Business
Mercer International Inc. Reports 2006 First Quarter Results
Mercer International Inc. Reports 2006 First Quarter Results.
About this update from Mercado Minerals Ltd.
[{"type":"text","content":"\n\n\n\n\nNEW YORK, May 5 /CNW/ -- Mercer International Inc.\n(Nasdaq: MERC; TSX: MRI.U) today reported results for the first quarter of\n2006.\n\n\nSummary Selected Highlights\n\n Three Months Ended March 31,\n 2006 2005\n (in thousands)\nResults of Operations (unaudited)\nRevenues euro 159,064 euro 97,893\nIncome (loss) from operations 11,505 (894)\nOperating EBITDA(1) 25,419 10,093\nInterest expense Stendal 15,283 11,845\nInterest expense other 7,642 7,418\nRealized loss on derivative instruments (3,562) (295)\nUnrealized gain (loss) on derivative instruments 44,377 (3,564)\nUnrealized foreign exchange gain on debt 6,113 2,297\nNet income (loss) 16,588 (19,667)\nIncome (loss) per share\n Basic 0.50 (0.77)\n Diluted 0.41 (0.77)\nOther Data\nTotal pulp sales volume(2) (ADMTs) 327,101 199,224\nMill net pulp price realizations (per ADMT)(3) 425 409\n\n(1) For a definition of Operating EBITDA, see page 6 of this press release\n and for a reconciliation of net income (loss) to Operating EBITDA, see\n page 7 of the financial tables included in this press release.\n\n(2) Excluding intercompany sales volumes of 4,986 ADMTs and 3,489 ADMTs of\n pulp in the three months ended March 31, 2006 and 2005, respectively.\n\n(3) Excluding revenues from third party transportation activities.\n\n\n As at As at\n March 31, 2006 March 31, 2005\n (in thousands)\nFinancial Position (Current)\nCash and cash equivalents euro 80,350 euro 83,547\nCash restricted 6,298 7,039\nReceivables 78,472 74,315\nInventories 71,295 81,147\nPrepaid expenses and other 5,191 5,474\nAccounts payable and accrued expenses (109,625) (111,513)\nConstruction costs payable (1,060) (1,213)\nDebt, current portion (74,338) (27,601)\nWorking capital(1) 56,583 111,195\n\n(1) Does not include approximately euro 7.0 million of government grants\n in 2006, which we expect to receive in 2006, and approximately euro\n 65.9 million of government grants in 2005, all of which has been\n received, related to the Stendal mill from German federal and state\n governments.\n\nCertain key factors affecting our 2006 first quarter results include:\n\n Revenues increased by over 60% to euro 159.1 million from euro 97.9\n million in the comparative period of 2005, primarily due to the\n inclusion of sales from our Celgar pulp mill for the full quarter and\n higher sales from the Stendal pulp mill.\...