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Alpha Natural Resources, Inc. (ANRZQ) SEC Filing 10-K Annual report for the fiscal year ending Friday, December 31, 2010

Alpha Natural Resources, Inc.

CIK: 1301063 Ticker: ANRZQ
Exhibit 99.1

 
Alpha Natural Resources, Inc.
FOR IMMEDIATE RELEASE

Alpha Natural Resources Announces
Results for Fourth Quarter and Full Year 2010

·  
Alpha announced an agreement to acquire Massey Energy Company on January 29th, creating a global leader in metallurgical coal; closing anticipated in mid-year 2011
·  
Record 2010 Adjusted EBITDA from continuing operations $796 million, up 47% from 2009
·  
Income from continuing operations rose 46% to $97 million in 2010
·  
Metallurgical coal revenues increased 70% to a record $1.35 billion in 2010
·  
Liquidity reaches a record $1.8 billion at year end 2010
·  
Alpha updates 2011 guidance and introduces 2012 shipment and average realization guidance

ABINGDON, Va., February 9, 2011—
Alpha Natural Resources, Inc. (NYSE: ANR), a leading U.S. coal producer, reported fourth quarter net income of $10.8 million or $0.09 per diluted share compared to net income of $17.9 million or $0.15 per diluted share in the fourth quarter of 2009.  Alpha reported fourth quarter income from continuing operations of $11.0 million or $0.09 per diluted share compared to income from continuing operations of $20.2 million or $0.17 per diluted share in the fourth quarter of 2009.  Excluding merger related expenses, reversal of certain income tax reserves, and amortization of coal supply agreements, fourth quarter 2010 adjusted income from continuing operations was $32.4 million or $0.27 per diluted share.

Earnings before interest, taxes, depreciation, depletion and amortization (EBITDA) from continuing operations for the fourth quarter 2010 was $154.7 million, compared to $199.1 million in the year ago period.  Excluding merger related expenses, fourth quarter 2010 adjusted EBITDA from continuing operations was $163.4 million.  

  Quarterly Financial & Operating Highlights
(millions, except per-share and per-ton amounts)

 
Q4
2010
 Q4
2009
 
Coal revenues
$876.0
$787.5
     
Income from continuing operations
$11.0
$20.2
     
Income from continuing operations per diluted share
$0.09
$0.17
     
Net income
$10.8
$17.9
     
Net income per diluted share
$0.09
$0.15
     
Adjusted income from continuing operations*
$32.4
$62.1
     
Adjusted income from continuing operations per diluted share*
$0.27
$0.51
     
EBITDA from continuing operations*
$154.7
$199.1
     
Adjusted EBITDA from continuing operations*
$163.4
$193.4
     
Tons of coal sold
22.1
21.3
     
Coal margin per ton
$9.44
$10.12
 
*These are non-GAAP financial measures.  A reconciliation of adjusted income  from continuing operations to income from continuing operations, and a reconciliation of both EBITDA from continuing operations and adjusted EBITDA from continuing operations to income from continuing operations are included in tables accompanying the financial schedules.

 
 
 

The following information was filed by Alpha Natural Resources, Inc. (ANRZQ) on Wednesday, February 9, 2011 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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