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Cloud Peak Energy Inc. Announces Results For The Third Quarter And First Nine Months Of 2012

Stocks in this article: CLD

Health, Safety and Environment Record

During the third quarter of 2012, of our approximately 1,400 mine site employees, three suffered minor reportable injuries resulting in a year-to-date MSHA All Injury Frequency Rate of 0.73, a decrease over the full year 2011 rate of 1.18. During the 75 MSHA inspector days in the third quarter of 2012, we were issued 11 substantial and significant (S&S) citations, of which, six have been satisfactorily resolved and resulted in total proposed fines of $5,387. Fines for the remaining five S&S citations have not yet been assessed.

Balance Sheet and Cash Flow

Cash flow from operations totaled $202.0 million for the first nine months of 2012. For the nine months, cash spent on capital expenditures was $36.4 million (excluding capitalized interest) and cash spent on LBA installments was $129.2 million. This includes $60 million paid for committed coal leases in the third quarter, which was the remaining obligation for 2012. Cloud Peak Energy’s balance sheet continues to be well positioned with total available liquidity of $766 million at September 30, 2012 and no debt maturities before 2016.

Tax Receivable Agreement and Related Adjustments

During the third quarter, we completed our annual update of our life of mine operating plans and calculation of the resulting estimated future taxable income, which is used to update the undiscounted future estimated liability to Rio Tinto under the Tax Receivable Agreement. These updates resulted in a reduction of the future tax value expected to be received; and therefore, there was a decrease in the third quarter in the future estimated liability due to Rio Tinto under the Tax Receivable Agreement. A non-cash benefit of $29.0 million to non-operating income was recorded for the three months ended September 30, 2012. Changes to our estimated future taxable income also changed our projections regarding our ability to fully utilize our deferred tax assets and we have therefore made adjustments to our valuation allowance on deferred tax assets. The deferred tax adjustments relating to the change in the tax agreement liability and the valuation allowance resulted in a net $6.5 million deferred tax benefit which was recorded through income tax expense.

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