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Walter Energy Announces Fourth Quarter and Full Year 2012 Results

BIRMINGHAM, AL -- (Marketwire) -- 02/20/13 -- Walter Energy Inc. (NYSE: WLT) (TSX: WLT), the world's leading, publicly traded "pure-play" producer of metallurgical (met) coal for the global steel industry, today announced results for the fourth quarter ended December 31, 2012 that reflect cost control initiatives, aggressive production management and disciplined capital spending, in light of significantly lower global pricing levels.

Revenues were $479 million in the fourth quarter of 2012, down from $703 million in the fourth quarter of 2011 primarily due to reduced demand and pricing for met coal. The realized price of met coal declined 39% compared with the fourth quarter of 2011. The Company reported a net loss for the quarter of $71 million or $1.13 loss per diluted share. This loss includes impairment and restructuring charges of $6.8 million primarily in connection with a reduction in spending at the Aberpergwm mine in the United Kingdom. Excluding these charges, adjusted net loss and adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA) for the quarter were $66 million and $7 million, respectively. Results for the quarter also included a $71 million tax benefit.

For the year, the Company recorded revenues of $2.4 billion and a net loss of $1.1 billion including impairment and restructuring charges of $1.1 billion. Excluding these charges, the Company's adjusted net income was $31 million and adjusted EBITDA was $412 million.

2012 Achievements

During 2012, the Company:

  • Achieved record metallurgical coal production of 11.7* million metric tons (MMTs)
  • Improved cash cost per ton of production of met coal by 6%
  • Enhanced liquidity and extended its debt maturities by issuing $500 million of senior notes due 2020
  • Improved the total reportable injury rate by 26% as compared with 2011

"Walter Energy made solid operational progress during 2012, in the face of challenging market conditions. We safely increased our production of met coal to a record 11.7* MMTs, strengthened our senior management team and put in place a highly competitive operating platform that reduced our cost of production," said Walter Scheller, Chief Executive Officer. "In the fourth quarter, we responded to the lower pricing and demand environment by executing the strategy announced last quarter to reconfigure our Canadian operations in order to lower production and reduce costs. Further, we reduced spending at the Aberpergwm mine in the United Kingdom."

Mr. Scheller continued, "Although there are clear signs of improving trends in global demand and pricing for met coal, our current outlook for 2013 remains cautious and we are focused on driving further efficiency in our business. We currently expect sales and production of met coal in 2013 to be in line with 2012. However, we are extremely well positioned to increase sales and production to capitalize on anticipated improvements in pricing and demand when market conditions warrant."

Production

In the fourth quarter of 2012, Walter Energy produced 2.5 MMTs of met coal, down from a record third quarter 2012 production of 3.3 MMTs but an increase from the 2.3 MMTs produced in the fourth quarter of 2011.

Hard coking coal production decreased to 2.0 MMTs in the fourth quarter 2012 as compared with 2.4 MMTs in the third quarter 2012 and 1.8 MMTs in the fourth quarter 2011. Fourth quarter pulverized coal injection (PCI) production of 476,000 metric tons (MTs) decreased 51%, as compared to the 963,000 MTs produced in the third quarter of 2012 and 3% from the 489,000 MTs produced in the fourth quarter 2011.

Sales Volume and Price

In 2012, Walter Energy sold 10.4 MMTs of met coal, up 19% from 8.7 MMTs of met coal sales in 2011. Fourth quarter 2012 met coal sales volume totaled 2.5 MMTs as compared with 2.6 MMTs sold in the third quarter 2012 and 2.4 MMTs sold in the fourth quarter of 2011.

Met coal prices averaged $149 per MT in the quarter, a decrease of 22% from the average of $191 per MT in the third quarter of 2012 and a 39% decrease as compared with the $242 per MT of the fourth quarter 2011.

Cash Cost of Sales

The consolidated cash cost of sales for met coal was $135 per MT in the fourth quarter of 2012, as compared with $132 per MT in the third quarter of 2012 and $139 per MT in the fourth quarter of 2011.

In the U.S. operations, the cash cost of sales for met coal was $118 per MT in the fourth quarter of 2012 as compared with $119 per MT in the third quarter of 2012 and the fourth quarter of 2011.

In Canada, the cash costs of sales for met coal was $161 per MT in the fourth quarter of 2012, as compared with $166 per MT in the third quarter and $168 per MT in the fourth quarter of 2011.

Cash Cost of Production

The consolidated cash cost of production for met coal in the fourth quarter of 2012 was $95 per MT, a 20% improvement as compared with $119 per MT in the fourth quarter of 2011.

The cash cost of production for low-volatility hard coking coal improved to $74 per MT in the fourth quarter of 2012 from $77 per MT in the third quarter 2012 and $78 per MT in the fourth quarter of 2011. The cash cost of production for mid-volatility hard coking coal was $102 per MT in the fourth quarter of 2012 as compared with $95 per MT in the third quarter of 2012 and $113 per MT in the fourth quarter of 2011. The cash cost of production for low-volatility PCI was $125 per MT in the fourth quarter of 2012 as compared with $96 per MT in the third quarter of 2012 and $204 per MT in the fourth quarter of 2011.

Capital Expenditures

The Company's capital expenditures were $60 million for the fourth quarter 2012 and $392 million for the year, compared with $121 million and $415 million, respectively in the prior year periods. For 2013, the Company continues to expect capital expenditures of approximately $220 million.

Liquidity

At the end of 2012, available liquidity was $445 million, consisting of cash and cash equivalents of $117 million plus $328 million of availability under the Company's $375 million revolving credit facility. During the quarter, the Company issued $500 million in senior notes due in 2020 to enhance liquidity and improve our debt maturity profile.

Safety and Stewardship Highlights

Walter Energy's emphasis on safety continues to show results as the majority of locations are achieving lower total reportable injury rates. On a consolidated basis, Walter's total reportable injury rate decreased by 26% in 2012 as compared with 2011.

During 2012, Walter Energy earned safety awards in Canada, West Virginia and in our Alabama operations including the Sentinels of Safety Award sponsored by the National Mining Association, the Edward Prior Safety Award from the Office of the Chief Inspector of Mines from the Ministry of Natural Resource Operations in British Columbia, Canada and a Surface Mine Reclamation Award co-sponsored by the West Virginia Coal Association and the West Virginia Department of Environmental Protection.

Use of Non-GAAP Measures

This release contains the use of certain U.S. non-GAAP (Generally Accepted Accounting Principles) measures. These non-GAAP measures are provided as supplemental information for financial measures prepared in accordance with GAAP. Management believes that these non-GAAP measures provide additional insights into the performance of the Company, and they reflect how management analyzes Company performance and compares that performance against other companies. These non GAAP measures may not be comparable to other similarly titled measures used by other entities. A reconciliation of non-GAAP to GAAP measures is provided in the financial section of this release.

Conference Call Webcast

The Company will hold a webcast to discuss fourth quarter and full year 2012 results on Thursday, February 21, 2013, at 9 a.m. EST. To listen to the live event, visit www.walterenergy.com.

About Walter Energy

Walter Energy is the world's leading, publicly traded "pure-play" metallurgical coal producer for the global steel industry with strategic access to high-growth steel markets in Asia, South America and Europe. The Company also produces thermal coal, anthracite, metallurgical coke and coal bed methane gas. Walter Energy employs approximately 4,100 employees and contractors with operations in the United States, Canada and United Kingdom. For more information about Walter Energy, please visit www.walterenergy.com.

Safe Harbor Statement

Except for historical information contained herein, the statements in this release are forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and may involve a number of risks and uncertainties. Forward-looking statements are based on information available to management at the time, and they involve judgments and estimates. Forward-looking statements include expressions such as "believe," "anticipate," "expect," "estimate," "intend," "may," "plan," "predict," "will," and similar terms and expressions. These forward-looking statements are made based on expectations and beliefs concerning future events affecting us and are subject to various risks, uncertainties and factors relating to our operations and business environment, all of which are difficult to predict and many of which are beyond our control, that could cause our actual results to differ materially from those matters expressed in or implied by these forward-looking statements. The following factors are among those that may cause actual results to differ materially from our forward-looking statements: unfavorable economic, financial and business conditions; the global economic crisis; market conditions beyond our control; prolonged decline in the price of coal; decline in global coal or steel demand; prolonged or dramatic shortages or difficulties in coal production; our customer's refusal to honor or renew contracts; our ability to collect payments from our customers; inherent risks in coal mining such as weather patterns and conditions affecting production, geological conditions, equipment failure and other operational risks associated with mining; title defects preventing us from (or resulting in additional costs for) mining our mineral interests; concentration of our mining operations in limited number of areas; a significant reduction of, or loss of purchases by, our largest customers; unavailability of cost-effective transportation for our coal; significant increase in competitive pressures and foreign currency fluctuations; significant cost increases and delays in the delivery of raw materials, mining equipment and purchased components; availability of adequate skilled employees and other labor relations matters; inaccuracies in our estimates of our coal reserves; greater than anticipated costs incurred for compliance with environmental liabilities or limitations on our abilities to produce or sell coal; our ability to attract and retain key personnel; future regulations that increase our costs or limit our ability to produce coal; new laws and regulations to reduce greenhouse gas emissions that impact the demand for our coal reserves; adverse rulings in current or future litigation; inability to access needed capital; availability of licenses, permits, and other authorizations may be subject to challenges; risks associated with our reclamation and mine closure obligations; failure to meet project development and expansion targets; risks associated with operating in foreign jurisdictions; risks related to our indebtedness and our ability to generate cash for our financial obligations; downgrade in our credit rating; our ability to identify suitable acquisition candidates to promote growth; our ability to successfully integrate acquisitions; volatility in the price of our common stock; our ability to pay regular dividends to stockholders; costs related to our post-retirement benefit obligations and workers' compensation obligations; our exposure to litigation; and other risks and uncertainties including those described in our filings with the SEC. Forward-looking statements made by us in this release, or elsewhere, speak only as of the date on which the statements were made. You are advised to read the risk factors in our most recently filed Annual Report on Form 10-K and subsequent filings with the SEC, which are available on our website at www.walterenergy.com and on the SEC's website at www.sec.gov. New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect us or our anticipated results. We have no duty to, and do not intend to, update or revise the forward-looking statements in this release, except as may be required by law. In light of these risks and uncertainties, readers should keep in mind that any forward-looking statement made in this press release may not occur. All data presented herein is as of the date of this release unless otherwise noted.

* Inclusive of an approximate 200,000 favorable impact from the re-alignment of methodology for accounting for production between the US and Canada performed in the second quarter 2012."


                    WALTER ENERGY, INC. AND SUBSIDIARIES
              CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                          AND COMPREHENSIVE INCOME
            ($ in thousands, except per share and share amounts)
                                 Unaudited

                           For the three months          For the years
                            ended December 31,        ended December 31,
                         ------------------------  ------------------------
                             2012       2011(1)        2012       2011(1)
                         -----------  -----------  -----------  -----------
Revenues:
  Sales                  $   473,347  $   707,433  $ 2,381,760  $ 2,562,325
  Miscellaneous income
   (loss)                      5,437       (4,427)      18,135        9,033
                         -----------  -----------  -----------  -----------
                             478,784      703,006    2,399,895    2,571,358
                         -----------  -----------  -----------  -----------

Costs and expenses:
  Cost of sales
   (exclusive of
   depreciation and
   depletion)                430,608      455,888    1,796,991    1,561,112
  Depreciation and
   depletion                  92,720       72,709      316,232      230,681
  Selling, general and
   administrative (2)         28,889       33,224      133,467      165,749
  Postretirement
   benefits                   13,213       10,011       52,852       40,385
  Asset impairment and
   restructuring (3)           9,109            -       49,070            -
  Goodwill impairment         (2,345)           -    1,064,409            -
                         -----------  -----------  -----------  -----------
                             572,194      571,832    3,413,021    1,997,927
                         -----------  -----------  -----------  -----------

Operating income (loss)      (93,410)     131,174   (1,013,126)     573,431
  Interest expense           (49,640)     (33,575)    (139,356)     (96,820)
  Interest income                 73          250          804          606
  Other income (loss)
   (4)                           774        6,246      (13,081)      17,606
                         -----------  -----------  -----------  -----------
Income (loss) from
 continuing operations
 before income tax
 expense                    (142,203)     104,095   (1,164,759)     494,823
Income tax expense
 (benefit)                   (71,232)      23,843      (99,204)     131,225
                         -----------  -----------  -----------  -----------
Income (loss) from
 continuing operations       (70,971)      80,252   (1,065,555)     363,598
Income from discontinued
 operations (5)                    -            -        5,180            -
                         -----------  -----------  -----------  -----------
Net income (loss)        $   (70,971) $    80,252  $(1,060,375) $   363,598
                         ===========  ===========  ===========  ===========

Basic income (loss) per
 share:
  Income (loss) from
   continuing operations $     (1.13) $      1.29  $    (17.04) $      6.03
  Income from
   discontinued
   operations                      -            -         0.08            -
                         -----------  -----------  -----------  -----------
  Net income (loss)      $     (1.13) $      1.29  $    (16.96) $      6.03
                         ===========  ===========  ===========  ===========

Weighted average number
 of shares outstanding
 (6)                      62,577,184   62,441,694   62,536,239   60,257,029
                         ===========  ===========  ===========  ===========

Diluted income (loss)
 per share:
  Income (loss) from
   continuing operations $     (1.13) $      1.28  $    (17.04) $      6.00
  Income from
   discontinued
   operations                      -            -         0.08            -
                         -----------  -----------  -----------  -----------
  Net income (loss)      $     (1.13) $      1.28  $    (16.96) $      6.00
                         ===========  ===========  ===========  ===========

Weighted average number
 of diluted shares
 outstanding (6)          62,577,184   62,738,135   62,536,239   60,611,154
                         ===========  ===========  ===========  ===========

Comprehensive income
 (loss)                  $  (123,331) $    17,449  $(1,101,749) $   306,510
                         ===========  ===========  ===========  ===========

(1) Includes the results of Western Coal since the April 1, 2011 date of
 acquisition. Certain previously reported three months ended and year ended
 December 31, 2011 balances have been recast to reflect the effects of
 finalizing the allocation of the Western Coal purchase price during the
 2012 first quarter. Previously reported three months ended net income
 decreased by $3.5 million and diluted earnings per share decreased by
 $0.06 per share. Previously reported year ended December 31, 2011 net
 income increased by $14.4 million and diluted earnings per share increased
 by $0.24 per share.
(2) The year ended December 31, 2011 includes $23.2 million of costs
 associated with the acquisition of Western Coal.
(3) The three months ended December 31, 2012 includes asset impairment and
 severance charges of $9.1 million in connection with plans to reduce
 development spending at the Aberpergwm underground mine in the U.K. and
 the year ended December 31, 2012 also includes an impairment charge of
 $40.0 million associated with the abandonment of a natural gas exploration
 project.
(4) The year ended December 31, 2012 includes losses on the sale and
 remeasurement to fair value of equity investments. The year ended December
 31, 2011 includes a gain recognized on April 1, 2011 of $20.6 million as a
 result of remeasuring to fair value Western Coal shares acquired from
 Audley Capital in January 2011, partially offset by a net loss on the sale
 and remeasurement to fair value of our other equity investments.
(5) Discontinued operations includes the gain on the sale of our closed
 Kodiak operations, net of tax.
(6) In periods of net loss, the number of shares used to calculate diluted
 earnings per share is the same as that used to calculate basic earnings
 per share.



                    WALTER ENERGY, INC. AND SUBSIDIARIES
                        RESULTS BY OPERATING SEGMENT
                              ($ in thousands)
                                 Unaudited

                           For the three months          For the years
                            ended December 31,        ended December 31,
                         ------------------------  ------------------------
                             2012       2011(1)        2012       2011(1)
                         -----------  -----------  -----------  -----------

REVENUES:
U.S. Operations          $   325,837  $   481,011  $ 1,728,363  $ 1,871,182
Canadian and U.K.
 Operations                  152,412      221,502      668,313      698,054
Other                            535          493        3,219        2,122
                         -----------  -----------  -----------  -----------
  Revenues               $   478,784  $   703,006  $ 2,399,895  $ 2,571,358
                         ===========  ===========  ===========  ===========

OPERATING INCOME (LOSS)
 BEFORE IMPAIRMENTS AND
 RESTRUCTURING CHARGES:
U.S. Operations          $    (3,302) $   129,351  $   302,977  $   561,370
Canadian and U.K.
 Operations                  (76,903)      16,335     (159,393)      86,538
Other (2)                     (6,441)     (14,512)     (43,231)     (74,477)
                         -----------  -----------  -----------  -----------
  Operating income
   (loss) before
   impairment and
   restructuring charges $   (86,646) $   131,174  $   100,353  $   573,431
                         ===========  ===========  ===========  ===========

OPERATING INCOME (LOSS):
U.S. Operations          $    (3,302) $   129,351  $   188,696  $   561,370
Canadian and U.K.
 Operations                  (83,667)      16,335   (1,158,591)      86,538
Other (2)                     (6,441)     (14,512)     (43,231)     (74,477)
                         -----------  -----------  -----------  -----------
  Operating income
   (loss)                $   (93,410) $   131,174  $(1,013,126) $   573,431
                         ===========  ===========  ===========  ===========

DEPRECIATION AND
 DEPLETION:
U.S. Operations          $    42,505  $    44,952  $   173,140  $   155,702
Canadian and U.K.
 Operations                   49,737       27,553      141,713       74,203
Other                            478          204        1,379          776
                         -----------  -----------  -----------  -----------
  Depreciation and
   depletion             $    92,720  $    72,709  $   316,232  $   230,681
                         ===========  ===========  ===========  ===========

CAPITAL EXPENDITURES:
U.S. Operations          $    40,902  $    23,453  $   162,535  $   149,996
Canadian and U.K.
 Operations                   18,807       97,639      224,583      264,476
Other                            463           97        4,394           94
                         -----------  -----------  -----------  -----------
  Capital expenditures   $    60,172  $   121,189  $   391,512  $   414,566
                         ===========  ===========  ===========  ===========

(1) Includes the results of Western Coal since the April 1, 2011 date of
 acquisition. Certain previously reported three months and year ended
 December 31, 2011 balances have been recast to reflect the effects of
 finalizing the allocation of the Western Coal purchase price during the
 2012 first quarter.
(2) Amounts for the year ended December 31, 2011 include $23.2 million of
 costs associated with the April 1, 2011 acquisition of Western Coal.


                    WALTER ENERGY, INC. AND SUBSIDIAIRES
                         SUPPLEMENTAL FNANCIAL DATA
          (Ton information in 000's metric tons and dollars in USD)
                                  Unaudited

                                                     3 Months Ended
                                                    December 31, 2012
                                             ------------------------------
                                                          Canadian
                                                          and U.K.
                                                U.S.     Operations
                                             Operations     (4)      Total
                                             ---------- ----------- -------
Total Metallurgical
  Sales Metric Tons                               1,506       1,040   2,546
  Production Metric Tons                          1,542         924   2,466
  Average Net Selling Price                  $   153.64 $    141.07 $148.51
  Average Cash Cost of Sales per Ton (2)(3)  $   118.05 $    160.50 $135.39
  Average Cash Cost of Production per Ton
   (2)                                       $    86.62 $    107.84 $ 94.57

    Low Vol Hard Coking
      Sales Metric Tons                             828           4     832
      Production Metric Tons                        998          50   1,048
      Average Net Selling Price              $   162.39 $    210.40 $162.63
      Average Cash Cost of Sales per Ton                        not
       (2)(3)                                $    98.86  meaningful $111.30
      Average Cash Cost of Production per
       Ton (2)                               $    70.21 $    146.93 $ 73.89

    Mid Vol Hard Coking
      Sales Metric Tons                             467         528     995
      Production Metric Tons                        358         398     756
      Average Net Selling Price              $   143.43 $    153.28 $148.65
      Average Cash Cost of Sales per Ton
       (2)(3)                                $   143.22 $    120.10 $130.97
      Average Cash Cost of Production per
       Ton (2)                               $   122.47 $     82.99 $101.70

    High Vol Hard Coking
      Sales Metric Tons                             211           -     211
      Production Metric Tons                        186           -     186
      Average Net Selling Price              $   130.67 $         - $130.67
      Average Cash Cost of Sales per Ton
       (2)(3)                                $   139.10 $         - $139.10
      Average Cash Cost of Production per
       Ton (2)                               $   105.48 $         - $105.48

    Low Vol PCI
      Sales Metric Tons                               -         508     508
      Production Metric Tons                          -         476     476
      Average Net Selling Price              $        - $    127.83 $127.83
      Average Cash Cost of Sales per Ton
       (2)(3)                                $        - $    181.38 $181.38
      Average Cash Cost of Production per
       Ton (2)                               $        - $    124.50 $124.50

Thermal
  Sales Metric Tons                                 655           9     664
  Production Metric Tons                            552           7     559
  Average Net Selling Price                  $    64.33 $    124.44 $ 65.14
  Average Cash Cost of Sales per Ton (2)(3)  $    55.83 $     70.31 $ 56.03
  Average Cash Cost of Production per Ton
   (2)                                       $    64.99 $         - $ 64.17



                                                   3 Months Ended
                                                December 31, 2011 (1)
                                            -----------------------------
                                                        Canadian
                                                        and U.K.
                                               U.S.    Operations
                                            Operations     (4)     Total
                                            ---------- ---------- -------
Total Metallurgical
  Sales Metric Tons                              1,390      1,011   2,401
  Production Metric Tons                         1,449        878   2,327
  Average Net Selling Price                 $   242.61 $   241.70 $242.23
  Average Cash Cost of Sales per Ton (2)(3) $   118.88 $   167.62 $139.41
  Average Cash Cost of Production per Ton
   (2)                                      $    81.77 $   180.21 $118.91

    Low Vol Hard Coking
      Sales Metric Tons                            775          -     775
      Production Metric Tons                       838          1     839
      Average Net Selling Price             $   265.19 $        - $265.19
      Average Cash Cost of Sales per Ton
       (2)(3)                               $   121.79 $        - $121.79
      Average Cash Cost of Production per
       Ton (2)                              $    77.72 $   182.78 $ 77.77

    Mid Vol Hard Coking
      Sales Metric Tons                            317        488     805
      Production Metric Tons                       385        389     774
      Average Net Selling Price             $   277.88 $   273.21 $275.05
      Average Cash Cost of Sales per Ton
       (2)(3)                               $   127.14 $   169.94 $153.08
      Average Cash Cost of Production per
       Ton (2)                              $    74.87 $   150.29 $112.76

    High Vol Hard Coking
      Sales Metric Tons                            298          -     298
      Production Metric Tons                       225          -     225
      Average Net Selling Price             $   149.42 $        - $149.42
      Average Cash Cost of Sales per Ton
       (2)(3)                               $   127.22 $        - $127.22
      Average Cash Cost of Production per
       Ton (2)                              $   108.69 $        - $108.69

    Low Vol PCI
      Sales Metric Tons                              -        523     523
      Production Metric Tons                         -        489     489
      Average Net Selling Price             $        - $   212.29 $212.29
      Average Cash Cost of Sales per Ton
       (2)(3)                               $        - $   165.44 $165.44
      Average Cash Cost of Production per
       Ton (2)                              $        - $   204.03 $204.03

Thermal
  Sales Metric Tons                              1,036         32   1,068
  Production Metric Tons                           965         28     993
  Average Net Selling Price                 $    60.74 $   106.94 $ 62.13
  Average Cash Cost of Sales per Ton (2)(3) $    66.92 $   149.08 $ 69.40
  Average Cash Cost of Production per Ton
   (2)                                      $    55.43 $        - $ 53.84



                                                   3 Months Ended
                                                  September 30, 2012
                                            -----------------------------
                                                        Canadian
                                                        and U.K.
                                               U.S.    Operations
                                            Operations     (4)     Total
                                            ---------- ---------- -------
Total Metallurgical
  Sales Metric Tons                              1,880        743   2,623
  Production Metric Tons                         1,721      1,604   3,325
  Average Net Selling Price                 $   196.41 $   178.49 $191.34
  Average Cash Cost of Sales per Ton (2)(3) $   118.91 $   165.98 $132.24
  Average Cash Cost of Production per Ton
   (2)                                      $    85.45 $    94.08 $ 89.61

    Low Vol Hard Coking
      Sales Metric Tons                            939         47     986
      Production Metric Tons                     1,015         90   1,105
      Average Net Selling Price             $   213.80 $   243.30 $215.14
      Average Cash Cost of Sales per Ton
       (2)(3)                               $   101.84 $   329.41 $112.18
      Average Cash Cost of Production per
       Ton (2)                              $    68.56 $   170.50 $ 76.86

    Mid Vol Hard Coking
      Sales Metric Tons                            678        256     934
      Production Metric Tons                       473        551   1,024
      Average Net Selling Price             $   191.99 $   197.79 $193.58
      Average Cash Cost of Sales per Ton
       (2)(3)                               $   135.74 $   107.27 $127.94
      Average Cash Cost of Production per
       Ton (2)                              $   113.60 $    78.59 $ 94.74

    High Vol Hard Coking
      Sales Metric Tons                            263          -     263
      Production Metric Tons                       233          -     233
      Average Net Selling Price             $   138.28 $        - $138.28
      Average Cash Cost of Sales per Ton
       (2)(3)                               $   135.02 $        - $135.02
      Average Cash Cost of Production per
       Ton (2)                              $   101.93 $        - $101.93

    Low Vol PCI
      Sales Metric Tons                              -        440     440
      Production Metric Tons                         -        963     963
      Average Net Selling Price             $        - $   160.37 $160.37
      Average Cash Cost of Sales per Ton
       (2)(3)                               $        - $   182.76 $182.76
      Average Cash Cost of Production per
       Ton (2)                              $        - $    95.81 $ 95.81

Thermal
  Sales Metric Tons                                927         10     937
  Production Metric Tons                           805          9     814
  Average Net Selling Price                 $    67.00 $   117.55 $ 67.51
  Average Cash Cost of Sales per Ton (2)(3) $    55.27 $   131.48 $ 56.05
  Average Cash Cost of Production per Ton
   (2)                                      $    57.21 $        - $ 56.60


(1) Certain previously reported three months ended December 31, 2011
statistical information have been recast to reflect the effects of
finalizing the allocation of the Western Coal purchase price during the 2012
first quarter.
(2) Average Cash Cost of Sales per Ton is based on reported Cost of Sales
and includes items such as freight, royalties, manpower, fuel and other
similar production and sales cost items but excludes depreciation, depletion
and post retirement benefits. Average Cash Cost of Production per Ton is
based on period costs of mining and includes items such as manpower, fuel
and other similar production items but excludes depreciation, depletion and
post retirement benefits. Average Cash Cost per Ton are non-GAAP financial
measures which are not calculated in conformity with U.S. Generally Accepted
Accounting Principles (GAAP) and should be considered supplemental to, and
not as a substitute or superior to financial measures calculated in
conformity with GAAP. We believe Average Cash Cost per Ton are useful
measures of performance and we believe it aids some investors and analysts
in comparing us against other companies to help analyze our current and
future potential performance. Average Cash Costof Sales per Ton may not be
comparable to similarly titled measures used by other companies.
(3) Reconciliation of Cash Costs of Sales per Ton to Cost of Sales as
disclosed (in thousands USD):

                                                 Quarter Ended
                                   Quarter Ended  December 31, Quarter Ended
                                    December 31,  2011 Actual,   Sept. 30,
                                    2012 Actual    Recast (1)   2012 Actual
                                   ------------- ------------- -------------
Cash Costs of Sales as calculated
 from above (sales tons times
 average cash cost per ton)        $     381,907 $     408,843 $     399,382
  Cash Costs of other products            48,701        47,045        49,383
                                   ------------- ------------- -------------
    Total Cost of Sales            $     430,608 $     455,888 $     448,765
                                   ============= ============= =============

(4) During the third quarter of 2012, in our Canadian and U.K. operations
 certain metrics around tons included in production were realigned to align
 with how we account for production in the U.S. operations. Historically,
 the Canadian and U.K. operations were not recording tons produced until
 they were deemed finished goods. We revised this methodology to include all
 tons mined, no matter if in process or finished, as produced based on a
 clean coal tonnage equivalent. Our Form 8-K filed on November 5, 2012,
 includes a reconciliation of production statistics previously presented as
 compared with the realigned methodology from the Western Coal acquisition
 date of April 1, 2011 through June 30, 2012.


                    WALTER ENERGY, INC. AND SUBSIDIARIES
                    CONDENSED CONSOLIDATED BALANCE SHEETS
                              ($ in thousands)
                                  Unaudited

                                                  December 31,  December 31,
                                                      2012        2011(1)
                                                 ------------- -------------
ASSETS
Cash and cash equivalents                        $     116,601 $     128,430
Receivables, net                                       256,967       313,343
Inventories                                            306,018       240,437
Deferred income taxes                                   58,526        61,079
Prepaid expenses                                        53,776        49,974
Other current assets                                    23,928        45,649
                                                 ------------- -------------
  Total current assets                                 815,816       838,912
Mineral interests, net                               2,965,557     3,056,258
Property, plant and equipment, net                   1,732,131     1,631,333
Deferred income taxes                                  160,422       109,300
Goodwill                                                     -     1,066,754
Other long-term assets                                  94,494       153,951
                                                 ------------- -------------
TOTAL ASSETS                                     $   5,768,420 $   6,856,508
                                                 ============= =============

LIABILITIES AND STOCKHOLDERS' EQUITY
Current debt                                     $      18,793 $      56,695
Accounts payable                                       114,913       112,661
Accrued expenses                                       184,875       229,067
Accumulated postretirement benefits obligation          29,200        27,247
Other current liabilities                              206,473        63,757
                                                 ------------- -------------
  Total current liabilities                            554,254       489,427
Long-term debt                                       2,397,372     2,269,020
Deferred income taxes                                  921,687     1,029,336
Accumulated postretirement benefits obligation         633,264       550,671
Other long-term liabilities                            251,272       381,537
                                                 ------------- -------------
TOTAL LIABILITIES                                    4,757,849     4,719,991
STOCKHOLDERS' EQUITY (1)                             1,010,571     2,136,517
                                                 ------------- -------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY       $   5,768,420 $   6,856,508
                                                 ============= =============

(1) The December 31, 2011 balance sheet has been recast to reflect the
 effects of finalizing the allocation of the Western Coal purchase price
 during the 2012 first quarter. Retained earnings, a component of
 stockholders' equity, was increased by $14.4 million, primarily due to a
 decrease in mineral interests depletion net of income tax expense
 applicable to 2011.



                    WALTER ENERGY, INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
                    FOR THE YEAR ENDED DECEMBER 31, 2012
                 ($ in thousands, except per share amounts)
                                 Unaudited

                                                  Retained     Accumulated
                                     Capital in   Earnings        Other
                              Common  Excess of (Accumulated  Comprehensive
                    Total      Stock  Par Value  Deficit)(1)  Income (Loss)
                 -----------  ------ ---------- ------------  -------------

Balance at
 December 31,
 2011, recast
 (1)             $ 2,136,517  $  624 $1,620,430 $    744,939  $    (229,476)

Net loss          (1,060,375)                     (1,060,375)
Other
 comprehensive
 income, net of
 tax                 (41,374)                                       (41,374)
Stock issued
 upon the
 exercise of
 stock options           161       1        160
Dividends paid,
 $0.50 per share     (31,246)                        (31,246)
Stock-based
 compensation          7,437              7,437
Excess tax
 benefits from
 stock-based
 compensation
 arrangements            217                217
Other                   (766)      -          -         (766)
                 -----------  ------ ---------- ------------  -------------
Balance at
 December 31,
 2012            $ 1,010,571  $  625 $1,628,244 $   (347,448) $    (270,850)
                 ===========  ====== ========== ============  =============

(1) Retained earnings as of December 31, 2011 has been recast to reflect
 the effects of finalizing the allocation of the Western Coal purchase
 price. The balance was increased by $14.4 million primarily due to a
 decrease in mineral interests depletion net of income tax expense
 applicable to 2011.


                    WALTER ENERGY, INC. AND SUBSIDIARIES
              CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                              ($ in thousands)
                                 Unaudited

                                                      For the years ended
                                                         December 31,
                                                   ------------------------

                                                       2012       2011(1)
                                                   -----------  -----------
OPERATING ACTIVITIES
Net income (loss)                                  $(1,060,375) $   363,598
  Less income from discontinued operations              (5,180)           -
                                                   -----------  -----------
  Income (loss) from continuing operations          (1,065,555)     363,598

Adjustments to reconcile net income (loss) to net
 cash flows provided by (used in) operating
 activities:

  Depreciation and depletion                           316,232      230,681
  Deferred income tax provision (credit)              (132,220)      66,803
  Gain on investment in Western Coal Corp.                   -      (20,553)
  Impairment charges                                 1,107,512            -
  Other                                                (36,801)      30,989

  Decrease (increase) in current assets, net of
   effect of business acquisitions:
    Receivables                                         44,378       (1,605)
    Inventories                                        (62,630)      (1,885)
    Prepaid expenses and other current assets           11,702       18,929

  Increase in current liabilities, net of effect
   of business acquisitions:
    Accounts payable                                    34,594       13,676
    Accrued expenses and other current liabilities     112,695        6,233
                                                   -----------  -----------
      Cash flows provided by operating activities      329,907      706,866
                                                   -----------  -----------

INVESTING ACTIVITIES
  Additions to property, plant and equipment          (391,512)    (436,705)
  Acquisition of Western Coal Corp., net of cash
   acquired                                                  -   (2,432,693)
  Proceeds from sales of investments                    13,239       27,325
  Other                                                    898        1,413
                                                   -----------  -----------
      Cash flows used in investing activities         (377,375)  (2,840,660)
                                                   -----------  -----------

FINANCING ACTIVITIES
  Proceeds from issuance of debt                       496,510    2,350,000
  Borrowings under revolving credit agreement          510,650       71,259
  Repayments on revolving credit agreement            (519,453)     (61,259)
  Retirements of debt                                 (392,851)    (290,630)
  Dividends paid                                       (31,246)     (30,042)
  Net consideration paid upon exercise of warrants     (11,535)           -
  Debt issuance costs                                  (24,532)     (80,027)
  Other                                                   (388)      12,646
                                                   -----------  -----------
    Cash flows provided by financing activities         27,155    1,971,947
                                                   -----------  -----------
    Cash flows used in continuing operations           (20,313)    (161,847)
                                                   -----------  -----------

CASH FLOWS FROM DISCONTINUED OPERATIONS
  Cash flows provided by investing activities            9,500            -
                                                   -----------  -----------

EFFECT OF FOREIGN EXCHANGE RATES ON CASH                (1,016)      (3,668)
                                                   -----------  -----------

Net increase (decrease) in cash and cash
 equivalents                                       $   (11,829) $  (165,515)
                                                   ===========  ===========

Cash and cash equivalents at beginning of period   $   128,430  $   293,410
Add: Cash and cash equivalents of discontinued
 operations at beginning of period                           -          535
Net increase (decrease) in cash and cash
 equivalents                                           (11,829)    (165,515)
                                                   -----------  -----------
Cash and cash equivalents at end of period         $   116,601  $   128,430
                                                   ===========  ===========

(1) Includes the results of Western Coal since the April 1, 2011 date of
 acquisition. Certain previously reported year ended December 31, 2011
 balances have been recast to reflect the effects of finalizing the
 allocation of the Western Coal purchase price during the 2012 first
 quarter.


                    WALTER ENERGY, INC. AND SUBSIDIARIES
               RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
                                 Unaudited

  RECONCILIATION OF EBITDA FROM CONTINUING OPERATIONS, EBITDA AND ADJUSTED
                  EBITDA TO AMOUNTS REPORTED UNDER US GAAP:

                           For the three months
                                   ended              For the years ended
                               December 31,              December 31,
                         ------------------------  ------------------------

    ($ in thousands)         2012       2011(1)        2012       2011(1)
                         -----------  -----------  -----------  -----------

Income (loss) from
 continuing operations   $   (70,971) $    80,252  $(1,065,555) $   363,598
  Add: interest expense       49,640       33,575      139,356       96,820
  Less: interest income          (73)        (250)        (804)        (606)
  Add: income tax
   expense (benefit)         (71,232)      23,843      (99,204)     131,225
  Add: depreciation and
   depletion expense          92,720       72,709      316,232      230,681
                         -----------  -----------  -----------  -----------
Earnings from continuing
 operations before
 interest, income taxes,
 and depreciation and
 depletion (EBITDA from
 continuing operations)
 (2)                              84      210,129     (709,975)     821,718
Add: pretax income from
 discontinued operations           -            -        8,282            -
                         -----------  -----------  -----------  -----------
Earnings before
 interest, income taxes,
 and depreciation and
 depletion (EBITDA) (3)           84      210,129     (701,693)     821,718
Add: goodwill impairment      (2,345)           -    1,064,409            -
Add: asset impairment
 and restructuring
 charges                       9,109            -       49,070            -
                         -----------  -----------  -----------  -----------
Adjusted EBITDA (4)      $     6,848  $   210,129  $   411,786  $   821,718
                         ===========  ===========  ===========  ===========


RECONCILIATION OF ADJUSTED NET INCOME (LOSS) TO AMOUNTS REPORTED UNDER US
 GAAP:

                           For the three months
                                   ended              For the years ended
                               December 31,              December 31,
                         ------------------------  ------------------------
($ in thousands)
                             2012       2011(1)        2012       2011(1)
                         -----------  -----------  -----------  -----------

Net income (loss)        $   (70,971) $    80,252  $(1,060,375) $   363,598
Less: income from
 discontinued operations           -            -       (5,180)           -
Add: asset impairment
 and restructuring
 charges, net of tax
 ($2.2 million and $17.2
 million for three
 months and year ended
 December 31, 2012,
 respectively)                 6,877            -       31,868            -
Add: goodwill impairment      (2,345)           -    1,064,409            -
                         -----------  -----------  -----------  -----------
Adjusted net income
 (loss) (5)              $   (66,439) $    80,252  $    30,722  $   363,598
                         ===========  ===========  ===========  ===========

(1) Includes the results of Western Coal since the April 1, 2011 date of
 acquisition. Certain previously reported three months and year ended
 December 31, 2011 balances have been recast to reflect the effects of
 finalizing the allocation of the Western Coal purchase price during the
 2012 first quarter.
(2) EBITDA from continuing operations is defined as earnings from
 continuing operations before interest expense, interest income, income
 taxes, and depreciation and depletion expense. EBITDA from continuing
 operations is a financial measure which is not calculated in conformity
 with U.S. Generally Accepted Accounting Principles (GAAP) and should be
 considered supplemental to, and not as a substitute or superior to
 financial measures calculated in conformity with GAAP. We believe that
 EBITDA is a useful measure as some investors and analysts use EBITDA to
 compare us against other companies and to help analyze our ability to
 satisfy principal and interest obligations and capital expenditure needs.
 EBITDA may not be comparable to similarly titled measures used by other
 companies.
(3) EBITDA is defined as earnings before interest expense, interest income,
 income taxes, and depreciation and depletion expense. EBITDA is a
 financial measure which is not calculated in conformity with U.S. GAAP and
 should be considered supplemental to, and not as a substitute or superior
 to financial measures calculated in conformity with GAAP. We believe that
 EBITDA is a useful measure as some investors and analysts use EBITDA to
 compare us against other companies and to help analyze our ability to
 satisfy principal and interest obligations and capital expenditure needs.
 EBITDA may not be comparable to similarly titled measures used by other
 companies.
(4) Adjusted EBITDA is defined as EBITDA further adjusted to exclude
 goodwill impairment and asset impairment and restructuring charges.
 Adjusted EBITDA is not a measure of financial performance in accordance
 with GAAP, 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. Investors should be aware that our
 presentation of Adjusted EBITDA may not be comparable to similarly titled
 measures used by other companies.
(5) Adjusted net income (loss) is defined as net income (loss) excluding
 income from discontinued operations, net of tax, goodwill impairment and
 asset impairment and restructuring charges, net of tax. Adjusted net
 income (loss) is not a measure of financial performance in accordance with
 generally accepted accounting principles, and items excluded from Adjusted
 net income (loss) are significant in understanding and assessing our
 results of operations. Therefore, Adjusted net income (loss) should not be
 considered in isolation, nor as an alternative to net income (loss) under
 generally accepted accounting principles.

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