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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)

Restricted Group

The following table is a summary of selected financial information for the Restricted Group for the periods indicated.

    Years Ended December 31,
    2010    2009 
  (in thousands)
Restricted Group Financial Position    
Cash and cash equivalents  € 50,654  € 20,635
Working capital   150,667   57,015
Property, plant and equipment   362,274  362,311
Total assets   662,944  555,977
Long-term liabilities   312,631  301,173
Total equity   289,141  200,247

Earnings Release Call

In conjunction with this release, Mercer International Inc. will host a conference call, which will be simultaneously broadcast live over the Internet. Management will host the call, which is scheduled for Tuesday, February 15, 2011 at 10:00 AM (Eastern Standard Time). Listeners can access the conference call live and archived through March 15, 2011, over the Internet at http://investor.shareholder.com/media/eventdetail.cfmeventid=91422&CompanyID=MERC&e=1&mediaKey=1AE35D7DABC3ECD95E2779DA87354812  or through a link on the Company's News/Financial page at http://www.mercerint.com/s/NewsReleases.asp. Please allow 15 minutes prior to the call to visit the site and download and install any necessary audio software. A replay of this call will be available approximately two hours after the live call ends until February 22, 2011 at 11:59 PM (Eastern Standard Time). The replay number is (800) 642-1687 for domestic callers or (706) 645-9291 for international callers, and the passcode is 38594483.

Mercer International Inc. is a global pulp manufacturing company. To obtain further information on the company, please visit its web site at http://www.mercerint.com.

The Mercer International Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5417

The preceding includes forward looking statements which involve known and unknown risks and uncertainties which may cause our actual results in future periods to differ materially from forecasted results. Among those factors which could cause actual results to differ materially are the following: the highly cyclical nature of our business, raw material costs, our level of indebtedness, competition, foreign exchange and interest rate fluctuations, our use of derivatives, expenditures for capital projects, environmental regulation and compliance, disruptions to our production, market conditions and other risk factors listed from time to time in our SEC reports.

 
MERCER INTERNATIONAL INC.
 
CONSOLIDATED BALANCE SHEETS
(In thousands of Euros)
 
    December 31, 
    2010    2009 
ASSETS    
Current assets    
 Cash and cash equivalents  € 99,022  € 51,291
 Receivables   121,709   71,143
 Inventories   102,219  72,629
 Prepaid expenses and other   11,360   5,871
 Deferred income tax   22,570   –
Total current assets   356,880   200,934
Long-term assets    
 Property, plant and equipment   846,767  868,558
 Deferred note issuance and other   11,082   8,186
 Deferred income tax   –  3,426
 Note receivable   1,346   2,727
    859,195   882,897
Total assets  € 1,216,075  € 1,083,831
     
LIABILITIES    
Current liabilities    
 Accounts payable and accrued expenses  € 84,873  € 85,185
 Pension and other post-retirement benefit obligations   728  567
 Debt   39,596   16,032
Total current liabilities   125,197   101,784
Long-term liabilities    
 Debt   782,328  813,142
 Unrealized interest rate derivative losses   50,973  52,873
 Pension and other post-retirement benefit obligations   24,236  17,902
 Capital leases and other   12,010  12,157
 Deferred income tax   7,768   –
    877,315   896,074
Total liabilities   1,002,512   997,858
     
EQUITY    
Shareholders' equity    
 Share capital   219,211  202,844
 Paid-in capital   (3,899)  (6,082)
 Retained earnings (deficit)   (10,956)  (97,235)
 Accumulated other comprehensive income (loss)   31,712   23,695
Total shareholders' equity   236,068   123,222
     
Noncontrolling interest (deficit)  € (22,505)  € (37,249)
Total equity   213,563   85,973
Total liabilities and equity  € 1,216,075  € 1,083,831
     
(1)
 
MERCER INTERNATIONAL INC.
 
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands of Euros, except per share data)
 
  Three Months Ended  December 31,  Years Ended  December 31, 
   2010   2009   2010    2009 
         
Revenues        
 Pulp € 232,200 € 154,886 € 856,311  € 577,298
 Energy  13,442  10,226  44,225   42,501
   245,642  165,112  900,536  619,799
Costs and expenses        
 Operating costs  172,552  134,185  643,529  551,781
 Operating depreciation and amortization  14,115  13,594  55,932   53,919
   58,975  17,333  201,075   14,099
 Selling, general and administrative expenses  8,498  7,617  33,442  27,414
 Purchase (sale) of emission allowances  57  (127)  (110)   (516)
Operating income (loss)  50,420  9,843  167,743   (12,799)
         
Other income (expense)        
 Interest expense  (16,480)  (15,817)  (67,621)  (64,770)
 Investment income (loss)  164  1,240  468  (1,804)
 Foreign exchange gain (loss) on debt  (1,451)  (1,841)  (6,126)  2,692
 Gain (loss) on extinguishment of debt  (6,565)  4,447  (7,494)  4,447
 Gain (loss) on derivative instruments  12,422  5,129  1,899  (5,760)
Total other income (expense)  (11,910)  (6,842)  (78,874)  (65,195)
Income (loss) before income taxes  38,510  3,001  88,869  (77,994)
Income tax benefit (provision) – current  (131)  (7)  (3,881)  (134)
                                            – deferred  378  1,014  9,760  6,003
Net income (loss)  38,757  4,008  94,748  (72,125)
Less: net loss (income) attributable to noncontrolling interest  (3,468)  (1,259)  (8,469)  9,936
Net income (loss) attributable to common shareholders € 35,289 € 2,749 € 86,279 € (62,189)
         
Retained earnings (deficit), beginning of period  (46,245)  (99,984)  (97,235)  (35,046)
Retained earnings (deficit), end of period € (10,956) € (97,235) € (10,956) € (97,235)
         
Net income (loss) per share attributable to common shareholders        
 Basic  € 0.84 € 0.08 € 2.24 € (1.71)
 Diluted € 0.63 € 0.07 € 1.56 € (1.71)
 
(2)
 
MERCER INTERNATIONAL INC.
 
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands of Euros)
 
    For the Years Ended December 31, 
    2010    2009    2008 
Cash flows from (used in) operating activities      
Net income (loss) attributable to common shareholders  € 86,279  € (62,189)  € (72,465)
Adjustments to reconcile net income (loss) attributable to common shareholders to cash flows from operating activities      
 Loss (gain) on derivative instruments  (1,899)  5,760  25,228
 Foreign exchange (gain) loss on debt  6,126  (2,692)  4,234
 Loss (gain) on extinguishment of debt  7,494  (4,447)  –
 Depreciation and amortization  56,231  54,170  55,762
 Accretion expense (income)  2,492  181  –
 Noncontrolling interest  8,469  (9,936)  (13,075)
 Deferred income taxes  (9,760)  (6,003)  1,976
 Stock compensation expense  2,394  455  264
 Pension and other post-retirement expense, net of funding  418  282  (758)
 Inventory provisions   –   –  11,272
 Other   5,190   2,482  3,025
Changes in current assets and liabilities      
 Receivables  (40,038)  31,907  (14,811)
 Inventories   (24,462)   32,158  (13,331)
 Accounts payable and accrued expenses  (3,089)  (2,950)  (1,091)
 Other   (4,566)   (1,859)   1,904
 Net cash from (used in) operating activities  91,279  37,319  (11,866)
       
Cash flows from (used in) investing activities      
Purchase of property, plant and equipment  (38,300)  (28,828)  (25,704)
Proceeds on sale of property, plant and equipment  1,138  436  2,000
Cash, restricted  –  13,000  20,000
Note receivable   1,113   152   5,708
 Net cash from (used in) investing activities  (36,049)  (15,240)  2,004
       
Cash flows from (used in) financing activities      
Repayment of notes payable and debt  (234,598)  (26,499)  (34,023)
Repayment of capital lease obligations  (2,920)  (3,178)  (3,312)
Proceeds from borrowings of notes payable and debt   222,193   13,511   –
Proceeds from (repayment of) credit facilities, net  (2,660)  (4,272)  5,837
Proceeds from government grants  17,952  9,058  266
Payment of deferred note issuance costs   (6,095)   (1,969)   –
 Net cash from (used in) financing activities  (6,128)  (13,349)  (31,232)
Effect of exchange rate changes on cash and cash equivalents   (1,371)   109   (1,302)
       
Net increase (decrease) in cash and cash equivalents  47,731  8,839  (42,396)
Cash and cash equivalents, beginning of period   51,291   42,452   84,848
Cash and cash equivalents, end of period  € 99,022  € 51,291  € 42,452
       
(3)
 
MERCER INTERNATIONAL INC.
 
RESTRICTED GROUP SUPPLEMENTAL DISCLOSURE
Combined Condensed Balance Sheets
(In thousands of Euros)
 
The terms of the indentures governing our 9.25% senior unsecured notes and our 9.5% senior unsecured notes require that we provide the results of operations and financial condition of Mercer International Inc. and our restricted subsidiaries under the indenture, collectively referred to as the "Restricted Group". As at and during the three months and years ended December 31, 2010 and 2009, the Restricted Group was comprised of Mercer International Inc., certain holding subsidiaries and our Rosenthal and Celgar mills. The Restricted Group excludes the Stendal mill.
 
   December 31, 2010 
    Restricted  Group  Unrestricted Subsidiaries   Eliminations Consolidated  Group 
ASSETS Current        
Cash and cash equivalents € 50,654 € 48,368 € – € 99,022
Receivables  70,865   50,844   –   121,709
Inventories  60,910   41,309   –   102,219
Prepaid expenses and other  6,840   4,520   –   11,360
Deferred income tax  22,570   –   –   22,570
Total current assets  211,839   145,041   –   356,880
Long-term assets        
Property, plant and equipment  362,274   484,493   –   846,767
Deferred note issuance and other  6,903   4,179   –   11,082
Deferred income tax  –   –   –   –
Due from unrestricted group  80,582   –   (80,582)   –
Note receivable  1,346   –   –   1,346
Total assets € 662,944  € 633,713  € (80,582)  € 1,216,075
         
LIABILITIES Current liabilities        
Accounts payable and accrued expenses € 44,015 € 40,858 € – € 84,873
Pension and other post-retirement benefit obligations  728   –   –   728
Debt  16,429   23,167   –   39,596
Total current liabilities  61,172   64,025   –   125,197
Long-term liabilities        
Debt  273,473   508,855   –   782,328
Due to restricted group  –   80,582   (80,582)   –
Unrealized interest rate derivative losses  –   50,973   –   50,973
Pension and other post-retirement benefit obligations  24,236   –   –   24,236
Capital leases and other  7,154   4,856   –   12,010
Deferred income tax  7,768   –   –   7,768
Total liabilities  373,803   709,291   (80,582)   1,002,512
         
EQUITY Total shareholders' equity (deficit)    289,141     (53,073)     –     236,068
Noncontrolling interest (deficit)  –   (22,505)   –   (22,505)
Total liabilities and equity € 662,944  € 633,713  € (80,582)  € 1,216,075
 
(4)
 
MERCER INTERNATIONAL INC.
 
RESTRICTED GROUP SUPPLEMENTAL DISCLOSURE
Combined Condensed Balance Sheets
(In thousands of Euros)
 
   December 31, 2009 
    Restricted  Group  Unrestricted Subsidiaries   Eliminations Consolidated  Group 
         
ASSETS Current        
Cash and cash equivalents € 20,635 € 30,656 € – € 51,291
Receivables  34,588  36,555  –  71,143
Inventories  52,897  19,732  –  72,629
Prepaid expenses and other  3,452  2,419  –  5,871
Total current assets  111,572  89,362  –  200,934
Long-term assets        
Property, plant and equipment  362,311  506,247  –  868,558
Deferred note issuance and other  3,388  4,798  –  8,186
Deferred income tax  3,426  –  –  3,426
Due from unrestricted group  72,553  –  (72,553)  –
Note receivable  2,727  –  –  2,727
Total assets € 555,977 € 600,407 € (72,553) € 1,083,831
         
LIABILITIES Current liabilities        
Accounts payable and accrued expenses € 51,875 € 33,310 € – € 85,185
Pension and other post-retirement benefit obligations  567  –  –  567
Debt  2,115  13,917  –  16,032
Total current liabilities  54,557  47,227  –  101,784
Long-term liabilities        
Debt  276,604  536,538  –  813,142
Due to restricted group  –  72,553  (72,553)  –
Unrealized interest rate derivative losses  –  52,873  –  52,873
Pension and other post-retirement benefit obligations  17,902  –  –  17,902
Capital leases and other  6,667  5,490  –  12,157
Total liabilities  355,730  714,681  (72,553)  997,858
         
EQUITY Total shareholders' equity (deficit)    200,247    (77,025)    –    123,222
Noncontrolling interest (deficit)  –  (37,249)  –  (37,249)
Total liabilities and equity € 555,977 € 600,407 € (72,553) € 1,083,831
 
(5)
MERCER INTERNATIONAL INC.
   
RESTRICTED GROUP SUPPLEMENTAL DISCLOSURE
Combined Condensed Statements of Operations  
(In thousands of Euros)  
   
    Three Months Ended December 31, 2010 
    Restricted  Group  Unrestricted Subsidiaries   Eliminations Consolidated  Group 
Revenues        
 Pulp € 135,245 € 96,955 € – € 232,200
 Energy  6,395  7,047  –  13,442
   141,640  104,002  –  245,642
Operating costs  92,209  80,343  –  172,552
Operating depreciation and amortization  7,616  6,499  –  14,115
Selling, general and administrative expenses and other  5,439  3,116  –  8,555
   105,264  89,958  –  195,222
 Operating income (loss)  36,376  14,044  –  50,420
Other income (expense)     Interest expense    (7,425)    (10,259)    1,204    (16,480)
 Investment income (loss)  1,333  35  (1,204)  164
 Foreign exchange gain (loss) on debt  (1,451)  –  –  (1,451)
 Gain (loss) on extinguishment of debt  (6,565)  –  –  (6,565)
 Gain (loss) on derivative instruments  –  12,422  –  12,422
 Total other income (expense)  (14,108)  2,198  –  (11,910)
 Income (loss) before income taxes  22,268  16,242  –  38,510
Income tax benefit (provision)  297  (50)  –  247
Net income (loss)  22,565  16,192  –  38,757
Less: net (income) loss attributable to noncontrolling interest  –  (3,468)  –  (3,468)
Net income (loss) attributable to common shareholders € 22,565 € 12,724 € – € 35,289
   
    Three Months Ended December 31, 2009 
    Restricted  Group  Unrestricted Subsidiaries   Eliminations Consolidated  Group 
Revenues        
 Pulp € 87,776 € 67,110  € – € 154,886
 Energy  4,021  6,205   –  10,226
   91,797  73,315   –  165,112
Operating costs  79,665  54,520  –  134,185
Operating depreciation and amortization  7,045  6,549  –  13,594
Selling, general and administrative expenses and other  4,384  3,106   –  7,490
   91,094  64,175   –  155,269
 Operating income (loss)  703  9,140   –  9,843
Other income (expense)     Interest expense    (6,576)    (10,389)    1,148    (15,817)
 Investment income (loss)  1,740  648  (1,148)  1,240
 Foreign exchange gain (loss) on debt  (1,841)  –  –  (1,841)
 Gain (loss) on extinguishment of debt  4,447  –  –  4,447
 Gain (loss) on derivative instruments  –  5,129   –  5,129
 Total other income (expense)  (2,230)  (4,612)   –  (6,842)
 Income (loss) before income taxes  (1,527)  4,528  –  3,001
Income tax benefit (provision)  1,016  (9)   –  1,007
Net income (loss)  (511)  4,519  –  4,008
Less: net (income) loss attributable to noncontrolling interest  –  (1,259)   –  (1,259)
Net income (loss) attributable to common shareholders € (511) € 3,260  € – € 2,749
         
(6)
 
MERCER INTERNATIONAL INC.
 
RESTRICTED GROUP SUPPLEMENTAL DISCLOSURE
Combined Condensed Statements of Operations
(In thousands of Euros)
 
   Year Ended December 31, 2010 
    Restricted  Group  Unrestricted Subsidiaries   Eliminations Consolidated  Group 
Revenues        
 Pulp € 490,020  € 366,291  € – € 856,311
 Energy  15,145   29,080   –  44,225
   505,165   395,371   –  900,536
Operating costs  361,272   282,257   –  643,529
Operating depreciation and amortization  29,971   25,961   –  55,932
Selling, general and administrative expenses and other  20,231   13,101   –  33,332
   411,474   321,319   –  732,793
 Operating income (loss)  93,691   74,052   –  167,743
Other income (expense)     Interest expense    (31,498)     (40,852)     4,729    (67,621)
 Investment income (loss)  5,103   94   (4,729)  468
 Foreign exchange gain (loss) on debt  (6,126)   –   –  (6,126)
 Gain (loss) on extinguishment of debt  (7,494)   –   –  (7,494)
 Gain (loss) on derivative instruments  –   1,899   –  1,899
 Total other income (expense)  (40,015)   (38,859)   –  (78,874)
     Income (loss) before income taxes  53,676   35,193   –  88,869
Income tax benefit (provision)  8,651   (2,772)   –  5,879
Net income (loss)  62,327   32,421   –  94,748
Less: net (income) loss attributable to noncontrolling interest  –   (8,469)   –  (8,469)
Net income (loss) attributable to common shareholders € 62,327  € 23,952  € – € 86,279
   
   Year Ended December 31, 2009 
    Restricted  Group  Unrestricted Subsidiaries   Eliminations Consolidated  Group 
Revenues        
 Pulp € 318,448 € 258,850  € – € 577,298
 Energy  15,183  27,318  –  42,501
   333,631  286,168  –  619,799
Operating costs  312,029  239,752  –  551,781
Operating depreciation and amortization  27,453  26,466  –  53,919
Selling, general and administrative expenses and other  15,049  11,849  –  26,898
   354,531  278,067   –  632,598
 Operating income (loss)  (20,900)  8,101   –  (12,799)
Other income (expense)     Interest expense    (27,351)    (41,932)    4,513    (64,770)
 Investment income (loss)  5,002  (2,293)  (4,513)  (1,804)
 Foreign exchange gain (loss) on debt  2,692  –  –  2,692
 Gain (loss) on extinguishment of debt  4,447  –  –  4,447
 Gain (loss) on derivative instruments  –  (5,760)  –  (5,760)
 Total other income (expense)  (15,210)  (49,985)   –  (65,195)
 Income (loss) before income taxes  (36,110)  (41,884)  –  (77,994)
Income tax benefit (provision)  183  5,686   –  5,869
Net income (loss)  (35,927)  (36,198)  –  (72,125)
Less: net (income) loss attributable to noncontrolling interest  –  9,936   –  9,936
Net income (loss) attributable to common shareholders € (35,927) € (26,262)  € – € (62,189)
 
(7)
 
MERCER INTERNATIONAL INC.
 
COMPUTATION OF OPERATING EBITDA
(Unaudited)
(In thousands of Euros)
 
    Three Months Ended  December 31,  Year Ended   December 31, 
   2010   2009   2010   2009 
Net income (loss) attributable to common shareholders € 35,289 € 2,749 € 86,279 € (62,189)
Net income (loss) attributable to noncontrolling interest  3,468  1,259  8,469  (9,936)
Income taxes (benefits)  (247)  (1,007)  (5,879)  (5,869)
Interest expense  16,480  15,817  67,621  64,770
Investment (income) loss  (164)  (1,240)  (468)  1,804
Foreign exchange (gain) loss on debt  1,451  1,841  6,126  (2,692)
Loss (gain) on extinguishment of debt  6,565  (4,447)  7,494  (4,447)
Loss (gain) on derivative instruments  (12,422)  (5,129)  (1,899)  5,760
Operating income (loss)  50,420  9,843  167,743  (12,799)
Add: Depreciation and amortization  14,179  13,652  56,231  54,170
Operating EBITDA (1) € 64,599 € 23,495 € 223,974 € 41,371
         
(1) Operating EBITDA does not reflect the impact of a number of items that affect our net income (loss) attributable to common shareholders, including financing costs and the effect of derivative instruments. Operating EBITDA is not a measure of financial performance under accounting principles generally accepted in the United States, and should not be considered as an alternative to net income (loss) attributable to common shareholders or income (loss) from operations as a measure of performance, nor as an alternative to net cash from operating activities as a measure of liquidity. Operating EBITDA has significant limitations as an analytical tool, and should not be considered in isolation, or as a substitute for analysis of our results as reported under GAAP.
 
COMPUTATION OF RESTRICTED GROUP OPERATING EBITDA
(Unaudited)
(In thousands of Euros)
 
    Three Months Ended  December 31,  Year Ended   December 31, 
   2010   2009   2010   2009 
Restricted Group        
Net income (loss) attributable to common shareholders (1) € 22,565 € (511) € 62,327 € (35,927)
Income taxes (benefits)   (297)  (1,016)  (8,651)  (183)
Interest expense  7,425  6,576  31,498  27,351
Investment (income) loss  (1,333)  (1,740)  (5,103)  (5,002)
Foreign exchange (gain) loss on debt  1,451  1,841  6,126  (2,692)
Loss (gain) on extinguishment of debt  6,565  (4,447)  7,494  (4,447)
Operating income (loss)  36,376  703  93,691  (20,900)
Add: Depreciation and amortization  7,680  7,103  30,270  27,704
Operating EBITDA (2) € 44,056 € 7,806 € 123,961 € 6,804
         
(1) For the Restricted Group, net income (loss) attributable to common shareholders and net income (loss) are the same.  
(2) Operating EBITDA does not reflect the impact of a number of items that affect our net income (loss) attributable to common shareholders, including financing costs and the effect of derivative instruments. Operating EBITDA is not a measure of financial performance under accounting principles generally accepted in the United States, and should not be considered as an alternative to net income (loss) attributable to common shareholders or income (loss) from operations as a measure of performance, nor as an alternative to net cash from operating activities as a measure of liquidity. Operating EBITDA has significant limitations as an analytical tool, and should not be considered in isolation, or as a substitute for analysis of our results as reported under GAAP.
 
(8)
CONTACT: Jimmy S.H. Lee
         Chairman & President
         (604) 684-1099
         
         David M. Gandossi
         Executive Vice-President &
         Chief Financial Officer
         (604) 684-1099
         
         FD
         Investors/Media: Eric Boyriven, Alexandra Tramont
         (212) 850-5600

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