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Mercer International Inc. Reports Record Annual Pulp Production, Pulp Sales Volumes And Energy Sales And 2012 Fourth Quarter And Year End Results

Stocks in this article: MERC

NEW YORK, Feb. 13, 2013 (GLOBE NEWSWIRE) -- Mercer International Inc. (Nasdaq:MERC) (TSX:MRI.U) today reported results for the fourth quarter and for the year ended December 31, 2012.

Operating EBITDA* in the fourth quarter of 2012 was €21.3 million ($27.6 million), compared to €17.0 million ($22.9 million) in the fourth quarter of 2011 and €22.3 million ($27.9 million) in the third quarter of 2012. For 2012, Operating EBITDA was €107.1 million ($137.7 million), compared to €167.1 million ($232.6 million) in 2011.

For the fourth quarter of 2012, we had a net loss of €5.2 million ($6.7 million), or €0.09 ($0.12) per basic share, compared to a net loss of €1.8 million ($2.4 million), or €0.03 ($0.04) per basic share, in the fourth quarter of 2011 and a net loss of €9.7 million ($12.1 million), or €0.17 ($0.21) per basic share, for the third quarter of 2012. For 2012, we reported net loss of €12.2 million ($15.7 million), or €0.22 ($0.28) per basic share, compared to net income of €50.1 million ($69.7 million), or €1.00 ($1.39) per basic share, in 2011.

Summary Financial Highlights

  Q4 Q3 Q4 Year Year
   2012   2012   2011   2012   2011 
  (in millions of Euros, other than per share amounts)
Pulp revenues € 171.3 € 205.1 € 213.2 € 761.9  € 831.4
Energy and chemical revenues  17.2  18.2  18.3  72.3   68.1
Operating income  7.3  7.2  3.0  49.0  111.1
Operating EBITDA  21.3  22.3  17.0  107.1  167.1
Gain (loss) on derivative instruments  2.4  (0.9)  (0.8)  3.7  (1.4)
Foreign exchange gain (loss) on debt  -- --  (0.1)  --  1.2
Income tax benefit (provision)  (2.4)  (1.9)  8.3  (7.3)  0.7
Net income (loss) (1)  (5.2)  (9.7)  (1.8)  (12.2)  50.1
Net income (loss) per share (1)          
 Basic € (0.09) € (0.17) € (0.03) € (0.22)  € 1.00
 Diluted € (0.09) € (0.17) € (0.03) € (0.22)  € 0.89
Common shares outstanding at period end (000s)  55,816  55,816  55,779  55,816  55,779
           
(1) Attributable to common shareholders          

* Operating EBITDA is not a measure of financial performance under accounting principles generally accepted in the United States ("GAAP") and should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. Operating EBITDA is defined as operating income (loss) plus depreciation and amortization and non-recurring capital asset impairment changes. See page 10 of the financial tables included in this press release for a reconciliation of net income (loss) to Operating EBITDA.

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