PR Newswire
MIAMISBURG, Ohio, Nov. 14, 2017
MIAMISBURG, Ohio, Nov. 14, 2017 /PRNewswire/ -- Verso Corporation (NYSE: VRS) today reported financial results for the third quarter of 2017, including net sales of $621 million, net income of $4 million, and adjusted EBITDA of $47 million.
Overview
"Verso rebounded significantly in the third quarter, from the second quarter of 2017, as a result of better pricing, increased sales in the growing specialty papers market, less downtime and continuing, aggressive cost reduction initiatives," said Verso Chief Executive Officer, B. Christopher DiSantis. "We significantly improved cash flow and retired a substantial amount of debt while increasing liquidity. Verso moves into the fourth quarter with strong earnings momentum driven by a full order book, no planned downtime and a much leaner administrative cost structure."
Results of Operations – Comparison of Three Months Ended September 30, 2017 to Three Months Ended September 30, 2016
| Predecessor | | | Successor | | | ||
| July 1, 2016 | | | July 15, 2016 | | Three Months | | |
| Through | | | Through | | Ended | | Three |
| July 14, | | | September 30, | | September 30, | | Month |
(Dollars in millions) | 2016 | | | 2016 | | 2017 | | $ Change |
Net sales | $ 97 | | | $ 578 | | $ 621 | | $ (54) |
Costs and expenses: | | | | | | | | |
Cost of products sold (exclusive of depreciation, | | | | | | | | |
amortization and depletion) | 83 | | | 559 | | 552 | | (90) |
Depreciation, amortization and depletion | 7 | | | 24 | | 27 | | (4) |
Selling, general and administrative expenses | 8 | | | 23 | | 24 | | (7) |
Restructuring charges | - | | | 2 | | 4 | | 2 |
Other operating (income) expense | - | | | 2 | | - | | (2) |
Operating income (loss) | (1) | | | (32) | | 14 | | 47 |
Interest expense | 2 | | | 8 | | 10 | | - |
Income (loss) before reorganization items, net | (3) | | | (40) | | 4 | | 47 |
Reorganization items, net | (1,302) | | | - | | - | | 1,302 |
Income (loss) before income taxes | 1,299 | | | (40) | | 4 | | (1,255) |
Income tax expense | - | | | - | | - | | - |
Net income (loss) | $ 1,299 | | | $ (40) | | $ 4 | | $ (1,255) |
Comments to Results of Operations - Comparison of Three Months Ended September 30, 2017 to Three Months Ended September 30, 2016
Results of Operations – Comparison of Nine Months Ended September 30, 2017 to Nine Months Ended September 30, 2016
| Predecessor | | | Successor | | | ||
| January 1, 2016 | | | July 15, 2016 | | Nine Months | | |
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