By RTT News, March 07, 2013, 07:15:00 AM EDT
(RTTNews.com) - Verso Paper Corp. ( VRS ) reported that its fourth-quarter net income was $25.5 million or $0.48 per share, compared to net loss of $67.9 million, or $1.29 per share, in the fourth quarter of 2011.
The latest-quarter result included $47.4 million of net gains from special items, or $0.90 per diluted share, primarily due to proceeds from the insurance settlement related to the fire and explosion at our Sartell mill. The prior year result included $51.5 million of charges from special items, or $0.98 per share.
Net sales for the fourth quarter of 2012 decreased 19.8%, to $361.0 million from $450.3 million in the fourth quarter of 2011. Total sales volume was down 17.0% compared to the fourth quarter of 2011, which was driven by the shutdown of three paper machines late last year and the closure of the Sartell mill in the third quarter of this year, as well as a 3.4% decrease in the average sales price per ton for all of our products.
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