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Gold/Mining/Energy : Oil & Gas Exploration & Production Co.'s
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To: Ed Ajootian who started this subject3/27/2003 8:12:02 PM
From: Ed Ajootian  Read Replies (1) of 112
 
Westmoreland Coal (WLB - $11) Out Perform
The company will probably not release FY2002 results until late March. We look for the following:
• Cash flow from operations will be approximately $43 million – a good year marred by warm weather last winter and the weak economy. Coal prices are relatively low under old contracts. $180 million net operating tax loss carry forward has enabled WLB to remain profitable throughout the year We expect net debt to be $92 million at FY 2002 yearend compared to $123 million FY 2001 yearend. . In addition, WLB paid $11.3 million into a debt reserve account as restricted cash.
Management warned investors last fall it anticipates a continuation of reduced demand and lower prices and higher medical cost through 4th quarter ‘02 and through 2003. Fourth quarter results may benefit from the colder weather in the Northern Plains states during the fall in contrast to the prior year. More important, Washington Group, mining contractor of the Absaloka Mine that produces 5 million tons annually, agreed to compensate WRI ( Westmoreland has 80% interest) for its investment of $3.6 million to repair a drag line tub expense and $840,000 for reduced mining charges for the 12 month period through last September. In addition, Washington Group will significantly lower its cost per ton at the mine from the beginning of last quarter. The company’s accounting treatment of these items will determine the magnitude of fourth quarters earnings.

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WLB is an interesting coal company. Coal is gonna do well since natgas prices are so high.
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