ENGLEWOOD, Colo., May 15, 2017 (GLOBE NEWSWIRE) -- Westmoreland Coal Company (Nasdaq:WLB) today reported financial results for the first quarter 2017 and reiterated its 2017 guidance.

First Quarter Highlights
  • Revenues of $339.7 million from 12.4 million tons sold
  • Net loss applicable to common shareholders of $36.8 million, or $1.98 per share
  • Adjusted EBITDA of $88.2 million, including approximately $47 million accelerated from the Capital Power payment
  • Cash flow used in operating activities of $0.7 million
  • Free cash flow of $42.6 million, which also includes the accelerated Capital Power payment

"We remain on track to achieve our full year guidance, despite a challenging first quarter," said Westmoreland Chief Executive Officer, Kevin Paprzycki.  "Our adjusted EBITDA and cash flow were impacted during the quarter by low weather-related demand. We also performed dragline repairs and worked through some challenging parts of our mine plan.  Our operators took proactive steps to minimize the impact of these headwinds, and I'm pleased that we now have these factors behind us.  This quarter's results demonstrate the resiliency of our model in that, despite an unusual set of challenges, we produced positive free cash flow."

Safety

Westmoreland's safety metrics are below.
    Three Months Ended March 31, 2017
    Reportable Rate   Lost Time Rate
U.S. Surface Operations   1.82     1.51  
U.S. National Surface Average   1.35     0.82  
Percentage   135 %   184 %
         
U.S. Underground Operations   1.64     0.82  
U.S. National Underground Average   4.95     3.56  
Percentage   33 %   23 %
         
Canadian Operations   0.69     0.34  

Consolidated and Segment Results

Consolidated adjusted EBITDA for the first quarter of 2017 was $88.2 million.  As expected, revenue in the Coal-US segment was lower due to the expiration of the Jewett and Beulah coal supply contracts. Unfavorable weather also impacted all operating segments, particularly Coal -WMLP, where mild weather in Ohio added to the existing softness in price and demand. Heavy snowfall, followed by heavy rain, at the Kemmerer mine, lowered first quarter deliveries and increased costs.  Operational challenges, including dragline repairs in Canada and temporary mining in a lower-yield area of certain mines in both the Coal - Canada and Coal - WMLP segments, drove lower sales and increased costs.  Offsetting these declines was the effect of the early repayment of loan and lease receivables by Capital Power, of which approximately $47 million represented accelerated collections in the first quarter of 2017. Adjusted EBITDA also benefited from an additional month of San Juan operations compared with the previous year.

Cash Flow and Liquidity

Westmoreland's free cash flow through March 31, 2017, was $42.6 million, including the benefit from the early repayment of loan and lease receivables.  Free cash flow is the net of cash flow used in operations of $0.7 million, less capital expenditures of $7.2 million, plus net cash collected for the loan and lease receivables of $50.5 million.  Included in cash flow used in operations were cash uses for interest expense of $32.0 million, for asset retirement obligations of $10.7 million, and negative working capital of $3.2 million.

At March 31, 2017, cash and cash equivalents on hand totaled $75.4 million, a $15.4 million increase from year end.  The increase was comprised of free cash flow generation of $42.6 million; net cash debt reductions including capital lease payments of $22.4 million; a $3.6 million reserve acquisition and other non-operating cash uses of $1.2 million.

Gross debt plus capital lease obligations at quarter end totaled $1.1 billion, of which $324.4 million resides at Westmoreland Resource Partners, LP and $802.7 million resides at Westmoreland Coal Company. There was $33.4 million available to draw, net of letters of credit, on Westmoreland's revolving credit facility. An additional $14.7 million was available to Westmoreland Resource Partners through its revolving credit facility, which is not available to the parent for borrowings. No amounts had been drawn on either revolving credit facility as of March 31, 2017.

Full-Year Guidance

Westmoreland reiterated its 2017 guidance, which includes the impact of the early repayment of loan and lease receivables related to the Genesee mine, as follows:
Guidance Summary     2017
Coal tons sold     40 - 50 million tons
Adjusted EBITDA     $280 - $310 million
Free cash flow     $115 - $140 million
Capital expenditures     $40 - $50 million
Cash interest     approximately $95 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 host its earnings conference call on May 15, 2017, 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

A replay of the teleconference will be available until June 5, 2017 and can be accessed using the information below:
Replay:   1-877-481-4010 or 1-919-882-2331
Replay ID:   10368
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 March 31,
            Increase / (Decrease)
    2017   2016   $   %
                               
    (In thousands, except tons sold data)
Westmoreland Consolidated                
Revenues   $ 339,737     $ 355,854     $ (16,117 )   (4.5 )%
Operating (loss) income   (11,088 )   7,619     (18,707 )   *
Adjusted EBITDA   88,217     63,651     24,566     38.6 %
Tons sold—millions of equivalent tons   12.4     13.8     (1.4 )   (10.1 )%
                 
Coal - U.S.                
Revenues   $ 137,368     $ 155,990     $ (18,622 )   (11.9 )%
Operating income   4,336     7,667     (3,331 )   (43.4 )%
Adjusted EBITDA   27,469     30,350     (2,881 )   (9.5 )%
Tons sold—millions of equivalent tons   4.7     6.0     (1.3 )   (21.7 )%
                 
Coal - Canada                
Revenues   $ 109,015     $ 93,756     $ 15,259     16.3 %
Operating (loss) income   (7,104 )   12,103     (19,207 )   *
Adjusted EBITDA   59,235     23,325     35,910     154.0 %
Tons sold—millions of equivalent tons   6.0     5.8     0.2     3.4 %
                 
Coal - WMLP                
Revenues   $ 74,805     $ 92,481     $ (17,676 )   (19.1 )%
Operating income   1,282     809     473     58.5 %
Adjusted EBITDA   12,869     19,280     (6,411 )   (33.3 )%
Tons sold—millions of equivalent tons   1.7     2.0     (0.3 )   (15.0 )%
                 
Power                
Revenues   $ 21,227     $ 21,995     $ (768 )   (3.5 )%
Operating loss   (753 )   (5,801 )   5,048     87.0 %
Adjusted EBITDA   (3,373 )   (3,348 )   (25 )   (0.7 )%

____________________* Not meaningful

Westmoreland Coal Company and Subsidiaries
Consolidated Statements of Operations (Unaudited)
 
    Three Months Ended March 31,
    2017   2016
                 
    (In thousands)
Revenues   $ 339,737     $ 355,854  
Cost, expenses and other:        
Cost of sales   284,604     281,125  
Depreciation, depletion and amortization   36,567     37,015  
Selling and administrative   30,426     27,399  
Heritage health benefit expenses   3,298     3,015  
(Gain) loss on sale/disposal of assets   (166 )   336  
Derivative (gain) loss   (2,384 )   2,600  
Income from equity affiliates   (1,520 )   (1,293 )
Other operating gain       (1,962 )
    350,825     348,235  
Operating (loss) income   (11,088 )   7,619  
Other (expense) income:        
Interest expense   (29,261 )   (28,927 )
Interest income   893     1,791  
Loss on foreign exchange   (467 )   (1,387 )
Other income (loss)   2,158     (122 )
    (26,677 )   (28,645 )
Loss before income taxes   (37,765 )   (21,026 )
Income tax benefit   (465 )   (47,935 )
Net (loss) income   (37,300 )   26,909  
Less net loss attributable to noncontrolling interest   (499 )   (498 )
Net (loss) income applicable to common shareholders   $ (36,801 )   $ 27,407  
Net (loss) income per share applicable to common shareholders:        
Basic and diluted   $ (1.98 )   $ 1.50  
Weighted average number of common shares outstanding:        
Basic   18,572     18,262  
Diluted   18,572     18,269  

Westmoreland Coal Company and Subsidiaries
¿ Consolidated Balance Sheets (Unaudited)
 
    March 31, 2017   December 31, 2016
                 
    (In thousands)
Assets        
Current assets:        
Cash and cash equivalents   $ 75,438     $ 60,082  
Receivables:        
Trade   131,124     140,731  
Loan and lease receivables       5,867  
Other   11,053     13,261  
Total receivables   142,177     159,859  
Inventories   120,298     125,515  
Other current assets   24,836     32,258  
Total current assets   362,749     377,714  
Land, mineral rights, property, plant and equipment   1,635,151     1,617,938  
Less accumulated depreciation, depletion and amortization   818,032     782,417  
Net property, plant and equipment   817,119     835,521  
Loan and lease receivables, less current portion       44,474  
Advanced coal royalties   18,837     18,722  
Reclamation deposits   75,511     74,362  
Restricted investments and bond collateral   145,642     144,913  
Investment in joint venture   26,992     26,951  
Other assets   63,966     62,252  
Total Assets   $ 1,510,816     $ 1,584,909  
Liabilities and Shareholders' Deficit        
Current liabilities:        
Current installments of long-term debt   $ 72,710     $ 86,272  
Accounts payable and accrued expenses:        
Trade and other accrued liabilities   117,280     142,233  
Interest payable   14,679     22,458  
Production taxes   47,081     44,995  
Postretirement medical benefits   14,892     14,892  
Deferred revenue   19,984     15,253  
Asset retirement obligations   31,362     32,207  
Other current liabilities   20,121     20,964  
Total current liabilities   338,109     379,274  
Long-term debt, less current installments   1,019,432     1,022,794  
Postretirement medical benefits, less current portion   309,217     308,709  
Pension and SERP obligations, less current portion   43,819     43,982  
Deferred revenue, less current portion   13,524     16,251  
Asset retirement obligations, less current portion   457,166     451,834  
Other liabilities   52,171     52,182  
Total liabilities   2,233,438     2,275,026  
Shareholders' deficit:        
Common stock of $.01 par value: Authorized 30,000,000 shares; Issued andoutstanding 18,572,233 at March 31, 2017 and 18,570,642 at December 31, 2016   186     186  
Other paid-in capital   249,441     248,143  
Accumulated other comprehensive loss   (175,037 )   (179,072 )
Accumulated deficit   (794,536 )   (757,367 )
Total shareholders' deficit   (719,946 )   (688,110 )
Noncontrolling interests in consolidated subsidiaries   (2,676 )   (2,007 )
Total deficit   (722,622 )   (690,117 )
Total Liabilities and Shareholders' Deficit   $ 1,510,816     $ 1,584,909  

Westmoreland Coal Company and Subsidiaries
Consolidated Statements of Cash Flows (Unaudited)
 
    Three Months Ended March 31,
    2017   2016
                 
    (In thousands)
Cash flows from operating activities:        
Net (loss) income   $ (37,300 )   $ 26,909  
Adjustments to reconcile net (loss) income to net cash provided by (used in)   operating activities:        
Depreciation, depletion and amortization   36,567     37,015  
Accretion of asset retirement obligation   11,295     7,007  
Share-based compensation   1,347     2,580  
Non-cash interest expense   2,296     2,269  
Amortization of deferred financing costs   2,626     3,214  
(Gain) loss on derivative instruments   (2,384 )   2,600  
Loss on foreign exchange   467     1,387  
Income from equity affiliates   (1,520 )   (1,293 )
Distributions from equity affiliates   1,671     1,451  
Deferred income tax benefit   (465 )   (47,973 )
Other   (1,474 )   (2,926 )
Changes in operating assets and liabilities:        
Receivables   12,250     (10,052 )
Inventories   5,156     (7,323 )
Accounts payable and accrued expenses   (21,905 )   7,698  
Interest payable   (7,787 )   (5,600 )
Deferred revenue   2,005     3,389  
Other assets and liabilities   7,104     (18,247 )
Asset retirement obligations   (10,659 )   18,449  
Net cash (used in) provided by operating activities   (710 )   20,554  
Cash flows from investing activities:        
Additions to property, plant and equipment   (7,210 )   (5,548 )
Change in restricted investments   (1,171 )   (3,172 )
Cash payments related to acquisitions   (3,580 )   (126,865 )
Proceeds from sales of assets   466     1,626  
Receipts from loan and lease receivables   50,488     1,620  
Payments related to loan and lease receivables       (312 )
Other   (293 )   79  
Net cash provided by (used in) investing activities   38,700     (132,572 )
Cash flows from financing activities:        
Borrowings from long-term debt, net of debt discount       121,225  
Repayments of long-term debt   (22,368 )   (9,018 )
Borrowings on revolving lines of credit   123,200     77,500  
Repayments on revolving lines of credit   (123,200 )   (79,500 )
Debt issuance costs and other refinancing costs       (2,927 )
Other   (178 )   (262 )
Net cash (used in) provided by financing activities   (22,546 )   107,018  
Effect of exchange rate changes on cash   (88 )   (182 )
Net increase (decrease) in cash and cash equivalents   15,356     (5,182 )
Cash and cash equivalents, beginning of period   60,082     22,936  
Cash and cash equivalents, end of period   $ 75,438     $ 17,754  
Supplemental disclosures of cash flow information:        
Cash paid for interest   $ 31,951     $ 30,397  

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 measures 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 March 31,
    2017   2016
                 
    (In thousands)
Adjusted EBITDA by Segment        
Coal - U.S.   $ 27,469     $ 30,350  
Coal - Canada   59,235     23,325  
Coal - WMLP   12,869     19,280  
Power   (3,373 )   (3,348 )
Heritage   (3,670 )   (3,481 )
Corporate   (4,313 )   (2,475 )
Total   $ 88,217     $ 63,651  

    Three Months Ended March 31,
    2017   2016
                 
    (In thousands)
Reconciliation of Net (Loss) Income to Adjusted EBITDA        
Net (loss) income   $ (37,300 )   $ 26,909  
Income tax benefit   (465 )   (47,935 )
Interest income   (893 )   (1,791 )
Interest expense   29,261     28,927  
Depreciation, depletion and amortization   36,567     37,015  
Accretion of asset retirement obligation   11,295     9,618  
Amortization of intangible assets and liabilities   (267 )   (167 )
EBITDA   38,198     52,576  
Loss on foreign exchange   467     1,387  
Acquisition-related costs        435  
Customer payments received under loan and lease receivables (1)   50,489     2,660  
Derivative (gain) loss   (2,384 )   2,600  
Loss on sale/disposal of assets and other adjustments   100     1,413  
Share-based compensation   1,347     2,580  
Adjusted EBITDA   $ 88,217     $ 63,651  

___________________ (1) 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 is treated consistently with all other contracts that do not result in loan and lease receivable accounting. On March 24, 2017, Westmoreland received $52.5 million from its customer at the Genesee mine, representing an accelerated repayment of all outstanding loan and lease receivables. While Westmoreland will continue to provide contract mining services at the Genesee mine, all future capital expenditures at the Genesee mine will be funded by the customer. Accordingly, there will be no additional payments from the customer at the Genesee mine in the form of loan and lease repayments, but Westmoreland will earn a management fee pursuant a contract mining arrangement.

Free Cash Flow

Free cash flow represents net cash provided by (used in) operating activities less additions to property, plant and equipment ("CAPEX" or "capital expenditures") plus net customer payments received under loan and lease receivables.  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 (Used in) Provided by Operating Activities to Free Cash Flow   Three Months Ended March 31,
    2017   2016
    (In thousands)
Net cash (used in) provided by operating activities   $ (710 )   $ 20,554  
Less cash paid for property, plant and equipment   (7,210 )   (5,548 )
Net customer payments received under loan and lease receivables   50,488     1,308  
Free cash flow   $ 42,568     $ 16,314  

Reconciliations of EBITDA and Adjusted EBITDA for Restated Periods

In the Company's Form 10-K for the year ended December 31, 2016, Westmoreland restated certain financial information, including its consolidated statements of operations for the year ended December 31, 2015, and its unaudited quarterly financial information for 2016 and 2015. Presented below are reconciliations of EBITDA and Adjusted EBITDA for each of the quarters in the years ended December 31, 2016 and 2015, as restated, and are provided for reference.

EBITDA and Adjusted EBITDA are non-GAAP measures.  See "EBITDA and Adjusted EBITDA" above for further explanation of these measures.

  Three Months Ended
  March 31, 2016   June 30, 2016   September 30,2016   December 31,2016
                               
  (In thousands)
Adjusted EBITDA by Segment              
Coal - U.S. $ 30,350     $ 20,848     $ 38,020     $ 37,347  
Coal - Canada 23,325     14,342     18,562     32,181  
Coal - WMLP 19,280     16,303     22,686     21,044  
Power (3,348 )   614     507     5,854  
Heritage (3,481 )   (3,518 )   (3,326 )   (3,083 )
Corporate (2,475 )   (3,033 )   (2,916 )   (4,228 )
Total $ 63,651     $ 45,556     $ 73,533     $ 89,115  

    Three Months Ended
    March 31, 2016   June 30, 2016   September 30,2016   December 31,2016
                                 
    (In thousands)
Reconciliation of Net Income (Loss) to Adjusted EBITDA                
Net income (loss)   $ 26,909     $ (29,397 )   $ (18,607 )   $ (7,777 )
Income tax expense (benefit)   (47,935 )   (100 )   (1,625 )   1,601  
Interest income   (1,791 )   (2,356 )   (1,374 )   (1,914 )
Interest expense   28,927     30,860     30,882     31,150  
Depreciation, depletion and amortization   37,015     35,223     40,859     72,170  
Accretion of ARO   9,618     10,332     10,280     10,193  
Amortization of intangible assets and liabilities   (167 )   (260 )   (225 )   (158 )
EBITDA   52,576     44,302     60,190     105,265  
(Gain) loss on foreign exchange   1,387     364     (220 )   (816 )
Acquisition-related costs    435     133          
Customer payments received under loan and leasereceivables    2,660     2,727     2,582     5,095  
Derivative loss (gain)   2,600     (5,878 )   5,442     (26,219 )
Loss on sale/disposal of assets and otheradjustments   1,413     1,954     4,148     4,131  
Share-based compensation   2,580     1,954     1,391     1,659  
Adjusted EBITDA   $ 63,651     $ 45,556     $ 73,533     $ 89,115  

    Three Months Ended
    March 31, 2015   June 30, 2015   September 30,2015   December 31,2015
                                 
    (In thousands)
Adjusted EBITDA by Segment                
Coal - U.S.   $ 23,121     $ 17,208     $ 16,884     $ 19,922  
Coal - Canada   23,702     32,702     21,439     27,901  
Coal - WMLP   19,005     15,175     15,648     16,306  
Power   (2,613 )   (614 )   75     3,895  
Heritage   (3,348 )   (2,401 )   (2,950 )   (6,897 )
Corporate   (2,202 )   (3,980 )   (3,224 )   (1,922 )
Total   $ 57,665     $ 58,090     $ 47,872     $ 59,205  

    Three Months Ended
    March 31, 2015   June 30, 2015   September 30,2015   December 31,2015
                                 
    (In thousands)
Reconciliation of Net Loss to Adjusted EBITDA                
Net loss   $ (16,024 )   $ (39,415 )   $ (52,875 )   $ (110,781 )
Income tax expense (benefit)   2,040     7,556     4,362     (33,848 )
Interest income   (2,140 )   (2,567 )   (1,555 )   (1,731 )
Interest expense   23,999     24,850     25,865     26,597  
Depreciation, depletion and amortization   39,908     36,332     37,240     26,848  
Accretion of ARO   9,702     9,748     9,812     9,630  
Amortization of intangible assets and liabilities   (253 )   (253 )   (250 )   (254 )
EBITDA   57,232     36,251     22,599     (83,539 )
Restructuring charges   553     103          
(Gain) loss on foreign exchange   (2,109 )   1,313     (1,678 )   (1,200 )
Loss on extinguishment of debt           5,385      
Loss on impairment               136,210  
Acquisition-related costs    1,400         3,070     1,489  
Customer payments received under loan and leasereceivables    4,103     11,418     8,731     2,876  
Derivative loss (gain)   (5,276 )   6,178     5,815     (1,130 )
Loss on sale/disposal of assets and other adjustments   240     703     2,008     2,339  
Share-based compensation   1,522     2,124     1,942     2,160  
Adjusted EBITDA   $ 57,665     $ 58,090     $ 47,872     $ 59,205  

 
For further information please contact:Gary Kohn, Chief Financial Officer1-720-354-4467gkohn@westmoreland.com

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