Arch Coal, Inc. Reports First Quarter 2013 Results

              Arch Coal, Inc. Reports First Quarter 2013 Results

Available liquidity of $1.3 billion as of March 31, 2013

Strong first quarter 2013 cost performances in key regions

U.S. thermal market poised to bounce back in 2013

PR Newswire

ST. LOUIS, April 23, 2013

ST. LOUIS, April 23, 2013 /PRNewswire/ --

Earnings Highlights
                                            Quarter Ended
In $ millions, except per share data        3/31/13        3/31/12
Revenues                                    $825.5         $1,039.7
Income (Loss) from Operations               (32.4)         54.1
Net Income (Loss) ^1                        (70.0)         1.2
Fully Diluted EPS/LPS                       (0.33)         0.01
Adjusted Net Loss ^1,2                      (71.8)         (7.6)
Adjusted Fully Diluted LPS ^2               (0.34)         (0.04)
Adjusted EBITDA ^2                          $83.6          $179.8
1/- Net income attributable to ACI.
2/- Defined and reconciled under "Reconciliation of non-GAAP measures.

Arch Coal, Inc. (NYSE: ACI) today reported a net loss of $70 million, or $0.33
per diluted share, in the first quarter of 2013. After excluding non-cash
accretion of acquired coal supply agreements, Arch's first quarter 2013
adjusted net loss was $72 million, or $0.34 per diluted share. In the first
quarter of 2012, Arch reported an adjusted net loss of $8 million, or $0.04
per diluted share.

(Logo: http://photos.prnewswire.com/prnh/20120727/CG47668LOGO)

Revenues totaled $826 million in the first quarter of 2013 on lower sales
volumes compared with the prior-year quarter. Adjusted earnings before
interest, taxes, depreciation, depletion and amortization ("EBITDA") were $84
million in the first quarter of 2013 versus $180 million a year ago. First
quarter 2013 results include a pre-tax charge of $10.5 million related to
minimum throughput fees as required under Arch's existing port and logistics
agreements.

"Despite the global coal market headwinds that have prevailed over the last 18
months, we are delivering strong cost control, exercising capital restraint
and minimizing cash outflows in the trough of the market cycle, while
maintaining our commitment to safety and environmental excellence," said John
W. Eaves, Arch's president and chief executive officer. "As the market cycle
turns, we are confident that our low-cost operations will generate strong cash
flows and value for our shareholders."

"Positive catalysts, such as normalized weather and higher competing fuel
prices, are improving the outlook for the domestic thermal market, our largest
market by volume," continued Eaves. "We expect these trends to continue to
reduce customer coal stockpiles throughout 2013 and to create a more balanced
U.S. coal market thereafter. Globally, we believe metallurgical and thermal
coal markets are in the process of stabilizing, and we anticipate gradual
improvement as we progress through the remainder of the year."

2013 Plans

"During 2013, our focus remains on improving cash flows during this period of
market weakness and on preparing the company to capitalize as coal markets
recover," said Eaves. "Our plan includes three key areas: capital spending
reductions, cost containment, and working capital and financial management."

Arch has further reduced its forecasted capital expenditures by approximately
$30 million for 2013, and now expects to spend between $300 million and $330
million for the full year. This range includes spending for the completion of
the Leer metallurgical mine in Appalachia and for previously committed land
obligations. In addition, the company's capital plans include spending for
maintenance and efficiency projects, which have benefited from the
redeployment of equipment from idled mines into active operations.

As evidenced by first quarter 2013 results, Arch is containing costs and
improving operational efficiencies despite running at planned lower volume
levels. Cost reductions per ton were achieved in several regions by reducing
overtime and contractor costs, generating cost savings on consumables and
lowering other carrying costs. For full year 2013, Arch has maintained its
thermal coal volume guidance range of 125 million to 135 million tons, but has
reduced its annual cash cost guidance range for two of the company's largest
operating regions, the Powder River Basin and Appalachia.

Arch is maintaining its financial strength and flexibility during the market
downturn by minimizing cash outflows through active working capital and other
financial management. At March 31, Arch had total available liquidity of $1.3
billion, approximately $1.0 billion of which was in the form of cash and other
short-term investments. The company also has roughly $300 million available to
be borrowed under undrawn lines of credit and other sources.

Core Values

Arch continued to build upon its leading safety and environmental record
during the first quarter of 2013. The company's reported lost-time safety
incident rate was nearly 50 percent lower than in the prior-year quarter. Arch
also improved its environmental compliance record for the three months ended
March 31, 2013 compared with the year-ago quarter.

In addition, several of Arch's eastern operations and facilities received West
Virginia Mountaineer Guardian Awards in the first quarter for exemplary safety
records achieved during 2012. Four operations also were honored by state
environmental agencies. In West Virginia, the Department of Environmental
Protection honored Coal-Mac, Wolf Run and Mountain Laurel for superior
reclamation, wildlife habitat and conservation efforts. In Colorado, West Elk
was recognized by the Colorado Department of Public Health & Environment as a
senior participant in the state's Pollution Prevention Program.

"We're off to another strong year for our safety and environmental performance
in the first quarter, with nine operations attaining A Perfect Zero, a dual
accomplishment of operating without a reportable safety incident or
environmental violation," said Paul A. Lang, Arch's executive vice president
and chief operating officer. "I'm proud of our employees' ongoing pursuit of
our ultimate goal of A Perfect Zero at all of our sites every single day."

Operational Results

"In the first quarter of 2013, Arch's operations turned in strong cost
performances that met or exceeded our expectations when compared to the fourth
quarter and the first quarter of last year," said Lang. "Even while running at
lower production levels, we're managing our per-ton costs. As markets correct,
we expect our volumes and realized prices to increase over time, which will
improve our profitability."



                          Arch Coal, Inc.
                               1Q13               4Q12              1Q12
Tons sold (in millions)        34.1               36.1              35.5
Average sales price per        $21.66             $24.21            $25.73
ton
Cash cost per ton              $18.02             $19.44            $20.18
Cash margin per ton            $3.64              $4.77             $5.55
Total operating cost per       $21.46             $22.88            $24.07
ton
Operating margin per ton       $0.20              $1.33             $1.66
Consolidated results may not tie to regional breakout due to exclusion of
other assets, rounding.
Operating cost per ton includes depreciation, depletion and amortization per
ton.
Amounts reflected in this table have been adjusted for certain
transactions.
For a description of adjustments, refer to the regional schedule at
http://investor.archcoal.com

Arch earned $3.64 per ton in consolidated cash margin in the first quarter of
2013 compared with $4.77 per ton in the fourth quarter of 2012, primarily
reflecting the impact of lower realized prices across operating regions. A
larger percentage of Powder River Basin coal in Arch's overall volume mix in
the first quarter of 2013 also contributed to the decline in consolidated
sales price per ton versus the fourth quarter. Consolidated cash costs per ton
declined 7 percent over the same time period, due to lower costs in several
operating regions and a larger percentage of lower-cost tons in the company's
overall volume mix.

                                Powder River Basin
                                    1Q13             4Q12            1Q12
Tons sold (in millions)             26.6             27.6            27.2
Average sales price per ton         $12.68           $13.12          $13.87
Cash cost per ton                   $10.65           $11.58          $11.24
Cash margin per ton                 $2.03            $1.54           $2.63
Total operating cost per ton       $12.24           $13.18          $12.75
Operating margin per ton            $0.44            ($0.06)         $1.12
Operating cost per ton includes depreciation, depletion and amortization per
ton.
Amounts reflected in this table have been adjusted for certain
transactions.

In the Powder River Basin, first quarter 2013 cash margin increased 32 percent
to $2.03 per ton compared with the fourth quarter of 2012. First quarter 2013
sales price per ton decreased 3 percent, stemming from lower pricing on
contracted, market-based and export tons. The decline in realized pricing was
more than offset by an 8 percent decline in cash cost per ton. Despite lower
volume levels, cash cost per ton declined due to lower maintenance expense and
successful cost containment efforts.

                                                    Appalachia
                                    1Q13            4Q12            1Q12
Tons sold (in millions)             3.4             4.2             4.5
Average sales price per ton         $74.76          $83.50          $87.33
Cash cost per ton                   $67.16          $70.23          $70.95
Cash margin per ton                 $7.60           $13.27          $16.38
Total operating cost per ton       $83.50          $84.78          $87.74
Operating margin per ton            ($8.74)         ($1.28)         ($0.41)
Operating cost per ton includes depreciation, depletion and amortization per
ton.
Amounts reflected in this table have been adjusted for certain
transactions.



In Appalachia, Arch recorded a cash margin of $7.60 per ton in the first
quarter of 2013 compared with $13.27 per ton in the fourth quarter of 2012.
Sales volumes declined 0.8 million tons in the first quarter of 2013 versus
the fourth quarter due to lower thermal and metallurgical coal shipments,
partially driven by a longwall move at the Mountain Laurel operation. Average
sales price per ton decreased 10 percent over the same time period, largely
reflecting lower prices on metallurgical shipments. First quarter 2013 cash
cost per ton declined 4 percent versus the fourth quarter of 2012, even with
metallurgical volumes representing more than one half of the regional volume
mix.

                         Western Bituminous Region
                              1Q13                4Q12              1Q12
Tons sold (in millions)       3.5                 3.8               3.3
Average sales price per       $35.53              $37.37            $36.77
ton*
Cash cost per ton*            $24.12              $18.69            $21.28
Cash margin per ton           $11.41              $18.68            $15.49
Total operating cost per      $29.07              $23.15            $26.98
ton*
Operating margin per ton      $6.46               $14.22            $9.79
*Sales prices and costs in the region are presented f.o.b. point for domestic
customers.
Operating cost per ton includes depreciation, depletion and amortization per
ton.
Amounts reflected in this table have been adjusted for certain
transactions.

In the Western Bituminous Region, Arch recorded a cash margin of $11.41 per
ton in the first quarter of 2013 compared with $18.68 per ton in the fourth
quarter of 2012. First quarter 2013 sales volumes declined as the longwall at
Dugout Canyon was idled in the prior-quarter period. Average sales price per
ton declined modestly over the same time period, reflecting lower pricing on
export sales. Cash cost per ton increased in the first quarter of 2013
compared with the low levels reported in the fourth quarter when the Dugout
Canyon longwall was still in service.

Market Trends

"The trend in U.S. coal markets is improving," said Eaves. "U.S. power demand
is rising in 2013, coal production continues to rationalize, and coal is
regaining its share of the domestic power generation market due to the higher
cost or lack of availability of competing fuels."

Arch expects U.S. coal consumption for power generation to increase by 50
million tons or more in 2013 compared with 2012, due to favorable weather
trends and higher natural gas prices. Coal supply rationalization also is
expected to continue in 2013. Mine Safety and Health Administration data
suggests that U.S. coal production totaled 246 million tons in the first
quarter of 2013 compared with 268 million tons in the same quarter of last
year. Increased demand and decreased supply should lead to a further
liquidation in U.S. coal stockpiles in 2013. Internal estimates forecast that
customer coal stockpile levels could end the year below 145 million tons.

In 2013, the growing global coal trade is projected to exceed the record 1.2
billion metric tonnes set in 2012. More than 100 gigawatts of new coal-fueled
plants are expected to come online in 2013, resulting in more than 300 million
metric tonnes of incremental annual coal demand this year alone. Seaborne coal
supply should service a portion of that demand. "Growing global demand for
coal, coupled with restraint in seaborne supply growth, should translate into
a more balanced market as the year progresses," added Eaves. 

Global steel production also is projected to grow in 2013, with Asia, Latin
America and the United States leading the increase. Arch expects U.S.
metallurgical coal exports to remain elevated, with overall U.S. coal exports
projected to total above 100 million tons in 2013.

Company Outlook

"We continue to execute our strategy of layering in some thermal sales to run
our mines efficiently, manage our costs and meet our sales plans for 2013,
despite operating at reduced volume levels," said Eaves. "We have also booked
6.5 million tons of our metallurgical coal for 2013, and see significant
opportunity to place additional tons."

"Looking ahead, we will continue to focus on managing through the market
downturn with the liquidity that we have in place," continued Eaves. "We also
expect a stronger second half in 2013, driven by improving domestic coal
market fundamentals, a recovering metallurgical market and the startup of
Arch's Leer longwall mine."



                                 2013                       2014
                                 Tons    $ per ton      Tons $ per ton
Sales Volume (in millions tons)
Thermal                          125-135
Met                              8-9
Total                            133-144
Powder River Basin
Committed, Priced                94.3               $13.13  52.6   $14.18
Committed, Unpriced              7.1                        14.6
Total Committed                  101.4                      67.2
Average Cash Cost                          $10.65 - $11.15
Western Bituminous
Committed, Priced                12.7               $37.38  8.2    $40.69
Committed, Unpriced              1.4                        0.2
Total Committed                  14.1                       8.4
Average Cash Cost                          $24.00 - $27.00
Appalachia
Committed, Priced Thermal        6.4                $63.95  1.7    $53.98
Committed, Unpriced Thermal      0.2                        0.3
Committed, Priced Metallurgical  6.1                $91.01  -
Committed, Unpriced              0.4                        -
Metallurgical
Total Committed                  13.1                       2.0
Average Cash Cost                          $66.00 - $71.00
Illinois Basin
Committed, Priced                2.1                $42.50  1.7    $42.33
Average Cash Cost                          $34.00 - $36.00
Corporate (in $ millions)
D,D&A                                      $500   - $530
S,G&A                                      $130   - $140
Interest Expense                          $360   - $370
Capital Expenditures                       $300   - $330

A conference call regarding Arch Coal's first quarter 2013 financial results
will be webcast live today at 10 a.m. Eastern time. The conference call can be
accessed via the "investor" section of the Arch Coal website
(http://investor.archcoal.com).

U.S.-based Arch Coal, Inc. is one of the world's top coal producers for the
global steel and power generation industries, serving customers in 25
countries on five continents. Its network of mining complexes is the most
diversified in the United States, spanning every major coal basin in the
nation. The company controls a 5.5-billion-ton reserve base of high-quality
metallurgical and thermal coals, with access to all major railroads, inland
waterways and a growing number of seaborne trade channels. For more
information, visit www.archcoal.com.

Forward-Looking Statements: This press release contains "forward-looking
statements" – that is, statements related to future, not past, events. In
this context, forward-looking statements often address our expected future
business and financial performance, and often contain words such as "expects,"
"anticipates," "intends," "plans," "believes," "seeks," or "will."
Forward-looking statements by their nature address matters that are, to
different degrees, uncertain. For us, particular uncertainties arise from
changes in the demand for our coal by the domestic electric generation
industry; from legislation and regulations relating to the Clean Air Act and
other environmental initiatives; from operational, geological, permit, labor
and weather-related factors; from fluctuations in the amount of cash we
generate from operations; from future integration of acquired businesses; and
from numerous other matters of national, regional and global scale, including
those of a political, economic, business, competitive or regulatory nature.
These uncertainties may cause our actual future results to be materially
different than those expressed in our forward-looking statements. We do not
undertake to update our forward-looking statements, whether as a result of new
information, future events or otherwise, except as may be required by law.
For a description of some of the risks and uncertainties that may affect our
future results, you should see the risk factors described from time to time in
the reports we file with the Securities and Exchange Commission.



Arch Coal, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
                                                Three Months Ended March 31,
                                                2013            2012
                                                (Unaudited)
Revenues                                        $ 825,502      $ 1,039,651
Costs, expenses and other operating
 Cost of sales                                 710,573         850,871
 Depreciation, depletion and amortization      118,868         139,966
 Amortization of acquired sales contracts, net (2,810)         (14,017)
 Change in fair value of coal derivatives and  1,308           (3,613)
coal trading activities, net
 Selling, general and administrative expenses  33,209          30,861
 Other operating income, net                   (3,217)         (18,498)
                                                857,931         985,570
Income (loss) from operations                   (32,429)        54,081
Interest expense, net:
Interest expense                                (95,087)        (74,772)
Interest and investment income                  2,836           1,021
                                                (92,251)        (73,751)
Loss before income taxes                        (124,680)       (19,670)
Benefit from income taxes                       (54,631)        (21,079)
Net income (loss)                               (70,049)        1,409
Less: Net income attributable to noncontrolling —               (203)
interest
Net income (loss) attributable to Arch Coal,    $  (70,049)    $    1,206
Inc.
Earnings (loss) per common share
Basic earnings (loss) per common share          $    (0.33)  $     0.01
Diluted earnings (loss) per common share        $    (0.33)  $     0.01
Weighted average shares outstanding
Basic                                           212,062         211,687
Diluted                                         212,062         211,908
Dividends declared per common share             $    0.03   $     0.11
Adjusted EBITDA (A)                             $  83,629     $  179,827

(A) Adjusted EBITDA is defined and reconciled under "Reconciliation of
    Non-GAAP Measures" later in this release.







Arch Coal, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands)
                                                March 31,      December 31,
                                                2013           2012
                                                (Unaudited)
Assets
Current assets
 Cash and cash equivalents                     $   730,119  $    784,622
 Restricted cash                               2,290          3,453
 Short term investments                        248,414        234,305
 Trade accounts receivable                     263,294        247,539
 Other receivables                             81,750         84,541
 Inventories                                   368,240        365,424
 Prepaid royalties                             13,105         11,416
 Deferred income taxes                         67,337         67,360
 Coal derivative assets                        20,856         22,975
 Other                                         88,977         92,469
 Total current assets                          1,884,382      1,914,104
Property, plant and equipment, net              7,272,541      7,337,098
Other assets
 Prepaid royalties                             91,691         87,773
 Goodwill                                      265,423        265,423
 Equity investments                            246,807        242,215
 Other                                         159,300        160,164
 Total other assets                            763,221        755,575
Total assets                                    $ 9,920,144   $ 10,006,777
Liabilities and Stockholders' Equity
Current liabilities
 Accounts payable                              $   229,269  $    224,418
 Coal derivative liabilities                   643            1,737
 Accrued expenses and other current            352,040        318,018
liabilities
 Current maturities of debt                    28,306         32,896
 Total current liabilities                     610,258        577,069
 Long-term debt                                5,082,205      5,085,879
 Asset retirement obligations                  410,975        409,705
 Accrued pension benefits                      69,342         67,630
 Accrued postretirement benefits other than    46,413         45,086
pension
 Accrued workers' compensation                 81,039         81,629
 Deferred income taxes                         610,195        664,182
 Other noncurrent liabilities                  227,363        221,030
 Total liabilities                             7,137,790      7,152,210
Stockholders' equity
 Common Stock                                  2,141          2,141
 Paid-in capital                               3,029,536      3,026,823
 Treasury stock, at cost                       (53,848)       (53,848)
 Accumulated deficit                           (180,459)      (104,042)
 Accumulated other comprehensive loss          (15,016)       (16,507)
 Total stockholders' equity                    2,782,354      2,854,567
Total liabilities and stockholders' equity      $ 9,920,144   $ 10,006,777







Arch Coal, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(In thousands)
                                                  Three Months Ended March 31,
                                                  2013            2012
                                                  (Unaudited)
Operating activities
Net income (loss)                                 $ (70,049)     $   1,409
Adjustments to reconcile to cash provided by
operating activities:
 Depreciation, depletion and amortization        118,868         139,966
 Amortization of acquired sales contracts, net   (2,810)         (14,017)
 Amortization relating to financing activities   6,167           4,288
 Prepaid royalties expensed                      3,537           8,586
 Employee stock-based compensation expense       2,713           4,079
Changes in:
 Receivables                                     (12,340)        88,082
 Inventories                                     (2,816)         (111,196)
 Coal derivative assets and liabilities          (192)           (5,347)
 Accounts payable, accrued expenses and other    38,249          (66,222)
current liabilities
 Income taxes, net                               458             23,002
 Deferred income taxes                           (54,801)        (21,742)
 Other                                           16,307          4,102
 Cash provided by operating activities           43,291          54,990
Investing activities
 Capital expenditures                            (54,522)        (93,271)
 Additions to prepaid royalties                  (9,142)         (8,262)
 Proceeds from dispositions of property, plant   714             22,105
and equipment
 Purchases of short term investments             (26,787)        —
 Proceeds from sales of short term investments   11,534          —
 Investments in and advances to affiliates       (4,298)         (5,777)
 Change in restricted cash                       1,163           1,455
 Cash used in investing activities               (81,338)        (83,750)
Financing activities
 Net increase in borrowings under lines of       —               34,000
credit
 Payments on term note                           (4,125)         —
 Net payments on other debt                      (5,964)         (7,323)
 Debt financing costs                            —               (100)
 Dividends paid                                  (6,367)         (23,327)
 Issuance of common stock under incentive plans  —               5,131
 Cash provided by (used in) financing activities (16,456)        8,381
Decrease in cash and cash equivalents             (54,503)        (20,379)
Cash and cash equivalents, beginning of period    784,622         138,149
Cash and cash equivalents, end of period          $ 730,119       $ 117,770







Arch Coal, Inc. and Subsidiaries
Schedule of Consolidated Debt
(In thousands)
                                                  March 31,      December 31,
                                                  2013           2012
                                                  (Unaudited)
Term loan ($1.65 billion face value) due 2018     $  1,623,955  $  1,627,384
8.75% senior notes ($600.0 million face value)    591,535        590,999
due 2016
7.00% senior notes due 2019 at par                1,000,000      1,000,000
9.875% senior notes ($375.0 million face value)   360,621        360,042
due 2019
7.25% senior notes due 2020 at par                500,000        500,000
7.25% senior notes due 2021 at par                1,000,000      1,000,000
Other                                             34,400         40,350
                                                  5,110,511      5,118,775
Less: current maturities of debt                  28,306         32,896
Long-term debt                                    $  5,082,205  $  5,085,879
Calculation of net debt:
Total debt                                        $  5,110,511  $  5,118,775
Less liquid assets
 Cash and cash equivalents                       730,119        784,622
 Short term investments                          248,414        234,305
                                                  978,533        1,018,927
Net debt                                          $  4,131,978  $  4,099,848







Arch Coal, Inc. and Subsidiaries
Reconciliation of Non-GAAP Measures
(In thousands, except per share data)
Included in the accompanying release, we have disclosed certain non-GAAP
measures as defined by Regulation G. The following reconciles these items to
net income and cash flows as reported under GAAP.
Adjusted EBITDA
Adjusted EBITDA is defined as net income attributable to the Company before
the effect of net interest expense, income taxes, depreciation, depletion and
amortization, and the amortization of acquired sales contracts. Adjusted
EBITDA may also be adjusted for items that may not reflect the trend of future
results.
Adjusted EBITDA is not a measure of financial performance in accordance with
generally accepted accounting principles, and items excluded from Adjusted
EBITDA are significant in understanding and assessing our financial condition.
Therefore, Adjusted EBITDA should not be considered in isolation, nor as an
alternative to net income, income from operations, cash flows from operations
or as a measure of our profitability, liquidity or performance under generally
accepted accounting principles. We believe that Adjusted EBITDA presents a
useful measure of our ability to incur and service debt based on ongoing
operations. Furthermore, analogous measures are used by industry analysts to
evaluate our operating performance. In addition, acquisition related expenses
are excluded to make results more comparable between periods. Investors
should be aware that our presentation of Adjusted EBITDA may not be comparable
to similarly titled measures used by other companies. The table below shows
how we calculate Adjusted EBITDA.

                                                  Three Months Ended March 31,
                                                  2013            2012
                                                  (Unaudited)
Net income (loss)                                 $ (70,049)     $   1,409
Income tax benefit                                (54,631)        (21,079)
Interest expense, net                             92,251          73,751
Depreciation, depletion and amortization          118,868         139,966
Amortization of acquired sales contracts, net     (2,810)         (14,017)
Net income attributable to noncontrolling         —               (203)
interest
Adjusted EBITDA                                   $  83,629      $ 179,827

Adjusted net income and adjusted diluted earnings per common share
Adjusted net income and adjusted diluted earnings per common share are
adjusted for the after-tax impact of acquisition related costs and are not
measures of financial performance in accordance with generally accepted
accounting principles. We believe that adjusted net income and adjusted
diluted earnings per common share better reflect the trend of our future
results by excluding items relating to significant transactions. The
adjustments made to arrive at these measures are significant in understanding
and assessing our financial condition. Therefore, adjusted net income and
adjusted diluted earnings per share should not be considered in isolation, nor
as an alternative to net income or diluted earnings per common share under
generally accepted accounting principles.

                                                Three Months Ended March 31,
                                                2013           2012
                                                (Unaudited)
Net income (loss) attributable to Arch Coal     $ (70,049)    $   1,206
 Amortization of acquired sales contracts, net (2,810)        (14,017)
 Tax impact of adjustments                     1,012          5,186
Adjusted net loss attributable to Arch Coal     $ (71,847)    $  (7,625)
Diluted weighted average shares outstanding     212,062        211,908
Diluted earnings (loss) per share               $   (0.33)  $    0.01
Amortization of acquired sales contracts, net   (0.01)         (0.07)
Tax impact of adjustments                       —              0.02
Adjusted diluted loss per share                 $   (0.34)  $   (0.04)





SOURCE Arch Coal, Inc.

Website: http://www.archcoal.com
Contact: Jennifer Beatty, Vice President, Investor Relations, 314/994-2781
 
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