Business
Mercer International Inc. Reports 2005 Fourth Quarter and Year End Results
Mercer International Inc. Reports 2005 Fourth Quarter and Year End Results.
About this update from Mercado Minerals Ltd.
[{"type":"text","content":"\n\n\n\n\nNEW YORK, March 3 /CNW/ -- Mercer International Inc.\n(Nasdaq: MERC; TSX: MRI.U) today reported results for the fourth quarter and\nyear ended December 31, 2005.\n\nSummary Selected Highlights\n\n Three Months Ended Year Ended\n December 31, December 31,\n 2005 2004 2005 2004\n (in thousands)\nResults of Operations (unaudited)\n\nRevenues euro 137,478 euro 89,201 euro 513,908 euro 237,212\nIncome (loss) from\n operations 145 (10,347) 16,344 (17,972)\nOperating EBITDA(1) 13,324 1,580 68,385 17,172\nInterest expense Stendal (15,797) (10,302) (56,789) (12,190)\nInterest expense other (7,743) (3,893) (30,071) (11,559)\nRealized and unrealized\n gain (loss) on interest\n rate and foreign\n currency derivative\n financial instruments,\n net(2) (1,703) 13,213 (71,763) 12,136\nUnrealized foreign\n exchange gain (loss) on\n debt (2,565) - (4,156) -\nNet income (loss) (29,773) 32,584 (117,146) 19,980\nIncome (loss) per share\n Basic (0.90) 1.87 (3.75) 1.15\n Diluted (0.90) 1.14 (3.75) 0.89\n\nOther Data\nTotal pulp sales\n volume(3) (ADMTs) 291,046 192,254 1,101,304 421,176\nMill net pulp price\n realizations (per\n ADMT)(4) euro 413 euro 389 euro 407 euro 423\n\n(1) For a definition of Operating EBITDA, see page 7 of this press\n release and for a reconciliation of net income (loss) to Operating\n EBITDA, see page 11 of the financial tables included in this press\n release.\n(2) Unrealized non-cash marked to market valuation gain (loss), except\n for a realized loss of euro 2.5 million in the year ended\n December 31, 2005.\n(3) Excluding intercompany sales volumes of 3,638 ADMTs and 2,859 ADMTs of\n pulp in the three months ended December 31, 2005 and 2004,\n respectively, and 14,289 ADMTs and 6,756 ADMTs of pulp in the year\n ended December 31, 2005 and 2004, respectively.\n(4) Excluding revenues from third party transportation activities.\n\n\n\n As at As at\n December 31, December 31,\n 2005 2004\n (in thousands)\nFinancial Position (Current)\nCash and cash equivalents euro 83,547 euro 49,568\nCash restricted 7,039 45,295\nReceivables 74,315 54,687\nInventories 81,147 52,898\nPrepaid expenses and other 5,474 4,961\nAccounts payable and accrued expenses (111,513) (56,542)\nConstruction costs payable (1,213) (65,436)\nDebt, current portion (27,601) (107,090)\nWorking capital (deficit)(1) 111,195 (21,659)\n\n(1) Does not inclu...