VANCOUVER, BRITISH COLUMBIA—(Marketwire – Jan. 26, 2011) – Methanex Corporation (TSX:MX)(NASDAQ:MEOH)(SANTIAGO:Methanex) — For the fourth quarter of 2010, Methanex reported Adjusted EBITDA(1) of $71.3 million and net income of $27.9 million ($0.30 per share on a diluted basis). This compares with Adjusted EBITDA(1) of $57.3 million and net income before unusual item of $10.6 million ($0.11 per share on a diluted basis) for the third quarter of 2010. For the year ended December 31, 2010, Methanex reported Adjusted EBITDA(1)of $266.7 million and net income of $101.7 million ($1.09 per share on a diluted basis) and net income before unusual item of $79.5 million ($0.85 per share on a diluted basis). Net income for the third quarter of 2010 and year ended December 31, 2010 includes an after-tax gain of $22.2 million related to the sale of the Company’s terminal facilities in Kitimat, Canada.
Bruce Aitken, President and CEO of Methanex, commented, “Methanol prices increased during the fourth quarter and this led to improved cash flow and earnings. We have been disappointed with the lower than expected production in 2010 and our earnings potential is substantially improved when we are able to operate our plants at higher rates. In this regard, I am delighted to report that the Egypt Project produced first methanol last week and that the restart of our plant in Medicine Hat, Alberta is on track for early in the second quarter of 2011. With the addition of these two production sites, we are well positioned to increase our production and earnings capability this year.”
Mr. Aitken concluded, “While methanol prices have moderated slightly early in the first quarter of 2011, they are still at strong levels. With US$194 million of cash on hand, no near term refinancing requirements, and an undrawn credit facility, we are well positioned to continue to invest to grow the Company.”
A conference call is scheduled for January 27, 2011 at 12:00 noon ET (9:00 am PT) to review these fourth quarter results. To access the call, dial the Conferencing operator ten minutes prior to the start of the call at (416) 695-6616, or toll free at (800) 565-0813. A playback version of the conference call will be available for fourteen days at (416) 695-5800, or toll free at (800) 408-3053. The passcode for the playback version is 4012032. There will be a simultaneous audio-only webcast of the conference call, which can be accessed from our website at www.methanex.com. The webcast will be available on our website for three weeks following the call.
Methanex is a Vancouver-based, publicly traded company and is the world’s largest supplier of methanol to major international markets. Methanex shares are listed for trading on the Toronto Stock Exchange in Canada under the trading symbol “MX”, on the NASDAQ Global Market in the United States under the trading symbol “MEOH”, and on the foreign securities market of the Santiago Stock Exchange in Chile under the trading symbol “Methanex”. Methanex can be visited online at www.methanex.com.
FORWARD-LOOKING INFORMATION WARNING
This Fourth Quarter 2010 press release contains forward-looking statements with respect to us and the chemical industry. Refer to Forward-Looking Information Warning in the attached Fourth Quarter 2010 Management’s Discussion and Analysis for more information.
|(1)||Adjusted EBITDA is a non-GAAP measure that does not have any standardized meaning prescribed by Canadian generally accepted accounting principles (GAAP) and therefore is unlikely to be comparable to similar measures presented by other companies. Refer to Additional Information – Supplemental Non-GAAP Measures in the attached Fourth Quarter 2010 Management’s Discussion and Analysis for a description of each supplemental non-GAAP measure and a reconciliation to the most comparable GAAP measure.|
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Director, Investor Relations
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