Alpha Natural Resources, Inc.

CIK:0001301063|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues:
Coal revenues	$ 674,068	$ 919,253	$ 1,400,135	$ 1,872,073
Freight and handling revenues	79,739	116,338	179,898	250,540
Other revenues	11,260	18,507	27,023	43,258
Total revenues	765,067	1,054,098	1,607,056	2,165,871
Costs and expenses:
Cost of coal sales (exclusive of items shown separately below)	713,111	827,948	1,464,435	1,724,532
Freight and handling costs	79,739	116,338	179,898	250,540
Other expenses	6,376	6,691	11,361	21,885
Depreciation, depletion and amortization	170,700	191,072	329,131	391,367
Amortization of Intangible Assets	7,472	9,464	19,917	18,743
Selling, general and administrative expenses (exclusive of depreciation, depletion and amortization shown separately above)	27,353	43,757	52,315	84,954
Asset impairment and restructuring	238,606	2,590	242,726	12,089
Goodwill impairment	0	308,651	0	308,651
Total costs and expenses	1,243,357	1,506,511	2,299,783	2,812,761
Income (loss) from operations	(478,290)	(452,413)	(692,727)	(646,890)
Other income (expense):
Interest expense	(72,386)	(71,012)	(149,092)	(135,974)
Interest income	619	540	1,279	1,156
Marketable Securities, Realized Gain (Loss)			3,380	0
Loss on early extinguishment of debt	0	(218)	364,153	(2,022)
Equity Method Investment, Realized Gain (Loss) on Disposal	0	0	0	250,331
Miscellaneous expense, net	2,332	958	1,862	2,114
Total other expense, net	(69,435)	(69,732)	218,202	115,605
Income (loss) before income taxes	(547,725)	(522,145)	(474,525)	(531,285)
Income tax (expense) benefit	79,535	9,518	74,546	(37,040)
Net income (loss)	$ (468,190)	$ (512,627)	$ (399,979)	$ (568,325)
Basic loss per common share	$ (2.11)	$ (2.32)	$ (1.80)	$ (2.57)
Diluted loss per common share	$ (2.11)	$ (2.32)	$ (1.80)	$ (2.57)
Weighted average shares - basic	222,371,939	221,376,721	222,080,002	221,266,066
Weighted average shares - diluted	222,371,939	221,376,721	222,080,002	221,266,066

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Capital Expenditures Incurred but Not yet Paid	$ 28,837	$ 20,260
Operating activities:
Net loss	(399,979)	(568,325)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation, depletion, accretion and amortization	399,885	447,802
Amortization of Intangible Assets	19,917	18,743
Mark-to-market adjustments for derivatives	3,442	(4,010)
Share-based Compensation	2,319	11,997
Goodwill impairment	0	308,651
Asset impairment and restructuring	242,726	12,089
Employee benefit plans, net	26,293	28,047
Loss on early extinguishment of debt	(364,153)	2,022
Equity Method Investment, Realized Gain (Loss) on Disposal	0	(250,331)
Marketable Securities, Realized Gain (Loss)	(3,380)	0
Deferred income taxes	(75,285)	41,761
Other, net	5,199	8,980
Changes in operating assets and liabilities:
Trade accounts receivable, net	58,197	(19,622)
Inventories, net	(4,361)	(10,198)
Prepaid expenses and other current assets	(7,775)	76,102
Other non-current assets	1,646	8,145
Trade accounts payable	(35,257)	28,242
Accrued expenses and other current liabilities	(89,551)	(345,589)
Pension and postretirement medical benefit obligations	(17,066)	(18,549)
Asset retirement obligations	(19,948)	(25,989)
Other non-current liabilities	(19,162)	(20,977)
Net cash provided by (used in) operating activities	(276,293)	(271,009)
Investing activities:
Capital expenditures	(66,451)	(82,833)
Purchases of marketable securities	(379,687)	(333,497)
Sales of marketable securities	413,404	298,180
Proceeds from Sale of Equity Method Investments	0	96,732
Proceeds from Sale of Property, Plant, and Equipment	7,986	3,271
Net cash provided by (used in) investing activities	(24,748)	(18,147)
Financing activities:
Principal repayments of long-term debt	(379,509)	(34,431)
Principal repayments of capital lease obligations	(12,992)	(8,574)
Common stock repurchases	(420)	(1,162)
Other	(819)	(1,326)
Net cash (used in) provided by financing activities	258,091	438,013
Net increase (decrease) in cash and cash equivalents	(42,950)	148,857
Cash and cash equivalents at beginning of period	741,186	619,644
Cash and cash equivalents at end of period	698,236	768,501
Proceeds from borrowings on long-term debt	658,646	500,000
Debt issuance and modification costs	$ 6,815	$ 16,494

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 698,236	$ 741,186
Trade accounts receivable, net	254,288	314,015
Inventories, net	237,466	237,945
Marketable Securities, Current	416,722	405,169
Prepaid expenses and other current assets	149,809	177,999
Total current assets	1,756,521	1,876,314
Property, equipment and mine development costs, net	1,262,460	1,425,667
Owned and leased mineral rights and land (net of accumulated depletion of $1,227,124 and $1,167,912 respectively)	6,608,042	6,916,307
Other acquired intangibles (net of accumulated amortization of $438,025 and $422,737, respectively)	73,362	97,169
Other non-current assets	270,298	324,009
Total assets	9,970,683	10,639,466
Current liabilities:
Current portion of long-term debt	3,690,391	178,251
Trade accounts payable	184,522	216,098
Accrued expenses and other current liabilities	533,103	615,200
Total current liabilities	4,408,016	1,009,549
Long-term debt	34,439	3,622,837
Pension and postretirement medical benefit obligations	1,166,958	1,236,986
Asset retirement obligations	582,608	538,008
Deferred income taxes	729,034	773,466
Other non-current liabilities	409,889	471,820
Total liabilities	7,330,944	7,652,666
Stockholders' Equity
Preferred stock - par value $0.01	0	0
Common stock - par value $0.01	2,351	2,337
Additional paid-in capital	8,213,778	8,211,122
Accumulated other comprehensive income (loss)	(241,034)	(291,701)
Treasury stock, at cost	(273,617)	(273,198)
Accumulated deficit	(5,061,739)	(4,661,760)
Total stockholders' equity	2,639,739	2,986,800
Total liabilities and stockholders' equity	$ 9,970,683	$ 10,639,466