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Verso's net sales for the first quarter of 2011 increased $53.0 million, or 14.6%, as the average sales price for all of our products increased 13.3% compared to the first quarter of 2010 and increased 2.5% compared to the fourth quarter of 2010. The improvement in our average sales price reflects price increases that went into effect during 2010. We announced additional price increases for our core products of $40 per ton effective April 1, 2011. Verso's gross margin was 15.4% for the first quarter of 2011 compared to 7.4% for the same period in 2010 and 17.2% for the fourth quarter of 2010. Sales volume was stable on both a sequential quarter basis and year over year.


Verso reported a net loss of $44.6 million in the first quarter of 2011, or $0.84 per diluted share, which included $26.5 million of charges from special items, or $0.50 per diluted share, primarily due to $26.1 million in pre-tax net losses related to the early retirement of debt in connection with our debt refinancing. Verso had a net loss of $53.6 million, or $1.02 per diluted share, in the first quarter of 2010, which included $1.6 million of charges from special items, or $0.03 per diluted share, primarily due to costs associated with new product development.


"Our first quarter adjusted EBITDA results improved $34 million compared to the first quarter of 2010. Normally, the first and second quarters are seasonally slow quarters for coated papers, so we view our first quarter results as very positive," said Mike Jackson, President and Chief Executive Officer of Verso. "Prices continued to improve in the first quarter, consistent with our expectations. We also announced a price increase of $40 per ton, effective April 1 for all of our core products.


"All of our announced energy projects are on schedule, and, as previously mentioned, we expect a positive EBITDA impact of $50 million per year, beginning in the fourth quarter of 2012.


"During the quarter, we also focused on our capital structure by refinancing our second priority senior secured notes due 2014 and a portion of our first priority senior secured notes due 2014 with new second priority senior secured notes, which extended our maturity date to 2019 and reduced our interest expense."


Follow the link below to download the full report.

 

Source: Verso Paper Corp.

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Verso Paper Corp has announced that Mike Jackson, President and Chief Executive Officer, was named the 2011 Executive of the Year by TAPPI and PIMA. This award is PIMA's highest honor and is bestowed on senior-level executives in the pulp, paper or converting industries for excellence in management and outstanding contributions to the industry as a whole.

 

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"During his career, Mike Jackson has continually exemplified the strong leadership skills and vision required for success in a globally competitive business like the pulp and paper industry," notes Ray Heuchling, PIMA Executive Council Chair. "His accomplishments as a leader and his many contributions to the industry make him an outstanding choice for Executive of the Year."


Jackson joined Verso Paper Corp. as Chief Executive in November 2006. Under his leadership, Verso became a publically traded company in less than two years. Before joining Verso, Jackson spent 29 years with Weyerhaeuser Company, where he most recently served as Senior Vice President of Cellulose Fibers, Bleached Board and Chairman of NORPAC, a joint venture with Nippon Paper, prior to his retirement from the company. During his tenure with Weyerhaeuser, Jackson received two Presidents' Awards for outstanding performance in businesses for which he was responsible.


During his career at Weyerhaeuser Jackson served in a series of senior-level management positions including: Senior Vice President of Cellulose Fibers and White Papers (2004 to 2006), Vice President of White Papers (2002 to 2004), Vice President of Business Papers (2000 to 2002), Vice President of Recycling (1998 to 2000), and Vice President of Quality and Human Resources, Containerboard Packaging (1993 to 1998). Prior to that, he served as General Manager of various packaging facilities.


In 2009, the Association of Suppliers to the Paper Industry (ASPI) chose Jackson as its Customer Executive of the Year, in recognition of outstanding contributions to the pulp and paper industry. Jackson is currently on the board of directors of SupplyOne, Inc. and the American Forest and Paper Association (AF&PA). He is Co-Chair of the AF&PA Political Action Committee and served as Past Co-Chair of AF&PA's Printing-Writing Paper Group and its executive committee, as well as Past Chair of AF&PA's Recycling Committee. Jackson is also a past board member of the Electronic Documents Systems Foundation (EDSF).

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Verso Paper Corp. has announced that Michael A. Jackson, President and Chief Executive Officer, will be providing a company overview to investors at the Goldman Sachs 2011 Paper and Forest Products Investor Event on Thursday, March 17, 2011 at 10:00 a.m. Eastern Time in Montreal, Quebec, Canada.


A copy of the company's presentation materials will be available following the conference at www.versopaper.com/investorrelations on the Events page.


Forward-Looking Statements

In this press release all statements that are not purely historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements may be identified by the words "believe," "expect," "anticipate," "project," "plan," "estimate," "intend," and similar expressions. Forward-looking statements are based on currently available business, economic, financial and other information and reflect management's current beliefs, expectations and views with respect to future developments and their potential effects on Verso. Actual results could vary materially depending on risks and uncertainties that may affect Verso and its business. For a discussion of such risks and uncertainties, please refer to Verso's filings with the Securities and Exchange Commission. Verso assumes no obligation to update any forward-looking statement made in this press release to reflect subsequent events or circumstances or actual outcomes.

Source: Verso Paper Corp.

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Verso Paper Corp. (NYSE: VRS) today announced that it will report its financial results for the fourth quarter ended December 31, 2010, and year-end results in a news release before the market opens on Thursday, March 3. Management will host a conference call at 9:00 a.m. Eastern Time, Thursday, March 3, 2011, to discuss the fourth quarter and year-end results.


This release and the fourth quarter and year-end results will be made available on Verso's website at www.versopaper.com/investorrelations by navigating to the Financial Information page.

 

Analysts and investors may participate in the live conference call by dialing 719-325-4810 or, within the U.S. and Canada only, 877-795-3635, access code 6098038. To register, please dial in 10 minutes before the conference call begins. The conference call and presentation materials can be accessed on Verso's website at www.versopaper.com/investorrelations by navigating to the Events page, or at http://www.videonewswire.com/event.asp?id=92194.


A telephonic replay of the call can be accessed at 719-457-0820 or, within the U.S. and Canada only, 888-203-1112, access code 6098038. This replay will be available starting at 12:00 p.m. Eastern Time on March 3, 2011, and will remain available for 14 days.

 

Source: Verso Paper Corp.

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Thursday, 03 February 2011 15:51

Verso Paper Corp. Achieves Safety Milestone

Verso Paper Corp. has announced that it exceeded the company's safety goals for 2010 with a lost workday incidence rate (LWIR) of 0.07, which is world class performance, and a total incidence rate (TIR) of 1.36. These outstanding results place Verso at the top of the first quartile for safety performance among paper industry peers, according to the American Forest and Paper Association's most recent Benchmarking Survey.


"Verso is proud of our industry-leading safety performance and that our 2010 TIR and LWIR performance was the best in Verso's history," says David Sams, Verso's Director of Environment, Health and Safety. "More importantly, we are proud that our people are working more safely. We are moving closer to an environment where no one gets hurt at work. Verso's ultimate goal is zero injuries."


Verso's path to top quartile safety performance is the result of a carefully developed strategy that engages every employee in the spirit of ownership for safety through Advanced Safety Leadership Forums. Employees and teams at all levels in the organization are challenged to look beyond the norm to identify what's possible to achieve safety excellence. Once targeted opportunities are identified, safety leaders develop action plans to close the gaps and rally their teams to improve performance.


Verso has been recognized by the Occupational Safety and Health Administration (OSHA) for its participation in the Voluntary Protection Program (VPP). Three of Verso's four manufacturing facilities have achieved Star status in VPP, and the fourth facility continues to work on opportunities that will prepare it for VPP recognition. Less than 1% of the nation's facilities have achieved OSHA Star status.

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Verso Paper Corp. has announced its release of "A Renewable Commitment - Sustainability Report 2009." The report shares Verso's continued commitment to valuing the principle of sustainably balancing environmental, social and economic needs.

"The focus on renewable commitment was particularly important during 2009, a challenging year to be in the paper business," said Mike Jackson, Verso's President and Chief Executive Officer. "Our people took on every challenge with determination and resourcefulness holding fast to our sustainability principles. We were able to create value for our stakeholders by perpetually driving for performance improvements and demonstrating a truly renewable commitment to financial success, environmental excellence and social responsibility."

2009 Sustainability Report Highlights

* Verso's commitment to safety excellence was demonstrated with a total incidence rate (TIR) for injuries of 1.92, a historic low for the company and nearly two times better than the industry average.
* Verso increased certified fiber use from third party suppliers to 69% from 65%, surpassing the goal of 67%. In addition, Verso expanded its collaboration with other stakeholders to help increase the overall amount of certified fiber available in the marketplace.
* Verso increased the amount of carbon-neutral biomass energy used to run its operations to 53.6%, up from 53.1% in 2008.
* Verso was awarded a $9.3 million grant by the U.S. Department of Energy, which the company matched with an additional $9.6 million, to implement 12 energy projects that will improve energy efficiency by 33% and save about 1.27 trillion Btus annually.
* Verso partnered with one of its top customers, The National Geographic Society, to measure the carbon footprint of National Geographic magazine, which is printed on paper made at Verso's Androscoggin mill in Maine. This project helped the company further refine the lifecycle assessment model it developed in 2008.
* Building on its expertise in manufacturing lightweight papers that require fewer natural resources to produce, Verso expanded its product offerings to include a line of lightweight uncoated printing papers and a line of supercalendered papers for the magazine, catalog and retail insert markets.
* During particularly difficult economic conditions, the Verso organization reached out to their neighbors and maintained the previous year's level of giving to United Way.

For more information, download a full copy of the Verso 2009 Sustainability Report from the company's Web site at www.versopaper.com/sustainability.

About Verso

Based in Memphis, Tennessee, Verso Paper Corp. is a leading North American producer of coated papers, including coated groundwood and coated freesheet, and supercalendered and specialty products. Verso's paper products are used primarily in media and marketing applications, including magazines, catalogs and commercial printing applications such as high-end advertising brochures, annual reports and direct-mail advertising. Additional information about Verso is available on the company's Web site at www.versopaper.com.

SOURCE: Verso Paper Corp.

Verso Paper Corp.
Monica Garvey, Sustainability Manager, 901-369-4154
This email address is being protected from spambots. You need JavaScript enabled to view it.
www.versopaper.com

Published in North American News

Verso Paper Corp. announced that it will report its financial results for the first quarter ended March 31, 2010 in a news release before the market opens on Thursday, May 6. Management will host a conference call at 9:00 a.m. Eastern Time, Thursday, May 6, to discuss the first quarter results.

This release and the first quarter results will be made available on Verso's Web site at http://investor.versopaper.com/ by navigating to the Financial Information page.

Analysts and investors may participate in the live conference call by dialing 719-325-2431 or, within the U.S. and Canada only, 800-967-7134, access code 6400240. To register, please dial in 10 minutes before the conference call begins. The conference call and presentation materials can be accessed at Verso's Web site at http://investor.versopaper.com/ by navigating to the Events page, or at http://www.videonewswire.com/event.asp?id=67879.

A telephonic replay of the call can be accessed at 719-457-0820 or, within the U.S. and Canada only, 1-888-203-1112, access code 6400240. This replay will be available starting at 12:00 p.m. (ET) on May 6, 2010, and will remain available for 90 days.

About Verso

Based in Memphis, Tennessee, Verso Paper Corp. is a leading North American producer of coated papers, including coated groundwood and coated freesheet, and supercalendered and specialty products. Verso's paper products are used primarily in media and marketing applications, including magazines, catalogs, and commercial printing applications such as high-end advertising brochures, annual reports, and direct-mail advertising.

Forward-Looking Statements

In this press release all statements that are not purely historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements may be identified by the words "believe," "expect," "anticipate," "project," "plan," "estimate," "intend," and similar expressions. Forward-looking statements are based on currently available business, economic, financial and other information and reflect management's current beliefs, expectations and views with respect to future developments and their potential effects on Verso. Actual results could vary materially depending on risks and uncertainties that may affect Verso and its business. For a discussion of such risks and uncertainties, please refer to Verso's filings with the Securities and Exchange Commission. Verso assumes no obligation to update any forward-looking statement made in this press release to reflect subsequent events or circumstances or actual outcomes.

SOURCE: Verso Paper Corp.

Verso Paper Corp.
Robert P. Mundy
Senior Vice President and
Chief Financial Officer
901-369-4128
This email address is being protected from spambots. You need JavaScript enabled to view it.
www.versopaper.com

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