VANCOUVER, BRITISH COLUMBIA—(Marketwired – Jan. 29, 2014) – For the fourth quarter of 2013, Methanex (TSX:MX)(NASDAQ:MEOH)(SANTIAGO:Methanex) reported Adjusted EBITDA(1) of $245 million and Adjusted net income(1) of $167 million ($1.72 per share on a diluted basis(1)). This compares with Adjusted EBITDA(1) of $184 million and Adjusted net income(1) of $117 million ($1.22 per share on a diluted basis(1)) for the third quarter of 2013. For the year ended December 31, 2013, Methanex reported Adjusted EBITDA(1) of $736 million and Adjusted net income of $471 million ($4.88 per share on a diluted basis(1)). This compares with Adjusted EBITDA(1) of $429 million and Adjusted net income of $180 million ($1.90 per share on a diluted basis(1)) for the year ended December 31, 2012.
John Floren, President and CEO of Methanex commented, “Demand remained healthy in the fourth quarter, driving methanol pricing higher amidst industry supply constraints. Increased production from our plants in New Zealand and Chile, together with strong methanol pricing, contributed to robust EBITDA and earnings results. We are pleased to report that 2013 Adjusted net income and annual sales volume were the highest in the Company’s history.”
Mr. Floren added, “2014 will be an exciting time for our business. We recently added one million tonnes of operating capacity through the growth projects completed in New Zealand and Medicine Hat. We continue to progress our Geismar relocation projects and all of the major equipment pieces for Geismar 1 are now on site in Louisiana. We are targeting to be producing methanol from Geismar 1 in late 2014 and from Geismar 2 in early 2016. These key projects support the 3 million tonne increase in our operating capacity to 8 million tonnes by 2016, a time when new market supply is expected to be limited.”
Mr. Floren concluded, “With over $700 million of cash on hand, an undrawn credit facility, robust balance sheet, and strong cash flow generation, we are well positioned to deliver on our growth projects, continue to grow our business and deliver on our commitment to return excess cash to shareholders.”
A conference call is scheduled for January 30, 2014 at 12:00 noon ET (9:00 am PT) to review these fourth 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 February 20, 2014 at (905) 694-9451, or toll free at (800) 408-3053. The passcode for the playback version is 4459948. Presentation slides summarizing Q4-13 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 producer and 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 Fourth 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 Fourth 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 Additional Information – Supplemental Non-GAAP Measures section of the attached Interim Report for the three months ended December 31, 2013 for reconciliations to the most comparable GAAP measures. |
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For further information, contact:
Sandra Daycock
Director, Investor Relations
Methanex Corporation
604-661-2600
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