Englewood, CO – October 23, 2014 – Westmoreland Coal Company (NasdaqGM:WLB) today announced results of the third quarter ended September 30, 2014.
Revenues for the quarter were $337.8 million versus $176.8 million in the same quarter in 2013. Adjusted EBITDA for the quarter was $41.7 million. In recent guidance, the company had projected an Adjusted EBITDA range of $40 to $45 million. Adjusted EBITDA for the third quarter of 2013 was $30.1 million.
Net loss in the quarter was $49.3 million and included charges of $23.7 million of unrealized, non-cash derivative based losses and $3.3 million of restructuring charges.
“A cool summer, low power prices and heavy rains impacted our business during the quarter but we continue to track towards our annual EBITDA guidance range,” said Keith E. Alessi, Westmoreland’s CEO. “The Canadian integration continues to run ahead of schedule and we have seen efficiencies across that operation.”
“We are focused on closing the recently announced Oxford transaction and the associated refinancing of Westmoreland’s debt. We are planning on accomplishing both of these during the fourth quarter.”