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Verso Paper Corp. Reports Fourth Quarter And Year-End 2012 Results

Excluding special items, net loss was $116.0 million, or adjusted diluted loss per share of $2.19, for the year ended December 31, 2012. Excluding special items, net loss was $54.3 million, or adjusted diluted loss per share of $1.02, for the year ended December 31, 2011.

Summary Results
 
Results of Operations – Comparison of the Fourth Quarter of 2012 to the Fourth Quarter of 2011
     
Three Months Ended
December 31,
(Dollars in thousands)   2012   2011
Net sales $ 361,051   $ 450,282
Costs and expenses:

Cost of products sold - (exclusive of depreciation, amortization, and depletion)

310,332 393,728
Depreciation, amortization, and depletion 26,840 31,113
Selling, general, and administrative expenses 18,168 18,268
Goodwill impairment - 18,695
Restructuring charges     5,407       24,464  
Total operating expenses     360,747       486,268  
Other operating income     (60,594 )     -  
Operating income (loss)     60,898       (35,986 )
Interest income (1 ) (20 )
Interest expense 36,830 31,807
Other income, net     (93 )     (5 )
Income (loss) before income taxes 24,162 (67,768 )
Income tax (benefit) expense     (1,319 )     53  
Net income (loss)   $ 25,481     $ (67,821 )
 

Net Sales. Net sales for the fourth quarter of 2012 decreased 19.8%, to $361.0 million from $450.3 million in the fourth quarter of 2011. Total sales volume was down 17.0% compared to the fourth quarter of 2011, which was driven by the shutdown of three paper machines late last year and the closure of the Sartell mill in the third quarter of this year, as well as a 3.4% decrease in the average sales price per ton for all of our products.

Net sales for our coated papers segment decreased 22.6% in the fourth quarter of 2012 to $288.0 million from $371.9 million for the same period in 2011, due to a 21.0% decrease in paper sales volume, which was driven by the shutdown of three paper machines late last year and the closure of the Sartell mill in the third quarter of this year. The average sales price per ton of coated paper decreased 2.0% compared to the same period last year.

Stock quotes in this article: VRS 

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