2013 So Far

http://www.forbes.com/sites/jeffbercovici/2013/02/19/attention-publishers-iconic-is-not-a-business-model/

Let’s review what the year 2013 hath wrought so far in the media industry.
Reader’s Digest, staggering under $1.2 billion in debt, has filed for bankruptcy for the second time in four years. Rolling Stone owner Jann Wenner managed to stave off a bankruptcy filing of his own by refinancing $200 million of debt under spartan new terms. 
And in the biggest news of all, Time Inc. is negotiating to spin off most of its magazines into a new company to be controlled by Meredith Corp. Held back from the deal will be Time magazine, Fortune and Sports Illustrated; Meredith is “said not to want them,” according to Michael Wolff.

Google's SVP on Advertising

http://www.businessinsider.com/google-just-described-its-incredibly-simple-plan-to-kill-print-advertising-2013-2#ixzz2LweCvwN5 
Google svp/advertising Susan Wojcicki told Adweek how she sees ad dollars continuing to move out of traditional media in favor of online.
In response to a question about how Google chief business officer Nikesh Arora believes 50 percent of all ad spend will switch online in five years, she said she believed print would continue to be the preferred victim of that shift, as people stop buying magazines and papers because they already own tablets and iPads.

Games of Thrones Runs Print Ad

http://adage.com/article/creativity-pick-of-the-day/dragon-flies-overhead-game-thrones-print-ad/240015/

HBO's Game of Thrones' Season 3 premiere is just over a month away -- and the show does a spectacular job advertising just how close that is with this two-page ad in Monday's edition of the New York Times.

Retail Online Integration

http://www.retailonlineintegration.com/blog/observations-from-nrf

Retailers of all types — brick-and-mortar, internet, catalog and multichannel variations of the three — are facing the same inventory challenges, yet still view their issues from the bias of their primary channel. 
I was reminded of this while attending the recent National Retail Federation (NRF) Convention. Marketers seem to be further along with embracing multichannel or omnichannel planning (we refer to it as "allchannel" at Direct Tech) than the operations side of retailing. Inventory planners, in particular, haven't fully embraced the new customer marketplace.

New Jobs to Serve Modern Media

http://www.themediabriefing.com/article/2013-02-12/job-titles-changing-face-modern-media

What are the most innovative and important new job roles that are re-shaping the media world? As technology and audience habits change, so do our professional functions.

So we asked our community to name the most vital job titles in a modern media business and we added our own suggestions to create the list below. And before anyone asks, it doesn't include "head of growth hacking".

USPS Looks at Digital

http://www.retailonlineintegration.com/article/understanding-postal/1

The U.S. Postal Service is dipping its toes into the digital waters, recently announcing plans to embark on several digital initiatives, starting with the formation of a new Digital Solutions Group (DSG) within its organization.
USPS Vice President of Digital Solutions Paul Vogel told customers at a recent meeting that the federal agency is considering how best to transition from the existing hybrid environment of physical and digital into a more digital role in the future.

Economy Continues to Gain Traction

Economy Continues to Gain Traction: Last week: The U.S. economy is gaining some traction. The Conference Board Coincident Economic Index® for the U.S. (a measure of where the economy is right now) rose in January for the third consecutive month. The Conference Board Leading Economic Index® for the U.S. (a signal of where the economy is headed near-term) also increased, suggesting the economy is building momentum, even as the federal government is about to face some serious spending cuts.

Chairman to Bid for Barnes & Noble

Barnes & Noble Chairman to Bid for Chain’s Retail Business: The chairman of Barnes & Noble plans to bid for the retail business of the bookstore as the company struggles with a changing competitive landscape.
On Monday, Leonard Riggio told the company’s board that he would make an offer for Barnes & Noble Booksellers, barnesandnoble.com and other retail assets. The proposal would not include the e-book division, Nook Media.

Standard Register Reports 2012 Results

Standard Register Reports Q4 Results, Reduces Loss: Standard Register, a leader in critical communications management solutions, today announced its financial results for the fourth quarter and full year 2012. The Company reported fourth quarter 2012 revenue of $143.6 million and a net loss of $0.2 million or $0.01 per share. The results compare to 2011 fourth quarter revenue of $161.4 million and a net loss of $95.5 million or $3.28 per share.

HP Reports Q1 Results

HP Q1 Results Top Analysts Forecasts: HP today announced financial results for its first fiscal quarter ended Jan. 31, 2013. First quarter GAAP diluted earnings per share (EPS) was $0.63, down from $0.73 in the prior-year period and above its previously provided outlook of $0.34 to $0.37 per share.

Wausau Paper Closing Brainerd Mill

Wausau Paper Announces Closure of Brainerd, MN, Mill: Wausau Paper (WPP) today announced the closure of the Company’s technical specialty paper mill in Brainerd, Minnesota, to occur early in the second quarter of 2013. The closure will affect approximately 130 employees.

Newton Falls Equipment Auctioned

http://www.wwnytv.com/news/local/Equipment-To-Be-Auctioned-From-Newton-Falls-Mill-192119751.html

Paper making machines and other equipment inside the idled Newton Falls Fine Paper mill are going on the auction block.

The century old paper mill hasn't been operating since 2010, when close to 100 workers lost their jobs.
Efforts to restart the mill fell through last August and the mill's owners, Scotia Investments, put the mill on the market.

Global January Pulp Ships Fall

Global pulp deliveries tumbled by 13.7% to 3.414 million tonnes in January, down from 3.955 million tonnes the previous month, according to Pulp and Paper Products Council (PPPC) data.

Shipments were 3.5% lower than the year-earlier period, down from 3.536 million tonnes in January 2012.

Oji to Build Biomass Plant

http://www.ojiholdings.co.jp/english/index.html

Japan's Oji Holdings has announced its intention to build a biomass plant on the grounds of its Nichinan paper mill, the output of which will be sold directly on to the national grid.

The 20 MW facility will go up at a cost of about ¥8.5 billion ($91 million), and is slated to start in March 2015.

BC's New Laws on Timber Supply, Spurs Privatization Debate

http://www2.news.gov.bc.ca/news_releases_2009-2013/2013FOR0018-000280.htm

Forest Act amendments introduced today will help improve forest stewardship and support community resiliency in mountain pine beetle impacted areas.  

The legislation proposes a new section 34.1 be added to the Forest Act that will create the ability to convert volume-based forest licences to area-based tree farm licences at the minister’s invitation.

Invitations will be publicly advertised, and applicants must make their application for an area-based licence available for public review and comment for at least 60 days and indicate how they have incorporated public feedback before submitting to the minister. 

http://www.bclocalnews.com/business/192154231.html  

The B.C. government has introduced amendments to allow the conversion of volume-based forest cutting permits to area-based tenures, a move that some have described as a move toward privatization of Crown forests.

Forests Minister Steve Thomson said the government intends to proceed carefully with converting existing cutting permits, which set a maximum amount of timber that can be removed from a licence area each year. Consultation with communities and First Nations in the forest areas would be extensively consulted first, Thomson said Wednesday.

Domtar's Jim Blight Named Manager of the Year

Jim Blight of Dryden, ON named Mill Manager of the Year:
Jim Blight, General Manager of the Domtar mill in Dryden, Ontario, has been named Mill Manager of the Year at the annual PaperWeek Canada industry conference in Montreal.
The award is given out by the Pulp and Paper Technical Association of Canada, or PAPTAC, to recognize outstanding leadership and performance results in the Canadian pulp and paper industry.
Jim has worked at the Dryden Mill since 1998, and has been in the General Manager role since 2007.

10 Consumer Trends for 2013

10 crucial consumer trends 2013
According to the  institute "trendwatching.com“10 trends will influence the year 2013 which include interesting approaches for the design of packaging: sustainability will be an essential for the supply chain, while transparency, authenticity and globalisation will present packaging design with new challenges.

3 Tips on Reader Engagement

3 Tips to Measuring & Maximizing Reader Engagement:
Condé Nast’s Glamour magazine uses online insights from its digital audience to maximize not just the Web experience, but print as well. During a FOLIO: webinar on reader engagement this week—which is now available here on demand—Mike Hofman, executive digital director for the brand, shared best practices on measuring and maximizing the reader engagement from the title’s 5.6 million monthly unique visitors and 6 million social media fans and followers.
Here, FOLIO: delivers Hofman’s three best tips for capitalizing on your audience.

Cynus to Sell Agriculture Group

http://www.foliomag.com/2013/cygnus-puts-ag-group-block#.USffWujZGKw

Cygnus Business Media is putting its agriculture group up for sale, Folio: has learned. The group includes five tradeshows and two publications.

AdWeek's Ad of the Day: Cabela's

http://www.adweek.com/news/advertising-branding/ad-day-cabelas-147477

It doesn't take a lot of talking to appreciate the outdoors.

That's the charming subtext of this spot from hunting gear retailer Cabela's. Created by Surdell & Partners, the ad eschews dialogue or a voiceover in favor of natural sound and screen copy. Those lines capture the little blips of solipsistic pseudo-insight that might flit through your brain as you sit at a campsite, sipping coffee and staring at a stunning landscape of rolling mountains. Some of the observations are more trite than others, but they do a great job of projecting a feeling of comfort—repackaging a self-satisfied, if simplistic, monologue as down-home marketing wisdom.

Details Magazine Launches Blogger Network

http://www.adweek.com/news/press/details-magazine-launches-blogger-network-147458

Over the past few years, the action at Fashion Week has shifted from the runways to the sidewalks, where hordes of street style bloggers and photographers congregate to snap pictures of one another.
And it's not just female fashionistas drawing attention: From The Sartorialist to Tommy Ton, some of the blogosphere’s biggest stars are men.

It was the explosion of interest in men's style blogs that led Details, Condé Nast’s male fashion bible, to launch The Details Style Network. It features curated posts from more than 60 fashion and lifestyle bloggers, including boldface names like Bryanboy and The Grungy Gentleman as well as more under-the-radar blogs. (Think of it as a testosterone-fueled version of the Lucky Style Collective.)

MediaPost Weekly Mag Bag

http://www.mediapost.com/publications/article/194069/mag-bag-dennis-publishing-invests-in-padify.html#axzz2LfJ24oIn

The newly created Esquire Network, formed by a partnership between Hearst and the cable network previously known as G4, has added two industry veterans to its executive team. Deena Stern will serve as head of marketing, with responsibility for marketing and strategic planning for on-air, off-air, digital and ad sales solutions. She previously served as vice president of brand marketing at Comedy Central, a role she held since 2007. Katherine Nelson will serve as head of communications, with responsibility for corporate communications and program publicity. The Esquire Network will debut on April 22, 2013. 

Bonnier Promotes Murphy to CMO, Men’s Group
Bonnier Corp. has promoted Elizabeth Burnham Murphy to the role of chief marketing officer for its Men’s Group, which includes titles like Popular Science, Field & Stream, Outdoor Life and Cycle World. This is a new position for the company. Burnham Murphy previously served as associate publisher of marketing and online services for Bonnier’s Outdoor Group

And more...

The Rise of the Artisanal Magazine

http://flavorwire.com/371279/the-rise-of-the-artisanal-magazine

Anybody who has had a hand in putting together a magazine, be it a homemade music zine or a big glossy mass-market production, knows that it isn’t cheap. You might not be dealing with the same numbers as Newsweek, but the paper, ink, and staples add up. So by that logic, it isn’t impossible to imagine a supermarket checkout line without copies of Bon Appetit, or your local newsstand selling digital subscriptions to Rolling Stone. The magazine might not be dying, but big business would probably say the magazine is obsolete.

Valassis Reports 2012 Results

Valassis Profit Flat in Q4: Valassis today announced financial results for the fourth quarter and full year ended Dec. 31, 2012. Fourth-quarter 2012 revenues were $579.4 million, a decrease of 2.7% from $595.3 million in the prior year quarter. Full-year 2012 revenues were $2,162.1 million, a decrease of 3.3% from $2,236.0 million in full-year 2011.

Conference Board Leading Economic Index Up

Conference Board Leading Economic Index for the U.S. Increases: The Conference Board Leading Economic Index (LEI) for the U.S. rose 0.2 percent in January to 94.1 (2004 = 100), following a 0.5 percent increase in December, and no change in November.

Quad/Graphics Proceed with Press Plans

Press plans proceed at Quad/Graphics:
One of the Capital Region's largest printing plants is exploring plans to install three new presses to replace existing presses, according to records from the state Department of Environmental Conservation.

NewPage: Details on Layoffs

http://bangordailynews.com/2013/02/20/news/rumford-paper-mill-laying-off-about-45-workers/

Rumford, ME

Nearly four dozen local people will be out of work as NewPage paper company prepares to lay off 5 percent of its workforce nationwide.

Several workers on Tuesday said they were told the layoffs would begin at the end of the month.

http://times-news.com/local/x1633487489/Layoffs-at-Luke-mill-will-drop-work-force 
Luke, MD

As part of a NewPage corporate-wide initiative, the Luke mill announced to its employees Tuesday that it will reduce its work force by approximately 5 percent.

With 874 employees as of Dec. 31, the mill will lose about 44 workers. This action will affect both hourly and salaried employees.
The affected positions will be announced to employees this week, and all the reductions will be completed by the end of March, according to a news release labeled as a standby statement provided in response to a Times-News inquiry.

ArjoWiggins to Increase Coated Prices

http://www.arjowigginsgraphic.com/

Arjowiggins Graphic has announced its intention to raise coated woodfree (CWF) paper prices by £40/tonne, or approximately 6%, in the UK from April 1.
In November last year, the company said it would raise CWF prices in Europe during January this year, without specifying by how much.

Paper Manufacturers Fear Rising Costs

Paper manufacturers fear more price increases
Paper manufacturers fear pulp producers will burden them with more prices increases. However, pulp manufacturers say they could not rule out another hike in the first quarter if demand from China should increase and if the US dollar should become stronger against the euro. These are some conclusions drawn from the new report EUWID Price Watch Pulp for February.
The report also states that there were no problems with supply of pulp in February, pulp supply even increased last year in Europe. Several pulp manufacturers succeeded to beat their record last year.

2012 CEPI Paper & Board Production Falls

Preliminary Statistics 2012: Indications are that paper and board production by CEPI member countries fell by in the region of 1.7% in 2012. It is estimated that CEPI member countries produced around 92 million tonnes of paper and board in 2012, resulting from some adjustments in production capacities with closures amounting to 2 million tonnes and new capacities or upgrading of existing ones accounting for close to 1 million tonne.

Neenah Paper Reports 2012 Results

Neenah Paper Fourth Quarter and Full Year Results: Neenah Paper, Inc. (NYSE:NP) today reported earnings from continuing operations for the fourth quarter of 2012 of $0.55 per diluted common share compared with earnings of $0.47 per diluted share in the fourth quarter of 2011. After excluding $0.05 per share ($1.5 million pre-tax) of costs incurred in 2012 for integration of acquired fine paper brands and the early redemption of bonds, adjusted earnings per share in the fourth quarter of 2012 of $0.60 increased 28 percent compared with the prior year period.

IP & Memphis Agree on Plan

Memphis and International Paper "renew vows" with PILOT approval:
The Economic Development Growth Engine of Memphis and Shelby County approved a long-awaited payment-in-lieu-of-taxes application for International Paper Co. The approval clears the way for the company to launch its proposed $115.7 million expansion and office tower renovation at 6350 Poplar. The Memphis-based company plans to build a 235,000-square-foot, 10-story tower close to its current headquarters in East Memphis.

Future US Names President

Future US Promotes Considine to President:
Future US announced today that it has promoted chief operating officer Rachelle Considine to president. Considine [pictured] had been COO since 2011, overseeing day-to-day operations. She's helped lead the U.S. division of the British media company into a digital and mobile-first strategy.

The Atlantic, Redesigned

http://www.adweek.com/news/press/atlantic-redesigns-bolder-look-147438

For the ninth time in its 155-year history, The Atlantic is getting a facelift. The magazine's March issue will mark the debut of a redesign overseen by creative director Darhil Crooks, who previously lent his design talents to Ebony and Esquire before joining The Atlantic in August.

NYT Plans to Sell Boston Globe

http://www.adweek.com/news/advertising-branding/new-york-times-co-will-try-sell-boston-globe-147432

The New York Times announced it planned to unload The Boston Globe and its related properties, which would further strip the company of assets outside of the paper of record. As Bloomberg News reported earlier, and the Times confirmed, the company is working with Evercore Partners, an independent investment firm, to assist with the process. 

The properties in the New England Media Group that are for sale include the Globe along with the Worcester Telegram & Gazette and their respective Web sites and GlobeDirect, the Globe's direct mail marketing company.

Amazon's Changed Approach on Sales Tax

http://www.magillreport.com/Why-Amazon-Suddenly-Supports-Online-Sales-Taxes/

Amazon used to be against collecting taxes on sales to consumers in states where it doesn’t have a physical presence. In November it switched sides. 
And when the Marketplace Fairness Act was introduced in the House and Senate last week, Amazon was listed among its supporters.

So what happened?
Lots.  Amazon can expect to benefit from the collection of online sales taxes in at least three ways.

Direct Mail Important Tool for Insurers

http://chiefmarketer.com/blog/direct-mail-watch-insurers-still-post

There are numerous ways for consumers to research and buy insurance products, but don’t discount good old-fashioned direct mail just yet.

Today, consumers can get insurance everywhere from the web to big box retail stores like Walmart.
But perhaps because the industry is regulated so heavily and there is so much information to convey to a prospect, direct mail can be an ideal way to make that first contact and share the ins and outs of a program.

Warc Global Marketing Index Rises

http://www.btobonline.com/article/20130221/STRATEGY03/302219998/warc-global-marketing-index-rises

The Warc Global Marketing Index, which tracks global marketing budgets, trading conditions and staffing levels, rose to 56.2 this month, up from 53.8 in January.

A GMI reading of 50.0 represents no change in global marketing conditions; a score of 60.0 indicates rapid growth; and a score below 50 marks a decline.
The Americas continues to be the most positive region, with a GMI of 59.5, up 1.5 points from January. Asia Pacific also showed growth, with a GMI of 56.2, up from 53.8 in January.

Lagardère Active Launches Unified Digital Platform

http://www.minonline.com/news/21888.html

Lagardère Active, the owner of the Elle brand, has created a new digital platform to promote the Elle International Network, including a website, mobile site, Facebook page and Twitter account. These combined digital tools connect with the websites, mobile sites, applications, pages and accounts of the 43 international editions of Elle and also promote Elle's media and events worldwide.

By sharing international and local news, promoting global and regional initiatives and highlighting the operations of the different editions, the new Elle platform aims to drive traffic locally and to further develop its global audience.

Stability Returning to Print Industry

Stability Returning to North American Print Industry: Although the NPES recent announcement of U.S. Printing Equipment shipments (www.piworld.com, November 2012) indicates a continued retraction in machinery purchases, this does not do justice to what we, at Howard Graphic Equipment, are noticing.
For the year 2013, we look for further realignment of the printing industry with many printers still eager to amalgamate or be purchased by more aggressive firms that have changed their structures and are aggressively looking for more sales.

Circulation & The Risks of Niche Strategies

Magazine Circulation Illustrates Risks of Niche Strategies for Printers (Dr. Joe):
We’ve all heard the phrase “print will always survive” or “print will always be there,” but I always wonder exactly what is meant by that. I have no doubt that print as a medium will always be available in some form or some format. I think that is irrefutable. Some in the industry take these phrases as comforting thoughts. I believe that they are at best benign and at worst meaningless. The real question is what volume and nature will the demand for that medium take. Print volume is a function of size, sides, page count, run length, and frequency. Those are all determined by the nature of the content and the audience size. The prime mover of all of these aspects is the original idea.

PIA Value of Print Initiative

The Value of Print: A PIA Initiative: In this video blog I discuss a recent Printing Industries of America (PIA) initiative on the value of print. See www.printing.org/valueofprint for more on this program, which includes a flip book and a mobile application.

"Why Print Works" Campaign

Velocity Print Solutions launches Top 12 Reasons Why Print Works Campaign: Velocity Print Solutions has launched a year long campaign to promote the value and benefits of utilizing print in business marketing campaigns. The theme of Print…It keeps on working will feature monthly reasons of why print is a valuable tool in increasing ROI, sales growth and brand exposure and also helpful guides for its customers.

Why Print?

To Print, or not to Print? That is the Question: 
Why print?
First and foremost, consumer preference leans towards the printed piece. In Epsilon’s consumer preference survey, direct mail was the channel of choice for health information, insurance information, and financial services statements. 62% of Americans enjoyed checking the mailbox daily. Print technology is simply making the printed piece even more engaging, and consumers also expressed that printed mail is easier to reference at a later date. Digital Print technology has evolved in such a way to take statements and personalize them to levels never before thought possible. Utility statements can show individualized usage charts and suggestions based on energy consumption. 401k mailing and insurance statements can pair with information databases to show full color representations of distribution and growth, as well as market trends. These personalization options will continue to shift consumer preference towards print, and any business can outsource the data storage, printing and mailing responsibilities to a qualified provider.

USPS Essential to $1.3 Trillion Industry

Quad Urges Congress to Act Swiftly to Restore Financial Stability to U.S. Postal Service:
Quad/Graphics Chairman, President and CEO Joel Quadracci urges Congress to move swiftly to put the U.S. Postal Service (USPS) on a path to sustainability, noting that the $65 billion Postal Service is at the core of a $1.3 trillion mailing industry that provides family-supporting jobs for 8.4 million Americans, nearly 200,000 of whom live and work in Wisconsin.

Problems with Mobile Marketing ROI

Survey: Marketers face mobile ROI, staffing challenges: Demonstrating mobile marketing's ROI is a top concern among companies planning to grow their marketing programs, according to a survey from Forrester Research and Aquent, a staffing company for the marketing industry.

NewPage Cutting Workforce

http://www.waow.com/story/21243575/2013/02/19/newpage-cutting-300-jobs-in-us

NewPage Corp., which owns the paper mill in Wisconsin Rapids and plants in two other central Wisconsin cities, announced Tuesday that it was cutting about 300 jobs nationwide due to declining sales, or about 5 percent of its workforce.

Cliff Bowers, a spokesman for NewPage in Wisconsin Rapids, said the mill there employs about 1,050 workers but it was not immediately known how many jobs would be lost.
"There will be job cuts at every mill. I didn't say 5 percent," he said.

Hackman Capital Buys Catalyst Snowflake Mill

http://www.catalystpaper.com/

Hackman Capital Partners, LLC, a privately-held, asset-based investment firm based in Los Angeles, confirmed today the successful acquisition of Catalyst Paper's shuttered paper mill and certain other assets located in Snowflake, Arizona. Catalyst Paper, western North America's largest producer of mechanical printing paper, closed the Snowflake facility in September. Catalyst's assets were sold at auction in New York City on December 17, 2012, as part of restructuring proceedings in a Chapter 15 bankruptcy matter filed in Delaware. The assets sold at auction to the Hackman-led consortium consisted primarily of the paper mill improvements and personal property and 19,000 acres of real property. In a separate transaction through the auction, the Snowflake Community Foundation acquired the Apache Railroad Company and its 45 miles of track, which serve an important economic development purpose for the entire Snowflake community.

India Next Growth Market for Forest Products

www.risiinfo.com/ 
India's wood fiber deficit is forecast to more than double between 2011 and 2021, placing increased emphasis on imports, according to a study released today by RISI, the leading information provider for the global forest products industry. 2013 India's Forest Products Industry Outlook examines India's development as the world's next substantial wood fiber import market after China.

Office Depot and Office Max Merge

http://www.chicagotribune.com/business/breaking/chi-office-depot-to-buy-officemax-in-allstock-deal-20130220,0,494893.story

Office Depot Inc. and Office Max Inc. have agreed to merge in a $1.17 billion stock transfer, the companies announced Wednesday, ending nearly two hours of confusion about whether a deal had been reached.

Officials at Naperville-based OfficeMax and Office Depot declined to say who would lead the combined company nor where it would be located when the "merger of equals" is completed, likely by the end of the year.

10 Consumer Trends for 2013

10 crucial consumer trends 2013: The institute "trendwatching.com“ has predicted 10 trends for the year 2013 which include interesting approaches for the design of packaging: sustainability will be an essential for the supply chain, while transparency, authenticity and globalisation will present packaging design with new challenges.
1. Presumers & Custowners
2. Emerging Markets2
3. Mobile Moments
4. New Life Inside
5. Appscriptions
6. Celebrating Heritage
7. Data "Myning"
8. Back to Local Manufacturing
9. Total Transparency
10. Demanding Brands

AMI Reports Q3 Results

http://www.foliomag.com/2013/ami-s-fiscal-third-quarter-hit-hard-hurricane-sandy#.UST-FOjZGKw

American Media, Inc.’s 2013 fiscal third quarter showed mixed results, according to recent company financials. Revenues dropped three percent in the quarter to $85 million. During its fiscal nine months ending December 31, 2012, revenue fell by eight percent, or $24 million, to $262 million.