- Adjusted EBITDA increased 46.7% or $11.3 million during Q3 2012 to $35.5 million as compared to $24.2 million in Q3 2011. Year to date 2012 Adjusted EBITDA was $77.4 million, an increase of $15.7 million or 25.4% over 2011 year to date Adjusted EBITDA of $61.7 million.
- Total revenues were $161.3 million for Q3 2012 compared to $132.4 million in Q3 2011, an increase of 21.8%.
- Net income applicable to common shareholders of $7.3 million ($0.52 per basic and $0.50 per diluted share) for Q3 2012 compared to a Q3 2011 net income of $2.4 million ($0.18 per basic and diluted share). Year to date net loss for 2012 was $4.6 million compared to a year to date net loss for 2011 of $23.3 million. The 2011 net loss includes $20.2 million of charges related to the refinancing of debt.
- The company improved its liquidity position during the quarter, ending the quarter with cash and cash equivalents of $53.7 million. It also had an additional $43.1 million available to it under existing lines of credit.
- Westmoreland continued its strong safety performance achieving reportable and lost time incident rates approximately 63.5% and 46.8%, respectively, of the national averages for surface operations year to date through the third quarter of 2012.
- Robert P. King, current President and Chief Operating Officer was appointed to the Board of Directors effective October 24, 2012.
- The company also announced that Keith E. Alessi, Westmoreland’s current Chief Executive Officer, will retire effective April 5, 2013 and will assume the position of Executive Chairman of the Board. Mr. King will assume the role of Chief Executive Officer on that date.
Westmoreland Coal Company (NasdaqGM:WLB) today reported its third quarter results for 2012, as well as a transition plan for Westmoreland’s senior leadership. Highlights: