VANCOUVER, BRITISH COLUMBIA—(Marketwire – Oct. 27, 2010) – Methanex Corporation (TSX:MX)(NASDAQ:MEOH)(SANTIAGO:Methanex) – For the third quarter of 2010, Methanex reported Adjusted EBITDA(1)of $57.3 million and net income of $32.8 million ($0.35 per share on a diluted basis). Net income for the third quarter includes an after-tax gain of $22.2 million related to the sale of the Company’s terminal facilities in Kitimat, Canada. This compares with Adjusted EBITDA of $56.6 million and net income of $11.7 million ($0.13 per share on a diluted basis) for the second quarter of 2010.
Bruce Aitken, President and CEO of Methanex commented, “The methanol pricing environment was relatively stable in the third quarter and we reported similar earnings compared to last quarter. Entering the fourth quarter, methanol demand continues to be strong in both chemical and energy uses and industry supply has been constrained by planned and unplanned plant outages. These factors have contributed to tighter market conditions and substantially higher pricing in all major regions into the fourth quarter.”
Mr. Aitken added, “With the addition of production from the Egypt Project as well as the restart of our idled plant in Medicine Hat, Alberta, we are well positioned to capitalize on improving market conditions and have significant upside potential to our production and earnings in 2011.”
Mr. Aitken concluded, “With US$192 million of cash on hand, no near term refinancing requirements, and an undrawn credit facility, we are well positioned to continue to invest in value-adding initiatives to increase production.”
A conference call is scheduled for October 28, 2010 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) 769-8320. A playback version of the conference call will be available for fourteen days at (416) 695-5800, or toll free at (800) 408-3053. The passcode for the playback version is 5182224. 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 2010 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 2010 Management’s Discussion and Analysis for more information.
| (1) | Adjusted EBITDA is a non-GAAP measure that does not have any standardized meaning prescribed by Canadian generally accepted accounting principles (GAAP) and therefore is unlikely to be comparable to similar measures presented by other companies. Refer to Additional Information – Supplemental Non-GAAP Measures in the attached Third Quarter 2010 Management’s Discussion and Analysis for a description of each supplemental non-GAAP measure and a reconciliation to the most comparable GAAP measure. |
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For further information, contact:
Jason Chesko
Director, Investor Relations
Methanex Corporation
604-661-2600
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