NewPage Holdings Inc. recently announced its results of operations for the first quarter of 2014.
Net sales in the first quarter of 2014 were $757 million compared to $756 million in the first quarter of 2013. Net sales were primarily affected by lower paper prices, reflecting lower industry demand, offset by higher sales volume of paper. Paper sales volume totaled 842,000 tons and 826,000 tons for the first quarter of 2014 and 2013. Average paper prices were $878 per ton and $887 per ton in the first quarter of 2014 and 2013.
For the first quarter of 2014, net loss was $71 million compared to a net loss of $11 million in the first quarter of 2013. The decrease was the result of charges associated with our debt refinancing of $34 million in February 2014 and higher input costs of $29 million driven by extreme weather-related factors, partially offset by lower non-cash stock compensation expense and other general and administrative expenses.
Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization as further adjusted as shown in the attached reconciliation) was $25 million in the first quarter of 2014 compared to $61 million in first quarter of 2013.
NewPage ended the first quarter with total liquidity of $272 million, consisting of $263 million of availability under the revolving credit facility and $9 million of available cash and cash equivalents.
