Walter Energy, Inc., Annual General Meeting, Apr 23, 2015
Mar 9 15
Walter Energy, Inc., Annual General Meeting, Apr 23, 2015., at 10:00 Central Standard Time. Location: Hyatt Regency Birmingham - The Wynfrey Hotel. Agenda: To consider the retirement of Graham Mascall as member of its board of directors; to elect eight director nominees to the board of directors; to approve the compensation of the company's executive officers; to ratify the appointment of Ernst & Young LLP as the company's independent registered public accounting firm for 2015; and to transact such other business as may property come before the annual meeting and any adjournment or postponement thereof.
Graham Mascall Not to Stand for Re-Election as Directors of Walter Energy, Inc
Mar 9 15
On March 4, 2015, Graham Mascall announced Walter Energy, Inc. of his decision not to stand for re-election as a member of the company's board of directors at the annual meeting of stockholders of the company to be held on April 23, 2015. Mr. Mascall's decision was not due to any disagreement with the company on any matter relating to the company's operations, policies or practices.
Walter Energy Receives Non-Compliance Notice From NYSE
Mar 5 15
Walter Energy, Inc. announced that the Company has been notified by the New York Stock Exchange that its common stock does not presently satisfy one of the NYSE’s continued listing standards. The NYSE requires that the average closing price per share of a listed company’s common stock be at least $1.00 over a consecutive 30 trading-day period. As of March 3, 2015, the average closing price per share of the Company’s common stock over the preceding 30 trading-day period was $0.99. Under the NYSE’s rules, the Company has six months to regain compliance with the NYSE’s continued listing standards. The Company’s common stock will continue to be listed and traded on the NYSE during this period, subject to the Company’s compliance with other continued listing standards. As required by the NYSE’s rules, the Company plans to notify the NYSE within 10 business days of the receipt of the notice of non-compliance of its intent to cure the deficiency. The deficiency does not affect the Company’s business operations or its Securities and Exchange Commission reporting requirements, and it does not violate any of the Company’s credit agreements or other debt obligations.
Walter Energy, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Reports Asset Impairment Charge; Provides Capital Expenditures Guidance for the Full Year of 2015
Feb 17 15
Walter Energy, Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, total revenues were $285,563,000 against $471,996,000 a year ago. Operating loss was $105,602,000 against $17,711,000 a year ago. Loss before income tax benefit was $150,669,000 against $83,382,000 a year ago. Net loss was $128,097,000 or $1.83 per basic and diluted share against $174,343,000 or $2.79 per basic and diluted share a year ago. Capital expenditures was $23,266,000 against $45,161,000 a year ago. Adjusted LBITDA was $24,311,000 against adjusted EBITDA of $59,204,000 a year ago. Adjusted net loss was $137,626,000 against $63,649,000 a year ago. Adjusted basic and diluted loss per share was $1.97 against $1.02 a year ago.
For the full year, total revenues were $1,407,345,000 against $1,860,631,000 a year ago. Operating loss was $306,936,000 against $170,965,000 a year ago. Loss before income tax benefit was $568,520,000 against $400,841,000 a year ago. Net loss was $470,568,000 or $7.10 per basic and diluted share against $359,003,000 or $5.74 per basic and diluted share a year ago. Capital expenditures was $92,999,000 against $153,896,000 a year ago. Adjusted EBITDA was $13,681,000 against $149,216,000 a year ago. Adjusted net loss was $449,847,000 against $237,280,000 a year ago. Adjusted basic and diluted loss per share was $6.79 against $3.79 a year ago. Cash flows used in operating activities was $139,704,000 compared to $27,076,000 a year ago. Additions to property, plant and equipment was $92,999,000 compared to $153,896,000 a year ago.
For the quarter, the company primarily includes an asset impairment charge of $28,592,000 recognized upon classifying certain assets and liabilities of the Gauley Eagle operations as assets and liabilities held for sale.
The company expects capital expenditures in 2015 are expected to be in line with 2014, and cash interest expense is expected to approximate $265 million for the year.