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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 April 30, 2015 |
Alpha Natural Resources, Inc. | ||||
April 30, 2015 | By: | /s/ William L. Phillips III | ||
Name: William L. Phillips III | ||||
Title: Assistant Secretary |
Exhibit No. | Description |
Exhibit 99.1 | Press Release dated April 30, 2015 |
• | First quarter 2015 revenue was $0.8 billion and Adjusted EBITDA loss was $34 million |
• | Successfully executed a liability management transaction, lowering gross debt outstanding by $379 million and cash interest expense by $21 million annually |
• | Aggressive cost reduction effort ahead of plan with anticipated annual savings in excess of $60-75 million once fully implemented; lowering SG&A guidance by $5 million to $95-$115 million and capex by $25 million to $200-$250 million |
• | Total liquidity at quarter-end of approximately $1.9 billion, including more than $1.0 billion in cash and investments |
Q1 2015 | Q4 2014 | Q1 2014 | |
Coal revenues | $726.1 | $931.5 | $952.8 |
Net income (loss) | $68.2 | ($121.7) | ($55.7) |
Net income (loss) per diluted share | $0.30 | ($0.55) | ($0.25) |
Adjusted net income (loss) 1 | ($175.7) | ($111.6) | $15.5 |
Adjusted net income (loss) per diluted share 1 | ($0.79) | ($0.50) | $0.07 |
Adjusted EBITDA 1 | ($33.6) | $102.6 | $289.1 |
Tons of coal sold | 19.5 | 22.0 | 21.4 |
Weighted average coal margin per ton of reportable segments | ($0.42) | $6.59 | $3.21 |
Adjusted weighted average coal margin per ton of reportable segments 1 | $0.12 | $5.48 | $3.23 |
1. | These are non-GAAP financial measures. A reconciliation of net income (loss) to adjusted net income (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 of reportable segments is defined as the |
• | Total revenues in the first quarter of 2015 were $0.8 billion compared with $1.1 billion in the first quarter of 2014, and coal revenues were $0.7 billion, down from $1.0 billion in the year-ago period. The decrease in coal revenues was attributable to lower average realizations in all regions and fewer tons sold in the East, mainly due to weather, resulting in reduced shipments and coal revenue by approximately one million tons and more than $50 million, respectively. Freight and handling revenues and other revenues were $100 million and $16 million, respectively, during the first quarter of 2015, versus $134 million and $25 million, respectively, in the first quarter of 2014. |
• | Total costs and expenses during the first quarter of 2015 were $1.1 billion, compared with $1.3 billion in the first quarter of 2014 and $1.2 billion in the prior quarter. Cost of coal sales was $0.8 billion, compared with $0.9 billion in the year-ago period and $0.8 billion in the prior quarter. The cost of coal sales in the East during the first quarter of 2015 averaged $66.45 per ton, compared with $65.76 in the first quarter last year and $55.55 in the prior quarter. Excluding $1.10 per ton in merger-related expenses, the adjusted cost of coal sales in the East averaged $65.35 per ton, compared with $65.73 in the first quarter last year, which excluded $0.03 per ton merger-related expenses, and $57.55 in the fourth quarter of 2014, which excluded a $2.71 per ton benefit from immaterial corrections of prior period asset retirement obligations, $0.63 per ton merger-related expenses and $0.08 per ton |
• | Selling, general and administrative (SG&A) expense in the first quarter of 2015 was $25 million, compared with SG&A expense of $41 million in the first quarter of 2014 and $32 million in the prior quarter. Depreciation, depletion and amortization decreased to $158 million during the first quarter of 2015 from $200 million in the year-ago period. |
• | Alpha recorded net income of $68 million, or $0.30 per diluted share, during the first quarter of 2015, compared with a net loss of $56 million, or $0.25 per diluted share, during the first quarter of 2014. |
• | Excluding the items described in the “Reconciliation of Net Income (Loss) to Adjusted EBITDA,” Adjusted EBITDA loss was $34 million in the first quarter of 2015, compared with Adjusted EBITDA of $289 million in the first quarter of 2014. First quarter 2014 Adjusted EBITDA includes an approximately $250 million gain from the Rice Energy transaction. |
2015 | |
Average per Ton Sales Realization on Committed and Priced Coal Shipments 1, 2, 3 | |
West | $11.40 |
Eastern Steam | $54.81 |
Eastern Metallurgical | $78.67 |
Coal Shipments (tons) 3 | 69 - 80 |
West | 36 - 40 |
Eastern Steam | 19 - 23 |
Eastern Metallurgical | 14 - 17 |
Committed and Priced (%) 3, 4 | 92% |
West | 100% |
Eastern Steam | 87% |
Eastern Metallurgical | 75% |
Committed and Unpriced (%) 3, 4 | 2% |
West | 0% |
Eastern Steam | 5% |
Eastern Metallurgical | 3% |
West - Adjusted Cost of Coal Sales per Ton 5, 6 | $10.00 - $11.00 |
East - Adjusted Cost of Coal Sales per Ton 5, 6 | $58.00 - $64.00 |
Selling, General & Administrative Expense 5 | $95 - $115 |
Depletion, Depreciation & Amortization | $650 - $750 |
Interest Expense | $290 - $310 |
Cash Paid for Interest | $230 - $240 |
Capital Expenditures 7 | $200 - $250 |
1. | Based on committed and priced coal shipments as of April 16, 2015. |
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 April 16, 2015, 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. | Cost coal sales by segment divided by tons sold. Tons sold in the East consist of Eastern steam and metallurgical tons. The company’s All Other category has no sales or production and therefore has not been presented separately above. |
7. | Includes the last 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, invest 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 or refinancing 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; |
• | our ability to generate sufficient cash or obtain financing to fund our business operations; |
• | 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; |
• | our ability to satisfy listing requirement for our equity securities; 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 year ended December 31, 2014. |
Alpha Natural Resources, Inc. and Subsidiaries | |||||||
Condensed Consolidated Statements of Operations | |||||||
(In Thousands Except Shares and Per Share Data) | |||||||
(Unaudited) | |||||||
Three Months Ended March 31, | |||||||
2015 | 2014 | ||||||
Revenues: | |||||||
Coal revenues | $ | 726,067 | $ | 952,820 | |||
Freight and handling revenues | 100,159 | 134,202 | |||||
Other revenues | 15,763 | 24,751 | |||||
Total revenues | 841,989 | 1,111,773 | |||||
Costs and expenses: | |||||||
Cost of coal sales (exclusive of items shown separately below) | 751,324 | 896,584 | |||||
Freight and handling costs | 100,159 | 134,202 | |||||
Other expenses | 4,985 | 15,194 | |||||
Depreciation, depletion and amortization | 158,431 | 200,295 | |||||
Amortization of acquired intangibles, net | 12,445 | 9,279 | |||||
Selling, general and administrative expenses (exclusive of depreciation, | |||||||
depletion and amortization shown separately above) | 24,962 | 41,197 | |||||
Asset impairment and restructuring | 4,120 | 9,499 | |||||
Total costs and expenses | 1,056,426 | 1,306,250 | |||||
Loss from operations | (214,437 | ) | (194,477 | ) | |||
Other income (expense): | |||||||
Interest expense | (76,706 | ) | (64,962 | ) | |||
Interest income | 660 | 616 | |||||
Gain (loss) on early extinguishment of debt | 364,153 | (1,804 | ) | ||||
Gain on sale of equity method investment | — | 250,331 | |||||
Miscellaneous (expense) income, net | (470 | ) | 1,156 | ||||
Total other income, net | 287,637 | 185,337 | |||||
Income (loss) before income taxes | 73,200 | (9,140 | ) | ||||
Income tax expense | (4,989 | ) | (46,558 | ) | |||
Net income (loss) | $ | 68,211 | $ | (55,698 | ) | ||
Income (loss) per common share: | |||||||
Basic income (loss) per common share: | $ | 0.31 | $ | (0.25 | ) | ||
Diluted income (loss) per common share: | $ | 0.30 | $ | (0.25 | ) | ||
Weighted average shares outstanding: | |||||||
Weighted average shares--basic | 221,784,821 | 221,154,062 | |||||
Weighted average shares--diluted | 223,855,324 | 221,154,062 | |||||
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 | |||||||||||
March 31, 2015 | December 31, 2014 | March 31, 2014 | |||||||||
Tons sold (1): | |||||||||||
Powder River Basin | 10,019 | 9,829 | 9,447 | ||||||||
Eastern steam | 5,454 | 7,256 | 7,585 | ||||||||
Eastern metallurgical | 4,030 | 4,925 | 4,391 | ||||||||
Total | 19,503 | 22,010 | 21,423 | ||||||||
Average realized price per ton sold (2)(7): | |||||||||||
Powder River Basin | $ | 11.55 | $ | 12.02 | $ | 12.26 | |||||
Eastern steam | $ | 55.20 | $ | 55.47 | $ | 58.25 | |||||
Eastern metallurgical | $ | 76.75 | $ | 83.43 | $ | 89.99 | |||||
Weighted average total | $ | 37.23 | $ | 42.32 | $ | 44.48 | |||||
Coal revenues: | |||||||||||
Powder River Basin | $ | 115,687 | $ | 118,152 | $ | 115,785 | |||||
Eastern steam | 301,042 | 402,531 | 441,861 | ||||||||
Eastern metallurgical | 309,338 | 410,852 | 395,174 | ||||||||
Total coal revenues | $ | 726,067 | $ | 931,535 | $ | 952,820 | |||||
Cost of coal sales: | |||||||||||
Powder River Basin | $ | 104,023 | $ | 109,705 | $ | 96,629 | |||||
East (4) | 630,211 | 676,702 | 787,537 | ||||||||
All Other Category | 17,090 | 5,138 | 12,418 | ||||||||
Total cost of coal sales | $ | 751,324 | $ | 791,545 | $ | 896,584 | |||||
Adjusted cost of coal sales per ton (3)(7)(8): | |||||||||||
Powder River Basin | $ | 10.38 | $ | 11.16 | $ | 10.23 | |||||
East (4) | $ | 65.35 | $ | 57.55 | $ | 65.73 | |||||
Adjusted weighted average of reportable segments | $ | 37.11 | $ | 36.84 | $ | 41.25 | |||||
Adjusted weighted average coal margin per ton of reportable segments (9) | $ | 0.12 | $ | 5.48 | $ | 3.23 | |||||
Adjusted weighted average coal margin percentage of reportable segments (10) | 0.3 | % | 12.9 | % | 7.3 | % | |||||
Cost of coal sales per ton (3)(7): | |||||||||||
Powder River Basin | $ | 10.38 | $ | 11.16 | $ | 10.23 | |||||
East (4) | $ | 66.45 | $ | 55.55 | $ | 65.76 | |||||
Weighted average of reportable segments | $ | 37.65 | $ | 35.73 | $ | 41.27 | |||||
Weighted average coal margin per ton of reportable segments (5) | $ | (0.42 | ) | $ | 6.59 | $ | 3.21 | ||||
Weighted average coal margin percentage of reportable segments (6) | (1.1 | )% | 15.6 | % | 7.2 | % | |||||
Net cash used in operating activities | $ | (59,784 | ) | $ | (30,711 | ) | $ | (53,961 | ) | ||
Capital expenditures (11) | $ | 29,619 | $ | 98,994 | $ | 39,718 | |||||
(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 by segment divided by tons sold. Tons sold in the East consist of eastern steam and metallurgical tons. The Company's All Other Category has no sales or production and therefore has not been presented above separately. | |||||||||||
(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 cost of coal sales per ton of reportable segments. | |||||||||||
(6) Weighted average coal margin per ton of reportable segments 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 March 31, 2015, December 31, 2014, and March 31, 2014, adjusted cost of coal sales per ton for East includes adjustments to exclude the impact of certain charges set forth in the table below: | |||||||||||
Three months ended | |||||||||||
March 31, 2015 | December 31, 2014 | March 31, 2014 | |||||||||
Cost of coal sales per ton-East | $ | 66.45 | $ | 55.55 | $ | 65.76 | |||||
Impact of asset retirement obligation correction | — | 2.71 | — | ||||||||
Impact of employee benefit related expenses | — | (0.08 | ) | — | |||||||
Impact of merger-related expenses | (1.10 | ) | (0.63 | ) | (0.03 | ) | |||||
Adjusted cost of coal sales per ton-East | $ | 65.35 | $ | 57.55 | $ | 65.73 | |||||
(9) Weighted average total sales realization per ton less adjusted weighted average cost of coal sales per ton of reportable segments. | |||||||||||
(10) Adjusted weighted average coal margin per ton of reportable segments divided by weighted average total sales realization per ton. | |||||||||||
(11) For the three months ended December 31, 2014, 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) | |||||||
March 31, 2015 | December 31, 2014 (1) | ||||||
Cash and cash equivalents | $ | 476,295 | $ | 741,186 | |||
Trade accounts receivable, net | 249,266 | 314,015 | |||||
Inventories, net | 244,563 | 237,945 | |||||
Short-term investments | 421,128 | 405,169 | |||||
Prepaid expenses and other current assets | 169,299 | 177,999 | |||||
Total current assets | 1,560,551 | 1,876,314 | |||||
Property, equipment and mine development costs, net | 1,343,649 | 1,425,667 | |||||
Owned and leased mineral rights and land, net | 6,861,668 | 6,916,307 | |||||
Long-term investments | 131,597 | 126,820 | |||||
Other non-current assets | 271,982 | 294,358 | |||||
Total assets | $ | 10,169,447 | $ | 10,639,466 | |||
Current portion of long-term debt | $ | 176,795 | $ | 178,251 | |||
Trade accounts payable | 203,276 | 216,098 | |||||
Accrued expenses and other current liabilities | 563,842 | 615,200 | |||||
Total current liabilities | 943,913 | 1,009,549 | |||||
Long-term debt | 3,142,018 | 3,622,837 | |||||
Pension and postretirement medical benefit obligations | 1,240,164 | 1,236,986 | |||||
Asset retirement obligations | 551,828 | 538,008 | |||||
Deferred income taxes | 772,410 | 773,466 | |||||
Other non-current liabilities | 460,728 | 471,820 | |||||
Total liabilities | 7,111,061 | 7,652,666 | |||||
Total stockholders' equity | 3,058,386 | 2,986,800 | |||||
Total liabilities and stockholders' equity | $ | 10,169,447 | $ | 10,639,466 | |||
As of | |||||||
March 31, 2015 | December 31, 2014 | ||||||
Liquidity ($ in 000's): | |||||||
Cash and cash equivalents | $ | 476,295 | $ | 741,186 | |||
Short-term investments | 421,128 | 405,169 | |||||
Long-term investments | 131,597 | 126,820 | |||||
Total cash, cash equivalents and investments | 1,029,020 | 1,273,175 | |||||
Unused revolving credit and A/R securitization facilities (2) | 821,900 | 881,800 | |||||
Total liquidity | $ | 1,850,920 | $ | 2,154,975 | |||
(1) Reflects the adoption of ASU 2015-03 which requires debt issuance costs to be presented with the associated debt liability. | |||||||
(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) | |||||||
Three Months Ended March 31, | |||||||
2015 | 2014 | ||||||
Operating activities: | |||||||
Net income (loss) | $ | 68,211 | $ | (55,698 | ) | ||
Adjustments to reconcile net income (loss) to net cash used in | |||||||
operating activities: | |||||||
Depreciation, depletion, accretion and amortization | 192,918 | 228,630 | |||||
Amortization of acquired intangibles, net | 12,445 | 9,279 | |||||
Mark-to-market adjustments for derivatives | 1,847 | (760 | ) | ||||
Stock-based compensation | (409 | ) | 5,371 | ||||
Asset impairment and restructuring | 4,120 | 9,499 | |||||
Employee benefit plans, net | 15,559 | 14,353 | |||||
(Gain) loss on early extinguishment of debt | (364,153 | ) | 1,804 | ||||
Gain on sale of equity method investment | — | (250,331 | ) | ||||
Deferred income taxes | 4,386 | 45,738 | |||||
Other, net | 568 | 9,865 | |||||
Changes in operating assets and liabilities: | |||||||
Trade accounts receivable, net | 64,749 | (81,243 | ) | ||||
Inventories, net | (6,653 | ) | 943 | ||||
Prepaid expenses and other current assets | (11,140 | ) | (30,138 | ) | |||
Other non-current assets | 6,885 | 8,614 | |||||
Trade accounts payable | (6,739 | ) | 32,044 | ||||
Accrued expenses and other current liabilities | (15,816 | ) | 23,077 | ||||
Pension and postretirement medical benefit obligations | (9,409 | ) | (8,714 | ) | |||
Asset retirement obligations | (9,279 | ) | (11,506 | ) | |||
Other non-current liabilities | (7,874 | ) | (4,788 | ) | |||
Net cash used in operating activities | (59,784 | ) | (53,961 | ) | |||
Investing activities: | |||||||
Capital expenditures | (29,619 | ) | (39,718 | ) | |||
Purchases of investments | (210,281 | ) | (153,648 | ) | |||
Sales of investments | 193,717 | 95,164 | |||||
Proceeds from exchange of equity method investment, net | — | 96,732 | |||||
Other, net | 326 | 1,511 | |||||
Net cash (used in) provided by investing activities | (45,857 | ) | 41 | ||||
Financing activities: | |||||||
Proceeds from borrowings on long-term debt | 186,983 | — | |||||
Principal repayments of long-term debt | (333,489 | ) | (27,145 | ) | |||
Principal repayments of capital lease obligations | (5,373 | ) | (4,264 | ) | |||
Debt issuance and modification costs | (6,815 | ) | — | ||||
Common stock repurchases | (397 | ) | (1,043 | ) | |||
Other | (159 | ) | (159 | ) | |||
Net cash used in financing activities | (159,250 | ) | (32,611 | ) | |||
Net decrease in cash and cash equivalents | $ | (264,891 | ) | $ | (86,531 | ) | |
Cash and cash equivalents at beginning of period | $ | 741,186 | $ | 619,644 | |||
Cash and cash equivalents at end of period | $ | 476,295 | $ | 533,113 | |||
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 Income (Loss) to Adjusted EBITDA | |||||||||||
(In Thousands) | |||||||||||
(Unaudited) | |||||||||||
Three Months Ended | |||||||||||
March 31, 2015 | December 31, 2014 | March 31, 2014 | |||||||||
Net income (loss) (1) | $ | 68,211 | $ | (121,661 | ) | $ | (55,698 | ) | |||
Interest expense | 76,706 | 76,804 | 64,962 | ||||||||
Interest income | (660 | ) | (535 | ) | (616 | ) | |||||
Income tax expense (benefit) | 4,989 | (48,393 | ) | 46,558 | |||||||
Depreciation, depletion and amortization | 158,431 | 188,514 | 200,295 | ||||||||
Amortization of acquired intangibles, net | 12,445 | 11,297 | 9,279 | ||||||||
Impact of asset retirement obligation correction | — | (33,000 | ) | — | |||||||
Asset impairment and restructuring | 4,120 | 1,239 | 9,499 | ||||||||
Change in fair value and settlement of derivative instruments | (4,270 | ) | 19,618 | 6,537 | |||||||
Merger related expense | 10,569 | 7,639 | 6,498 | ||||||||
Employee benefit related expense | — | 1,050 | — | ||||||||
(Gain) loss on early extinguishment of debt | (364,153 | ) | — | 1,804 | |||||||
Adjusted EBITDA | $ | (33,612 | ) | $ | 102,572 | $ | 289,118 | ||||
(1) For the three months ended March 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 Income (Loss) to Adjusted Net Income (Loss) | |||||||||||
(In Thousands Except Shares and Per Share Data) | |||||||||||
(Unaudited) | |||||||||||
Three Months Ended | |||||||||||
March 31, 2015 | December 31, 2014 | March 31, 2014 | |||||||||
Net income (loss) (1) | $ | 68,211 | $ | (121,661 | ) | $ | (55,698 | ) | |||
Impact of asset retirement obligation correction | — | (49,666 | ) | — | |||||||
Asset impairment and restructuring | 4,120 | 1,239 | 9,499 | ||||||||
Change in fair value and settlement of derivative instruments | (4,270 | ) | 19,618 | 6,537 | |||||||
Merger related expense | 10,569 | 7,639 | 6,498 | ||||||||
Employee benefit related expense | — | 1,050 | — | ||||||||
(Gain) loss on early extinguishment of debt | (364,153 | ) | — | 1,804 | |||||||
Amortization of acquired intangibles, net | 12,445 | 11,297 | 9,279 | ||||||||
Estimated income tax effect of above adjustments (2) | 126,439 | 3,467 | (12,547 | ) | |||||||
Discrete tax (benefit) charge from valuation allowance adjustment | (29,060 | ) | 15,388 | 50,118 | |||||||
Adjusted net income (loss) | $ | (175,699 | ) | $ | (111,629 | ) | $ | 15,490 | |||
Weighted average shares--diluted | 223,855,324 | 221,574,489 | 224,748,934 | ||||||||
Adjusted diluted income (loss) per common share | $ | (0.79 | ) | $ | (0.50 | ) | $ | 0.07 | |||
(1) For the three months ended March 31, 2014, net loss includes a gain of $250.3 million from the sale of the Alpha Shale joint venture to Rice Energy. | |||||||||||
(2) The income tax effects of the adjusting items within the reconciliation were calculated using the estimated income tax rates that are expected to apply to those adjustments based on the Company’s expected future income tax filings. | |||||||||||
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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