VANCOUVER, BRITISH COLUMBIA—(Marketwired – July 24, 2013) – For the second quarter of 2013, Methanex Corporation (TSX:MX)(NASDAQ:MEOH) reported Adjusted EBITDA1 of $157 million and Adjusted net income1 of $99 million ($1.02 per share on a diluted basis1). This compares with Adjusted EBITDA1 of $149 million and Adjusted net income1 of $88 million ($0.92 per share on a diluted basis1) for the first quarter of 2013.
John Floren, President and CEO of Methanex commented, “The higher methanol pricing environment in the second quarter contributed to stronger EBITDA and earnings. Entering the third quarter, we continue to move forward on a number of growth projects. These projects are expected to expand our annual operating capacity by approximately three million tonnes over the next three years, representing a 60% capacity increase.”
Mr. Floren added, “We are making solid progress on our initiatives in both New Zealand and Medicine Hat, which will add up to one million tonnes of annual production capacity by the end of 2013. Our project to relocate the first one million tonne plant from Chile to Geismar, Louisiana is on track to be completed by the end of 2014 with the second one million tonne plant in Geismar expected to be operational in early 2016.”
Mr. Floren concluded, “This is an exciting time for our business as these growth projects offer significant upside to our earnings and cash flows. With over US$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 July 25, 2013 at 12:00 noon ET (9:00 am PT) to review these second 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) 766-6630. A playback version of the conference call will be available until August 15, 2013 at (905) 694-9451, or toll free at (800) 408-3053. The passcode for the playback version is 3021008. Presentation slides summarizing Q2-13 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”. Effective July 19, 2013, Methanex shares are no longer listed for trading on the Santiago Stock Exchange.
FORWARD-LOOKING INFORMATION WARNING
This Second 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 Second Quarter 2013 Management’s Discussion and Analysis for more information.
|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 Additional Information – Supplemental Non-GAAP Measures section of the attached Interim Report for the three months ended June 30, 2013 for reconciliations to the most comparable GAAP measures.
For further information, contact:
Director, Investor Relations
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