NewPage Holding CORP

CIK:0001329068|SEC Filings

Consolidated Statements Of Operations (USD $) In Millions	3 Months Ended		6 Months Ended
Consolidated Statements Of Operations (USD $) In Millions	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Net sales	$ 888	$ 890	$ 1,792	$ 1,707
Cost of sales	887	913	1,745	1,762
Selling, general and administrative expenses	36	58	76	107
Interest expense (including non-cash interest expense)	100	97	200	198
Other (income) expense, net (Note 10)	1		(1)	(3)
Income (loss) before income taxes	(136)	(178)	(228)	(357)
Income tax (benefit)		1	1	1
Net income (loss)	(136)	(179)	(229)	(358)
NewPage Corporation [Member]
Net sales	888	890	1,792	1,707
Cost of sales	887	913	1,745	1,762
Selling, general and administrative expenses	36	58	76	107
Interest expense (including non-cash interest expense)	96	92	191	189
Other (income) expense, net (Note 10)	1		(1)	(3)
Income (loss) before income taxes	(132)	(173)	(219)	(348)
Income tax (benefit)		1	1	1
Net income (loss)	$ (132)	$ (174)	$ (220)	$ (349)

Condensed Consolidated Statements Of Cash Flows (USD $) In Millions	6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ (229)	$ (358)
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:
Depreciation and amortization	121	135
Non-cash interest expense	35	32
(Gain) loss on disposal and impairment of assets	5	8
Non-cash U.S. pension expense	11	17
Equity award expense (Note 8)	(1)	19
Change in operating assets and liabilities	56	20
Net cash provided by (used for) operating activities	(2)	(127)
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(33)	(31)
Proceeds from sales of assets	11	12
Expenditures for Port Hawkesbury biomass project (Note 7)	(19)	(1)
Net cash provided by (used for) investing activities	(41)	(20)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of long-term debt		67
Payment of financing costs	(1)	(4)
Borrowings on revolving credit facility	582	442
Payments on revolving credit facility	(543)	(358)
Proceeds from NSPI for Port Hawkesbury biomass project (Note 7)	5
Net cash provided by (used for) financing activities	43	147
Effect of exchange rate changes on cash and cash equivalents	1	2
Net increase (decrease) in cash and cash equivalents	1	2
Cash and cash equivalents at beginning of period	8	5
Cash and cash equivalents at end of period	9	7
SUPPLEMENTAL INFORMATION
Cash paid for interest	170	179
NewPage Corporation [Member]
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	(220)	(349)
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:
Depreciation and amortization	121	135
Non-cash interest expense	26	23
(Gain) loss on disposal and impairment of assets	5	8
Non-cash U.S. pension expense	11	17
Equity award expense (Note 8)	(1)	19
Change in operating assets and liabilities	56	20
Net cash provided by (used for) operating activities	(2)	(127)
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(33)	(31)
Proceeds from sales of assets	11	12
Expenditures for Port Hawkesbury biomass project (Note 7)	(19)	(1)
Net cash provided by (used for) investing activities	(41)	(20)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of long-term debt		67
Payment of financing costs	(1)	(4)
Borrowings on revolving credit facility	582	442
Payments on revolving credit facility	(543)	(358)
Proceeds from NSPI for Port Hawkesbury biomass project (Note 7)	5
Net cash provided by (used for) financing activities	43	147
Effect of exchange rate changes on cash and cash equivalents	1	2
Net increase (decrease) in cash and cash equivalents	1	2
Cash and cash equivalents at beginning of period	8	5
Cash and cash equivalents at end of period	9	7
SUPPLEMENTAL INFORMATION
Cash paid for interest	$ 170	$ 179

Condensed Consolidated Balance Sheets (USD $) In Millions	Jun. 30, 2011	Dec. 31, 2010
ASSETS
Cash and cash equivalents	$ 9	$ 8
Accounts receivable, net	247	292
Inventories (Note 3)	494	523
Other current assets	25	20
Total current assets	775	843
Property, plant and equipment, net of accumulated depreciation of $1,264 as of June 30, 2011 and $1,159 as of December 31, 2010	2,455	2,558
Port Hawkesbury biomass project (Note 7)	34	5
Other assets	99	106
TOTAL ASSETS	3,363	3,512
LIABILITIES AND EQUITY (DEFICIT)
Accounts payable	226	195
Other current liabilities	197	210
Current maturities of long-term debt (Note 6)	2,854
Total current liabilities	3,277	405
Long-term debt (Note 6)	581	3,376
Proceeds from NSPI for Port Hawkesbury biomass project (Note 7)	95	80
Other long-term obligations	516	526
Commitments and contingencies (Note 14)
EQUITY (DEFICIT)
Common stock, NewPage Holding-10 shares authorized, issued and outstanding, $0.01 per share par value; NewPage-100 shares authorized, issued and outstanding, $0.01 per share par value
Additional paid-in capital	706	707
Accumulated deficit	(1,509)	(1,280)
Accumulated other comprehensive loss	(303)	(302)
Total equity (deficit)	(1,106)	(875)
TOTAL LIABILITIES AND EQUITY (DEFICIT)	3,363	3,512
NewPage Corporation [Member]
ASSETS
Cash and cash equivalents	9	8
Accounts receivable, net	247	292
Inventories (Note 3)	494	523
Other current assets	25	20
Total current assets	775	843
Property, plant and equipment, net of accumulated depreciation of $1,264 as of June 30, 2011 and $1,159 as of December 31, 2010	2,455	2,558
Port Hawkesbury biomass project (Note 7)	34	5
Other assets	98	105
TOTAL ASSETS	3,362	3,511
LIABILITIES AND EQUITY (DEFICIT)
Accounts payable	226	195
Other current liabilities	197	210
Current maturities of long-term debt (Note 6)	2,854
Total current liabilities	3,277	405
Long-term debt (Note 6)	353	3,157
Proceeds from NSPI for Port Hawkesbury biomass project (Note 7)	95	80
Other long-term obligations	516	526
Commitments and contingencies (Note 14)
EQUITY (DEFICIT)
Common stock, NewPage Holding-10 shares authorized, issued and outstanding, $0.01 per share par value; NewPage-100 shares authorized, issued and outstanding, $0.01 per share par value
Additional paid-in capital	812	813
Accumulated deficit	(1,398)	(1,178)
Accumulated other comprehensive loss	(293)	(292)
Total equity (deficit)	(879)	(657)
TOTAL LIABILITIES AND EQUITY (DEFICIT)	$ 3,362	$ 3,511