NewPage reported 1Q net loss of $175 million
May 07, 2010. NewPage Corporation announced its results of operations for the 1Q 2010. Net sales were $817 million in the 1Q 2010 compared to $722 million in the 1Q 2009, an increase of $95 million, or 13%. Net loss attributable to NewPage was $175 million in the 1Q 2010 compared to $109 million in the 1Q 2009.
May 07, 2010. /Lesprom Network/. NewPage Corporation announced its results of operations for the 1Q 2010. Net sales were $817 million in the 1Q 2010 compared to $722 million in the 1Q 2009, an increase of $95 million, or 13%. The increase in net sales in the 1Q 2010 resulted primarily from higher sales volumes, partially offset by lower average paper prices during the quarter, company said in a statement received by Lesprom Network.
Net loss attributable to NewPage was $175 million in the 1Q 2010 compared to $109 million in the 1Q 2009. Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) was $15 million in the 1Q 2010 compared to $55 million in the 1Q 2009. The decline in Adjusted EBITDA resulted from pricing deterioration of over $100 million, partially offset by improved volume, deflation on chemical and energy input costs, and the recognition of $13 million of income from alternative fuel mixture tax credits as income recognition criteria was met during the quarter.
"During the 1Q 2010, we saw a significant rebound in sales volumes as customer demand increased and advertising began to recover. The industry experienced a 19% increase in coated paper sales volumes in the 1Q 2010 compared to the 1Q last year," said Tom Curley, NewPage President and CEO.
"At NewPage, our coated paper sales volume increased 27% for the 1Q 2010, and we gained market share. Our total sales volumes were up 31% compared to the 1Q 2009, largely driven by improved coated paper demand. We believe improved sales demand indicates that our industry is prepared for significantly improved results for the remainder of 2010."
NewPage Corporation is the largest coated paper manufacturer in North America. The company's product portfolio is the broadest in North America and includes coated freesheet, coated groundwood, supercalendered, newsprint and specialty papers.