Total sales for the second quarter of 2016 increased 2.6 percent to $319.8 million, while comparable store sales decreased 1.4 percent. For the first six months of 2016, total sales increased 1.6 percent to $675.5 million, while comparable store sales decreased 2.5 percent. Net income for the second quarter was $3.0 million or $0.06 per diluted share compared to net income of $4.1 million or $0.09 per diluted share in 2015. For the first six months of 2016, net income was $16.3 million or $0.35 per diluted share compared to $17.7 million or $0.38 per diluted share in the same period in 2015. The first six months of 2016 includes $1.7 million, or $0.02 per diluted share, higher expense for actual and anticipated legal settlements. Gross profit for the second quarter of 2016 was $89.4 million or 28.0 percent of sales compared to $88.9 million or 28.5 percent of sales in 2015. The decrease in the second quarter gross profit rate is due to higher markdowns and higher occupancy costs. click Read More below for details
This past week, Midland Paper, Packaging + Supplies, one of North America’s largest independent distributors of media for business communications, participated for a second year in a row as a Platinum Sponsor in the thINK 2016 Customer Conference. This exclusive event took place in Boca Raton, FL from October 10 – 12. thINK 2016 is one of the largest invitation-only, hosted summits designed for senior managers and business executives who want to understand how Canon Solutions America’s production inkjet printing technology, software and solutions will help them grow their business now and in the future. Over 450 Canon Solutions America customers, industry leaders and solution partners came together for thINK 2016, a powerful community designed to connect, collaborate and inspire.
“We are honored and excited to once again participate as a founding partner of this incredibly important independent user group and industry event. Our goal at Midland is to help Canon customers across the country address their most challenging inkjet media needs with new products and solid solutions”, said David Field, Midland’s Senior Business Manager, Inkjet Technologies. thINK 2016 was particularly exciting for David Field as he was bestowed the honor of participating as a panelist for one of the conference’s many educational sessions – Inkjet Paper 101 along with representatives from Appvion, Domtar and International Paper.
“Midland Paper’s goal is simple – to be the market leading merchant distributor dedicated to the high speed continuous inkjet market in North America, “said Mike Ratcliff, Midland’s Vice President and General Manager for Specialty Paper and Film. At thINK 2016, Midland took a giant step in that direction with the launch of the only product catalog in the North American Market that is solely dedicated to Web and Sheetfed Inkjet compatible media. The response from conference attendees to the new catalog was phenomenal. Whether a Publisher, Commercial Printer, Direct Mail provider or Transactional print shop, digital print departments require high quality inkjet print media that will run trouble free. All of Midland’s products in the new catalog are engineered to meet the most demanding high speed continuous inkjet applications.
With over $1.1 billion in annual sales, Midland Paper, Packaging + Supplies is one of the largest independently owned merchant distributors in North America. Midland’s access to the world’s highest quality paper mills and digital substrate manufacturers, combined with its commitment to provide excellent customer service and unmatched industry expertise, uniquely positions the company to be the future of digital media supply.
For further information on Midland Paper’s Quick Jet! line of high speed inkjet papers, you may contact Mike Ratcliff at Michael.Ratcliff@midlandpaper.com or David Field at David.Field@Midlandpaper.com.