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Cloud Peak Energy Inc. Announces Results For Fourth Quarter And Full Year 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 fourth quarter and full year 2012.

2012 Highlights and Recent Developments

  • Reduced All Injury Frequency Rate by 31% from 1.18 last year to 0.82 in 2012.
  • Adjusted EBITDA (1) of $338.8 million for the full year 2012 compared with $351.7 million for 2011; Adjusted EBITDA of $89.0 million in the fourth quarter 2012 compared with $92.9 million in the fourth quarter 2011.
  • 2012 net income of $173.7 million resulting in diluted EPS of $2.85 compared to $3.13 for 2011. Fourth quarter 2012 net income of $28.2 million and diluted EPS of $0.46 compared to $0.72 in the fourth quarter 2011.
  • Adjusted EPS (1) of $2.15 for 2012, and $0.54 for the fourth quarter, compared to $2.47 for 2011 and $0.70 for the fourth quarter 2011.
  • Cash and investments were $278.0 million and total available liquidity was $778 million as of December 31, 2012. We generated $247.4 million in cash from operations for the full year 2012. During the fourth quarter, we generated cash from operations of $45.4 million.
  • Annual shipments of 90.6 million tons from our three operated mines. Asian exports were approximately 0.9 million tons in the fourth quarter 2012 compared to 1.0 million tons in the fourth quarter 2011. For the full year, Asian exports were 4.4 million tons, down from 4.7 million tons in the full year 2011.
  • Proven and probable reserves of 1.3 billion tons at December 31, 2012.
  • Acquired Youngs Creek project with over 450 million tons of in-place coal, of which 287 million tons are now classified as non-reserve coal deposits, along with 38,800 acres of surface land in the Northern Powder River Basin (“NPRB”) to further Cloud Peak Energy’s potential for increased Asian exports.
  • Signed option and exploration agreements with the Crow Indian Tribe covering up to 1.4 billion tons of in-place coal near Cloud Peak Energy’s NPRB properties. Department of Interior approval of the agreements is pending.
  • Announced an agreement to sell our 50% interest in the Decker mine to Ambre Energy with the consideration including an option for up to 5 million tonnes of annual capacity through Ambre’s planned Millennium Bulk Terminal.
  • Today announced a throughput option agreement with SSA Marine that provides Cloud Peak Energy with an option for up to 16 million tonnes of capacity per year through the planned dry bulk cargo Gateway Pacific Terminal at Cherry Point in the State of Washington.

(1) Defined later.

“Given the challenging external environment in 2012, I am very pleased with the operational and financial performance of the company,” said Colin Marshall, President and Chief Executive Officer. “Our operations have done a great job of controlling costs in a year when shipments varied significantly from quarter to quarter. We continued to position ourselves for future export growth by completing a number of important transactions. In June, we purchased the Youngs Creek project, adjacent to our Spring Creek mine, with over 450 million tons of in-place coal, of which 287 million tons are now classified as non-reserve coal deposits, and over 38,800 acres of land. Last month we signed the exploration and option agreements with the Crow Tribe covering up to 1.4 billion tons of in-place coal also located close to our Spring Creek mine. We concluded an option agreement with SSA Marine for up to 16 million tonnes of annual port capacity at its proposed Gateway Pacific Terminal and expect to soon have an option for up to 5 million tonnes of annual capacity at Ambre Energy’s proposed Millennium Bulk Terminal as part of the pending sale of our 50% interest in the Decker mine. It has been a busy year for Cloud Peak Energy as we position ourselves for future growth.”

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