This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Westmoreland Reports First Quarter 2012 Results

Westmoreland Coal Company (NasdaqGM:WLB) today reported its first quarter results for 2012.

Highlights:

  • Adjusted EBITDA increased $2.7 million (11.6%) during Q1 2012 to $26.0 million as compared to $23.3 million in Q1 2011.
  • Operating Income increased $0.3 million (4.1%) during Q1 2012 to $7.7 million as compared to $7.4 million in Q1 2011.
  • Total revenues were $145.9 million for Q1 2012 compared to $127.8 million in Q1 2011, an increase of 14.2%.
  • Net loss applicable to common shareholders of $0.8 million ($0.06 per basic and diluted share) for Q1 2012 compared to a Q1 2011 net loss of $18.0 million ($1.45 per basic and diluted share). Q1 2011 net loss included $20.2 million of charges related to the refinancing of debt.
  • Westmoreland again continued its strong safety performance achieving reportable and lost time incident rates approximately 85.8% and 76.4%, respectively, of the national averages for surface operations for the first quarter of 2012.
  • During the first quarter of 2012, Westmoreland’s Jewett Mine was selected as the winner of the Texas 2012 reclamation award by the Railroad Commission of Texas’ Surface Mining and Reclamation Division for its “Jewett Mine Stream Restoration Initiative.”

“We successfully completed the acquisition of the Kemmerer Mine on January 31 and its two month performance is included in our first quarter results” said Keith E. Alessi, Westmoreland’s Chief Executive Officer. “The Kemmerer integration has gone very smoothly and the mine’s financial performance during the quarter exceeded our internal projections as a result of stronger than projected sales, productivity gains and cost management. We are still working through the process of valuing the Kemmerer assets and recording the final purchase accounting for the transaction.”

“We were pleased with our overall results, particularly in light of the extremely mild winter conditions experienced throughout the service areas of our customers. I consider this to be continuing validation of our business model, which is largely focused on long term, cost plus contracts. Our model provides for downside protection in quarters, such as this, in which we experience reduced tonnage. We remain focused on managing our balance sheet and finished the quarter in one of the most liquid positions we have experienced in many years as a result of these efforts, and the recent financing associated with the Kemmerer acquisition. During the quarter, we also welcomed Bob King to the company as our President and Chief Operating Officer. Bob’s deep industry experience will be invaluable to us as we explore ways to become more efficient and to grow the business.”

1 of 7

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,943.81 +28.74 0.17%
S&P 500 1,967.57 +2.89 0.15%
NASDAQ 4,415.49 +19.2860 0.44%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs