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Cloud Peak Energy Inc. Announces Results For The Second Quarter And First Six Months Of 2012

Stocks in this article: CLD

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 second quarter and first six months of 2012.

2012 Second Quarter and Six Months Highlights

  • Adjusted EBITDA (1) of $65.6 million in the second quarter of 2012 compared with $88.3 million in the second quarter of 2011; Adjusted EBITDA of $141.4 million compared with $170.9 million for the first six months of 2011.
  • Net income of $33.7 million resulting in Adjusted EPS (1) of $0.34 compared to $0.72 in the second quarter of 2011; for the six months of 2012, net income of $60.3 million resulting in Adjusted EPS of $0.81 compared to $1.16 in the first six months of 2011.
  • Diluted EPS of $0.55 compared to $1.56 in the second quarter of 2011; diluted EPS of $0.99 compared to $2.00 in the first six months of 2011.
  • Generated cash from operations of $81.3 million for the first six months of 2012.
  • Acquired Youngs Creek project containing approximately 450 million tons of in-place coal and 38,800 acres of surface land in the Northern Powder River Basin (NPRB) to further Cloud Peak Energy’s potential for increased Asian exports.
  • Implemented an oil hedging program using costless collars for 75% of our expected usage through March 2013.

(1) Defined later.

“We are pleased with our operational and financial performance during what we knew would be a very challenging second quarter. As expected, shipments were unusually slow as some customers continued to substitute low price natural gas for coal at a time when they had high coal stockpiles and low electricity demand. During the second quarter, the operations did a good job of controlling costs as we managed our business in line with the reduced demand. We were very pleased to announce our successful acquisition of the significant Youngs Creek coal and land assets. This transaction builds our Northern PRB asset base to allow us to meet anticipated strong international demand for our coal,” said Colin Marshall, President and Chief Executive Officer.

Operating Highlights (1)         Q2         Q2        

First Six Months


First Six Months

2012 2011 2012 2011
Tons sold (in millions) 20.1 23.0 42.6 46.1
Realized price per ton sold $ 13.11 $ 12.94 $ 13.21 $ 12.86
Average cost of product sold per ton $ 10.09 $ 9.23 $ 9.93 $ 9.09

(1) Includes the three company-operated mines only.

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