Verso's net sales for the 2Q 2016 decreased $148 million, or 19%, to $630 million, due primarily to weaker than expected demand, continued pricing pressure, impact of Wickliffe mill closure and downsizing of the Androscoggin mill, and imports.
Net loss of $33 million for the 2Q 2016 was impacted by $19 million of Restructuring charges and Reorganization items, net. 2Q 2016 Adjusted EBITDA was $46 million.
"We are confident that our prior operational excellence and continued products innovation enable us to successfully compete even in a very challenging environment," said David Paterson, Verso Chairman, President and CEO. "We are moving forward with a sense of urgency, a stronger balance sheet, and a renewed commitment to make Verso a much stronger company."
Verso Corporation is the leading North American producer of printing and specialty papers and pulp, Verso provides insightful solutions that help drive improved customer efficiency, productivity, brand awareness and business results.