Exhibit 99.1
 

Alpha Natural Resources, Inc.
FOR IMMEDIATE RELEASE

Alpha Natural Resources Announces
Results for Fourth Quarter and Full Year 2011

·  
Record full year 2011 revenue and adjusted EBITDA from continuing operations of $7.1 billion and $1.21 billion, up 81% and 50%, respectively, from 2010
·  
Committed & priced met coal for 2012 increased by approximately 8 million tons since last update
·  
On track to achieve recurring synergies of $220 million to 260 million annually by mid-year 2013
·  
Announced plans on February 3, 2012 to adjust Eastern production to match anticipated demand
·  
Goodwill impairment charge of $745 million in the fourth quarter of 2011
·  
Available liquidity at December 31st of approximately $1.8 billion

BRISTOL, Va., February 24, 2012—Alpha Natural Resources, Inc. (NYSE: ANR), a leading U.S. coal producer, reported a fourth quarter 2011 net loss of $733.3 million or $3.34 per diluted share compared to net income of $10.8 million or $0.09 per diluted share in the fourth quarter of 2010.  Alpha also reported a fourth quarter loss from continuing operations of $733.3 million, or $3.34 per diluted share, compared to income from continuing operations of $11.0 million, or $0.09 per diluted share, in the fourth quarter of 2010.  Excluding goodwill impairment and other adjustments described in our “Reconciliation of Adjusted Income (Loss) from Continuing Operations to Income (Loss) from Continuing Operations,” the fourth quarter 2011 adjusted loss from continuing operations was $16.0 million, or $0.07 per diluted share.

The Company recorded a $745 million goodwill impairment charge in the fourth quarter of 2011.  This non-cash charge resulted from the Company’s annual goodwill impairment testing required under generally accepted accounting principles and related to the Company’s Eastern Coal Operations reporting segment.  During the fourth quarter, domestic and international coal markets declined as a result of slowing economic activity, fuel switching for electricity generation due to low priced natural gas, and recently effective and anticipated U.S. environmental regulations that discourage the use of coal.  As a result of these changes to the near-term market outlook as well as updated projections of production volumes and cash operating costs, and the Company’s market valuation as of the goodwill testing date, the implied fair value of goodwill at several reporting units was determined to be less than its carrying value, thereby necessitating the impairment charge.  This non-cash charge will not impact the Company’s ongoing business operations nor will it affect liquidity, cash flow from operations or financial covenant compliance for any of the Company’s outstanding debt.

Earnings before interest, taxes, depreciation, depletion and amortization (EBITDA) from continuing operations for the fourth quarter 2011 was a loss of $493.7 million, compared to positive EBITDA of $154.7 million in the year ago period.  Excluding goodwill impairment and other adjustments described in our “Reconciliation of EBITDA from Continuing Operations and Adjusted EBITDA from Continuing Operations to Income (Loss) from Continuing Operations,” the fourth quarter Adjusted EBITDA from continuing operations was $260.8 million. 

 
 

The following information was filed by Alpha Natural Resources, Inc. (ANRZQ) on Friday, February 24, 2012 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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