Interfor Corporation recorded a net loss in Q2’19 of $11.2 million, compared to a net loss of $15.3 million in Q1’19 and net earnings of $63.7 million in Q2’18. Adjusted net loss in Q2’19 was $16.2 million compared to an Adjusted net loss of $12.7 million in Q1’19 and Adjusted net earnings of $68.9 million in Q2’18. Net debt ended the quarter at $198.2 million, or 17.9% of invested capital, resulting in available liquidity of $392.5 million. The Company generated $9.9 million of cash flow from operations before changes in working capital. Capital investments of $64.6 million in Q2’19 included $51.4 million primarily on U.S. South focused high-return discretionary projects, with the remainder related to maintenance capital and woodlands projects.
Verso Corporation (NYSE: VRS) announced today that the New York Stock Exchange has notified Verso that it has fallen below the NYSE’s continued listing standard requiring that the average share price of Verso’s common stock be at least $1.00 over a consecutive 30-trading-day period. As of June 24, 2015, the date of the NYSE notification, the average closing price of Verso’s common stock over the past 30 consecutive trading days was $0.96 per share.
Verso intends to regain compliance with the NYSE’s continued listing standard by bringing the share price and the average share price of Verso’s common stock back to at least $1.00 within the required period of six months after receipt of the NYSE notification, i.e., by December 24, 2015. However, if Verso cannot cure the share price deficiency by such date, Verso intends to conduct a reverse stock split to facilitate achieving the $1.00 share price and average share price. In such case, as permitted by the NYSE’s rules, Verso would solicit stockholder approval of an appropriate amendment of its certificate of incorporation at its next annual stockholders meeting to be held in May 2016 and would effect the reverse stock split promptly thereafter.