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Mark H. Tubb, 205-745-2627
Thomas F. Hoffman, 205-745-2612
Walter Energy Announces Second Quarter 2014 Results
Metallurgical Coal Sales of 2.7 Million Metric Tons
Metallurgical Coal Cash Cost of Sales per Metric Ton Improved 18.3%
Liquidity of $646 Million
BIRMINGHAM, AL July 31, 2014 Walter Energy, Inc. (NYSE:WLT), a leading, publicly traded pure-play producer of metallurgical (met) coal for the global steel industry, today announced results for the quarter ended June 30, 2014.
Our operations performed well in the second quarter, said Walt Scheller, Chief Executive Officer. We controlled costs, reduced inventories, and had solid coal production and sales despite idling our Canadian mines. In addition, we kept tight control over our capital spending as well as selling, general and administrative costs.
We also improved liquidity and financial flexibility through our recent successful notes offering, Scheller continued. I believe we have made great strides in positioning the Company to manage through the current difficult market for met coal.
Consolidated Financial Results
Walter Energy reported a net loss of $151.4 million, or $2.33 loss per diluted share, in the second quarter of 2014, compared with a net loss of $34.5 million, or $0.55 loss per diluted share, in the second quarter of 2013. The adjusted net loss for the quarter, which excludes certain unusual items, was $128.3 million, or $1.97 loss per diluted share, as compared with an adjusted net loss for the prior-year period
The following information was filed by Walter Energy, Inc. (WLTGQ) on Thursday, July 31, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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