Walter Energy, Inc.

CIK:0000837173|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenues:
Sales	$ 179,068	$ 319,542	$ 658,549	$ 1,102,753
Miscellaneous income	5,731	10,004	13,803	19,029
Total revenues	184,799	329,546	672,352	1,121,782
Costs and expenses:
Cost of sales (exclusive of depreciation and depletion)	216,647	297,925	727,207	991,561
Depreciation and depletion	43,487	58,413	154,147	204,653
Selling, general and administrative	14,233	16,598	63,523	56,379
Other postretirement benefits	12,333	13,869	36,999	41,607
Restructuring charges (benefit)	4,216	(2,463)	6,662	5,835
Asset impairments	0	37	2,897,928	23,081
Total costs and expenses	290,916	384,379	3,886,466	1,323,116
Operating loss	(106,117)	(54,833)	(3,214,114)	(201,334)
Interest expense, net	(42,222)	(79,231)	(195,309)	(218,065)
Gain on extinguishment of debt	0	3,394	58,626	902
Other income, net	0	1,424	0	646
Loss before reorganization items, net and income tax benefit	(148,339)	(129,246)	(3,350,797)	(417,851)
Reorganization items, net	(17,017)	0	(17,017)	0
Loss before income tax benefit	(165,356)	(129,246)	(3,367,814)	(417,851)
Income tax benefit	(6,713)	(30,344)	(673,911)	(75,380)
Net loss	$ (158,643)	$ (98,902)	$ (2,693,903)	$ (342,471)
Net loss per share:
Basic and diluted net loss per share (in usd per share)	$ (1.96)	$ (1.48)	$ (34.41)	$ (5.27)
Dividends per share (in dollars per share)	$ 0.00	$ 0.01	$ 0.00	$ 0.03

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
OPERATING ACTIVITIES
Net loss	$ (2,693,903)	$ (342,471)
Adjustments to reconcile net loss to net cash flows used in operating activities:
Depreciation and depletion	154,147	204,653
Deferred income tax benefit	(669,033)	(70,772)
Amortization of debt issuance costs and debt discount, net	10,920	11,920
Gain extinguishment of debt	(58,626)	(902)
Impairment charges	2,897,928	23,081
Non-cash reorganization items	(705)	0
Other	22,468	16,969
Decrease (increase) in current assets:
Trade receivables, net	29,042	34,932
Other receivables	(1,525)	13,646
Inventories	50,115	74,243
Prepaid expenses and other current assets	1,901	(4,426)
Increase (decrease) in current liabilities:
Accounts payable	27,203	(39,588)
Accrued interest	38,860	61,126
Accrued expenses and other current liabilities	(25,782)	(3,197)
Cash flows used in operating activities	(216,990)	(20,786)
INVESTING ACTIVITIES
Additions to property, plant and equipment	(61,329)	(69,733)
Proceeds from sale of property, plant and equipment	1,776	24,112
Other	364	134
Cash flows used in investing activities	(59,189)	(45,487)
FINANCING ACTIVITIES
Proceeds from issuance of debt	0	869,800
Retirements of debt	(8,486)	(418,321)
Dividends paid	0	(1,944)
Debt issuance costs	0	(27,748)
Other	(60)	(195)
Cash flows provided by (used in) financing activities	(8,546)	421,592
Effect of foreign exchange rates on cash	(1,697)	(1,514)
Net increase (decrease) in cash and cash equivalents	(286,422)	353,805
Cash and cash equivalents at beginning of period	468,532	260,818
Cash and cash equivalents at end of period	$ 182,110	$ 614,623

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
ASSETS
Cash and cash equivalents	$ 182,110	$ 468,532
Trade receivables, net	61,964	91,057
Other receivables	128,561	127,037
Inventories	138,978	201,598
Deferred income taxes	16,247	16,819
Prepaid expenses	44,506	46,190
Other current assets	2,458	9,285
Total current assets	574,824	960,518
Mineral interests, net	436,118	2,836,801
Property, plant and equipment, net	876,014	1,466,297
Other long-term assets	89,963	67,748
Total assets	1,976,919	5,331,364
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Accounts payable	41,114	38,980
Accrued expenses	53,332	125,318
Pension and other postretirement benefits obligation	0	29,032
Other current liabilities	162,797	215,952
Current debt	156	12,327
Total current liabilities	257,399	421,609
Long-term debt	0	3,068,878
Deferred income taxes	66,440	730,685
Pension and other postretirement benefits obligation	0	641,231
Other long-term liabilities	186,353	187,380
Total liabilities not subject to compromise	510,192	5,049,783
Liabilities subject to compromise	3,866,405	0
Total liabilities not subject to compromise	4,376,597	5,049,783
Stockholders' equity (deficit):
Preferred stock, $0.01 par value per share: Authorized - 20,00,000 shares; none issued	0	0
Common stock, $0.01 par value per share: Authorized—200,000,000 shares; issued—80,748,433 and 71,978,113 shares, respectively	807	720
Capital in excess of par value	1,680,385	1,668,407
Accumulated deficit	(3,863,401)	(1,169,498)
Accumulated other comprehensive loss	(217,469)	(218,048)
Total stockholders' equity (deficit)	(2,399,678)	281,581
Total liabilities and stockholders' equity (deficit)	$ 1,976,919	$ 5,331,364