- 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.
Westmoreland Reports Second Quarter 2012 Results
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