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Last $0.24 USD
Change Today 0.00 / 0.00%
Volume 0.0
VRS On Other Exchanges
Symbol
Exchange
Berlin
New York
As of 8:04 PM 08/27/15 All times are local (Market data is delayed by at least 15 minutes).

verso corp (VRS) Snapshot

Open
$0.23
Previous Close
$0.24
Day High
$0.25
Day Low
$0.23
52 Week High
12/31/14 - $3.75
52 Week Low
08/25/15 - $0.22
Market Cap
19.6M
Average Volume 10 Days
213.1K
EPS TTM
$-3.65
Shares Outstanding
81.8M
EX-Date
03/5/09
P/E TM
--
Dividend
--
Dividend Yield
--
Current Stock Chart for VERSO CORP (VRS)

verso corp (VRS) Related Businessweek News

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verso corp (VRS) Details

Verso Corporation manufactures and supplies coated papers in the United States. The company offers coated groundwood paper used for catalogs and magazines; and coated freesheet paper used primarily for annual reports, brochures, and magazine covers. It also provides northern bleached hardwood kraft pulp, which is used to manufacture printing and writing paper grades, and tissue products; recycled paper for specific customer requirements; and customized product solutions by producing paper grades with customer-specified weight, brightness, and pulp mix characteristics. In addition, the company offers ultra-lightweight uncoated printing papers, and ultra-lightweight coated and uncoated flexible packaging papers. It serves catalog, magazine, insert, and commercial printing markets through direct sales, commercial printers, paper merchants, and brokers. The company was formerly known as Verso Paper Corp. and changed its name to Verso Corporation in January 2015. Verso Corporation was founded in 2006 and is headquartered in Memphis, Tennessee.

1,630 Employees
Last Reported Date: 03/10/15
Founded in 2006

verso corp (VRS) Top Compensated Officers

Chief Executive Officer, President and Direct...
Total Annual Compensation: $1.3M
Senior Vice President of Manufacturing & Ener...
Total Annual Compensation: $770.4K
Senior Vice President, General Counsel and Se...
Total Annual Compensation: $606.4K
Senior Vice President of Sales, Marketing & P...
Total Annual Compensation: $701.9K
Compensation as of Fiscal Year 2014.

verso corp (VRS) Key Developments

Verso Corporation Announces Plans for Major Reductions in Coated Paper and Pulp Production Capacity and Layoffs of Approximately 310 Employees

Verso Corporation announced that it plans to make major reductions in its coated paper and pulp production capacity by shutting down the No. 1 pulp dryer and No. 2 paper machine at its Androscoggin Mill in Jay, Maine, and indefinitely idling its mill in Wickliffe, Kentucky. Together, these actions will reduce Verso's production capacity by 430,000 tons of coated paper and 130,000 tons of dried market pulp. The company intends to implement these capacity reductions beginning in the fourth quarter of 2015. The company's decision to reduce its production capacity was driven by several factors. North American coated paper demand is in secular decline, down 4.7% in the first half of 2015, following declines of 3.4% and 4.3% in 2014 and 2013, respectively, according to the Pulp and Paper Products Council. The effects on U.S. producers have been made significantly worse by a change in the net trade balance due to the strengthening of the USD relative to foreign currencies, which has resulted in increased foreign imports from Asia, Europe and Canada and decreased U.S. exports. In addition, high operating costs in Maine, especially high energy costs and local property taxes, were contributing factors. The shutdown of the No. 1 pulp dryer and the No. 2 paper machine at the Androscoggin Mill will reduce Verso's production capacity by 150,000 tons of coated paper and 100,000 tons of dried market pulp. In addition, to help mitigate the high energy and other operating costs in Maine and to make the Androscoggin Mill more competitive in the future, the company will optimize the mill's pulp, power and recovery assets. The optimization efforts are expected to take place in the fourth quarter of 2015 and the first quarter of 2016. The company anticipates that the capacity reductions and optimization of the Androscoggin Mill will result in the permanent elimination of approximately 300 jobs. The company expects that the indefinite idling of the Wickliffe Mill will result in the layoff of approximately 310 employees.

Verso Addresses Additional NYSE Continued Listing Standard

Verso Corporation announced that the New York Stock Exchange has notified Verso that it has fallen below the NYSE’s continued listing standard requiring that Verso’s average market capitalization be at least $50 million over a consecutive 30-trading-day period. As of August 13, 2015, the date of the NYSE notification, Verso’s average market capitalization over the past 30 consecutive trading days was approximately $44.2 million. Under the NYSE’s rules, Verso has 45 days from the date of the NYSE notification to submit to the NYSE a business plan to demonstrate Verso’s ability to achieve compliance with the average market capitalization standard within 18 months after the notification date, i.e., by February 13, 2017. Verso intends to submit a business plan to the NYSE by the due date of September 27, 2015. The NYSE then will have 45 days to evaluate the business plan and determine whether Verso has made a reasonable demonstration of its ability to achieve compliance with the average market capitalization standard within the 18-month plan period. The NYSE either will accept the business plan, at which time Verso will be subject to quarterly monitoring for compliance with the plan, or it will not accept the business plan, in which case Verso will be subject to suspension by the NYSE and delisting by the Securities and Exchange Commission. In the meantime, Verso’s common stock will continue to be traded on the NYSE, subject to Verso’s compliance with other NYSE continued listing requirements. In this regard, and as previously disclosed, on June 24, 2015, the NYSE notified Verso that it had fallen below the NYSE’s continued listing standard requiring that the average share price of Verso’s common stock be at least $1.00 over a consecutive 30-trading-day period. To avoid suspension and delisting under this standard, Verso must bring the share price and the average share price of its common stock back to at least $1.00 within six months after the notification date, i.e., by December 24, 2015, subject to the extension of such deadline in the event that Verso undertakes to conduct a reverse stock split following its next annual stockholders meeting to be held in May 2016.

Verso Paper Corp. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2015

Verso Paper Corp. reported earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported net sales of $778 million against $321 million a year ago. Operating income was $5 million against $3 million a year ago. Loss before income taxes was $62 million against $42 million a year ago. Net loss was $60 million against $42 million a year ago. Adjusted EBITDA before pro forma effects of the profitability program of $80 million in the second quarter of 2015, compared to $65 million in the second quarter of 2014. Sales increase was primarily driven by a 122% increase in total sales volume, from 407,000 tons in 2014 to 902,000 tons in 2015. EBITDA was $69 million. For the six months, the company reported net sales of $1,584 million against $620 million a year ago. Operating loss was $51 million against $44 million a year ago. Loss before income taxes was $184 million against $133 million a year ago. Net loss was $182 million against $133 million a year ago. EBITDA was $70 million against $61 million a year ago. Sales increase was primarily driven by a 135% increase in total sales volume, from 778,000 tons in 2014 to 1,831,000 tons in 2015. Adjusted EBITDA before pro forma effects of profitability program was $124 million against $100 million a year ago.

 

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