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CBJ.V -- CB Gold Inc. (Columbia)
FYI:
- news:
http://finance.yahoo.com/news/CB-Gold-Inc-Intercepts-114-98-iw-457775456.html
CB Gold Inc. Intercepts 114.98 Metres at 7.57 g/t Gold Including 40.89 Metres at 17.17 g/t Gold in a New Mineralised Zone.
- insider buying:
http://canadianinsider.com/coReport/allTransactions.php?ticker=cbj
- Ross Beaty took a position. He was previously successful with VEN.TO aka Ventana Gold.
http://www.tischendorf.com/2011/11/01/cbj-v-cb-gold-ross-beatys-lumina-capital-buys-into-colombias-potential-next-ventana-gold/
- chart:
TMB.to insider buys
http://www.canadianinsider.com/coReport/allTransactions.php?ticker=tmb
Patel, Mahendra A. bought another 10,000 shares.
MERC earnings.
http://finance.yahoo.com/news/Mercer-International-Inc-pz-4166288933.html?x=0&.v=1
Mercer International Inc. Reports Sharply Higher 2010 First Quarter Revenues and EBITDA
Press Release Source: Mercer International Inc. On Monday May 3, 2010, 5:24 pm
NEW YORK, May 3, 2010 (GLOBE NEWSWIRE) -- Mercer International Inc. (Nasdaq:MERC - News) (TSX:MRI.U - News) today reported stronger results for the first quarter ended March 31, 2010. Operating EBITDA in the quarter increased dramatically to EURO31.8 million ($44.0 million) from EURO1.1 million ($1.4 million) in the first quarter of 2009 and from EURO23.5 million ($32.5 million) in the fourth quarter of 2009. Operating EBITDA is defined on page 4 of this press release and reconciled to net income (loss) attributable to common shareholders on page 6 of the financial tables in this press release.
Summary Financial Highlights
Q1 Q4 Q1
2010 2009 2009
(in millions of Euros, except where otherwise stated)
Pulp revenues EURO 171.1 EURO 154.9 EURO 129.0
Energy revenues 9.1 10.2 10.5
Operating income (loss) 18.0 9.8 (12.4)
Operating EBITDA (loss) 31.8 23.5 1.1
Unrealized gain (loss) on derivative instruments (6.5) 5.1 (15.0)
Foreign exchange gain (loss) on debt (5.2) (1.8) (4.4)
Net income (loss) attributable to common shareholders (7.5) 2.7 (39.4)
Net income (loss) per share attributable to common
shareholders
Basic EURO (0.21) EURO 0.08 EURO (1.08)
Diluted EURO (0.21) EURO 0.07 EURO (1.08)
Summary Operating Highlights
Q1 Q4 Q1
2010 2009 2009
Pulp Production ('000 ADMTs) 329.5 356.9 345.6
Scheduled Production Downtime ('000 ADMTs) 18.2 14.0 --
Pulp Sales ('000 ADMTs) 332.9 351.8 336.7
NBSK pulp list price in Europe ($/ADMT) 860 787 585
NBSK pulp list price in Europe (EURO/ADMT) 621 533 449
Average pulp sales realizations (EURO/ADMT) 507 434 377
Energy Production ('000 MWh) 337.7 358.7 356.3
Energy Sales ('000 MWh) 107.1 116.0 112.2
Average Spot Currency Exchange Rates:
EURO / $(1) 0.7230 0.6771 0.7676
C$ / $(1) 1.0413 1.0559 1.2448
C$ / EURO(2) 1.4406 1.5604 1.6217
(1) Average Federal Reserve Bank of New York noon spot rate over the reporting period.
(2) Average Bank of Canada noon spot rate over the reporting period.
President's Comments
Mr. Jimmy S.H. Lee, President and Chairman, stated: "In the first quarter, pulp markets continued to strengthen. Continued strong demand from Asia and growing demand in Europe and North America for bleached softwood kraft pulp helped support upward pricing momentum. During the first quarter, European list prices increased by $90 per ADMT to $890 per ADMT. Such price increases were enhanced by the strengthening of the U.S. dollar relative to the Euro in the period."
Mr. Lee added: "All of our mills performed well in the first quarter. Our Stendal mill had 10 days of scheduled maintenance downtime in the quarter and early in the quarter we curtailed about 17,000 tonnes of production at our German mills because of seasonal low fiber availability due to extreme weather conditions. We have been particularly pleased with the progress at our Celgar mill. While certain initiatives have taken longer to come to fruition than we expected, production is now regularly breaching records and the wood supply systems we have optimized are now deeply entrenched. These initiatives, along with the incremental EBITDA that will be provided by the addition of a new turbine in the fall of 2010, will significantly advance the cash earnings capability of our Celgar mill."
Mr. Lee continued: "In April, pulp list prices increased by $40 to $930 per ADMT in Europe and in North America and China list prices increased by $50 to $960 per ADMT and $830 per ADMT, respectively. A further $30 per ADMT increase in pulp list prices in Europe and a $40 per ADMT increase in North America and China have also recently been announced for May 2010."
Mr. Lee concluded: "The global economic revival has continued to date. Looking ahead, we expect the current strong demand and reduced supply to support strong pulp pricing in the near term. We are well positioned to realize upon the strength in pulp markets."
Three Months Ended March 31, 2010 Compared to Three Months Ended March 31, 2009
Pulp revenues for the three months ended March 31, 2010 increased by approximately 32.6% to EURO171.1 million from EURO129.0 million in the comparative period of 2009, due to higher pulp prices. Revenues from the sale of excess energy decreased slightly to EURO9.1 million in the first quarter from EURO10.5 million in the same quarter last year, primarily due to the absence of a one-time grid access fee rebate received in 2009.
Pulp production decreased to 329,455 ADMTs in the current quarter from 345,620 ADMTs in the same quarter of 2009, primarily due to 10 days of scheduled maintenance downtime at our Stendal mill and a production curtailment caused by limited fiber supply availability at our German mills during the first quarter of 2010, which did not occur in the first quarter of 2009. We have 12 days (approximately 17,000 tonnes) of scheduled maintenance downtime planned for our Celgar mill in the second quarter of 2010.
Pulp sales volume decreased slightly to 332,869 ADMTs in the current quarter from 336,659 ADMTs in the comparative period of 2009. Average pulp sales realizations increased by 34.5% to EURO507 per ADMT in the first quarter of 2010, compared to EURO377 per ADMT in the same period last year, primarily due to significantly higher pulp prices and a stronger U.S. dollar relative to the Euro.
Costs and expenses in the first quarter of 2010 increased to EURO162.2 million from EURO152.0 million in the comparative period of 2009, primarily due to increased fiber costs and the costs associated with the annual maintenance shutdown at the Stendal mill.
On average, our fiber costs increased by approximately 6.0% in the first quarter of 2010 from the same period in 2009. Our Celgar mill had lower fiber costs because of an increase in the residual supply of fiber and the corresponding decrease in reliance on fiber sourced from third party field chippers. We currently expect fiber costs at our Celgar mill to continue to decrease in the short-term, primarily due to the increased availability of residual woodchips. Fiber costs at our German mills were higher due to the impact of reduced harvesting rates and increased demand from the European board industry. As we move into the second quarter of the year, we expect further upward pressure in pricing for our German mills due to increasing production in the European board industry, but also expect harvesting levels to increase, which should cause pricing to level off thereafter.
For the first quarter of 2010, we recorded operating income of EURO18.0 million, compared to an operating loss of EURO12.4 million in the comparative quarter of 2009 primarily due to significantly improved pulp prices.
Interest expense in the first quarter of 2010 marginally decreased to EURO16.4 million from EURO16.5 million in the comparative quarter of 2009 due to lower debt levels being partially offset by accretion expense related to the exchange of our convertible notes.
Our Stendal mill recorded an unrealized loss of EURO6.5 million on its outstanding interest rate derivatives in the current quarter, compared to an unrealized loss of EURO15.0 million in the same quarter of last year. We recorded a foreign exchange loss on our debt of EURO5.2 million in the first quarter of 2010 compared to a loss of EURO4.4 million in the same period last year.
In the first quarter of 2010, the noncontrolling shareholder's interest in the Stendal mill's loss was EURO3.7 million, compared to EURO9.3 million of loss in the same quarter last year.
In the first quarter of 2010, we reported Operating EBITDA of EURO31.8 million compared to Operating EBITDA of EURO1.1 million in the first quarter of 2009 and Operating EBITDA of EURO23.5 million in the fourth quarter of 2009. Operating EBITDA is defined as operating income (loss) plus depreciation and amortization and non-recurring capital asset impairment charges. Management uses Operating EBITDA as a benchmark measurement of its own operating results, and as a benchmark relative to its competitors. Management considers it to be a meaningful supplement to operating income as a performance measure primarily because depreciation expense and non-recurring capital asset impairment charges are not an actual cash cost, and depreciation expense varies widely from company to company in a manner that management considers largely independent of the underlying cost efficiency of their operating facilities. In addition, we believe Operating EBITDA is commonly used by securities analysts, investors and other interested parties to evaluate our financial performance.
Operating EBITDA does not reflect the impact of a number of items that affect our net income, including financing costs and the effect of derivative instruments. Operating EBITDA is not a measure of financial performance under GAAP, and should not be considered as an alternative to net income or income from operations as a measure of performance, nor as an alternative to net cash from operating activities as a measure of liquidity. Operating EBITDA has significant limitations as an analytical tool, and should not be considered in isolation, or as a substitute for analysis of our results as reported under GAAP. For a reconciliation of net income (loss) attributable to common shareholders to Operating EBITDA, see page 6 of the financial tables included in this press release.
We reported net loss of EURO7.5 million, or EURO0.21 per basic and diluted share, for the first quarter of 2010 which included aggregate non-cash, unrealized losses of EURO11.8 million on the Stendal interest derivatives and foreign exchange loss on our debt. In the first quarter of 2009, we reported a net loss of EURO39.4 million, or EURO1.08 per basic and diluted share. As at March 31, 2010 and 2009, respectively, we had 36,483,204 and 36,422,487 common shares outstanding.
Liquidity and Capital Resources
The following table is a summary of selected financial information for the periods indicated:
As at March 31, As at December 31,
2010 2009
(in thousands)
Financial Position
Cash and cash equivalents EURO 48,692 EURO 51,291
Working capital 99,362 99,150
As at March 31, 2010, we had an aggregate amount of EURO506.3 million outstanding under our Stendal Loan Facility and had drawn approximately C$24.0 million under our Celgar Revolving Facility. As at March 31, 2010, we had not drawn any amount under the EURO28.5 million in working capital facilities for our Rosenthal mill.
Restricted Group
The following table is a summary of selected financial information for the Restricted Group for the periods indicated.
As at March 31, As at December 31,
2010 2009
(in thousands)
Restricted Group Financial Position
Cash and cash equivalents EURO 26,083 EURO 20,635
Working capital 76,116 57,015
Property, plant and equipment 375,279 362,311
Total assets 596,293 555,977
Long-term liabilities 320,706 301,173
Total equity 211,742 200,247
As at March 31, 2010, our Restricted Group had cash and cash equivalents of EURO26.1 million, working capital of EURO76.1 million and approximately EURO38.1 million in available undrawn lines of credit.
Earnings Release Call
In conjunction with this release, Mercer International Inc. will host a conference call, which will be simultaneously broadcast live over the Internet. Management will host the call, which is scheduled for Tuesday, May 4, 2010 at 10:00 AM (Eastern Daylight Time). Listeners can access the conference call live and archived through June 4, 2010, over the Internet at http://investor.shareholder.com/media/eventdetail.cfm?mediaid=41978&c=MERC&mediakey=D8E8F25804804300C11FC37D8C9B5C8B&e=0 or through a link on the Company's News/Financial page at http://www.mercerint.com/s/NewsReleases.asp. Please allow 15 minutes prior to the call to visit the site and download and install any necessary audio software. A replay of this call will be available approximately two hours after the live call ends until May 11, 2010 at 11:59 PM (Eastern Daylight Time). The replay number is (800) 642-1687 for domestic callers or (706) 645-9291 for international callers, and the passcode is 70315308.
Mercer International Inc. is a global pulp manufacturing company. To obtain further information on the company, please visit its web site at http://www.mercerint.com.
The Mercer International Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5417
The preceding includes forward looking statements which involve known and unknown risks and uncertainties which may cause our actual results in future periods to differ materially from forecasted results. Among those factors which could cause actual results to differ materially are the following: the effects of the current economic and financial turmoil, the highly cyclical nature of our business, raw material costs, our level of indebtedness, competition, foreign exchange and interest rate fluctuations, our use of derivatives, expenditures for capital projects, environmental regulation and compliance, disruptions to our production, market conditions and other risk factors listed from time to time in our SEC reports.
MERCER INTERNATIONAL INC.
CONSOLIDATED BALANCE SHEETS
(In thousands of Euros)
March 31,
2010 December 31,
2009
ASSETS
Current assets
Cash and cash equivalents EURO 48,692 EURO 51,291
Receivables 90,391 71,143
Inventories 81,730 72,629
Prepaid expenses and other 7,568 5,871
Total current assets 228,381 200,934
Long-term assets
Property, plant and equipment 875,897 868,558
Deferred note issuance and other 7,813 8,186
Deferred income tax 3,698 3,426
Note receivable 2,698 2,727
890,106 882,897
Total assets EURO 1,118,487 EURO 1,083,831
LIABILITIES
Current liabilities
Accounts payable and accrued expenses EURO 105,380 EURO 85,185
Pension and other post-retirement benefit obligations 619 567
Debt 23,020 16,032
Total current liabilities 129,019 101,784
Long-term liabilities
Debt 810,366 813,142
Unrealized interest rate derivative losses 59,418 52,873
Pension and other post-retirement benefit obligations 19,740 17,902
Capital leases and other 11,087 12,157
900,611 896,074
Total liabilities 1,029,630 997,858
EQUITY
Shareholders' equity
Share capital 202,939 202,844
Paid-in capital (5,625) (6,082)
Retained earnings (deficit) (104,781) (97,235)
Accumulated other comprehensive income (loss) 30,967 23,695
Total shareholders' equity 123,500 123,222
Noncontrolling interest (deficit) EURO (34,643) EURO (37,249)
Total equity 88,857 85,973
Total liabilities and equity EURO 1,118,487 EURO 1,083,831
MERCER INTERNATIONAL INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands of Euros, except per share data)
Three Months Ended
March 31,
2010 2009
Revenues
Pulp EURO 171,121 EURO 129,033
Energy 9,131 10,539
180,252 139,572
Costs and expenses
Operating costs 140,409 131,997
Operating depreciation and amortization 13,724 13,401
26,119 (5,826)
Selling, general and administrative expenses 8,095 7,145
Sale of emission allowances -- (558)
Operating income (loss) 18,024 (12,413)
Other income (expense)
Interest expense (16,423) (16,549)
Investment income (loss) 94 (3,202)
Foreign exchange gain (loss) on debt (5,231) (4,416)
Gain (loss) on extinguishment of convertible notes (929) --
Gain (loss) on derivative instruments (6,546) (15,013)
Total other income (expense) (29,035) (39,180)
Income (loss) before income taxes (11,011) (51,593)
Income tax benefit (provision)
-- current (204) (49)
-- deferred -- 3,031
Net income (loss) (11,215) (48,611)
Less: net loss (income) attributable to noncontrolling interest 3,669 9,261
Net income (loss) attributable to common shareholders (7,546) (39,350)
Retained earnings (deficit), beginning of period (97,235) (35,046)
Retained earnings (deficit), end of period EURO (104,781) EURO (74,396)
Net income (loss) per share attributable to common shareholders
Basic EURO (0.21) EURO (1.08)
Diluted EURO (0.21) EURO (1.08)
MERCER INTERNATIONAL INC.
RESTRICTED GROUP SUPPLEMENTAL DISCLOSURE
Combined Condensed Balance Sheet
(In thousands of Euros)
The terms of the indenture governing our 9.25% senior unsecured notes require that we provide the results of operations and financial condition of Mercer International Inc. and our restricted subsidiaries under the indenture, collectively referred to as the "Restricted Group". As at and during the three months ended March 31, 2010 and 2009, the Restricted Group was comprised of Mercer International Inc., certain holding subsidiaries and our Rosenthal and Celgar mills. The Restricted Group excludes the Stendal mill.
March 31, 2010
Restricted
Group Unrestricted
Subsidiaries
Eliminations Consolidated
Group
ASSETS
Current assets
Cash and cash equivalents EURO 26,083 EURO 22,609 EURO -- EURO 48,692
Receivables 53,074 37,317 -- 90,391
Inventories 56,932 24,798 -- 81,730
Prepaid expenses and other 3,872 3,696 -- 7,568
Total current assets 139,961 88,420 -- 228,381
Property, plant and equipment 375,279 500,618 -- 875,897
Deferred note issuance and other 3,170 4,643 -- 7,813
Deferred income tax 3,698 -- -- 3,698
Due from unrestricted group 71,487 -- (71,487) --
Note receivable 2,698 -- -- 2,698
Total assets EURO 596,293 EURO 593,681 EURO (71,487) EURO 1,118,487
LIABILITIES
Current liabilities
Accounts payable and accrued expenses EURO 60,456 EURO 44,924 EURO -- EURO 105,380
Pension and other post-retirement benefit
obligations 619 -- -- 619
Debt 2,770 20,250 -- 23,020
Total current liabilities 63,845 65,174 -- 129,019
Debt 294,248 516,118 -- 810,366
Due to restricted group -- 71,487 (71,487) --
Unrealized interest rate derivative losses -- 59,418 -- 59,418
Pension and other post-retirement benefit
obligations 19,740 -- -- 19,740
Capital leases and other 6,718 4,369 -- 11,087
Total liabilities 384,551 716,566 (71,487) 1,029,630
EQUITY
Total shareholders' equity (deficit) 211,742 (88,242) -- 123,500
Noncontrolling interest (deficit) -- (34,643) -- (34,643)
Total liabilities and equity EURO 596,293 EURO 593,681 EURO (71,487) EURO 1,118,487
MERCER INTERNATIONAL INC.
RESTRICTED GROUP SUPPLEMENTAL DISCLOSURE
Combined Condensed Balance Sheet
(In thousands of Euros)
December 31, 2009
Restricted
Group Unrestricted
Subsidiaries
Eliminations Consolidated
Group
ASSETS
Current assets
Cash and cash equivalents EURO 20,635 EURO 30,656 EURO -- EURO 51,291
Receivables 34,588 36,555 -- 71,143
Inventories 52,897 19,732 -- 72,629
Prepaid expenses and other 3,452 2,419 -- 5,871
Total current assets 111,572 89,362 -- 200,934
Property, plant and equipment 362,311 506,247 -- 868,558
Deferred note issuance and other 3,388 4,798 -- 8,186
Deferred income tax 3,426 -- -- 3,426
Due from unrestricted group 72,553 -- (72,553) --
Note receivable 2,727 -- -- 2,727
Total assets EURO 555,977 EURO 600,407 EURO (72,553) EURO 1,083,831
LIABILITIES
Current liabilities
Accounts payable and accrued expenses EURO 51,875 EURO 33,310 EURO -- EURO 85,185
Pension and other post-retirement benefit obligations 567 -- -- 567
Debt 2,115 13,917 -- 16,032
Total current liabilities 54,557 47,227 -- 101,784
Debt 276,604 536,538 -- 813,142
Due to restricted group -- 72,553 (72,553) --
Unrealized interest rate derivative losses -- 52,873 -- 52,873
Pension and other post-retirement benefit obligations 17,902 -- -- 17,902
Capital leases and other 6,667 5,490 -- 12,157
Deferred income tax -- -- -- --
Total liabilities 355,730 714,681 (72,553) 997,858
EQUITY
Total shareholders' equity (deficit) 200,247 (77,025) -- 123,222
Noncontrolling interest (deficit) -- (37,249) -- (37,249)
Total liabilities and equity EURO 555,977 EURO 600,407 EURO (72,553) EURO 1,083,831
MERCER INTERNATIONAL INC.
RESTRICTED GROUP SUPPLEMENTAL DISCLOSURE
Combined Condensed Statements of Operations
(In thousands of Euros)
Three Months Ended March 31, 2010
Restricted
Group Unrestricted
Subsidiaries
Eliminations Consolidated
Group
Revenues
Pulp EURO 106,417 EURO 64,704 EURO -- EURO 171,121
Energy 3,375 5,756 -- 9,131
109,792 70,460 -- 180,252
Operating costs 78,500 61,909 -- 140,409
Operating depreciation and amortization 7,213 6,511 -- 13,724
Selling, general and administrative expenses and other 8,006 89 -- 8,095
93,719 68,509 -- 162,228
Operating income (loss) 16,073 1,951 -- 18,024
Other income (expense)
Interest expense (7,320) (10,264) 1,161 (16,423)
Investment income (loss) 1,239 16 (1,161) 94
Foreign exchange gain (loss) on debt (5,231) -- -- (5,231)
Gain (loss) on extinguishment of convertible notes (929) -- -- (929)
Gain (loss) on derivative instruments -- (6,546) -- (6,546)
Total other income (expense) (12,241) (16,794) -- (29,035)
Income (loss) before income taxes 3,832 (14,843) -- (11,011)
Income tax benefit (provision) (161) (43) -- (204)
Net income (loss) 3,671 (14,886) -- (11,215)
Less: net loss (income) attributable to noncontrolling interest -- 3,669 -- 3,669
Net income (loss) attributable to common shareholders EURO 3,671 EURO (11,217) EURO -- EURO (7,546)
Three Months Ended March 31, 2009
Restricted
Group Unrestricted
Subsidiaries
Eliminations Consolidated
Group
Revenues
Pulp EURO 75,016 EURO 54,017 EURO -- EURO 129,033
Energy 4,016 6,523 -- 10,539
79,032 60,540 -- 139,572
Operating costs 73,316 58,681 -- 131,997
Operating depreciation and amortization 6,704 6,697 -- 13,401
Selling, general and administrative expenses and other 4,422 2,165 -- 6,587
84,442 67,543 -- 151,985
Operating income (loss) (5,410) (7,003) -- (12,413)
Other income (expense)
Interest expense (7,302) (10,356) 1,109 (16,549)
Investment income (loss) 916 (3,009) (1,109) (3,202)
Foreign exchange gain (loss) on debt (4,416) -- -- (4,416)
Gain (loss) on derivative instruments -- (15,013) -- (15,013)
Total other income (expense) (10,802) (28,378) -- (39,180)
Income (loss) before income taxes (16,212) (35,381) -- (51,593)
Income tax benefit (provision) 208 2,774 -- 2,982
Net income (loss) (16,004) (32,607) -- (48,611)
Less: net loss (income) attributable to noncontrolling interest -- 9,261 -- 9,261
Net income (loss) attributable to common shareholders EURO (16,004) EURO (23,346) EURO -- EURO (39,350)
MERCER INTERNATIONAL INC.
COMPUTATION OF OPERATING EBITDA
(Unaudited)
(In thousands of Euros)
Three Months Ended
March 31,
2010 2009
(in thousands)
Net income (loss) attributable to common shareholders EURO (7,546) EURO (39,350)
Net income (loss) attributable to noncontrolling interest (3,669) (9,261)
Income taxes (benefits) 204 (2,982)
Interest expense 16,423 16,549
Investment (income) loss (94) 3,202
Foreign exchange (gain) loss on debt 5,231 4,416
Loss on extinguishment of convertible notes 929 --
Loss (gain) on derivative instruments 6,546 15,013
Operating income (loss) 18,024 (12,413)
Add: Depreciation and amortization 13,821 13,467
Operating EBITDA(1) EURO 31,845 EURO 1,054
(1) Operating EBITDA does not reflect the impact of a number of items that affect our net income (loss) attributable to common shareholders, including financing costs and the effect of derivative instruments. Operating EBITDA is not a measure of financial performance under accounting principles generally accepted in the United States, and should not be considered as an alternative to net income (loss) attributable to common shareholders or income (loss) from operations as a measure of performance, nor as an alternative to net cash from operating activities as a measure of liquidity. Operating EBITDA has significant limitations as an analytical tool, and should not be considered in isolation, or as a substitute for analysis of our results as reported under GAAP.
COMPUTATION OF RESTRICTED GROUP OPERATING EBITDA
(Unaudited)
(In thousands of Euros)
Three Months Ended
March 31,
2010 2009
(in thousands)
Restricted Group
Net income (loss) attributable to common shareholders(1) EURO 3,671 EURO (16,004)
Income taxes (benefits) 161 (208)
Interest expense 7,320 7,302
Investment (income) loss (1,239) (916)
Foreign exchange (gain) loss on debt 5,231 4,416
Loss on extinguishment of convertible notes 929 --
Operating income (loss) 16,073 (5,410)
Add: Depreciation and amortization 7,310 6,770
Operating EBITDA(2) EURO 23,383 EURO 1,360
(1) For the Restricted Group, net income (loss) attributable to common shareholders and net income (loss) are the same.
(2) Operating EBITDA does not reflect the impact of a number of items that affect our net income (loss) attributable to common shareholders, including financing costs and the effect of derivative instruments. Operating EBITDA is not a measure of financial performance under accounting principles generally accepted in the United States, and should not be considered as an alternative to net income (loss) attributable to common shareholders or income (loss) from operations as a measure of performance, nor as an alternative to net cash from operating activities as a measure of liquidity. Operating EBITDA has significant limitations as an analytical tool, and should not be considered in isolation, or as a substitute for analysis of our results as reported under GAAP.
Tembec TMB.TO earnings
http://finance.yahoo.com/news/Tembec-reports-financial-cnw-1338173408.html?x=0&.v=1
Tembec reports financial results for its second quarter ended
Press Release Source: TEMBEC On Wednesday April 28, 2010, 9:05 am
MONTREAL, April 28 /CNW Telbec/ - Consolidated sales for the three-month period ended March 27, 2010 were $476 million, up from $417 million in the comparable period of the prior year. The Company generated nil net earnings in the March 2010 quarter compared to a net loss of $99 million or $0.99 per share in the March 2009 quarter. Earnings before non-recurring items, interest, income taxes, depreciation, amortization and other non-operating expenses (EBITDA) was $32 million for the three-month period ended March 27, 2010, as compared to negative EBITDA of $63 million a year ago and EBITDA of $4 million in the prior quarter.
Business Segment Results
------------------------
The Forest Products segment generated negative EBITDA of $3 million on
sales of $100 million. This compares to negative EBITDA of $8 million on sales
of $95 million in the prior quarter. Sales increased by $5 million due to
higher prices for SPF lumber. Demand for SPF lumber remained relatively weak
with shipments equal to 44% of capacity, unchanged from the prior quarter. US
$ reference prices for random lumber increased by approximately US $55 per mbf
while stud lumber increased by US $53 per mbf. Currency had a negative effect
on pricing as the Canadian dollar averaged US $0.960, a 2% increase from US
$0.945 in the prior quarter. The net price effect was an increase in EBITDA of
$5 million or $28 per mbf. Sawmill costs were relatively unchanged from the
prior quarter. During the March quarter, the Company recorded a favourable
adjustment of $4 million on the carrying values of log and lumber inventories.
In the prior quarter, the Company recorded a favourable adjustment of $5
million related to the carrying values of logs and lumber inventories. During
the March quarter, the Company incurred $3 million of lumber export taxes, up
from $2 million in the prior quarter. Lumber export taxes are payable based on
the 2006 agreement between Canada and the United States. Applicable export tax
rates may vary based upon selling prices. During the March quarter, the
Company incurred a tax of 15% on U.S. shipments, unchanged from the prior
quarter.
The Pulp segment generated EBITDA of $41 million on sales of $311 million for the quarter ended March 2010 compared to EBITDA of $17 million on sales of $256 million in the prior quarter. Sales increased by $55 million primarily as a result of higher volumes and selling prices. During the most recent quarter, shipments were equal to 80% of capacity, as compared to 69% in the prior quarter. Shipments in the most recent quarter benefitted from the re-start of the Chetwynd, BC high-yield pulp mill in late January. The facility shipped 21,000 tonnes in the quarter and shipments will increase in the upcoming period as the mill reaches its run rate of approximately 55,000 tonnes per quarter. During the March quarter, the Company incurred 11,600 tonnes of market related downtime and 9,600 tonnes of maintenance downtime. This was less than in the prior quarter which included 55,600 tonnes of market related downtime and 15,900 tonnes of maintenance downtime. US $ reference prices increased by US $60-$75 per tonne over the prior quarter, as pulp markets continued to improve. Currency had a negative effect on pricing as the Canadian dollar strengthened versus the US dollar. The net price effect was an increase of $43 per tonne, improving EBITDA by $17 million. Costs declined by $7 million mainly due to a more favourable exchange rate being applied to the euro costs of the three French pulp mills. Inventories were at 22 days of supply at the end of March 2010, as compared to 19 days at the end of December 2009.
The Paper segment generated negative EBITDA of $5 million on sales of $77 million. This compares to negative EBITDA of $2 million on sales of $79 million in the prior quarter. The $2 million decline in sales was driven by lower prices. During the most recent quarter, newsprint shipments were equal to 44% of capacity, as compared to 43% in the prior quarter. As a result of the continued weak demand for newsprint, the Company undertook significant production curtailments. The Company incurred 68,300 tonnes of market related downtime and 600 tonnes of maintenance downtime in the most recent quarter. The Pine Falls, Manitoba, newsprint facility was idle for the entire quarter. One of the three newsprint machines at the Kapuskasing newsprint mill was also idle for the entire quarter. In the prior quarter, the Company incurred 68,300 tonnes of market related downtime and 3,800 tonnes of maintenance downtime. The US $ reference price for newsprint increased by US $48 per tonne while the reference price for coated bleached board was unchanged. Currency negatively impacted pricing as the Canadian dollar strengthened versus the US dollar. As well, because the Company had declined orders at the lower prices of the prior two quarters, the impact of the US $ price increase was mitigated. The combined impact on Canadian $ pricing was a reduction of $3 million in EBITDA. Manufacturing costs were relatively unchanged from the prior quarter.
Liquidity
---------
At the end of March 2010, the Company had net cash of $43 million plus
unused operating lines of $95 million. In response to the challenging
conditions facing the forest products industry, the Company has developed a
focused list of initiatives that should generate approximately $100 million of
incremental liquidity. As of the date of this report, $35 million has been
achieved.
Outlook
-------
The March quarterly EBITDA of $32 million was a significant improvement
over the prior quarter and well ahead of the Company's performance in fiscal
2009. The improvement occurred in spite of the strengthening Canadian dollar
and very poor newsprint prices. The Company continued with selective
production curtailments to manage and reduce inventories. Recent improvements
in lumber prices have been mainly driven by supply constraints rather than an
improvement in demand. It is anticipated this situation will continue in the
near term. An improvement in U.S. housing starts will be required to support
more robust lumber prices. Paper pulp markets, which had good market
fundamentals, have surged since the earthquake in Chile and its impact on
global paper pulp supply. Specialty and dissolving pulp markets are also
enjoying favourable market fundamentals. Strong prices are expected for both
of the Company's pulp businesses in the upcoming quarters. The recently
announced newsprint price increases should be gradually implemented. The
newsprint segment is under pressure as producers struggle with relatively poor
pricing and declining demand. The economy and general business conditions
continue to improve. However, the magnitude of the decline experienced in 2009
will require several more quarters before we see a more robust economic
recovery. Even though operating cash flow has significantly improved, the
Company continues to place major emphasis on activities to enhance liquidity.
A number of initiatives have been launched with the target to raise a further
$65 million over the next 12 months. This is in addition to the sale of the
two French paper pulp mills. On April 19, 2010 the Company announced that it
had signed an agreement to sell the mills for total consideration of
approximately 100 million euros, including a 66 million euros cash component.
Closing of the sale is expected in early May 2010. With the resulting increase
in liquidity and improved balance sheet, combined with higher EBITDA margins,
the Company will be well positioned to generate improved returns for its
investors.
AUMN / AUM.TO (previously GDMN.pk)
At last.
--
http://finance.yahoo.com/news/Golden-Minerals-Company-iw-2079469330.html?x=0&.v=1
GOLDEN, CO--(Marketwire - 03/19/10) - Golden Minerals Company (TSX:AUM - News) ("Golden Minerals" or "the Company") today announced the pricing of its public offering of 4,000,000 shares of common stock at a price of US$8.50 per share. A total of 3,652,234 shares are being offered by the Company and a total of 347,766 shares are being offered by a selling stockholder. Moreover, the Company's largest stockholder, The Sentient Group, has exercised its existing pre-emptive right and agreed to purchase in a private offering pursuant to Regulation S under the U.S. Securities Act of 1933, an additional 905,065 shares of common stock at the public offering price of US$8.50 per share, for a total of 4,905,065 shares sold. The total gross proceeds from the offering and the sale of shares to Sentient will be approximately US$41.7 million, including amounts for the account of the selling stockholder. In addition, for up to 30 days, Golden Minerals has granted the underwriters the right to purchase up to an additional 600,000 shares of common stock from the Company to cover over-allotments, which, if exercised, would entitle Sentient to purchase up to an additional 148,686 shares.
Golden Minerals also announced that it has been authorized to list its common stock on the NYSE AMEX. Shares of the Company's common stock will commence trading on the NYSE AMEX on March 19, 2010 under the symbol "AUMN." The Company's listing on the Toronto Stock Exchange is unaffected by today's announcement.
Dahlman Rose & Company and Canaccord Financial Ltd. acted as joint book-running managers for the offering, and Rodman & Renshaw, LLC acted as a co-manager in the offering.
The U.S. registration statement for Golden Minerals relating to these securities was declared effective by the Securities and Exchange Commission on March 18, 2010 and a final Canadian long form prospectus has also been filed with the Ontario Securities Commission. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, and there shall not be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Any offer or sale will be made only by means of a written prospectus forming part of the effective U.S. registration statement or by means of the Canadian long form prospectus. A copy of the final U.S. prospectus relating to these securities may be obtained, when available, from Dahlman Rose & Company, LLC, Attn: Prospectus Dept., 142 West 57th Street, 18th Floor, New York, NY 10019, telephone (212) 702-4521 or email ECM@dahlmanrose.com. A copy of the Canadian long form prospectus relating to these securities may be obtained, when available, from Canaccord Financial Ltd., 161 Bay St Suite 3000, Toronto, ON Canada M5J 2S1, Attention: Amy Patel, telephone 416 869-3052 or email ecm@canaccordadams.com.
About Golden Minerals
blah blah blah.
TMB.TO & debts, bonds.
He, same here. FYI & FWIW, while some like TMB.TO for its stock, others like it for their debts.. Just found this in my rss feed this morning.
http://www.distressed-debt-investing.com/2010/03/distressed-debt-investing-tembec.html
TMB.TO an insider buy got filed yesterday. 11000 shares acquired on March 5th.
http://www.canadianinsider.com/coReport/allTransactions.php?ticker=tmb
http://www.tembec.com/public/A-propos-de/Vice-presidents-corporatifs/mahendra_patel.html
things are looking good.
NHC.TO
More love coming their way.
--
http://finance.yahoo.com/news/Northstar-Healthcare-Inc-TSX-prnews-417191591.html?x=0&.v=1
Northstar Healthcare, Inc. (TSX: NHC) Subsidiary Sued for $2.4 Million in Breach of Contract Claim
Press Release Source: Michael P. Fleming On Monday March 15, 2010, 12:32 am EDT
HOUSTON, March 15 /PRNewswire/ -- Lake Breeze Surgical Affiliates, P.A., one of approximately 100 physician owned entities that are contracted to provide surgical services at Northstar Healthcare Inc.'s (TSX:NHC.to - News) subsidiary, Palladium for Surgery – Houston, Ltd. ("Palladium"), has sued Palladium stating that Palladium's management, Northstar, has failed to comply with the terms of its contract with Lake Breeze Surgical Affiliates, P.A.
CAUSE NO. 2010-16562
LAKE BREEZE SURGICAL AFFILIATES, P.A.,
IN THE DISTRICT COURT OF
Plaintiff,
HARRIS COUNTY, TEXAS
v.
THE PALLADIUM FOR SURGERY – HOUSTON, LTD.,
Defendant.
129th JUDICIAL DISTRICT
PLAINTIFF'S ORIGINAL PETITION
TO THE HONORABLE JUDGE OF SAID COURT:
Lake Breeze Surgical Affiliates, P.A., plaintiff in the abovestyled and numbered cause, files this complaint about Defendant, The Palladium for Surgery – Houston, Ltd., a Texas limited partnership.
I. DISCOVERY LEVEL
1. Plaintiff intends to conduct discovery under Rule 190.4 (Level 3) of the Texas Rules of Civil Procedure.
II. PARTIES
2. Plaintiff is a professional association organized and existing under the laws of Texas.
3. Defendant The Palladium for Surgery – Houston, Ltd., a Texas limited partnership and may be served with process and this petition through its registered agent, Kenneth Klein, at its registered office located at 4120 Southwest Freeway, Suite 200, Houston, Harris County, Texas, 77027.
III. REQUESTS FOR DISCLOSURE
4. Pursuant to Rule 194, you are requested to disclose, within 50 days of service of this request, the information or material described in Rule 194.2.
IV. VENUE AND JURISDICTION
5. This matter is within the jurisdictional limits of this Court.
6. Venue is proper in Harris County, Texas because all or a substantial part of the events or omissions giving rise to the claim occurred in Harris County, and the Defendant maintains its principal office within Harris County. Tex. Civ. Prac. & Rem. Code 15.001, 15.002.
V. FACTUAL BACKGROUND
7. Plaintiff's principal, Dr. Roy Lewis, is an otolaryngology ("ENT") surgeon who maintains his practice in the Houston area. During his career, Dr. Lewis has practiced at a number of clinics, including The Palladium for Surgery—Houston ("Palladium"), an ambulatory surgery center ("ASC") in Houston owned and managed by Defendant.
8. ASCs have become popular in recent years, as they provide patients with an alternative to traditional inpatient facilities, such as large hospitals. Indeed, there are approximately 400 ASCs currently operating in Texas alone. Like traditional hospitals, ASCs are licensed and regulated by the state, and provide facilities for a wide variety of surgical procedures. Physicians at Palladium, for example, perform surgeries in fields such as orthopedics, pain management, and ENT. There are approximately 100 such physicians on staff. However, ASCs perform outpatient procedures exclusively, and do not provide overnight care. As a result of Palladium's focus on outpatient treatment, its patients are typically discharged within hours of their surgeries.
9. Dr. Lewis, as principal of Plaintiff, began practicing at Palladium in approximately 2007. Because Plaintiff's practice did not employ staff to handle billing and collection matters, it entered into a contract with Defendant.
10. Under the terms of the Billing Services Agreement, Plaintiff appointed Defendant as its agent and attorney-in-fact to bill for Plaintiff's services and to collect debts owed to it from insurers and/or patients. As part of the Billing Services Agreement, Defendant agreed that it would use its best efforts to collect all surgery fees charged by Plaintiff for Dr. Lewis' work at Defendant's surgical facility.
11. Defendant, however, failed to employ its best efforts to collect on debts owed to Plaintiff. To the contrary, shortly after May 2007, Defendant began engaging in a practice of quickly writing-off debts owed to Plaintiff.
12. Specifically, after Defendant's initial efforts to collect money owed to Plaintiff failed, Defendant refused to escalate its efforts. Often within weeks or even days of Plaintiff's initial invoices being sent, Defendant ceased its collection efforts and instead declared Plaintiff's debts to be uncollectible, thus removing them from the company's balance sheet. These write-offs were made in spite of the fact that in numerous cases, Defendant had received next to no reimbursement from health insurers and/or patients.
13. For example, in 2008, Defendant wrote-off nearly $94,000 of an approximately $97,000 invoice that was barely three months old. Again in 2008, Defendant wrote-off a $73,000 debt that was six weeks old after receiving less than $500. Finally, in 2007, Defendant wrote-off a nearly $70,000 invoice immediately after receiving less than $300 in payment.
14. The aforementioned examples merely reflect a small portion of Plaintiff's invoices that were written-off by Defendant. In the period from June 2007-June 2009, Defendant wrote-off nearly $2.4 million that was owed to Dr. Lewis.
15. Writing-off these debts was to the obvious detriment of Plaintiff, as it was unable to be properly reimbursed for surgeries that Dr. Lewis performed. However, writing-off Plaintiff's debt was highly beneficial to Defendant as the write-offs spared Defendant from certain taxes and made its business appear healthier than it actually was.
VI. CAUSES OF ACTION
First Cause of Action – Breach of Contract
16. Plaintiff repeats and realleges each allegation set forth herein.
17. Plaintiff and Defendant are parties to a Billing Services Agreement.
18. Under the terms of the Billing Services Agreement, Defendant was obligated to use its best efforts to bill and collect debts on Plaintiff's behalf for surgical procedures performed by Dr. Lewis.
19. Plaintiff has performed as required under the terms of the Billing Services Agreement.
20. Defendant, however, failed to use its best efforts to collect debts owed to Plaintiff. Instead, often within days or weeks of sending an initial invoice, Defendant wrote-off Plaintiff's invoices without collecting more than pennies on the dollar.
21. In material breach of the Billing Services Agreement, Defendant wrote-off nearly $2.4 million of Plaintiff's invoices, to the detriment of Plaintiff.
22. As a result of Defendant's breach of contract, the Plaintiff has been damaged in an amount within the jurisdictional limits of this Court for which amount the Plaintiff sues.
Second Cause of Action – Breach of Fiduciary Duty
23. Plaintiff repeats and realleges each allegation set forth herein.
24. Plaintiff and Defendant are parties to the Billing Services Agreement.
25. The Billing Services Agreement establishes Defendant as Plaintiff's agent and attorney-in-fact with respect to billing and collecting for surgical services provided by Plaintiff at Palladium. Defendant is therefore a fiduciary to Plaintiff.
26. On information and belief, in order to make its business appear healthier than it actually was, Defendant deliberately engaged in a practice of writing-off debts that were not repaid immediately.
27. As a result of Defendant's blatant self-dealing, Plaintiff failed to recover nearly $2.4 million that he had invoiced insurers and/or patients for surgical procedures he had performed.
28. On account of the aforementioned actions, Defendant has breached its duties of loyalty, good faith, and care owed to Plaintiff.
29. As a result of Defendant's breach of its fiduciary duties, the Plaintiff has been damaged in an amount within the jurisdictional limits of this Court for which amount the Plaintiff sues.
30. Accordingly, and in addition to his actual damages, the Plaintiff is also entitled to exemplary damages for such breach for which amount the Plaintiff hereby sues.
VII. PRAYER
WHEREFORE, Plaintiff requests that Defendant be cited to appear and answer, and that on final trial, Plaintiff have the following:
(1) All actual and exemplary damages for breach of contract and breach of fiduciary duty.
(2) Cost of suit and attorneys' fees.
(3) Such other and further relief as may be appropriate in the circumstances.
Respectfully submitted,
MICHAEL P. FLEMING & ASSOCIATES, P.C.
By:_/s/ Michael P. Fleming___________________
Michael P. Fleming
State Bar No. 07130600
Pamela S. England
State Bar No. 24058323
440 Louisiana Street, Suite 1920
Houston, Texas 77002
713-221-6800
713-221-6806 (Fax)
MERC
Hi cl001,
thanks for the heads-up. Quick questions related to this whole pulp situation and MERC in particular:
- have you been able to access the various reports available at risiinfo.com:
http://www.risiinfo.com/portal/content/chile-earthquake-coverage.html
and this one in particular:
http://www.risiinfo.com/pulp-paper/news/Earthquake-in-Chile-shuts-pulp-capacity-likely-to-extend-global-pricing-run.html
- do you know how MERC got to the realized price from the WP future prices? Is the discount due to the quality of the pulp produced?
- it's interesting to note that without the 10M from their energy production, they would have realized an operating loss in Q4'09. The good news is that they will be getting an extra C$20-25M (14+M euros) when they start producing energy at Celgar Mill in September. Should reflect in Q4'10.
- do you understand their use of derivatives? It seems to have accounted for substantial losses in previous quarters.
- do you have any EPS or operating income projection for Q1/Q2 '10? Hopefully Q1 will be improved, but Q2 should definitely be better.
The story looks good, and I wouldn't be surprised to see a double if not more by EOY. I've initiated a position and will be looking to add more if the pps goes down a bit in the coming weeks (it's already had quite a run in 2010).
Any comment appreciated.
Thanks,
-M
NHC.TO
Interestingly, there were some insider buys recently, on 2/26 and 03/02.
--
http://www.newswire.ca/en/releases/archive/March2010/04/c6573.html
Statement from Northstar Healthcare
TORONTO and HOUSTON, March 4 /CNW/ - Northstar Healthcare Inc. (TSX:NHC) today responded to a March 1, 2010 news release about the performance of Palladium for Surgery - Houston. The release was issued on behalf of Mr. Brad Kovnat, who owns less than one half of one percent of the equity in the Palladium Partnership.
Northstar said that it expects to announce its financial results for the fourth quarter and year ended December 31, 2009 in the week of March 8th, in accordance with regulatory disclosure requirements. Public discussion of the Company's results is only appropriate on or after that date.
Northstar reiterated its statement in a news release, dated February 18 2010, that it believes Mr. Kovnat's claim is meritless and is subject to binding arbitration. Northstar intends to move to dismiss the lawsuit and ask the court to refer the matter to binding arbitration.
NHC.TO
And now, this. What forecast is he alluding to?
http://www.newswire.ca/en/releases/archive/March2010/01/c5894.html
Northstar Management Forecasts a Loss of $1.2 Million for 2010 at Its Palladium for Surgery -- Houston, Ltd. Centre
HOUSTON, March 1 /CNW/ -- Despite Northstar management's recent claim that Mr. Kovnat's petition was frivolous; the same management team has just forecast a $1.2 million loss for 2010 at the Palladium for Surgery -- Houston, Ltd. ("Palladium"). Northstar, following its announcement of a deal with United Healthcare, Inc. late last fall, claimed that although the per case revenue would go down, the volume of cases was expected to increase dramatically. At the time, Palladium was handling approximately 225 cases per month. Northstar's forecast, issued just last week, is based on just 75 cases per month at Palladium. The real numbers for January and February 2010 were in fact significantly lower. Paragraph 16 of Mr. Kovnat's petition was revised to add the following:
"...Indeed, Palladium's management projects that in spite of these drastic cuts, 2010 revenues will plunge by more than 70% compared to 2009, and Palladium will lose over $1.2 million in 2010."
Contact: Craig Smyser, +1-713-221-2330, for Brad Kovnat
For further information: Craig Smyser, +1-713-221-2330, for Brad Kovnat
FWIW, just got a reply from an inquiry sent to info@northstar-healthcare.com:
"We will be responding to Mr. Kovnat's news release today."
Let's see.
-M
DOW: 9760 OIL: 92.5 GOLD: 1145
jmdutton report available:
http://www.jmdutton.com/research/nxxi/reports/nxxi_report_051606.pdf
CNR: is it interesting at this price?
Hi, CNR has lost 60% of its value since its all time high of 2
months ago. Do any of you think it's an opportunity at this price?
Other thoughts? Thanks!
-tt, new on IH
CNR: opinions?
Folks, I noticed that CNR dropped quite a bit from it's all time
high of 2 months ago. It looks attractive at this price but was
wondering if you guys had any opinions about it? Thanks so much,
-ttr, new to this board.