NewPage reports net loss of $55 million in its fourth quarter

NewPage Corporation has reported a net loss of $55 in its fourth quarter of 2009 on net sales of $857 million.

For the full year 2009, net loss attributable to the company was $308 million, including $133 million related to debt refinancing in the third quarter of 2009, compared to $117 million in 2008. Debt covenant EBITDA (earnings before interest, taxes, depreciation and amortization) was $432 million in 2009 compared to $611 million in 2008.

“During 2009 we faced very challenging market conditions. Overall industry shipments of coated papers were off 20 percent as print advertising reacted to the uncertain economy and customers reduced their inventories of paper,” said Mark A. Suwyn, NewPage Corporation Chairman.

NewPage closed the year with $224 million of liquidity, consisting of $5 million of cash and cash equivalents and $219 million of additional borrowing availability under the revolving credit facility after reduction for $94 million in letters of credit and $52 million in outstanding borrowings under the revolving credit facility.

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NewPage Financial Release