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Mark H. Tubb, 205-745-2627
Thomas F. Hoffman, 205-745-2612
For Immediate Release
Walter Energy Announces Fourth Quarter and Full-Year 2013 Results
Full-Year 2013 Highlights: Reduced Met Coal Cash Cost of Sales Per Ton by 14%; Increased Met Coal Tons Sold by 5%; Reduced SG&A Expenses by 25%
Fourth Quarter 2013 Highlights: Reduced Met Coal Cash Cost of Sales Per Ton by 21%; Increased Met Coal Tons Sold by 14%; Reduced SG&A Expenses by 30%
Liquidity Position at $587 Million
BIRMINGHAM, AL Feb. 20, 2014 Walter Energy Inc. (NYSE:WLT) (TSX:WLT), a leading, publicly traded pure-play producer of metallurgical (met) coal for the global steel industry, today announced results for the quarter and year ended December 31, 2013.
Operationally, we finished the year with our mines performing well. Our fourth quarter results reflect the ongoing focus on improving safety, reducing costs and increasing productivity, said Walt Scheller, Chief Executive Officer. For the year, we achieved our cost reduction targets, lowering met coal cash cost of production per ton by more than 17 percent and reducing SG&A expenses to an annual run-rate of $80 million. We expect that these accomplishments will continue to yield benefits going forward, and we are focused on achieving further improvements in 2014.
Full-Year 2013 Consolidated Financial Results
Walter Energy reported a net loss in 2013 of $359.0 million, or $5.74 per diluted share, compared with a net loss of $1.1 billion, or $16.96 per diluted share in 2012. Included in the Companys financial results are non-cash charges totaling $144.6 million in 2013 and $19.2 million in 2012 for increases in the valuation allowance for certain of the Companys deferred income tax assets. Excluding the valuation
The following information was filed by Walter Energy, Inc. (WLTGQ) on Thursday, February 20, 2014 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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