Solaris exits Canada for Switzerland with new CEO, board and spin-out plans
The company changed its board of directors and plans to spin out non-core assets La Verde, Capricho, and Paco Orco into a new company.
Coal producer Cloud Peak Energy on Tuesday reported net income for the second quarter of $94.6 million or $1.56 per share, rising from $15.9 million or $0.51 per share in the year-ago quarter. Revenues for the quarter grew to $387.7 million from $341.6 million in the year-ago quarter. Cloud Peak expects production from the three company-operated mines for 2011 at 93 million to 96 million tons.
Colin Marshall, President and Chief Executive Officer, said,” Our second quarter was highlighted by our successful bids on the West Antelope II North and South Coal Tracts that contain 407 million mineable tons according to Bureau of Land Management (BLM) estimates. Operationally, our mines performed well despite heavy rainfall in the PRB, and we were able to load trains as available.”
2011 Second Quarter and Six Months Highlights
- Adjusted EBITDA1 of $88.3 million in the second quarter of 2011 compared with $88.6 million in the second quarter of 2010; Record Adjusted EBITDA of $170.9 million compared with $158.7 million for the first six months of 2010.
- Net income of $94.6 million resulting in Adjusted EPS1 of $0.72 compared to $0.51 in the second quarter of 2010; for the six months 2011 net income of $121.4 million resulting in Adjusted EPS of $1.16 compared to $0.84 in the first six months of 2010.
- Diluted EPS of $1.56 compared to $0.51 in the second quarter of 2010; diluted EPS of $2.00 compared to $0.89 in the first six months of 2010.
- Successfully bid on two federal coal leases that the BLM estimates to contain approximately 407 million tons of mineable coal. The acquisition of these leases will also provide access to an additional 80 million tons of coal within an adjacent State of Wyoming coal lease that Cloud Peak Energy controls.
- Asian export shipments were up approximately 85 percent to 1.4 million tons from second quarter of 2010 of 758,000 tons. For the first six months Asian exports were 2.3 million tons.
- Increased revolving credit facility by $100 million to $500 million with improved pricing and increased financial flexibility.
Click here for detailed results.
