to 36.8% of net sales in the current year period. • Net loss in the second quarter of fiscal 2015 was $39.6 million, or $2.01 per diluted share, compared with net loss of $36.2 million, or $1.86 per diluted share, in the second quarter of fiscal 2014. Second quarter of fiscal 2015 results include a loss of $4.9 million, or $0.25 per diluted share, as a result of the early termination of one of the Company's mortgage facilities and a gain of $0.7 million, or $0.04 per diluted share, for the aforementioned insurance settlement. Excluding these factors, net loss in the second quarter of fiscal 2015 was $35.4 million, or $1.80 per diluted share.
Net income for the second quarter was $4.1 million or $0.09 per diluted share compared to net income of $1.7 million or $0.04 per diluted share in 2014. Second quarter adjusted net income was $4.4 million or $0.10 per diluted share compared to adjusted net income of $2.7 million or $0.06 per diluted share in 2014 (see Note 1). Total sales for the second quarter of 2015 increased 4.5 percent to $311.6, while comparable store sales increased 3.0 percent. For the first six months of 2015, total sales increased 6.1 percent to $665.1 million, while comparable store sales increased 4.0 percent. Our ecommerce business contributed 80 basis points to comparable sales growth in both periods.
The optional fifth color unit increases the ability to match a larger gamut of Pantone colors or unknown spot colors without hindering productivity. Orange, green or blue options supplement CMYK, enabling the iGen 5 to hit distinctive brand colors without moving short runs to offset. Other features of the new iGen 5 press platform include: An EFI Fiery or Xerox FreeFlow print server to automate and integrate the workflow process from order to finish. Gloss or matte dry ink options that add to the ability to create unique and eye-grabbing applications. A 26˝ sheet size to enable more jobs and applications, such as six-panel brochures, gatefold pamphlets, pocket folders and direct mail campaigns. 2,400×2,400 dpi imaging, Object Oriented Halftoning, Xerox Confident Color and Auto Density Control.
Metsä Wood, the wood products business of Metsä Group, will start statutory employee negotiations to adjust its production in sawmills in Finland. Oversupply and price competition that have prevailed in the sawn timber market have resulted in poor price development of Finnish sawn timber. Metsä Wood is planning to lay off all of its employees at the Vilppula and Renko sawmills for a maximum period of three weeks. The statutory employee negotiations are expected to be completed during August, and any restrictions will primarily be implemented by the end of November 2015.
The U.S. ad marketplace continued its seasonal downward trend in July, posting its lowest level since January, according to an analysis of the U.S. Ad Market Tracker. The index, which is derived from actual ad spending processed by major U.S. agency holding companies, was benchmarked to 100 in January 2009. The index has been building steadily over the past six years, but fell to a 165 in July from a 193 in June, reflecting a seasonal downturn that occurs in the summer months as demand wanes for many advertising categories. Based on historical patterns, the index should continue to fall into August and begin to build again in September as fall marketing campaigns ramp up heading into the holiday marketing season.