Alpha Natural Resources Announces Results for First Half 2018

BRISTOL, Tenn., Aug. 16, 2018 /PRNewswire/ -- Alpha Natural Resources (ANR, Inc.), a leading coal supplier in Central Appalachia, reported first half 2018 net income of $64.6 million, compared with $23.7 million in the first half of 2017. Net income from continuing operations was $63.4 million versus $58.9 in the first half of 2017. Net income from discontinued operations was $1.2 million versus a net loss of $35.2 million in 2017.

Excluding the items described in "Reconciliation of Net Income from continuing operations to Adjusted EBITDA," the first half 2018 Adjusted EBITDA was $122.1 million compared with Adjusted EBITDA of $147.9 million in the first half of 2017.


                                          2018 & 2017 H1 Financial & Operating Highlights
                                                (millions, except per-ton amounts)


                                                                                          H1        H1
                                                                                               2018
                                                                                                        2017
                                                                                                        ----


    Net income                                                                                $64.6     $23.7


    Net income from continuing operations                                                     $63.4     $58.9


    Total revenue                                                                            $606.7    $639.0


    Operating cash flow(1)                                                                    $73.7     $35.9



    Adjusted EBITDA(2)                                                                       $122.1    $147.9


    Tons of coal sold                                                                           6.9       7.1


    Average coal sales price per ton(3)                                                      $85.23    $87.28


    Average coal cost per ton(3)                                                             $65.33    $64.68


    1.              Includes
                    discontinued
                    operations

                   This is a non-
                    GAAP
                    financial
                    measure.  A
                    reconciliation
                    of net income
                    from
                    continuing
                    operations to
                    Adjusted
                    EBITDA is
                    included in a
                    table
                    accompanying
                    the financial
    2.              schedules.

    3.              Excludes
                    discontinued
                    operations

"Although the first quarter proved to be challenging from a logistics and weather perspective, we are pleased with the first six months of 2018," said David Stetson, chairman and CEO. "We had a strong first half with an average price of $111.01 for metallurgical coal, $52.84 for steam coal, and Alpha is seeing a strong, stable market in the second half of 2018 and into 2019."

Financial Performance- Continuing Operations

    --  Total revenues in the first half of 2018 were $606.7 million compared
        with $639.0 million in the first half of 2017. The decrease in total
        revenue was attributable to lower average per ton realizations and fewer
        brokered tons sold, along with impacts to shipments caused by persistent
        logistical disruptions in the period. During the first half of 2018,
        metallurgical coal shipments were 3.7 million tons, compared with 3.5
        million tons in the first half of 2017. Steam coal shipments were 3.1
        million tons, compared with 3.1 million tons in the year-ago period.
        Brokered coal shipments were 0.1 million tons during the first half of
        2018, compared with 0.5 million tons in the first half of 2017. The
        average per ton realization on metallurgical coal shipments in the first
        half was $111.01, down from $115.73 in the first half last year. The
        average per-ton realization for steam shipments was $52.84, compared
        with $50.65 in the first half last year. The average per-ton realization
        for brokered shipments was $129.54, compared with $118.49 in the first
        half of 2017.


    --  Total costs and expenses during the first half of 2018 were $534.4
        million, compared with $535.3 million in the first half of 2017. Cost of
        coal sales was $448.0 million, or $65.33 per ton, compared with $457.4
        million, or $64.68 per ton, in the year-ago period.


    --  Selling, general and administrative (SG&A) expense in the first half of
        2018 was $27.8 million, compared with SG&A expense of $16.7 million in
        the first half of 2017. The first half of 2018 expense included one-time
        stock reclassification and merger-related expenses of $11.4 million.
        Depreciation, depletion and amortization decreased to $18.1 million
        during the first half of 2018 from $24.8 million in the year-ago period.


    --  Alpha recorded net income from continuing operations of $63.4 million
        during the first half of 2018, compared with $58.9 million during the
        first half of 2017.
    --  Adjusted EBITDA was $122.1 million in the first half of 2018, compared
        with Adjusted EBITDA of $147.9 million in the first half of 2017.

Financial Performance - Discontinued Operations

Alpha recorded net income of $1.2 million during the first half of 2018 compared to a net loss of $35.2 million in the year ago period. The 2017 period included idle mine costs on properties substantially divested in October, 2017 to Lexington Coal Company.

Liquidity and Capital Resources

Cash provided by operating activities, including discontinued operations, for the first half ended June 30, 2018 was $73.7 million, compared with cash provided by operating activities of $35.9 million for the first half of 2017. Capital expenditures for the first half of 2018 were $39.3 million, compared with $24.5 million in the first half of 2017.

As of the end of the first half of 2018, Alpha had total liquidity of $72.9 million, consisting of cash and cash equivalents. Total long-term debt, net of debt discounts and deferred debt issuance costs, and including the current portion of long-term debt as of June 30, 2018, was $150.0 million.

Second Half 2018 Outlook

Alpha has updated its 2018 shipment guidance range of 13.8-14.5 million tons. As of June 30, 2018, the company has domestic commitments for 2.5 million tons of metallurgical coal priced at $100.07 per ton and 3.3 million tons of steam coal priced at $52.74 per ton.

Capital expenditures for 2018 are now expected to be in the range of $67 million to $72 million. According to David Stetson, "The three organic projects at Black Eagle, Road Fork 52 and Lynn Branch, along with the two recently completed projects at Panther Eagle and Workman Creek, will provide access to approximately 146 million tons of metallurgical coal while lowering costs. This coal is primarily High Vol A and Low Vol reserves, therefore completion of these projects will serve to strengthen Alpha's position as the leading provider of high quality metallurgical coal."

Contura Energy Merger Update

ANR, Inc., Alpha Natural Resources Holdings, Inc. and Contura Energy, Inc. ("Contura") jointly announced a definitive merger agreement on April 30, and on July 16, Contura filed a confidential registration statement on form S-4 with the U.S. Securities and Exchange Commission. The all-stock transaction is expected to close prior to year-end.

Additional Information for Investors

This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. Before making any voting or investment decision, investors are urged to read the form S-4 being submitted by Contura and the joint proxy statement and prospectus being prepared by ANR, Inc. and Alpha Natural Resources Holdings, Inc., regarding the proposed transaction and any other relevant documents carefully in their entirety when they become available because they will contain important information about the proposed transaction. The joint proxy statement and prospectus, as well as other filings containing information about ANR, Inc. Alpha Natural Resources Holdings, Inc., and Contura will be available without charge at the SEC's Internet site (www.sec.gov). Copies of the joint proxy statement can be obtained, when available, without charge, from Alpha's website at www.alphanr.com. Copies of the joint proxy statement and prospectus can also be obtained, when available, without charge, from Contura's website at www.conturaenergy.com. For additional financial information about Alpha, please visit http://www.alphanr.com/Pages/Investors.aspx.

About Alpha Natural Resources

Alpha Natural Resources has affiliate mining operations in seven counties in West Virginia and supplies metallurgical coal to the steel industry and thermal coal to generate power. ANR has offices in Bristol, Tennessee, and Julian, West Virginia, which support approximately 20 active mining operations. Alpha is committed to being a leader in mine safety and an environmental steward in the communities where its affiliates operate. For more information, visit Alpha's website (www.alphanr.com).

Forward Looking Statements

This news release includes forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on Alpha's expectations and beliefs concerning future events and involve risks and uncertainties that may cause actual results to differ materially from current expectations. These factors are difficult to predict accurately and may be beyond Alpha's control. The following factors are among those that may cause actual results to differ materially from our forward-looking statements:

    --  our liquidity, results of operations and financial condition;
    --  depressed levels or declines in coal prices;
    --  worldwide market demand for coal, electricity and steel, including
        demand for U.S. coal exports;
    --  utilities switching to alternative energy sources such as natural gas,
        renewables and coal from basins where we do not operate;
    --  reductions or increases in customer coal inventories and the timing of
        those changes;
    --  our production capabilities and costs;
    --  inherent risks of coal mining beyond our control;
    --  changes in environmental laws and regulations, including those directly
        affecting our coal mining and production, and those affecting our
        customers' coal usage, including potential climate change initiatives;
    --  changes in safety and health laws and regulations and their
        implementation, and the ability to comply with those changes;
    --  competition in coal markets;
    --  future legislation, regulatory and court decisions and changes in
        regulations, governmental policies or taxes or changes in interpretation
        thereof;
    --  our relationships with, and other conditions affecting, our customers,
        including the inability to collect payments from our customers if their
        creditworthiness declines;
    --  changes in, renewal or acquisition of, terms of and performance of
        customers under coal supply arrangements and the refusal by our
        customers to receive coal under agreed contract terms;
    --  our ability to obtain, maintain or renew any necessary permits or
        rights, and our ability to mine properties due to defects in title on
        leasehold interests;
    --  attracting and retaining key personnel and other employee workforce
        factors, such as labor relations;
    --  the geological characteristics of the Central Appalachian coal reserves;
    --  funding for and changes in employee benefit obligations;
    --  cybersecurity attacks or failures, threats to physical security, extreme
        weather conditions or other natural disasters;
    --  reclamation and mine closure obligations;
    --  our assumptions concerning economically recoverable coal reserve
        estimates;
    --  our ability to negotiate new United Mine Workers of America ("UMWA")
        wage agreements on terms acceptable to us, increased unionization of our
        workforce in the future, and any strikes by our workforce;
    --  disruptions in delivery or changes in pricing from third party vendors
        of key equipment and materials that are necessary for our operations,
        such as diesel fuel, steel products, explosives and tires;
    --  inflationary pressures on supplies and labor and significant or rapid
        increases in commodity prices;
    --  railroad, barge, truck and other transportation availability,
        performance and costs;
    --  disruption in third party coal supplies;
    --  the consummation of financing or refinancing transactions, acquisitions
        or dispositions and the related effects on our business and financial
        position;
    --  our indebtedness and potential future indebtedness;
    --  our ability to generate sufficient cash or obtain financing to fund our
        business operations;
    --  our ability to obtain or renew surety bonds on acceptable terms or
        maintain self-bonding status;

Forward-looking statements in this document or elsewhere speak only as of the date made. New uncertainties and risks arise from time to time, and it is impossible for Alpha to predict these events or how they may affect the Company. Alpha has no duty to, and does not intend to, update or revise the forward-looking statements in this document. In light of these risks and uncertainties, investors should keep in mind that the results, events or developments disclosed in any forward-looking statement made in this document may not occur.


                                                                                          ANR, Inc. and Subsidiaries
                                                                         Condensed Consolidated Statements of Operations (Unaudited)
                                                                         (Amounts in thousands, except for share and per share data)


                                                                                                                                                                               Six Months Ended
                                                                                                                                                                                   June 30,
                                                                                                                                                                                   --------

                                                                                                                                                                                          2018        2017
                                                                                                                                                                                          ----        ----

    Revenues:

    Coal revenues                                                                                                                                                                     $603,727    $617,217

    Freight and handling revenues                                                                                                                                                            -     17,446

    Other revenues                                                                                                                                                                       2,992       4,318
                                                                                                                                                                                         -----       -----

    Total revenues                                                                                                                                                                     606,719     638,981
                                                                                                                                                                                       -------     -------


    Costs and expenses:

    Cost of coal sales (exclusive of items shown separately below)                                                                                                                     447,969     457,450

    Loss on disposition of property, plant and equipment                                                                                                                                 5,823       1,350

    Freight and handling costs                                                                                                                                                          17,677      17,446

    Other expenses                                                                                                                                                                           -        751

    Depreciation, depletion and amortization                                                                                                                                            18,120      24,790

    Amortization of acquired coal supply agreements, net                                                                                                                                   143       5,125

    Accretion of asset retirement obligations                                                                                                                                            8,147       8,594

    Selling, general and administrative expenses (exclusive of depreciation,                                                                                                            27,839      16,708
    depletion and amortization shown separately above)

    Mark-to-market adjustment - acquisition-related obligations                                                                                                                          8,706       3,091
                                                                                                                                                                                         -----       -----

    Total costs and expenses                                                                                                                                                           534,424     535,305
                                                                                                                                                                                       -------     -------

    Income from operations                                                                                                                                                              72,295     103,676
                                                                                                                                                                                        ------     -------

    Other income (expense):

    Interest expense                                                                                                                                                                  (14,027)    (8,033)

    Interest income                                                                                                                                                                      1,794       1,461

    Loss on early extinguishment of debt                                                                                                                                                     -   (16,348)

    Miscellaneous income, net                                                                                                                                                            3,289       2,603
                                                                                                                                                                                         -----       -----

    Total other expense, net                                                                                                                                                           (8,944)   (20,317)
                                                                                                                                                                                        ------     -------

    Income from continuing operations before income taxes                                                                                                                               63,351      83,359

    Income tax expense                                                                                                                                                                       -   (24,424)
                                                                                                                                                                                           ---    -------

    Net income from continuing operations                                                                                                                                               63,351      58,935

    Discontinued operations

    Income (loss) from discontinued operations (including gain on disposal of                                                                                                            1,270    (35,655)
                                                                                                                         $2,857 and $9,264 for the six months ended June 30, 2018 and 2017,
    respectively) before income taxes

    Income tax benefit                                                                                                                                                                       -        467
                                                                                                                                                                                           ---        ---

    Income (loss) from discontinued operations                                                                                                                                           1,270    (35,188)
                                                                                                                                                                                         -----     -------

    Net income                                                                                                                                                                         $64,621     $23,747
                                                                                                                                                                                       =======     =======


    Basic income (loss) per common share:

      Income from continuing operations                                                                                                                                                  $3.15       $2.93

    Income (loss) from discontinued operations                                                                                                                                           $0.06     $(1.75)
                                                                                                                                                                                         -----      ------

      Net income                                                                                                                                                                         $3.21       $1.18

    Diluted income (loss) per common share:

      Income from continuing operations                                                                                                                                                  $3.15       $2.93

    Income (loss) from discontinued operations                                                                                                                                           $0.06     $(1.75)
                                                                                                                                                                                         -----      ------

      Net Income                                                                                                                                                                         $3.21       $1.18


    Weighted average shares - basic                                                                                                                                                 20,131,152  20,117,485

    Weighted average shares - diluted                                                                                                                                               20,147,516  20,117,485


                                                                                                       ANR, Inc. and Subsidiaries
                                                                                                  Condensed Consolidated Balance Sheets
                                                                                       (Amounts in thousands, except for share and per share data)


                                                                                                                                                      June 30,            December 31,
                                                                                                                                                                     2018                    2017
                                                                                                                                                                     ----                    ----

                                                                                                                                                     (Unaudited)

    Assets

    Current assets:

    Cash and cash equivalents                                                                                                                                     $72,904                 $45,978

    Trade accounts receivable, net                                                                                                                                 63,243                 126,170

    Notes and other receivables                                                                                                                                    26,686                  23,281

    Inventories, net                                                                                                                                               82,429                  63,913

    Restricted cash                                                                                                                                                79,478                 101,599

    Prepaid expenses and other current assets                                                                                                                      10,120                  25,116
                                                                                                                                                                   ------                  ------

    Total current assets                                                                                                                                          334,860                 386,057

    Property, plant and equipment, net                                                                                                                            155,011                 144,307

    Acquired coal supply agreements (net of accumulated amortization of $21,195 and                                                                                   255                     398
                                                                                                                              $21,052, respectively)

    Long-term restricted cash                                                                                                                                     237,101                 260,797

    Other non-current assets                                                                                                                                       84,946                  84,521
                                                                                                                                                                   ------                  ------

    Total assets                                                                                                                                                 $812,173                $876,080
                                                                                                                                                                 ========                ========


    Liabilities and Stockholders' Equity (Deficit)

    Current liabilities:

    Current portion of long-term debt                                                                                                                             $26,814                 $18,655

    Trade accounts payable                                                                                                                                         56,059                  71,733

    Accrued expenses and other current liabilities                                                                                                                144,763                 186,540
                                                                                                                                                                  -------                 -------

    Total current liabilities                                                                                                                                     227,636                 276,928

    Long-term debt, net of current portion                                                                                                                        123,170                 179,605

    Workers compensation and black lung                                                                                                                           221,814                 227,623

    Pension and postretirement medical benefit obligations                                                                                                        199,732                 206,966

    Asset retirement obligations                                                                                                                                   56,634                  57,306

    Other non-current liabilities                                                                                                                                  40,643                  50,665
                                                                                                                                                                   ------                  ------

    Total liabilities                                                                                                                                             869,629                 999,093
                                                                                                                                                                  -------                 -------


    Commitments and Contingencies


    Stockholders' Equity (Deficit)

    Preferred stock - par value $0.01, no shares authorized or issued at June 30, 2018                                                                                  -                     68
    and, 6,800,000 shares authorized, 6,800,000 issued and outstanding at December 31,
    2017

    Common stock - par value $0.01, 54,223,400 shares authorized, 20,131,152 issued                                                                                   201                     100
    and outstanding at June 30, 2018 and 12,000,000 shares authorized, 10,018,000
    issued and outstanding at December 31, 2017

    Additional paid-in capital                                                                                                                                      1,894                     991

    Accumulated other comprehensive loss                                                                                                                         (28,169)               (28,169)

    Accumulated deficit                                                                                                                                          (31,382)               (96,003)
                                                                                                                                                                  -------                 -------

    Total stockholders' equity (deficit)                                                                                                                         (57,456)              (123,013)
                                                                                                                                                                  -------                --------

    Total liabilities and stockholders' equity (deficit)                                                                                                         $812,173                $876,080
                                                                                                                                                                 ========                ========


                                                                                           ANR, Inc. and Subsidiaries
                                                                          Condensed Consolidated Statements of Cash Flows (Unaudited)
                                                                                             (Amounts in thousands)


                                                                                                                                      Six Months Ended
                                                                                                                                          June 30,
                                                                                                                                          --------

                                                                                                                                              2018           2017
                                                                                                                                              ----           ----

    Operating activities:

    Net income                                                                                                                             $64,621        $23,747

    Adjustments to reconcile net income to net cash provided by operating
    activities:

      Depreciation, depletion, and amortization                                                                                             18,120         30,882

      Amortization of acquired coal supply agreements, net                                                                                     143          5,125

      Amortization of debt issuance costs and debt discount                                                                                  7,109          2,612

      Accretion of asset retirement obligations                                                                                              8,287         32,475

      Mark-to-market adjustment - acquisition-related obligations                                                                            8,706          3,091

      Stock-based compensation                                                                                                                 936             23

      Employee benefit plans, net                                                                                                            (185)           258

      Loss (gain) on disposition of property, plant, and equipment                                                                           2,966        (7,914)

      Loss on early extinguishment of debt                                                                                                       -        16,348

    Changes in operating assets and liabilities:

      Trade accounts receivable, net                                                                                                        62,927        (6,334)

      Notes and other receivables                                                                                                              303          4,691

      Inventories, net                                                                                                                    (18,516)      (26,301)

      Prepaid expenses and other current assets                                                                                             14,836          6,768

      Other non-current assets                                                                                                               2,200       (26,842)

      Trade accounts payable                                                                                                              (16,169)        21,579

      Accrued expenses and other current liabilities                                                                                      (45,856)        11,918

      Workers compensation and black lung                                                                                                 (17,971)      (12,047)

      Pension and postretirement medical benefit obligations                                                                              (11,665)      (12,267)

      Asset retirement obligations                                                                                                         (2,669)      (20,328)

      Other non-current liabilities                                                                                                        (4,384)      (11,615)

      Net cash provided by operating activities                                                                                             73,739         35,869
                                                                                                                                            ------         ------

    Investing activities:

      Capital expenditures                                                                                                                (39,289)      (24,480)

      Payments on disposition of property, plant, and equipment                                                                            (2,502)             -

      Proceeds from sale of property, plant and equipment                                                                                    5,492          2,817

      Net cash used in investing activities                                                                                               (36,299)      (21,663)
                                                                                                                                           -------        -------

    Financing activities:

      Principal repayments of long term debt                                                                                              (55,510)     (124,889)

      Letter of credit and AR securitization facilities fees                                                                                     -       (3,510)

      Principal repayments of capital lease obligations and notes payable                                                                    (821)       (2,036)

      Net cash used in financing activities                                                                                               (56,331)     (130,435)
                                                                                                                                           -------       --------

      Net decrease in cash, cash equivalents and restricted cash                                                                          (18,891)     (116,229)

      Cash, cash equivalents, and restricted cash at beginning of period                                                                   408,374        636,383

      Cash, cash equivalents, and restricted cash at end of period                                                                        $389,483       $520,154
                                                                                                                                          ========       ========


    Supplemental cash flow information - Discontinued Operations:

      Net cash used in operating activities of discontinued operations included                                                           $(1,502)     $(30,500)
      above


      Net cash provided by (used in) investing activities included above                                                                  $(2,502)        $1,930
                                                                                                                                           =======         ======



    Supplemental cash flow information:

      Cash paid for interest                                                                                                                $7,018         $7,632
                                                                                                                                            ======         ======

      Cash paid for income taxes                                                                                                                $2        $11,502
                                                                                                                                               ===        =======

      Cash received for income tax refunds                                                                                                 $12,265         $7,333
                                                                                                                                           =======         ======

    Supplemental disclosure of non-cash investing and financing activities:

       Accrued capital expenditures                                                                                                         $1,953         $1,383
                                                                                                                                            ======         ======


                                                             ANR, Inc. and Subsidiaries
                                                           Adjusted EBITDA Reconciliation
                                                               (Amounts in thousands)

    Reconciliation of Non-GAAP measures:


                                                                                          Six Months Ended June 30,
                                                                                          -------------------------

                                                                                                        2018            2017
                                                                                                        ----            ----

      Net income from continuing operations                                                          $63,351         $58,935

      Interest expense                                                                                14,027           8,033

      Interest income                                                                                (1,794)        (1,461)

      Income tax expense                                                                                   -         24,424

      Depreciation, depletion and amortization                                                        18,120          24,790

      Amortization of acquired coal supply agreements, net                                               143           5,125

      Accretion of asset retirement obligations                                                        8,147           8,594

        Merger related and share simplification expenses                                              11,407               -

      Loss on early extinguishment of debt                                                                 -         16,348

      Mark-to-market adjustment - acquisition-                                                         8,706           3,091
       related obligations
                                                                                                                        ---

     Adjusted EBITDA                                                                                $122,107        $147,879
                                                                                                    ========        ========


                                                                                                            ANR, Inc. and Subsidiaries
                                                                                                                   Revenue Data
                                                                                                 (Amounts in thousands, except for per ton data)


                                                                                                          Six Months Ended June 30,                       Increase (Decrease)
                                                                                                          -------------------------                       ------------------

     Column1                                                                                                          2018                           2017                     $ or tons  %
                                                                                                                      ----                           ----                     --------- ---

     Revenues:

     Coal Revenues:

         Met                                                                                                      $413,859                       $403,908                        $9,951         2.5%

         Steam                                                                                                     161,746                        157,621                         4,125         2.6%

         Broker                                                                                                      8,809                         55,688                      (46,879)     (84.2%)

     Freight and handling fulfillment revenues                                                                      18,549                         17,446                         1,103         6.3%

     Other revenues                                                                                                  3,756                          4,318                         (562)     (13.0%)
                                                                                                                     -----                          -----                          ----       ------

     Total revenues                                                                                               $606,719                       $638,981                     $(32,262)      (5.0%)
                                                                                                                  ========                       ========                      ========        =====


     Tons sold:

       Met                                                                                                           3,728                          3,490                           238         6.8%

       Steam                                                                                                         3,061                          3,112                          (51)      (1.6%)

       Broker                                                                                                           68                            470                         (402)     (85.5%)
                                                                                                                       ---                            ---                          ----       ------

     Total                                                                                                           6,857                          7,072                         (215)      (3.0%)
                                                                                                                     =====                          =====                          ====        =====


     Coal sales realization per ton (1):

       Met                                                                                                         $111.01                        $115.73                       $(4.72)      (4.1%)

       Steam                                                                                                         52.84                          50.65                          2.19         4.3%

       Broker                                                                                                       129.54                         118.49                         11.06         9.3%
                                                                                                                    ------                         ------                         -----          ---

     Average                                                                                                        $85.23                         $87.28                       $(2.05)      (2.3%)
                                                                                                                    ======                         ======                        ======        =====


     (1) Does not include $18.5 million of freight and handling fulfillment revenues for the six months ended June 30, 2018.

Use of Non-GAAP Measures

In addition to the results prepared in accordance with generally accepted accounting principles in the United States (GAAP) provided throughout this press release, Alpha has presented Adjusted EBITDA as a Non-GAAP financial measure, which management uses to gauge operating performance.

The definition of this non-GAAP measure may be changed periodically by management to adjust for significant items important to an understanding of operating trends. This measure is not intended to replace financial performance measures determined in accordance with GAAP. Rather, it is presented as a supplemental measure of the Company's performance that ANR's management finds useful in assessing the company's financial performance and believes is useful to securities analysts, investors and others in assessing the Company's performance over time. Moreover, this measure is not calculated identically by all companies and therefore may not be comparable to similarly titled measures used by other companies.

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SOURCE Alpha Natural Resources