NewPage Sales and Earnings Up Sharply in First Quarter
Press release from the issuing company
MIAMISBURG, Ohio, May 13 -- NewPage Corporation (NewPage) today announced its results of operations for the first quarter of 2008. These results include the first full quarter of combined financial results since the acquisition of Stora Enso North America (SENA) on December 21, 2007. Net sales were $1,190 million in the first quarter of 2008 compared to $476 million in the first quarter of 2007, an increase of $714 million or 150 percent. Net income was $7 million in the first quarter of 2008 compared to a net loss of $20 million in the first quarter of 2007. Earnings before interest, taxes, depreciation and amortization (EBITDA) was $158 million for the first quarter of 2008 compared to EBITDA of $46 million for the first quarter of 2007.
"First quarter 2008 volume and average sales prices were both up considerably, and while most of the increase in volume was from the acquisition, average coated paper prices were also up significantly," said Mark A. Suwyn, chairman of the board and chief executive officer. "Demand for our products was strong as a result of rationalized industry supply from reduced imports and capacity closures, as well as some inventory builds by customers in advance of a price increase."
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