Verso Paper Corp. Reports Third Quarter 2012 Results
Tuesday, November 13th, 2012
MEMPHIS, Tenn.–(BUSINESS WIRE)– Verso Paper Corp. (NYSE: VRS) today reported financial results for the third quarter and nine months ended September 30, 2012. Results for the quarters ended September 30, 2012 and 2011 include:
- Adjusted EBITDA before pro forma effects of profitability program of $50.2 million in the third quarter of 2012, compared to $23.5 million in the second quarter of 2012 and $64.2 million in the third quarter of 2011. (Note: Adjusted EBITDA is a non-GAAP financial measure and is defined and reconciled to net income later in this release).
- Net loss before items of $12.0 million, or $0.23 per diluted share, in the third quarter of 2012 compared to net loss before items of $43.1 million, or $0.81 per diluted share, in the second quarter of 2012 and net income before items of $0.8 million, or $0.01 per diluted share, in the third quarter of 2011.
- The closure of the Sartell mill resulted in an aggregate pre-tax charge to earnings of approximately $97.2 million in the third quarter of 2012. This includes approximately $16.3 million for severance and benefit costs; $75.8 million in non-cash charges for fixed asset and other impairment charges; and $5.1 million related to other costs.


In cooperation with the MFS, the Oxford Co. Soil and Water Conservation District (SWCD) recently completed their first Big Tree contest for Oxford Co. Nominations for the biggest tree of each native Maine species were solicited from landowners, foresters and other interested folks in Oxford Co., similar to the state Big Tree register maintained by the Maine Forest Service for the whole state. The Ox. Co. contest started in May and finished in October, generating dozens of nominations. Some species, like White pine generated multiple nominations from different landowners. District employees, with assistance from District Forester Merle Ring, measured each of the nominations using the same point system as the state register. Winners in each species category were issued a certificate and given a Forest Trees of Maine book, and are listed on the Ox. Co. Big Tree register. A new contest will be started each spring to update the register with new nominations. An Ox. Co. Big Tree booklet has been printed for distribution listing the winners, similar to the state Big Tree booklet.





