Exhibit 99.1

 

LOGO    News Release

Contact:

Todd Allen, CFA

Vice President, Investor and Media Relations

410-689-7632

tallen@foundationcoal.com

Foundation Coal Announces Fourth Quarter 2008 Results

 

 

Foundation Coal Reports Record Quarterly Revenues of $456.5 Million

 

 

Record Quarterly Adjusted EBIDTA of $121.3 Million and Record Quarterly Diluted EPS of $0.93

 

 

Record Quarterly Northern Appalachian Shipments of 4.1 Million Tons

 

 

Record Full Year Revenues and Adjusted EBITDA of $1,690.1 Million and $316.4 Million, respectively

 

 

Projecting Record 2009 Financial Performance

LINTHICUM HEIGHTS, Md., February 12, 2009 – Foundation Coal Holdings, Inc. (NYSE:FCL) today reported record fourth quarter 2008 net income of $42.1 million or $0.93 per diluted share, compared to net income of $9.9 million or $0.21 per diluted share in the fourth quarter of 2007. As anticipated, fourth quarter results benefited from strong production in Northern Appalachia due to the operation of two longwalls at the Emerald Mine for a full quarter. Excluding unrealized mark-to-market gains and asset write-downs, net income for the quarter was $40.5 million or $0.89 per diluted share, compared to net income excluding special items of $10.4 million or $0.22 per diluted share last year.

Summary Statistics

($ in millions, except per-share and tonnage amounts)

 

     Quarter Ended
December 31,
2008
   Quarter Ended
December 31,
2007
   Year Ended
December 31,
2008
   Year Ended
December 31,
2007

Coal Sales Revenues

   $450.7    $355.9    $1663.1    $1452.7

Coal Shipments (MM Tons)

   17.8    18.1    70.9    73.6

Net Income

   $42.1    $9.9    $11.5    $32.6

Earnings per Diluted Share

   $0.93    $0.21    $0.25    $0.70

Adjusted EBITDA

   $121.3    $79.3    $316.4    $307.5

Please see EBITDA reconciliation and reconciliation of non-GAAP measures to net income tables included as exhibits to this release.

James F. Roberts, Chairman and Chief Executive Officer, commented, “Fourth quarter results were extremely strong with Foundation generating Adjusted EBITDA of $121.3 million, more than any other quarter in our company’s history. This remarkable performance was driven by record Northern Appalachian shipments of 4.1 million tons attributable to excellent execution at both of our Northern Appalachian mines, especially the Emerald mine where the first full quarter of dual longwall operation provided

 

– More –


The following information was filed by Alpha Natural Resources, Inc. (ANRZQ) on Thursday, February 12, 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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