Methanex Corporation
1800 - 200 Burrard St.
Vancouver, BC Canada V6C 3M1
Investor Relations: (604) 661-2600
methanex.com
Toll Free: 1-800-661-8851
For further information, contact:
Chris Cook
Manager, Investor Relations
Information in this news release and the attached interim report to shareholders may
contain forward-looking statements. By their nature, such forward-looking statements
involve risks and uncertainties that could cause actual results to differ materially from
those contemplated by the forward-looking statements. They include the ability to
implement business strategies, actions of competitors, conditions in the methanol and
other industries, worldwide economic conditions, and methanol, MTBE and other
chemical demand. Please also refer to p. 40 of Methanex’s 2000 Annual Report for
related information on forward-looking statements.
For immediate release
METHANEX REPORTS IMPROVED FINANCIAL RESULTS FOR FOURTH CONSECUTIVE QUARTER
April 18, 2001
Methanex Corporation reported net income of US$68.8 million (US$0.43 per share) for the first quarter ended
March 31, 2001. The first quarter 2001 results compare to net income of US$65.3 million (US$0.40 per share)
for the fourth quarter 2000 and a net loss of US$9.9 million (US$0.06 per share) for the first quarter 2000.
Earnings before interest, income taxes, depreciation and amortization (EBITDA) was US$122.9 million for the
first quarter 2001, an increase of US$13.4 million compared to the fourth quarter 2000 and an increase of
US$101.8 million compared to the first quarter 2000.
Pierre Choquette, President and CEO of Methanex commented, “The improved financial results are primarily
due to stronger methanol prices partially offset by a decline in sales of Methanex produced product and
significantly higher natural gas costs at our Medicine Hat facility. Our sales volumes in the first quarter 2001
were 100,000 tonnes higher than the fourth quarter 2000. However, sales from our own production in the
first quarter 2001 were 79,000 tonnes below the fourth quarter 2000. The reduction in sales of our own
production was due primarily to a decline in sales in Asia late in the first quarter 2001.”
Mr. Choquette continued, “We expect sales from our low-cost Chilean and New Zealand production
facilities to increase in the second quarter 2001 as a result of our agreement to supply Celanese and
Valero in the U.S. and the shutdown of ICI’s 500,000 tonne per year methanol plant in the U.K. Our
realized price in the first quarter 2001 was US$225 per tonne, up from US$202 per tonne for the fourth quarter
2000. Methanol prices continue to be strong early in the second quarter 2001, with spot prices in the U.S.
currently in the range of US$233 to 236 per tonne (US$0.70 to 0.71 per gallon).”
Mr. Choquette added, “We have excellent financial strength and flexibility. Cash on hand at the end of March
2001 was US$334 million, an increase of approximately US$108 million during the first quarter. We also have
an undrawn US$291 million credit facility.”
During the quarter, Methanex entered into an agreement to supply methanol to Celanese and Valero in the
U.S. for three months beginning April 7, 2001. Celanese shut down its 600,000 tonne methanol plant in Clear
Lake, Texas on April 6, 2001 until mid-July 2001. In addition, ICI in Europe will shut down its 500,000 tonne
facility in late April 2001. Mr. Choquette commented, “Despite a slowdown in global economic activity, the
methanol supply/demand balance remains tight due to the rationalization of high-cost methanol production and
high North American natural gas prices.”
Methanex is a Vancouver based, publicly-traded company engaged in the worldwide production and marketing
of methanol. Methanex shares are listed for trading on the Toronto Stock Exchange in Canada under the
trading symbol “MX” and on the Nasdaq National Market in the United States under the trading symbol
“MEOH.”
A conference call is scheduled for Thursday, April 19 at 11:00 am EDT (8:00 am PDT) to review these first quarter results. To
access to the call, dial the Global Crossing operator ten minutes prior to the start of the call at one of the following two numbers: for
Toronto area callers, dial (416) 641-6690; callers from all other areas, dial toll free (888) 740-0194. There will be a simultaneous
audio-only webcast of the conference call, which can be accessed from our web site at www.methanex.com. A playback version of
the conference call will be available until April 29 at (416) 626-4100 (reservation #16440532).
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