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Share Name | Share Symbol | Market | Type |
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NYSE:ANR | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.15 | 0 | 01:00:00 |
Delaware | 001-32331 | 42-1638663 | ||
(State or other jurisdiction of | (Commission File Number) | (I.R.S. Employer | ||
incorporation) | Identification No.) |
Exhibit 99.1 | Press Release dated October 30, 2014 |
Alpha Natural Resources, Inc. | ||||
October 30, 2014 | By: | /s/ William L. Phillips III | ||
Name: William L. Phillips III | ||||
Title: Assistant Secretary |
Exhibit No. | Description |
Exhibit 99.1 | Press Release dated October 30, 2014 |
• | Third quarter 2014 revenue was $1.1 billion and adjusted EBITDA, including a $16 million pre-tax gain from sale of 3.1 million Rice Energy shares, was $54 million |
• | Cost reduction initiatives resulted in excellent cost performance in the East |
• | Amended and extended secured credit facility and established a new accounts receivable securitization facility |
• | Fine-tuning 2014 guidance; increased shipment volumes, interest expense, and SG&A; lowered Eastern adjusted cost of coal sales by $2.00 per ton at the midpoint |
• | In October, Alpha subsidiary entered into an asset purchase agreement to dispose of non-core assets for total consideration of approximately $86 million, including $75 million in cash |
• | Total liquidity at nearly $2.3 billion, including more than $1.3 billion in cash and marketable securities |
Q3 2014 | Q2 2014 | Q3 2013 | |
Coal revenues | $920.8 | $919.3 | $1,028.8 |
Net loss | ($185.0) | ($512.6) | ($458.2) |
Net loss per diluted share | ($0.84) | ($2.32) | ($2.07) |
Adjusted net loss1 | ($118.3) | ($123.4) | ($134.4) |
Adjusted net loss per diluted share1 | ($0.53) | ($0.56) | ($0.61) |
EBITDA1 | $26.3 | ($251.1) | ($341.1) |
Adjusted EBITDA1 | $53.7 | $49.9 | $33.4 |
Tons of coal sold | 21.2 | 19.9 | 21.8 |
Weighted average coal margin per ton | $3.33 | $4.90 | $2.47 |
Adjusted weighted average coal margin per ton1 | $3.69 | $4.09 | $2.69 |
1. | These are non-GAAP financial measures. A reconciliation of adjusted net loss to net loss, EBITDA and adjusted EBITDA to net loss, and adjusted cost of coal sales per ton to 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. |
• | Total revenues in the third quarter of 2014 were $1.1 billion compared with $1.2 billion in the third quarter of 2013, and coal revenues were $0.9 billion, down from $1.0 billion in the year-ago period. The decreases in total revenues and coal revenues were primarily attributable to lower average realizations and lower shipments of metallurgical and PRB steam coal. Freight and handling revenues and other revenues were $112 million and $18 million, respectively, during the third quarter of 2014, versus $136 million and $26 million, respectively, in the third quarter of 2013. |
• | Total costs and expenses during the third quarter of 2014 were $1.2 billion, compared with $1.7 billion in the third quarter of 2013 and $1.5 billion in the prior quarter. Cost of coal sales was $0.9 billion, compared with $1.0 billion in the year-ago period and $0.8 billion in the prior quarter. The cost of coal sales in the East averaged $62.32 per ton, compared with $74.93 in the third quarter last year and $60.65 in the prior quarter. Excluding $0.47 per ton employee benefit related expenses and $0.16 per ton merger-related expenses, the adjusted cost of coal sales in the East averaged $61.69 per ton, compared with $74.52 in the third quarter last year, which excluded a $0.41 per ton of merger-related expense, and $62.01 in the second quarter of 2014, which excluded a $1.36 per ton benefit of merger-related items. The quarter-over-quarter reduction in Eastern adjusted cost of coal sales per ton was primarily driven by Alpha’s cost reduction initiatives. The cost of coal sales per ton for Alpha Coal West’s PRB mines was $11.32 during the third quarter of 2014, compared with $9.29 in the third quarter of 2013 and $12.06 in the prior quarter. The primary reason for the year-over-year PRB cost increase was reduced shipment volumes, which were mainly attributable to poor rail service at both our PRB mines. |
• | Selling, general and administrative (SG&A) expense in the third quarter of 2014 was $35 million, compared with SG&A expense of $39 million in the third quarter of 2013. Depreciation, depletion and amortization decreased to $171 million during the third quarter of 2014 from $196 million in the year-ago period primarily due to the impact of production curtailments and lower capital expenditures. |
• | Alpha recorded a net loss of $185 million, or $0.84 per diluted share, during the third quarter of 2014, compared with a net loss of $458 million, or $2.07 per diluted share, during the third quarter of 2013. The net loss for the third quarter of 2013 includes a non-cash goodwill impairment charge of approximately $253 million. |
• | EBITDA was $26 million in the third quarter of 2014, compared with an EBITDA loss of $341 million in the year-ago period. Excluding the items described in the “Reconciliation of EBITDA and Adjusted EBITDA to Net Loss,” adjusted EBITDA was $54 million in the third quarter of 2014, compared with $33 million in the third quarter of 2013. Adjusted EBITDA for the third quarter of 2013 excludes a non-cash goodwill impairment charge of approximately $253 million. |
• | For the first nine months of 2014, Alpha reported total revenues of $3.2 billion, including $2.8 billion in coal revenues, compared with total revenues of $3.9 billion and coal revenues of $3.3 billion during the first nine months of 2013. The year-over-year decreases in both total and coal revenues are primarily attributable to lower average realizations and lower shipments of metallurgical and PRB steam coal. |
• | During the first nine months of 2014, Alpha’s coal shipments totaled 62.5 million tons, compared with 66.3 million tons in the year-ago period. Metallurgical coal shipments were 13.7 million tons for the first nine months of 2014, compared with 15.7 million tons shipped during the same period a year ago. Shipments of PRB and Eastern steam coal were 26.6 million tons and 22.3 million tons, respectively, during the first nine months of 2014, compared with 28.8 million tons and 21.8 million |
• | For the first nine months of 2014, the company-wide average realization was $44.65 per ton and the adjusted average cost of coal sales was $41.00 per ton, resulting in a $3.65 per ton, or 8.2 percent, adjusted coal margin. By comparison, company-wide average realization in the first nine months of 2013 was $49.65 per ton and the adjusted average cost of coal sales was $45.37 per ton, resulting in a $4.28 per ton, or 8.6 percent, adjusted coal margin. The decrease in adjusted coal margin per ton was primarily attributable to lower per ton realizations across all of Alpha’s shipments, including Eastern metallurgical coal, Eastern steam coal and PRB coal, partly offset by lower Eastern adjusted costs of coal sales per ton. Year-to-date 2014 weighted average coal margin per ton was $3.78 or 8.5 percent with an average cost of coal sales of $40.87 per ton. Cost of coal sales was $2.6 billion for the first nine months of 2014, compared with $3.1 billion in the year-ago period. |
• | For the first nine months of 2014, Alpha recorded a net loss of $753 million or $3.40 per diluted share, compared with a net loss of $755 million or $3.42 per diluted share during the same period a year ago. Excluding the various items detailed in the attached “Reconciliation of Adjusted Loss to Net Loss,” Alpha’s adjusted net loss was $226 million or $1.02 per diluted share for the first nine months of 2014, compared with an adjusted net loss of $360 million or $1.63 per diluted share for the first nine months of 2013. EBITDA for year-to-date 2014 was $40 million and Adjusted EBITDA, which excludes the various items detailed in the attached “Reconciliation of EBITDA and Adjusted EBITDA to Net Loss,” was $393 million, compared with an EBITDA loss and Adjusted EBITDA of $233 million and $227 million, respectively, during the first nine months of 2013. EBITDA and Adjusted EBITDA for the year-to-date 2014 period includes a pre-tax gain of approximately $250 million from the exchange of the Alpha Shale joint venture with Rice Energy and a pre-tax gain of approximately $16 million from the sale of 3.1 million shares of Rice Energy. EBITDA for the first nine months of 2013 and 2014 includes a non-cash goodwill impairment charge of approximately $253 million and $309 million, respectively. |
2014 | |
Average per Ton Sales Realization on Committed and Priced Coal Shipments1,2,3 | |
West | $11.99 |
Eastern Steam | $58.03 |
Eastern Metallurgical | $85.71 |
Coal Shipments (tons)3 | 79 - 86 |
West | 34 - 37 |
Eastern Steam | 28 - 30 |
Eastern Metallurgical | 17 - 19 |
Committed and Priced (%)3,4 | 100% |
West | 100% |
Eastern Steam | 99% |
Eastern Metallurgical | 100% |
Committed and Unpriced (%)3,4 | 0% |
West | 0% |
Eastern Steam | 1% |
Eastern Metallurgical | 0% |
West - Adjusted Cost of Coal Sales per Ton5 | $11.00 - $11.50 |
East - Adjusted Cost of Coal Sales per Ton5 | $62.00 - $64.00 |
Selling, General & Administrative Expense5 | $130 - $140 |
Depletion, Depreciation & Amortization | $700 - $800 |
Interest Expense | $275 - $290 |
Cash Paid for Interest | $200 - $210 |
Capital Expenditures6 | $225 - $275 |
1. | Based on committed and priced coal shipments as of October 21, 2014. |
2. | Actual average per ton realizations on committed and priced tons recognized in future periods may vary based on actual freight expense in future periods relative to assumed freight expense embedded in projected average per ton realizations. |
3. | Contain estimates of future coal shipments based upon contract terms and anticipated delivery schedules. Actual coal shipments may vary from these estimates. |
4. | As of October 21, 2014, compared with the midpoint of shipment guidance range. |
5. | Actual results may be adjusted for various items, such as merger-related expenses, that cannot reasonably be predicted. |
6. | Includes the fourth of five annual bonus bid payments on the Federal Lease by Application for the Belle Ayr mine of $42 million. |
• | our liquidity, results of operations and financial condition; |
• | sustained depressed levels or further declines in coal prices; |
• | worldwide market demand for coal, electricity and steel, including demand for U.S. coal exports; |
• | utilities switching to alternative energy sources such as natural gas, renewables and coal from basins where we do not operate; |
• | reductions or increases in customer coal inventories and the timing of those changes; |
• | our production capabilities and costs; |
• | inherent risks of coal mining beyond our control, and our ability to utilize our coal assets fully and replace reserves as they are depleted; |
• | changes in environmental laws and regulations, including those directly affecting our coal mining and production, and those affecting our customers’ coal usage, including potential climate change initiatives; |
• | changes in safety and health laws and regulations and their implementation, and the ability to comply with those changes; |
• | competition in coal markets; |
• | future legislation, regulatory and court decisions and changes in regulations, governmental policies or taxes or changes in interpretation thereof; |
• | global economic, capital market or political conditions, including a prolonged economic downturn in the markets in which we operate and disruptions in worldwide financial markets; |
• | the outcome of pending or potential litigation or governmental investigations; |
• | our relationships with, and other conditions affecting, our customers, including the inability to collect payments from our customers if their creditworthiness declines; |
• | changes in, renewal or acquisition of, terms of and performance of customers under coal supply arrangements and the refusal by our customers to receive coal under agreed contract terms; |
• | our ability to obtain, maintain or renew any necessary permits or rights, and our ability to mine properties due to defects in title on leasehold interests; |
• | attracting and retaining key personnel and other employee workforce factors, such as labor relations; |
• | the geological characteristics of the Powder River Basin, Central and Northern Appalachian coal reserves; |
• | funding for and changes in postretirement benefit obligations, pension obligations, including multi-employer pension plans, and federal and state black lung obligations; |
• | cybersecurity attacks or failures, threats to physical security, extreme weather conditions or other natural disasters; |
• | increased costs and obligations potentially arising from the Patient Protection and Affordable Care Act; |
• | reclamation and mine closure obligations; |
• | our assumptions concerning economically recoverable coal reserve estimates; |
• | our ability to negotiate new United Mine Workers of America (“UMWA”) wage agreements on terms acceptable to us, increased unionization of our workforce in the future, and any strikes by our workforce; |
• | disruptions in delivery or changes in pricing from third party vendors of key equipment and materials that are necessary for our operations, such as diesel fuel, steel products, explosives and tires; |
• | inflationary pressures on supplies and labor and significant or rapid increases in commodity prices; |
• | railroad, barge, truck and other transportation availability, performance and costs; |
• | disruption in third party coal supplies; |
• | our ability to integrate successfully operations that we may acquire or develop in the future, or the risk that any such integration could be more difficult, time-consuming or costly than expected; |
• | the consummation of financing transactions, acquisitions or dispositions and the related effects on our business and financial position; |
• | indemnification of certain obligations not being met; |
• | long-lived asset impairment charges; |
• | fair value of derivative instruments not accounted for as hedges that are being marked to market; |
• | our substantial indebtedness and potential future indebtedness; |
• | restrictive covenants and other terms in our secured credit facility and the indentures governing our outstanding debt securities; |
• | our ability to obtain or renew surety bonds on acceptable terms or maintain self-bonding status; |
• | certain terms of our outstanding debt securities, including conversions of some of our convertible senior debt securities, that may adversely impact our liquidity; and |
• | other factors, including the other factors discussed in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations”, and “Risk Factors” sections of our Annual Report on Form 10-K for the |
Alpha Natural Resources, Inc. and Subsidiaries | |||||||||||||||
Condensed Consolidated Statements of Operations | |||||||||||||||
(In Thousands Except Shares and Per Share Data) | |||||||||||||||
(Unaudited) | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Revenues: | |||||||||||||||
Coal revenues | $ | 920,833 | $ | 1,028,847 | $ | 2,792,906 | $ | 3,292,412 | |||||||
Freight and handling revenues | 111,816 | 135,931 | 362,356 | 448,316 | |||||||||||
Other revenues | 17,943 | 26,316 | 61,201 | 119,080 | |||||||||||
Total revenues | 1,050,592 | 1,191,094 | 3,216,463 | 3,859,808 | |||||||||||
Costs and expenses: | |||||||||||||||
Cost of coal sales (exclusive of items shown separately below) | 864,998 | 988,995 | 2,589,530 | 3,082,330 | |||||||||||
Freight and handling costs | 111,816 | 135,931 | 362,356 | 448,316 | |||||||||||
Other expenses | 17,988 | 120,698 | 39,873 | 155,479 | |||||||||||
Depreciation, depletion and amortization | 170,895 | 196,292 | 562,262 | 650,021 | |||||||||||
Amortization of acquired intangibles, net | 9,166 | 2,748 | 27,909 | 908 | |||||||||||
Selling, general and administrative expenses (exclusive of depreciation, | |||||||||||||||
depletion and amortization shown separately above) | 34,798 | 38,899 | 119,752 | 120,664 | |||||||||||
Asset impairment and restructuring | 11,544 | 2,017 | 23,633 | 24,358 | |||||||||||
Goodwill impairment | — | 253,102 | 308,651 | 253,102 | |||||||||||
Total costs and expenses | 1,221,205 | 1,738,682 | 4,033,966 | 4,735,178 | |||||||||||
Loss from operations | (170,613 | ) | (547,588 | ) | (817,503 | ) | (875,370 | ) | |||||||
Other income (expense): | |||||||||||||||
Interest expense | (75,688 | ) | (62,233 | ) | (211,662 | ) | (182,587 | ) | |||||||
Interest income | 574 | 1,008 | 1,730 | 3,133 | |||||||||||
Gain on sale of marketable equity securities | 16,435 | — | 16,435 | — | |||||||||||
Gain (loss) on early extinguishment of debt | — | 158 | (2,022 | ) | (33,039 | ) | |||||||||
Gain on exchange of equity-method investment | — | — | 250,331 | — | |||||||||||
Miscellaneous income, net | 379 | 7,277 | 2,493 | 24,131 | |||||||||||
Total other income (expense), net | (58,300 | ) | (53,790 | ) | 57,305 | (188,362 | ) | ||||||||
Loss before income taxes | (228,913 | ) | (601,378 | ) | (760,198 | ) | (1,063,732 | ) | |||||||
Income tax benefit | 43,938 | 143,137 | 6,898 | 309,022 | |||||||||||
Net loss | $ | (184,975 | ) | $ | (458,241 | ) | $ | (753,300 | ) | $ | (754,710 | ) | |||
Loss per common share: | |||||||||||||||
Basic loss per common share: | $ | (0.84 | ) | $ | (2.07 | ) | $ | (3.40 | ) | $ | (3.42 | ) | |||
Diluted loss per common share: | $ | (0.84 | ) | $ | (2.07 | ) | $ | (3.40 | ) | $ | (3.42 | ) | |||
Weighted average shares outstanding: | |||||||||||||||
Weighted average shares--basic | 221,491,811 | 220,960,449 | 221,342,088 | 220,850,020 | |||||||||||
Weighted average shares--diluted | 221,491,811 | 220,960,449 | 221,342,088 | 220,850,020 | |||||||||||
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 | Nine Months Ended September 30, | ||||||||||||||||||
September 30, 2014 | June 30, 2014 | September 30, 2013 | 2014 | 2013 | |||||||||||||||
Tons sold (1): | |||||||||||||||||||
Powder River Basin | 9,280 | 7,908 | 10,087 | 26,635 | 28,825 | ||||||||||||||
Eastern steam | 7,183 | 7,486 | 6,726 | 22,254 | 21,779 | ||||||||||||||
Eastern metallurgical | 4,773 | 4,492 | 5,034 | 13,656 | 15,705 | ||||||||||||||
Total | 21,236 | 19,886 | 21,847 | 62,545 | 66,309 | ||||||||||||||
Average realized price per ton sold (2)(7): | |||||||||||||||||||
Powder River Basin | $ | 11.81 | $ | 11.81 | $ | 12.58 | $ | 11.97 | $ | 12.67 | |||||||||
Eastern steam | $ | 58.16 | $ | 58.53 | $ | 63.21 | $ | 58.32 | $ | 62.51 | |||||||||
Eastern metallurgical | $ | 82.45 | $ | 86.31 | $ | 94.73 | $ | 86.14 | $ | 99.70 | |||||||||
Weighted average total | $ | 43.36 | $ | 46.23 | $ | 47.09 | $ | 44.65 | $ | 49.65 | |||||||||
Coal revenues: | |||||||||||||||||||
Powder River Basin | $ | 109,602 | $ | 93,391 | $ | 126,865 | $ | 318,778 | $ | 365,188 | |||||||||
Eastern steam | 417,759 | 438,144 | 425,097 | 1,297,764 | 1,361,387 | ||||||||||||||
Eastern metallurgical | 393,472 | 387,718 | 476,885 | 1,176,364 | 1,565,837 | ||||||||||||||
Total coal revenues | $ | 920,833 | $ | 919,253 | $ | 1,028,847 | $ | 2,792,906 | $ | 3,292,412 | |||||||||
Adjusted cost of coal sales per ton (3)(7)(8)(11): | |||||||||||||||||||
Powder River Basin | $ | 11.32 | $ | 12.06 | $ | 9.29 | $ | 11.15 | $ | 9.79 | |||||||||
East (4) | $ | 61.69 | $ | 62.01 | $ | 74.52 | $ | 63.14 | $ | 72.73 | |||||||||
Adjusted weighted average total | $ | 39.67 | $ | 42.14 | $ | 44.40 | $ | 41.00 | $ | 45.37 | |||||||||
Adjusted weighted average coal margin per ton (9) | $ | 3.69 | $ | 4.09 | $ | 2.69 | $ | 3.65 | $ | 4.28 | |||||||||
Adjusted weighted average coal margin percentage (10) | 8.5 | % | 8.8 | % | 5.7 | % | 8.2 | % | 8.6 | % | |||||||||
Cost of coal sales per ton (3)(7)(11): | |||||||||||||||||||
Powder River Basin | $ | 11.32 | $ | 12.06 | $ | 9.29 | $ | 11.15 | $ | 9.79 | |||||||||
East (4) | $ | 62.32 | $ | 60.65 | $ | 74.93 | $ | 62.91 | $ | 73.60 | |||||||||
Weighted average total | $ | 40.03 | $ | 41.33 | $ | 44.62 | $ | 40.87 | $ | 45.86 | |||||||||
Weighted average coal margin per ton (5) | $ | 3.33 | $ | 4.90 | $ | 2.47 | $ | 3.78 | $ | 3.79 | |||||||||
Weighted average coal margin percentage (6) | 7.7 | % | 10.6 | % | 5.2 | % | 8.5 | % | 7.6 | % | |||||||||
Net cash (used in) provided by operating activities | $ | 34,296 | $ | (217,048 | ) | $ | 111,083 | $ | (236,713 | ) | $ | 178,579 | |||||||
Capital expenditures | $ | 45,341 | $ | 43,115 | $ | 56,123 | $ | 128,174 | $ | 163,129 | |||||||||
(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 September 30, 2014, June 30, 2014, and September 30, 2013, and for the nine months ended September 30, 2014 and | |||||||||||||||||||
September 30, 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 | Nine months ended | ||||||||||||||||||
September 30, 2014 | June 30, 2014 | September 30, 2013 | September 30, 2014 | September 30, 2013 | |||||||||||||||
Cost of coal sales per ton-East | $ | 62.32 | $ | 60.65 | $ | 74.93 | $ | 62.91 | $ | 73.60 | |||||||||
Impact of provision for regulatory costs | — | — | — | — | (0.62 | ) | |||||||||||||
Impact of employee benefit related expenses | (0.47 | ) | — | — | (0.16 | ) | — | ||||||||||||
Impact of merger-related expenses | (0.16 | ) | 1.36 | (0.41 | ) | 0.39 | (0.25 | ) | |||||||||||
Adjusted cost of coal sales per ton-East | $ | 61.69 | $ | 62.01 | $ | 74.52 | $ | 63.14 | $ | 72.73 | |||||||||
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) | |||||||
September 30, 2014 | December 31, 2013 | ||||||
Cash and cash equivalents | $ | 809,411 | $ | 619,644 | |||
Trade accounts receivable, net | 317,684 | 287,655 | |||||
Inventories, net | 305,285 | 304,863 | |||||
Short-term marketable securities | 374,528 | 337,069 | |||||
Prepaid expenses and other current assets | 264,425 | 439,193 | |||||
Total current assets | 2,071,333 | 1,988,424 | |||||
Property, equipment and mine development costs, net | 1,528,163 | 1,798,648 | |||||
Owned and leased mineral rights and land, net | 6,984,875 | 7,157,506 | |||||
Goodwill, net | — | 308,651 | |||||
Long-term marketable securities | 170,479 | — | |||||
Other non-current assets | 437,975 | 546,029 | |||||
Total assets | $ | 11,192,825 | $ | 11,799,258 | |||
Current portion of long-term debt | $ | 176,945 | $ | 29,169 | |||
Trade accounts payable | 245,311 | 234,951 | |||||
Accrued expenses and other current liabilities | 703,309 | 978,695 | |||||
Total current liabilities | 1,125,565 | 1,242,815 | |||||
Long-term debt | 3,714,976 | 3,398,434 | |||||
Pension and postretirement medical benefit obligations | 1,024,896 | 990,124 | |||||
Asset retirement obligations | 723,479 | 728,575 | |||||
Deferred income taxes | 828,070 | 901,552 | |||||
Other non-current liabilities | 455,296 | 465,892 | |||||
Total liabilities | 7,872,282 | 7,727,392 | |||||
Total stockholders' equity | 3,320,543 | 4,071,866 | |||||
Total liabilities and stockholders' equity | $ | 11,192,825 | $ | 11,799,258 | |||
As of | |||||||
September 30, 2014 | December 31, 2013 | ||||||
Liquidity ($ in 000's): | |||||||
Cash and cash equivalents | $ | 809,411 | $ | 619,644 | |||
Short-term marketable securities | 374,528 | 337,069 | |||||
Long-term marketable securities (1) | 170,479 | — | |||||
Total cash, cash equivalents and marketable securities | 1,354,418 | 956,713 | |||||
Unused revolving credit and A/R securitization facilities (2) | 915,700 | 966,000 | |||||
Total liquidity | $ | 2,270,118 | $ | 1,922,713 | |||
(1) Shares of Rice Energy Inc. are subject to customary lockup provisions which expire on November 11, 2014. | |||||||
(2) 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) | |||||||
Nine Months Ended September 30, | |||||||
2014 | 2013 | ||||||
Operating activities: | |||||||
Net loss | $ | (753,300 | ) | $ | (754,710 | ) | |
Adjustments to reconcile net loss to net cash provided by (used in) | |||||||
operating activities: | |||||||
Depreciation, depletion, accretion and amortization | 647,298 | 733,282 | |||||
Amortization of acquired intangibles, net | 27,909 | 908 | |||||
Mark-to-market adjustments for derivatives | 4,641 | 1,312 | |||||
Stock-based compensation | 21,170 | 18,360 | |||||
Employee benefit plans, net | 43,879 | 43,352 | |||||
Loss on early extinguishment of debt | 2,022 | 33,039 | |||||
Deferred income taxes | (4,785 | ) | (306,488 | ) | |||
Gain on exchange of equity-method investment | (250,331 | ) | — | ||||
Gain on sale of marketable equity security | (16,435 | ) | — | ||||
Asset impairment and restructuring | 23,633 | 24,358 | |||||
Goodwill impairment | 308,651 | 253,102 | |||||
Other, net | 8,843 | (16,020 | ) | ||||
Changes in operating assets and liabilities: | |||||||
Trade accounts receivable, net | (30,029 | ) | 118,216 | ||||
Inventories, net | (422 | ) | 61,116 | ||||
Prepaid expenses and other current assets | 80,882 | 30,728 | |||||
Other non-current assets | 24,690 | 7,052 | |||||
Trade accounts payable | 11,204 | (28,332 | ) | ||||
Accrued expenses and other current liabilities | (304,212 | ) | 152,816 | ||||
Pension and postretirement medical benefit obligations | (31,752 | ) | (36,647 | ) | |||
Asset retirement obligations | (39,063 | ) | (31,519 | ) | |||
Other non-current liabilities | (11,206 | ) | (125,346 | ) | |||
Net cash provided by (used in) operating activities | (236,713 | ) | 178,579 | ||||
Investing activities: | |||||||
Capital expenditures | (128,174 | ) | (163,129 | ) | |||
Purchases of marketable securities | (507,804 | ) | (738,800 | ) | |||
Sales of marketable securities | 532,323 | 680,452 | |||||
Proceeds from exchange of equity method investment, net | 96,732 | — | |||||
Other, net | 13,516 | 7,075 | |||||
Net cash provided by (used in) investing activities | 6,593 | (214,402 | ) | ||||
Financing activities: | |||||||
Proceeds from borrowings on long-term debt | 500,000 | 964,369 | |||||
Principal repayments of long-term debt | (35,993 | ) | (951,894 | ) | |||
Principal repayments of capital lease obligations | (13,028 | ) | (12,151 | ) | |||
Debt issuance and modification costs | (28,185 | ) | (24,317 | ) | |||
Common stock repurchases | (1,392 | ) | (1,352 | ) | |||
Other | (1,515 | ) | (1,453 | ) | |||
Net cash provided by (used in) financing activities | 419,887 | (26,798 | ) | ||||
Net increase (decrease) in cash and cash equivalents | $ | 189,767 | $ | (62,621 | ) | ||
Cash and cash equivalents at beginning of period | $ | 619,644 | $ | 730,723 | |||
Cash and cash equivalents at end of period | $ | 809,411 | $ | 668,102 | |||
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 EBITDA and Adjusted EBITDA to Net Loss | |||||||||||||||||||
(In Thousands) | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
Three Months Ended | Nine Months Ended September 30, | ||||||||||||||||||
September 30, 2014 | June 30, 2014 | September 30, 2013 | 2014 | 2013 | |||||||||||||||
Net loss (1) | $ | (184,975 | ) | $ | (512,627 | ) | $ | (458,241 | ) | $ | (753,300 | ) | $ | (754,710 | ) | ||||
Interest expense | 75,688 | 71,012 | 62,233 | 211,662 | 182,587 | ||||||||||||||
Interest income | (574 | ) | (540 | ) | (1,008 | ) | (1,730 | ) | (3,133 | ) | |||||||||
Income tax (benefit) expense | (43,938 | ) | (9,518 | ) | (143,137 | ) | (6,898 | ) | (309,022 | ) | |||||||||
Depreciation, depletion and amortization | 170,895 | 191,072 | 196,292 | 562,262 | 650,021 | ||||||||||||||
Amortization of acquired intangibles, net | 9,166 | 9,464 | 2,748 | 27,909 | 908 | ||||||||||||||
EBITDA | 26,262 | (251,137 | ) | (341,113 | ) | 39,905 | (233,349 | ) | |||||||||||
Goodwill impairment | — | 308,651 | 253,102 | 308,651 | 253,102 | ||||||||||||||
Asset impairment and restructuring | 11,544 | 2,590 | 2,017 | 23,633 | 24,358 | ||||||||||||||
Change in fair value and settlement of derivative instruments | 8,987 | (4,466 | ) | (1,865 | ) | 11,058 | (7,671 | ) | |||||||||||
Merger related expense (benefit) | 1,087 | (5,990 | ) | 119,824 | 1,595 | 122,725 | |||||||||||||
Provision for regulatory costs | — | — | — | — | 25,000 | ||||||||||||||
Employee benefit related expense | 5,792 | — | — | 5,792 | — | ||||||||||||||
Loss on assets contributed to equity affiliate | — | — | 1,622 | — | 10,117 | ||||||||||||||
(Gain) loss on early extinguishment of debt | — | 218 | (158 | ) | 2,022 | 33,039 | |||||||||||||
Adjusted EBITDA | $ | 53,672 | $ | 49,866 | $ | 33,429 | $ | 392,656 | $ | 227,321 | |||||||||
(1) For the nine months ended September 30, 2014, net loss includes a gain of $250.3 million from the exchange of the Alpha Shale joint venture with 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 Adjusted Net Loss to Net Loss | |||||||||||||||||||
(In Thousands Except Shares and Per Share Data) | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
Three Months Ended | Nine Months Ended September 30, | ||||||||||||||||||
September 30, 2014 | June 30, 2014 | September 30, 2013 | 2014 | 2013 | |||||||||||||||
Net loss (1) | $ | (184,975 | ) | $ | (512,627 | ) | $ | (458,241 | ) | $ | (753,300 | ) | $ | (754,710 | ) | ||||
Goodwill impairment | — | 308,651 | 253,102 | 308,651 | 253,102 | ||||||||||||||
Asset impairment and restructuring | 11,544 | 2,590 | 2,017 | 23,633 | 24,358 | ||||||||||||||
Change in fair value and settlement of derivative instruments | 8,987 | (4,466 | ) | (1,865 | ) | 11,058 | (7,671 | ) | |||||||||||
Merger related expense (benefit) | 1,087 | (5,990 | ) | 119,824 | 1,595 | 122,725 | |||||||||||||
Provision for regulatory costs | — | — | — | — | 25,000 | ||||||||||||||
Employee benefit related expense | 5,792 | — | — | 5,792 | — | ||||||||||||||
Loss on assets contributed to equity affiliate | — | — | 1,622 | — | 10,117 | ||||||||||||||
Loss on early extinguishment of debt | — | 218 | (158 | ) | 2,022 | 33,039 | |||||||||||||
Amortization of acquired intangibles, net | 9,166 | 9,464 | 2,748 | 27,909 | 908 | ||||||||||||||
Estimated income tax effect of above adjustments | (13,563 | ) | (677 | ) | (45,873 | ) | (26,787 | ) | (66,494 | ) | |||||||||
Discrete tax charge from state statutory tax rate and apportionment change, net of federal tax impact | — | — | (2,524 | ) | — | (2,524 | ) | ||||||||||||
Discrete tax charge (benefit) from valuation allowance adjustment | 43,655 | 87,485 | (5,070 | ) | 181,258 | 2,614 | |||||||||||||
Discrete tax benefit from reversal of reserves for uncertain tax positions | — | (8,090 | ) | — | (8,090 | ) | — | ||||||||||||
Adjusted net loss | $ | (118,307 | ) | $ | (123,442 | ) | $ | (134,418 | ) | $ | (226,259 | ) | $ | (359,536 | ) | ||||
Weighted average shares--diluted | 221,491,811 | 221,376,721 | 220,960,449 | 221,342,088 | 220,850,020 | ||||||||||||||
Adjusted diluted income (loss) per common share | $ | (0.53 | ) | $ | (0.56 | ) | $ | (0.61 | ) | $ | (1.02 | ) | $ | (1.63 | ) | ||||
(1) For the nine months ended September 30, 2014, net loss includes a gain of $250.3 million from the exchange of the Alpha Shale joint venture with Rice Energy. | |||||||||||||||||||
This information is intended to be reviewed in conjunction with the company's filings with the U.S. Securities and Exchange Commission. |
1 Year Alpha Natural Chart |
1 Month Alpha Natural Chart |
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