Cloud Peak Energy Inc. Announces Results for Full Year and Fourth Quarter 2010

Cloud Peak Energy Inc. (NYSE:CLD), the third-largest U.S. coal producer
and the only pure-play Powder River Basin (PRB) coal company, today
announced results for the full year and fourth quarter 2010.

2010 Full Year Highlights

• 
  Record Adjusted EBITDA¹ of $322.7 million.
  
• 
  Cash flow from operations of $324.8 million.
  
• 
  Income from continuing operations of $117.2 million, Adjusted EPS¹
  of $1.62 and EPS of $0.98.
  
• 
  Strong Asian export demand resulted in record production at our Spring
  Creek mine. Recovering domestic demand allowed record production at
  our Antelope mine.
  
• 
  Year-end coal reserves of 970 million tons ? equivalent to over 10
  years′ annual production at current production levels.
  

Adjusted EBITDA¹ was $322.7 million for 2010, a new record,
compared to $320.6 million in the prior year. Income from continuing
operations was $117.2 million in our first year as a public company,
compared to $182.5 million in the prior year. Adjusted earnings per share¹
was $1.62. Earnings per share was $0.98.

'Cloud Peak Energy delivered a very strong first year as a new public
company. Our Adjusted EBITDA was the best in our history, and our safety
performance improved once again. We expanded our Asian exports to 3.3
million tons from 1.6 million tons in 2009 as export demand increased.?
said Colin Marshall, President and Chief Executive Officer. 'We
generated $324.8 million in cash flow from operations supported by our
disciplined sales strategy, focus on continuous operating improvements
and tight cost controls. We now have a strong base on which to develop
our business following the successful year which was capped off with the
secondary offering in December to sell all of Rio Tinto′s remaining
ownership interests?.

Full Year 2010

Production from our three company-operated mines was 93.8 million tons,
up from 91.0 million tons in 2009. The increased production was a result
of the strong international demand which increased our Asian exports
from 1.6 million tons to 3.3 million tons, allowing record production
from our Spring Creek mine. Domestically, the cold start to the year and
hot summer reduced stockpiles of PRB coal throughout the year. At the
same time, customers re-built their forward contracted positions which
they had reduced during the uncertainty of 2009.

Adjusted EBITDA rose to a record $322.7 million, driven by higher export
volumes, increased realized sales prices, and tight cost controls.
Average revenue per ton increased to $12.32. Average cost per ton was
$8.57, an increase over the prior year driven primarily by higher
royalties and severance taxes resulting from higher sales prices, higher
diesel costs and higher strip ratios as mining progresses. The full year
margin per ton was $3.75.

Income from continuing operations was $117.2 million, compared to $182.5
million in the prior year. The prior year included a $33.6 million post
tax contribution from a long term broker contract which expired in the
first quarter of 2010 and only contributed $3.2 million in 2010. Income
from continuing operations in 2010 was also reduced by a non cash, non
operational post tax charge totaling $25.1 million related to the
estimated future liability to Rio Tinto under the Tax Receivable
Agreement established at the time of the IPO.

Fourth Quarter 2010

Fourth quarter 2010 Adjusted EBITDA of $69.6 million was $3.2 million
higher than the $66.4 million in fourth quarter of the prior year.
Income from continuing operations was $29.7 million, compared to $35.2
million in the prior year. Production from the three company-operated
mines in the fourth quarter of 2010 was 23.4 million tons compared to
23.0 million tons for the fourth quarter 2009.

Fourth quarter 2010 revenues increased $8.9 million to $345.8 million
from $336.9 million in the fourth quarter of 2009. Average revenue per
ton of coal sold from the company-operated mines in the fourth quarter
of 2010 increased to $12.35 from $11.30 in 2009. Average cost per ton
increased to $9.05 in the quarter due to rising diesel costs, higher
strip ratio, and higher employee bonus accruals following the company′s
strong performance against financial and operating targets.

Health, Safety and Environment Record

According to Mine Safety and Health Administration (MSHA) data, during
2010, Cloud Peak Energy′s All Injury Frequency Rate (AIFR) of 0.58 was
among the lowest of the ten largest U.S. coal producers. The company′s
2009 MSHA AIFR was 0.66. The three company operated mines have not
received notice of any environmental violations under the Surface Mining
Control and Reclamation Act (SMCRA) since October 2002.

Balance Sheet and Cash Flow

Cash flow from operations totaled $324.8 million for 2010. Capital
expenditures (including capitalized interest) were $91.6 million which
included $35.5 million for the purchase of surface land and private coal
and $3.9 million for the Lease By Modification payment for Spring Creek
mine coal reserves. Additionally, we paid total cash installments of
approximately $64 million for continuing Lease By Application
installments for previously awarded federal coal leases.

Unrestricted cash on hand as of December 31, 2010, was $340.1 million.
Restricted cash, which secures a portion of the company′s future
reclamation obligations, was $182.1 million, down from $218.4 million on
September 30, 2010, as collateral requirements were reduced. Cloud Peak
Energy′s balance sheet is well positioned with total available liquidity
of almost $730 million as of December 31, 2010.

The company′s long-term debt as of December 31, 2010, net of original
issue discount, was $595.7 million for the senior notes. Federal coal
lease obligations, including the current portion, were $118.3 million,
as of December 31, 2010.

Outlook

Cloud Peak Energy sees continuing recovery in domestic electricity
generation and growing export demand for its Spring Creek coal. The
Spring Creek mine is one of the most northern mines in the PRB and
thereby benefits from a shorter rail haul to northwest export terminals.
Coal from our Spring Creek mine also has favorable energy content
compared to southern PRB mines. These two factors leave Cloud Peak
Energy well placed to meet growing Asian export demand assuming
additional west coast terminal capacity is built.

2011 expected production from the three company-operated mines is 93 to
96 million tons and is essentially fully sold, consistent with our sales
strategy. Assuming constant prices of $14.40 per ton for 8800 Btu
quality coal and $12.20 per ton for 8400 Btu quality coal for indexed
tons, the expected total realized price for 2011 would be approximately
$13.05 per ton. For 2012, we have currently contracted to sell 70
million tons from our three operated mines. Of this committed 2012
production, 56 million tons are under fixed price contracts with a
weighted average price of $13.08.

Exports from the Spring Creek mine through the Westshore terminal in
Vancouver are expected to approximate three million tons this year,
driven by the strong demand from the company′s Asian utility customers.
In addition, due to the recent spike in seaborne coal prices we were
able to contract additional export sales to be shipped through the
Ridley terminal in Prince Rupert, British Columbia by Q1 2012. We are
expecting total export shipments to be around four million tons. Exports
through the Ridley terminal will incur significantly higher railing
costs than through Westshore.

Marshall stated, 'After a very successful first year as a public
company, our solid cash position and improving business outlook leaves
us well positioned to invest in our business, consider new leases and
pursue growth opportunities. Our proportionally low long-term
liabilities, both reclamation and employee related, combined with the
liquidity available under our revolving credit facility, further enhance
our balance sheet strength.?

Guidance ? 2011 Financial and Operational Estimates

The following table provides the company′s current outlook and
assumptions for selected 2011 financial and operational metrics:

¹ Assumes prices of $14.40 per ton for 8800 Btu coal and
$12.20 per ton for 8400 Btu coal applied to indexed tons

²
Represents average Cost of Product Sold for produced coal for our three
operated mines.

³ Includes capitalized interest.

Conference Call Details

A conference call with management is scheduled at 5:00 p.m. ET on
February 24, 2011, to review the results and current business
conditions. The call will be web cast live over the Internet from the
company′s Web site at www.cloudpeakenergy.com
under 'Investor Relations.? Participants should follow the instructions
provided on the Web site for downloading and installing the audio
applications necessary to join the web cast. Interested individuals also
can access the live conference call via telephone at 866.713.8566
(domestic) or 617.597.5325 (international) and entering pass code
25264791.

Following the live web cast, a replay will be available on the company′s
Web site for seven days. A telephonic replay will also be available
approximately two hours after the call and can be accessed by dialing
888-286-8010 (domestic) or 617-801-6888 (international) and entering
pass code 20816520. The telephonic replay will be available for seven
days.

About Cloud Peak Energy?

Cloud Peak Energy Inc. (NYSE:CLD) is headquartered in Wyoming and
is the third largest U.S. coal producer and the only pure-play Powder
River Basin (PRB) coal company. As one of the safest coal producers in
the nation, Cloud Peak Energy specializes in the production of low
sulfur, subbituminous coal. The company owns and operates three surface
coal mines in the PRB, the lowest cost major coal producing region in
the nation. The Antelope and Cordero Rojo mines are located in Wyoming
and the Spring Creek mine is located near Decker, Montana. With
approximately 1,500 employees, the company is widely recognized for its
exemplary performance in its safety and environmental programs. Cloud
Peak Energy is a sustainable fuel supplier for approximately 4 percent
of the nation′s electricity.

Cautionary Note Regarding Forward-Looking Statements

This release and our related presentation contain 'forward-looking
statements' within the meaning of the safe harbor provisions of Section
27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. Forward-looking statements are not statements of
historical facts and often contain words such as 'may,' 'will,'
'expect,' 'believe,' 'anticipate,' 'plan,' 'estimate,' 'seek,' 'could,'
'should,' 'intend,' 'potential,' or words of similar meaning.
Forward-looking statements are based on management's current
expectations or beliefs, as well as assumptions and estimates regarding
our company, industry, economic conditions, government regulations and
energy policies and other factors. Forward-looking statements may
include, for example, (1) our outlook for 2011 and future periods for
our company, PRB coal and the coal industry in general, and our 2011
operational and financial guidance; (2) anticipated improvements in
overall economic conditions and demand by domestic and foreign
utilities; (3) prices for natural gas and other alternative sources of
energy used to generate electricity; (4) coal stockpile levels and the
impacts on future demand; (5) our plans to replace and/or grow our coal
tons; (6) business development and growth initiatives; (7) operational
plans for our mines; (8) our cost management efforts; (9) industry
estimates of the EIA and other third party sources; (10) estimated Tax
Receivable Agreement liabilities; and (11) other statements regarding
our plans, strategies, prospects and expectations concerning our
business, operating results, financial condition and other matters that
do not relate strictly to historical facts. These statements are subject
to significant risks, uncertainties, and assumptions that are difficult
to predict and could cause actual results to differ materially from
those expressed or implied in the forward-looking statements. Factors
that could adversely affect our future results include, for example, (a)
future economic conditions; (b) demand for our coal by the domestic
electric generation industry, export demand and terminal capacity and
the price we receive for our coal; (c) reductions or deferrals of
purchases by major customers and our ability to renew sales contracts;
(d) environmental, health, safety, endangered species or other
legislation, regulations, court decisions or government actions, or
related third-party regulatory legal challenges, including any new
requirements affecting the use, demand or price for coal or imposing
additional costs, liabilities or restrictions on our mining operations;
(e) public perceptions, third-party regulatory legal challenges or
governmental actions and energy policies relating to concerns about
climate change, including emissions restrictions and governmental
subsidies that make wind, solar or other alternative fuel sources more
cost-effective and competitive with coal; (f) operational, geological,
equipment, permit, labor, weather-related and other risks inherent in
surface coal mining; (g) our ability to efficiently conduct our mining
operations, (h) transportation and export terminal availability,
performance and costs; (i) availability, timing of delivery and costs of
key supplies, capital equipment or commodities such as diesel fuel,
steel, explosives and tires; (j) our ability to acquire future coal tons
through the federal LBA process and necessary surface rights in a timely
and cost-effective manner and the impact of third-party regulatory legal
challenges, (k) access to capital and credit markets and availability
and costs of credit, surety bonds, letters of credit, and insurance; (l)
the impact of direct and indirect competition from coal producers and
competing sources of energy, domestically and internationally; (m)
litigation and other contingent liabilities; and (n) other risk factors
described from time to time in the reports and registration statements
we file with the Securities and Exchange Commission ('SEC'), including
those in Item 1A - Risk Factors in our most recent Form 10-K and any
updates thereto in our Forms 10-Q and current reports on Forms 8-K.
There may be other risks and uncertainties that are not currently known
to us or that we currently believe are not material. We make
forward-looking statements based on currently available information, and
we assume no obligation to, and expressly disclaim any obligation to,
update or revise publicly any forward-looking statements made in this
release or our related presentation, whether as a result of new
information, future events or otherwise, except as required by law.

Non-GAAP Financial Measures

This release and our related presentation include the non-GAAP financial
measures of (1) Adjusted EBITDA and (2) Adjusted Earnings Per Share
('Adjusted EPS'). Adjusted EBITDA and Adjusted EPS are intended to
provide additional information only and do not have any standard meaning
prescribed by generally accepted accounting principles in the U.S., or
GAAP. A quantitative reconciliation of Adjusted EBITDA to income from
continuing operations and Adjusted EPS to EPS (as defined below) is
found in the tables accompanying this release.

EBITDA represents income from continuing operations before (1) interest
income (expense) net, (2) income tax provision, (3) depreciation and
depletion, (4) amortization, and (5) accretion. Adjusted EBITDA
represents EBITDA as further adjusted to exclude specifically identified
items that management believes do not directly reflect our core
operations. For the periods presented in this release, the specifically
identified items are the income statement impacts of: (1) the tax
agreement and (2) our significant broker contract that expired in the
first quarter of 2010.

Adjusted EPS represents diluted earnings (loss) per share from
continuing operations attributable to controlling interest ('EPS'),
adjusted to exclude the estimated per share impact of the same
specifically identified items used to calculate Adjusted EBITDA and
described above.

Adjusted EBITDA is an additional tool intended to assist our management
in comparing our performance on a consistent basis for purposes of
business decision-making by removing the impact of certain items that
management believes do not directly reflect our core operations.
Adjusted EBITDA is a metric intended to assist management in evaluating
operating performance, comparing performance across periods, planning
and forecasting future business operations and helping determine levels
of operating and capital investments. Period-to-period comparisons of
Adjusted EBITDA are intended to help our management identify and assess
additional trends potentially impacting our company that may not be
shown solely by period-to-period comparisons of income from continuing
operations. Adjusted EBITDA may also be used as part of our incentive
compensation program for our executive officers and others.

We believe Adjusted EBITDA and Adjusted EPS are also useful to
investors, analysts and other external users of our consolidated
financial statements in evaluating our operating performance from period
to period and comparing our performance to similar operating results of
other relevant companies. Adjusted EBITDA allows investors to measure a
company's operating performance without regard to items such as interest
expense, taxes, depreciation and depletion, amortization and accretion
and other specifically identified items that are not considered to
directly reflect our core operations. Similarly, we believe our use of
Adjusted EPS provides an appropriate measure to use in assessing our
performance across periods given that this measure provides an
adjustment for certain specifically identified significant items that
are not considered to directly reflect our core operations, the
magnitude of which may vary drastically from period to period and,
thereby, have a disproportionate effect on the earnings per share
reported for a given period.

Our management recognizes that using Adjusted EBITDA and Adjusted EPS as
performance measures has inherent limitations as compared to income from
continuing operations, EPS or other GAAP financial measures, as these
non-GAAP measures exclude certain items, including items that are
recurring in nature, which may be meaningful to investors. Adjusted
EBITDA and Adjusted EPS should not be considered in isolation and do not
purport to be alternatives to income from continuing operations, EPS or
other GAAP financial measures as a measure of our operating performance.
Because not all companies use identical calculations, our presentations
of Adjusted EBITDA and Adjusted EPS may not be comparable to other
similarly titled measures of other companies. Moreover, our presentation
of Adjusted EBITDA is different than EBITDA as defined in our debt
financing agreements.

CLOUD PEAK ENERGY INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (dollars in thousands, except share data)
		December 31,
			2010					2009
ASSETS
Current assets
Cash and cash equivalents		$	340,101				$	268,316
Restricted cash			182,072					80,180
Accounts receivable			65,173					82,809
Due from related parties			434					8,340
Inventories			64,970					64,199
Deferred income taxes			21,552					280
Other assets			17,449					7,321
Total current assets			691,751					511,445
Non-current assets
Property, plant and equipment, net			1,008,337					987,143
Intangible assets, net			?					3,197
Goodwill			35,634			Bewerten  0 0 A A A PDF Die mit * gekennzeichneten Felder sind Pflichtfelder. Absender* E-Mail-Adresse Empfänger* Betreff* Nachricht* Hier ist eine interessante Information, die ich auf Minenportal.de gefunden habe: https://www.minenportal.de/artikel/55389--Cloud-Peak-Energy-Inc.-Announces-Results-for-Full-Year-and-Fourth-Quarter-2010.html Alle hinterlegten Daten der "Nachricht versenden"-Funktion werden ausschlißlich zu Übertragungszwecken verwendet und nicht gespeichert. Zustimmung* Mit Setzen des Häkchens im Kontrollkästchen bestätigen Sie uns, dass Sie unsere Datenschutzerklärung zur Kenntnis genommen haben und dass Sie unseren Allgemeinen Geschäftsbedingungen (AGB) zustimmen. Sie erklären sich damit einverstanden, dass Ihre Daten zur Bearbeitung Ihres Anliegens verwendet werden. Weitere Informationen und Widerrufshinweise finden Sie in der Datenschutzerklärung u. a. im Punkt "Informationsangebote".  Bestätigungscode: Code eingeben:* (Zum neu Laden auf das Bild klicken) Geben Sie die Zeichen aus dem Bild ein.(Es wird nicht zwischen Groß- und Kleinschreibung unterschieden) VersendenHier ist eine interessante Information, die ich auf Minenportal.de gefunden habe: https://www.minenportal.de/artikel/55389--Cloud-Peak-Energy-Inc.-Announces-Results-for-Full-Year-and-Fourth-Quarter-2010.html Drucken Für den Inhalt des Beitrages ist allein der Autor verantwortlich bzw. die aufgeführte Quelle. Bild- oder Filmrechte liegen beim Autor/Quelle bzw. bei der vom ihm benannten Quelle. Bei Übersetzungen können Fehler nicht ausgeschlossen werden. Der vertretene Standpunkt eines Autors spiegelt generell nicht die Meinung des Webseiten-Betreibers wieder. Mittels der Veröffentlichung will dieser lediglich ein pluralistisches Meinungsbild darstellen. Direkte oder indirekte Aussagen in einem Beitrag stellen keinerlei Aufforderung zum Kauf-/Verkauf von Wertpapieren dar. Wir wehren uns gegen jede Form von Hass, Diskriminierung und Verletzung der Menschenwürde. Beachten Sie bitte auch unsere AGB/Disclaimer! Mineninfo Cloud Peak Energy Inc. Branche: Bergbau Heimatland: USA WKN: A0YERN ISIN: US18911Q1022 www.cloudpeakenergy.com weitere Infos: Übersicht Kurse & Charts Nachrichten Nachrichten, engl. Copyright © Minenportal.de 2006-2024 | MinenPortal.de ist eine Marke von GoldSeiten.de und Mitglied der GoldSeiten Mediengruppe Alle Angaben ohne Gewähr! Es wird keinerlei Haftung für die Richtigkeit der Angaben und der Kurse übernommen! Informationen zur Zeitverzögerung der Kursdaten und Börsenbedingungen. Kursdaten: Data Supplied by BSB-Software. AGB | Datenschutz | Impressum | Kontakt | RSS-Feed | Sitemap