Verso reported a net loss of $104.7 million in the third quarter of 2012, or $1.98 per diluted share, which included $92.7 million of net charges from special items, or $1.75 per diluted share, primarily due to restructuring charges related to the closure of the Sartell mill in the third quarter of this year. Verso had a net loss of $0.3 million, or $0.01 per diluted share, in the third quarter of 2011, which included $1.1 million of charges from special items, or $0.02 per diluted share.“We experienced our typical seasonal pick-up in demand during the third quarter in both coated freesheet and coated groundwood shipments. Industry operating rates were strong even though we continue to see a year over year drop-off in advertising spending which is impacted by the sluggish GDP growth. As we anticipated, coated groundwood pricing moved higher during the quarter and coated freesheet pricing was stable. Adjusted EBITDA of $50.2 million was about double what we recorded in the second quarter of this year driven by the stronger volumes, higher prices and improvements in our manufacturing costs resulting from our cost improvement programs and having the second quarter scheduled maintenance outages behind us,” said David Paterson, President and Chief Executive Officer of Verso.
Verso Paper Corp. Reports Third Quarter 2012 Results
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