VANCOUVER, BRITISH COLUMBIA—(Marketwired – Oct. 30, 2013) – For the third quarter of 2013, Methanex Corporation (TSX:MX)(NASDAQ:MEOH) reported Adjusted EBITDA1 of $184 million and Adjusted net income1 of $117 million ($1.22 per share on a diluted basis1). This compares with Adjusted EBITDA1 of $157 million and Adjusted net income1 of $99 million ($1.02 per share on a diluted basis1) for the second quarter of 2013.
John Floren, President and CEO of Methanex commented, “During the third quarter, methanol market conditions remained healthy and pricing increased across all regions, contributing to higher EBITDA and earnings. We are making solid progress and remain on track to increase our operating capacity to 8 million tonnes by 2016. We recently announced the completion of a number of key growth initiatives in New Zealand, Canada and Chile that will add up to one million tonnes of annual operating capacity. In addition, our projects to relocate two production facilities from Chile to Louisiana are scheduled to add one million tonnes of operating capacity by the end of 2014 and a further one million tonnes in early 2016.”
Mr. Floren added, “We also recently announced the sale of a 10% equity interest in the Egypt methanol facility to Arab Petroleum Investments Corporation (APICORP). This is a win/win transaction that aligns with APICORP’s investment strategy and signals confidence in the long term prospects of the Egyptian economy. For us, it generates additional capital to help fund our growth initiatives. In Egypt, we have built a world-class methanol facility, operated by a professional staff of highly qualified Egyptians. We continue to remain optimistic regarding our Egyptian operations and its ability to create value for shareholders today and well into the future.
Mr. Floren concluded, “This is an exciting time for our business. Robust demand for methanol led by energy applications, particularly in the areas of fuel blending and methanol-to-olefins, is continuing to support healthy market conditions. Our existing growth projects have the ability to add capacity when new market supply is limited and offer significant upside to our earnings and cash flows. With almost $700 million of cash on hand, an undrawn credit facility, a robust balance sheet and strong cash flow generation, we are well positioned to grow our business and deliver on our commitment to return excess cash to shareholders.”
A conference call is scheduled for October 31, 2013 at 12:00 noon ET (9:00 am PT) to review these third quarter results. To access the call, dial the Conferencing operator ten minutes prior to the start of the call at (416) 340-2218, or toll free at (866) 226-1793. A playback version of the conference call will be available until November 21, 2013 at (905) 694-9451, or toll free at (800) 408-3053. The passcode for the playback version is 4459948. Presentation slides summarizing Q3-13 results and a simultaneous audio-only webcast of the conference call can be accessed from our website at www.methanex.com. The webcast will be available on the 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” and on the NASDAQ Global Market in the United States under the trading symbol “MEOH”.
FORWARD-LOOKING INFORMATION WARNING
This Third Quarter 2013 press release contains forward-looking statements with respect to us and the chemical industry. Refer to Forward-Looking Information Warning in the attached Third Quarter 2013 Management’s Discussion and Analysis for more information.
|(1)||Adjusted EBITDA, Adjusted net income and Adjusted net income per common share are non-GAAP measures which do not have any standardized meaning prescribed by GAAP. These measures represent the amounts that are attributable to Methanex Corporation shareholders and are calculated by excluding the mark-to-market impact of share-based compensation as a result of changes in our share price and items considered by management to be non-operational. Refer to the Additional Information – Supplemental Non-GAAP Measures section of the attached Interim Report for the three months ended September 30, 2013 for reconciliations to the most comparable GAAP measures.|
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Director, Investor Relations
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