NewPage Holdings Inc.

CIK:0001578086|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) In Millions, except Share data, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Income Statement [Abstract]
Net sales	$ 796	$ 780	$ 2,286	$ 2,256
Cost of sales	739	715	2,208	2,116
Selling, general and administrative expenses	28	34	80	109
Interest expense (Note 4)	21	11	91	35
Other (income) expense, net	0	(1)	0	(1)
Income (loss) before income taxes	8	21	(93)	(3)
Income tax (benefit)	0	0	0	0
Net income (loss)	$ 8	$ 21	$ (93)	$ (3)
Net income (loss) per share:
Earnings Per Share, Basic	$ 1.15	$ 2.91	$ (13.11)	$ (0.43)
Earnings Per Share, Diluted	$ 1.14	$ 2.90	$ (13.11)	$ (0.43)
Weighted average common shares outstanding:
Weighted Average Number of Shares Outstanding, Basic	7,082,061	7,080,000	7,087,981	7,080,000
Weighted Average Number of Shares Outstanding, Diluted	7,152,006	7,109,937	7,087,981	7,080,000
Cash dividends paid per common share	$ 0	$ 0	$ 34.35	$ 0

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Millions, unless otherwise specified	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ (93)	$ (3)
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:
Depreciation and amortization	138	137
Non-cash interest expense	5	5
Non-cash loss on extinguishment/modification of debt (Note 4)	23	0
(Gain) loss on disposal of assets	2	1
Pension expense (income)	(8)	2
Pension funding	(38)	(36)
Equity award expense (income) (Note 5)	(1)	12
Change in operating assets and liabilities:
Accounts receivable	(29)	(13)
Inventories	6	(78)
Other operating assets	(3)	(19)
Accounts payable	1	(31)
Accrued expenses and other obligations	(25)	7
Net cash provided by (used for) operating activities	(22)	(16)
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(53)	(46)
Proceeds from sales of assets	5	0
Proceeds from sale of investment shares	0	4
Restricted cash	(7)	0
Net cash provided by (used for) investing activities	(55)	(42)
CASH FLOWS FROM FINANCING ACTIVITIES
Payment of financing costs	(28)	(1)
Proceeds from issuance of long-term debt	735	0
Repayments of long-term debt	(495)	(4)
Common stock cash dividends paid (Note 5)	(243)	0
Acquisition of treasury stock	(1)	0
Borrowings on revolving credit facility	529	370
Payments on revolving credit facility	(494)	(346)
Net cash provided by (used for) financing activities	3	19
Net increase (decrease) in cash and cash equivalents	(74)	(39)
Cash and cash equivalents at beginning of period	83	43
Cash and cash equivalents at end of period	$ 9	$ 4

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) In Millions, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
ASSETS
Cash and cash equivalents	$ 9	$ 83
Restricted cash (Note 1)	7	0
Accounts receivable, net	233	204
Inventories (Note 3)	514	520
Other current assets	13	25
Total current assets	776	832
Property, plant and equipment, net of accumulated depreciation of $303 as of September 30, 2014 and $173 as of December 31, 2013	1,127	1,208
Other assets	152	135
TOTAL ASSETS	2,055	2,175
LIABILITIES AND EQUITY
Accounts payable	169	168
Other current liabilities	166	177
Current maturities of long-term debt (Note 4)	44	0
Total current liabilities	379	345
Long-term debt (Note 4)	724	487
Other long-term obligations	271	308
Commitments and contingencies (Note 8)
EQUITY
Preferred stock, 100,000 shares authorized, $0.001 per share par value	0	0
Common stock, par value $0.001 (16,000,000 shares authorized with 7,104,079 shares issued and 7,080,192 outstanding on September 30, 2014, and with 7,093,924 shares issued and 7,087,239 outstanding on December 31, 2013)	0	0
Treasury stock, at cost (23,887 shares on September 30, 2014 and 6,685 shares on December 31, 2013)	(1)	0
Additional paid-in capital	572	814
Accumulated deficit	(95)	(2)
Accumulated other comprehensive income (loss)	205	223
Total equity	681	1,035
TOTAL LIABILITIES AND EQUITY	$ 2,055	$ 2,175