Mercer International Inc. Reports Strong 2010 Fourth Quarter Operating EBITDA Of EUR64.6 Million ($87.8 Million) And Record 2010 Yearly Operating EBITDA Of EUR224.0 Million ($297.3 Million)
NEW YORK, Feb. 14, 2011 (GLOBE NEWSWIRE) -- Mercer International Inc. (Nasdaq:MERC) (TSX:MRI-U) today reported strong results for the fourth quarter and record results for the year ended December 31, 2010. Operating EBITDA in the fourth quarter of 2010 was €64.6 million ($87.8 million), compared to €23.5 million ($34.7 million) in the last quarter of 2009 and €65.5 million ($84.7 million) in the third quarter of 2010. In 2010, Operating EBITDA significantly increased fivefold to a record €224.0 million ($297.3 million) from €41.4 million ($57.7 million) in 2009. Operating EBITDA is defined on page 4 of this press release and reconciled to net income (loss) on page 8 of the financial tables in this press release.
We reported net income of €35.3 million ($48.0 million), or €0.84 ($1.14) per basic share, for the fourth quarter of 2010, compared to €2.7 million ($4.0 million), or €0.08 ($0.12) per basic share, in the last quarter of 2009 and €46.1 million ($59.6 million), or €1.17 ($1.51) per basic share, in the third quarter of 2010. For 2010, we reported net income of €86.3 million ($114.5 million), or €2.24 ($2.97) per basic share, compared to a net loss of €62.2 million ($86.7 million), or €1.71 ($2.38) per basic share, in 2009.
Summary Financial Highlights of the 2010 Fourth Quarter and Year End Results
|(in millions of Euros, except where otherwise stated)|
|Pulp revenues||€ 232.2||€ 224.7||€ 154.9||€ 856.3||€ 577.3|
|Operating income (loss)||50.4||51.4||9.8||167.7||(12.8)|
|Operating EBITDA (loss)||64.6||65.5||23.5||224.0||41.4|
|Unrealized gain (loss) on derivative instruments||12.4||0.5||5.1||1.9||(5.8)|
|Foreign exchange gain (loss) on debt||(1.5)||9.9||(1.8)||(6.1)||2.7|
|Income tax benefit (provision)||0.2||7.2||1.0||5.9||5.9|
|Net income (loss) attributable to common shareholders||35.3||46.1||2.7||86.3||(62.2)|
|Net income (loss) per share attributable to common shareholders|
|Basic||€ 0.84||€ 1.17||€ 0.08||€ 2.24||€ (1.71)|
|Diluted||€ 0.63||€ 0.82||€ 0.07||€ 1.56||€ (1.71)|
|Common shares outstanding at period end (000s)||43,000||42,030||36,443||43,000||36,443|
|Pulp Production ('000 ADMTs)||356.2||380.9||356.9||1,426.3||1,397.4|
|Scheduled Production Downtime ('000 ADMTs)||–||8.3||14.0||43.5||52.1|
|Pulp Sales ('000 ADMTs)||386.0||344.8||351.8||1,428.6||1,445.5|
|NBSK pulp list price in Europe ($/ADMT)||957||980||787||938||667|
|NBSK pulp list price in Europe (€/ADMT)||704||758||533||707||478|
|Average pulp sales realizations (€/ADMT)||593||642||434||591||393|
|Energy Production ('000 MWh)||393.0||330.8||358.7||1,444.1||1,445.3|
|Energy Sales ('000 MWh)||149.7||119.1||116.0||520.0||478.7|
|Average Spot Currency Exchange Rates:|
|€ / $ (1)||0.7361||0.7729||0.6774||0.7541||0.7176|
|C$ / $ (1)||1.0129||1.0385||1.0557||1.0298||1.1412|
|C$ / € (2)||1.3766||1.3438||1.5604||1.3671||1.5851|
|(1) Average Federal Reserve Bank of New York noon spot rate over the reporting period.|
|(2) Average Bank of Canada noon spot rate over the reporting period.|
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