HP Annouces Job Cuts, Q2 Results

HP to Cut 27,000 Jobs: HP today outlined plans for a multi-year productivity initiative designed to simplify business processes, advance innovation and deliver better results for customers, employees and shareholders.The restructuring is expected to generate annualized savings in the range of $3.0 to $3.5 billion exiting fiscal year 2014, of which the majority will be reinvested back into the company.

http://whattheythink.com/news/58237-hp-reports-3-drop-revenue/?utm_source=whattheythink&utm_medium=rss&utm_campaign=rss

HP today announced financial results for its second fiscal quarter ended April 30, 2012. For the quarter, net revenue of $30.7 billion was down 3% year over year both as reported and when adjusted for the effects of currency.

AbitibiBowater Makes Name Change Official

Resolute Forest Products is AbitibiBowater’s new official name:
At AbitibiBowater‘s annual general meeting today, stockholders have approved renaming the company to “Resolute Forest Products” effective tomorrow – May 24, 2012.

As part of this change, stockholders also agreed to change the company’s common stock ticker symbol from ABH to RFP on both the New York Stock Exchange and the Toronto Stock Exchange, also effective May 24, 2012.

Resolute Seeks Repurchase of 10% of Shares

Resolute Forest Products wants to repurchase shares:
AbitibiBowater Inc., doing business as Resolute Forest Products, has announced that its Board of Directors has authorized the repurchase of up to 10% of the company’s common stock for an aggregate purchase price of up to US$100 million. The repurchase program will be funded using the company’s available cash.

Catalyst Paper Meeting with Creditors

Catalyst Paper creditors meeting today:
The meeting of Catalyst Paper‘s secured and unsecured creditors is being held this morning in Vancouver. The creditors will be discussing Catalyst Paper’s proposed Plan of Arrangement under the Companies’ Creditors Arrangement Act.

Newsprint Ships Up; More Closures Expected

North American newsprint shipments in April were 1.7% higher than a year ago, which trimmed the average decline in volumes in the first four months of the year to 1.3%, according to the Pulp and Paper Products Council (PPPC). Mill operating rates averaged 91% compared with 93% in April 2011.

RISI today announced a high risk of closure for over 7 million total tonnes of global newsprint capacityover the next 5 years; 2 million tonnes in North America alone.

New Measuring Tools for Publishers

http://www.foliomag.com/2012/abc-gfk-mri-step-audience-measurement-efforts

The magazine industry now has more avenues when it comes to quantifying its total reach—both the Audit Bureau of Circulations, and media research company GfK MRI, have introduced new tools for publishers that can help provide a clearer picture of who readers are, and how many of them exist. 

Facebook Not to Issue Paper Certificates

http://money.cnn.com/2012/05/22/technology/facebook-paper-stock-certificates/?hpt=hp_t2

Facebook investors hoping for a tangible marker of their ownership stake are out of luck. The company won't be offering paper stock certificates, despite earlier indications that it planned to make them available.

LA Looks at Plastic Bag Ban

http://www.scpr.org/news/2012/05/22/32525/la-bag-ban-big-whale-environmental-groups-plastics/

Of the 75 communities across the country that have prohibited plastic bags, two-thirds of them are in California. Los Angeles might be next; this week, its city council could push a ban on single-use bags forward.

For Gov. & Barnes & Noble; New Venture

GPO / Barnes & Noble to Sell Federal eBooks: Government Printing Office (GPO) has signed an agreement with Barnes & Noble to sell Federal eBooks.

2012 Print Forum; Focus on ROI

Integrated Print Forum to Help Printers Increase Their New Media ROI: Printers of the 21st century recognize that expanding service offerings to new communication media and becoming an integrated print provider for customers is the future of print. The 2012 Integrated Print Forum will provide insights on how to effectively integrate print into the marketing mix and increase printers’ ROI.

Commerce Dept. Revises Commercial Print Ships Data

Commerce Department Revises Years of US Commercial Printing Shipments Data; Downward Revisions from 2009 Through 2012 (Economics & Research Center):
On Friday, May 18, the Commerce Department issued its annual revisions to manufacturer shipments. The revisions reached back all the way to 2001, with minor revisions to seasonality and little change to annual shipments. Starting with 2009, however, there were significant downward revisions.

RR Donnelley Buying EDGAR Online

RR Donnelley to Acquire EDGAR Online, a Provider of Financial Data and Analytics: R. R. Donnelley & Sons and EDGAR Online have signed a definitive agreement for RR Donnelley to acquire EDGAR Online, a leading provider of disclosure management services, financial data and enterprise risk analytics software and solutions for both corporate and investment professionals. The deal is valued at approximately $70.5 million. The transaction is expected to close during the third quarter of 2012.

Manistique Owner Completes Equity Offer

http://boston.citybizlist.com/7/2012/5/21/Watermill-Group-Partnership-Raises-4M--cbl.aspx

A partnership sponsored by The Watermill Group completed a $4 million equity offering.

Watermill-MPI Partners, L.P. attracted 42 unspecified investors, according to the related SEC filing.

Union Hopes for Second Chance with Kruger

http://www.cbc.ca/news/canada/newfoundland-labrador/story/2012/05/21/nl-kruger-union-pension-vote-521.html

The union representing workers at a troubled Kruger newsprint mill in western Newfoundland says it is hoping to arrange a second vote on pension reform that might keep Corner Brook Pulp and Paper running.

Quad/Graphics' Depew Under Sale Contract

Former Quad/Graphics building is under contract for purchase:
Quad/Graphics’ former plant in Depew may soon have a new owner.
The 850,000-square-foot facility is under contract to a prospective buyer, said Richard Schechter, senior director with Pyramid Brokerage Co.’s Buffalo office. Pyramid has marketed the property for sale.

Forbes Launches New Title

http://www.btobonline.com/article/20120522/MEDIABUSINESS0902/305229992/forbes-to-launch-forbes-brazil

Forbes Media plans to debut Forbes Brazil, which will be published in Portuguese, in July. The publisher is launching the new magazine, its 22nd international edition, in partnership with BPP LTDA, which is also publishes Billboard Brazil.

RDA Asking Bondholders to Accept Offer

http://www.nypost.com/f/print/news/business/reader_digest_ceo_it_time_for_haircut_Dcrg3x19cUY9cGM41MCxGI

Reader’s Digest Association CEO Robert Guth is asking bondholders to take a 5% haircut on its senior debt. Nearly $60.7 million has been earmarked for the tender offer. The company said yesterday that it was giving bondholders until June 14 to decide whether to accept the take-it-or-leave-it offer on senior secured notes due in 2017.

The publisher of the iconic Reader’s Digest, which is published in 78 countries, is using proceeds from its recent sale of Allrecipes.com for $175 million to pay off the bondholders.

DMA Not Looking for New CEO

http://www.btobonline.com/apps/pbcs.dll/article?AID=/20120522/DIRECT08/305229990/dmas-woolley-says-no-ceo-search-planned&template=printart

Linda Woolley, named last week as acting president-CEO of the Direct Marketing Association following the resignation of Larry Kimmel, may be in that role for quite a while. Woolley told BtoB that there is no official search process in place to seek a permanent operational head for DMA.

'House Beautiful' First with Print to Pinterest

'House Beautiful' becomes first Pinterest-enabled print magazine: 'House Beautiful' readers can now pin images directly from the print magazine to Pinterest using a new solution from Digimarc Corporation.

Houghton Mifflin Harcourt Files for Bankruptcy

Houghton Mifflin Harcourt Officially Files Chapter 11 Bankruptcy: Houghton Mifflin Harcourt Publishers Inc filed for Chapter 11 bankruptcy protection on Monday after the struggling textbook publisher agreed with its creditors to eliminate about $3.1 billion of debt.