CLOUD PEAK ENERGY INC.

CIK:0001441849|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended				9 Months Ended
	Sep. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Mar. 31, 2018	Sep. 30, 2019	Sep. 30, 2018
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
Revenue (Note 3)	$ 220,227		$ 233,080		$ 533,755	$ 655,087
Costs and expenses
Cost of product sold (exclusive of depreciation, depletion, and accretion)	194,999		208,504		517,805	597,448
Depreciation and depletion	(2,488)		17,392		20,095	46,788
Accretion	1,699		1,947		4,796	5,359
(Gain) loss on derivative financial instruments	0		(730)		(1,809)	(730)
Selling, general and administrative expenses	7,971		5,101		41,507	25,393
Impairments (Note 6)	0		0		621,005	800
Other operating costs	101		149		451	331
Total costs and expenses	202,282		232,363		1,203,850	675,389
Operating income (loss)	17,945		717		(670,095)	(20,302)
Other income (expense)
Net periodic postretirement benefit income (cost), excluding service cost	1,755		20,016		5,264	23,251
Interest income	241		304		634	841
Interest expense (contractual interest of $11.4 million and $32 million for the three and nine months ended September 30,2019, respectively)	(2,027)		(8,411)		(14,801)	(28,141)
Reorganization items, net (Note 7)	(13,152)		0		24,038	0
Other, net	(8)		67		(505)	(535)
Total other income (expense)	(13,191)		11,976		14,630	(4,584)
Income (loss) before income tax provision and earnings from unconsolidated affiliates	4,754		12,693		(655,465)	(24,886)
Income tax benefit (expense)	(12)		(5)		(85)	(302)
Income (loss) from unconsolidated affiliates, net of tax	24		3		890	269
Net income (loss)	4,766	$ (49,748)	12,691	$ (7,738)	(654,660)	(24,919)
Other comprehensive income (loss)
Postretirement medical plan amortization of prior service costs	0		(612)		0	(4,287)
Postretirement medical plan change			24,659			24,659
Postretirement medical plan termination	(1,755)		(19,477)		(5,264)	(19,477)
Other comprehensive income (loss)	(1,755)		4,570		(5,264)	895
Total comprehensive income (loss)	$ 3,011		$ 17,261		$ (659,924)	$ (24,024)
Income (loss) per common share
Basic	$ 0.06		$ 0.17		$ (8.57)	$ (0.33)
Diluted	$ 0.06		$ 0.16		$ (8.57)	$ (0.33)
Weighted-average shares outstanding - basic	76,508		75,778		76,347	75,623
Weighted-average shares outstanding - diluted	77,017		77,283		76,347	75,623

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash flows from operating activities
Net income (loss)	$ (654,660)	$ (24,919)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and depletion	20,095	46,788
Accretion	4,796	5,359
Impairments	621,005	800
Loss (income) from unconsolidated affiliates, net of tax	(890)	(269)
Distributions of income from unconsolidated affiliates	2,250	1,000
Gain on sale of assets	(962)	0
Equity-based compensation expense	3,295	(1,648)
(Gain) loss on derivative financial instruments	(1,809)	(730)
Non-cash interest expense related to early retirement to refinancings	216	1,611
Non-cash reorganization items	(44,615)	0
Payment of deferred financing costs	0	(3,640)
Net periodic postretirement benefit cost (credit)	(5,264)	(22,792)
Payments for logistics contracts	(7,500)	(7,500)
Logistics throughput contract amortization expense	11,331	12,099
Other	1,655	5,296
Changes in operating assets and liabilities:
Accounts receivable	(8,149)	(12,192)
Inventories, net	3,559	3,398
Due to or from related parties	(183)	(1,488)
Other assets	(1,590)	8,698
AMT tax refund	15,768	0
Accounts payable and accrued expenses	61,468	15,013
Asset retirement obligations	(1,098)	(816)
Net cash provided by (used in) operating activities	18,718	24,068
Investing activities
Purchases of property, plant and equipment	(3,338)	(7,165)
Investment in development projects	0	(1,894)
Proceeds from the sale of assets	3,208	69
Net cash provided by (used in) investing activities	(130)	(8,990)
Financing activities
Principal payments on federal coal leases	(379)	(574)
Principal payment on finance leases	(1,224)	(1,952)
Borrowings on debtor in possession financing	35,000	0
Payments of deferred financing costs	(500)	(936)
Payment amortized to deferred gain	0	(6,298)
Net cash provided by (used in) financing activities	32,897	(9,760)
Net increase (decrease) in cash, cash equivalents, and restricted cash	51,485	5,318
Cash, cash equivalents, and restricted cash at beginning of period	92,128	108,673
Cash, cash equivalents, and restricted cash at end of period	$ 143,613	$ 113,991

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Current assets
Cash and cash equivalents	$ 84,760	$ 91,196
Accounts receivable, net	41,676	33,527
Due from related parties	111	0
Inventories, net (Notes 6 and 13)	16,946	70,040
Income tax receivable	7,934	15,808
Other prepaid and deferred charges	28,349	27,527
Other assets	78	3,480
Total current assets	219,877	242,303
Noncurrent assets
Property, plant, and equipment, net (Note 6)	67,454	654,372
Income tax receivable	7,884	15,768
Other assets	31,447	16,213
Total assets	326,662	928,656
Current liabilities
Accounts payable	43,536	34,210
Royalties and production and property taxes (Note19)	22,194	53,232
Accrued expenses	27,732	26,385
Due to related parties	0	71
Current portion of federal coal lease obligations (Notes 15 and 19)	0	379
Debtor-in-possession financing	65,884	0
Other liabilities	1,205	4,019
Total current liabilities	160,551	118,296
Noncurrent liabilities
Senior notes (Notes 14 and 19)		396,373
Federal coal lease obligations, net of current portion (Notes 15 and 19)	0	1,404
Asset retirement obligations, net of current portion	96,940	92,591
Royalties and production and property taxes (Note 19)	10,232	20,587
Other liabilities	76	5,731
Total liabilities not subject to compromise	267,799	634,982
Liabilities subject to compromise
Liabilities subjec to compromise (Note 19)	421,798	0
Total liabilities	689,597	634,982
Equity
Common stock ($0.01 par value; 200,000 shares authorized; 76,985 and 76,283 shares issued and 76,508 and 75,806 outstanding as of September 30, 2019 and December 31, 2017, respectively)	765	758
Treasury stock, at costs (477 shares as of both June 30, 2019 and December 31, 2018)	(6,498)	(6,498)
Additional paid-in capital	659,989	656,925
Retained earnings (accumulated deficit)	(1,025,210)	(370,795)
Accumulated other comprehensive income (loss)	8,019	13,284
Total equity	(362,935)	293,674
Total liabilities and equity	$ 326,662	$ 928,656