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FOR IMMEDIATE RELEASE
February 14, 2011
Investor Contact: Mark H. Tubb
Vice President Investor Relations
Media Contact: Michael A. Monahan
Director Corporate Communications
WALTER ENERGY ANNOUNCES FOURTH QUARTER AND FULL-YEAR 2010 RESULTS
Company Reports Earnings From Continuing Operations of $1.75 per Diluted Share for Fourth Quarter and $7.25 per Diluted Share for Full Year 2010
$1.6 Billion in Full-Year 2010 Revenues on Record Coking Coal Sales of 7.2 Million Tons
Fourth Quarter EBITDA Triples to $171.5 Million; Full-Year EBITDA Climbs to Nearly $700 Million
Acquisition of Western Coal Corp. Progressing; Closing Anticipated on April 1, 2011
(TAMPA, Fla.) Walter Energy (NYSE: WLT), a leading U.S. producer and exporter of premium hard coking coal for the global steel industry, today announced earnings from continuing operations of $1.75 per diluted share and EBITDA of $171.5 million for the quarter ended Dec. 31, 2010, compared to earnings from continuing operations of $0.62 per diluted share and EBITDA of $55.6 million in the fourth quarter 2009.
The Company also reported full-year 2010 earnings from continuing operations of $7.25 per diluted share and EBITDA of $692.8 million compared to full year 2009 earnings of $2.64 per diluted share and EBITDA of $275.1 million.
We generated strong fourth quarter earnings on higher coking coal sales volumes and prices, said Walter Energy Interim Chief Executive Officer Joe Leonard. For the full year, earnings increased by almost 175 percent over 2009, reflecting strong pricing and production growth from our organic growth initiatives. Globally, events continue to limit availability of premium coking coals and we see supply-demand imbalance continuing in our favor as global steel production improves on its record 2010 output.
Strategically, we continue to make excellent progress on our transformative acquisition of Western Coal, which, when completed, will make Walter Energy the leading, publicly traded pure play coking coal producer in the world. In addition, the combination increases the size, scale and diversity of our operations, significantly enhancing the Companys financial profile and geographic reach, particularly into Asia. We also recently completed the acquisition of a river terminal facility at the Port of Mobile to ensure unconstrained shipping capacity for our long-term coking coal production plans from our mines in Alabama, to maintain low mine-to-vessel costs and to make us less reliant on third parties, he said.
The following information was filed by Walter Energy, Inc. (WLTGQ) on Tuesday, February 15, 2011 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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