Harte-Hanks Inc. has reorganized its direct marketing
operations into four separate focus areas and named leaders for each.
Monday, August 13, 2012
New York Magazine Expands Blog
New York magazine
has expanded its fashion blog, "The Cut," as a standalone fashion and
lifestyle Web site with twice its initial volume of original photography and
writing. The Cut’s editorial is arranged on five main
sections: fashion, beauty, goods, fame and love & war.
Gotham Names Publisher
Gotham has named David Katz
its new publisher. Katz comes to the magazine from Field & Stream, where he served as digital sales manager
for six months. Prior to that Katz was the associate publisher of Brides from 2004 to 2011.
Davler Buys LI Parent
Davler Media Group, publisher of NYMetroParents, City Guide and Promenade, has acquired Long Island Parent and its associated website from Wordsmiths Media, LLC.
In all, Davler publishes 14 magazines and
produces five annual live events. It distributes 3 million copies of its City
Guide magazine to more than 300 hotels. The eight editions of NYMetroParents
distribute 400,000 copies monthly.
Friday, August 10, 2012
NORPAC Plant Gets $60M Efficiency Overhaul
NORPAC, BPA, and Cowlitz PUD Partner on Largest Ever Northwest Energy Efficiency Project: Executives from Weyerhaeuser, Nippon Paper Industries, Cowlitz County Public Utility District, and the Bonneville Power Administration (BPA) will gather today at the North Pacific Paper Corporation(NORPAC) facility to celebrate the largest industrial energy efficiency project in BPA history and one of the largest energy efficiency projects in the United States to date.
When complete, the project is expected to save 100,000,000 kilowatt-hours per year. The energy savings from the completed project will save enough energy to serve approximately 8,000 Northwest homes. The first phase of the project was completed in June 2011 and the second and final phase is expected to be completed in the first quarter of 2013.
Two partners in the North Pacific Paper Corp., the largest newsprint and publication-paper factory in North America, are pouring $60 million into reducing the facility’s energy use by 6 percent, or 12 megawatts yearly.
The facility is usually called NORPAC, and supplies paper for newspapers in Washington and Japan, as well as for well-known books including the "Twilight" series.
When complete, the project is expected to save 100,000,000 kilowatt-hours per year. The energy savings from the completed project will save enough energy to serve approximately 8,000 Northwest homes. The first phase of the project was completed in June 2011 and the second and final phase is expected to be completed in the first quarter of 2013.
Two partners in the North Pacific Paper Corp., the largest newsprint and publication-paper factory in North America, are pouring $60 million into reducing the facility’s energy use by 6 percent, or 12 megawatts yearly.
The facility is usually called NORPAC, and supplies paper for newspapers in Washington and Japan, as well as for well-known books including the "Twilight" series.
Catalyst Mill Is Not Being Sold
http://www.azjournal.com/2012/08/09/mill-is-not-being-sold-says-catalyst/
Though Jahm Najafi, CEO of Najafi Cos., reportedly told The Arizona Republic he is interested in purchasing Catalyst Paper’s Snowflake mill, Catalyst is not in talks with him. Najafi’s company owns and operates Snowflake Power, which runs the biomass power boiler located on the mill property. Catalyst Paper announced July 31 the mill in Snowflake would close permanently.“We are not in talks with anyone,” said Lynn Brown, spokesperson for Catalyst Paper. She said Catalyst had exhausted every effort; including attempting to find a buyer for the mill and switching to higher grade paper production in an effort to save the facility. She said the company is now committed to making an orderly exit from the facility. She told The Tribune-News that the facilities’ building would remain and could be used in a future enterprise of some sort.“But it won’t be a paper mill,” Brown said.
Though Jahm Najafi, CEO of Najafi Cos., reportedly told The Arizona Republic he is interested in purchasing Catalyst Paper’s Snowflake mill, Catalyst is not in talks with him. Najafi’s company owns and operates Snowflake Power, which runs the biomass power boiler located on the mill property. Catalyst Paper announced July 31 the mill in Snowflake would close permanently.“We are not in talks with anyone,” said Lynn Brown, spokesperson for Catalyst Paper. She said Catalyst had exhausted every effort; including attempting to find a buyer for the mill and switching to higher grade paper production in an effort to save the facility. She said the company is now committed to making an orderly exit from the facility. She told The Tribune-News that the facilities’ building would remain and could be used in a future enterprise of some sort.“But it won’t be a paper mill,” Brown said.
Verso Sartell Shutdown Will Cost Dearly
Sartell Shutdown Will Cost Verso Dearly: Shutting down the Sartell, Minnesota paper mill will cost Verso Paper Corp. more than the entire company is worth, Verso revealed yesterday. North America's second largest maker of coated paper will need cash outlays of about $33 million, most in the current quarter, for severance, etc.
Resolute Celebrates Planting Of Trees
Resolute Forest Products celebrates the planting of 1 billion trees in Ontario:
Resolute Forest Products Inc. celebrated the planting of one billion trees at its forestry operations in northern Ontario today. This achievement is the result of collective efforts made over the past 30 years by the company, its employees, numerous contractors and suppliers, and the Ontario Ministry of Natural Resources.
“This planting ceremony speaks to our long, successful and proud Company history in northern Ontario and our unwavering commitment to forest renewal and sustainable forestry,” said Richard Garneau, President and Chief Executive Officer of Resolute. “Forests are among the world’s only renewable resources. We are fortunate to be involved in an industry that is truly sustainable.”
Resolute Forest Products pension plans underfunded by $1.9 billion:
http://foresttalk.com/index.php/2012/08/10/resolute-forest-products-pension-plans-underfunded-by-1-9-billion/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+foresttalk%2FZdAe+%28ForestTalk%29&utm_content=Google+Reader
Resolute Forest Products has not met the minimal solvency levels in its pension plans regulated by Quebec and Ontario’s funding relief regulations. These regulations, adopted in 2011, affect approximately 80% of Resolute Forest Product’s unfunded pension obligations.
As a result of these new regulations, Resolute Forest Products has until March 2013 to adopt corrective measures to attain the target solvency ratio within 5 years. The company needs to reduce its pension plan deficits by approximately $500 million.
Resolute Forest Products Inc. celebrated the planting of one billion trees at its forestry operations in northern Ontario today. This achievement is the result of collective efforts made over the past 30 years by the company, its employees, numerous contractors and suppliers, and the Ontario Ministry of Natural Resources.
“This planting ceremony speaks to our long, successful and proud Company history in northern Ontario and our unwavering commitment to forest renewal and sustainable forestry,” said Richard Garneau, President and Chief Executive Officer of Resolute. “Forests are among the world’s only renewable resources. We are fortunate to be involved in an industry that is truly sustainable.”
Resolute Forest Products pension plans underfunded by $1.9 billion:
http://foresttalk.com/index.php/2012/08/10/resolute-forest-products-pension-plans-underfunded-by-1-9-billion/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+foresttalk%2FZdAe+%28ForestTalk%29&utm_content=Google+Reader
Resolute Forest Products has not met the minimal solvency levels in its pension plans regulated by Quebec and Ontario’s funding relief regulations. These regulations, adopted in 2011, affect approximately 80% of Resolute Forest Product’s unfunded pension obligations.
As a result of these new regulations, Resolute Forest Products has until March 2013 to adopt corrective measures to attain the target solvency ratio within 5 years. The company needs to reduce its pension plan deficits by approximately $500 million.
Seneca Backs Third Yorkshire Printer
Seneca Investments backs third Yorkshire printer:
In January, Seneca signed a deal with Sheffield-based Whitesprint, which saw the investment specialist acquire around a 50% shareholding in the business. This was followed in February by a similar agreement with Doncaster-based print company Askews.
Intoprint UK has now become the latest investment for Seneca, which is targeting print companies in the same locality with an annual turnover of £1m-£5m that are struggling in the economic climate. The Ecclesfield-based litho and digital printer signed over a 50% stake in return for the investment.
In January, Seneca signed a deal with Sheffield-based Whitesprint, which saw the investment specialist acquire around a 50% shareholding in the business. This was followed in February by a similar agreement with Doncaster-based print company Askews.
Intoprint UK has now become the latest investment for Seneca, which is targeting print companies in the same locality with an annual turnover of £1m-£5m that are struggling in the economic climate. The Ecclesfield-based litho and digital printer signed over a 50% stake in return for the investment.
Lane Bryant Campaign Returns to Print
A Print Focus Returns in Lane Bryant Campaign: Lane Bryant, the women’s plus-size fashion retailer, is introducing a $10 million advertising and marketing campaign to make its clothing and lingerie more relevant to current and prospective customers. The campaign features new print advertising; a revamped Website and social media outreach; and in-store and direct marketing initiatives.
This clothing appears in print advertising, a new medium for the retailer, which has not done extensive magazine advertising since 2007. Ms. Crystal said Lane Bryant was turning to the print medium now because its target customer is “engaged with print.
This clothing appears in print advertising, a new medium for the retailer, which has not done extensive magazine advertising since 2007. Ms. Crystal said Lane Bryant was turning to the print medium now because its target customer is “engaged with print.
Canadian Mags Turn to Fed Gov For Help
Canadian Magazines Turn to Federal Government for Help with a Digital Revolution: Canadian magazine publishers want taxpayers to help them reinvent themselves, asking the federal government for money to develop digital products they hope will compensate for falling print subscriptions. The trade association that represents Canadian publishers has been quietly lobbying federal officials in an attempt to win funding to develop multimedia-rich digital editions that go beyond the capabilities of print.
US Paper Companies Eyeing India For Growth
Deloitte: U.S. Paper Companies Eyeing India for Growth: India is quickly becoming an attractive new market for the American pulp and paper industry, according to "Turning the page on India's paper industry: A new chapter in investment potential and growth," a new report from Deloitte. India's paper industry is expected to grow at six to seven percent year over year, with the packaging industry poised to grow at 22 to 25 percent annually," said John Dixon, principal, Deloitte Consulting LLP. "India has 15 percent of the world's population, but consumes less than two percent of the world's paper. Meeting the growing demand will likely require a correspondingly significant investment in both new machines and upgrading of existing facilities."
German Recycled Graphic Paper Prices Down
http://www.euwid-paper.com/news/singlenews/archive/2012/august/Artikel/recycled-graphic-paper-prices-inch-down-in-germany.html
Market participants report downward pressure on German prices for recycled graphic paper due to softening demand. The current weak economic climate in many mature and developing European economies is also having an effect on the German market for recycled graphic paper. While market participants in certain niches still report smooth sailing, the majority of recycled graphic paper producers complained of sales problems and softening capacity utilisation rates. Slight price cuts could already been detected for recycled office paper in the second quarter of the year. Now coated paper grades are also facing the same downward trend. In recent weeks, recycled LWC has been subject to the same price reductions seen for standard paper, EUWID respondents explained.
Market participants report downward pressure on German prices for recycled graphic paper due to softening demand. The current weak economic climate in many mature and developing European economies is also having an effect on the German market for recycled graphic paper. While market participants in certain niches still report smooth sailing, the majority of recycled graphic paper producers complained of sales problems and softening capacity utilisation rates. Slight price cuts could already been detected for recycled office paper in the second quarter of the year. Now coated paper grades are also facing the same downward trend. In recent weeks, recycled LWC has been subject to the same price reductions seen for standard paper, EUWID respondents explained.
Nippon Sees Profit Drop
http://www.np-g.com/e/ir/presentation120809.pdf
Nippon's net income for the April to June period reached ¥399 million ($5 million), a decline of 75% from the ¥1.6 billion yen profit turned in the same period last year. As profits showed a marked drop, its sales were slightly up half a percent from the April-June period last year.
Nippon's net income for the April to June period reached ¥399 million ($5 million), a decline of 75% from the ¥1.6 billion yen profit turned in the same period last year. As profits showed a marked drop, its sales were slightly up half a percent from the April-June period last year.
Orient Paper Announces Q2 2012 Results
Orient Paper Inc. Announces Second Quarter 2012 Results: Orient Paper, Inc. a leading manufacturer and distributor of diversified paper products in northern China, today announced financial results for the second quarter ended June 30, 2012.
Highlights: Revenue declined 14.5% year-over-year to $35.5 million
Gross profit was $5.8 million with gross margin of 16.3%
Operating income declined 37.0% year-over-year to $5.0 million
Net income was $3.6 million, or $0.20 per fully diluted share
Highlights: Revenue declined 14.5% year-over-year to $35.5 million
Gross profit was $5.8 million with gross margin of 16.3%
Operating income declined 37.0% year-over-year to $5.0 million
Net income was $3.6 million, or $0.20 per fully diluted share
Ilim Increases Production In Russia
Ilim Group Increases Production Output in Northwest Russia: From January to June 2012 Koryazhma Mill (Arkhangelsk Oblast) increased its production volume by 2%, as compared to the similar period of the previous year. Production output totaled 543,000 tons, including 189,000 tons of market pulp. The increase amounts to 7% against production output in the first six months of 2011. The Mill produced 118,000 tons of paper, which is 10% above the production output for the similar period of the last year. This includes 43,000 tons of sack paper, 57,000 tons of offset paper, and 18,000 tons of wallpaper.
Thursday, August 9, 2012
Verso Reports Net Loss In Q2 Up From 2011
http://investor.versopaper.com/releasedetail.cfm?ReleaseID=699478
Verso Paper generates net loss of $20.7 million in 2Q 2012, up from net loss of $24.3 million in year-earlier period."Demand in the coated industry continued to be challenged during the second quarter of 2012 which resulted in a delay in the announced price increases during the quarter. This was primarily a result of the drop-off in advertising spending and slowdowns in the commercial print area which are impacted by the sluggish GDP growth. However, our coated groundwood and coated freesheet volumes were relatively flat with last year's levels and we did a good job of managing our pricing relative to overall market demand. Adjusted EBITDA was comparable to the first quarter of this year and slightly better if you exclude the over $5.0 million impact related to scheduled maintenance outages we took during the second quarter," said David Paterson, President and Chief Executive Officer of Verso.
http://www.4-traders.com/VERSO-PAPER-CORP-3023920/news/Verso-Paper-Corp-Reports-Second-Quarter-2012-Results-14453436/
• EBITDA of $44.4 million in the second quarter of 2012 compared to $38.8 million in the second quarter of 2011, and Adjusted EBITDA before pro forma effects of profitability program of $23.5 million in the second quarter of 2012, compared to $43.6 million in the second quarter of 2011. (Note: EBITDA and Adjusted EBITDA are non-GAAP financial measures and are defined and reconciled to net income later in this release). • Net loss of $20.7 million in the second quarter of 2012, or $0.39 per diluted share, compared to a net loss of $24.3 million, or $0.46 per diluted share in the second quarter of 2011. • Operating loss of $9.5 million in the second quarter of 2012 compared to operating income of $7.0 million in the second quarter of 2011. • Net sales of $365.3 million in the second quarter of 2012 compared to $398.8 million in the second quarter of 2011.
Verso Paper generates net loss of $20.7 million in 2Q 2012, up from net loss of $24.3 million in year-earlier period."Demand in the coated industry continued to be challenged during the second quarter of 2012 which resulted in a delay in the announced price increases during the quarter. This was primarily a result of the drop-off in advertising spending and slowdowns in the commercial print area which are impacted by the sluggish GDP growth. However, our coated groundwood and coated freesheet volumes were relatively flat with last year's levels and we did a good job of managing our pricing relative to overall market demand. Adjusted EBITDA was comparable to the first quarter of this year and slightly better if you exclude the over $5.0 million impact related to scheduled maintenance outages we took during the second quarter," said David Paterson, President and Chief Executive Officer of Verso.
http://www.4-traders.com/VERSO-PAPER-CORP-3023920/news/Verso-Paper-Corp-Reports-Second-Quarter-2012-Results-14453436/
• EBITDA of $44.4 million in the second quarter of 2012 compared to $38.8 million in the second quarter of 2011, and Adjusted EBITDA before pro forma effects of profitability program of $23.5 million in the second quarter of 2012, compared to $43.6 million in the second quarter of 2011. (Note: EBITDA and Adjusted EBITDA are non-GAAP financial measures and are defined and reconciled to net income later in this release). • Net loss of $20.7 million in the second quarter of 2012, or $0.39 per diluted share, compared to a net loss of $24.3 million, or $0.46 per diluted share in the second quarter of 2011. • Operating loss of $9.5 million in the second quarter of 2012 compared to operating income of $7.0 million in the second quarter of 2011. • Net sales of $365.3 million in the second quarter of 2012 compared to $398.8 million in the second quarter of 2011.
Easement Exchange UPM and Minn Power
Easement Exchange between UPM Blandin and Minnesota Power will Restore 160 Acres of Forestland:UPM Blandin and Minnesota Power have agreed to an easement exchange that will re-establish 160 acres of forest land north of Taconite. MP is vacating an existing utility easement for No. 94 transmission line on Blandin forest land. In exchange, Blandin has granted MP a 130-acre utility easement on UPM land north of Nashwauk to establish an electric transmission line that will shore up regional reliability for Iron Range communities and the area's Essar Steel project.This project restores more than 70 acres of wetlands and 90 acres of upland forest, and reconnects approximately 15,000 acres of forest land.
Kruger Receives FSC Cert For Corner Brook Mill
Kruger receives FSC certification for Corner Brook mill:
Kruger Inc. has announced that the woodland operations at its Corner Brook mill in Newfoundland and Labrador has achieved certification under the Forest Stewardship Council® (FSC®) National Boreal Standard. Issued by QMI-SAI Canada Limited, an FSC-accredited organization, the certificate recognizes that all woodland operations comply with FSC requirements, including management planning, road construction and maintenance, harvesting operations, fibre transportation, silviculture and support activities.
Kruger Inc. has announced that the woodland operations at its Corner Brook mill in Newfoundland and Labrador has achieved certification under the Forest Stewardship Council® (FSC®) National Boreal Standard. Issued by QMI-SAI Canada Limited, an FSC-accredited organization, the certificate recognizes that all woodland operations comply with FSC requirements, including management planning, road construction and maintenance, harvesting operations, fibre transportation, silviculture and support activities.
USPS Q3 Loss Of $5.2 Billion
U.S. Postal Service Ends Third Quarter with $5.2 Billion Loss: The Postal Service ended its third fiscal quarter (April 1 to June 30, 2012) with a net loss of $5.2 billion, compared to a net loss of $3.1 billion for the same period last year. Contributing significantly to the quarter’s $5.2 billion loss was $3.1 billion of expense for the legislatively mandated prefunding of retiree health benefits. These expenses, along with the continued decline of First-Class Mail volume, more than offset the quarter’s 9 percent growth in revenue from shipping services and package delivery.
Pocket Ventures Buys Space News
Pocket Ventures Buys Weekly Magazine Space News:
Imaginova, the Orion telescope and binocular maker, has sold off its media property Space News to Boulder, Colorado-based Pocket Ventures, a media investment firm set up by a team of former Inside Communications executives. The brand will be housed under a new company called Space News Inc.
Imaginova, the Orion telescope and binocular maker, has sold off its media property Space News to Boulder, Colorado-based Pocket Ventures, a media investment firm set up by a team of former Inside Communications executives. The brand will be housed under a new company called Space News Inc.
Sappi Exits Chinese Joint Venture
Sappi Limited exits Chinese Joint Venture as part of Strategic Focus on High Growth Investments and Debt Reduction: Sappi Limited concluded an agreement to sell its entire 34% shareholding in the Jiangxi Chenming Paper Company Limited (JXCM), situated in Nanchang City, Jiangxi Province, China, for US$ 41,58m to the Shandong Chenming Paper Holding Company. In 2004 Sappi joined a Joint Venture (JV) created by Shandong Chenming Paper Holding Company and other partners to explore fine paper opportunities in China. A change in strategic focus by Sappi caused this investment to be reviewed and led to discussions with the Shandong Chenming Paper Holding Company, the majority shareholder and co-founding partner of the Joint Venture. The parties have been able to reach an amicable agreement which will allow Sappi to concentrate on its strategy of investing in high growth businesses, disposing of non-core assets and reducing its debt.
Neenah Paper Reports Q2 Results
Neenah Paper Reports Second Quarter 2012 Results: Neenah Paper, Inc. today reported adjusted earnings from continuing operations of ${body}.85 per diluted common share in the second quarter of 2012 compared with earnings of ${body}.49 per share in the second quarter of 2011. Net sales of $211.7 million in the second quarter of 2012 grew 16 percent compared with the second quarter of 2011. Adjusted operating income of $23.9 million increased 52 percent from $15.7 million in the prior year. Adjusted income of $13.9 million increased 78 percent compared to $7.8 million in the prior year. Adjusted earnings are reconciled to GAAP figures later in this release.
Cenveo’s Net Sales Fall, Income Show Mixed Results
Cenveo’s Net Sales Fall, but Income Show Mixed Results:Cenveo Inc. announced its results for the three and six months ended June 30, 2012. The company generated net sales of $438.9 million for the second quarter of 2012, compared to $469.9 million for the same quarter of 2011. The decrease in net sales was primarily due to lower sales in its print and envelope product lines as a result of lower direct mail volumes from our financial services customers, the closure and consolidation of a print plant and our decision to exit certain low margin businesses.
Davler Media Group Buys LI Parent Mag
Davler Media Group Buys Long Island Parent Magazine:
Davler Media Group, publisher of NYMetroParents, City Guide and Promenade, has acquired Long Island Parent and its associated website from Wordsmiths Media, LLC. Davler, which produces eight editions of NYMetro Parents for New York City, Long Island and Connecticut suburbs, plans to fold its Long Island titles into Long Island Parent and produce two monthly regional editions for Nassau and Suffolk counties. The rebranded, combined issues will start with the October issues.
Davler Media Group, publisher of NYMetroParents, City Guide and Promenade, has acquired Long Island Parent and its associated website from Wordsmiths Media, LLC. Davler, which produces eight editions of NYMetro Parents for New York City, Long Island and Connecticut suburbs, plans to fold its Long Island titles into Long Island Parent and produce two monthly regional editions for Nassau and Suffolk counties. The rebranded, combined issues will start with the October issues.
Meredith's Liz Schimel Joins XO Group Board
http://www.minonline.com/news/20946.html?utm_source=twitterfeed&utm_medium=twitter
XO Group Inc., a digital media and technology company with sites that include The Knot, The Next, The Bump and WeddingChannel, has announced two key appointments. Rob Fassino will re-join XOGroup as executive vice president, product development, following a six-year hiatus from the company he co-founded. And Meredith National Media Group executive VP/chief digital officer (since June 2011) Liz Schimel will join XO's board of directors. The addition of Shimel to the board hints at the possibility of Meredith Corp.'s interest in acquiring XO’s popular wedding, pregnancy, décor, and fashion sites—which intersect with many of Meredith’s established target markets and reach a young demographic.
XO Group Inc., a digital media and technology company with sites that include The Knot, The Next, The Bump and WeddingChannel, has announced two key appointments. Rob Fassino will re-join XOGroup as executive vice president, product development, following a six-year hiatus from the company he co-founded. And Meredith National Media Group executive VP/chief digital officer (since June 2011) Liz Schimel will join XO's board of directors. The addition of Shimel to the board hints at the possibility of Meredith Corp.'s interest in acquiring XO’s popular wedding, pregnancy, décor, and fashion sites—which intersect with many of Meredith’s established target markets and reach a young demographic.
More On ABC Findings
http://www.nypost.com/p/news/business/newsstand_nightmare_4FjeKmvC5r23M06npVV1MI#ixzz22xY01XdO
Magazine circulation figures for the first half of 2012 confirmed the anticipated growth of digital subscriptions — up more than 70 percent — despite continued erosion in newsstand sales.Celebrity titles and some women’s magazines were particularly hard hit on the newsstand. On balance, total paid and verified circulation was basically flat, down 0.1 percent in the first six months from the same period a year ago, according to the Audit Bureau of Circulations.But single-copy sales — where publishers reap a nice profit — tumbled 9.6 percent, suggesting readers are still pinching pennies when it comes to impulse purchases.
Magazine circulation figures for the first half of 2012 confirmed the anticipated growth of digital subscriptions — up more than 70 percent — despite continued erosion in newsstand sales.Celebrity titles and some women’s magazines were particularly hard hit on the newsstand. On balance, total paid and verified circulation was basically flat, down 0.1 percent in the first six months from the same period a year ago, according to the Audit Bureau of Circulations.But single-copy sales — where publishers reap a nice profit — tumbled 9.6 percent, suggesting readers are still pinching pennies when it comes to impulse purchases.
RRD Ratings Outlook-Stable to Negative
Fitch Revises R.R. Donnelley’s Outlook from Stable to Negative:Fitch Ratings has affirmed R.R. Donnelley & Sons’ (RRD) Issuer Default Rating (IDR) at BB+ and revised the Rating Outlook to “Negative” from “Stable.” In a previous notice, Fitch had stated its concern that revenue declines in the low to mid-single digits could pressure cash flows and slow down absolute debt reduction and thereby lead to an outlook revision or rating change.
The Outlook revision reflects the limited headroom within the ratings for the company to underperform Fitch's expectations, including Fitch's FCF generationand absolute debt reduction expectations.
Consolidated Graphics Reports Small Net Loss
Consolidated Graphics Reports Small Net Loss on Lower Sales:
Consolidated Graphics announced financial results for its first quarter ended June 30, 2012. Revenue for the June quarter totaled $238.3 million, a $5.0 million or 2.1 percent decline compared to the prior year quarter. The decline in revenue compared to the prior year quarter was due to a 2.5 percent decline in same-store sales, partially offset by sales growth related to an acquisition.
Consolidated Graphics announced financial results for its first quarter ended June 30, 2012. Revenue for the June quarter totaled $238.3 million, a $5.0 million or 2.1 percent decline compared to the prior year quarter. The decline in revenue compared to the prior year quarter was due to a 2.5 percent decline in same-store sales, partially offset by sales growth related to an acquisition.
Orders Highest In 4 Years At Heidelberg In Q1
Q1 Incoming Orders the Highest in Four Years at Heidelberg: In the first quarter of financial year 2012/2013 (April 1 to June 30, 2012), Heidelberger Druckmaschinen Aktiengesellschaft (Heidelberg) recorded incoming orders of EUR 890 million (previous year: EUR 665 million), the highest figure in four years, thanks to the investment impetus created by the drupa industry trade show in May 2012. Due to the high volume of orders, the order backlog in the first quarter rose significantly to EUR 856 million, which is EUR 350 million higher.
Unilever Adopts Policy-Meet Sustainability Goals
http://www.twosides.info/newsitem.asp?NewsID=777
Unilever is first global FMCG company to commit to sourcing all of its paper and board packaging from sustainably managed forests or recycled material within a clearly defined time frame. Unilever has published a sustainable paper and board packaging sourcing policy as part of its commitment to double the size of the business while reducing its environmental impact. The policy outlines the company’s goal to work with its suppliers to source 75% of its paper and board packaging from sustainably managed forests or from recycled material by 2015, increasing to 100% by 2020.
Unilever is first global FMCG company to commit to sourcing all of its paper and board packaging from sustainably managed forests or recycled material within a clearly defined time frame. Unilever has published a sustainable paper and board packaging sourcing policy as part of its commitment to double the size of the business while reducing its environmental impact. The policy outlines the company’s goal to work with its suppliers to source 75% of its paper and board packaging from sustainably managed forests or from recycled material by 2015, increasing to 100% by 2020.
College Students Still Favor Textbooks
http://lifeinc.today.msnbc.msn.com/_news/2012/08/08/13106902-plugged-in-college-students-still-favor-old-school-textbooks?lite
E-books haven't solved the woes of high-priced college textbooks. For a plugged-in generation, college kids have old-school tastes in textbooks. Even as more publishers offer the choice of buying e-books for classes, students would rather lug around printed textbooks.“We have found that digital textbooks are still not as popular with students,” said Charles Schmidt, spokesman for the National Association of College Stores.
While the price of e-books can be 60 percent to 70 percent of the paper version, a NACS poll found that 74 percent of students still want print.That’s because most e-books are simply PDF files of the print book, and renting the paper version is still cheaper, said Schmidt.
E-books haven't solved the woes of high-priced college textbooks. For a plugged-in generation, college kids have old-school tastes in textbooks. Even as more publishers offer the choice of buying e-books for classes, students would rather lug around printed textbooks.“We have found that digital textbooks are still not as popular with students,” said Charles Schmidt, spokesman for the National Association of College Stores.
While the price of e-books can be 60 percent to 70 percent of the paper version, a NACS poll found that 74 percent of students still want print.That’s because most e-books are simply PDF files of the print book, and renting the paper version is still cheaper, said Schmidt.
Are E-Books & E-Readers Killing Printed Books
Are E-Books & E-Readers Killing Printed Books:
Did you see the announcement that Transcontinental, the largest printer in Canada and the fourth-largest in North America, is selling their book division? In case you missed it, Transcontinental announced they are selling their book printing assets to Marquis Book Printing. Is this a sign of problems in the book market? This announcement as well as others has reignited the conversation about E-Books vs. Printed Books.
Did you see the announcement that Transcontinental, the largest printer in Canada and the fourth-largest in North America, is selling their book division? In case you missed it, Transcontinental announced they are selling their book printing assets to Marquis Book Printing. Is this a sign of problems in the book market? This announcement as well as others has reignited the conversation about E-Books vs. Printed Books.
Wednesday, August 8, 2012
Quad Reports Q2 Results
http://www.cnbc.com/id/48559951
Quad Graphics today reported results for its second quarter and year-to-date ending June 30, 2012.
Highlights:
-- Generates second quarter net sales of $934 million.
-- Achieves second quarter Adjusted EBITDA of $112 million and Adjusted EBITDA margin of 12.0%, as compared to 11.9% in 2011.
-- Creates $60 million in second quarter Recurring Free Cash Flow and $167 million year-to-date.
-- Repays $42 million in debt during the quarter and $132 million year-to-date.
-- Completes integration of Worldcolor and confirms annual synergy savings of more than $275 million, exceeding original guidance of $225 million.
Quad Graphics today reported results for its second quarter and year-to-date ending June 30, 2012.
Highlights:
-- Generates second quarter net sales of $934 million.
-- Achieves second quarter Adjusted EBITDA of $112 million and Adjusted EBITDA margin of 12.0%, as compared to 11.9% in 2011.
-- Creates $60 million in second quarter Recurring Free Cash Flow and $167 million year-to-date.
-- Repays $42 million in debt during the quarter and $132 million year-to-date.
-- Completes integration of Worldcolor and confirms annual synergy savings of more than $275 million, exceeding original guidance of $225 million.
STRATA Survey-Ad Industry Strengthens
http://www.allaccess.com/net-news/archive/story/108966/strata-survey-ad-industry-strengthens-despite-weak
The outlook for advertising spending is positive for the remainder of 2012. That optimism is heavily backed by a solid year of political advertising along with media buyers spreading their buys to available venues, according to a new STRATA Survey. Spot radio advertising saw an increase purchase by advertisers of 16%, up 80% over last quarter. STRATA conducted the survey of over 100 media buying agencies across the country. The second quarter survey revealed that more than half (52%) of agencies polled saw their business increase in the second quarter of 2012 compared to a year ago, up 12% from the first quarter. Roughly 94% of agencies expect business conditions to improve or stay the same in the second half of the year, with about 40% projecting growth.
The outlook for advertising spending is positive for the remainder of 2012. That optimism is heavily backed by a solid year of political advertising along with media buyers spreading their buys to available venues, according to a new STRATA Survey. Spot radio advertising saw an increase purchase by advertisers of 16%, up 80% over last quarter. STRATA conducted the survey of over 100 media buying agencies across the country. The second quarter survey revealed that more than half (52%) of agencies polled saw their business increase in the second quarter of 2012 compared to a year ago, up 12% from the first quarter. Roughly 94% of agencies expect business conditions to improve or stay the same in the second half of the year, with about 40% projecting growth.
Tourism Offices Attempt at Piece Of $810B Ind
http://adage.com/article/news/1-billion-ways-visit/236439/
The flagging economy and tough legislative budget wrangling have leveled out for many state tourism offices, which are back to the business of luring in visitors. And it is a big business: More than $810 billion is spent by travelers in the U.S. every year.Lately, many destination marketers are turning over more of their budgets to digital and social media both to save money and track effectiveness. For state tourism offices, accountability can mean the difference between getting funded or getting cut. Collectively, state destination marketers manage about $677 million in total yearly budgets, while city and specific destinations have more than $1.4 billion, according to the Destination Marketing Association International and U.S. Travel Organizations.
The flagging economy and tough legislative budget wrangling have leveled out for many state tourism offices, which are back to the business of luring in visitors. And it is a big business: More than $810 billion is spent by travelers in the U.S. every year.Lately, many destination marketers are turning over more of their budgets to digital and social media both to save money and track effectiveness. For state tourism offices, accountability can mean the difference between getting funded or getting cut. Collectively, state destination marketers manage about $677 million in total yearly budgets, while city and specific destinations have more than $1.4 billion, according to the Destination Marketing Association International and U.S. Travel Organizations.
Disappointing Results For Reader's Digest
http://adage.com/article/media/disappointing-results-reader-s-digest-association/236582/
Reader's Digest Association said revenue in the second quarter totaled $84.5 million, down 22.5% from the quarter a year earlier as a result of a shrinking portfolio, declining subscription renewals, lower books sales and a decline in advertising in Canada.The company reported an operating loss of $93.2 million, reflecting a write-down of $113.4 million due to "changes in our long-term views due to lower than expected revenue and operating results" and "declines in prevailing market conditions in publishing and direct-marketing industries," it said.
Over the past year the company has sold Every Day With Rachael Ray magazine, the formerly high-flying food title, and Allrecipes.com, the large food website, as part of its latest effort at transformation. It also shut down Fresh Home, a 2009 launch aimed at the young and budget-conscious.
Reader's Digest Association said revenue in the second quarter totaled $84.5 million, down 22.5% from the quarter a year earlier as a result of a shrinking portfolio, declining subscription renewals, lower books sales and a decline in advertising in Canada.The company reported an operating loss of $93.2 million, reflecting a write-down of $113.4 million due to "changes in our long-term views due to lower than expected revenue and operating results" and "declines in prevailing market conditions in publishing and direct-marketing industries," it said.
Over the past year the company has sold Every Day With Rachael Ray magazine, the formerly high-flying food title, and Allrecipes.com, the large food website, as part of its latest effort at transformation. It also shut down Fresh Home, a 2009 launch aimed at the young and budget-conscious.
NY Times Set to Sell About.com
http://www.btobonline.com/article/20120808/MEDIABUSINESS03/308089999/report-ny-times-co-set-to-sell-about-com
The New York Times Co. has a deal in place to sell About.com to Answers.com for $270 million, according to a report on AllThingsD.com.
According to the report, the deal has not yet closed and Answers.com's backers—private equity companies Summit Partners and TA Associates—are trying to line up financing. The Times Co. acquired About.com for $410 million in 2005. Last month, the company took a $195 million goodwill write-down on the unit, according to AllThings.
The New York Times Co. has a deal in place to sell About.com to Answers.com for $270 million, according to a report on AllThingsD.com.
According to the report, the deal has not yet closed and Answers.com's backers—private equity companies Summit Partners and TA Associates—are trying to line up financing. The Times Co. acquired About.com for $410 million in 2005. Last month, the company took a $195 million goodwill write-down on the unit, according to AllThings.
Hearst Partners With Sprinklr
Hearst Partners With Sprinklr to Manage Social Platforms:
For some of us, it's a good problem to have: Huge social media audiences spread across multiple brands and platforms and the messaging necessary for each have become harder and harder to efficiently manage. In the case of a company like Hearst that has more than 20 content brands, each with their own social media needs and audiences stretching into the millions, managing engagement, metrics and social content has become unwieldy. In the meantime, companies like Sprinklr have sprung up to take some of the pressure off publishers and other companies with particularly large followings.
For some of us, it's a good problem to have: Huge social media audiences spread across multiple brands and platforms and the messaging necessary for each have become harder and harder to efficiently manage. In the case of a company like Hearst that has more than 20 content brands, each with their own social media needs and audiences stretching into the millions, managing engagement, metrics and social content has become unwieldy. In the meantime, companies like Sprinklr have sprung up to take some of the pressure off publishers and other companies with particularly large followings.
COO Shift Hints Of Changes At ALM
Executive Changes At ALM:
ALM, the legal services and information media company, has promoted Kevin Michielsen to the newly created position of chief operating officer. The change is at the tip of a host of other management changes as the company works through a new structure that president and CEO Bill Carter says will make it better positioned to meet customer information needs.
ALM, the legal services and information media company, has promoted Kevin Michielsen to the newly created position of chief operating officer. The change is at the tip of a host of other management changes as the company works through a new structure that president and CEO Bill Carter says will make it better positioned to meet customer information needs.
Mondi Sees Unchanged Prices For Uncoated Paper
http://www.businessweek.com/news/2012-08-07/mondi-sees-unchanged-prices-in-short-term-for-uncoated-paper
Mondi Group, Europe’s largest maker of office paper, said the short-term outlook for uncoated fine paper is for unchanged prices, while prices for corrugated paper are increasing as it focuses on demand from emerging markets. “Sales from emerging markets is 52 percent and growing,” Chief Executive Officer David Hathorn said in an phone interview today. Revenue from packaging products, which account for more than 60 percent of sales, are also expected to increase “over time,” he said.
Mondi Group, Europe’s largest maker of office paper, said the short-term outlook for uncoated fine paper is for unchanged prices, while prices for corrugated paper are increasing as it focuses on demand from emerging markets. “Sales from emerging markets is 52 percent and growing,” Chief Executive Officer David Hathorn said in an phone interview today. Revenue from packaging products, which account for more than 60 percent of sales, are also expected to increase “over time,” he said.
Fortress Paper Reports Q2 Income
Fortress Paper reports net quarterly income of $12.5 million:
Fortress Paper Ltd. is reporting a net income of $12.5 million in their second quarter of 2012.This can be compared to a net loss of $10.5 million in the first quarter, and a net income of $2.9 million in the second quarter of last year.
The much improved current period result was primarily due to the gain realized on the sale of certain non-core assets in the Security Paper Products Segment.
Fortress Paper Ltd. is reporting a net income of $12.5 million in their second quarter of 2012.This can be compared to a net loss of $10.5 million in the first quarter, and a net income of $2.9 million in the second quarter of last year.
The much improved current period result was primarily due to the gain realized on the sale of certain non-core assets in the Security Paper Products Segment.
USPS Defines Part-Time Rural PO's
http://postandparcel.info/49789/news/companies/usps-defines-new-style-part-time-rural-post-offices/
The US Postal Service has officially laid out how its network of thousands of rural post offices will look by 2014, as it acts to reduce operating hours in order to cut costs.The Postal Service published a Final Rule in the Federal Register yesterday that provided definitions for as many as 13,000 new-style post offices.
The US Postal Service has officially laid out how its network of thousands of rural post offices will look by 2014, as it acts to reduce operating hours in order to cut costs.The Postal Service published a Final Rule in the Federal Register yesterday that provided definitions for as many as 13,000 new-style post offices.
Director Confident In Paperlinx Future
Price confident in Paperlinx future:
New non-executive director Andrew Price said he had 'enthusiastically accepted' the invitation to the Paperlinx board following completion of the company's strategic review. Price told PrintWeek that he had been concerned that the global company would "go broke" unless tough action was taken. But he added: "There's some great potential in this business now that some hard decisions have been made and the company is now poised for growth.Paperlinx is in the strongest position it has been in for several years and is well positioned to finalise the restructure and grow in key diversified markets."
New non-executive director Andrew Price said he had 'enthusiastically accepted' the invitation to the Paperlinx board following completion of the company's strategic review. Price told PrintWeek that he had been concerned that the global company would "go broke" unless tough action was taken. But he added: "There's some great potential in this business now that some hard decisions have been made and the company is now poised for growth.Paperlinx is in the strongest position it has been in for several years and is well positioned to finalise the restructure and grow in key diversified markets."
Tuesday, August 7, 2012
UPM Cash Flow Improved in H1 2012
UPM's H1 cash flow from ongoing businesses improved; balance sheet strengthened further: Jussi Pesonen, President and CEO, comments on the result: “The profitability of UPM’s businesses improved in the first half of the year 2012 compared to the second half of 2011. We achieved this by continuing our consistent work to reduce fixed costs. Furthermore, sales prices and raw material costs developed favourably.
In the second quarter, our growth businesses – Energy, Pulp, Asian Paper and Label - maintained strong profitability. However, the Group’s operating profit was affected by the exceptional quarter in Other operations, mainly due to fair value losses in currency hedges.
In Paper, deliveries recovered somewhat from the previous quarter, although this was offset by seasonally higher fixed costs. Myllykoski cost synergies were well on track with two thirds of planned benefits already realised. Despite this, Paper’s profitability level remains unacceptable.
In the second quarter, our growth businesses – Energy, Pulp, Asian Paper and Label - maintained strong profitability. However, the Group’s operating profit was affected by the exceptional quarter in Other operations, mainly due to fair value losses in currency hedges.
In Paper, deliveries recovered somewhat from the previous quarter, although this was offset by seasonally higher fixed costs. Myllykoski cost synergies were well on track with two thirds of planned benefits already realised. Despite this, Paper’s profitability level remains unacceptable.
UPM To Invest In New UWF PM In China
UPM to invest Euro 390 million in new 360,000 tonne/yr UWF specialty PM at Changshu mill in China; strengthens position in label materials: UPM takes further steps to reshape its business portfolio and expands in profitable growth businesses in Asia. The company will increase its presence in the attractive Asian paper segments and strengthen its position in the label materials value chain by building a new woodfree speciality paper machine at its Changshu mill in China.
http://www.upm.com/EN/MEDIA/All-news/Pages/UPM-grows-in-China-and-in-the-fast-developing-label-materials-segment-001-Tue-07-Aug-2012-12-00.aspx
http://www.upm.com/EN/MEDIA/All-news/Pages/UPM-grows-in-China-and-in-the-fast-developing-label-materials-segment-001-Tue-07-Aug-2012-12-00.aspx
ABC: Newsstand Grim and Digital Is In
ABC: Bumpy First Half For Consumer Magazine Circ, Newsstand:
The Audit Bureau of Circulations released its semiannual Fas-Fax report for U.S. consumer magazines In addition to its “top 25 lists” that look at circulation totals and single-copy sales, this marks the first time ABC has specifically broken out circulation for digital replica editions of consumer magazines.
It comes as no surprise that newsstand sales for 22 or the top 25 consumer magazines fell during the first half of 2012. According to ABC, 258 U.S. magazines reported more than 5.4 million digital replica editions (paid, verified, and analyzed nonpaid) versus about 2 million a year ago. That was less than 1% of the total industry.
The Audit Bureau of Circulations released its semiannual Fas-Fax report for U.S. consumer magazines In addition to its “top 25 lists” that look at circulation totals and single-copy sales, this marks the first time ABC has specifically broken out circulation for digital replica editions of consumer magazines.
It comes as no surprise that newsstand sales for 22 or the top 25 consumer magazines fell during the first half of 2012. According to ABC, 258 U.S. magazines reported more than 5.4 million digital replica editions (paid, verified, and analyzed nonpaid) versus about 2 million a year ago. That was less than 1% of the total industry.
BPIF Reports Disappointing Spring
BPIF Outlook Survey reports 'disappointing' spring:
The jobs secured ranged from small-scale local patriotic work for the Jubilee to considerable run-length special edition work for food and retail clients and contracts for Olympics organiser LOCOG and the British Olympics Association (BOA). However, other respondents felt that trade had worsened as a results of the Queen's Jubilee and that the Olympics would prove to be a distraction to employees and clients and cause logistical issues to business.
The jobs secured ranged from small-scale local patriotic work for the Jubilee to considerable run-length special edition work for food and retail clients and contracts for Olympics organiser LOCOG and the British Olympics Association (BOA). However, other respondents felt that trade had worsened as a results of the Queen's Jubilee and that the Olympics would prove to be a distraction to employees and clients and cause logistical issues to business.
Soap Opera Digest Officially Joins AMI
AMI Fully Acquires Soap Opera Digest from Source Interlink Media: David J. Pecker, Chairman, President and CEO of American Media, Inc. (AMI), today announced the acquisition of 37-year-old Soap Opera Digest, the authority for news and information for fans who are devoted to watching soap opera programming. AMI has been operating Soap Opera Digest under a licensing agreement from Source Interlink Media. AMI closed the deal on July 20, 2012 with an ownership effective date of June 1, 2012. Soap Opera Digest is a weekly magazine that has a circulation of over 200,000 and reaches over 4 million readers per week.
Family Circle Brand Refresh
Family Circle Uses Refresh to Continue Growth Momentum:
Meredith’s Family Circle magazine has seen an 8 percent increase in the number of single copies sold at newsstands, according to the Audit Bureau of Circulation’s first half Fas-Fax report from January to June, and the title has even increased its rate base in the last year, going from 3.8 to 4 million. To continue to grow, the magazine is undergoing a brand refresh—incorporating new monthly editorial features, columns and design elements.
Meredith’s Family Circle magazine has seen an 8 percent increase in the number of single copies sold at newsstands, according to the Audit Bureau of Circulation’s first half Fas-Fax report from January to June, and the title has even increased its rate base in the last year, going from 3.8 to 4 million. To continue to grow, the magazine is undergoing a brand refresh—incorporating new monthly editorial features, columns and design elements.
Time Inc. Book & Fair Values Getting Closer
Time Inc. Book Value and Fair Values Getting Closer:
In 10Q, company warns it may have to take a hit in earnings later this year.While there are pockets of good news on the ad revenue side of the publishing business these days, overall publishers are still duking it out on the front lines. This is illustrated for better or worse in Time Inc.'s 10-Q report released last week. The publishing giant's revenues dropped nine percent in the second quarter to $858 million and six percent for the half to $1.6 billion.
In 10Q, company warns it may have to take a hit in earnings later this year.While there are pockets of good news on the ad revenue side of the publishing business these days, overall publishers are still duking it out on the front lines. This is illustrated for better or worse in Time Inc.'s 10-Q report released last week. The publishing giant's revenues dropped nine percent in the second quarter to $858 million and six percent for the half to $1.6 billion.
Print News Roundup
Print industry news roundup: Paperlinx, BGP, Arjowiggins, S&G, Metsa Board, Whittington Press:
Paperlinx management shuffle sees French exit as Price joins board
Paperlinx director for UK and Ireland Paul French has decided to leave the company at the end of September, while Andrew Price, who launched a failed attempt to unseat chairman Harry Boon five months ago, has been made a non-executive director.
BGP buys ex-Jarrold cover press
BGP has responded to an uptake in contract cover work by investing in a Komori System 38 SII press for its Bicester facility.
Arjowiggins balances UK waste and paper production
Arjowiggins Graphics has committed to sourcing the equivalent amount of UK waste paper that it takes to produce recycled paper for the UK market.
S&G launches charitable trust
Sheetfed magazine printer Stephens & George Print Group (S&G) used its centenary celebrations last week to officially launch its charitable trust.
Chromolux 350gsm range launched
Metsa Board has launched six of its most popular Chromolux colours in 350gsm in a bid to attract luxury packaging customers.
The Whittington Press showcases historic letterpress kit
The Whittington Press will be showcasing its historic letterpress machines to coincide with the annual Whittington Summer Show in Cheltenham on 1 September.
Paperlinx management shuffle sees French exit as Price joins board
Paperlinx director for UK and Ireland Paul French has decided to leave the company at the end of September, while Andrew Price, who launched a failed attempt to unseat chairman Harry Boon five months ago, has been made a non-executive director.
BGP buys ex-Jarrold cover press
BGP has responded to an uptake in contract cover work by investing in a Komori System 38 SII press for its Bicester facility.
Arjowiggins balances UK waste and paper production
Arjowiggins Graphics has committed to sourcing the equivalent amount of UK waste paper that it takes to produce recycled paper for the UK market.
S&G launches charitable trust
Sheetfed magazine printer Stephens & George Print Group (S&G) used its centenary celebrations last week to officially launch its charitable trust.
Chromolux 350gsm range launched
Metsa Board has launched six of its most popular Chromolux colours in 350gsm in a bid to attract luxury packaging customers.
The Whittington Press showcases historic letterpress kit
The Whittington Press will be showcasing its historic letterpress machines to coincide with the annual Whittington Summer Show in Cheltenham on 1 September.
RRD Neutral Rating Reaffirmed at Zacks
R.R. Donnelley & Sons Company's "Neutral" Rating Reaffirmed at Zacks: R.R. Donnelley & Sons stock had its “neutral” rating reaffirmed by Zacks in a research note issued on Monday. They currently have a $13.00 price target on the stock. Zacks‘ analyst wrote, “R.R. Donnelley’s second quarter earnings were ahead of the Zacks Consensus Estimate, while the top line fell shy of the consensus mark. We believe that the pricing pressure, volatility in raw material prices and a highly leveraged balance sheet to pose significant headwinds for the stock going forward. Moreover, the company continues to face significant threats from digital technologies that enable much easier transfer, designing, resetting and reproduction of data.
House Waiting On USPS Date On Reform Bill
House GOP Waiting on Postal Service Drop-Dead Date to Move on Reform Bill: The House has left Washington without passing a fix to the Postal Service. House Republicans acknowledge that postal reform could be a tough vote for some of their members, with the issue not breaking down as cleanly along ideological lines as subjects such as the Bush-era tax rates the House voted on just before leaving for recess.But sponsors of the House GOP postal bill suggest another factor at play as well: Lawmakers don't know exactly when the Postal Service might hit a doomsday date when they wouldn't be able to deliver the
Appleton Papers Records Q2 Loss
Appleton Papers records quarterly loss: Appleton Papers blamed expenses related to stopping papermaking in Ohio and its unsuccessful merger with a Dallas-based investment group for its $32.5 million quarterly loss.The company said Monday its second quarter net sales of $213.9 million was a 1.2 percent drop from net sales of $216.6 million recorded the same time last year. The company said costs to stop papermaking at its West Carrollton, Ohio facility totaled $42.9 million. The company also spent $6.5 million on costs associated with a plan to merge with Hicks Acquisition Co.
Monday, August 6, 2012
Catalyst Paper Obtains Financing
Catalyst Paper obtains financing required to emerge from creditor protection:
Catalyst Paper has entered into a commitment letter with a Canadian chartered bank for a $175 million syndicated asset based loan facility (ABL Facility) maturing on the earlier of 5 years from date of closing and 90 days prior to maturity of any significant debt.
The ABL Facility is a pre-condition for Catalyst to exit from creditor protection and would provide for the refinancing of existing credit facilities to fund the operations of the company on exit from creditor protection and for general corporate purposes thereafter.
Catalyst Paper has entered into a commitment letter with a Canadian chartered bank for a $175 million syndicated asset based loan facility (ABL Facility) maturing on the earlier of 5 years from date of closing and 90 days prior to maturity of any significant debt.
The ABL Facility is a pre-condition for Catalyst to exit from creditor protection and would provide for the refinancing of existing credit facilities to fund the operations of the company on exit from creditor protection and for general corporate purposes thereafter.
Great Northern Starts Second PM
Price Fixing Lawsuit Revived
US court revives Stora Enso paper price-fixing case:
A federal appeals court in New York revived on Monday an antitrust lawsuit in which purchasers accused a unit of Finland's Stora Enso Oyj of conspiring to fix prices of coated paper used in magazines. The 2nd U.S. Circuit Court of Appeals said a lower court erred in dismissing the case against Stora Enso North America Corp, because a jury could reasonably find that it entered an unlawful agreement with Finland's UPM-Kymmene Oyj to raise the price of so-called "publication paper."
A federal appeals court in New York revived on Monday an antitrust lawsuit in which purchasers accused a unit of Finland's Stora Enso Oyj of conspiring to fix prices of coated paper used in magazines. The 2nd U.S. Circuit Court of Appeals said a lower court erred in dismissing the case against Stora Enso North America Corp, because a jury could reasonably find that it entered an unlawful agreement with Finland's UPM-Kymmene Oyj to raise the price of so-called "publication paper."
Irving vs. New Brunswick Commission
J.D. Irving vs. New Brunswick Forest Products Commission:
The New Brunswick Forest Products Commission ruled that J.D. Irving must buy wood through the marketing boards. J.D. Irving prefers to negotiate privately with individual woodlot owners, picking and choosing which buyers to do business with. The company wants to enter into a signed contractual agreement with the woodlot owners they deal with. As a protest to the ruling, J.D. Irving has suspended deliveries of pulpwood from private woodlot owners that they do not have a signed contract with.
The New Brunswick Forest Products Commission ruled that J.D. Irving must buy wood through the marketing boards. J.D. Irving prefers to negotiate privately with individual woodlot owners, picking and choosing which buyers to do business with. The company wants to enter into a signed contractual agreement with the woodlot owners they deal with. As a protest to the ruling, J.D. Irving has suspended deliveries of pulpwood from private woodlot owners that they do not have a signed contract with.
CQ Roll Call Combines Brands into One
CQ Roll Call to fold brands into single print publication: The Economist Group's CQ Roll Call, which publishes several media products that cover Congress, is consolidating all its brands into one daily print publication. CQ Roll Call's portfolio includes CQ Today, CQ Weekly, Roll Call and TranscriptsWire, a database of congressional transcripts.
Open Sky Media Buys Gulfshore Media
Open Sky Media Buys Gulfshore Media Properties:
Open Sky Media, a portfolio company of Chicago-based private equity firm Hadley Capital, is expanding its network of regional magazines with acquisition of several properties from Gulfshore Media LLC. Terms of the deal were not released.
Open Sky Media, a portfolio company of Chicago-based private equity firm Hadley Capital, is expanding its network of regional magazines with acquisition of several properties from Gulfshore Media LLC. Terms of the deal were not released.
Reader's Digest Makes Exec Change
Reader’s Digest Association announced last
week as Dan Lagani, the head of its North American operations, has left the company.
Chief Executive Robert Guth will take over
direct responsibility for the flagship magazine, according to an e-mail sent to
employees.
Quad/Graphics Announces Changes
Quad/Graphics to Lay Off 50 to 60 People by End of Year: Quad/Graphics confirmed today it will cut between 50 and 60 jobs at the Kerper Boulevard plant in Dubuque (IA) by the end of the year. The company also cut 24 jobs at the Dubuque plant in May and said it was “looking at ways to maximize its its efficiency and competitive platform,” according to Claire Ho, director of corporate communications.
Q1 Global Ad Spending Up
Nielsen: Ad spending worldwide on the rise: According to Nielsen's “Global AdView Pulse,” worldwide ad expenditures were up 3.1% overall in the first quarter compared with the same period last year.
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