verso paper corp (VRS) Key Developments
Verso Paper Regains Compliance With NYSE Listing Standards
Jun 17 14
On June 13, 2014, the New York Stock Exchange, or “NYSE,” notified Verso Paper Corp. that company have achieved early compliance with the NYSE’s market capitalization continued listing standard. The NYSE requires, among other things, that Verso maintain an average market capitalization over a consecutive 30 trading-day period of at least $50 million. As of the close of trading June 16, 2014, Verso’s average market capitalization over the prior 30 consecutive trading days was approximately $133 million. The NYSE stated in the notice that its decision was based on Verso’s consistent positive performance with respect to the business plan that we submitted to the NYSE in January 2014 and achievement of compliance with the NYSE’s minimum market capitalization requirement over the past two quarterly review periods. The NYSE originally had permitted Verso until February 2015 in which to regain compliance with the market capitalization continued listing standard. As a result of this development, Verso is no longer facing delisting from the NYSE.
Verso Paper Corp. to Consolidate West Chester Office and NewPage Miamisburg Office into Single Ohio Operations Center
Jun 5 14
Verso Paper Corp. announced plans to consolidate its existing West Chester office and the NewPage Miamisburg office into a single Ohio Operations Center. The Ohio Operations Center will be located in the existing Miamisburg facility shortly following the completion of Verso's pending acquisition of NewPage expected later this year. Verso's corporate headquarters will remain in Memphis, Tenn. Verso's West Chester office currently houses about 55 employees in customer-facing and Information Technology functions. The NewPage Miamisburg office is located at 8540 Gander Creek Drive, about 20 miles north of West Chester.
Verso Paper Corp. Ratifies Appointment of Deloitte & Touche LLP to Serve as Independent Registered Public Accounting Firm for the Year Ending December 31, 2014
Jun 2 14
Verso Paper Corp. announced that at the Annual Meeting of Stockholders held on May 29, 2014 approved the ratification of the appointment of Deloitte & Touche LLP to serve as Verso's independent registered public accounting firm for the year ending December 31, 2014.
Verso Paper Corp. Announces Earnings Results for the First Quarter Ended March 31, 2014
May 7 14
Verso Paper Corp. announced earnings results for the first quarter ended March 31, 2014. For the quarter, the company reported net sales of $299,113,000 compared to $333,220,000 a year ago. Operating loss was $46,539,000 compared to $1,146,000 a year ago. Loss before income taxes was $90,601,000 compared to $38,369,000 a year ago. Net loss was $90,610,000 compared to $38,378,000 a year ago. LBITDA was $30.4 million compared to EBITDA of $22.3 million a year ago. Adjusted LBITDA before pro forma effects of profitability program was $7.9 million in the first quarter of 2014, compared to adjusted EBITDA before pro forma effects of profitability program of $20.1 million in the first quarter of 2013.
Verso Paper Corp., Annual General Meeting, May 29, 2014
Apr 29 14
Verso Paper Corp., Annual General Meeting, May 29, 2014., at 10:00 Central Standard Time. Location: 6775 Lenox Center Court. Agenda: To elect three directors, Michael E. Ducey, Scott M. Kleinman and David B. Sambur to serve on board of directors as Class III directors for a term of three years; to approve, on an advisory basis, the compensation of named executive officers; and to ratify the appointment of Deloitte & Touche LLP to serve as independent registered public accounting firm for the year ending December 31, 2014.