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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended September 30, 2022

OR

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from _______ to _______

Commission File No.: 000-51826

MERCER INTERNATIONAL INC.

(Exact name of Registrant as specified in its charter)

Washington

 

47-0956945

(State or other jurisdiction

 

(I.R.S. Employer

of incorporation or organization)

 

Identification No.)

 

Suite 1120, 700 West Pender Street, Vancouver, British Columbia, Canada, V6C 1G8

(Address of office)

(604) 684-1099

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock, par value $1.00 per share

 

MERC

 

NASDAQ Global Select Market

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes       NO

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes      NO

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company.  See definitions of "large accelerated filer", "accelerated filer", "non-accelerated filer", "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

Accelerated filer

Non-accelerated filer

 

Smaller reporting company

 

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  YES     NO  

The Registrant had 66,167,191 shares of common stock outstanding as of October 26, 2022.

 

 

 


 

 

PART I. FINANCIAL INFORMATION

ITEM 1.FINANCIAL STATEMENTS

MERCER INTERNATIONAL INC.

INTERIM CONSOLIDATED FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2022

(Unaudited)

FORM 10-Q

QUARTERLY REPORT - PAGE 2


 

MERCER INTERNATIONAL INC.

INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(In thousands of U.S. dollars, except per share data)

 

 

 

Three Months Ended

September 30,

 

 

Nine Months Ended

September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenues

 

$

532,814

 

 

$

469,746

 

 

$

1,697,881

 

 

$

1,284,298

 

Costs and expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales, excluding depreciation and amortization

 

 

367,710

 

 

 

302,221

 

 

 

1,187,476

 

 

 

910,244

 

Cost of sales depreciation and amortization

 

 

32,122

 

 

 

34,294

 

 

 

95,223

 

 

 

97,175

 

Selling, general and administrative expenses

 

 

24,259

 

 

 

19,476

 

 

 

70,077

 

 

 

60,259

 

Operating income

 

 

108,723

 

 

 

113,755

 

 

 

345,105

 

 

 

216,620

 

Other income (expenses)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(17,935

)

 

 

(16,882

)

 

 

(52,731

)

 

 

(53,031

)

Loss on early extinguishment of debt

 

 

 

 

 

 

 

 

 

 

 

(30,368

)

Other income

 

 

7,252

 

 

 

4,735

 

 

 

24,297

 

 

 

9,118

 

Total other expenses, net

 

 

(10,683

)

 

 

(12,147

)

 

 

(28,434

)

 

 

(74,281

)

Income before income taxes

 

 

98,040

 

 

 

101,608

 

 

 

316,671

 

 

 

142,339

 

Income tax provision

 

 

(31,294

)

 

 

(32,490

)

 

 

(89,656

)

 

 

(45,873

)

Net income

 

$

66,746

 

 

$

69,118

 

 

$

227,015

 

 

$

96,466

 

Net income per common share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.01

 

 

$

1.05

 

 

$

3.43

 

 

$

1.46

 

Diluted

 

$

1.00

 

 

$

1.04

 

 

$

3.41

 

 

$

1.46

 

Dividends declared per common share

 

$

0.075

 

 

$

0.065

 

 

$

0.225

 

 

$

0.195

 

 

 

INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited)

(In thousands of U.S. dollars)

 

 

 

Three Months Ended

September 30,

 

 

Nine Months Ended

September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net income

 

$

66,746

 

 

$

69,118

 

 

$

227,015

 

 

$

96,466

 

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain (loss) related to defined benefit pension plans

 

 

11

 

 

 

(19

)

 

 

(224

)

 

 

984

 

Income tax recovery (provision)

 

 

 

 

 

 

 

 

62

 

 

 

(681

)

Gain (loss) related to defined benefit pension plans, net of tax

 

 

11

 

 

 

(19

)

 

 

(162

)

 

 

303

 

Foreign currency translation adjustment

 

 

(94,781

)

 

 

(42,110

)

 

 

(189,323

)

 

 

(59,676

)

Other comprehensive loss, net of taxes

 

 

(94,770

)

 

 

(42,129

)

 

 

(189,485

)

 

 

(59,373

)

Total comprehensive income (loss)

 

$

(28,024

)

 

$

26,989

 

 

$

37,530

 

 

$

37,093

 

 

 

See accompanying Notes to the Interim Consolidated Financial Statements.

FORM 10-Q

QUARTERLY REPORT - PAGE 3


 

MERCER INTERNATIONAL INC.

INTERIM CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands of U.S. dollars, except share and per share data)

 

 

 

September 30,

 

 

December 31,

 

 

 

2022

 

 

2021

 

ASSETS

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

287,254

 

 

$

345,610

 

Term deposit

 

 

75,000

 

 

 

 

Accounts receivable, net

 

 

324,343

 

 

 

345,345

 

Inventories

 

 

385,961

 

 

 

356,731

 

Prepaid expenses and other

 

 

24,130

 

 

 

16,619

 

Total current assets

 

 

1,096,688

 

 

 

1,064,305

 

Property, plant and equipment, net

 

 

1,249,056

 

 

 

1,135,631

 

Investment in joint ventures

 

 

45,262

 

 

 

49,651

 

Amortizable intangible assets, net

 

 

57,406

 

 

 

47,902

 

Goodwill

 

 

33,037

 

 

 

 

Operating lease right-of-use assets

 

 

12,620

 

 

 

9,712

 

Pension asset

 

 

3,543

 

 

 

4,136

 

Other long-term assets

 

 

46,371

 

 

 

38,718

 

Deferred income tax

 

 

 

 

 

1,177

 

Total assets

 

$

2,543,983

 

 

$

2,351,232

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

Accounts payable and other

 

$

322,368

 

 

$

282,307

 

Pension and other post-retirement benefit obligations

 

 

725

 

 

 

817

 

Total current liabilities

 

 

323,093

 

 

 

283,124

 

Long-term debt

 

 

1,339,086

 

 

 

1,237,545

 

Pension and other post-retirement benefit obligations

 

 

18,126

 

 

 

21,252

 

Operating lease liabilities

 

 

8,306

 

 

 

6,574

 

Other long-term liabilities

 

 

12,163

 

 

 

13,590

 

Deferred income tax

 

 

122,860

 

 

 

95,123

 

Total liabilities

 

 

1,823,634

 

 

 

1,657,208

 

Shareholders’ equity

 

 

 

 

 

 

 

 

Common shares $1 par value; 200,000,000 authorized; 66,167,000 issued and outstanding (2021 – 66,037,000)

 

 

66,132

 

 

 

65,988

 

Additional paid-in capital

 

 

351,438

 

 

 

347,902

 

Retained earnings

 

 

583,057

 

 

 

370,927

 

Accumulated other comprehensive loss

 

 

(280,278

)

 

 

(90,793

)

Total shareholders’ equity

 

 

720,349

 

 

 

694,024

 

Total liabilities and shareholders’ equity

 

$

2,543,983

 

 

$

2,351,232

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies (Note 16)

 

 

 

 

 

 

 

 

Subsequent event (Note 10)

 

 

 

 

 

 

 

 

 

 

See accompanying Notes to the Interim Consolidated Financial Statements.

FORM 10-Q

QUARTERLY REPORT - PAGE 4


 

MERCER INTERNATIONAL INC.

INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY

(Unaudited)

(In thousands of U.S. dollars)

 

 

 

Common shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number

(thousands

of shares)

 

 

Amount,

at Par

Value

 

 

Additional

Paid-in

Capital

 

 

Retained

Earnings

 

 

Accumulated

Other

Comprehensive

Loss

 

 

Total

Shareholders'

Equity

 

Three Months Ended September 30:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of June 30, 2022

 

 

66,167

 

 

$

66,132

 

 

$

350,224

 

 

$

521,274

 

 

$

(185,508

)

 

$

752,122

 

Stock compensation expense

 

 

 

 

 

 

 

 

1,214

 

 

 

 

 

 

 

 

 

1,214

 

Net income

 

 

 

 

 

 

 

 

 

 

 

66,746

 

 

 

 

 

 

66,746

 

Dividends declared

 

 

 

 

 

 

 

 

 

 

 

(4,963

)

 

 

 

 

 

(4,963

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(94,770

)

 

 

(94,770

)

Balance as of September 30, 2022

 

 

66,167

 

 

$

66,132

 

 

$

351,438

 

 

$

583,057

 

 

$

(280,278

)

 

$

720,349

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of June 30, 2021

 

 

66,037

 

 

$

65,988

 

 

$

347,093

 

 

$

235,872

 

 

$

(44,819

)

 

$

604,134

 

Stock compensation expense

 

 

 

 

 

 

 

 

1,005

 

 

 

 

 

 

 

 

 

1,005

 

Net income

 

 

 

 

 

 

 

 

 

 

 

69,118

 

 

 

 

 

 

69,118

 

Dividends declared

 

 

 

 

 

 

 

 

 

 

 

(4,292

)

 

 

 

 

 

(4,292

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(42,129

)

 

 

(42,129

)

Balance as of September 30, 2021

 

 

66,037

 

 

$

65,988

 

 

$

348,098

 

 

$

300,698

 

 

$

(86,948

)

 

$

627,836

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of December 31, 2021

 

 

66,037

 

 

$

65,988

 

 

$

347,902

 

 

$

370,927

 

 

$

(90,793

)

 

$

694,024

 

Shares issued on grants of restricted shares

 

 

35

 

 

 

49

 

 

 

(49

)

 

 

 

 

 

 

 

 

 

Shares issued on grants of performance share units

 

 

95

 

 

 

95

 

 

 

(95

)

 

 

 

 

 

 

 

 

 

Stock compensation expense

 

 

 

 

 

 

 

 

3,680

 

 

 

 

 

 

 

 

 

3,680

 

Net income

 

 

 

 

 

 

 

 

 

 

 

227,015

 

 

 

 

 

 

227,015

 

Dividends declared

 

 

 

 

 

 

 

 

 

 

 

(14,885

)

 

 

 

 

 

(14,885

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(189,485

)

 

 

(189,485

)

Balance as of September 30, 2022

 

 

66,167

 

 

$

66,132

 

 

$

351,438

 

 

$

583,057

 

 

$

(280,278

)

 

$

720,349

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of December 31, 2020

 

 

65,868

 

 

$

65,800

 

 

$

345,696

 

 

$

217,106

 

 

$

(27,575

)

 

$

601,027

 

Shares issued on grants of restricted shares

 

 

49

 

 

 

68

 

 

 

(68

)

 

 

 

 

 

 

 

 

 

Shares issued on grants of performance share units

 

 

120

 

 

 

120

 

 

 

(120

)

 

 

 

 

 

 

 

 

 

Stock compensation expense

 

 

 

 

 

 

 

 

2,590

 

 

 

 

 

 

 

 

 

2,590

 

Net income

 

 

 

 

 

 

 

 

 

 

 

96,466

 

 

 

 

 

 

96,466

 

Dividends declared