We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
NYSE:ANR | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.15 | 0 | 01:00:00 |
BRISTOL, Va., Feb. 12, 2015 /PRNewswire/ -- Alpha Natural Resources, Inc. (NYSE: ANR), a leading U.S. coal supplier, reported a fourth quarter 2014 net loss of $122 million or $0.55 per diluted share, compared with a net loss of $359 million or $1.62 per diluted share in the fourth quarter of 2013. Excluding the items described in "Reconciliation of Net Loss to Adjusted Net Loss," the fourth quarter 2014 adjusted net loss was $112 million or $0.50 per diluted share compared with adjusted net loss of $115 million or $0.52 per diluted share in the fourth quarter of 2013.
Excluding the items described in "Reconciliation of Net Loss to Adjusted EBITDA," the fourth quarter 2014 Adjusted EBITDA was $103 million compared with $71 million in the fourth quarter of 2013.
Quarterly Financial & Operating Highlights | ||||
Q4 2014 |
Q3 2014 |
Q4 2013 | ||
Coal revenues |
$931.5 |
$920.8 |
$965.6 | |
Net loss |
($121.7) |
($185.0) |
($358.8) | |
Net loss per diluted share |
($0.55) |
($0.84) |
($1.62) | |
Adjusted net loss1 |
($111.6) |
($118.3) |
($115.2) | |
Adjusted net loss per diluted share1 |
($0.50) |
($0.53) |
($0.52) | |
Adjusted EBITDA1 |
$102.6 |
$53.7 |
$71.4 | |
Tons of coal sold |
22.0 |
21.2 |
20.6 | |
Weighted average coal margin per ton |
$6.59 |
$3.33 |
$4.57 | |
Adjusted weighted average coal margin per ton1 |
$5.48 |
$3.69 |
$5.59 | |
1. These are non-GAAP financial measures. A reconciliation of net loss to adjusted net loss, adjusted EBITDA, and cost of coal sales per ton to adjusted cost of coal sales per ton are included in tables accompanying the financial schedules. Adjusted weighted average coal margin per ton is defined as the weighted average total sales realization per ton, less the adjusted weighted average total cost of coal sales per ton. |
"2014 was yet again a challenging year for the coal industry. Against this backdrop, we continue to adjust our production base and cost structure to align with current market conditions," said Kevin Crutchfield, chairman and CEO. "These actions are yielding results as shown by our strong 2014 cost performance in the East. Importantly, we expect to achieve additional cost savings in 2015, and we will continue to take aggressive actions to preserve flexibility and respond quickly to changing and challenging market conditions, including a reduction of SG&A and overhead costs in the range of $60 million to $75 million annually throughout the organization to adjust both the operational footprint and support services to our 2015 production guidance. "
Crutchfield continued, "While our business has benefitted from our prudent approach to portfolio rationalization during this prolonged coal market downturn, these have been tough decisions to make and the impact they have had on many Alpha employees is not lost on us. I'm very proud of the Alpha organization and want to commend everyone on their dedication to achieving these objectives, while also maintaining an unwavering commitment to best in class safety and sustainability. As we have said on many occasions, despite such difficult market conditions, we will not lose focus on Running Right."
Financial Performance
Full Year 2014 Results
Liquidity and Capital Resources
Cash used in operating activities for the quarter ended December 31, 2014 was $31 million, compared with cash used in operating activities of $70 million for the fourth quarter of 2013. Capital expenditures for the fourth quarter of 2014 were $99 million, compared with $95 million in the fourth quarter of 2013. For the full year 2014, cash used in operating activities totaled $284 million, including $195 million in payments related to the shareholder class action settlement, net of insurance recoveries of $70 million, compared to cash provided by operating activities of $109 million in the same period a year ago.
During the fourth quarter Alpha received approximately $75 million in cash from the sale of AMFIRE assets and $15 million from the sale of its joint venture interest in Coal Handling Solutions.
As of the end of the fourth quarter of 2014, Alpha had total liquidity of approximately $2.2 billion, consisting of cash, cash equivalents and marketable securities of nearly $1.3 billion, which includes approximately 6.0 million shares of Rice Energy valued at approximately $127 million, and nearly $0.9 billion available under the Company's secured credit and accounts receivable securitization facilities. Total long-term debt, net of debt discounts, and including the current portion of long-term debt as of December 31, 2014, was approximately $3.9 billion, including approximately $154 million of senior convertible notes maturing in 2015.
Market Overview
Metallurgical Coal
The global seaborne metallurgical coal market appears to have stabilized over the last several months, with the mid-volatile segment showing relative strength. In fact, the first quarter Australian mid-volatile benchmark increased by $1.50 per tonne to $116.50, while the Australian low volatile hard coking coal benchmark declined $2.00 per tonne to $117.00. Spot assessments have ranged from $110 to $115 per tonne over the past several months.
As a result of significant production increases during 2013 and 2014, Australian export volumes increased by more than 41 million tonnes during those years to 186 million tonnes in 2014, leading to an oversupplied market amid slower growth in the Chinese steel industry. However, it appears that nearly all production expansion in Australia is completed, with expectation of only modest export growth over the next two years. Combined with announced global met production cuts in the 25 million tonne range, and additional production cuts likely, the market seems to be nearing more balanced supply and demand as long as at least modest steel production growth continues.
Alpha recently priced approximately five million tons of domestic metallurgical coal at a substantial premium to the average global price levels. Our 2015 domestic metallurgical coal pricing declined approximately $7 per ton compared to average domestic realizations in 2014. AMFIRE assets, which Alpha sold at the end of 2014, accounted for approximately 800,000 tons of domestic met shipments during 2014.
Thermal Coal
Recent price trends suggest that the thermal coal market will remain challenging for 2015, and the trajectory thereafter will be significantly influenced by the price of natural gas, the pace of economic growth, ongoing regulatory pressures on the domestic coal-fired utility fleet and the weather. Domestic utility inventory levels have approached normal levels from historic lows reached a few months ago. In addition, softer natural gas prices and muted demand for coal, as evidenced by lackluster RFP activity, have contributed to a continued weak pricing environment. Rail service in the west has improved meaningfully since October last year.
After remaining reasonably stable for most of 2014, Northern Appalachia (NAPP) pricing has softened over the last three months, while the Central Appalachia (CAPP) and PRB regions experienced price declines throughout 2014.
Lastly, the seaborne thermal market declined significantly after the collapse in oil prices, with API2 spot pricing weakening from the low $70s per tonne in October to the lower $60s per tonne currently, below the break-even point for many suppliers.
2015 Outlook
We expect to ship between 69 and 80 million tons, including 14 to 17 million tons of Eastern metallurgical coal, 19 to 23 million tons of Eastern steam coal, and 36 to 40 million tons of Western steam coal. As of January 30, 2015, 52 percent of the midpoint of anticipated 2015 metallurgical coal shipments was committed and priced at an average expected per ton realization of $82.88. Based on the midpoint of guidance, 85 percent of anticipated 2015 Eastern steam coal shipments were committed and priced at an average expected per ton realization of $55.62, and 82 percent of the midpoint of anticipated 2015 PRB shipments was committed and priced at an average expected per ton realization of $11.53. Alpha's 2015 guidance for its Eastern adjusted cost of coal sales per ton is $58.00 to $64.00, while Western adjusted cost of coal sales per ton is expected to be between $10.00 and $11.00. Capital expenditures for 2015 are expected to be $225 million to $275 million, while SG&A guidance, which excludes merger related expenses, is $100 million to $120 million. Depreciation, depletion and amortization for 2015 is expected to be between $650 and $750 million. We expect 2015 interest expense and cash paid for interest to be between $290 million and $310 million and $245 million and $255 million, respectively.
Guidance | |
2015 | |
Average per Ton Sales Realization on Committed |
|
West |
$11.53 |
Eastern Steam |
$55.62 |
Eastern Metallurgical |
$82.88 |
Coal Shipments (tons)3 |
69 – 80 |
West |
36 – 40 |
Eastern Steam |
19 – 23 |
Eastern Metallurgical |
14 – 17 |
Committed and Priced (%)3,4 |
76% |
West |
82% |
Eastern Steam |
85% |
Eastern Metallurgical |
52% |
Committed and Unpriced (%)3,4 |
14% |
West |
18% |
Eastern Steam |
6% |
Eastern Metallurgical |
11% |
West – Adjusted Cost of Coal Sales per Ton5 |
$10.00 – $11.00 |
East – Adjusted Cost of Coal Sales per Ton5 |
$58.00 – $64.00 |
Selling, General & Administrative Expense5 |
$100 – $120 |
Depletion, Depreciation & Amortization |
$650 – $750 |
Interest Expense |
$290 – $310 |
Cash Paid for Interest |
$245 – $255 |
Capital Expenditures6 |
$225 – $275 |
Notes:
About Alpha Natural Resources
Alpha Natural Resources is one of the largest and most regionally diversified coal suppliers in the United States. With affiliate mining operations in Virginia, West Virginia, Kentucky, Pennsylvania and Wyoming, Alpha supplies metallurgical coal to the steel industry and thermal coal to generate power to customers on five continents. Consistent with its Running Right process, Alpha is committed to being a leader in mine safety and an environmental steward in the communities where its affiliates operate. For more information, visit Alpha's website at www.alphanr.com.
Forward Looking Statements
This news release includes forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on Alpha's expectations and beliefs concerning future events and involve risks and uncertainties that may cause actual results to differ materially from current expectations. These factors are difficult to predict accurately and may be beyond Alpha's control. The following factors are among those that may cause actual results to differ materially from our forward-looking statements:
These and other risks and uncertainties are discussed in greater detail in Alpha's Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and other documents filed with the Securities and Exchange Commission. Forward-looking statements in this news release or elsewhere speak only as of the date made. New uncertainties and risks arise from time to time, and it is impossible for Alpha to predict these events or how they may affect the Company. Alpha has no duty to, and does not intend to, update or revise the forward-looking statements in this news release after the date it is issued. In light of these risks and uncertainties, investors should keep in mind that the results, events or developments disclosed in any forward-looking statement made in this news release may not occur.
FINANCIAL TABLES FOLLOW
Use of Non-GAAP Measures
In addition to the results prepared in accordance with generally accepted accounting principles in the United States (GAAP) provided throughout this press release, Alpha has presented the following non-GAAP financial measures, which management uses to gauge operating performance: Adjusted EBITDA, adjusted net income (loss), adjusted diluted income (loss) per common share, adjusted cost of coal sales per ton, adjusted coal margin per ton, and adjusted weighted average coal margin per ton. These non-GAAP financial measures exclude various items detailed in the attached "Reconciliation of Net Loss to Adjusted EBITDA" and "Reconciliation of Net Loss to Adjusted Net Loss."
The definition of these non-GAAP measures may be changed periodically by management to adjust for significant items important to an understanding of operating trends. These measures are not intended to replace financial performance measures determined in accordance with GAAP. Rather, they are presented as supplemental measures of the Company's performance that management finds useful in assessing the company's financial performance and believes are useful to securities analysts, investors and others in assessing the Company's performance over time. Moreover, these measures are not calculated identically by all companies and therefore may not be comparable to similarly titled measures used by other companies.
Alpha Natural Resources, Inc. and Subsidiaries | |||||
Condensed Consolidated Statements of Operations | |||||
(In Thousands Except Share and Per Share Data) | |||||
(Unaudited) | |||||
Three Months Ended |
Twelve Months Ended | ||||
2014 |
2013 |
2014 |
2013 | ||
Revenues: |
|||||
Coal revenues |
$ 931,535 |
$ 965,569 |
$ 3,724,441 |
$ 4,257,981 | |
Freight and handling revenues |
118,485 |
109,530 |
480,841 |
557,846 | |
Other revenues |
20,595 |
18,601 |
81,796 |
137,681 | |
Total revenues |
1,070,615 |
1,093,700 |
4,287,078 |
4,953,508 | |
Costs and expenses: |
|||||
Cost of coal sales (exclusive of items |
791,545 |
898,414 |
3,381,075 |
3,980,744 | |
Freight and handling costs |
118,485 |
109,530 |
480,841 |
557,846 | |
Other expenses |
27,539 |
10,006 |
67,412 |
165,485 | |
Depreciation, depletion and amortization |
188,514 |
215,000 |
750,776 |
865,021 | |
Amortization of acquired intangibles, net |
11,297 |
4,148 |
39,206 |
5,056 | |
Selling, general and administrative expenses |
32,354 |
38,323 |
152,106 |
158,987 | |
Asset impairment and restructuring |
1,239 |
12,915 |
24,872 |
37,273 | |
Goodwill impairment |
- |
- |
308,651 |
253,102 | |
Total costs and expenses |
1,170,973 |
1,288,336 |
5,204,939 |
6,023,514 | |
Loss from operations |
(100,358) |
(194,636) |
(917,861) |
(1,070,006) | |
Other income (expense): |
|||||
Interest expense |
(76,804) |
(64,001) |
(288,466) |
(246,588) | |
Interest income |
535 |
384 |
2,265 |
3,517 | |
Gain on sales of marketable equity securities |
1,448 |
- |
17,883 |
- | |
Loss on early extinguishment of debt |
- |
(7,425) |
(2,022) |
(40,464) | |
Gain on sales of equity method investments |
5,999 |
- |
256,330 |
- | |
Miscellaneous income (expense), net |
(874) |
(638) |
1,619 |
23,493 | |
Total other expense, net |
(69,696) |
(71,680) |
(12,391) |
(260,042) | |
Loss before income taxes |
(170,054) |
(266,316) |
(930,252) |
(1,330,048) | |
Income tax benefit (expense) |
48,393 |
(92,472) |
55,291 |
216,550 | |
Net loss |
$ (121,661) |
$ (358,788) |
$ (874,961) |
$ (1,113,498) | |
Loss per common share: |
|||||
Basic loss per common share: |
$ (0.55) |
$ (1.62) |
$ (3.95) |
$ (5.04) | |
Diluted loss per common share: |
$ (0.55) |
$ (1.62) |
$ (3.95) |
$ (5.04) | |
Weighted average shares outstanding: |
|||||
Weighted average shares--basic |
221,574,489 |
220,981,272 |
221,400,658 |
220,883,103 | |
Weighted average shares--diluted |
221,574,489 |
220,981,272 |
221,400,658 |
220,883,103 | |
This information is intended to be reviewed in conjunction with the company's filings with the U.S. Securities and Exchange Commission. |
Alpha Natural Resources, Inc. and Subsidiaries | ||||||
Supplemental Sales, Operations and Financial Data | ||||||
(In Thousands, Except Per Ton and Percentage Data) | ||||||
(Unaudited) | ||||||
Three Months Ended |
Twelve Months Ended | |||||
December |
September |
December |
2014 |
2013 | ||
Tons sold (1): |
||||||
Powder River Basin |
9,829 |
9,280 |
9,339 |
36,464 |
38,164 | |
Eastern steam |
7,256 |
7,183 |
6,834 |
29,510 |
28,613 | |
Eastern metallurgical |
4,925 |
4,773 |
4,430 |
18,581 |
20,135 | |
Total |
22,010 |
21,236 |
20,603 |
84,555 |
86,912 | |
Average realized price per ton sold (2)(7): |
||||||
Powder River Basin |
$ 12.02 |
$ 11.81 |
$ 12.48 |
$ 11.98 |
$ 12.62 | |
Eastern steam |
$ 55.47 |
$ 58.16 |
$ 61.66 |
$ 57.62 |
$ 62.31 | |
Eastern metallurgical |
$ 83.43 |
$ 82.45 |
$ 96.53 |
$ 85.42 |
$ 99.01 | |
Weighted average total |
$ 42.32 |
$ 43.36 |
$ 46.87 |
$ 44.05 |
$ 48.99 | |
Coal revenues: |
||||||
Powder River Basin |
$ 118,152 |
$ 109,602 |
$ 116,559 |
$ 436,930 |
$ 481,747 | |
Eastern steam |
402,531 |
417,759 |
421,394 |
1,700,295 |
1,782,781 | |
Eastern metallurgical |
410,852 |
393,472 |
427,616 |
1,587,216 |
1,993,453 | |
Total coal revenues |
$ 931,535 |
$ 920,833 |
$ 965,569 |
$ 3,724,441 |
$ 4,257,981 | |
Adjusted cost of coal sales per ton (3)(7)(8)(11): |
||||||
Powder River Basin |
$ 11.16 |
$ 11.32 |
$ 10.29 |
$ 11.15 |
$ 9.91 | |
East (4) |
$ 57.55 |
$ 61.69 |
$ 66.97 |
$ 61.66 |
$ 71.40 | |
Adjusted weighted |
$ 36.84 |
$ 39.67 |
$ 41.28 |
$ 39.88 |
$ 44.40 | |
Adjusted weighted average coal margin per ton (9) |
$ 5.48 |
$ 3.69 |
$ 5.59 |
$ 4.17 |
$ 4.59 | |
Adjusted weighted average coal margin percentage (10) |
12.9% |
8.5% |
11.9% |
9.5% |
9.4% | |
Cost of coal sales per ton (3)(7)(11): |
||||||
Powder River Basin |
$ 11.16 |
$ 11.32 |
$ 10.29 |
$ 11.15 |
$ 9.91 | |
East (4) |
$ 55.55 |
$ 62.32 |
$ 68.85 |
$ 61.05 |
$ 72.51 | |
Weighted average total |
$ 35.73 |
$ 40.03 |
$ 42.30 |
$ 39.53 |
$ 45.02 | |
Weighted average coal margin per ton (5) |
$ 6.59 |
$ 3.33 |
$ 4.57 |
$ 4.52 |
$ 3.97 | |
Weighted average coal margin percentage (6) |
15.6% |
7.7% |
9.8% |
10.3% |
8.1% | |
Net cash provided by (used in) operating activities |
$ (30,711) |
$ 17,861 |
$ (69,561) |
$ (283,859) |
$ 109,018 | |
Capital expenditures(12) |
$ 98,994 |
$ 45,341 |
$ 94,662 |
$ 227,168 |
$ 257,791 | |
(1) Stated in thousands of short tons. | ||||||
(2) Coal revenues divided by tons sold. This statistic is stated as free on board (FOB) at the processing plant. | ||||||
(3) Cost of coal sales divided by tons sold. The cost of coal sales per ton only includes costs in our Eastern and Western Coal Operations. | ||||||
(4) East includes the Company's operations in Central Appalachia (CAPP) and Northern Appalachia (NAPP). | ||||||
(5) Weighted average total sales realization per ton less weighted average total cost of coal sales per ton. | ||||||
(6) Weighted average coal margin per ton divided by weighted average total sales realization per ton. | ||||||
(7) Amounts per ton calculated based on unrounded revenues, cost of coal sales and tons sold. | ||||||
(8) For the three months ended December 31, 2014, September 30, 2014, and December 31, 2013, and for the twelve months ended December 31, 2014 and December 31, 2013, adjusted cost of coal sales per ton for East includes adjustments to exclude the impact of certain charges set forth in the table below. | ||||||
(9) Weighted average total sales realization per ton less adjusted weighted average total cost of coal sales per ton. | ||||||
(10) Adjusted weighted average coal margin per ton divided by weighted average total sales realization per ton. | ||||||
(11) Adjusted cost of coal sales per ton for our Eastern Operations reconciled to their unadjusted amounts is as follows: | ||||||
Three months ended |
Twelve months ended | |||||
December 31, 2014 |
September 30, 2014 |
December 31, 2013 |
December 31, 2014 |
December 31, 2013 | ||
Cost of coal sales per ton-East |
$ 55.55 |
$ 62.32 |
$ 68.85 |
$ 61.05 |
$ 72.51 | |
Impact of asset retirement obligation correction |
2.71 |
- |
- |
0.62 |
- | |
Impact of provision for regulatory costs |
- |
- |
(0.22) |
- |
(0.53) | |
Impact of employee benefit related expenses |
(0.08) |
(0.47) |
- |
(0.14) |
- | |
Impact of merger-related expenses |
(0.63) |
(0.16) |
(1.66) |
0.13 |
(0.58) | |
Adjusted cost of coal sales per ton-East |
$ 57.55 |
$ 61.69 |
$ 66.97 |
$ 61.66 |
$ 71.40 | |
(12) For the three and twelve months ended December 31, 2014 and 2013, capital expenditures includes the annual bonus bid payment(s) on the Federal Lease by Application. | ||||||
This information is intended to be reviewed in conjunction with the company's filings with the U.S. Securities and Exchange Commission. |
Alpha Natural Resources, Inc. and Subsidiaries | |||
Condensed Consolidated Balance Sheets and Supplemental Liquidity Data | |||
(In Thousands) | |||
(Unaudited) | |||
December 31, 2014 |
December 31, 2013 | ||
Cash and cash equivalents |
$ 741,186 |
$ 619,644 | |
Trade accounts receivable, net |
314,015 |
287,655 | |
Inventories, net |
237,945 |
304,863 | |
Short-term marketable securities |
405,169 |
337,069 | |
Prepaid expenses and other current assets |
176,452 |
439,193 | |
Total current assets |
1,874,767 |
1,988,424 | |
Property, equipment and mine development costs, net |
1,425,667 |
1,798,648 | |
Owned and leased mineral rights and land, net |
6,916,307 |
7,157,506 | |
Goodwill, net |
- |
308,651 | |
Long-term marketable securities |
126,820 |
- | |
Other non-current assets |
391,040 |
546,029 | |
Total assets |
$ 10,734,601 |
$ 11,799,258 | |
Current portion of long-term debt |
$ 178,251 |
$ 29,169 | |
Trade accounts payable |
216,098 |
234,951 | |
Accrued expenses and other current liabilities |
597,626 |
978,695 | |
Total current liabilities |
991,975 |
1,242,815 | |
Long-term debt |
3,719,519 |
3,398,434 | |
Pension and postretirement medical benefit obligations |
1,236,986 |
990,124 | |
Asset retirement obligations |
538,008 |
728,575 | |
Deferred income taxes |
771,919 |
901,552 | |
Other non-current liabilities |
489,394 |
465,892 | |
Total liabilities |
7,747,801 |
7,727,392 | |
Total stockholders' equity |
2,986,800 |
4,071,866 | |
Total liabilities and stockholders' equity |
$ 10,734,601 |
$ 11,799,258 | |
As of | |||
December 31, 2014 |
December 31, 2013 | ||
Liquidity ($ in 000's): |
|||
Cash and cash equivalents |
$ 741,186 |
$ 619,644 | |
Short-term marketable securities |
405,169 |
337,069 | |
Long-term marketable securities |
126,820 |
- | |
Total cash, cash equivalents and |
1,273,175 |
956,713 | |
Unused revolving credit and A/R |
881,800 |
966,000 | |
Total liquidity |
$ 2,154,975 |
$ 1,922,713 | |
(1) The revolving credit facility under our credit agreement is subject to a minimum liquidity requirement of $300 million. | |||
This information is intended to be reviewed in conjunction with the company's filings with the U.S. Securities and Exchange Commission. |
Alpha Natural Resources, Inc. and Subsidiaries | ||
Condensed Consolidated Statements of Cash Flows | ||
(In Thousands) | ||
(Unaudited) | ||
Twelve Months Ended December 31, | ||
2014 |
2013 | |
Operating activities: |
||
Net loss |
$(874,961) |
$(1,113,498) |
Adjustments to reconcile net loss to net cash (used in) provided |
||
Depreciation, depletion and amortization |
750,776 |
865,021 |
Amortization of acquired intangibles, net |
39,206 |
5,056 |
Amortization of debt issue costs and accretion of debt discount |
54,285 |
51,217 |
Mark-to-market adjustments for derivatives |
25,752 |
6,213 |
Accretion of asset retirement obligations |
47,698 |
60,274 |
Stock-based compensation |
27,371 |
25,873 |
Employee benefit plans, net |
57,972 |
56,982 |
Loss on early extinguishment of debt |
2,022 |
40,464 |
Change in future costs of asset retirement obligations |
(107,263) |
(66,521) |
Deferred income taxes |
(40,477) |
(212,361) |
(Gain) loss on disposal of property, plant and equipment |
(19,339) |
7,851 |
Gain on sale of equity method investments |
(256,330) |
- |
Gain on sales of marketable equity securities |
(17,883) |
- |
Asset impairment and restructuring |
24,872 |
37,273 |
Goodwill impairment |
308,651 |
253,102 |
Other, net |
10,300 |
(4,497) |
Changes in operating assets and liabilities: |
||
Trade accounts receivable, net |
(26,360) |
130,511 |
Inventories, net |
66,589 |
89,364 |
Prepaid expenses and other current assets |
98,344 |
48,717 |
Other non-current assets |
4,281 |
3,233 |
Trade accounts payable |
(11,540) |
(30,430) |
Accrued expenses and other current liabilities |
(359,310) |
105,199 |
Pension and postretirement medical benefit obligations |
(41,774) |
(53,527) |
Asset retirement obligations |
(55,520) |
(44,862) |
Other non-current liabilities |
8,779 |
(151,636) |
Net cash (used in) provided by operating activities |
(283,859) |
109,018 |
Investing activities: |
||
Capital expenditures |
(185,038) |
(215,661) |
Acquisition of mineral rights under federal lease |
(42,130) |
(42,130) |
Purchases of marketable securities |
(679,394) |
(900,471) |
Sales of marketable securities |
697,929 |
857,000 |
Proceeds from sale of property, plant and equipment |
93,033 |
10,605 |
Proceeds from sales of equity method investments, net |
112,232 |
- |
Other, net |
1,717 |
- |
Net cash used in investing activities |
(1,651) |
(290,657) |
Financing activities: |
||
Proceeds from borrowings on long-term debt |
500,000 |
1,306,677 |
Principal repayments of long-term debt |
(37,554) |
(1,176,332) |
Principal repayments of capital lease obligations |
(19,475) |
(16,136) |
Debt issuance and modification costs |
(28,938) |
(36,659) |
Common stock repurchases |
(1,461) |
(1,435) |
Other |
(5,520) |
(5,555) |
Net cash provided by financing activities |
407,052 |
70,560 |
Net increase (decrease) in cash and cash equivalents |
$ 121,542 |
$ (111,079) |
Cash and cash equivalents at beginning of period |
$ 619,644 |
$ 730,723 |
Cash and cash equivalents at end of period |
$ 741,186 |
$ 619,644 |
This information is intended to be reviewed in conjunction with the company's filings with the U. S. Securities and Exchange Commission. |
Alpha Natural Resources, Inc. and Subsidiaries | ||||||
Reconciliation of Net Loss to Adjusted EBITDA | ||||||
(In Thousands) | ||||||
(Unaudited) | ||||||
Three Months Ended |
Twelve Months Ended December 31, | |||||
December 31, 2014 |
September 30, 2014 |
December 31, 2013 |
2014 |
2013 | ||
Net loss (1) |
$ (121,661) |
$ (184,975) |
$ (358,788) |
$(874,961) |
$(1,113,498) | |
Interest expense |
76,804 |
75,688 |
64,001 |
288,466 |
246,588 | |
Interest income |
(535) |
(574) |
(384) |
(2,265) |
(3,517) | |
Income tax (benefit) expense |
(48,393) |
(43,938) |
92,472 |
(55,291) |
(216,550) | |
Depreciation, depletion and amortization |
188,514 |
170,895 |
215,000 |
750,776 |
865,021 | |
Amortization of acquired intangibles, net |
11,297 |
9,166 |
4,148 |
39,206 |
5,056 | |
Impact of asset retirement obligation correction |
(33,000) |
- |
- |
(29,987) |
- | |
Goodwill impairment |
- |
- |
- |
308,651 |
253,102 | |
Asset impairment and restructuring |
1,239 |
11,544 |
12,915 |
24,872 |
37,273 | |
Change in fair value and settlement of derivative instruments |
19,618 |
8,987 |
13,466 |
30,676 |
5,795 | |
Merger related expense |
7,639 |
1,087 |
18,661 |
9,234 |
141,386 | |
Provision for regulatory costs |
- |
- |
2,500 |
- |
27,500 | |
Employee benefit related expense |
1,050 |
5,792 |
- |
6,842 |
- | |
Loss on assets contributed to equity affiliate |
- |
- |
- |
- |
10,117 | |
Loss on early extinguishment of debt |
- |
- |
7,425 |
2,022 |
40,464 | |
Adjusted EBITDA |
$ 102,572 |
$ 53,672 |
$ 71,416 |
$ 498,241 |
$ 298,737 | |
(1) For the twelve months ended December 31, 2014, net loss includes a gain of $250.3 million from the sale of the Alpha Shale joint venture to Rice Energy. | ||||||
This information is intended to be reviewed in conjunction with the company's filings with the U.S. Securities and Exchange Commission. |
Alpha Natural Resources, Inc. and Subsidiaries | ||||||
Reconciliation of Net Loss to Adjusted Net Loss | ||||||
(In Thousands Except Shares and Per Share Data) | ||||||
(Unaudited) | ||||||
Three Months Ended |
Twelve Months Ended December 31, | |||||
December 31, 2014 |
September 30, 2014 |
December 31, 2013 |
2014 |
2013 | ||
Net loss (1) |
$ (121,661) |
$ (184,975) |
$ (358,788) |
$ (874,961) |
$ (1,113,498) | |
Impact of asset retirement obligation correction |
(49,666) |
- |
- |
(43,570) |
- | |
Goodwill impairment |
- |
- |
- |
308,651 |
253,102 | |
Asset impairment and restructuring |
1,239 |
11,544 |
12,915 |
24,872 |
37,273 | |
Change in fair value and settlement of derivative instruments |
19,618 |
8,987 |
13,466 |
30,676 |
5,795 | |
Merger related expense |
7,639 |
1,087 |
18,661 |
9,234 |
141,386 | |
Provision for regulatory costs |
- |
- |
2,500 |
- |
27,500 | |
Employee benefit related expense |
1,050 |
5,792 |
- |
6,842 |
- | |
Loss on assets contributed to equity affiliate |
- |
- |
- |
- |
10,117 | |
Loss on early extinguishment of debt |
- |
- |
7,425 |
2,022 |
40,464 | |
Amortization of acquired intangibles, net |
11,297 |
9,166 |
4,148 |
39,206 |
5,056 | |
Estimated income tax effect of above adjustments |
3,467 |
(13,563) |
(20,621) |
(25,570) |
(87,115) | |
Discrete tax benefit from state statutory tax rate and apportionment change, net of federal tax impact |
- |
- |
- |
- |
(2,524) | |
Discrete tax charge from valuation allowance adjustment |
15,388 |
43,655 |
205,067 |
196,646 |
207,681 | |
Discrete tax benefit from reversal of reserves for uncertain tax positions |
- |
- |
- |
(8,090) |
- | |
Adjusted net loss |
$ (111,629) |
$ (118,307) |
$ (115,227) |
$ (334,042) |
$ (474,763) | |
Weighted average shares |
221,574,489 |
221,491,811 |
220,981,272 |
221,400,658 |
220,883,103 | |
Adjusted diluted income (loss) |
$ (0.50) |
$ (0.53) |
$ (0.52) |
$ (1.51) |
$ (2.15) | |
(1) For the twelve months ended December 31, 2014, net loss includes a gain of $250.3 million from the sale of the Alpha Shale joint venture to Rice Energy. | ||||||
This information is intended to be reviewed in conjunction with the company's filings with the U.S. Securities and Exchange Commission. |
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/alpha-natural-resources-announces-results-for-fourth-quarter-and-full-year-2014-300035003.html
SOURCE Alpha Natural Resources, Inc.
Copyright 2015 PR Newswire
1 Year Alpha Natural Chart |
1 Month Alpha Natural Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions