VANCOUVER, BRITISH COLUMBIA—(Marketwire – Oct. 26, 2011) – For the third quarter of 2011, Methanex (TSX:MX)(NASDAQ:MEOH)(SANTIAGO:METHANEX) reported Adjusted EBITDA1 of $134.8 million and net income attributable to Methanex shareholders of $62.3 million ($0.67 basic net income per common share and $0.59 per share on a diluted basis(2)). This compares with Adjusted EBITDA(1) of $103.7 million and net income attributable to Methanex shareholders of $40.5 million ($0.44 basic net income per common share and $0.43 per share on a diluted basis(2)) for the second quarter of 2011.
Bruce Aitken, President and CEO of Methanex commented, “Our new Egypt and Medicine Hat plants operated very well, making a significant contribution to our earnings. In addition, methanol demand and pricing were higher in the third quarter. Entering the fourth quarter, methanol demand continues to be healthy and the longer term outlook is excellent, as there is little new capacity being added to the industry over the next few years to meet expected demand growth.”
Mr. Aitken concluded, “We have a healthy balance sheet with US$261 million of cash on hand and an undrawn credit facility. With the additions of Egypt and Medicine Hat earlier this year, we are in a stronger position to generate cash flows, invest in strategic opportunities to grow the Company, and continue to deliver on our commitment to return excess cash to shareholders.”
A conference call is scheduled for October 27, 2011 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) 695-6616, or toll free at (800) 396-7098. A playback version of the conference call will be available for three weeks at (905) 694-9451, or toll free at (800) 408-3053. The passcode for the playback version is 1632584. 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 Third Quarter 2011 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 2011 Management’s Discussion and Analysis for more information.
| (1) | Adjusted EBITDA is a non-IFRS measure which does not have any standardized meaning prescribed by IFRS. Adjusted EBITDA represents the amount that is attributable to Methanex shareholders and is calculated by deducting the amount of Adjusted EBITDA associated with the 40% non- controlling interest in the methanol facility in Egypt. Refer to Additional Information – Supplemental Non-IFRS Measures for a reconciliation to the most comparable IFRS measure. |
| (2) | For the third quarter of 2011, diluted net income per common share is $0.08 lower than basic net income per common share. The large difference between diluted and basic net income per common share is due to the basis for the calculation of diluted net income per common share differing from the accounting treatment for certain types of share-based compensation. See note 8 of the Company’s condensed consolidated interim financial statements for the calculation of diluted net income per common share. |
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For further information, contact:
Jason Chesko
Director, Investor Relations
Methanex Corporation
604-661-2600
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