EXHIBIT 99.1

 

LOGO

For Immediate Release

MERCER INTERNATIONAL INC. REPORTS STRONG 2018 SECOND QUARTER

RESULTS AND ANNOUNCES QUARTERLY CASH DIVIDEND OF $0.125

Selected Highlights

 

   

Major Annual Maintenance totaling 37 days (55,400 ADMTs) completed at Celgar and Stendal mills

 

   

Strong pulp and lumber price realizations in the quarter

 

   

Second Quarter Net Income of $16.8 million ($0.26 per share) and Operating EBITDA* of $60.5 million.

NEW YORK, NY, July 26, 2018

- Mercer International Inc. (Nasdaq: MERC) today reported strong results for the second quarter ended June 30, 2018 due to higher pulp and lumber sales realizations. Operating EBITDA in the current quarter was $60.5 million compared to $39.5 million in the second quarter of 2017 and $99.4 million in the first quarter of 2018.

For the second quarter of 2018, net income was $16.8 million, or $0.26 per share, compared to a net loss of $2.1 million, or $0.03 per share, for the second quarter of 2017 and $25.6 million, or $0.39 per share, in the prior quarter of 2018.

Summary Financial Highlights

 

     Q2
2018
    Q1
2018
    Q2
2017
    YTD
2018
    YTD
2017
 
     (in millions, except per share amounts)  

Pulp segment revenues

   $             291.6     $             314.2     $             265.9     $             605.9     $             508.7  

Wood products segment revenues

     54.9       53.7       17.3       108.6       17.3  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total revenues

   $ 346.5     $ 367.9     $ 283.2     $ 714.4     $ 526.0  

Pulp segment operating income

   $ 37.0     $ 74.1     $ 21.1 (1)    $ 111.0     $ 63.4 (1) 

Wood products segment operating income

     4.3       3.0       0.1       7.3       0.1  

Corporate and other operating loss

     (3.8     (1.0     (2.3     (4.8     (3.3
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total operating income

   $ 37.5     $ 76.0     $ 18.9     $ 113.5     $ 60.2  

Pulp segment depreciation and amortization

   $ 21.1     $ 21.5     $ 19.4     $ 42.7     $ 38.5  

Wood products segment depreciation and amortization

     1.8       1.7       1.1       3.5       1.1  

Corporate and other depreciation and amortization

     0.1       0.1       0.1       0.2       0.2  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total depreciation and amortization

   $ 23.0     $ 23.3     $ 20.6     $ 46.3     $ 39.8  

Operating EBITDA(*)

   $ 60.5     $ 99.4     $ 39.5 (1)    $ 159.9     $ 100.1 (1) 

Loss on settlement of debt

   $ -     $ 21.5 (2)    $ -     $ 21.5 (2)    $ 10.7 (3) 

Legal cost award

   $ -     $ 7.0     $ -     $ 7.0     $ -  

Provision for income taxes

   $ 8.5     $ 9.6     $ 7.8     $ 18.0     $ 15.3  

Net income (loss)

   $ 16.8     $ 25.6     $ (2.1   $ 42.4     $ 7.6  

Net income (loss) per common share

          

Basic and diluted

   $ 0.26     $ 0.39     $ (0.03   $ 0.65     $ 0.12  

Common shares outstanding at period end

     65.2       65.2       65.0       65.2       65.0  

 

(1) Adjusted as a result of our adoption of Accounting Standards Update 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Post-Retirement Benefit Cost, in the current year. See Note 1 to our Interim Consolidated Financial Statements.
(2) Redemption of 7.75% senior notes due 2022 (the “2022 Senior Notes”).
(3) Redemption of 7.00% senior notes due 2019.

 

*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. See page 4 of the financial tables included in this press release for a reconciliation of net income (loss) to Operating EBITDA.


The following information was filed by Mercer International Inc. (MERC) on Thursday, July 26, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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