Business
Mercer International Inc. Reports Improved 2008 First Quarter Results Versus 2007 and Announces New Green Energy Project
NEW YORK, May 5 /CNW/ -- Mercer International Inc. (Nasdaq: MERC, TSX: MRI.U) today reported impr...
About this update from Mercado Minerals Ltd.
[{"type":"text","content":"\n\n\n\nNEW YORK, May 5 /CNW/ -- Mercer International Inc. (Nasdaq: MERC, TSX:\nMRI.U) today reported improved 2008 first quarter results. Revenues and\nOperating EBITDA in the first quarter of 2008 increased to euro 179.1 million\n(U.S.$268.8 million) and euro 32.8 million (U.S.$49.4 million) from euro 169.5\nmillion (U.S.$222.1 million) and euro 28.3 million (U.S.$37.1 million),\nrespectively, in the first quarter of 2007, primarily because of higher prices\nand sales volumes, along with lower wood costs partially offset by a weaker\nU.S. dollar. Operating EBITDA is defined on page 4 of this press release and\nreconciled to net income from continuing operations on page 6 of the financial\ntables in this press release.\n\n\nSummary Financial Highlights\n\n\n Q1 Q4 Q1\n 2008 2007 2007\n (in millions of Euro, except where otherwise stated)\n\n\nRevenues euro 179.1 euro 167.1 euro 169.5\nOperating income from\n continuing operations 18.6 22.7 14.5\nOperating EBITDA 32.8 37.2 28.3\nUnrealized gain (loss) on\n derivative instruments (7.9) 1.4 (0.2)\nForeign exchange gain on debt 6.0 3.7 1.3\nNet income 2.9 7.3 1.1\nNet income per share\n Basic euro 0.08 euro 0.20 euro 0.03\n Diluted euro 0.08 euro 0.18 euro 0.03\n\n\nSummary Operating Highlights\n\n\n Q1 Q4 Q1\n 2008 2007 2007\n\n\nPulp Production ('000 ADMTs) 360.9 370.1 347.3\nScheduled Production\n Downtime ('000 ADMTs) 1.5 nil nil\nPulp Sales ('000 ADMTs) 348.2 322.9 329.1\nNBSK pulp list price in\n Europe (US$/ADMT) 880 850 757\nNBSK pulp list price in\n Europe (euro/ADMT) 586 587 578\nAverage pulp sales\n realizations (euro/ADMT)(1) 510 512 512\nAverage Spot Currency\n Exchange Rates:\neuro / $(2) 0.6666 0.6901 0.7630\nC$ / $(2) 1.0015 0.9818 1.1716\nC$ / euro(3) 1.5060 1.4230 1.5354\n\n\n(1) List price, less discounts and commissions.\n(2) Average Federal Reserve Bank of New York noon spot rate over the\n reporting period.\n(3) Average Bank of Canada noon spot rate over the reporting period.\nPresident's Comments\n\n\nMr. Jimmy S.H. Lee, President and Chairman, stated: "A U.S.$30 per ADMT\nincrease in list prices in Europe in the current quarter was largely offset by\na 3% weakening of the U.S. dollar versus the Euro compared to the prior\nquarter." Mr. Lee added: "Fiber costs in Europe were lower over the prior\nyear's quarter because of increased availability...