Resolute Reports Preliminary First Quarter 2013 Results: Resolute Forest Products today reported a net loss of $5 million for the quarter ended March 31, 2013, or $0.05 per share, on sales of $1.074 billion. This compares to net income of $23 million, or $0.23 per diluted share, on sales of $1.054 billion in the first quarter ended March 31, 2012.
Excluding $33 million of special items, net income for the quarter was $28 million, or $0.30 per share. Excluding special items of $16 million, net income in the first quarter of 2012 was $7 million, or $0.07 per diluted share.
Tuesday, April 30, 2013
Chinese RCP Imports Up 26.3%, Pulp Up 36.6%
China's
recovered paper (RCP) imports rose 26.3% to around 2.609 million tonnes in
March, up from some 2.066 million tonnes in the previous month, according to
data from China Customs.
The
big increase in March intake is ascribed to the long Chinese Lunar New Year
holiday in February. March's figure was nonetheless 10.9% lower than the 2.928 million tonnes recorded in March 2012.
Total RCP imports in the first three months came in at 7.193 million tonnes, slipping 0.5% from the year-earlier period.
The March spike was due to the week-long Chinese Lunar New Year holiday in February, as pulp cargoes had been arranged to avoid arriving in the country during the long vacation period. Large quantities were therefore delivered to the country in March.
But March's total pulp import figure was 8.7% lower than the 1.631 million tonnes recorded in the same month of 2012.
Pulp imports for the first quarter totaled some 3.944 million tonnes, a decrease of 9.5% from the preceding year.
Wausau Reports Q1 Results
Excluding special items, the Company reported a net
loss for the first-quarter of $1.7 million, or $0.04 per share compared
with first-quarter 2012 net earnings, excluding discontinued operations
and special items, of $4.8 million, or $0.10 per share.
Glatfelter Reports Q1 Results
Glatfelter
(GLT) today reported first quarter 2013 net income of $15.6 million, or $0.36
per diluted share, and adjusted earnings of $17.4 million, or $0.40 per diluted
share. These results compare with first quarter 2012 net income and adjusted
earnings of $18.9 million, or $0.43 per diluted share.
Consolidated
net sales for the first quarter of 2013 totaled $405.2 million, a 2.0 percent
increase compared with $397.4 million in the first quarter of 2012.
MeadWestvaco Reports Q1 Results
MeadWestvaco's 1Q profit falls on charges:
MeadWestvaco Corp. said Tuesday restructuring charges dragged first-quarter profits down more than 77 percent at the packaging company, despite rising sales.
MeadWestvaco Corp. said Tuesday restructuring charges dragged first-quarter profits down more than 77 percent at the packaging company, despite rising sales.
Meredith Expands Ad Sales Guarantee Program
Meredith Expands Ad Sales Guarantee Program:
On the heels of a strong third quarter, Meredith Corp. announced that it is expanding its Sales Guarantee program following a successful inaugural year...
The Meredith Sales Guarantee program pledges an increase in sales performance for brands that advertise in the company’s portfolio of women-focused magazines. Brands participating in the first year of the Meredith Sales Guarantee experienced an average return on investment of $7.81 for every $1 invested in advertising in Meredith magazines, a statement from the company says.
On the heels of a strong third quarter, Meredith Corp. announced that it is expanding its Sales Guarantee program following a successful inaugural year...
The Meredith Sales Guarantee program pledges an increase in sales performance for brands that advertise in the company’s portfolio of women-focused magazines. Brands participating in the first year of the Meredith Sales Guarantee experienced an average return on investment of $7.81 for every $1 invested in advertising in Meredith magazines, a statement from the company says.
Meredith Corp., the publisher of magazines such as Ladies' Home Journal and Better Homes and Gardens, is expanding its program for large advertisers to encompass more product categories, such as pharmaceuticals, and the number of clients it will work with. "We're a multimedia company," said Tom Harty, president of Meredith's National Media Group, which sells digital media as well as magazine ad pages. "We just feel like print gets bashed a little too much."
The Economist Targets College Students
The Economist magazine is headed to campuses around the country to encourage
students, teachers, professors and others in the academic community to become
readers.
An effort that is to begin on Monday will carry the theme “Dare 2 Go Deep With The Economist” – the numeral, presumably, echoing how so many members of the intended audience use shorthand when they communicate online and on mobile devices.
An effort that is to begin on Monday will carry the theme “Dare 2 Go Deep With The Economist” – the numeral, presumably, echoing how so many members of the intended audience use shorthand when they communicate online and on mobile devices.
U.S. News & World Report Profitable Again
He saw a similar occurrence in Washington, where he presided over Regardie’s monthly business magazine from its inch-thick heyday in the 1980s to its famous flame-out during the early-1990s real estate bust.
So after Kelly — a former editor at The Washington Post — ascended to the top spot at money-losing weekly news magazine U.S. News & World Report in April 2007, he had one thought:
Not on my watch.
Hearst Launches Harper's BAZARR in Germany
Premiering with a Fall 2013 issue, the magazine will publish monthly starting in Spring 2014.
McGraw-Hill Renamed McGraw Hill Financial
This
morning (April 30), McGraw-Hill Cos. chairman/president/CEO (since 1998) Harold
("Terry") McGraw III announced the corporate name change to McGraw
Hill Financial (no hyphen). The news followed the March 22 closing of MH's $2.4
billion sale of college-textbook publisher McGraw-Hill Education to a group of investment funds affiliated with
Apollo Global Management.
Online Tax Too Late for Small Businesses?
The Senate is poised to pass a bill to require all but the smallest online sellers
to collect the tax. The House appears likely to follow suit. Although Amazon’s
desire to avoid the tax played a fundamental role in its founding and growth,
it is a supporter of the legislation.
As it builds new warehouses and extends its already considerable reach, Amazon is relying less on price than speedy delivery, free shipping and a selection that encompasses just about everything. Small retailers say Amazon was always a significant opponent, and is now a fearsome one.
“It’s beyond frustrating that Congress waited until Amazon became so
dominant that having a massive tax advantage is no longer essential to its
strategy,” said Stacy Mitchell, a senior researcher with the Institute for
Local Self-Reliance. “The right time to fix this was a decade ago, when it
could have saved many local businesses."
As it builds new warehouses and extends its already considerable reach, Amazon is relying less on price than speedy delivery, free shipping and a selection that encompasses just about everything. Small retailers say Amazon was always a significant opponent, and is now a fearsome one.
Coupon Use Still Strong
A majority of respondents (74%) state that economic factors contributed to their increase in coupon usage over the last five years, either because their personal finances declined (43%) or because the recession made them more conscious about the importance of saving (31%). Additionally, 23 percent of respondents indicate that they use coupons more now because technology makes it easier to find and use them.
Overall, the perception of couponing is positive, as indicated by nearly 6 in 10 respondents considering people who use coupons to be "savvy" (59%) versus "cheap" (9%).
CPI, Green Groups Lobby Gov. to Limit Support for Biomass
Confederation of Paper Industries (CPI) has joined forces with a number of environmental groups and fibre-based trade associations to lobby Government to limit support for energy-only biomass.
Organisations supporting the campaign include the RSPB, Greenpeace, Friends of the Earth, the
Wood Panel Industries Federation, the UK Forest Products Association and international wood product businesses Egger, Kronospan and Norbord. They have jointly written to Government warning that the pursuit of generating electricity from wood threatens to backfire, both in terms of the environment and industry.
The campaign raises concerns over Government plans to subsidise biomass electricity which could see the sector consuming the equivalent of up to six times the UK's annual forestry harvest by 2017, with catastrophic results. The group highlights that this huge new demand for wood will put up prices, risking the survival of existing industries - in wood, wood panels, packaging, construction, furniture and paper - and many of the 40,000 jobs that rely on them. Wood Panel Industries Federation, the UK Forest Products Association and international wood product businesses Egger, Kronospan and Norbord. They have jointly written to Government warning that the pursuit of generating electricity from wood threatens to backfire, both in terms of the environment and industry.
Monday, April 29, 2013
EURO-GRAPH Reports March Paper Shipments
EURO-GRAPH reported March shipments of coated mechanical paper fell -11.8%, demand was down -11.6% and exports decreased -12.7%. Coated woodfree shipments declined -9.9% in the month, demand fell -10% and exports decreased -11.2%. Uncoated woodfree shipments were down -10.6%, demand declined -8.4% and exports fell -19%. Supercalendered paper shipments decreased -12.6%, demand was down -9.3% and exports declined -28.5%.
Port Hawkesbury Announces SC Price Increase
Port Hawkesbury Paper has announced a Supercalendered paper price increase, effective on all new and existing orders with confirmed ship dates of July 1 or later. All basis weights and finishes of the following brands will increase $2.50/cwt:
Artisan®,
Prominence Plus® and Prominence®
The price for the following brand will increase $3.00/cwt:
Maritime®
Resolute Prices $600 Million Senior Notes Offering
Resolute
Forest Products Inc. today announced that it priced the offering of $600
million aggregate principal amount of its senior notes due 2023 (the "2023
notes") at 5.875% and 99.062% of par value.
The notes will be unsecured and guaranteed by substantially all of Resolute's U.S. subsidiaries.
The
offering of the 2023 notes is expected to close on May 8 , subject to customary
closing conditions, with net proceeds used to repurchase, repay or otherwise
discharge all, or substantially all, of its $501.2 million outstanding
aggregate principal amount 10.25% senior secured notes due 2018 (the "2018
notes"). The Company is currently conducting a tender offer for the 2018
notes, which offer is scheduled to expire at 12:00 midnight, New York City
time, on May 21, 2013 , unless extended by the Company.
The notes will be unsecured and guaranteed by substantially all of Resolute's U.S. subsidiaries.
Resolute's Thunder Bay Faces Challenges
The
president of Resolute Forest Products says he thinks the company's Thunder Bay
mill has a future in the pulp and paper business.
But,
added Richard Garneau, it won't come easy.Facing a 10 per cent decline in demand over the first quarter of 2013 compared to a year ago,
Garneau said the company had no choice but to temporarily shut down
the plant this month, correcting a potential oversupply had the decision not
been made. More than 100 people were affected.
Canadian Rail Car Shortage Affects Industry
Frustration
is growing among saw mill and pulp mill owners as a Canadian National rail car
shortage is forcing companies to find alternate ways to ship lumber products.
Just
as the lumber industry in the province begins to bounce-back due to a more
stable homebuilding sector in the U.S., several northern New Brunswick mills
have been forced to pay thousands of extra dollars every week to ship lumber to
the U.S. by truck due to a shortage in CN rail cars.
Capital Hill's Internal Argument on Online Sales Tax
Legislation that would force Internet retailers to collect sales taxes from
their customers has put antitax and small-government activists like Grover
Norquist’s Americans for Tax Reform and the Heritage Foundation in an unusual
position: they’re losing.
For years, conservative Republican lawmakers have been influenced heavily by
the antitax activists in Washington, who have dictated outcomes and become the
arbiters of what is and is not a tax increase.But on the question of Internet taxation, their voices have begun to be drowned out by the pleas of struggling retailers back home who complain that their online competitors enjoy an unfair price advantage.
Men's Fitness Rebranded
Two
years ago, Men's Fitness put Vin Diesel on its cover,
wearing a red, body-hugging T-shirt and surrounded by coverlines that screamed
"Instant muscle" and "53 fat-burning tips." Vin is back for
the June issue, and while he’s still showing off his biceps, this time he’s
sporting John Varvatos and Banana Republic.
Sitting
at a long conference table in the offices of American Media Inc., chairman David Pecker placed the 2011 issue alongside
the new one to underscore the point: Men's Fitness, long the province of
workout tips and Gatorade ads, is going in an upscale lifestyle direction to
compete with the likes of Men’s Health, Details and GQ.
ESPN Magazine: Print Spin on Sponsored Content
Branded
content has gotten plenty of attention as it's taken off online where the
division between editorial and advertising real estate can be fuzzier (see: Forbes, The Atlantic, BuzzFeed, Gawker), but
publishers have shied away from using similar strategies in print. Now,
ESPN: The Magazine is taking a page from electronic media by letting an
advertiser incorporate its logo into editorial content.
Financial Times Subscritptions Up, Ad Revenue Down
Another struggle for
125-year-old Pearson publicationThe Financial Times is facing a weak advertising market,
despite subscription gains, The Guardian reported. Parent company Pearson
said it's because a number of large ad campaigns are planned for the
second quarter, whereas last year they ran in the first quarter.
Despite
the blow to ad revenue, Financial Times digital subscriptions increased by 4
percent in the first quarter, to 328,000. The business news publication has a
global paid and digital circulation of 602,000.Still, along with others in the industry, print ad revenue has been challenged in recent months and digital advertising has been slow to make up for it. There's growing competition for the global business reader, from the likes of The Wall Street Journal, Reuters and Bloomberg LP. In February, there were rumors that the 125-year-old paper would be sold.
RH Mails Spring 2013 Catalog
The Spring 2013 Restoration Hardware catalog
has arrived and this is notable for just a few reasons.
It is not one catalog, it is six. And it appears Restoration Hardware is rebranding itself RH, or so each catalog is labeled.
At a total of 1,598 pages, the six books cover: Small Spaces; Objects of Curiosity; Tableware; Baby & Child; Outdoor & Garden; and Interiors – the biggest in the collection.
They are beautifully photographed, as you might imagine, evoking a sense of world travels and the well-worn comfort of Gucci loafers.
It's an interesting approach, a traditional printed catalog, at a time when even a full 140 character tweet seems too long.
Pearson Reports Q1 Results
Pearson, the world’s leading learning company, is today holding its Annual
General Meeting and providing an interim management statement for the first
three months of 2013.
Pearson is trading in line with the expectations set out in our full-year
results announcement on 25 February (http://bit.ly/ZkoXqf).
In the first three months of the year, sales including Penguin increased by 3%
at constant exchange rates to £1.2bn (a headline increase of 4% and an
underlying decline of 1%).
ABM Merger with SIIA Approved
ABM Merger with SIIA Officially Approved 83-3:
At ABM's 2013 Annual Conference here in Amelia Island, FL today, membership cast their vote as the final step to approve the merger between ABM and SIIA. The vote came in at 83 for, 3 against, but not without a bit of drama.
At ABM's 2013 Annual Conference here in Amelia Island, FL today, membership cast their vote as the final step to approve the merger between ABM and SIIA. The vote came in at 83 for, 3 against, but not without a bit of drama.
Global Ad Spend Continues Uptick
Global Ad Spend Continues Uptick; Internet to Overtake Print in 2015: ZenithOptimedia predicts global ad spend to strengthen over the next three years.
http://adage.com/article/agency-news/zenithoptimedia-forecasts-global-ad-spending-jump-3-9/241142/
Publicis Groupe's ZenithOptimedia predicts global advertising expenditures will grow 3.9% in 2013, reaching $518 billion by the end of the year. ZenithOptimedia's forecast shows an upward trend for ad investments in the Middle East and North Africa—a first for the region since the Arab Spring in 2011. It also calls for spending surges in rising markets like Latin America. Mature markets, including North America, Japan and Western Europe, are on track for spending growth of just 1.8% in 2013. Spending in rising markets -- every other region -- should rise 8.2%. Despite low expectations for mature markets, the U.S. should continue to serve as the biggest contributor of new ad dollars to the global market. The agency expects the region to contribute 28% of the $76 billion that will be added to global spending between 2012 and 2015.
http://adage.com/article/agency-news/zenithoptimedia-forecasts-global-ad-spending-jump-3-9/241142/
Publicis Groupe's ZenithOptimedia predicts global advertising expenditures will grow 3.9% in 2013, reaching $518 billion by the end of the year. ZenithOptimedia's forecast shows an upward trend for ad investments in the Middle East and North Africa—a first for the region since the Arab Spring in 2011. It also calls for spending surges in rising markets like Latin America. Mature markets, including North America, Japan and Western Europe, are on track for spending growth of just 1.8% in 2013. Spending in rising markets -- every other region -- should rise 8.2%. Despite low expectations for mature markets, the U.S. should continue to serve as the biggest contributor of new ad dollars to the global market. The agency expects the region to contribute 28% of the $76 billion that will be added to global spending between 2012 and 2015.
Friday, April 26, 2013
Weyerhaeuser Reports Q1 Results
Wood
Products reports strongest quarterly earnings since 2005; Board of Directors
increased dividend by 18 percent on April 11 to 20 cents per share;
Weyerhaeuser upgraded to investment grade on improved performance
Weyerhaeuser
Company today reported net earnings of $144 million, or 26 cents per diluted
share, for the first quarter. This compares with net earnings before special
items of $9 million, or 2 cents per diluted share, for the same period last
year. Net sales for the first quarter of 2013 totaled $2.0 billion, compared
with net sales of $1.5 billion for the first quarter of 2012.
Sequana Reports Q1 Results
http://listofcompanies.co.in/sequana/
In the first quarter of 2013, the recession in Europe coupled with a weak global economy in general continued to accentuate the structural decline in demand for printing and writing papers against a backdrop of strong downward pressure on selling prices. First-quarter volumes declined by 10% in distribution and by 6% in production. Consolidated sales came in at €892 million, down 9.4% (down 8.4% at constant exchange rates) year-on-year.
Arjowiggins' sales were €324 million, down 10.8% on first-quarter 2012, or 9.8% at constant exchange rates.
This decline was attributable mainly to falling volumes for printing and writing papers in Europe amid strong downward pressure on selling prices. Demand held up better for recycled paper in most countries, along with recycled pulp and most of the specialty businesses.
In the first quarter of 2013, the recession in Europe coupled with a weak global economy in general continued to accentuate the structural decline in demand for printing and writing papers against a backdrop of strong downward pressure on selling prices. First-quarter volumes declined by 10% in distribution and by 6% in production. Consolidated sales came in at €892 million, down 9.4% (down 8.4% at constant exchange rates) year-on-year.
Arjowiggins' sales were €324 million, down 10.8% on first-quarter 2012, or 9.8% at constant exchange rates.
This decline was attributable mainly to falling volumes for printing and writing papers in Europe amid strong downward pressure on selling prices. Demand held up better for recycled paper in most countries, along with recycled pulp and most of the specialty businesses.
Koehler Appeals Commerce Duties
Almost
a week after the US Dept of Commerce (DOC) levied a much-higher 75.36% dumping
duty on Koehler Paper's lightweight thermal POS paper imports, Koehler appealed
the determination and called on the US Court of International Trade (CIT) to
review the decision, contacts told PPI Pulp & Paper Week.
The
DOC on Apr. 18 made final a dumping duty of 75.36%, from 4.33% or 6.5%, on
Koehler's lightweight thermal paper.
PPPC: Global Pulp Deliveries Up
Global
pulp deliveries rose by 11% to 3.909 million tonnes in March, up from 3.523
million tonnes the previous month, according to Pulp and Paper Products Council
(PPPC) data.
Shipments
were 0.6% higher than the year-earlier period, up from 3.885 million tonnes in
March, 2012.Bleached softwood kraft (BSK) pulp shipments were up from 1.810 million tonnes in February to 1.964 million tonnes in March, while bleached hardwood kraft (BHK) pulp deliveries jumped from 1.596 million tonnes in February to 1.827 million tonnes last month.
Finnish Paper Production to Fall, Export Prices to Rise
Finnish
paper production and exports will decrease this year and next, while paperboard
and pulp manufacturers will enjoy export growth, according to the Pellervo
Economic Research (PTT) Institute's 2013-2014 forecast.
However, PTT foresees increases in Finnish paper export prices. The institute expects prices to either remain stable or rise by up to 2% in 2013 compared to 2012. For 2014 it sees prices rising by 2-3%, as a result of capacity closures in Europe.
PTT
forecasts further drops in Finnish paper volumes. This year, Finnish production
and exports of paper will decrease by 1-3% and next year by 1-4%, according to
PTT.
This
is due to the weak economic situation in Finland's most important export
countries, which will drag consumption there down, coupled with a structural
decrease in paper demand. As a result, the industry is taking permanent or
temporary measures to limit production. In Finland, UPM will close a 245,000
tonne/yr supercalendered paper machine at its Rauma mill in April.However, PTT foresees increases in Finnish paper export prices. The institute expects prices to either remain stable or rise by up to 2% in 2013 compared to 2012. For 2014 it sees prices rising by 2-3%, as a result of capacity closures in Europe.
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