Company Quick10K Filing
Mercer
Price12.46 EPS1
Shares66 P/E13
MCap822 P/FCF4
Net Debt735 EBIT161
TEV1,557 TEV/EBIT10
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-09-30 Filed 2020-10-29
10-Q 2020-06-30 Filed 2020-07-31
10-Q 2020-03-31 Filed 2020-04-30
10-K 2019-12-31 Filed 2020-02-13
10-Q 2019-09-30 Filed 2019-10-31
10-Q 2019-06-30 Filed 2019-08-01
10-Q 2019-03-31 Filed 2019-05-02
10-K 2018-12-31 Filed 2019-02-14
10-Q 2018-09-30 Filed 2018-10-25
10-Q 2018-06-30 Filed 2018-07-26
10-Q 2018-03-31 Filed 2018-05-03
10-K 2017-12-31 Filed 2018-02-16
10-Q 2017-09-30 Filed 2017-10-26
10-Q 2017-06-30 Filed 2017-07-27
10-Q 2017-03-31 Filed 2017-04-28
10-K 2016-12-31 Filed 2017-02-10
10-Q 2016-09-30 Filed 2016-10-27
10-Q 2016-06-30 Filed 2016-07-28
10-Q 2016-03-31 Filed 2016-04-28
10-K 2015-12-31 Filed 2016-02-12
10-Q 2015-09-30 Filed 2015-10-29
10-Q 2015-06-30 Filed 2015-07-30
10-Q 2015-03-31 Filed 2015-04-30
10-K 2014-12-31 Filed 2015-02-13
10-Q 2014-09-30 Filed 2014-10-31
10-Q 2014-06-30 Filed 2014-08-01
10-Q 2014-03-31 Filed 2014-05-02
10-K 2013-12-31 Filed 2014-02-21
10-Q 2013-09-30 Filed 2013-11-01
10-Q 2013-06-30 Filed 2013-08-02
10-Q 2013-03-31 Filed 2013-05-03
10-K 2012-12-31 Filed 2013-02-15
10-Q 2012-09-30 Filed 2012-11-02
10-Q 2012-06-30 Filed 2012-08-03
10-Q 2012-03-31 Filed 2012-05-07
10-K 2011-12-31 Filed 2012-02-21
10-Q 2011-09-30 Filed 2011-11-07
10-Q 2011-06-30 Filed 2011-08-04
10-Q 2011-03-31 Filed 2011-05-09
10-K 2010-12-31 Filed 2011-02-17
10-Q 2010-09-30 Filed 2010-11-04
10-Q 2010-06-30 Filed 2010-08-05
10-Q 2010-03-31 Filed 2010-05-04
10-K 2009-12-31 Filed 2010-02-26
8-K 2020-09-30 Earnings, Other Events, Exhibits
8-K 2020-06-30 Earnings, Other Events, Exhibits
8-K 2020-06-22
8-K 2020-05-29
8-K 2020-05-15
8-K 2020-03-31
8-K 2020-02-13
8-K 2019-10-31
8-K 2019-10-03
8-K 2019-09-19
8-K 2019-09-19
8-K 2019-08-01
8-K 2019-05-31
8-K 2019-05-02
8-K 2019-04-16
8-K 2019-02-14
8-K 2018-12-19
8-K 2018-12-10
8-K 2018-12-07
8-K 2018-11-29
8-K 2018-11-28
8-K 2018-10-25
8-K 2018-10-03
8-K 2018-07-26
8-K 2018-06-01
8-K 2018-05-25
8-K 2018-05-03
8-K 2018-02-15
8-K 2018-01-01

MERC 10Q Quarterly Report

Part I. Financial Information
Item 1.Financial Statements
Note 1. The Company and Summary of Significant Accounting Policies
Note 2. Inventories
Note 3. Accounts Payable and Other
Note 4. Debt
Note 5. Pension and Other Post - Retirement Benefit Obligations
Note 6. Income Taxes
Note 7. Shareholders' Equity
Note 8. Net Income (Loss) per Common Share
Note 9. Accumulated Other Comprehensive Loss
Note 10. Related Party Transactions
Note 11. Segment Information
Note 12. Financial Instruments and Fair Value Measurement
Note 13. Commitments and Contingencies
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sale of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 merc-ex311_7.htm
EX-31.2 merc-ex312_6.htm
EX-32.1 merc-ex321_9.htm
EX-32.2 merc-ex322_8.htm

Mercer Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
2.11.71.30.80.40.02012201420172020
Assets, Equity
0.50.40.30.10.0-0.12012201420172020
Rev, G Profit, Net Income
0.30.20.0-0.1-0.3-0.42012201420172020
Ops, Inv, Fin

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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, 2020

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 65,868,086 shares of common stock outstanding as of October 28, 2020.

 

 

 


 

PART I. FINANCIAL INFORMATION

ITEM 1.FINANCIAL STATEMENTS

MERCER INTERNATIONAL INC.

INTERIM CONSOLIDATED FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2020

(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

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Revenues

 

$

333,151

 

 

$

383,536

 

 

$

1,024,945

 

 

$

1,293,239

 

Costs and expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales, excluding depreciation and amortization

 

 

272,165

 

 

 

314,894

 

 

 

832,554

 

 

 

994,360

 

Cost of sales depreciation and amortization

 

 

31,862

 

 

 

31,934

 

 

 

94,952

 

 

 

94,108

 

Selling, general and administrative expenses

 

 

15,388

 

 

 

17,961

 

 

 

49,326

 

 

 

54,662

 

Operating income

 

 

13,736

 

 

 

18,747

 

 

 

48,113

 

 

 

150,109

 

Other income (expenses)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(19,864

)

 

 

(18,183

)

 

 

(60,056

)

 

 

(55,103

)

Other income

 

 

11,898

 

 

 

887

 

 

 

12,136

 

 

 

3,177

 

Total other expenses, net

 

 

(7,966

)

 

 

(17,296

)

 

 

(47,920

)

 

 

(51,926

)

Income before income taxes

 

 

5,770

 

 

 

1,451

 

 

 

193

 

 

 

98,183

 

Income tax recovery (provision)

 

 

1,775

 

 

 

(244

)

 

 

(4,451

)

 

 

(35,101

)

Net income (loss)

 

$

7,545

 

 

$

1,207

 

 

$

(4,258

)

 

$

63,082

 

Net income (loss) per common share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

$

0.11

 

 

$

0.02

 

 

$

(0.06

)

 

$

0.96

 

Dividends declared per common share

 

$

0.0650

 

 

$

0.1375

 

 

$

0.2675

 

 

$

0.4000

 

 

INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited)

(In thousands of U.S. dollars)

 

 

 

Three Months Ended

September 30

 

 

Nine Months Ended

September 30

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net income (loss)

 

$

7,545

 

 

$

1,207

 

 

$

(4,258

)

 

$

63,082

 

Other comprehensive income (loss), net of taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustment

 

 

52,280

 

 

 

(48,538

)

 

 

21,488

 

 

 

(28,285

)

Change in unrecognized losses and prior service costs related to defined benefit pension plans, net of tax of $nil (2019 - $7 and $43, respectively)

 

 

8

 

 

 

39

 

 

 

31

 

 

 

134

 

Other comprehensive income (loss), net of taxes

 

 

52,288

 

 

 

(48,499

)

 

 

21,519

 

 

 

(28,151

)

Total comprehensive income (loss)

 

$

59,833

 

 

$

(47,292

)

 

$

17,261

 

 

$

34,931

 

 

 

 

 

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,

 

 

 

2020

 

 

2019

 

ASSETS

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

345,580

 

 

$

351,085

 

Accounts receivable, net

 

 

202,619

 

 

 

208,740

 

Inventories

 

 

269,864

 

 

 

272,599

 

Prepaid expenses and other

 

 

16,417

 

 

 

12,273

 

Total current assets

 

 

834,480

 

 

 

844,697

 

Property, plant and equipment, net

 

 

1,065,345

 

 

 

1,074,242

 

Investment in joint ventures

 

 

47,865

 

 

 

53,122

 

Amortizable intangible assets, net

 

 

50,132

 

 

 

53,371

 

Operating lease right-of-use assets

 

 

12,932

 

 

 

13,004

 

Other long-term assets

 

 

32,744

 

 

 

26,038

 

Deferred income tax

 

 

1,237

 

 

 

1,246

 

Total assets

 

$

2,044,735

 

 

$

2,065,720

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

Accounts payable and other

 

$

199,992

 

 

$

255,544

 

Pension and other post-retirement benefit obligations

 

 

724

 

 

 

768

 

Total current liabilities

 

 

200,716

 

 

 

256,312

 

Debt

 

 

1,124,202

 

 

 

1,087,932

 

Pension and other post-retirement benefit obligations

 

 

24,613

 

 

 

25,489

 

Finance lease liabilities

 

 

39,741

 

 

 

31,103

 

Operating lease liabilities

 

 

9,912

 

 

 

10,520

 

Other long-term liabilities

 

 

14,213

 

 

 

14,114

 

Deferred income tax

 

 

80,631

 

 

 

89,847

 

Total liabilities

 

 

1,494,028

 

 

 

1,515,317

 

Shareholders’ equity

 

 

 

 

 

 

 

 

Common shares $1 par value; 200,000,000 authorized; 65,868,000 issued and outstanding (2019 – 65,629,000)

 

 

65,800

 

 

 

65,598

 

Additional paid-in capital

 

 

345,583

 

 

 

344,994

 

Retained earnings

 

 

234,365

 

 

 

256,371

 

Accumulated other comprehensive loss

 

 

(95,041

)

 

 

(116,560

)

Total shareholders’ equity

 

 

550,707

 

 

 

550,403

 

Total liabilities and shareholders’ equity

 

$

2,044,735

 

 

$

2,065,720

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies (Note 13)

 

 

 

 

 

 

 

 

Subsequent event (Note 7)

 

 

 

 

 

 

 

 

 

 

 

 

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, 2020

 

 

65,868

 

 

$

65,800

 

 

$

344,688

 

 

$

231,101

 

 

$

(147,329

)

 

$

494,260

 

Stock compensation expense

 

 

 

 

 

 

 

 

895

 

 

 

 

 

 

 

 

 

895

 

Net income

 

 

 

 

 

 

 

 

 

 

 

7,545

 

 

 

 

 

 

7,545

 

Dividends declared

 

 

 

 

 

 

 

 

 

 

 

(4,281

)

 

 

 

 

 

(4,281

)

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

52,288

 

 

 

52,288

 

Balance as of September 30, 2020

 

 

65,868

 

 

$

65,800

 

 

$

345,583

 

 

$

234,365

 

 

$

(95,041

)

 

$

550,707

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of June 30, 2019

 

 

65,629

 

 

$

65,598

 

 

$

342,815

 

 

$

345,934

 

 

$

(107,822

)

 

$

646,525

 

Stock compensation expense

 

 

 

 

 

 

 

 

1,179

 

 

 

 

 

 

 

 

 

1,179

 

Net income

 

 

 

 

 

 

 

 

 

 

 

1,207

 

 

 

 

 

 

1,207

 

Dividends declared

 

 

 

 

 

 

 

 

 

 

 

(9,025

)

 

 

 

 

 

(9,025

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(48,499

)

 

 

(48,499

)

Balance as of September 30, 2019

 

 

65,629

 

 

$

65,598

 

 

$

343,994

 

 

$

338,116

 

 

$

(156,321

)

 

$

591,387

 

 

Nine Months Ended September 30:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of December 31, 2019

 

 

65,629

 

 

$

65,598

 

 

$

344,994

 

 

$

256,371

 

 

$

(116,560

)

 

$

550,403

 

Shares issued on grants of restricted shares

 

 

68

 

 

 

31

 

 

 

(31

)

 

 

 

 

 

 

 

 

 

Shares issued on grants of performance share units

 

 

195

 

 

 

195

 

 

 

(195

)

 

 

 

 

 

 

 

 

 

Stock compensation expense

 

 

 

 

 

 

 

 

815

 

 

 

 

 

 

 

 

 

815

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

(4,258

)

 

 

 

 

 

(4,258

)

Dividends declared

 

 

 

 

 

 

 

 

 

 

 

(17,610

)

 

 

 

 

 

(17,610

)

Repurchase of common shares

 

 

(24

)

 

 

(24

)

 

 

 

 

 

(138

)

 

 

 

 

 

(162

)

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

21,519