Exhibit 99.1

 

LOGO

For Immediate Release

MERCER INTERNATIONAL INC. REPORTS STRONG 2018 THIRD QUARTER

RESULTS AND ANNOUNCES QUARTERLY CASH DIVIDEND OF $0.125

Selected Highlights

 

   

Third quarter net income of $41.2 million ($0.63 per share) and Operating EBITDA* of $86.7 million

 

   

Stable pulp price realizations in the quarter

 

   

Completed majority of 2018 annual pulp mill maintenance and capital spending

NEW YORK, NY, October 25, 2018 - Mercer International Inc. (Nasdaq: MERC) today reported strong results for the third quarter ended September 30, 2018 due to higher pulp sales realizations. Operating EBITDA in the current quarter was $86.7 million compared to $64.3 million in the third quarter of 2017 and $60.5 million in the second quarter of 2018.

For the third quarter of 2018, net income was $41.2 million, or $0.63 per share, compared to net income of $21.1 million, or $0.33 per basic and $0.32 per diluted share, for the third quarter of 2017 and $16.8 million, or $0.26 per share, in the prior quarter of 2018.

Mr. David M. Gandossi, the Chief Executive Officer, stated: “Our agreements to acquire Daishowa-Marubeni International Ltd. and the Santanol sandalwood business reflect our disciplined approach to acquisitions and capital allocation. Both advance our long-term value creation strategy to deliver sustainable profitable growth. These businesses leverage our core competencies and complement the world-class assets that comprise Mercer’s platform for growth.

Our third quarter performance reflected modestly higher average pulp prices and the absence of the scheduled downtime we took in the second quarter to implement productivity upgrades at Celgar. While the ramp-up of this new equipment negatively affected production early in the third quarter, the mill is now meeting our performance objectives. We also took significant downtime in our lumber business in the third quarter, completing important upgrades to our large saw line and installing a new auto-grader in the existing planer mill. These capital investments have increased production, optimized lumber grading and reflect our commitment to continuous improvements in our plant, equipment and operations.

Global pulp markets remained steady throughout the quarter, while our third quarter lumber realizations were negatively impacted by weaker demand in the U.S. market, where approximately 25% of our lumber is sold.”

 

 

*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 6 of the financial tables included in this press release for a reconciliation of net income to Operating EBITDA.


Page 2            

 

Financial Highlights

Consolidated: Stable pulp prices and a focus on continuous improvement

 

     Q3
2018
   Q2
2018
   Q3
2017
       YTD
2018
       YTD
2017
   
     (in thousands, except per share amounts)

Revenues

   $   331,058      $   346,532      $   305,498        $   1,045,493        $   831,459    

Operating income

   $ 63,346      $ 37,476      $ 41,662     (1)     $ 176,870        $ 101,871     (1) 

Operating EBITDA

   $ 86,656      $ 60,490      $ 64,335     (1)     $ 246,513        $ 164,390     (1) 

Loss on settlement of debt

   $      $      $        $ 21,515     (2)     $ 10,696     (3) 

Legal cost award

   $      $      $        $ 6,951        $    

Net income

   $ 41,176      $ 16,755      $ 21,143        $ 83,580        $ 28,765    

Net income per common share

                    

Basic

   $ 0.63      $ 0.26      $ 0.33        $ 1.28        $ 0.44    

Diluted

   $ 0.63      $ 0.26      $ 0.32        $ 1.27        $ 0.44    

 

 

(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.

(3)

Redemption of 7.00% senior notes due 2019.

In the third quarter of 2018 our operating income increased to $63.3 million, or by approximately 69% from $37.5 million in the prior quarter of 2018, and approximately 52% from $41.7 million in the same quarter of the prior year. The increase in the current quarter over the prior quarter is primarily due to lower maintenance costs at our pulp mills and higher pulp sales realizations. The increase in the current quarter over the same quarter of the prior year is primarily due to higher pulp and lumber sales realizations partially offset by lower pulp and energy sales volumes and higher maintenance and per unit fiber costs in the current quarter.

In the nine months ended September 30, 2018, operating income increased to $176.9 million or by 74% from $101.9 million in the same period of 2017 as higher pulp and lumber sales realizations more than offset lower pulp and energy sales volumes, higher maintenance and per unit fiber costs and the negative impact of a weaker dollar on our euro denominated costs and expenses.

Segment Results

Pulp: Stable pulp realizations and significant turbine maintenance complete

 

                                                                   
     Three Months Ended
September 30,
     2018    2017
     (in thousands)

Pulp revenues

   $ 274,970      $ 247,314  

Energy and chemical revenues

   $ 17,999      $ 25,044  

Operating income

   $ 68,794      $ 40,982  


Page 3            

 

In the third quarter of 2018 pulp segment operating income increased by approximately 68% to $68.8 million from $41.0 million in the same quarter of 2017. In the current quarter our pulp realized sales price increased by approximately 34% to $852 per ADMT from $638 per ADMT in the same quarter of the prior year as a result of steady demand. Pulp sales volumes decreased by approximately 17% to 319,850 ADMTs in the current quarter from 383,795 ADMTs in the same quarter of the prior year primarily due to lower production and the timing of shipments to China. Our maintenance program was larger in the current quarter which reduced our energy and pulp sales volumes and increased our costs. Included in this quarter’s maintenance was the completion of the final steps of the turbine revision work at each of our Stendal and Celgar mills which we began in Q2. We estimate that planned annual maintenance downtime at our Rosenthal mill in the current quarter adversely impacted our operating income by approximately $10.8 million, and our turbine maintenance this quarter resulted in foregone energy revenue of approximately $5.9 million. Per unit fiber costs increased by approximately 15% in the current quarter from the same quarter of 2017 primarily as a result of strong demand for imported wood from Scandinavian pulp mills and in our Celgar mill’s fiber basket, a decrease in pulp log availability and demand from coastal pulp mills.    

Wood Products: Continuous improvements in equipment and operations

 

                                                             
     Three Months Ended
     September 30,
     2018   2017
     (in thousands)

Lumber revenues

   $ 34,270     $ 27,851  

Energy revenues

   $ 1,978     $ 3,116  

Wood residual revenues

   $ 1,841     $ 2,173  

Operating income (loss)

   $ (1,770   $ 2,983  

In the third quarter of 2018 our wood products segment had an operating loss of $1.8 million compared to operating income of $3.0 million in the same quarter of 2017. In the current quarter we took planned downtime to upgrade our large saw line and to install an auto-grader in the existing planer mill which reduced our production and energy sales and increased our costs. In the current quarter, per unit fiber costs increased by approximately 4% from the same quarter of 2017 primarily as a result of strong fiber demand. Average lumber sales realizations increased by approximately 9% to $409 per Mfbm in the third quarter of 2018 from approximately $375 per Mfbm in the same quarter of 2017 primarily due to increased sales to the U.S. where we realized higher sale prices.

Outlook

We continue to expect the NBSK pulp market to remain balanced through the fourth quarter due to continued steady demand growth and expected supply limitations. At the end of September world producer inventories are about 33 days’ supply. We currently expect fourth quarter lumber pricing in Europe and Japan to remain stable and we feel U.S. prices are near their floor.


Page 4            

 

In the fourth quarter we will also be focused on closing the Daishowa-Marubeni International Ltd. acquisition and beginning the process of integrating it into Mercer to ensure we maximize our identified synergies. We look forward to working with our new employees as well as our new government and various community stakeholders.

Quarterly Dividend

A quarterly dividend of $0.125 per share will be paid on December 20, 2018 to all shareholders of record on December 13, 2018. Future dividends will be subject to Board approval and may be adjusted as business and industry conditions warrant.

Earnings Release Call

In conjunction with this release, Mercer International Inc. will host a conference call, which will be simultaneously broadcast live over the Internet. Management will host the call, which is scheduled for October 26, 2018 at 10:00 AM (Eastern Daylight Time). Listeners can access the conference call live and archived for 30 days over the Internet at https://edge.media-server.com/m6/p/firrbdse or through a link on the company’s home page at http://www.mercerint.com. Please allow 15 minutes prior to the call to visit the site and download and install any necessary audio software.

Mercer International Inc. is a global forest products company with operations in Germany and Canada with consolidated annual production capacity of 1.5 million tonnes of NBSK pulp and 550 million board feet of lumber. To obtain further information on the company, please visit its web site at http://www.mercerint.com.

The preceding includes forward looking statements which involve known and unknown risks and uncertainties which may cause our actual results in future periods to differ materially from forecasted results. Words such as “expects”, “anticipates”, “projects”, “intends”, “designed”, “will”, “believes”, “estimates”, “may”, “could” and variations of such words and similar expressions are intended to identify such forward-looking statements. Among those factors which could cause actual results to differ materially are the following: the highly cyclical nature of our business, raw material costs, our level of indebtedness, competition, foreign exchange and interest rate fluctuations, our use of derivatives, expenditures for capital projects, environmental regulation and compliance, disruptions to our production, market conditions and other risk factors listed from time to time in our SEC reports.

APPROVED BY:

Jimmy S.H. Lee

Executive Chairman

(604) 684-1099

David M. Gandossi

Chief Executive Officer

(604) 684-1099

-FINANCIAL TABLES FOLLOW-


Summary Financial Highlights

 

     Q3
2018
  Q2
2018
  Q3
2017
       YTD
2018
       YTD
2017
   
     (in thousands, except per share amounts)    

Pulp segment revenues

   $ 292,969     $ 291,632     $ 272,358        $ 898,836        $ 781,028    

Wood products segment revenues

     38,089       54,900       33,140          146,657          50,431    
  

 

 

 

 

 

 

 

 

 

 

 

    

 

 

 

    

 

 

 

 

Total revenues

   $ 331,058     $ 346,532     $ 305,498        $ 1,045,493        $ 831,459    
  

 

 

 

 

 

 

 

 

 

 

 

    

 

 

 

    

 

 

 

 

Pulp segment operating income

   $ 68,794     $ 36,976     $ 40,982     (1)     $ 179,824        $ 104,411     (1) 

Wood products segment operating income (loss)

     (1,770     4,322       2,983          5,534          3,064    

Corporate and other operating loss

     (3,678     (3,822     (2,303        (8,488        (5,604  
  

 

 

 

 

 

 

 

 

 

 

 

    

 

 

 

    

 

 

 

 

Total operating income

   $ 63,346     $ 37,476     $ 41,662        $ 176,870        $ 101,871    
  

 

 

 

 

 

 

 

 

 

 

 

    

 

 

 

    

 

 

 

 

Pulp segment depreciation and amortization

   $ 20,802     $ 21,127     $ 21,149        $ 63,452        $ 59,652    

Wood products segment depreciation and amortization

     2,395       1,779       1,419          5,860          2,553    

Corporate and other depreciation and amortization

     113       108       105          331          314    
  

 

 

 

 

 

 

 

 

 

 

 

    

 

 

 

    

 

 

 

 

Total depreciation and amortization

   $ 23,310     $ 23,014     $ 22,673        $ 69,643        $ 62,519    
  

 

 

 

 

 

 

 

 

 

 

 

    

 

 

 

    

 

 

 

 

Operating EBITDA

   $ 86,656     $ 60,490     $ 64,335     (1)     $ 246,513        $ 164,390     (1) 

Loss on settlement of debt

   $     $     $        $ 21,515     (2)     $ 10,696     (3) 

Legal cost award

   $     $     $        $ 6,951        $    

Provision for income taxes

   $ 10,182     $ 8,461     $ 6,632        $ 28,224        $ 21,897    

Net income

   $ 41,176     $ 16,755     $ 21,143        $ 83,580        $ 28,765    

Net income per common share

                  

    Basic

   $ 0.63     $ 0.26     $ 0.33        $ 1.28        $ 0.44    

    Diluted

   $ 0.63     $ 0.26     $ 0.32        $ 1.27        $ 0.44    

Common shares outstanding at period end

     65,202       65,202       65,017          65,202          65,017    

 

 

(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.

(3)

Redemption of 7.00% senior notes due 2019.

 

(1)


Summary Operating Highlights

 

                                                                                              
Pulp Segment    Q3
2018
   Q2
2018
   Q3
2017
   YTD
2018
   YTD
2017

Pulp production (‘000 ADMTs)

     363.5        309.7        388.1        1,037.7        1,124.5  

Annual maintenance downtime (‘000 ADMTs)

     14.4        55.4        10.2        69.9        42.7  

Annual maintenance downtime (days)

     14        37        10        51        32  

Pulp sales (‘000 ADMTs)

     319.9        338.3        383.8        1,025.2        1,147.7  

Average NBSK pulp list prices in Europe ($/ADMT)(1)

     1,230        1,200        903        1,176        869  

Average NBSK pulp list prices in China ($/ADMT)(1)

     887        910        670        902        662  

Average NBSK pulp list prices in North America ($/ADMT)(1)

     1,377        1,310        1,110        1,307        1,079  

Average pulp sales realizations ($/ADMT)(2)

     852        821        638        817        615  

Energy production (‘000 MWh)

     388.0        294.7        497.5        1,120.7        1,418.5  

Energy sales (‘000 MWh)

     141.0        84.6        224.8        401.3        620.9  

Average energy sales realizations ($/MWh)

     105        99        97        105        92  

Wood Products Segment

              

Lumber production (MMfbm)

     79.5        112.0        109.6        294.8        177.1  

Lumber sales (MMfbm)

     83.8        113.1        74.2        312.0        115.7  

Average lumber sales realizations ($/Mfbm)

     409        433        375        421        358  

Energy production and sales (‘000 MWh)

     16.4        25.6        24.5        62.5        48.5  

Average energy sales realizations ($/MWh)

     121        127        127        128        119  

Average Spot Currency Exchange Rates

              

$ / €(3)

     1.1629        1.1922        1.1755        1.1945        1.1146  

$ / C$(3)

     0.7651        0.7750        0.7984        0.7767        0.7659  

 

 

(1)

Source: RISI pricing report.

(2)

Sales realizations after customer discounts, rebates and other selling concessions. Incorporates the effect of pulp price variations occurring between the order and shipment dates.

(3)

Average Federal Reserve Bank of New York Noon Buying Rates over the reporting period.

 

(2)


MERCER INTERNATIONAL INC.

INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(In thousands, except per share data)

 

                                                                                       
     Three Months Ended
September 30
  Nine Months Ended
September 30
     2018   2017   2018   2017
        

Revenues

   $ 331,058     $ 305,498     $ 1,045,493     $ 831,459  

Costs and expenses

        

Operating costs, excluding depreciation and amortization

     230,009       228,941       755,428       632,071  

Operating depreciation and amortization

     23,197       22,568       69,312       62,205  

Selling, general and administrative expenses

     14,506       12,327       43,883       35,312  
  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

     63,346       41,662       176,870       101,871  
  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expenses)

        

Interest expense

     (11,729     (13,513     (35,972     (40,712

Loss on settlement of debt

                 (21,515     (10,696

Legal cost award

                 (6,951      

Other income (expenses)

     (259     (374     (628     199  
  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total other expenses

     (11,988     (13,887     (65,066     (51,209
  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before provision for income taxes

     51,358       27,775       111,804       50,662  

Provision for income taxes

     (10,182     (6,632     (28,224     (21,897
  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

   $ 41,176     $ 21,143     $ 83,580     $ 28,765  
  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per common share

 

Basic

   $ 0.63     $ 0.33     $ 1.28     $ 0.44  

Diluted

   $ 0.63     $ 0.32     $ 1.27     $ 0.44  

Dividends declared per common share

   $ 0.125     $ 0.115     $ 0.375     $ 0.345  

 

(3)


MERCER INTERNATIONAL INC.

INTERIM CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands, except share and per share data)

 

                                                 
     September 30,   December 31,
     2018   2017

ASSETS

    

Current assets

    

Cash and cash equivalents

   $ 242,185     $ 143,299  

Restricted cash to redeem senior notes

           317,439  

Accounts receivable

     193,648       206,027  

Inventories

     229,784       176,601  

Prepaid expenses and other

     12,417       8,973  
  

 

 

 

 

 

 

 

Total current assets

     678,034       852,339  

Property, plant and equipment, net

     834,347       844,848  

Intangible and other assets

     24,274       26,147  

Deferred income tax

     4,641       1,376  
  

 

 

 

 

 

 

 

Total assets

   $ 1,541,296     $ 1,724,710  
  

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

    

Current liabilities

    

Accounts payable and other

   $ 173,784     $ 133,557  

Pension and other post-retirement benefit obligations

     955       985  

Senior notes to be redeemed with restricted cash

           295,924  
  

 

 

 

 

 

 

 

Total current liabilities

     174,739       430,466  

Debt

     696,519       662,997  

Pension and other post-retirement benefit obligations

     22,705       21,156  

Capital leases and other

     36,239       27,464  

Deferred income tax

     41,152       31,961  
  

 

 

 

 

 

 

 

Total liabilities

     971,354       1,174,044  
  

 

 

 

 

 

 

 

Shareholders’ equity

    

Common shares $1 par value; 200,000,000 authorized;

                            65,202,000 issued and outstanding (2017 – 65,017,000)

     65,171       64,974  

Additional paid-in capital

     341,420       338,695  

Retained earnings

     265,131       205,998  

Accumulated other comprehensive loss

     (101,780     (59,001
  

 

 

 

 

 

 

 

Total shareholders’ equity

     569,942       550,666  
  

 

 

 

 

 

 

 

Total liabilities and shareholders’ equity

   $ 1,541,296     $ 1,724,710  
  

 

 

 

 

 

 

 

 

(4)


MERCER INTERNATIONAL INC.

INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)

 

     Three Months Ended
September 30,
  Nine Months Ended
September 30,
     2018   2017   2018   2017

Cash flows from (used in) operating activities

        

Net income

   $ 41,176     $ 21,143     $ 83,580     $ 28,765  

Adjustments to reconcile net income to cash flows from operating activities

 

Depreciation and amortization

     23,310       22,673       69,643       62,519  

Deferred income tax provision

     1,314       4,184       7,330       12,589  

Loss on settlement of debt

                 21,515       10,696  

Defined benefit pension plan and other post-retirement benefit plan expense

     423       549       1,294       1,615  

Stock compensation expense

     970       774       2,922       1,525  

Other

     884       783       3,015       1,308  

Defined benefit pension plan and other post-retirement benefit plan contributions

     (19     (458     (124     (1,309

Changes in working capital

        

Accounts receivable

     (150     1,584       8,193       (42,130

Inventories

     (41,084     (14,043     (60,127     (9,912

Accounts payable and accrued expenses

     (10,803     (1,906     44,130       41,929  

Other

     (5,252     (1,496     (8,480     (4,338
  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash from (used in) operating activities

     10,769       33,787       172,891       103,257  
  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from (used in) investing activities

        

Purchase of property, plant and equipment

     (26,744     (14,342     (71,583     (42,249

Purchase of intangible assets

     (163     (394     (483     (799

Acquisition of Friesau Facility

                       (61,627

Other

     211       (381     278       (304
  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash from (used in) investing activities

     (26,696     (15,117     (71,788     (104,979
  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from (used in) financing activities

        

Redemption of senior notes

                 (317,439     (234,945

Proceeds from issuance of senior notes

                       250,000  

Proceeds from (repayment of) revolving credit facilities, net

     (3,443           34,293       26,525  

Dividend payments

     (8,150     (7,477     (24,424     (22,389

Payment of interest rate derivative liability

                       (3,789

Payment of debt issuance costs

                 (1,390     (6,132

Other

     (944     (389     (2,563     569  
  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash from (used in) financing activities

     (12,537     (7,866     (311,523     9,839  
  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Effect of exchange rate changes on cash, cash equivalents and restricted cash

     1,167       3,895       (8,133     10,329  
  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net increase (decrease) in cash, cash equivalents and restricted cash

     (27,297     14,699       (218,553     18,446  

Cash, cash equivalents and restricted cash, beginning of period

     269,482       144,643       460,738       140,896  
  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash, cash equivalents and restricted cash, end of period

   $ 242,185     $ 159,342     $ 242,185     $ 159,342  
  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental cash flow disclosure

        

Cash paid for interest

   $ 19,591     $ 8,430     $ 35,287     $ 29,311  

Cash paid for income taxes

   $ 2,192     $ 2,797     $ 6,412     $ 8,001  

 

(5)


MERCER INTERNATIONAL INC.

COMPUTATION OF OPERATING EBITDA

(Unaudited)

(In thousands)

Operating EBITDA is defined as operating income plus depreciation and amortization and non-recurring capital asset impairment charges. Management uses Operating EBITDA as a benchmark measurement of its own operating results, and as a benchmark relative to its competitors. Management considers it to be a meaningful supplement to operating income as a performance measure primarily because depreciation expense and non-recurring capital asset impairment charges are not an actual cash cost, and depreciation expense varies widely from company to company in a manner that management considers largely independent of the underlying cost efficiency of our operating facilities. In addition, we believe Operating EBITDA is commonly used by securities analysts, investors and other interested parties to evaluate our financial performance.

Operating EBITDA does not reflect the impact of a number of items that affect our net income, including financing costs and the effect of derivative instruments. Operating EBITDA is not a measure of financial performance under GAAP, and should not be considered as an alternative to net income or income from operations as a measure of performance, nor as an alternative to net cash from operating activities as a measure of liquidity. The following tables set forth the net income to Operating EBITDA:

 

     Q3
2018
   Q2
2018
   Q3
2017
   YTD
2018
   YTD
2017

Net income

   $ 41,176      $ 16,755      $ 21,143      $ 83,580      $ 28,765  

Provision for income taxes

     10,182        8,461        6,632        28,224        21,897  

Interest expense

     11,729        12,128        13,513        35,972        40,712  

Loss on settlement of debt

                          21,515        10,696  

Legal cost award

                          6,951         

Other (income) expenses

     259        132        374        628        (199
  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

Operating income

     63,346        37,476        41,662        176,870        101,871  

Add: Depreciation and amortization

     23,310        23,014        22,673        69,643        62,519  
  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

Operating EBITDA

   $     86,656      $     60,490      $     64,335      $     246,513      $     164,390  
  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

 

(6)

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