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PRESS RELEASE
October 25, 2018
CLOUD PEAK ENERGY INC. ANNOUNCES RESULTS
FOR THIRD QUARTER AND FIRST NINE MONTHS OF 2018
Gillette, Wyo. (BUSINESSWIRE) Cloud Peak Energy Inc. (NYSE:CLD), one of the largest U.S. coal producers and the only pure-play Powder River Basin (PRB) coal company, today announced results for the third quarter and first nine months of 2018.
Colin Marshall, President and Chief Executive Officer, commented, Third quarter shipments from our Antelope Mine were reduced due to significant ongoing spoil failures that started in mid-August related to the rain in the second quarter. The spoil failures will reduce fourth quarter shipments as pre-stripping was delayed when equipment was diverted to deal with them. We are working with our customers to move Antelope tons to our other mines or into 2019 where possible. Exports went very well during the quarter, though the recent drop in the Kalimantan price index will reduce fourth quarter logistics earnings. Our third quarter results included a one-time, non-cash gain of $19.5 million relating to the winding up of our postretirement medical plan that should be considered when assessing our financial performance.
Third Quarter Highlights
· Shipments were 13.1 million tons during the third quarter of 2018 compared to 15.5 million tons for the third quarter of 2017. Lower shipments resulted primarily from our Antelope Mine as work continued to mitigate significant mid-August spoil failures resulting from heavy rains in the second quarter.
· Exported 1.5 million tons during the third quarter of 2018 at prices higher than those realized in 2017 and have contracted 4.9 million tons for 2018 delivery. As previously announced, we have amended and extended the existing Westshore throughput agreement to increase annual capacity from 5.5 million tons to 10.5 million tons in 2021 and 2022.
· Announced the termination of our postretirement medical plan, which reduced our liability by approximately $25 million. A non-cash gain of $19.5 million is reflected in net income and Adjusted EBITDA for the third quarter of 2018. An additional non-cash gain of $8.2 million will be released ratably through the plan termination date of December 31, 2019.
· Net income was $12.7 million for the third quarter of 2018 compared with net income of $2.6 million during the third quarter of 2017. Adjusted EBITDA was $40.7 million during the third quarter of 2018 compared to $36.0 million for the third quarter of 2017. Both net income (loss) and Adjusted EBITDA for 2018 include the $19.5 million non-cash gain noted above. In addition, the third quarter results include our quarterly mark-to-market adjustments for certain performance share units, which resulted in a $5.3 million non-cash gain during the quarter.
· The lower operational results in the third quarter of 2018 further compressed our availability under our Credit Agreement, and we ended the quarter with liquidity of $131.6 million, of which $109.5 million was cash and cash equivalents.
· Cost reduction efforts continued with the announced move of our corporate headquarters to an existing structure at our Cordero Rojo Mine scheduled to be completed by year end.
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Additional triggering events could include, but are not limited to, an impairment of coal reserves caused by continued declines in coal prices, increasing costs of production, or regulatory changes that adversely impact coal-fired electricity generation.
67 The following tables present a reconciliation of consolidated Net income (loss) to consolidated Adjusted EBITDA, consolidated Net income (loss) to consolidated Operating income (loss), and segment Operating income (loss) to segment Adjusted EBITDA (in millions): Adjusted EBITDA (1) Includes a non-cash gain on the termination of our postretirement medical plan of $19.5 million for the three and nine months ended September 30, 2018.
The adoption, which required certain postretirement benefit costs to be relocated out of Operating income (loss), decreased Other expense by $1.6 million from what was previously reported for the three months ended September 30, 2017.
The adoption, which required certain postretirement benefit costs to be relocated out of Operating income (loss), decreased Other expense by $3.2 million from what was previously reported for the nine months ended September 30, 2017.
54 Logistics and Related Activities Segment Revenue increased for the three months ended September 30, 2018 compared to the same period in 2017 primarily due to an improved export market.
Logistics and Related Activities Segment...Read more
Lower coal prices and lower...Read more
61 Other Income (Expense) The...Read more
68 Adjusted EBITDA by Segment...Read more
Core Business Operations Our key...Read more
See Note 15 for a...Read more
See Note 15 for a...Read more
The adoption, which required certain...Read more
The adoption, which required certain...Read more
If prices and demand decline,...Read more
The decrease in SG&A; costs...Read more
Additionally, a further decrease in...Read more
51 Logistics and Related Activities...Read more
Lower coal prices may result...Read more
Excluding this non-cash gain, Adjusted...Read more
Excluding this non-cash gain, Adjusted...Read more
Because not all companies use...Read more
Upon the execution of the...Read more
(2) The Owned and Operated...Read more
The decrease was primarily related...Read more
The primary reason for this...Read more
A quantitative reconciliation of Net...Read more
A quantitative reconciliation of Net...Read more
Cash used in financing activities...Read more
SG&A; decreased due to lower...Read more
There were no borrowings outstanding...Read more
Cost of product sold and...Read more
Our management recognizes that using...Read more
Three Months Ended September 30,...Read more
57 Nine Months Ended September...Read more
The cash flow model that...Read more
In addition, labor costs decreased...Read more
In addition, labor costs decreased...Read more
In addition, interest expense decreased...Read more
A quantitative reconciliation of historical...Read more
The adoption, which required certain...Read more
The adoption, which required certain...Read more
The borrowing capacity is reduced...Read more
Results of Operations Revenue The...Read more
55 Logistics and Related Activities...Read more
Cost of Product Sold The...Read more
59 Cost of Product Sold...Read more
Other Income (Expense) The following...Read more
Demand for coal-generated electric power...Read more
64 Upon the execution of...Read more
Income Tax Provision Our statutory...Read more
Since we announced the JERA...Read more
We have seen strip ratios...Read more
Realized prices on our export...Read more
The specifically identified items that...Read more
We believe declining customer inventories...Read more
A default under the Amended...Read more
Potential for Asset Impairments The...Read more
Adjusted EBITDA represents EBITDA as...Read more
The coal lease will still...Read more
Operating Income (Loss) The following...Read more
60 Operating Income (Loss) The...Read more
See Item 1 "Business-Environmental and...Read more
Our effective tax rate for...Read more
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We recognized a gain of...Read more
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Financial Statements, Disclosures and Schedules
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Ticker: CLD
CIK: 1441849
Form Type: 10-Q Quarterly Report
Accession Number: 0001104659-18-063983
Submitted to the SEC: Thu Oct 25 2018 9:44:19 AM EST
Accepted by the SEC: Fri Oct 26 2018
Period: Sunday, September 30, 2018
Industry: Bituminous Coal And Lignite Surface Mining