Patriot Coal Corporation (fka PCXCQ)

[marayatano]

Patriot Coal report Q1 loss



Patriot Coal Corporation reported a net loss of USD 115.9 million in the Q1 ended March 31st, compared with a loss of USD 75.3 million in last year’s quarter, due to lower sale prices and volumes of its coal.

The company, which filed for bankruptcy in July, reported total Q1 revenue of USD 343.3 million, down 32% from USD 502.6 million in the Q1 2012.

According to the company’s quarterly filing Thursday, total tonne of coal sold in the Q1 this year decreased 18% from the first quarter of 2012 to 5.1 million tonne.

The average price per tonne of coal decreased 20% to USD 71.22 per tonne in the Q1 for its Appalachia mining operations, compared with last year’s quarter, and it decreased 4% to USD 48.25 per tonne for its Illinois Basin mining operations.

The company in the filing said that in order to successfully emerge from bankruptcy, it must address excessive cash requirements of the legacy post-retirement benefit obligations that have accumulated over the years and restructure wage and benefit programs to create a competitive labor and benefit cost structure.

US Bankruptcy Judge Kathy Surratt-States is required to rule by May 29thon Patriot’s motion to modify agreements with union miners on wages, benefits and pensions, and to change health care benefits for union retirees.

Source - www.bizjournals.com

http://www.coalguru.com/north_america/patriot_coal_report_q1_loss/9601