Verso Corporation, a leading producer of printing papers, specialty papers and pulp, reported 50.8% increase of Adjusted EBITDA amid 14.6% decrease of net sales in 4Q2016 y-o-y. According to the announcement, the company’s net sales accounted for USD 646 million, generating Adjusted EBITDA of USD 92 million in the period (14.2% margin).
B. Christopher DiSantis, Verso Chief Executive Officer, commented:
“Verso closed out the year with a strong fourth quarter, with adjusted EBITDA exceeding our guidance and a solid foundation to build upon in 2017.
We are especially pleased to report a significant improvement in Verso’s 2016 safety performance, with serious injuries reduced 30 percent compared to 2015. Our employees have worked very hard to achieve this world-class safety performance, but we believe zero injuries is achievable and won’t be satisfied until everyone goes home from work in the same condition as when they arrived.
With a refreshed capital structure, strong free cash flow and potential opportunities for value creation, Verso is well positioned to compete and win in the global marketplace. Our aim is high and our determination unmatched as we continue to deliver the high quality products and services our customers expect, strive to further improve our safety performance, improve operating efficiency and drive out cost in every aspect of our business.”
Earlier Verso Corporation appointed a new CEO.
About Verso Corporation:
The company is a leading North American producer of printing papers, specialty papers and pulp. Its printing papers are designed primarily for commercial printing, media and marketing applications, including magazines, catalogs, books, direct mail, corporate collateral and retail inserts. Its specialty papers are used primarily for label and converting, flexible packaging and technical paper applications.