Mirant ( MIR) has thrown some new and complicated figures at investors long deprived of any numbers at all. A week after filing three years' worth of financial statements, Mirant followed up on Wednesday by providing financial guidance for the future. But by using an unfamiliar metric, the company left information-starved investors in the dark again. The company said it expects to earn $800 million in "adjusted EBITDA," a nonstandard measure of earnings before interest, taxes, depreciation and amortization, this year. But Mirant offered no traditional guidance for earnings per share, as it has in the past. "The company believes adjusted EBITDA provides a more meaningful measure of the company's underlying operating performance," Mirant stated in a prepared release Wednesday. The market seemed hesitant to embrace the new figure. The stock dropped more than 5% to $2.99 before it bounced back to within a nickel of Tuesday's $3.17 closing price on Wednesday.
"In the next 60 days, we're going to get a lot of clarity in terms of what this restructuring is going to look like," Fuller assured analysts. "I am optimistic about our refinancing efforts." In its statement Wednesday, Mirant said it plans to offer security in "substantially all of its unencumbered assets, as well as more favorable terms" to snag the financing it needs to operate until market conditions improve.