Verso posts $39M loss in Q2
Verso Paper Corp., which has paper mills in Bucksport and Jay, posted $39 million in quarterly net losses Thursday, according to its earnings statement. It has posted net losses in five of the last six quarters, totaling $256 million.
The Memphis-based company also reported that its sales revenue in the second quarter of the year slipped nearly 10%, to $330.3 million, from the same period last year. The company said the closure of its mill in Sartell, Minn., damaged by fire last year, contributed to the drop.
The company’s operating loss was down to $8.5 million, from $9.5 million in the second quarter of last year.
David Paterson, Verso’s CEO, said in the earnings statement that the company has seen improvements in pricing for its pulp and specialty papers and that the company expects prices will improve into the third quarter.
Verso stock was trading at 86 cents Friday morning, down 5 cents from Wednesday’s close.
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