Verso reported net loss of $38.4 million in the 1Q 2013, or $0.72 per diluted share, which included $2.9 million of net gains from special items, or $0.05 per diluted share, primarily due to unrealized gains on energy-related derivative contracts and gains on the sale of its Sartell mill and Fiber Farm LLC. Verso had a net loss of $73.9 million, or $1.40 per diluted share, in the 1Q 2012, which included $34.9 million of charges from special items, or $0.66 per diluted share.
1Q EBITDA was $22.3 million in the 1Q 2013, compared to ($10.5) million in the 1Q 2012, and Adjusted EBITDA before pro forma effects of profitability program was $20.1 million in the 1Q 2013, compared to $25.3 million in the 1Q 2012.
“We experienced our normal seasonally weak first quarter as shipments slowed and our inventories increased in line with expectations; however pricing overall was flat sequentially," said David Paterson, President and CEO of Verso.
“One area of concern remains the delivered cost of natural gas to our two facilities in Maine. While the price of natural gas increased slightly year over year, we saw delivery charges surge primarily due to constraints in the New England delivery network during this period of higher demand. On a year over basis we experienced a negative impact of almost $22 million relative to the gas cost at our Maine facilities.
“As we look to the balance of the year, we see continued improvements in our pulp and specialty papers business in conjunction with a normal seasonal pick-up in the printing and writing papers business.”
Verso Paper Corp. produces coated papers, including coated groundwood and coated freesheet, and specialty paper products.