Cloud Peak Energy Inc. Announces Results For The First Quarter Of 2012

Cloud Peak Energy Inc. (NYSE:CLD), one of the largest U.S. coal producers and the only pure-play Powder River Basin (PRB) coal company, today announced results for the first quarter of 2012.

2012 First Quarter Highlights

• Adjusted EBITDA ⁽¹⁾ of $75.7 million in the first quarter of 2012 compared with $82.6 million in the first quarter of 2011.
• Net income of $26.6 million resulting in Adjusted EPS ⁽¹⁾ of $0.47 compared to net income of $26.8 million and Adjusted EPS of $0.44 in the first quarter of 2011.
• Diluted EPS of $0.44 compared to $0.44 in the first quarter of 2011.
• Asian exports were up nearly 10% to 971,000 tons from 887,000 tons in the first quarter of 2011.
• Cash and investments increased to $585.7 million as the Company generated cash from operations of $53.0 million and obtained release of $71.2 million of restricted cash.

“Given the challenging domestic environment facing the industry, we are pleased with our strong balance sheet position and our operational and financial performance in the first quarter. Our strategy to enter a calendar year with our production essentially fully sold has again proven to be a prudent approach that enables us to plan our business and manage our costs. The Asian export market continues to be strong and we were able to incrementally increase our exports even while our main shipping terminal at Westshore completed a scheduled outage associated with its expansion work,” said Colin Marshall, President and Chief Executive Officer.

(1) Defined later.

Operating Highlights (1)		Q1			Q1
		2012			2011
Tons sold (in millions)			22.5			23.1
Realized price per ton sold		$	13.31		$	12.73
Average cost of product sold per ton		$	9.78		$	8.94
(1) Includes the three company-operated mines only.

For the first quarter, sales from our three company-operated mines were 22.5 million tons, down from 23.1 million tons in the first quarter of 2011 due primarily to reduced domestic demand for electricity caused by a warmer-than-average winter. The reduced electricity and home heating demand depressed the near term price of coal and natural gas allowing some utilities to increase their generation from natural gas while stockpiling previously contracted coal. Adjusted EBITDA declined slightly to $75.7 million, driven by lower volumes. Realized price per ton increased to $13.31. Average cost of product sold per ton was in line with our expectations at $9.78, up from last year primarily due to higher royalties and severance taxes resulting from the higher sales prices, higher diesel prices, and the impact of fixed costs on fewer tons sold.

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