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14:34:07 EDT Thu 23 Oct 2014
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Methanex Corp
Symbol C : MX
Shares Issued 94,363,605
Close 2013-01-30 C$ 34.26
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Methanex loses $34.57-million (U.S.) in 2012

2013-01-31 02:49 ET - News Release

Mr. Jason Chesko reports

METHANEX REPORTS STRONGER EBITDA IN THE FOURTH QUARTER

For the fourth quarter of 2012, Methanex Corp. had adjusted earnings before interest, taxes, depreciation and amortization of $119-million and adjusted net income of $61-million (64 cents per share on a diluted basis). This compares with adjusted EBITDA of $104-million and adjusted net income of $36-million (38 cents per share on a diluted basis) for the third quarter of 2012. For the year ended Dec. 31, 2012, Methanex reported adjusted EBITDA of $429-million and adjusted net income of $180-million ($1.90 per share on a diluted basis). This compares with adjusted EBITDA of $427-million and adjusted net income of $182-million ($1.93 per share on a diluted basis) for the year ended Dec. 31, 2011.

As a result of continuing challenges related to securing a sustainable natural gas supply in Chile, Methanex recorded a non-cash before-tax $297-million asset impairment charge ($193-million after tax) to write down the carrying value of its Chile assets. Including the asset impairment charge related to the carrying value of its Chile assets, Methanex reported a net loss attributable to Methanex shareholders for the fourth quarter of 2012 of $140-million ($1.49 loss per share on a diluted basis). For the year ended Dec. 31, 2012, Methanex reported a net loss attributable to Methanex shareholders of $68-million (73-cent loss per share on a diluted basis).

John Floren, president and chief executive officer of Methanex, commented: "Methanol prices increased during the fourth quarter, and this led to higher adjusted EBITDA compared to last quarter. Entering the first quarter, methanol demand has continued to be healthy, and the pricing environment has been relatively stable. The longer-term outlook for the industry looks very attractive with demand growth expected to significantly outpace new capacity additions over the next few years."

Mr. Floren added: "A key area of focus for me as the new CEO will be the successful execution of our value-creating growth projects in Louisiana and New Zealand. While we are disappointed with our progress on securing natural gas in Chile, these new initiatives in Louisiana and New Zealand have the potential to add up to three million tonnes of capacity over the next few years, which will enhance supply to our customers and significantly improve cash generation for shareholders."

Mr. Floren concluded, "With over $700-million (U.S.) of cash on hand, an undrawn credit facility, a robust balance sheet and strong cash flow generation, we are well positioned to invest in the Louisiana project, New Zealand expansion plans and other strategic growth opportunities and continue to deliver on our commitment to return excess cash to shareholders."

A conference call is scheduled for Jan. 31, 2013, at 12 p.m. ET (9 a.m. PT) to review these fourth quarter results. To access the call, dial the conferencing operator 10 minutes prior to the start of the call at 416-340-8527, or toll-free at 877-240-9772. 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 6328000. Presentation slides summarizing fourth quarter 2012 results and a simultaneous audio-only webcast of the conference call can be accessed from the company's website. The webcast will be available on the website for three weeks following the call.

                                                  
                 CONSOLIDATED STATEMENTS OF INCOME (LOSS)      
         (thousands of U.S. dollars, except per-share amounts)    
                                                                           
                             Three months ended            Years ended      
                           Dec. 31,     Dec. 31,      Dec. 31,      Dec. 31,
                              2012         2011          2012          2011
                                                                           
Revenue                $   695,654  $   696,499  $  2,672,954  $  2,608,037
Cost of sales and                                                          
operating expenses        (572,968)    (546,873)   (2,187,288)   (2,107,320)
Depreciation and                                                           
amortization               (41,543)     (43,558)     (171,635)     (156,667)
Louisiana project                                                          
relocation expenses                                                        
and charges                     --           --       (64,543)           --
Asset impairment                                                           
charge                    (296,976)          --      (296,976)           --
Operating income                                                           
(loss)                    (215,833)     106,068       (47,488)      344,050
Finance costs              (14,880)     (17,868)      (71,314)      (61,797)
Finance income and                                                         
other expenses               2,521       (2,891)          509         1,667
Profit (loss) before                                                       
income tax expense        (228,192)      85,309      (118,293)      283,920
Income tax recovery                                                        
(expense)                                                                 
Current                     (8,301)      (8,897)      (30,302)      (36,241)
Deferred                   101,517       (3,292)      114,020       (19,679)
Total                       93,216      (12,189)       83,718       (55,920)
Net income (loss)       $ (134,976) $    73,120   $   (34,575) $    228,000
Attributable to                                                           
Methanex                                                                 
shareholders              (139,853)      63,871       (68,105)      201,326
Non-controlling                                                          
interests                    4,877        9,249        33,530        26,674
Total                   $ (134,976) $    73,120   $   (34,575) $    228,000
Income (loss) for the                                                      
period attributable                                                        
to Methanex                                                                
shareholders                                                               
Basic net income                                                         
(loss) per common                                                        
share                   $    (1.49) $      0.69   $    (0.73)  $       2.16
Diluted net income                                                       
(loss) per common                                                        
share                   $    (1.49) $      0.68   $     (0.73) $       2.06

We seek Safe Harbor.

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