The company reported net sales of $45.9 million in the second quarter of 2018, up 19.3% compared to the year-ago period. Converted product sales were $40.7 million, a year over year increase of 17.3%, and parent roll sales were $5.2 million, up 38.0% over the second quarter of 2017. Gross profit in the second quarter of 2018 was $0.6 million, a decrease from $1.5 million in the second quarter of 2017. Gross profit margins decreased from 3.9% in the second quarter of 2017 to 1.3% in the second quarter of 2018. Orchids had a second quarter operating loss of $5.3 million in 2018 compared to an operating loss of $2.0 million in the second quarter of 2017. The increase in the operating loss was driven primarily by SG&A increasing to $5.7 million in the second quarter of 2018, up $2.4 million from $3.3 million in the year-ago period. Click Read More below for additional information.
Effective with all orders entered November 1, 2016 or after, Verso Corporation is increasing the transaction price of all Coated Groundwood grades by $2.00/cwt USD/$2.60/cwt CAD, including but not limited to: Liberty®; Balance®; New Era® Matte; New Era® ThinBulk
The increase applies to all basis weights and related private label grades.