Verso Corporation has reported financial results for the first quarter of 2015. Results for the quarters ended March 31, 2015 and 2014 include:
- Consummation of the NewPage acquisition.
- Net sales of $806 million in the first quarter of 2015 compared to $299 million in the first quarter of 2014.
- Adjusted EBITDA before pro forma effects of the profitability program of $44 million in the first quarter of 2015, compared to $35 million in the first quarter of 2014 (Note: Adjusted EBITDA is a non-GAAP financial measure and is defined and reconciled to net income later in this release. Also note that for a more accurate comparison of our Adjusted EBITDA, prior periods have been adjusted to exclude Bucksport and to include the historical operations of NewPage)
Verso's net sales for the first quarter of 2015 increased $507 million, or 170%, due primarily to the addition of net sales resulting from the NewPage acquisition, compared to the first quarter of 2014.
During the first quarter of 2015, Verso recorded special items affecting operating income totaling $42 million, or $0.53 per diluted share, primarily related to integrating the legacy Verso and NewPage operations, restructuring costs associated with the NewPage acquisition and closure of the Bucksport mill. During the first quarter of 2014, special items of $22 million, or $0.40 per diluted share, were primarily attributable to $10 million of NewPage acquisition related costs and to a $12 million positive impact of our mark-to-market adjustment on hedges.
