207-688-8195 Professional Logging Contractors of Maine

Verso Paper Corp. Reports Third Quarter 2012 Results

MEMPHIS, Tenn.–(BUSINESS WIRE)– Verso Paper Corp. (NYSE: VRS) today reported financial results for the third quarter and nine months ended September 30, 2012. Results for the quarters ended September 30, 2012 and 2011 include: Adjusted EBITDA before pro forma effects of profitability program of $50.2 million in the third quarter of 2012, compared to $23.5 million in the second quarter of 2012 and $64.2 million in the third quarter of 2011. (Note: Adjusted EBITDA is a non-GAAP financial measure and is defined and reconciled to net income later in this release). Net loss before items of $12.0 million, or $0.23 per diluted share, in the third quarter of 2012 compared to net loss before items of $43.1 million, or $0.81 per diluted share, in the second quarter of 2012 and net income before items of $0.8 million, or $0.01 per diluted share, in the third quarter of 2011. The closure of the Sartell mill resulted in an aggregate pre-tax charge to earnings of approximately $97.2 million in the third quarter of 2012. This includes approximately $16.3 million for severance and benefit costs; $75.8 million in non-cash charges for fixed asset and other impairment charges; and $5.1 million related to other costs. Click Here to read the full report from Verso Paper...

Raye & Thomas Visit E. Millinocket Mill & Millinocket Thermogen Site

EAST MILLINOCKET – Maine Senate President Kevin Raye (R-Perry) and Senator Doug Thomas (R-Ripley) visited the Great Northern Paper mill in East Millinocket on Tuesday, June 5th, where they toured the mill and met with representatives of Cate Street Capital.  Raye and Thomas also visited for a first-hand look at the site on the campus of the closed Millinocket mill where Thermogen Industries plans to create jobs manufacturing torrefied wood pellets. The Thermogen proposal received a boost in May when Raye and Thomas successfully included an amendment to the state budget that makes the project eligible for participation in Maine’s New Markets Capital Investment Program (NMCIP).  Raye sponsored the law establishing the New Markets tax credit last year, in an effort to encourage private sector investment in job creation in areas of Maine that have been left behind economically. The amendment pushed by Raye and Thomas this year increased the cap for the program from $10 million to $40 million, which will encourage Cate Street Capital to make an investment in the project through its Thermogen Industries subsidiary. “Cate Street really did create a dual opportunity,” said Senator Thomas. “Making use of the idled Millinocket paper mill property as a wood-product manufacturing facility is a great idea, a natural fit, and a boost to a town sorely in need of new jobs,” said Senator Thomas. “It’s also a boost to Maine port towns where these wood products will be shipped overseas.” “The New Markets Tax Credit is designed to boost the economy in areas of greatest need,” said Raye.  “That’s why I introduced it, and it is exciting to...

How Will Russia’s Membership in the WTO Affect US Exporters?

by Suz-Anne Kinney On December 16, after 18 years of halting progress, the World Trade Organization (WTO) has voted to approve Russia’s membership application. The Russian parliament has 6 months to ratify the agreement, and their membership will become final within 30 days of ratification. In general, membership in the WTO requires that countries commit to the following tenets… …Many have speculated what Russia’s WTO membership would mean for US exporters of wood and lumber to China…. Read full article on...

Katahdin businessman wants to buy region’s mills

Via PLC on Twitter By Nick Sambides Jr., BDN Staff EAST MILLINOCKET, Maine — A local businessman who already owns a retail stove and alternative fuels store and is part owner of a scrap metal business wants to be the next owner of the two Katahdin region paper mills. Galen Hale told the Bangor Daily News on Tuesday that he has been “tentatively assured” of enough start-up capital to get the East Millinocket paper mill operational and that he envisions no unions at either mill. Read full story in the Bangor Daily...

FOEX: Latest PIX Index Values with comments – March 29, 2011

Tuesdays 4 pm 3.29.2011 Δ prev. week in currency Δ beg. 2011 in currency PIX US NBSK USD 985.19 +0.83 +18.08 PIX US Newsprint USD 626.93 +0.01 +1.33 PIX US Newsprint 27.65lb USD 669.74 +0.01 +0.44 Market Comments US NBSKP – Shipments on pulp to the North American market were fairly weak in February, reflecting the declines seen in paper shipments. The PPPC data showed shipments of paper grades market pulp down by as much as 9.6% against February 2010. Supported by good demand elsewhere – and by the approaching high season for paper and maintenance downtime period for pulp – the US BSKP market has remained tight. Price increases have been announced separately by several major producers, typically by 30 USD/ton from April 1. If fully successful, the attempted hike would bring the gross contract price up to 1020 USD/ton. The data reported was again in a range between 960 and 990 USD, with 990 USD clearly the most common individual quote. Our PIX NBSKP US index moved up by 83 cents, or by 0.1%, and closed at 985.19 USD/ton. US Newsprint – February was another very weak month for the North American newsprint. In addition to the softness of the domestic market, the export volumes were down and inventories moved up. The weather conditions and other logistics problems are reported to have delayed the export shipments causing most of the inventory hike. The US publishers’ inventories are rather elevated. The latest price data for the US Newsprint indexes included some slight changes from last week.  The PIX US Newsprint 30lb index moved up by 1 cent, or...