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)
During the fourth quarter of 2010, we recorded a loss on the extinguishment of debt of €6.6 million, primarily in connection with the repurchase of our 2013 Notes. In the fourth quarter of 2009, we recorded a gain of €4.4 million on the extinguishment of our convertible notes.
We reported net income attributable to common shareholders of €35.3 million, or €0.84 per basic and €0.63 per diluted share, for the fourth quarter of 2010, which included aggregate net non-cash unrealized gains of €9.3 million, comprised of a non-cash gain of €12.4 million on the Stendal interest rate derivatives, a non-cash foreign exchange loss of €1.5 million on our debt and a non-cash loss in connection with the repurchase of our 2013 Notes. In the fourth quarter of 2009, we reported net income attributable to common shareholders of €2.7 million, or €0.08 per basic and €0.07 per diluted share, which included aggregate net non-cash unrealized gains of €7.7 million, comprised of a non-cash gain of €5.1 million on the Stendal interest rate derivatives, a non-cash foreign exchange loss of €1.8 million on our debt and a non-cash gain of €4.4 million on the extinguishment of our convertible notes.
Year Ended December 31, 2010 Compared to Year Ended December 31, 2009
Pulp revenues for the year ended December 31, 2010 increased by 48% to a record €856.3 million from €577.3 million in the year ended December 31, 2009, primarily due to significantly higher pulp prices in 2010 and a stronger U.S. dollar relative to the Euro. In 2010, revenues from the sale of excess energy increased by approximately 4% to €44.2 million from €42.5 million in 2009, due to increased energy sales at our Celgar mill, partially offset by reduced energy sales at our Rosenthal mill caused by 60 days of scheduled turbine maintenance.Pulp production increased to a record level of 1,426,286 ADMTs in 2010, from 1,397,441 ADMTs in 2009 primarily as a result of overall strong operating performance at all our mills. We took a total of 31 and 43 days scheduled maintenance downtime at our mills in 2010 and 2009, respectively, and expect to take approximately 39 days in 2011.
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