Westmoreland Reports Third Quarter 2016 Results; Updates Full-Year Guidance

ENGLEWOOD, Colo., Nov. 01, 2016 (GLOBE NEWSWIRE) -- Westmoreland Coal Company (Nasdaq:WLB) today reported financial results for the third quarter and updated its 2016 guidance.

Third Quarter Highlights
  • Revenues of $370.7 million from 13.9 million tons sold
  • Net loss applicable to common shareholders of $8.5 million, or $0.46 per share
  • Adjusted EBITDA of $71.2 million, a new quarterly record

Nine Month Highlights
  • Revenues of $1,081.7 million from 39.7 million tons sold
  • Net loss applicable to common shareholders of $3.3 million, or $0.18 per share, including a sizable tax benefit
  • Adjusted EBITDA of $179.0 million
  • Cash flow provided by operating activities of $84.2 million
  • Free cash flow of $56.3 million

"We delivered record high quarterly adjusted EBITDA. These results were driven by solid demand and demonstrate the benefits of our diverse portfolio, ability to execute, and the strength of our business model. Similar to other quarters, we generated impressive free cash flow as a result of our focus on cost containment, cash flow initiatives, and capital spending management," said Westmoreland Chief Executive Officer, Kevin Paprzycki. "During the quarter, we also acted quickly to better position Coal Valley when Newcastle pricing increased. We hedged 100% of the 2017 Coal Valley production at prices that will result in breakeven cash flow. This compares very favorably to the projected $10 million cash drag in 2016. We are aggressively evaluating all alternatives for these operations including potential monetization."

Paprzycki commented on the outlook, "We have executed well this year and are on track to set another adjusted EBITDA record in the fourth quarter. This gives us confidence to tighten our guidance ranges so we now expect to produce full year 2016 adjusted EBITDA in the range of $255 million to $265 million and free cash flow in the range of $75 million to $85 million."

Safety

Westmoreland's commitment to safety in all aspects of its operations is again reflected in the safety metrics.
  Nine Months Ended September 30, 2016
  Reportable   Lost Time
U.S. Operations   1.93       1.15  
U.S. National Average   3.22       2.41  
Percentage   60 %     48 %
       
Canadian Operations   3.37       1.05  

Consolidated and Segment Results

Consolidated adjusted EBITDA for the third quarter was $71.2 million, 48% above the same period in 2015. Contributing to this result was the adjusted EBITDA growth within Coal - U.S. driven by strong demand from the favorable summer weather, successful operations and the San Juan acquisition which continues to exceed expectations. The Coal - WMLP segment also contributed as it, too, benefited from the favorable weather, improved operations and more consistent customer uptime than experienced in the third quarter of 2015. Coal - Canada saw adjusted EBITDA decline 26% primarily from the loan and lease receivable billings being $6.1 million less than the accelerated amount included during 2015's third quarter.

Nine month consolidated adjusted EBITDA was $179.0 million, 12% higher than the same period last year. This result was influenced by the same factors: favorable weather-driven demand in the U.S. benefiting Coal - U.S. and Coal - WMLP; the addition of San Juan in January of 2016; and in Canada, lower year-to-date loan and lease receivable as well as record rainfall creating less efficient operating conditions at some facilities.

Cash Flow and Liquidity

Westmoreland's free cash flow through September 30, 2016, was $56.3 million. Free cash flow is the net of cash flow provided by operations of $84.2 million, less capital expenditures of $30.6 million, plus net cash collected under certain contracts for loan and lease receivables of $2.7 million. Included in cash flow provided by operations were cash uses for interest expense of $79.1 million, for asset retirement obligations of $22.1 million, and a source of cash from working capital changes of $14.9 million.

At September 30, 2016, cash and cash equivalents on hand across the parent, San Juan and the MLP, totaled $28.9 million, a $6.0 million increase from year end. The increase was comprised of free cash flow generation of $56.3 million; proceeds from asset sales of $6.2 million; net cash debt reductions including capital lease payments of $45.9 million; cash used, net of loan proceeds received, to purchase San Juan of $3.1 million; cash used for debt issuance of $7.2 million; and cash required for bonding of $0.3 million.

Gross debt plus capital lease obligations at quarter end totaled $1,166.0 million. The increase from year end is attributable to the San Juan financing. There was $36.3 million available to draw, net of letters of credit, on the revolving credit facility.

Full-Year Guidance

Westmoreland's updated 2016 guidance is:
   
Coal tons sold 50 - 55 million tons
Adjusted EBITDA $255 - $265 million
Free cash flow $75 - $85 million
Capital expenditures $50 - $55 million
Cash interest approximately $97 million

Notes

Westmoreland presents certain non-GAAP financial measures including adjusted EBITDA and free cash flow that management believes provide meaningful supplemental information and provide meaningful comparability to prior periods. Reconciliations of non-GAAP to GAAP measures are presented in the accompanying tables.

Conference Call

Westmoreland Coal Company will conduct a joint earnings conference call with Westmoreland Resource Partners, LP (NYSE:WMLP), on November 1, 2016, at 10:00 a.m. Eastern Time. Participants may join the call using the numbers below:
Toll Free: 1-844-WCC-COAL (844-922-2625)
International: 1-201-689-8584
Webcast  www.westmoreland.com/investors/investor-webcasts
   
Replay: 1-877-481-4010 or 1-919-882-2331
Replay ID: 10107
Webcast  www.westmoreland.com/investors/investor-webcasts
   

About Westmoreland Coal Company

Westmoreland Coal Company is the oldest independent coal company in the United States. Westmoreland's coal operations include surface coal mines in the United States and Canada, underground coal mines in Ohio and New Mexico, a char production facility, and a 50% interest in an activated carbon plant. Westmoreland also owns the general partner of and a majority interest in Westmoreland Resource Partners, LP, a publicly-traded coal master limited partnership (NYSE:WMLP). Its power operations include ownership of the two-unit ROVA coal-fired power plant in North Carolina. For more information, visit www.westmoreland.com.

Cautionary Note Regarding Forward-Looking Statements

Forward-looking statements are based on Westmoreland's current expectations and assumptions regarding its business, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Actual results may differ materially from those contemplated by the forward-looking statements. Westmoreland cautions you against relying on any of these forward-looking statements. They are statements neither of historical fact nor guarantees or assurances of future performance. Important factors that could cause actual results to differ materially from those in the forward-looking statements include political, economic, business, competitive, market, weather and regulatory conditions.

Any forward-looking statements made by Westmoreland in this news release speak only as of the date on which it was made. Westmoreland undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as may be required by law.

Westmoreland Coal Company and Subsidiaries Summary Consolidated and Operating Segment Data (Unaudited)
  Three Months Ended September 30,
          Increase / (Decrease)
  2016   2015   $   %
  (In thousands, except tons sold data)
Westmoreland Consolidated              
Revenues $ 370,683     $ 349,796     $ 20,887     6.0 %
Operating income (loss) 17,212     (15,307 )   32,519     *  
Adjusted EBITDA 71,201     47,966     23,235     48.4 %
Tons sold—millions of equivalent tons 13.9     13.8     0.1     0.7 %
               
Coal - U.S.              
Revenues $ 168,860     $ 132,018     $ 36,842     27.9 %
Operating income 18,346     482     17,864     3,706.2 %
Adjusted EBITDA 36,701     14,758     21,943     148.7 %
Tons sold—millions of equivalent tons 6.9     6.0     0.9     15.0 %
               
Coal - Canada              
Revenues $ 96,480     $ 107,752     $ (11,272 )   (10.5 )%
Operating income 4,559     4,009     550     13.7 %
Adjusted EBITDA 17,549     23,659     (6,110 )   (25.8 )%
Tons sold—millions of equivalent tons 5.1     6.2     (1.1 )   (17.7 )%
               
Coal - WMLP              
Revenues $ 90,320     $ 94,785     $ (4,465 )   (4.7 )%
Operating income (loss) 5,970     (4,845 )   10,815     *  
Adjusted EBITDA 22,686     15,648     7,038     45.0 %
Tons sold—millions of equivalent tons 1.9     1.6     0.3     18.8 %
               
Power              
Revenues $ 21,554     $ 22,017     $ (463 )   (2.1 )%
Operating loss (4,696 )   (7,976 )   3,280     41.1 %
Adjusted EBITDA 507     75     432     576.0 %
                       

* Not meaningful
  Nine Months Ended September 30,
          Increase / (Decrease)
  2016   2015   $   %
  (In thousands, except tons sold data)
Westmoreland Consolidated              
Revenues $ 1,081,651     $ 1,070,240     $ 11,411     1.1 %
Operating income (loss) 31,739     (13,716 )   45,455     *
Adjusted EBITDA 178,994     159,275     19,719     12.4 %
Tons sold—millions of equivalent tons 39.7     40.7     (1.0 )   (2.5 )%
               
Coal - U.S.              
Revenues $ 475,470     $ 419,505     $ 55,965     13.3 %
Operating income 33,475     8,403     25,072     298.4 %
Adjusted EBITDA 85,999     49,209     36,790     74.8 %
Tons sold—millions of equivalent tons 17.6     17.2     0.4     2.3 %
               
Coal - Canada              
Revenues $ 298,978     $ 317,157     $ (18,179 )   (5.7 )%
Operating income 21,168     23,397     (2,229 )   (9.5 )%
Adjusted EBITDA 55,701     81,497     (25,796 )   (31.7 )%
Tons sold—millions of equivalent tons 16.5     17.5     (1.0 )   (5.7 )%
               
Coal - WMLP              
Revenues $ 263,269     $ 300,908     $ (37,639 )   (12.5 )%
Operating income (loss) 2,497     (6,151 )   8,648     *
Adjusted EBITDA 58,268     49,826     8,442     16.9 %
Tons sold—millions of equivalent tons 5.6     6.0     (0.4 )   (6.7 )%
               
Power              
Revenues $ 65,494     $ 64,001     $ 1,493     2.3 %
Operating loss (3,766 )   (16,594 )   12,828     77.3 %
Adjusted EBITDA (2,227 )   (3,152 )   925     29.3 %
                       

* Not meaningful

Westmoreland Coal Company and Subsidiaries Consolidated Statements of Operations (Unaudited)

  Three Months Ended September 30,   Nine Months Ended September 30,
  2016   2015   2016   2015
  (In thousands, except per share data)
Revenues $ 370,683     $ 349,796     $ 1,081,651     $ 1,070,240  
Cost, expenses and other:              
Cost of sales 278,765     292,973     842,680     880,162  
Depreciation, depletion and amortization 33,112     34,459     101,788     106,781  
Selling and administrative 30,518     29,383     94,209     84,611  
Heritage health benefit expenses 3,265     2,801     9,502     8,022  
Loss (gain) on sale/disposal of assets 548     1,135     (1,369 )   2,148  
Restructuring charges             656  
Derivative loss 5,442     5,815     2,164     6,717  
Income from equity affiliates (1,547 )   (463 )   (4,127 )   (4,141 )
Other operating loss (gain) 3,368     (1,000 )   5,065     (1,000 )
  353,471     365,103     1,049,912     1,083,956  
Operating income (loss) 17,212     (15,307 )   31,739     (13,716 )
Other income (expense):              
Interest expense (29,494 )   (26,831 )   (90,673 )   (76,870 )
Loss on extinguishment of debt     (5,385 )       (5,385 )
Interest income 1,374     1,555     5,521     6,262  
Gain (loss) on foreign exchange 220     1,679     (1,531 )   2,474  
Other income 303     356     435     1,082  
  (27,597 )   (28,626 )   (86,248 )   (72,437 )
Loss before income taxes (10,385 )   (43,933 )   (54,509 )   (86,153 )
Income tax expense (benefit) (1,625 )   4,087     (49,660 )   13,596  
Net loss (8,760 )   (48,020 )   (4,849 )   (99,749 )
Less net income (loss) attributable to noncontrolling interest (239 )   (1,458 )   (1,545 )   (4,850 )
Net loss applicable to common shareholders $ (8,521 )   $ (46,562 )   $ (3,304 )   $ (94,899 )
Net loss per share applicable to common shareholders:              
Basic and diluted $ (0.46 )   $ (2.59 )   $ (0.18 )   $ (5.32 )
Weighted average number of common shares outstanding:              
Basic and diluted 18,570     17,986     18,458     17,846  
                       

Westmoreland Coal Company and Subsidiaries Consolidated Balance Sheets (Unaudited)
  September 30,  2016   December 31,  2015
  (In thousands)
Assets      
Current assets:      
Cash and cash equivalents $ 28,914     $ 22,936  
Receivables:      
Trade 140,063     134,141  
Loan and lease receivables 5,394     6,157  
Contractual third-party reclamation receivables 12,985     8,020  
Other 20,018     11,598  
  178,460     159,916  
Inventories 128,685     121,858  
Other current assets 24,711     16,103  
Total current assets 360,770     320,813  
Property, plant and equipment:      
Land and mineral rights 600,160     476,447  
Plant and equipment 879,718     790,677  
  1,479,878     1,267,124  
Less accumulated depreciation, depletion and amortization 642,791     554,008  
Net property, plant and equipment 837,087     713,116  
Loan and lease receivables, less current portion 49,389     49,313  
Advanced coal royalties 17,470     19,781  
Reclamation deposits 74,043     77,364  
Restricted investments and bond collateral 144,454     140,807  
Contractual third-party reclamation receivables, less current portion 155,249     86,915  
Investment in joint venture 27,815     27,374  
Intangible assets, net of accumulated amortization of $4.0 million and $15.9 million at September 30, 2016 and December 31, 2015, respectively 27,492     29,190  
Other assets 25,883     11,904  
Total Assets $ 1,719,652     $ 1,476,577  
               

Westmoreland Coal Company and Subsidiaries Consolidated Balance Sheets (Continued) (Unaudited)
  September 30,  2016   December 31,  2015
  (In thousands)
Liabilities and Shareholders' Deficit      
Current liabilities:      
Current installments of long-term debt $ 90,736     $ 38,852  
Revolving lines of credit     1,970  
Accounts payable and accrued expenses:      
Trade and other accrued liabilities 121,266     109,850  
Interest payable 13,611     15,527  
Production taxes 55,589     46,895  
Postretirement medical benefits 13,855     13,855  
SERP 368     368  
Deferred revenue 23,203     10,715  
Asset retirement obligations 51,088     43,950  
Other current liabilities 34,578     30,688  
Total current liabilities 404,294     312,670  
Long-term debt, less current installments 1,035,013     979,073  
Workers' compensation, less current portion 4,908     5,068  
Excess of black lung benefit obligation over trust assets 17,865     17,220  
Postretirement medical benefits, less current portion 286,952     285,518  
Pension and SERP obligations, less current portion 42,790     44,808  
Deferred revenue, less current portion 18,740     24,613  
Asset retirement obligations, less current portion 450,869     375,813  
Intangible liabilities, net of accumulated amortization of $10.6 million and $9.8 million at September 30, 2016 and December 31, 2015, respectively 2,669     3,470  
Other liabilities 36,760     30,208  
Total liabilities 2,300,860     2,078,461  
Shareholders' deficit:      
Common stock of $0.01 par value      
Authorized 30,000,000 shares; issued and outstanding 18,570,642 shares at September 30, 2016 and 18,162,148 shares at December 31, 2015 186     182  
Other paid-in capital 246,450     240,721  
Accumulated other comprehensive loss (150,726 )   (171,300 )
Accumulated deficit (675,523 )   (672,219 )
Total Westmoreland Coal Company shareholders' deficit (579,613 )   (602,616 )
Noncontrolling interest (1,595 )   732  
Total deficit (581,208 )   (601,884 )
Total Liabilities and Deficit $ 1,719,652     $ 1,476,577  
               

Westmoreland Coal Company and Subsidiaries Consolidated Statements of Cash Flows (Unaudited)
  Nine Months Ended September 30,
  2016   2015
  (In thousands)
Cash flows from operating activities:      
Net loss $ (4,849 )   $ (99,749 )
Adjustments to reconcile net loss to net cash provided by operating activities:      
Depreciation, depletion and amortization 101,788     106,781  
Accretion of asset retirement obligation and receivable 21,534     21,251  
Share-based compensation 5,925     5,588  
Non-cash interest expense 6,879     4,617  
Amortization of deferred financing costs 8,324     7,849  
Loss on derivative instruments 2,164     6,717  
Loss (gain) on foreign exchange 1,531     (2,474 )
Income from equity affiliates (4,127 )   (4,141 )
Distributions from equity affiliates 5,177     4,328  
Deferred income tax expense (benefit) (48,490 )   14,887  
Other (4,359 )   3,968  
Changes in operating assets and liabilities:      
Receivables (238 )   (14,327 )
Inventories 9,460     494  
Accounts payable and accrued expenses (2,327 )   (2,572 )
Interest payable (3,720 )   7,398  
Deferred revenue 4,314     (8,297 )
Other assets and liabilities 7,375     (21,528 )
Asset retirement obligations (22,120 )   (9,908 )
Net cash provided by operating activities 84,241     20,882  
Cash flows from investing activities:      
Additions to property, plant and equipment (30,619 )   (57,971 )
Change in restricted investments 270     (7,988 )
Cash received from restricted deposits     34,000  
Cash payments related to acquisitions and other (125,315 )   (35,887 )
Cash acquired related to acquisition, net     2,780  
Proceeds from sales of assets 6,176     1,691  
Receipts from loan and lease receivables 4,852     20,192  
Payments related to loan and lease receivables (2,141 )   (3,981 )
Other (587 )   (287 )
Net cash used in investing activities (147,364 )   (47,451 )
Cash flows from financing activities:      
Borrowings from long-term debt, net of debt discount 122,250     199,363  
Repayments of long-term debt (43,876 )   (138,185 )
Borrowings on revolving lines of credit 313,900     142,823  
Repayments on revolving lines of credit (315,900 )   (152,412 )
Debt issuance costs and other refinancing costs (7,246 )   (7,431 )
Other (798 )   90  
Net cash provided by financing activities 68,330     44,248  
Effect of exchange rate changes on cash 771     (2,601 )
Net increase in cash and cash equivalents 5,978     15,078  
Cash and cash equivalents, beginning of period 22,936     14,258  
Cash and cash equivalents, end of period $ 28,914     $ 29,336  
Supplemental disclosures of cash flow information:      
Cash paid for interest $ 79,099     $ 61,399  
               

Westmoreland Coal Company and Subsidiaries Non-GAAP Reconciliations (Unaudited)

The tables below show how the Company calculates and reconciles to the most directly comparable GAAP financial measure EBITDA; Adjusted EBITDA, including a breakdown by segment; and free cash flow.

EBITDA, Adjusted EBITDA and free cash flow are supplemental measures of financial performance that are not required by, or presented in accordance with, GAAP. EBITDA, Adjusted EBITDA and free cash flow are included in this news release because they are key metrics used by management to assess Westmoreland's operating performance and as a basis for strategic planning and forecasting. Westmoreland believes that EBITDA, Adjusted EBITDA, and free cash flow are useful to an investor in evaluating the Company's operating performance because these measures:

  • are used widely by investors to measure a company's operating performance without regard to items excluded from the calculation of such terms, which can vary substantially from company to company depending upon accounting methods and book value of assets, capital structure and the method by which assets were acquired, among other factors;
  • are used by rating agencies, lenders and other parties to evaluate creditworthiness; and 
  • help investors to more meaningfully evaluate and compare the results of Westmoreland's operations from period to period by removing the effect of the Company's capital structure and asset base from the Company's operating results.

Neither EBITDA, Adjusted EBITDA nor free cash flow are measures calculated in accordance with GAAP. The items excluded from EBITDA, Adjusted EBITDA and free cash flow are significant in assessing Westmoreland's operating results. EBITDA, Adjusted EBITDA, and free cash flow have limitations as analytical tools, and should not be considered in isolation from, or as a substitute for, analysis of the Company's results as reported under GAAP.

Other companies in Westmoreland's industry and in other industries may calculate EBITDA, Adjusted EBITDA and free cash flow differently from the way that Westmoreland does, limiting their usefulness as comparative measures. Because of these limitations, EBITDA, Adjusted EBITDA and free cash flow should not be considered as measures of discretionary cash available to the Company to invest in the growth of its business. Westmoreland compensates for these limitations by relying primarily on its GAAP results and using EBITDA, Adjusted EBITDA and free cash flow only as supplemental data.

EBITDA and Adjusted EBITDA

EBITDA (earnings before interest expense, interest income, income taxes, depreciation, depletion, amortization and accretion expense) and Adjusted EBITDA are non-GAAP measures that do not reflect the Company's cash expenditures, or future requirements for capital and major maintenance expenditures or contractual commitments; do not reflect income tax expenses or the cash requirements necessary to pay income taxes; do not reflect changes in, or cash requirements for, the Company's working capital needs; and do not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on certain of the Company's debt obligations. In addition, although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future and EBITDA and Adjusted EBITDA do not reflect any cash requirements for such replacements. Westmoreland considers Adjusted EBITDA to be useful because it reflects operating performance before the effects of certain non-cash items and other items that it believes are not indicative of core operations. The Company uses Adjusted EBITDA to assess operating performance.
  Three Months Ended September 30,   Nine Months Ended September 30,
  2016   2015   2016   2015
  (In thousands)
Adjusted EBITDA by Segment              
Coal - U.S. $ 36,701     $ 14,758     $ 85,999     $ 49,209  
Coal - Canada 17,549     23,659     55,701     81,497  
Coal - WMLP 22,686     15,648     58,268     49,826  
Power 507     75     (2,227 )   (3,152 )
Heritage (3,326 )   (2,950 )   (10,325 )   (8,699 )
Corporate (2,916 )   (3,224 )   (8,422 )   (9,406 )
Total $ 71,201     $ 47,966     $ 178,994     $ 159,275  
                               

  Three Months Ended September 30,   Nine Months Ended September 30,
  2016   2015   2016   2015
  (In thousands)
Reconciliation of Net Loss to Adjusted EBITDA              
Net loss $ (8,760 )   $ (48,020 )   $ (4,849 )   $ (99,749 )
               
Income tax expense (benefit) (1,625 )   4,087     (49,660 )   13,596  
Interest income (1,374 )   (1,555 )   (5,521 )   (6,262 )
Interest expense 29,494     26,831     90,673     76,870  
Depreciation, depletion and amortization 33,112     34,459     101,788     106,781  
Accretion of ARO and receivable 7,237     7,142     21,534     21,250  
Amortization of intangible assets and liabilities (226 )   (250 )   (653 )   (756 )
EBITDA 57,858     22,694     153,312     111,730  
               
Restructuring charges             656  
Loss (gain) on foreign exchange (220 )   (1,679 )   1,531     (2,474 )
Loss on extinguishment of debt     5,385         5,385  
Acquisition related costs (1)     3,070     568     4,470  
Customer payments received under loan and lease receivables (2) 2,582     8,731     7,969     24,252  
Derivative loss 5,442     5,815     2,164     6,717  
Loss on sale/disposal of assets and other adjustments 4,148     2,008     7,525     2,951  
Share-based compensation 1,391     1,942     5,925     5,588  
Adjusted EBITDA $ 71,201     $ 47,966     $ 178,994     $ 159,275  
                               

___________________ (1)  Includes the impact of cost of sales related to the sale of inventory written up to fair value in the acquisition of Westmoreland Resources GP, LLC, the general partner of WMLP. (2)  Represents a return of and on capital. These amounts are not included in operating income or operating cash flows, as the capital outlays are treated as loan and lease receivables but are included within Adjusted EBITDA so that the cash received by the Company is treated consistently with all other contracts within the Company that do not result in loan and lease receivable accounting.

Free Cash Flow

Free cash flow represents net cash provided (used) by operating activities less additions to property, plant and equipment ("CAPEX" or "capital expenditures") plus net customer payments received under loan and lease receivable. Free cash flow is a non-GAAP measure and should not be considered as an alternative to cash and cash equivalents, cash flow from operations, cash flow from investing activities, cash flow from financing activities, net income (loss) or any other measure of performance presented in accordance with GAAP. Free cash flow is intended to represent cash flow available to satisfy our debts, after giving consideration to those expenses required to maintain our assets and infrastructure. Accordingly, although free cash flow is not a measure of performance calculated in accordance with GAAP, the Company believes free cash flow is useful to investors because it allows analysts and others in the industry to assess performance, liquidity and ability to satisfy debt requirements.
Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow Nine Months Ended September 30,
  2016   2015
  (In thousands)
Net cash provided by operating activities $ 84,241     $ 20,882  
Less cash paid for property, plant and equipment (30,619 )   (57,971 )
Net customer payments received under loan and lease receivables 2,711     16,211  
Free cash flow $ 56,333     $ (20,878 )
               

 
For further information please contactGary Kohn, Vice President Investor Relations1-720-354-4467gkohn@westmoreland.com

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