Cenveo, Inc. announced that the United States Bankruptcy Court for the Southern District of New York has confirmed its plan of reorganization, paving the way for the Company to emerge from Chapter 11 in the coming weeks. The terms of the Plan will enable the Company to exit Chapter 11 with a substantially deleveraged balance sheet and increased liquidity, allowing the Company to focus on its operations and grow its businesses. Prior to filing for Chapter 11, the Company's liabilities included approximately $1.1 billion in funded debt. Upon emergence, the Company's funded debt will be reduced by over $800 million to approximately $325 million. Click Read More below for additional information.
Two Sides (Europe) are excited to be a part of the judging team at this year’s Digital Print Awards. Amongst the many award categories, the category closest to Two Sides’ heart is the Environmental/Sustainability Company of the Year. We are looking for print companies that can demonstrate an ongoing commitment to sustainability through their policies and working practices. This may range from choice of substrates, inks and print technologies to waste management, recycling and carbon offsetting initiatives, plus employee engagement and recognition programmes. Click Read More below for additional information.
Sheridan’s Pennsylvania print facility is adding two new HP presses to the production floor: an HP PageWide T240HD Color Print Inkjet system equipped with a Duplex Primer system and a Magnum InLine FlexBook Finisher, and an HP Indigo 12000 B2-format digital press. The T240HD inkjet press, the second such press at the Pennsylvania site, will significantly increase capacity and the ability to meet the requirements and high demand of the growing POD book market. The Magnum FlexBook system will facilitate the production of high quality fused book blocks. The Indigo 12000 B2 digital press is an upgrade for the facility. The 12000 will print covers and casecovers for both books and journals, and as a result of its increased sheet size capability, it will print larger spine bulks than were previously accommodated. It will effectively double cover capacity and output. Click Read More below for additional information.
No matter which side of the aisle you find yourself standing on from a political standpoint, the 10% tariff that the Trump administration has imposed on imported aluminum is now being passed through as a surcharge by major lithographic printing plate manufacturers to their U.S. customer bases. And, while the cost of aluminum printing plates may only comprise 1-2% of the cost of goods sold for a typical offset printing job, add that to the higher prices printers are now paying for ink - and, especially, paper, which can account for up to 25% of the cost of goods for a typical print job - and the already tight profit margins offset printers face are being squeezed even tighter. Click Read More below for additional information.
Printing Industries of America (PIA), the world’s largest graphic arts trade association, has recognized the industrial inkjet printing system Primefire 106 of Heidelberger Druck-maschinen AG (Heidelberg) with the distinguished 2018 InterTech Technology Award. With 39 InterTech Technology awards in total, Heidelberg is the most decorated manufacturer in the industry. “The InterTech Technology Awards recognize truly innovative technologies that are expected to have a significant impact on our industry,” said Jim Workman, vice president for PIA’s Center for Technology and Research. “While less than half the entries received awards this year,” he added, “the judges concluded that the Primefire 106 clearly met the award standard.” Being the first commercially available industrial inkjet digital printing system in the 70x100 (40”) format, Primefire 106 is designed to equip packaging converters with the possibility to add extra value to each produced box, to achieve faster time to market with their products and to streamline supply chain costs with print-on-demand capabilities. Click Read More below for additional information.
LSC Communications, Inc. announced that it has been awarded a multi-year supply chain services agreement with educational publishing company Sussman Education Company, Inc. and its publishing imprint, Lightswitch Learning, LLC. Under the new agreement, LSC will provide warehousing and fulfillment services for Sussman Education Company, Inc. and Lightswitch Learning, LLC which includes a catalog of titles covering family engagement, social-emotional learning, career choice, bullying, financial literacy, and more. “Building on almost 50 years of success as a trusted partner with our customers, this exciting new collaboration enables us to efficiently and proactively provide solutions to best meet diverse customer needs,” said Ron Sussman, President, Sussman Education Company, Inc./Lightswitch Learning, LLC. Click Read More below for additional information.
Ennis, Inc. announced the completion of the merger of Wright Business Graphics, Inc. with a wholly owned entity of Ennis in a stock merger transaction that closed on July 31, 2018. Wright Business Graphics is a printing company headquartered in Portland, Oregon. Wright has 7 locations in Oregon, Washington and California with its main facility located in Portland, Oregon. The business produces forms, pressure seal, packaging, direct mail, checks, statement processing and commercial printing. Wright had approximately $58 million in sales for its fiscal year ended March 31, 2018 and sells mainly through distributors and resellers. The operations will continue to operate as Wright Business Graphics and related brand names. All of the facilities will continue their normal operations in their current locations. Click Read More below for additional information.
Net sales in the quarter were $1.68 billion, up $59.5 million or 3.7% from the second quarter of 2017. On an organic basis, consolidated net sales increased 2.7% primarily driven by higher volume and fuel surcharges in the Business Services segment, partially offset by price pressure. From a products and services perspective, Packaging, Logistics and Direct Mail accounted for most of the increase while Commercial Print was lower due to ongoing secular pressure and lower specialty card sales. Gross profit in the second quarter of 2018 was $290.6 million or 17.3% of net sales versus $302.0 million or 18.6% of net sales in the prior year quarter. The favorable impact of volume growth and cost reduction initiatives was more than offset by unfavorable changes in foreign exchange rates and modest price pressure. Click Read More below for additional information.
2Q 2018 Highlights: • Net sales of $943 million compared to $848 million in the second quarter of 2017, an increase of $95 million, or 11.2% • GAAP net income of $8 million, or $0.23 per diluted share compared to net income of $5 million, or $0.12 per diluted share in the second quarter of 2017 • Company completed the acquisition of RR Donnelley’s Print Logistics business and announced entering into definitive agreement to divest LSC’s European printing business. Click Read More below for additional information.
Net sales increased 1.1% during the six months ended June 30, 2018. Organic sales declined 3.7%, after excluding acquisition sales impact of 4.1% and increased pass-through paper sales of 0.7%, reflecting print industry volume and pricing pressures. Net earnings for the six months ended June 30, 2018, decreased $26 million to $6 million, or $0.11 per share, and included a special non-cash charge of $22 million for an employee stock ownership plan contribution as part of the benefit of tax reform and $21 million in higher restructuring charges. Click Read More below for additional information.