Westmoreland Reschedules Fourth Quarter and Full Year Earnings Conference Call; Reaffirms 2016 Adjusted EBITDA Guidance, Incr...
March 16 2017 - 4:03PM
Westmoreland Coal Company (Nasdaq:WLB) (“Westmoreland” or the
“Company”) today announced that it is delaying the filing of its
Form 10-K with the Securities & Exchange Commission for the
period ended December 31, 2016, as well as its previously scheduled
earnings release and teleconference, until Tuesday, March 28, 2017.
The Company also reaffirmed today its previously issued guidance
for full year 2016 adjusted EBITDA in the range of $255 to $265
million, and increased its guidance range for free cash flow to
$105 to $115 million, which was previously expected to be in the
range of $75 to $85 million.
The delay in filing the Company’s Form 10-K is related to the
previously announced technical accounting restatement for
reclamation receivables. The process to address this issue is
taking longer than previously forecast due to the 14-year timeframe
affected by the change. These issues have no impact on
Westmoreland’s cash flow, liquidity, debt covenants, ability to
collect cash for reclamation from customers or the economic value
of its contracts.
Westmoreland will issue a press release reporting financial
results for the fourth quarter and full year ended December 31,
2016 after the market closes on March 28, 2017. Kevin Paprzycki,
Chief Executive Officer, and Gary Kohn, Interim Chief Financial
Officer, will host a conference call the same day at 4:30 p.m.
Eastern Time to discuss the results. The Company will also file its
Form 10-K after the market closes on the same day.
The news release will be available at www.westmoreland.com.
Management invites you to listen to the conference call using
the dial-in and replay information below:
Toll Free in the U.S: 1-844-WCC-COAL
(844-922-2625)International: 1-201-689-8584Webcast:
www.westmoreland.com/investors/investor-webcasts
Replay: 1-877-481-4010 or 1-919-882-2331Replay ID: 10238Replay
Available Until: April 11, 2017Webcast:
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.
Notes
Adjusted EBITDA is a non-GAAP measures that does not reflect the
Company’s cash expenditures, or future requirements for capital and
major maintenance expenditures or contractual commitments; does not
reflect income tax expenses or the cash requirements necessary to
pay income taxes; does not reflect changes in, or cash requirements
for, the Company’s working capital needs; and does 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 Adjusted
EBITDA does 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.
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.
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.
For further information please contact
Gary Kohn
Interim Chief Financial Officer
1-720-354-4467
gkohn@westmoreland.com