We help companies easily scale their insurance products via our integrated network of digital wallets, banking relationships, e-commerce platforms and our marketplace web app. Verso also makes market pulp used in printing, writing, specialty and packaging papers, facial and toilet tissue, and paper towels. ", Results of Operations Comparison of Three Months Ended December 31, 2021 to Three Months Ended December 31, 2020, Cost of products sold (exclusive of depreciation and amortization), Selling, general and administrative expenses, Comments to Results of Operations - Comparison of Three Months Ended December 31, 2021 to Three Months Ended December 31, 2020. We believe that EBITDA and Adjusted EBITDA are non-GAAP operating performance measures commonly used in our industry that provide investors and analysts with measures of ongoing operating results, unaffected by differences in capital structures, capital investment cycles and ages of related assets among otherwise comparable companies. Investor relations; Dividends Ex-dividend date N/A Frequency Quarterly Annual dividend -100.00%: Next dividend . MIAMISBURG, Ohio, Feb. 21, 2022 /PRNewswire/ --Verso Corporation (NYSE: VRS) today announced that it will release its fourth quarter and full year 2021 financial results before the market opens on February 28, 2022. By signing up you agree to receive content from us. In some cases, you can identify forward-looking statements because they contain words such as "anticipates," "believes," "contemplates," "could," "seeks," "estimates," "intends," "targets", "expects", "allows", "enables", "may," "plans," "potential," "predicts," "projects," "should," "will," "would" or similar expressions and the negatives of those terms. There can be no assurance that any negotiations between Verso and Atlas will take place following the exchange of additional information or that any transaction with Atlas, or any other party, will occur or be consummated. Additionally, to the extent that forward-looking non-GAAP and non-IFRS financial measures are provided, they are presented on a non-GAAP and non-IFRS basis without reconciliations of such forward-looking non-GAAP and non-IFRS measures due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations. The acquisition and transformation will be financed through a combination of rights issue, additional debt and operating cash flow. About Verso CorporationVerso Corporation is a leading American owned and operated producer of graphic, specialty and packaging paper and market pulp, with a long-standing reputation for quality . The production facilities are strategically located within close proximity to major customers, and the annual production capacity totals around 1.1 million tonnes of paper. , . The forward-looking statements include statements relating to the expected characteristics and financial results of the combined company; expected growth of our paperboard business; expected financing; expected benefits of the proposed transaction; expected EBITDA of the combined entity; BillerudKorsns plans with respect to Verso; its assets, including the timing and cost of the conversion; and expected timing of closing of the proposed transaction and satisfaction of closing conditions, including receipt of applicable regulatory approvals. Information about Verso's directors and executive officers is available in the Definitive Proxy and Verso's proxy statement dated on March 30, 2021 for its 2021 Annual Meeting of Stockholders. Verso investor relations material. , . Net salesNet sales for the twelve months ended December 31, 2021 declined by $81 million or 6% compared to the twelve months ended December 31, 2020, attributable to favorable price/mix of $129 million, which was more than offset by a decrease in sales of $210 million, or 15%, primarily related to our sold Duluth, Androscoggin and Stevens Point mills and idled Wisconsin Rapids mill. Filings from the U.S. Securities and Exchange Commission (SEC), sorted by the following categories: 3,4,5, Annual Filings, Current Reports, Merger & Acquisitions, Proxy Filings, Quarterly Filings and Registration Statements. EBITDA MARGIN1NET INCOME DILUTED EPS $1.7B $73.5M 4.4% $26.4M $1.62 UP $0.3B UP $33.7M UP 160 bps UP $44.9M UP $2.78 +18.1% +84.7% From 2.8% From -$18.5M From -$1.16 STEVE SMITH Chief Financial Officer 2Q 2021 Adj. The combined company will be one of the largest providers of virgin fibre paper and packaging with a cost and quality advantage. Investors may trade in the Pre-Market (4:00-9:30 a.m. BillerudKorsns Board of Directors intends to propose to a general meeting of BillerudKorsns shareholders that the Board of Directors be authorized to resolve upon a rights issue of up to SEK 3 500 million. Participation from Market Makers and ECNs is strictly voluntary and as a result . , . Follow Billerud in your preferred social media channel. Gain on Sale of the Androscoggin/Stevens Point Mills, Duluth and Wisconsin Rapids mills idle/post-closure costs, (Gain) loss on sale or disposal of assets, For 2020, charges are associated with the closure of our Luke Mill in June 2019 and the closure of our Duluth Mill in, Costs recorded after the permanent shutdown of our Luke Mill that are not associated with product sales or restructuring, Gain on the sale of outstanding membership interests in Verso Androscoggin, LLC in February 2020, which included our, Idle/post-closure costs associated with our Duluth and Wisconsin Rapids mills that are not associated with product sales or, Professional fees and other charges associated with merger related activity, including the Merger Agreement entered on, For 2020, other miscellaneous adjustments. Forward-looking statements Gain on the sale of outstanding membership interests in Verso Androscoggin, LLC in February 2020, which included ourAndroscoggin Mill and Stevens Point Mill. As announced on December 19, 2021, Verso has entered into a definitive Read more. more Apr 25, 2023 West Fraser Announces First Quarter 2023 Results For further detail and discussion of our financial performance please refer to our upcoming Annual Report on Form 10-K for the year ended December 31, 2021. A special meeting of Versos shareholders is expected to be convened following the mailing to Versos shareholders of a proxy statement for the transaction. Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA EBITDA consists of earnings before interest, taxes, depreciation and amortization. Verso's actual actions and results may differ materially from what is expressed or implied by these statements due to a variety of factors, including: the adverse impact of idling production, shutting down machines or facilities, restructuring our operations and selling non-core assets; the unsolicited proposal from Atlas Holdings LLC regarding a potential transaction to acquire all of the outstanding shares of Verso's Class A common stock;uncertainties as to whether an agreement relating to a potential transaction with Atlas Holdings LLC or an alternative thereto will be negotiated and executed; uncertainties as to whether a potential transaction with Atlas Holdings LLC or an alternative thereto will be completed; changes in the costs of raw materials and purchased energy; security breaches and other disruption to our information technology infrastructure; uncertainties regarding the impact, duration and severity of the COVID-19 pandemic and measures intended to reduce its spread, and the impact of COVID-19 on economic conditions, including with respect to labor market conditions, economic activity, consumer behavior, supply chain shortages and disruptions and inflationary pressure; the long-term structural decline and general softening of demand facing the paper industry; adverse developments in general business and economic conditions; developments in alternative media, which are expected to continue to adversely affect the demand for some of Verso's key products, and the effectiveness of Verso's responses to these developments; intense competition in the paper manufacturing industry; Verso's limited ability to control the pricing of its products or pass through increases in its costs to its customers; Verso's business being less diversified because of the Pixelle sale, the sale of Verso's Duluth Mill, the closure of the Luke Mill and the permanent shut down of the No. Randy Nebel, President and Chief Executive Officer of Verso, said, "With the support of our talented team, Verso has successfully streamlined our operations and reduced costs while strategically investing in projects to enhance our ability to support our customers. Verso is a leading producer of coated papers in North America with reported net sales for the last twelve months ended 30 September 2021 of USD 1 264 million and adjusted EBITDA of . This information constituted inside information prior to publication. Ivar Vatne, CFO, +46 8553335 07 ", Results of Operations Comparison of Three Months Ended September 30, 2021 to Three Months Ended September 30, 2020, Cost of products sold (exclusive of depreciation and amortization), Selling, general and administrative expenses. Forward-Looking StatementsIn this press release, all statements that are not purely historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Adjusted EBITDA reflects adjustments to EBITDA to eliminate the impact of certain items that we do not consider to be indicative of our ongoing performance. Sign up to get PRNs top stories and curated news delivered to your inbox weekly! There are a number of limitations related to the use of these non-GAAP and non-IFRSmeasures. Analysts and investors may access the live conference call only by dialing 888-317-6003 (U.S. toll-free), 866-284-3684 (Canada toll-free) or 412-317-6061 (international) and referencing elite entry number 1707105 and Verso Corporation. Acquisition-related costs of around SEK 135 million will be reported in the fourth quarter results of 2021 as an item affecting comparability. STOCKHOLDERS OF VERSO ARE URGED TO READ THESE MATERIALS (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS IN CONNECTION WITH THE MERGER THAT VERSO HAS FILED OR MAY FILE WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT VERSO, THE MERGER AND THE OTHER TRANSACTIONS CONTEMPLATED BY THE MERGER AGREEMENT THAT HOLDERS OF VERSO'S SECURITIES SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING VOTING. Total company sales volume was down from 1,282 thousand tons during the nine months ended September 30, 2020, to 1,066 thousand tons during the same period of the current year, primarily attributable to our sold Duluth, Androscoggin and Stevens Point mills and idled Wisconsin Rapids mill. Verso's actual actions and results may differ materially from what is expressed or implied by these statements due to a variety of factors, including: the inability to complete the Merger due to the failure to obtain stockholder approval or failure to satisfy the other conditions to the completion of the Merger, including, but not limited to, receipt of required regulatory approvals; risks that the proposed Merger disrupts our current operations or affects our ability to retain or recruit key employees; the effect of the announcement or pendency of the Merger on our business relationships, operating results and business generally; the adverse impact of idling production, shutting down machines or facilities, restructuring our operations and selling non-core assets; changes in the costs of raw materials and purchased energy; security breaches and other disruption to our information technology infrastructure; uncertainties regarding the impact, duration and severity of the COVID-19 pandemic and measures intended to reduce its spread, and the impact of COVID-19 on economic conditions, including with respect to labor market conditions, economic activity, consumer behavior, supply chain shortages and disruptions and inflationary pressure; the long-term structural decline and general softening of demand facing the paper industry; adverse developments in general business and economic conditions; developments in alternative media, which are expected to continue to adversely affect the demand for some of Verso's key products, and the effectiveness of Verso's responses to these developments; intense competition in the paper manufacturing industry; Verso's limited ability to control the pricing of its products or pass through increases in its costs to its customers; Verso's business being less diversified because of the Pixelle sale, the sale of Verso's Duluth Mill, theclosure of the Luke Mill and the permanent shut down of the No. Net salesNet sales for the three months ended December 31, 2021 increased $14 million or 4% compared to the three months ended December 31, 2020 driven by favorable price/mix of $57 million, partially offset by $43 million, or 14%, in decreased sales largely attributable to our sold Duluth and idled Wisconsin Rapids mills. Verso assumes no obligation to update any forward-looking statement made in this press release to reflect subsequent events or circumstances or actual outcomes. Regulatory approvals include U.S. antitrust approval as well as approval from relevant state and federal energy regulatory authorities in the U.S. AdvisorsRothschild & Co serves as exclusive financial advisor and Kirkland & Ellis LLP serves as legal counsel to Verso. , . The transaction is expected to close in the second quarter of 2022. Verso is headquartered in Miamisburg, Ohio, and have two paper mills in Michigan, a roll to sheet converting facility in Wisconsin (paper production idled), and two distribution centres in Sauk Village, Illinois and Bedford, Pennsylvania. We are grateful for BillerudKorsns' partnership over the past several months in reaching this compelling transaction, particularly amidst an uncertain and restrictive pandemic-related travel environment. We believe that the supplemental adjustments applied in calculating Adjusted EBITDA are reasonable and appropriate to provide additional information to investors. COVID-19 PandemicThe COVID-19 pandemic has impacted our operations and financial results since the first quarter of 2020 and continues to have an impact on us. on the "Investors" page. Except as required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. 14 paper machine and certain other long-lived assets at our Wisconsin Rapids Mill in February 2021. Listen to the latest call from Verso. from 8 AM - 9 PM ET. We will obtain cost-effective production of coated virgin fibre material in the Midwestern United States. Swedish number: +46 8 566 42 651 All subsequent written and oral forward-looking statements attributable to Verso or BillerudKorsns or any person acting on behalf of either party are expressly qualified in their entirety by the cautionary statements referenced above. The quarterly cash dividend is payable on December 29, 2021 to Verso's stockholders of record holding shares of common stock at the close of business December 17, 2021. The following table reconciles Net income (loss) to EBITDA and Adjusted EBITDA for the periods presented: Gain on Sale of the Androscoggin/Stevens Point Mills (4), Duluth and Wisconsin Rapids mills idle/post-closure costs (6), (Gain) loss on sale or disposal of assets (7), Stockholders proxy solicitation costs (8). Verso is a leading producer of coated papers in North America with reported net sales for the last twelve months ended 30 September 2021 of USD 1 264 million and adjusted EBITDA of USD 158 million. Forward-looking statements generally relate to future events or Verso's and BillerudKorsns'future financial or operating performance and include, without limitation, statements relating to the proposed merger and the potential impact of the COVID-19 outbreak on Verso's and BillerudKorsns' businesses and operations. Income tax expense (benefit)Income tax expense of $26 million for the three months ended December 31, 2021 primarily reflects estimated tax expense for the period, partially offset by $1 million of tax benefit from release of valuation allowance against state tax credits. . You should consider our EBITDA and Adjusted EBITDA in addition to, and not as a substitute for, or superior to, our operating or net income (loss), which are determined in accordance with GAAP. We use EBITDA and Adjusted EBITDA as a way of evaluating our performance relative to that of our peers and to assess compliance with our credit facilities. Our investments will create new US-based jobs in a growing market and accelerate the transition from plastic-based packaging materials to renewable sources, said Christoph Michalski, President and CEO of BillerudKorsns. BillerudKorsns will build one of the most cost-efficient and sustainable paperboard platforms in North America by converting some of Versos assets into paperboard machines with an estimated capex of up to SEK 9 billion. In addition to continued paper production in Escanaba during the conversion, BillerudKorsns plans to continue operating the Quinnesec Mill, a cost and quality leader in graphic paper, specifically in coated freesheet and specialty papers. , . A telephonic replay of the call can be accessed at 877-344-7529 (U.S. toll-free), 855-669-9658 (Canada toll-free) or 412-317-0088 (international), access code 10160274. Stay up to date on Billeruds latest news, financial reports and share information by subscribing. BillerudKorsns is committed to continuing to serve Verso's existing customers. This press release contains forward-looking statements that reflect BillerudKorsns current expectations and views of future events and developments. About Verso VERSO CORPORATION is a leading American owned and operated producer ofgraphic, specialty and packaging paper and market pulp, with a long-standing reputation for quality and reliability. Verso also makes market pulp used in printing, writing, specialty and packaging papers, facial and toilet tissue, and paper towels. The following table reconciles net income (loss) to EBITDA and Adjusted EBITDA for the periods presented: Gain on Sale of the Androscoggin/Stevens Point Mills (4), Duluth and Wisconsin Rapids mills idle/post-closure costs (6), (Gain) loss on sale or disposal of assets (7), Stockholders proxy solicitation costs (8). BillerudKorsns four largest shareholders, AMF Pension and Funds, FRAPAG Beteiligungsholding, Swedbank Robur Funds and The Fourth Swedish National Pension Fund, which together hold around 37.7% of BillerudKorsns share capital, support the acquisition and have expressed their intention to vote for the rights issue and subscribe for their pro rata share. Actual results could vary materially depending on risks and uncertainties that may affect Verso and its business. A conference call will be held on Monday 20 December at 11:00CET, during which BillerudKorsns President and CEO, Christoph Michalski, and CFO, Ivar Vatne, will review the acquisition and answer questions. Operating results for the three months ended September 30, 2021 were positively impacted by: Operating results for the three months ended September 30, 2021 were negatively impacted by: Other (income) expense Other income for the three months ended September 30, 2021 and 2020 includes income of $6 million and $5 million, respectively, associated with the non-operating components of net periodic pension cost (income). These non-GAAP and non-IFRS measures are an addition, and not a substitute for or superior to, measures of financial performance prepared in accordance with GAAP or IFRS, as applicable, and should not be considered as an alternative to performance measures derived in accordance with GAAP or IFRS, as applicable. For 2021, charges are associated with the closure of our Luke Mill, the closure of our Duluth Mill and ofthe No. The replay will be available starting at 11 a.m. (EDT) Friday, November 5, 2021, and will remain available until December 3, 2021. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement and other relevant materials to be filed with the SEC regarding the proposed merger when they become available. 937-528-3700. shawn . The purchase price corresponds to an enterprise value / adjusted EBITDA multiple of approximately 6x for the last twelve months ended 30 September 2021. Cision Distribution 888-776-0942 The company has seven production units in Sweden and Finland, and about 4,400 employees in over 13 countries. The proposed transaction will be submitted to Versos stockholders for their consideration. EBITDA % of Net Sales Change from PY Change from PY $95M 10.4% This release is not a substitute for the Proxy Statement, or for any other document that Verso has filed or may file with the SEC or send to its stockholders in connection with the proposed merger. Verso Corporation. En vous inscrivant la newsletter, vous consentez la rception de contenus de notre part. Verso's stock price currently trades between $23-$24/share, which is nearly $7 higher than it traded when the Atlas unsolicited bid was announced. Verso Corporation is a leading American owned and operated producer of graphic, specialty and packaging paper and market pulp, with a long-standing reputation for quality and reliability. Versos location also presents favourable export opportunities to both Asia and Europe. "RiskFactors"in Verso'sForm 10-K for the fiscal year ended December 31, 2018 and from time to time in Verso'sother filings with the Securities and Exchange Commission. Total company sales volume was down from 1,674 thousand tons during the year ended December 31, 2020, to 1,407 thousand tons during 2021, primarily attributable to our sold Duluth, Androscoggin and Stevens Point mills and idled Wisconsin Rapids mill. 937-528-3220. BillerudKorsns has entered into a merger agreement with Verso Corporation (Verso) under which BillerudKorsns has agreed to acquire Verso, a leading producer of coated papers in North America, for a purchase price of approximately USD 825 million in cash. Cision Distribution 888-776-0942 Additional Information and Where to Find It. This press release does not constitute an offer of rights to subscribe for shares of BillerudKorsns for sale or a solicitation of an offer to purchase the rights described in this press release in the United States. As announced on December 19, 2021, Verso has entered into a definitive merger agreement under which BillerudKorsns AB ("BillerudKorsns") has agreed to acquire all of the outstanding shares of Verso for a purchase price of $27.00 per share in cash. Verso's specialty paper products include release liner papers and label face stock for pressure sensitive, glue-applied and laminate applications. MIAMISBURG, Ohio, March 11, 2022 /PRNewswire/ -- Verso Corporation (NYSE: VRS) ("Verso") announced that, at a special meeting of stockholders held today . Verso also makes market pulp used in printing, writing, specialty and packaging papers, facial and toilet tissue, and paper towels. Combined net sales for BillerudKorsns and Verso for the twelve months ended 30 September 2021 amount to approximately SEK 36.7 billion and combined adjusted EBITDA for the same period is approximately SEK 5.0 billion (pro forma, 1 October 202030 September 20211). For more information, visit us online at versoco.com. IMPORTANT ADDITIONAL INFORMATION Get a stronger brand and business through innovative and sustainable packaging. Director, Communications. The rights issue will, by way of the shareholder commitments and the underwriting by Danske Bank and SEB, be fully covered. 04:23pm, Monday, 21'st Feb 2022 PR Newswire. Costs incurred in connection with the stockholders proxy solicitation contest. The transaction is expected to close during the second quarter of 2022, subject to the approval of Versos shareholders, as well as receipt of applicable regulatory approvals and satisfaction of other customary closing conditions. Investors and security holders may obtain copies of these documents and any other documents filed with or furnished to the SEC by Versofree of charge through the website maintained by the SEC at www.sec.gov, or on Verso's investorwebsite, https://investor.versoco.com/. In connection with the proposed transaction, Verso expects to file with the SEC and furnish to its stockholders a proxy statement on Schedule 14A, as well as other relevant documents regarding the proposed transaction. This credit facility is planned to be refinanced by issuance of debt instruments and an equity rights issue. Stock Information Corporate Governance Acquisition of Norbord News Releases RSS ALERTS View by Year May 23, 2023 West Fraser Announces Appointment Of Eric L. Butler To Board of. Verso Corporation is a leading American owned and operated producer of graphic, specialty and packaging paper and market pulp, with a long-standing reputation for quality and reliability. Verso Corporation. We are a world leading provider of primary fiber based packaging materials and have customers in over 100 countries. A special meeting of Verso's shareholders is expected to be convened following the mailing to Verso's shareholders of a proxy statement for the transaction. Verso produces packaging paper used in higher-end packaging and printing applications such as greeting cards, book covers, folders, labels and point-of-purchase displays. When typing in this field, a list of search results will appear and be automatically updated as you type. The acquisition is expected to close in the second quarter of 2022, subject to the approval of Versos shareholders as well as the receipt of applicable regulatory approvals and satisfaction of other customary closing conditions. Mit Ihrer Anmeldung erklren Sie sich damit einverstanden, Inhalte von uns zu erhalten. This release is not a substitute for the proxy statement or for any other document that Verso may file with the SEC and send to its stockholders in connection with the proposed merger. Creates one of the largest providers of virgin fiber paper and packaging with a cost and quality advantage. Shareholders, analysts and investors are welcome to contact us with questions or inquiries. MIAMISBURG, Ohio, Feb. 28, 2022 /PRNewswire/ --Verso Corporation (NYSE: VRS) today reported financial results for the fourth quarter and full year of 2021. For more information, visit us online at versoco.com.
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