WESTERN CANADIAN COAL - Q4 -Zahlen !!!! - 500 Beiträge pro Seite

[BRBa]

WESTERN CDN COAL
WKN: 257111
ISIN: CA9578601093
Symbol: WC9
Hier zum Thread:http://www.wallstreet-online.de/diskussion/1147167-6341-6350…




Western Cdn Coal earns $214,532 in fiscal 2009


2009-06-25 17:15 ET - News Release

Mr. John Hogg reports

WESTERN CANADIAN COAL REPORTS FISCAL FOURTH QUARTER AND FISCAL 2009 OPERATING AND FINANCIAL RESULTS

Western Canadian Coal Corp. has released its operating results for the three- and 12-month periods ended March 31, 2009. During this period, the company's financial position continued to strengthen as a result of strong cash flow from operations. Net income for the fourth quarter of fiscal 2009 was $47.6-million or earnings per share of 23 cents, on a basic and diluted basis. For the year ended March 31, 2009, the company earned net income of $214.5-million or earnings per share of $1.17 and $1.14 on a basic and diluted basis, respectively.

Income from mining operations increased to $58.8-million in the fourth quarter of 2009. This compares with the loss from mining operations of $15.2-million in the similar period of the previous year. The increase over the fourth quarter 2008 was achieved primarily as a result of higher coal prices realized from the current coal year contracts and favourable foreign exchange rates, which led to coal sales of $111.7-million. These sales were 48 per cent higher than in the same quarter a year ago.

Coal shipments for the fourth quarter 2009 were 346,000 tonnes or 60 per cent lower than the same quarter of 2008. The average realized price of $316 per tonne in the current quarter was 263 per cent higher than the same quarter of 2008. Favourable exchange rates also aided the improved prices realized from the sale of the company's coal in this quarter over previous quarters. The lower shipment levels were the result of lower production levels and customer orders being deferred into subsequent quarters.

Coal production for the fourth quarter 2009 was 501,000 tonnes or 28 per cent lower than the same quarter of 2008. Cash costs in the fourth quarter 2009 were $136 per tonne as compared with $95 per tonne in the fourth quarter 2008. The increase in the fourth quarter 2009 over the same period a year ago was primarily due to higher stripping ratios.

The balance sheet of the company continues to strengthen. When comparing the March 31, 2009, financial position with the March 31, 2008, position, the company's working capital position improved by $218.0-million to a positive working capital position of $145.6-million, including approximately $75-million of cash in the bank. The company's debt to shareholders' equity ratio improved to 0.42 from 2.81 over the same period a year ago.

On June 24, 2009, the company's shareholders approved the acquisition of Cambrian Mining PLC (see Stockwatch news dated May 20, 2009, and June 24, 2009). The acquisition is expected to close on July 13, 2009. Upon closing, Western will issue approximately 89 million shares to Cambrian shareholders, 72.1 million shares of Western owned by Cambrian will be cancelled, $29-million of Western's convertible debentures owned by Cambrian will be cancelled, Western's loan to Cambrian of $40.6-million plus interest will be forgiven and five days after closing, Western will redeem $27-million (U.S.) of Cambrian's notes.

The acquisition adds immediate value through the creation of a larger, stronger and more diversified coal mining company. The new Western will have globally diversified operations in three key coal-producing regions, product diversification with the inclusion of thermal coal, a more globally balanced sales program, an expansion of coal reserves and resources by 39 per cent and 50 per cent, a 100-per-cent increase to current year coal production, significant cost savings, and will simplify the company's corporate structure.

John Hogg, president and chief executive officer, stated: "The fortunes of the company have greatly improved with the record coal prices in fiscal 2009. The company took advantage of these record prices to strengthen its financial position, and catch up on waste removal, which resulted in higher stripping ratios and corresponding higher cash costs during fiscal 2009. The investment in waste removal has paid off as it has allowed the company to remain competitive in these difficult market conditions. As an example, Wolverine's strip ratio since year-end has rapidly fallen towards the expected strip ratio of 12:1 for fiscal 2010. As such, all of the company's operations are currently cash positive. The company is in a position to react quickly to increased demand levels which we have already started to experience. We now expect to sell approximately 2.2 million tonnes of metallurgical coal, which is up from our previous guidance of two million tonnes for fiscal 2010. Our stronger balance sheet has also allowed us to grow the company with the recent acquisition of our largest shareholder, Cambrian Mining PLC. The acquisition allows us to grow, strengthen and diversify our business to be even better positioned when market conditions improve."


FINANCIAL SUMMARY
(in thousands of dollars, except tonnes and per share data)

Three months ending 12 months ending
March 31, March 31,
2009 2008 2009 2008

Tonnes sold 346,000 865,000 2,042,000 3,043,000
Revenue $ 111,684 $ 75,291 $ 586,093 $ 252,489
Cost of goods sold 52,838 90,495 298,211 293,128
Income (loss) from
mining operations 58,846 (15,203) 287,882 (40,639)
Other expenses 4,504 22,597 37,692 51,968
Income tax expense 6,740 - 35,658 13,380
Net income (loss) $ 47,602 $ (37,801) $ 214,532 $ (105,987)
Earnings (loss)
per share, basic $ 0.23 $ (0.33) $ 1.17 $ (0.95)
Earnings (loss)
per share, diluted $ 0.23 $ (0.33) $ 1.14 $ (0.95)

Note:

Included in the above balances and results are the company's
proportionate share of its interest in the results from the Belcourt
Saxon joint venture.
Revenues

For the three-month period ended March 31, 2009, total revenues were $111,684,000 from the sale of 346,000 tonnes of coal. The average price per tonne realized during the period was $323 or $256 (U.S.).

For the three-month period ended March 31, 2008, total revenues were $75,291,000 from the sale of 865,000 tonnes of coal. The average price per tonne realized during the period was $87 or $87 (U.S.).

The primary reason for the 48-per-cent increase in the company's total revenues over the comparable period in the prior year is the increase in sales price realized and the strengthening of the U.S. dollar offset by a lower sales volume. The increase in sales price was a result of higher coal contract prices. The average exchange rate of the U.S. dollar in relation to the Canadian dollar in the three-month period ended March 31, 2008, was $1.26 compared with $1.00 in the comparable period in the prior year.

Cost of goods sold

Cost of goods sold for the three months ended March 31, 2009, including costs of product, transportation, and depletion, amortization and accretion charges, totalled $52,838,000 or approximately $153 per tonne compared with $90,495,000 or approximately $105 per tonne in the fourth quarter of fiscal 2008. The higher costs in 2009, which are higher than levels currently being mined in fiscal 2010, were due to the higher stripping ratios incurred to remove the waste rock required for the Wolverine mine to get back to the life-of-mine plan.

Cost of product sold increased 62 per cent for the current period's per unit cost of product sold over the comparable prior period, due to lower coal production volumes from the company's Perry Creek mine caused by higher stripping ratios and a lower coal yield experienced as a result of the areas being mined.

Transportation and other costs have decreased due to the change in the volumes of coal sold from the Perry Creek and Brule mines between the three month ended March 31, 2009, and March 31, 2008.

Depletion, amortization and accretion charges increased due to the additional depletion, amortization and accretion charges related to the Perry Creek mine assets that were acquired or brought into production or commissioned during fiscal 2008.

For the fourth quarter 2009, cash costs, which consist of cost of product and transportation costs, which is considered a key performance indicator for the industry, were $136 per tonne compared with $95 per tonne for the quarter ended March 31, 2008.

Income from mining operations

Income from mining operations for the three months ended March 31, 2009, was $58,846,000 or 53 per cent of sales. This compares favourably with the $15,204,000 loss from mining operations in the three months ending March 31, 2008.

Other expenses

Other expenses, for the quarter ending March 31, 2009, were $868,000.

General, administration and selling costs decreased by $238,000, or 2 per cent, to $9,566,000 for the quarter ended March 31, 2009, as compared with $9,804,000 for the quarter ended March 31, 2008. The decrease is primarily related to the decrease in stock-based compensation expense. Stock-based compensation expense decreased as a result of fewer stock options being issued in the fourth quarter of the current fiscal year compared with the comparable period in the prior fiscal year. This was offset by an increase in sales and marketing costs due to an accrual for the Wolverine royalty sharing agreement which is to allow for the potential liability in the event the company's position is incorrect.

Coal exploration and other mine costs for the three months ended March 31, 2008, of $1,208,000 were consistent with costs in fiscal 2008 totalling $1,197,000. Exploration costs are charged to earnings in the period in which they are incurred, except where these costs relate to specific properties for which economically recoverable reserves have been established, in which case they are capitalized. Care and maintenance costs relate to the carrying costs of the Willow Creek mine.

Interest, accretion and deferred financing fees on long-term debt increased to $3,114,000 compared with $9,893,000 in 2008. In the fourth quarter of fiscal 2008 penalty fees were incurred by the company and an adjustment of the accretion of the long-term debt was made a result of the change in its estimated life. Similar charges were not incurred in fiscal 2009. This balance has also decreased due to the conversions of convertible debentures throughout fiscal 2009 as well as the repayment of other liabilities during the year.

For the quarter ended March 31, 2009, the company recorded $1,501,000 of unrealized losses relating to its outstanding forward currency contracts. At March 31, 2008, the company did not have any forward currency contracts outstanding.

Other income amounted to $10,885,000 for the three-month period ended March 31, 2009, an increase of $10,769,000 over the year ended March 31, 2008, of $116,000. The increase mainly relates to the royalty revaluation gain of $7,981,000 and the gain on fair value adjustment of the investment of $1,393,000 recorded during the quarter ended March 31, 2009. In the fourth quarter of fiscal 2008, the company recorded an investment impairment of $1,819,000 relating to its asset-backed commercial paper.

Net income

Net income for the three-month period ended March 31, 2009, was $47,602,000 compared with a net loss of $37,801,000 for the same period in the prior fiscal year. The net income reflects the previously discussed changes to income from mining operations and other expenses and an income tax expense of $6.74-million reflecting a current income tax expense of $3,784,000 and a future income tax expense of $3,956,000.

Market outlook

All of the company's current fiscal 2010 coal production is under contract for sale to international steel producers. Coal prices for fiscal 2010 are approximately $126 (U.S.) per tonne for hard coking coal and $90 (U.S.) per tonne for its ULV-PCI coal. Since coal deliveries during fiscal 2010 will include certain quantities of fiscal 2009 carryover tonnages, the average selling prices for coal to be delivered in fiscal 2010 are expected to be in the range of $120 (U.S.) to $125 (U.S.) per tonne, which reflects pricing for both hard coking coal and ULV-PCI coal and carryover tonnages at fiscal 2009 prices.

The current economic downturn has resulted in significant cutbacks in steel production on the part of the company's customers, in some cases as much as 50 per cent below 2008 levels. This has affected the short-term demand for metallurgical coal, leading to production cutbacks at the company's operations. Despite the significant curtailments by the company's customers, the company has achieved coal sale prices that are the second highest on record, which speaks well to the quality of the company's coal and the service provided to customers. The company further expects that the economic stimulus packages introduced by governments including the United States, Japan and China will lead to increased steel production and therefore increase the demand for metallurgical coal. Already in China, there is higher construction activity in the first quarter of 2009, together with increased consumer spending in steel-based goods such as appliances and autos.

In the longer term, the market fundamentals for metallurgical coal should continue to improve which will provide continued opportunity for the company to increase market diversity and market share. The company's Wolverine hard coking coal forms a key blend component with many of the world's leading steel mills, while the Brule mine ULV-PCI coal is consistently ranked among the top PCI coals worldwide. These high-quality and high-demand coals, in conjunction with the region's highly efficient rail and port infrastructure with excess capacity, continue to provide the company a competitive advantage to continue to grow and diversify.

Guidance

The company now expects to produce approximately 1.8 million tonnes of metallurgical coal from its two operating mines:

Wolverine operations producing approximately 1.2 million tonnes of hard coking coal;
Brule mine producing approximately 600,000 tonnes of ULV-PCI coal.
The increase in production levels is a result of increased demand from customers. As a result, the company now expects to ship approximately 2.2 million tonnes of metallurgical coal which will consist of approximately 1.3 million tonnes of hard coking coal and 900,000 tonnes of ULV-PCI. The company has the flexibility to rapidly adjust production to respond to changes in demand for its coal.

The company's Wolverine hard coking coal and Brule mine ULV-PCI coals have been sold to major steel mills throughout Asia and Europe, with long-term supply agreements in place for the next three years.

The company has hedged approximately 75 per cent (or $195-million (U.S.)) of expected fiscal 2010 revenues with foreign exchange forward contracts at an average rate of $1.187 (Canadian) per $1.00 (U.S.). These contracts mature monthly from now to April, 2010.

With the stripping ratios in fiscal 2010 expected to be lower than in fiscal 2009, cash costs are expected to be approximately $110 to $115 per tonne.

Liquidity and capital resources

The company's total operating, investing and financing activities during the year ended March 31, 2009, resulted in a net increase to cash of $60,716,000. As at March 31, 2009, the company's cash balance stood at $74,853,000 and working capital was $145,639,000. Working capital levels have increased over the prior year as a result of an increase in the coal prices for fiscal 2009 as well as higher inventory levels.

For the year ended March 31, 2009, the company had positive cash flow of $315,876,000 on coal sales from its Perry Creek and Brule mines of $582,457,000 before depletion, amortization and accretion and working capital changes, while for the year ended March 31, 2008, a cash flow deficit of $9,516,000 on coal sales of $252,489,000 was recorded.

As at March 31, 2009, the company had not drawn into its short-term credit.

In light of the current economic situation, the company has significantly reduced its planned capital expenditures for fiscal 2010 to approximately $3-million to $4-million. Cash flow from operations is expected to finance the fiscal 2010 capital expenditures program. The company is closely monitoring the current economic situation and will continue to review its capital programs in light of the volatility.

Conference call -- revised

The company will be hosting a conference call to discuss the fourth quarter 2009 operating results at 7 a.m. (Pacific Time) on June 26, 2009. To participate on the call, dial either 1-800-731-5319 or 416-644-3426. The call will also be webcast live on the company's website. For replay access please dial either 416-640-1917 or 1-877-289-8525.

We seek Safe Harbor.

Quelle:http://www.stockwatch.com/newsit/newsit_newsit.aspx?bid=Z-C:…
http://www.westerncoal.com/_pdf/Q4_09_Press_Release_FINAL.pd…

[MFC500]

Wenn du schon mit diesen Q-Zahlen wirbst, solltest du auch hinzufügen, daß aufgrund des drastisch gefallenen Kohlepreises in den kommenden Quartalen mit massiven Gewinneinbrüchen zu rechnen ist.

[BRBa]

Antwort auf Beitrag Nr.: 37.471.346 von MFC500 am 26.06.09 08:40:10

1. habe ich hier keine Kaufempfehlung gegeben
2. ist das eine Info für alle USER hier
3. Behauptest Du hier was ohne eine Quelle hier zu nennen :O

[stupidgame]

Antwort auf Beitrag Nr.: 37.471.663 von BRBa am 26.06.09 09:28:15

The increase over the fourth quarter 2008 was achieved primarily as a result of higher coal prices realized from the current coal year contracts

Das ist das, was MFC meint. Betrifft übrigens auch etliche andere Branchen, wo mit langlaufenden Kontrakten gearbeitet wird.
Die neuen Vetragspreise werden, wie z.B. auch bei Eisenerz, DEUTLICH niedriger liegen. Das berücksichtigt der Markt. Deshalb aktuell die - rein optisch - billigen Berwertungen. (Betrifft z.B. auch den Schiffsmarkt mit festen Charter-Raten, etc. ...

MfG.
s.

[MFC500]

Antwort auf Beitrag Nr.: 37.471.663 von BRBa am 26.06.09 09:28:15

zu 1: das habe ich auch nicht behauptet

zu 2: was willst du mir damit sagen? Ich dachte bislang, daß dies für alle Threads gilt.

zu 3: der Einwand ist grundsätzlich berechtigt. Quelle sind u.a. die Pressemitteilungen des Unternehmens (http://finance.yahoo.com/q?s=WTN.TO). Gleichwohl ist das eine bemerkenswerte Aussage deinerseits, da du genau weißt, daß die Kohlepreise für das lfd Geschäftsjahr 09/10 deutlich niedriger ausfallen (Quelle: der WTN-Thread bei WO). Warum also suggerierst du, meine Aussage wäre falsch, anstatt zu sagen: hast zwar Recht, aber du mußt solche Aussagen auch belegen? Probleme mit den Fakten?

[BRBa]

Antwort auf Beitrag Nr.: 37.472.208 von MFC500 am 26.06.09 10:30:05

Wenn du schon mit diesen Q-Zahlen wirbst

Ist das keine Behauptung Ich habe hier nur Q- Zahlen als Info reingestellt nicht mehr und nicht weniger alles Klar jetzt

[MFC500]

Antwort auf Beitrag Nr.: 37.472.288 von BRBa am 26.06.09 10:40:19

Ist die Eröffnung eines Threads keine Werbung? Vielleicht solltest du mal über den Begriff "Werbung" nachdenken. Außerdem habe ich nicht von Kaufempfehlung gesprochen bzw eine solche unterstellt. Jedenfalls sehr interessant, welche Auswirkungen der Hinweis auf Fakten hat...