NewPage reports net loss of $524 million in 2011
March 13th, 2012 | Posted in Financial News | 1 comment ยป
NewPage Corporation has released its financial information for 2011.
The company is reporting a net loss of $524 million in 2011 compared to a loss of $693 million in 2010.
Net sales for 2011 were $3,502 million (a 3% drop from 2010).
Sales volume decreased to 3,954,000 tons in 2011 compared to 4,370,000 tons in 2010 as a result of the shutdown of the Whiting mill in February 2011 and the Port Hawkesbury mill in September 2011.
Total liquidity at December 31, 2011, was $254 million, consisting of $127 million of availability under the DIP revolving credit facility and $142 million of available cash and cash equivalents, reduced by a required $15 million of minimum cash and cash equivalents on hand.
NewPage commenced voluntary Chapter 11 proceedings in the U.S. on September 7, 2011. NewPage’s Canadian subsidiary, NewPage Port Hawkesbury, is similarly under protection from creditors. NewPage paid a $25 million settlement in exchange for being relieved of all liability associated with NewPage Port Hawkesbury. NewPage no longer has control of its Port Hawkesbury assets and have deconsolidated NewPage Port Hawkesbury from its consolidated financial statements.
A narrative year-end report is available at www.NewPageCorp.com.
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Perhaps their net losses wsould be a lot less if they stopped paying millions of dollars in short-term incentives and millions more in long term incentives to senior executives who are completely incompetent and some who, if called other than a thief and a criminal, would being them an injustice.
They are one of the most unethical companies in the pulp and paper indutry, and there are a lot of them…they are simply one of the absolute worse.