MERC FY 2011 Earnings Report — Mercer International Inc. Revenue & Financial Results | Market Cap Arena

Mercer International Inc.MERC

FY 2011 Earnings

Reported February 21, 2012

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2011	Prior Q	FY 2010	QoQ Change	YoY Change
Revenue	$1.2B	—	$1.2B	—	-3.8%
Op. Income	$144M	—	$223M	—	-35.4%
Gross Margin	16.9%	—	28.5%	—	-11.7pp
Net Margin	5.6%	—	9.6%	—	-4.0pp
EPS (Diluted)	$1.24	—	$2.07	—	-40.1%
Free Cash Flow	$95M	—	$70M	—	34.7%

Revenue Flow

Item	Amount
REVENUE	$1.2B
Cost of Revenue	$958M
GROSS PROFIT	$194M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$50M
Other Expenses	$0
Operating Expenses	$50M
Cost & Expenses	$1.0B
OPERATING INCOME	$144M
Interest Income	$0
Interest Expense	$76M
Other Income/Expenses	-$80M
INCOME BEFORE TAX	$69M
Income Tax Expense	-$900.8K
Net Income from Continuing Ops	$75M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$65M
Net Income Deductions	$1M
BOTTOM LINE NET INCOME	$71M
D&A	$73M
EBIT	$156M
EBITDA	$217M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$1.2B
Cost of Revenue	$958M
GROSS PROFIT	$194M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$50M
Other Expenses	$0
Operating Expenses	$50M
Cost & Expenses	$1.0B
OPERATING INCOME	$144M
Interest Income	$0
Interest Expense	$76M
Other Income/Expenses	-$80M
INCOME BEFORE TAX	$69M
Income Tax Expense	-$900.8K
Net Income from Continuing Ops	$75M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$65M
Net Income Deductions	$1M
BOTTOM LINE NET INCOME	$71M
D&A	$73M
EBIT	$156M
EBITDA	$217M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$65M
Depreciation & Amortization	$73M
Stock-Based Compensation	$4M
Deferred Income Tax	-$3M
Other Non-Cash Items	$8M
Change in Working Capital	-$2M
OPERATING CASH FLOW	$144M
Capital Expenditure	-$49M
Acquisitions (Net)	$0
Purchases of Investments	-$16M
Sales/Maturities of Investments	$0
Other Investing Activities	$5M
NET CASH FROM INVESTING	-$60M
Net Debt Issuance	-$93M
Common Stock Repurchased	-$11M
Common Dividends Paid	$0
Other Financing Activities	$21M
NET CASH FROM FINANCING	-$78M
FREE CASH FLOW	$95M
Net Change in Cash	$8M

Balance Sheet

Item	Amount
Cash & Equivalents	$136M
Short-Term Investments	$16M
Net Receivables	$156M
Inventory	$156M
Other Current Assets	$19M
TOTAL CURRENT ASSETS	$484M
PP&E (Net)	$1.1B
Goodwill	$0
Intangible Assets	$0
Long-Term Investments	$0
Tax Assets	$16M
Other Non-Current Assets	$14M
TOTAL NON-CURRENT ASSETS	$1.1B
TOTAL ASSETS	$1.6B
Account Payables	$59M
Short-Term Debt	$0
Deferred Revenue	-$67M
Other Current Liabilities	$51M
TOTAL CURRENT LIABILITIES	$163M
Long-Term Debt	$918M
Deferred Revenue NC	$40M
Deferred Tax Liabilities	$3M
Other Non-Current Liabilities	-$171M
TOTAL NON-CURRENT LIABILITIES	$1.0B
TOTAL LIABILITIES	$1.2B
Common Stock	$321M
Additional Paid-In Capital	-$6M
Retained Earnings	$49M
Treasury Stock	-$123M
Accum. Other Comp. Income	$28M
Other Equity	-$129M
TOTAL STOCKHOLDERS' EQUITY	$392M
Minority Interest	-$24M
TOTAL EQUITY	$367M
TOTAL LIABILITIES & EQUITY	$1.6B
Total Debt	$968M
Net Debt	$832M