This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Verso Paper Corp. Reports First Quarter 2012 Results

The following table reconciles net loss to EBITDA and Adjusted EBITDA for the periods presented.

Three Three Twelve
Months Year Months Months
Ended Ended Ended Ended
March 31, December 31, March 31, March 31,
(Dollars in millions)   2011   2011   2012   2012
Net loss $ (44.6 ) $ (137.1 ) $ (73.9 ) $ (166.4 )
Income tax expense - 0.2 (0.1 ) 0.1
Interest expense, net 32.4 126.5 32.1 126.2

Depreciation, amortization, and depletion
    31.4       125.3       31.4       125.3  
EBITDA 19.2 114.9 (10.5 ) 85.2
Adjustments to EBITDA:

Loss on early extinguishment of debt, net (1)
26.1 26.1 30.0 30.0
Goodwill impairment (2) - 18.7 - 18.7
Restructuring and other charges (3) - 24.5 0.1 24.6
Hedge losses (4) - 7.5 4.7 12.2
Equity award expense (5) 0.6 2.4 0.6 2.4
Other items, net (6)     1.1       8.4       0.4       7.7  

Adjusted EBITDA before pro forma effects of profitability program
47.0 202.5 25.3 180.8

Pro forma effects of profitability program (7)
Adjusted EBITDA               $ 238.4  
(1)Represents net loss related to debt refinancing.
(2)Represents impairment of goodwill allocated to the coated paper segment.
(3)Represents costs associated with the shut-down of three paper machines.
(4)Represents unrealized losses on 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 our cost savings program.

Forward-Looking Statements

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.

6 of 7

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.74 0.00%
FB $117.58 0.00%
GOOG $693.01 0.00%
TSLA $240.76 0.00%
YHOO $36.60 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs