The following table reconciles net loss to EBITDA and Adjusted EBITDA for the periods presented.
|Three Months Ended||Year Ended|
|December 31,||December 31,|
|(Dollars in millions)||2011||2010||2011||2010|
|Income tax expense||0.1||0.1||0.2||0.1|
|Interest expense, net||31.8||31.7||126.5||128.0|
|Adjustments to EBITDA:|
|Loss on early extinguishment of debt, net (1)||-||-||26.1||-|
|Goodwill impairment (2)||18.7||-||18.7||-|
|Restructuring and other charges (3)||24.5||-||24.5||-|
|Hedge losses (4)||7.5||-||7.5||-|
|Equity award expense (5)||0.6||0.5||2.4||1.7|
|Other items, net (6)||1.3||1.4||8.4||6.0|
|Adjusted EBITDA before pro forma|
|effects of profitability program||47.7||50.5||202.5||132.1|
|Pro forma effects of profitability|
|(1)||Represents net loss related to debt refinancing.|
|(2)||Represents impairment of goodwill allocated to the coated and supercalendered paper segment.|
|(3)||Represents costs associated with the shut-down of three paper machines.|
|(4)||Represents losses recognized due to the de-designation of certain energy-related derivative contracts.|
|(5)||Represents amortization of non-cash incentive compensation.|
|(6)||Represents earnings adjustments for product development costs and other miscellaneous non-recurring items.|
|(7)||Represents cost savings expected to be realized as part of the Company's cost savings program.|
In this press release, all statements that are not purely historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements may be identified by the words “believe,” “expect,” “anticipate,” “project,” “plan,” “estimate,” “intend,” and similar expressions. Forward-looking statements are based on currently available business, economic, financial, and other information and reflect management’s current beliefs, expectations, and views with respect to future developments and their potential effects on Verso. Actual results could vary materially depending on risks and uncertainties that may affect Verso and its business. For a discussion of such risks and uncertainties, please refer to Verso’s filings with the Securities and Exchange Commission. Verso assumes no obligation to update any forward-looking statement made in this press release to reflect subsequent events or circumstances or actual outcomes.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV