VANCOUVER, BRITISH COLUMBIA—(Marketwire – April 27, 2011) – Methanex Corporation (TSX:MX)(NASDAQ:MEOH)(SANTIAGO:Methanex) – For the first quarter of 2011, Methanex reported Adjusted EBITDA(1) of $77.1 million and net income attributable to Methanex shareholders of $34.6 million ($0.37 per share on a diluted basis). This compares with Adjusted EBITDA(1)of $73.0 million and net income attributable to Methanex shareholders of $27.0 million ($0.29 per share on a diluted basis) for the fourth quarter of 2010.
Methanex also announced that its Board of Directors has approved a 10 percent increase to its quarterly dividend to shareholders, from US$0.155 to US$0.17 per share. The increased dividend will apply commencing with the dividend payable on June 30, 2011 to holders of common shares of record on June 16, 2011.
Bruce Aitken, President and CEO of Methanex commented, “Methanol pricing continued to be firm in the first quarter and we reported similar earnings to last quarter. Entering the second quarter, methanol demand continues to be strong and industry conditions remain relatively balanced.”
Mr. Aitken added, “I am delighted to report that the Egypt plant began shipments earlier this month and the Medicine Hat plant produced first methanol last week. With the increased production and cash flow generation these plants provide and the positive outlook for the methanol industry, we are pleased to announce an increase to our regular dividend. This increase represents the seventh time we have increased our dividend since it was implemented in 2002.”
Mr. Aitken concluded, “We have a strong balance sheet with US$240 million of cash on hand and an undrawn credit facility, and we believe we are well positioned to continue to invest to grow the Company.”
A conference call is scheduled for April 28, 2011 at 12:00 noon ET (9:00 am PT) to review these first quarter results. To access the call, dial the Conferencing operator ten minutes prior to the start of the call at (416) 695-7848, or toll free at (800) 952-4972. A playback version of the conference call will be available for three weeks at (416) 695-5800, or toll free at (800) 408-3053. The passcode for the playback version is 3412372. 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 First 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 First Quarter 2011 Management’s Discussion and Analysis for more information.
| (1) | Adjusted EBITDA is a non-IFRS measure that does not have any standardized meaning prescribed by International Financial Reporting Standards (IFRS) and therefore is unlikely to be comparable to similar measures presented by other companies. Refer to Additional Information – Supplemental Non-IFRS Measures in the attached First Quarter 2011 Management’s Discussion and Analysis for a description of each supplemental non-IFRS measure and a reconciliation to the most comparable IFRS measure. |
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For further information, contact:
Jason Chesko
Director, Investor Relations
Methanex Corporation
604-661-2600
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