The Seybold Report

Kodak Announces Steps toward Chapter 11 Emergence

Eastman Kodak Company has outlined its next steps toward a successful emergence from Chapter 11 reorganization. The company plans to focus on commercial, packaging, and functional printing solutions and enterprise services and has taken steps to sell its personalized imaging and document imaging businesses. The company says it also plans to emerge from Chapter 11 during 2013. more

Manroland Sheetfed Trading Within Expectations

Langley Holdings plc has released its half-year results for the first half of calendar year 2012 and says manroland sheetfed is generating positive cash flows, standing on its own feet financially, and trading within expectations. more 

Houghton Mifflin Harcourt Files for Restructuring

Houghton Mifflin Harcourt has filed a Chapter 11 financial restructuring plan with the U.S. Bankruptcy Court of the Southern District of New York. The company says the plan will eliminate $3.1 billion in debt through an equity swap, reduce the publisher’s annual cash interest costs, and will give the company a stronger capital structure to support its strategic plan and business objectives and to pursue growth opportunities. more

Kodak Files for Chapter 11 Bankruptcy Protection

Kodak announced the company and its U.S. subsidiaries have filed voluntary petitions for chapter 11 business reorganization in the U.S. Bankruptcy Court for the Southern District of New York. The company's news release says, "The business reorganization is intended to bolster liquidity in the U.S. and abroad, monetize non-strategic intellectual property, fairly resolve legacy liabilities, and enable the Company to focus on its most valuable business lines." Kodak subsidiaries outside the United States are not affected. The company says it has lined up sufficient working capital and intends to conduct business as close to normally as possible. more

manroland AG Files for Insolvency

manroland AG has filed for insolvency with the jurisdictional district court at Augsburg, Germany, after the failure of negotiations with a potential investor. The company also filed a request for self-administration to finalize the on-going restructuring of the company. The company’s executive board hopes to rescue key units of the company. more

Heidelberg Posts Preliminary Positive 2Q 2011 Results

Heidelberg reports a small increase in incoming orders for second quarter 2011 compared to the same period in 2010 on sales matching the previous year and a positive quarter. However, the company is lowering its expectations for the second half due to increased economic uncertainty in the U.S., Japan, and Mediterranean countries in the EU, which is only expected to be partially offset by growth in China and other parts of Asia. more

Barnes & Noble Reports Record $7 Billion in FY2011 Sales

Barnes & Noble Inc. had a record $7 billion in gross sales in FY2011, a 20% increase from FY 2010. The increase was driven by inclusion of a full year of sales from Barnes & Noble College Booksellers and a 50% sales increase at BN.com. The company reported earnings before interest, taxes, depreciation, and amortization of $163 million and a consolidated full-year net loss of $74 million, or $1.31 per share. Barnes & Noble did not issue projections for sales or earnings for FY 2012 pending a decision on the acquisition proposal from Liberty Media. more

Borders Files Chapter 11 Bankruptcy

Borders Group, Inc. has filed for Chapter 11 bankruptcy. In the announcement of this move, the company promised Borders stores and borders.com will remain open and the Borders Rewards programs will remain in effect. News reports indicate the company may close more than one-third of its retail stores. more

Bankruptcy Credit Services, a publishing company affiliated with the Beard Group (the previous owner of the Seybold Report) is publishing a newsletter series on the bankruptcy proceedings. The first four issues will be free, and the series will cover the financial situation in depth. To learn more about the series and to obtain the free issues, click here.

Quad/Graphics Invests $20M in Midwest Expansion

Quad/Graphics Inc. has announced plans for a $20M expansion of its Upper Midwest printing facilities, including the addition of four retail offset presses at its Lomira, WI plant. The company's expansion is focused on adding to its quick-turn production of highly versioned, smaller page-count advertising inserts for newspapers. more

Adobe Reports Record Revenues and Hits Revenue Target

Adobe Systems Inc. has reported record revenue of $990.3 million, 42% year-to-year revenue growth from the $697.5 million reported in third quarter of 2009, and strong growth over its second quarter 2010 reported revenue of $943 million. Its target revenue for the quarter was $950 million to $1 billion. Operating income for the quarter was $302 million compared to $167.6 million a year ago and $227.3 million for the second quarter of 2010. more

RR Donnelley Prices $400 Million Debt Offering

RR Donnelley & Sons Co. has priced an offering of $400 million aggregate principal amount of 7.625% notes due June 15, 2020. The offering is expected to close on June 21. The company plans to use a portion of the net proceeds to repay borrowings outstanding under its revolving credit facility, with the remainder to be used for general corporate purposes. more

Heidelberger Druckmaschinen Plans New Stock Issue

Heidelberger Druckmaschinen AG, the German parent of Heidelberg USA, is planning to issue 156 million new no-par value shares in hopes of raising about 420 million euros ($513 million). The board of directors is expected to seek shareholder approval for the new stock issue at its July 29 general shareholders' meeting. more

Heidelberg Publishes Preliminary Fiscal Year 2009 Results

Heidelberg has released preliminary results for its fourth quarter and fiscal year, ending March 31, showing a fall in sales and profit overall, but some increase in sales volume in the quarter. Preliminary incoming orders were EUR 2.371 billion, compared to EUR 2.906 billion for the previous year. Preliminary sales fell to EUR 2.306 billion from EUR 2.999 billion in FY2008. Preliminary operating loss, excluding special items, was  EUR -130 million, compared to EUR -49 million the year before. more

Heidelberg Streamlines Organization, Reduces Staff by 850 Jobs

Heidelberger Druckmaschinen AG has completed its restructuring and announced some major changes in the organization. On April 1 the Group will be split into three divisions: Heidelberg Equipment, Heidelberg Services, and Heidelberg Financial Services. It also plans to expand its Services division, but will also cut up to 850 jobs worldwide. more

China Publishing Group to Go Public This Year

State-owned China Publishing Group will be listed on the A-share stock market in China later this year says Chairman Nie Zhenning. The large-scale publishing institution, which includes 23 major publishing companies, will be listed as a whole, including subsidiaries and distribution companies. more