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Mark H. Tubb, 205-745-2627
Thomas F. Hoffman, 205-745-2612
Walter Energy Announces Third Quarter 2014 Results
Metallurgical Coal Sales of 2.3 Million Metric Tons
Metallurgical Coal Cash Cost of Sales per Metric Ton Improved 18.7%
Liquidity Totaled $624 Million
Full-Year 2014 Capital Spending Target Reduced to $110 million
Full-Year Cash Cost of Sales Target for Alabama Underground Mines Reduced to $96 per Metric Ton
BIRMINGHAM, AL Oct. 30, 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 September 30, 2014.
In the challenging pricing environment for met coal, we remain focused on lowering production costs, reducing SG&A and improving productivity, said Walt Scheller, Chief Executive Officer. We have also idled assets that arent generating cash, and were reducing inventory across the Company. We expect our operating and financial results to reflect these actions going forward, making us more competitive and positioning us well for a recovery in met coal pricing.
Consolidated Financial Results
Walter Energy reported a net loss of $98.9 million, or $1.48 per diluted share, in the third quarter of 2014 compared with a net loss of $100.7 million, or $1.61 per diluted share, in the third quarter of 2013. Adjusted net loss for the quarter, which excludes certain unusual items, was $105.8 million, or $1.58 per diluted share as compared with an adjusted net loss for the prior-year period of $102.3 million, or $1.63
The following information was filed by Walter Energy, Inc. (WLTGQ) on Thursday, October 30, 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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