Full Year 2019 Highlights: Total Reported Sales of $10.6 Billion, down 3% from Prior Year; Operating Income of $191 Million and Net Income from Continuing Operations of $99 Million; Operating Cash Flow of $366 Million and Adjusted Free Cash Flow of $310 Million. Fourth Quarter 2019 Highlights: Total Reported Sales of $2.5 Billion, down 6% from Prior Year Period; Operating Income of $74 Million and Net Income from Continuing Operations of $55 Million; Operating Cash Flow of $152 Million and Adjusted Free Cash Flow of $135 Million.
California should delay enforcing the state's sweeping new privacy law until next year, the Association of National Advertisers argues in comments submitted Tuesday to the state attorney general. The California Consumer Privacy Act gives consumers the right to learn what information has been collected about them by companies, have that information deleted, and prevent the sale of that data to third parties. The law took effect last month, and companies will be subject to enforcement starting in July. The ANA argues in its 18-page comments that companies will need an additional six months to comply with the “novel and operationally complex” measure.
• We continued to make progress on the transformation of our business including digital subscription offerings, ending the year with almost 80,000 subscribers with digital access including almost 28,000 digital only subscribers to our Daily Brands news sites. We also have more than 200,000 registered users in our Daily Brands news sites. • We now have over 280,000 registered users in the Community news sites and continue to evaluate potential subscription models in the Community Brands segment. In one test market, we have fully rolled out paid subscriptions and subscribers now represent approximately 18% of the homes where we deliver. • Effective December 20, 2019 we ceased publication of the printed editions of the StarMetro free daily newspaper in Toronto, Vancouver, Calgary, Edmonton and Halifax in order to both reduce costs and transition to a digital-only news service outside of Ontario. • Our operating revenue was $124.0 million in the fourth quarter of 2019, down $20.8 million or 14% relative to the fourth quarter of 2018. • Our net income attributable to equity shareholders was $14.1 million ($0.17 per share) in the fourth quarter of 2019. This compares to a net loss attributable to equity shareholders of $3.1 million ($0.04 per share) in the fourth quarter of 2018.
DS Smith, the leading provider of sustainable packaging solutions, has today announced the appointment of Dr Susana Aucejo as senior R&D Director to lead the company’s work on plastics replacement and the development of innovative barrier solutions. As some of the world’s leading companies look to raise their environmental credentials by investing in sustainable packaging solutions, Dr Aucejo’s expertise will be crucial to further develop DS Smith’s recyclable corrugated range. Her work will focus on the strategic development of technologies to enable paper-based solutions to withstand significant temperature variations, oxygen contact, moisture, water vapour and fatty substances. She will lead R&D activity focused on developing creative and sustainable options for customers that have previously relied on plastics to keep their products safe.
Sonoco has announced organizational updates to its Global Industrial and Consumer Products divisions, led by Executive Vice President Rodger Fuller. James Harrell will serve as Vice President, Americas Industrial, with responsibilities for Sonoco’s integrated Paper/Industrial Converted Products operations in the U.S./Canada, Latin America and Brazil; Reels and Recycling in the U.S.; and Fiber Protective Packaging. Harrell previously served as Vice President, Tubes and Cores, U.S. and Canada. Adam Wood will remain Vice President, Paper/Industrial Converted Products, Europe, Middle East, Australia/NZ, and Michel Schmidlin remains Division Vice President & General Manager, Sonoco Conitex/Asia. click read more for additional info
Pregis, a leading protective packaging materials and automated systems manufacturer, has joined Circular Economy Flexible Packaging (CEFLEX), a European consortium of companies and associations representing the entire flexible packaging value chain. CEFLEX has established a roadmap and targets to achieve a circular economy for flexible packaging for the years 2020 to 2025, and increase recycling efforts across the EU. Robust actions also include guidelines on packaging design, driving collection and sorting of flexible packaging materials, as well as the identification of sustainable end markets for their downstream use. The initiatives also include a business case component which calls for recycled flexible packaging to be returned to the economy in competitive pricing and quantities.
Five leading companies in Canada’s food, beverage and packaging sector are joining forces and created the Circular Plastics Taskforce (Groupe d’action plastiques circulaires, or GAPC) to develop a circular economy for plastics, in partnership with the Canadian Plastics Industry Association (CPIA) and with support from Environment and Climate Change Canada. Éco Entreprises Québec will also support the project as a consultant and financial partner. With the goal of closer alignment between market needs and recycling stakeholders (material recovery facilities (MRF) and packaging companies), Cascades, Danone Canada, Dyne-a-pak, Keurig Dr Pepper Canada, TC Transcontinental, and CPIA have teamed up with Centre de transfert technologique en écologie industrielle (CTTEI) at the Sorel-Tracy CÉGEP and Chamard Stratégies environnementales to identify and recommend solutions for optimizing the handling of plastics throughout the recycling value chain.
Fourth Quarter and 2019 Results: Fourth quarter and full year 2019 loss from continuing operations of $57 million and $119 million due primarily to extremely weak commodity pricing, which alone negatively impacted results by $162 million in the full year period; Took decisive action in 2019: implemented strategy to increase margins for Cellulose Specialties, reduce capital expenditures, sell the Matane asset and reduce debt; $151 million of liquidity as of year-end 2019; 4.1x senior secured leverage versus 5.6x covenant ratio.
Fossil-free heating is to be installed at SCA’s Bogrundet nursery. The investment includes a large, environmentally-friendly heating system that will operate on pellets. SCA is also receiving a grant from the Swedish Environmental Protection Agency’s Klimatklivet initiative to reduce its emissions of greenhouse gases. The Bogrundet nursery in Timrå is the world’s largest tree nursery and SCA grows about 95 million seedlings here every year. The company has been looking for a climate-friendly and good technical solution for some time to heat the 14 greenhouses and avoid the use of oil.
Fourth Quarter 2019 Highlights (Reported Basis): Revenue of $693 million; Income from operations of $44 million; TiO2 local selling prices 1 percent lower benefiting from margin stability initiatives and sales volumes down within seasonally typical range, 9 percent, versus third quarter 2019. Full Year 2019 Highlights (Reported Basis): Revenue of $2,642 million; Income from operations of $95 million; GAAP diluted loss per share from continuing operations of ($0.81); Total acquisition synergies of $89 million achieved, exceeding increased guidance issued in the third quarter of $65 million by $24 million. Returned $315 million to shareholders through share repurchases and regular dividend payments; $100 million discretionary debt repayment made in December 2019.