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 both 2010 and 2009, we recorded approximately €5.9 million of net tax recoveries. 

We recorded a loss on the extinguishment of debt of €7.5 million in 2010, primarily in connection with the repurchase of our 2013 Notes. In 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 €86.3 million, or €2.24 per basic and €1.56 per diluted share, for 2010, which included aggregate net non-cash unrealized losses of €0.5 million, comprised of a non-cash gain of €1.9 million on the Stendal interest rate derivatives, a non-cash foreign exchange loss of €6.1 million on our long-term debt, a non-cash loss on the extinguishment of our 2013 Notes and a non-cash income tax benefit. In 2009, we reported a net loss attributable to common shareholders of $62.2 million, or €1.71 per basic and diluted share, which included aggregate net non-cash unrealized gains of €7.5 million, comprised of a non-cash loss of €5.8 million on the Stendal interest rate derivatives, a non-cash foreign exchange gain of €2.7 million on our long-term debt, a non-cash gain of €4.4 million on the extinguishment of our convertible notes and a non-cash income tax benefit.

Liquidity and Capital Resources

The following table is a summary of selected financial information for the periods indicated:

	Years Ended December 31,
	2010	2009
	(in thousands)
Financial Position
Cash and cash equivalents	€ 99,022	€ 51,291
Working capital	231,683	99,150
Property, plant and equipment	846,767	868,558
Total assets	1,216,075	1,083,831
Long-term liabilities	877,315	896,074
Total equity	213,563	85,973

As at December 31, 2010, we had approximately €26.4 million and C$17.9 million available under our Rosenthal and Celgar facilities, respectively. As at December 31, 2010, approximately €500.7 million was outstanding under our Stendal mill's loan facility.

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