Verso Paper Holdings LLC

CIK:0001395864|SEC Filings

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Net sales	$ 690,000	$ 806,000
Costs and expenses:
Cost of products sold (exclusive of depreciation, amortization and depletion)	618,000	728,000
Depreciation, amortization and depletion	48,000	57,000
Selling, general and administrative expenses	47,000	55,000
Restructuring charges	144,000	22,000
Other operating income	57,000	0
Operating loss	(110,000)	(56,000)
Interest expense	26,000	66,000
Reorganization items, net	(48,000)	0
Loss before income taxes	(88,000)	(122,000)
Income tax benefit	0	0
Net loss	$ (88,000)	$ (122,000)
Loss per common share:
Basic loss per share (usd per share)	$ (1.07)	$ (1.53)
Diluted loss per share (usd per share)	$ (1.07)	$ (1.53)
Weighted average common shares outstanding (in thousands)
Basic (shares)	81,869	79,670
Diluted (shares)	81,869	79,670
Verso Paper Holdings LLC
Net sales	$ 690,000	$ 806,000
Costs and expenses:
Cost of products sold (exclusive of depreciation, amortization and depletion)	618,000	728,000
Depreciation, amortization and depletion	48,000	57,000
Selling, general and administrative expenses	47,000	55,000
Restructuring charges	144,000	22,000
Other operating income	57,000	0
Operating loss	(110,000)	(56,000)
Interest income	0	0
Interest expense	26,000	66,000
Reorganization items, net	(48,000)	0
Loss before income taxes	(88,000)	(122,000)
Income tax benefit	0	0
Net loss	$ (88,000)	$ (122,000)

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Net cash (used in) provided by operating activities	$ 64,000	$ (204,000)
Cash Flows From Investing Activities:
Proceeds from sale of assets	63,000	51,000
Transfers from (to) restricted cash, net	(3,000)	2,000
Capital expenditures	(11,000)	(9,000)
Cash acquired in acquisition		128,000
Other investing activities	0	(5,000)
Net cash provided by investing activities	49,000	167,000
Cash Flows From Financing Activities:
Borrowings on revolving credit facilities	147,000	317,000
Payments on revolving credit facilities	(446,000)	(272,000)
Borrowings on debtor-in-possession revolving credit facilities	204,000	0
Payments on debtor-in-possession revolving credit facilities	(136,000)	0
Proceeds from debtor-in-possession Term Loan	175,000	0
Debt issuance costs	(21,000)	0
Net cash provided by (used in) financing activities	(77,000)	45,000
Change in cash and cash equivalents	36,000	8,000
Cash and cash equivalents at beginning of period	4,000	6,000
Cash and cash equivalents at end of period	$ 40,000	14,000
Noncash investing and financing activities:
Notes issued for NewPage acquisition		663,000
Stock issued for NewPage acquisition		46,000
Stock issued for convertible warrants		50,000
Conversion of accrued interest to long-term debt		19,000
Reduction in debt for debt modification	$ (1,000)	(5,000)
Increase in debt from paid in kind (PIK) interest	2,000	1,000
Verso Paper Holdings LLC
Net cash (used in) provided by operating activities	64,000	(204,000)
Cash Flows From Investing Activities:
Proceeds from sale of assets	63,000	51,000
Transfers from (to) restricted cash, net	(3,000)	2,000
Capital expenditures	(11,000)	(9,000)
Cash acquired in acquisition		128,000
Other investing activities	0	(5,000)
Net cash provided by investing activities	49,000	167,000
Cash Flows From Financing Activities:
Borrowings on revolving credit facilities	147,000	317,000
Payments on revolving credit facilities	(446,000)	(272,000)
Borrowings on debtor-in-possession revolving credit facilities	204,000	0
Payments on debtor-in-possession revolving credit facilities	(136,000)	0
Proceeds from debtor-in-possession Term Loan	175,000	0
Debt issuance costs	(21,000)	0
Net cash provided by (used in) financing activities	(77,000)	45,000
Change in cash and cash equivalents	36,000	8,000
Cash and cash equivalents at beginning of period	4,000	6,000
Cash and cash equivalents at end of period	$ 40,000	14,000
Noncash investing and financing activities:
Notes issued for NewPage acquisition		663,000
Stock issued for NewPage acquisition		46,000
Stock issued for convertible warrants		50,000
Conversion of accrued interest to long-term debt		19,000
Reduction in debt for debt modification	$ (1,000)	(5,000)
Increase in debt from paid in kind (PIK) interest	$ 2,000	$ 1,000

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 40	$ 4
Accounts receivable, net	217	226
Inventories	485	484
Assets held for sale	0	5
Prepaid expenses and other assets	31	32
Total current assets	773	751
Property, plant, and equipment, net	1,694	1,857
Intangibles and other assets, net	92	102
Total assets	2,559	2,710
Current liabilities:
Accounts payable	88	113
Accrued liabilities	156	267
Current maturities of long-term debt	420	2,879
Total current liabilities	664	3,259
Long-term debt	0	0
Other liabilities	622	634
Liabilities subject to compromise	2,544	0
Total liabilities	3,830	3,893
Commitments and contingencies (Note 12)	0	0
Equity:
Preferred stock -- par value $0.01 (20,000,000 shares authorized, no shares issued)	0	0
Common stock -- par value $0.01 (250,000,000 shares authorized with 82,115,543 shares issued and 81,874,254 outstanding on December 31, 2015 and with 82,115,543 shares issued and 81,852,183 outstanding on March 31, 2016)	1	1
Treasury stock -- at cost (241,289 shares on December 31, 2015 and 263,360 shares on March 31, 2016)	(1)	(1)
Paid-in-capital	321	321
Retained deficit	(1,490)	(1,402)
Accumulated other comprehensive loss	(102)	(102)
Total deficit	(1,271)	(1,183)
Total liabilities and equity	2,559	2,710
Verso Paper Holdings LLC
Current assets:
Cash and cash equivalents	40	4
Accounts receivable, net	217	226
Inventories	485	484
Assets held for sale	0	5
Prepaid expenses and other assets	31	32
Total current assets	773	751
Property, plant, and equipment, net	1,694	1,857
Intangibles and other assets, net	116	125
Total assets	2,583	2,733
Current liabilities:
Accounts payable	88	113
Accrued liabilities	156	267
Current maturities of long-term debt	420	2,879
Total current liabilities	664	3,259
Long-term debt	23	23
Other liabilities	619	630
Liabilities subject to compromise	2,544	0
Total liabilities	3,850	3,912
Commitments and contingencies (Note 12)	0	0
Equity:
Paid-in-capital	332	332
Retained deficit	(1,497)	(1,409)
Accumulated other comprehensive loss	(102)	(102)
Total deficit	(1,267)	(1,179)
Total liabilities and equity	$ 2,583	$ 2,733