Verso operating loss narrows to $155 million for year ended Dec. 31

By Caroline Salls

Pittsburgh, April 14 – Verso Corp. reported a $155 million operating loss for the year ended Dec. 31 on $3.12 billion of net sales, according to a 10-K filed Thursday with the Securities and Exchange Commission.

Those figures showed improvement over the $175 million operating loss posted for the year ended Dec. 31, 2014 on $1.3 billion of net sales.

The net loss for 2015 was $422 million, widening from a $356 million 2014 net loss.

EBITDA was $193 million for 2015, compared with negative $123 million of EBITDA in 2014.

According to the 10-K, the increase in net sales in 2015 reflected a 125% sales volume increase. The company said this was driven primarily by its NewPage acquisition.

Verso said its 2015 operating loss and net loss results were impacted by several restructuring events and the cost of integrating the NewPage acquisition into its business.

The company had $4 million of cash and cash equivalents as of Dec. 31, down from $6 million at Dec. 31, 2014.

Verso, a Memphis-based producer of printing and specialty papers and pulp, filed for bankruptcy on Jan. 26. The Chapter 11 case number is 16-10163.

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