FOR IMMEDIATE RELEASE
Investor Contact: Mark H. Tubb
Vice President - Investor Relations
813.871.4027
mtubb@walterind.com
Media Contact: Michael A. Monahan
Director - Corporate Communications
813.871.4132
mmonahan@walterind.com

 

 
WALTER INDUSTRIES, INC. ANNOUNCES FOURTH QUARTER AND FULL-YEAR 2007 RESULTS
 
- Company Reports Fourth Quarter Earnings of $0.76 per Diluted Share -
 
- Mine Nos. 4 and 7 Produced Record Metallurgical Coal Tonnage in 2007 -
 
- Company Retains 1.6 Million Unpriced Tons for 2008; Pricing Continues to Strengthen -
 
- Met Coal Production to Increase 20 Percent in 2008, 50 Percent by 2010 -
 
- Victor P. Patrick Named Chief Financial Officer; Joseph J. Troy to Focus on Separation Strategy for Financing and Homebuilding -

 
 
TAMPA, Fla., Feb. 19 /PRNewswire-FirstCall/ - Walter Industries, Inc. (NYSE: WLT) today reported net income from continuing operations of $40.0 million, or $0.76 per diluted share for the fourth quarter ended Dec. 31. 2007 compared to $28.5 million, or $0.55 per diluted share, in the fourth quarter 2006. Fourth quarter 2007 results include favorable pre-tax adjustments of $12.7 million comprised of $8.9 million of interest capitalization and $3.8 million to increase deferred loan origination costs, plus a $3.2 million favorable tax adjustment. Excluding these adjustments, fourth quarter 2007 results would have been approximately $0.54 per diluted share. Income from continuing operations for the full-year 2007 totaled $114.2 million, or $2.18 per diluted share, while full-year 2006 income from continuing operations totaled $152.9 million, or $3.00 per diluted share.

“Our 2007 operating and financial results were very positive. But more importantly, we made great progress toward opening the reserves in Mine No. 7 East for near-term production,” said Walter Industries Chairman Michael T. Tokarz. “The global metallurgical coal market continues to strengthen at a time when our Mine No. 7 expansion activities are nearing completion. We expect significant increases in production volumes in each of the next three years, with current initiatives generating an annual tonnage increase of more than 50 percent by 2010. Our expanding production volumes and ability to capitalize on extremely favorable market conditions make us confident we can continue to deliver significant value to our shareholders in 2008 and beyond.”

Fourth Quarter 2007 Financial Results

Net sales and revenues for the fourth quarter 2007 totaled $312.3 million, up $4.1 million from the prior-year period. Prior year revenues included $23.4 million from an insurance claim. Excluding this claim, fourth quarter 2007 revenues improved 5.1 percent organically, and 9.7 percent in total, primarily due to higher metallurgical coal sales volumes and the acquisition of Tuscaloosa Resources, Inc. (“TRI”) in 2007, partially offset by lower metallurgical coal contract pricing and fewer unit deliveries at Homebuilding.


The following information was filed by Walter Energy, Inc. (WLTGQ) on Wednesday, February 20, 2008 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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