Exhibit 99.1







Investor Contact: Mark H. Tubb

February 16 2009

Vice President - Investor Relations






Media Contact: Michael A. Monahan


Director - Corporate Communications








- Company Reports Fourth Quarter Net Income of $240.3 Million, or $4.37 per Diluted Share -


- Fourth Quarter Results Include Benefit of $3.36 per Diluted Share and Charges of $0.72 per Diluted Share in Unusual Items -


- Mine No. 4 and Mine No. 7 Post Record Full-Year Metallurgical Coal Production -


- Production Outlook from Current Coal Operations Remains Stable;

Startup Timing of Previously Announced Expansion Projects Under Review -


(TAMPA, Fla.) - Walter Industries, Inc. (NYSE: WLT), a leading producer and exporter of U.S. metallurgical coal for the global steel industry, today reported net income of $240.3 million, or $4.37 per diluted share, for the quarter ended Dec. 31, 2008, and net income for the full year 2008 of $346.6 million, or $6.35 per diluted share. This compares to $40.0 million, or $0.76 per share in the fourth quarter 2007 and $112.0 million, or $2.13 per diluted share, for the full year 2007.


“We reported outstanding operating results in the fourth quarter with revenues from our core natural resources businesses nearly doubling and operating income more than tripling compared to the fourth quarter last year,” said Walter Industries Chairman Michael T. Tokarz. “The quality of our Blue Creek coal continues to provide stability in our core metallurgical coal business, despite difficult conditions in the global steel industry. Looking ahead, we are excited that we will see the culmination of our strategy to transform Walter Industries into a ‘pure play’ natural resources and energy company in 2009.”


Fourth Quarter 2008 Financial Results


Net sales and revenues for the fourth quarter 2008 totaled $447.3 million, up 43.2 percent from the prior-year period. Income from continuing operations before income taxes for the fourth quarter 2008 totaled $132.0 million compared to $56.5 million in the fourth quarter 2007, an increase of 133.7 percent. Revenue and income from continuing operations before income taxes in the current period improved primarily due to the record metallurgical coal and coke pricing.


4211 W. Boy Scout Blvd.  |  Tampa, Florida 33607  |  Tel: 813.871.4811  |  Web site: www.walterind.com


The following information was filed by Walter Energy, Inc. (WLTGQ) on Tuesday, February 17, 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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