Verso Paper reports normal slow 1st quarter
UNDATED - Verso Paper Corporation says it experienced a normal seasonally weak first quarter of 2013. The company reports an operating loss of $1.1 million in the first quarter of 2013 compared to an operating loss of $12.3 million for the same period in 2012. Verso also reported a net loss of $38.4 million in the first quarter of 2013 compared to a net loss of $73.9 million a year ago. President and CEO David Paterson says the losses were expected since the first quarter of the year is usually weak as shipments slow and inventories increase. Paterson added some of the losses could also be attributed to the permanent closure of the Sartell Mill in Minnesota and the delivery cost of natural gas to two facilities in Maine. Verso operates a pulp and paper mill in Quinnesec.
(image courtesy of versopaper.com)