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Cloud Peak Energy Inc. (CLD) SEC Filing 10-Q Quarterly report for the period ending Sunday, September 30, 2018

Cloud Peak Energy Inc.

CIK: 1441849 Ticker: CLD

Exhibit 99.1

 

 

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.

 


The following information was filed by Cloud Peak Energy Inc. (CLD) on Thursday, October 25, 2018 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Cloud Peak Energy Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Operations And Comprehensive Income
Accounting Policies And Standards Update
Accounting Policies And Standards Update (Details)
Accounting Policies And Standards Update (Tables)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) (Details 1)
Accumulated Other Comprehensive Income (Loss) (Details)
Accumulated Other Comprehensive Income (Loss) (Tables)
Commitments And Contingencies
Commitments And Contingencies (Details 1)
Commitments And Contingencies (Details 2)
Commitments And Contingencies (Details 3)
Commitments And Contingencies (Tables)
Derivative Financial Instruments
Derivative Financial Instruments (Details)
Derivatives Financial Instruments (Tables)
Earnings (Loss) Per Share
Earnings (Loss) Per Share (Details)
Earnings (Loss) Per Share (Tables)
Equity Method Investments
Equity Method Investments (Details)
Equity Method Investments (Tables)
Equity-Based Compensation
Equity-Based Compensation (Details)
Equity-Based Compensation (Tables)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (Details)
Fair Value Of Financial Instruments (Tables)
Income Taxes
Income Taxes (Details)
Interest Expense
Interest Expense (Details)
Interest Expense (Tables)
Inventories (Details)
Inventories (Tables)
Inventories, Net
Organization And Business
Organization And Business (Details)
Other Obligations
Other Obligations (Details 1)
Other Obligations (Details)
Other Obligations (Tables)
Postretirement Medical Plan
Postretirement Medical Plan (Details)
Postretirement Medical Plan (Tables)
Revenue
Revenue (Details 1)
Revenue (Details 2)
Revenue (Details 3)
Revenue (Details 4)
Revenue (Details)
Revenue (Tables)
Segement Information (Details 2)
Segement Information (Details)
Segment Information
Segment Information (Tables)
Senior Notes And Equity
Senior Notes And Equity (Details 1)
Senior Notes And Equity (Details)
Senior Notes And Equity (Tables)
Supplemental Cash Flow Information
Supplemental Cash Flow Information (Details)
Supplemental Cash Flow Information (Tables)
Supplemental Guarantor/Non-Guarantor Financial Information
Supplemental Guarantor/Non-Guarantor Financial Information (Details 1)
Supplemental Guarantor/Non-Guarantor Financial Information (Details 2)
Supplemental Guarantor/Non-Guarantor Financial Information (Details 3)
Supplemental Guarantor/Non-Guarantor Financial Information (Tables)
Transportation Agreements
Transportation Agreements (Details 1)
Transportation Agreements (Details)
Transportation Agreements (Tables)
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

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