This Day On The Street
Continue to site right-arrow
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 Second Quarter 2012 Results

Stocks in this article: WLB

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


  • Adjusted EBITDA increased $0.4 million during Q2 2012 to $14.6 million as compared to $14.2 million in Q2 2011. Year to date 2012 Adjusted EBITDA was $41.9 million, an 11.7 % increase over 2011 year to date Adjusted EBITDA of $37.5 million.
  • Total revenues were $132.8 million for Q2 2012 compared to $112.1 million in Q2 2011, an increase of 18.5%.
  • Net loss applicable to common shareholders of $12.4 million ($0.89 per basic and diluted share) for Q2 2012 compared to a Q2 2011 net loss of $7.7 million ($0.59 per basic and diluted share). Year to date net loss for 2012 was $11.9 million compared to a year to date net loss for 2011 of $25.7 million. The 2011 net loss includes $20.2 million of charges related to the refinancing of debt.
  • During the second quarter, Westmoreland announced that it had improved its liquidity position by securing a new revolving credit facility and that it had amended its Note Purchase and Credit Agreement at its WML subsidiary.
  • During the second quarter, Westmoreland announced it had leased 56.4 million tons of private coal adjacent to its Rosebud Mine in Colstrip, Montana. Westmoreland controls an estimated 486 million tons of proven and probable coal reserves across all of its operations as of June 30 th, plus an additional 214.4 million of indicated coal reserves.
  • Westmoreland continued its strong safety performance achieving reportable and lost time incident rates approximately 83.9% and 63.5%, respectively, of the national averages for surface operations through the second quarter of 2012.

“We consider this to be a very solid quarter when considering the fact that the current year quarter included major scheduled outages at both our Beulah Mine’s primary customer and at our ROVA facility. The difference in Adjusted EBITDA for these two facilities was $6.9 million less in the second quarter of 2012 than in 2011 when these facilities were fully operational,” said Keith E. Alessi, Westmoreland’s Chief Executive Officer. “As we have previously stated, the timing of maintenance outages can significantly impact comparability of quarters and we had expected that our second quarter would be our weakest quarter of the year. In the face of weak demand and a highly competitive market, we remain pleased with the performance of our business, including the performance from our recently acquired Kemmerer Mine.

1 of 7

Select the service that is right for you!

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 18,030.21 +6.04 0.03%
S&P 500 2,081.88 -0.29 -0.01%
NASDAQ 4,773.4720 +8.0480 0.17%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

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