Alpha Natural Resources, Inc.
FOR IMMEDIATE RELEASE

Alpha Natural Resources Caps Record Year With
Significant Increase in Fourth Quarter Coal Revenues

 
·
Coal sales revenues in fourth quarter increase 18% from 2007; margin per ton rises 38%
 
·
Net income for full year reaches new high of $165.5 million, compared with $27.7 million in 2007
 
·
Coal sales volumes of 28.3 million tons for full year nearly match 2007 volumes; metallurgical sales reach new high of 11.9 million tons despite 37% drop in December shipments
 
·
Alpha closes out 2008 with total available liquidity of  $969 million including $676 million in cash and cash equivalents on hand

ABINGDON, Va., Feb. 5, 2009—Alpha Natural Resources, Inc. (NYSE: ANR) reported an 18 percent improvement in fourth quarter coal sales revenues and record financial results for the full year despite a marked contraction in coal demand in the final month of 2008.

For the three months ended Dec. 31, 2008, coal revenues reached $518.8 million, compared with $439.3 million in the fourth quarter of 2007. The company recorded income from continuing operations before income taxes of $11.1 million including net charges in the amount of $26.9 million. After a negative income tax charge in the amount of $20.3 million, Alpha incurred a net loss of $4.2 million or $0.06 per diluted share. The various charges and credits are explained below. Comparably, net income in the fourth quarter of 2007 was $5.7 million, or $0.09 per diluted share.

Earnings from continuing operations before interest, taxes, depreciation, depletion and amortization (EBITDA) for the most recent quarter totaled $57.4 million, compared with $60.0 million in the same period of 2007. A reconciliation of EBITDA from continuing operations to income from continuing operations, the most closely related GAAP measure, is provided in a table included with the accompanying financial schedules.

Results for the quarter ended Dec. 31, 2008 include the following items:

 
·
an unrealized loss of $36.2 million resulting from the change in the fair value of derivative instruments (diesel fuel swaps and put options and forward coal contracts), compared with an unrealized gain of $6.7 million in the comparable period of 2007;
 
·
a charge of $30.2 million related to closure of the Whitetail Kittanning mine complex, which was announced on December 3;
 
·
a charge of $12.3 million for adjustments made to fulfill obligations on a utility coal contract, which was recorded as a reduction of coal revenues;
 
·
an impairment charge of $4.5 million related to Alpha’s equity investment in the Excelven joint venture in Venezuela;
 
·
a net gain of $56.3 million reflecting proceeds less transaction costs from the $70 million payment received from Cliffs Natural Resources Inc. upon termination of its planned merger with Alpha, as reported on Nov. 17;
 
·
an income tax charge of $20.3 million to increase the valuation allowance for deferred tax assets (see “Fourth Quarter Financial Results”).

 
MORE
 
One Alpha Place * P.O. Box 2345 * Abingdon, Virginia 24212 * 866-322-5742 * 276-619-4410 * www.alphanr.com

The following information was filed by Alpha Natural Resources, Inc.Old (ANR) on Thursday, February 5, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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