Walter Energy Announces First Quarter 2009 Results

Company Reports $1.36 of Earnings Per Diluted Share on Net Income of $73.1
Million

Metallurgical Coal Revenues Increased 86 Percent on Strong Volumes and Pricing
TAMPA, Fla.--(Business Wire)--
Walter Energy (NYSE:WLT), a leading U.S. producer and exporter of premium
metallurgical coal for the global steel industry, today reported net income of
$73.1 million, or $1.36 per diluted share, for the quarter ended March 31, 2009,
compared to net income of $0.5 million, or $0.01 per diluted share in the first
quarter 2008. Financial results include the operations of the Financing and
Homebuilding segments, which the Company expects to classify as discontinued
operations by the end of the second quarter.

"Walter Energy posted strong financial results in the first quarter, driven by
higher volumes and pricing from our metallurgical coal operation," said Company
Chairman Michael T. Tokarz. "We have completed our transformation into a `pure
play` natural resources and energy company, and this quarter demonstrates the
potential of this portfolio of businesses to deliver substantial value."

First Quarter 2009 Financial Results

Net sales and revenues for the first quarter 2009 totaled $343.0 million,
compared to $292.6 million in the prior-year period. The growth in revenues was
primarily driven by a 57 percent increase in realized metallurgical coal prices
and higher coal sales volumes, partially offset by lower metallurgical coke
volumes and prices. Revenues in our core natural resources and energy businesses
increased 41 percent.

Operating income totaled $108.1 million for the quarter, up $97.7 million versus
the prior-year period. Results for the quarter reflect the revenue impacts
above, including an $80.5 million increase in operating income from our
underground mining operations, partially offset by lower results at the
metallurgical coke business. Prior-year results included the impact of a $17.0
million charge at Financing.

Segment Results

The Company has revised its reporting segments to separate "Natural Resources"
into "Underground Mining" and "Surface Mining" operations. Underground Mining
includes the Company`s underground metallurgical coal mining and natural gas
operations. Surface Mining includes the operating results for United Land (to be
renamed Walter Minerals) and its subsidiaries Tuscaloosa Resources and Taft Coal
Sales. Kodiak Mining has been classified as discontinued operations.

Underground Mining

Metallurgical coal sales were 1.8 million tons in the first quarter at an
average selling price of $133.24 per short ton FOB Port, versus 1.5 million tons
at an average price of $84.86 in the prior-year period. Realized prices
increased significantly, reflecting favorable contract pricing in the current
period versus the prior year.

"Our metallurgical coal mines ran well during the quarter, with production
totaling nearly two million tons," said Jim Walter Resources Chief Executive
Officer George R. Richmond. "In addition, we overcame infrastructure challenges
to achieve significantly better-than-expected sales in the quarter."

Metallurgical coal production at Mine No. 4 totaled 0.8 million tons in the
first quarter, down 0.2 million tons versus the prior year. The current period
included a longwall move which reduced volumes and, as a result, Mine No. 4`s
costs per ton in the quarter were $49.36, an increase of $13.33 per ton over the
prior year.

Mine No. 7 produced 1.2 million tons in the first quarter, reflecting the
operation of two longwalls during the current period versus 1.0 million tons in
the prior year. Primarily as a result of this volume increase, production costs
at Mine No. 7 were $53.38 per ton compared to $67.36 per ton in the prior-year
period.

Natural Gas

The natural gas business sold 1.7 billion cubic feet of gas, slightly higher
than the prior year, at an average hedged price of $6.05 per thousand cubic feet
in the first quarter 2009 compared to an average hedged price of $7.96 per
thousand cubic feet in the prior-year period. The Company currently has no
hedges on future natural gas sales.

Surface Mining

Steam and industrial coal sales were 329,000 tons during the first quarter
compared to sales of 200,000 tons in the prior-year period. Average selling
price increased by 18.6 percent due to higher 2009 contract pricing. Production
totaled 294,000 tons in the first quarter versus prior-year production of
213,000 tons. Sales and production increases resulted from the acquisition of
Taft Coal Sales in the third quarter 2008. However, sales volumes during the
quarter were impacted by shipping delays.

Sloss (to be renamed Walter Coke)

The Company`s metallurgical coke business sold 45,200 tons of metallurgical coke
at an average price of $308.26 per ton compared to 104,024 tons at $388.51 per
ton in the prior-year period. Metallurgical coke revenue and operating income
decreased $29.0 million and $17.1 million, respectively. Operating results were
primarily driven by 58,824 fewer tons sold and a 20.7 percent decline in pricing
versus the prior-year period, as the Company continues to face the challenges of
the significant downturn in the global steel industry.

Other Operations

The Financing business reported first quarter revenues of $49.2 million, down
$2.9 million versus the prior-year period, on lower payment income. Financing
reported operating income of $12.2 million in the first quarter 2009 compared to
an operating loss of $6.7 million in the prior year, which included a $17.0
million charge for interest rate hedge ineffectiveness. The Company completed
the spin-off of this business on April 17, 2009 and it is now operating as
Walter Investment Management Corp. (NYSE Amex: WAC).

The Homebuilding business reported an operating loss of $2.6 million in the
first quarter 2009, as the Company continues the process of winding down this
business. At March 31, 2009, there were 90 units remaining under construction.

Corporate and Other

As of March 31, 2009, the Company had available liquidity of $383.7 million,
including cash of $93.0 million and $290.7 million available under its credit
facility. Total net debt outstanding at March 31, 2009 was $115.5 million
compared to $107.7 million at the end of 2008.

Business Outlook

Given the continued uncertainty in the outlook for the global steel industry,
the Company will communicate detailed operating expectations only for the second
quarter 2009, as shown in the following schedule:

Metallurgical Coal Sales Q1-2009 A Q2-2009 E
Tons Sold (short tons, in millions) 1.8 0.9 - 1.0
Average Operating Margin Per Ton $54.55 $8 - $11

Steam & Industrial Coal Sales Q1-2009 A Q2-2009 E
Tons Sold (short tons) 329,000 330,000 - 370,000
Average Operating Margin Per Ton $6.55 $7 - $16

Coke Sales Q1-2009 A Q2-2009 E
Tons Sold 45,200 34,000 - 40,000
Average Operating Margin (Loss) Per Ton $35.25 $(80) - $(50)

Quarter-to-quarter variability in timing, availability and pricing of shipments
may result in significant shifts in income between quarters.

Second quarter 2009 metallurgical coal sales expectations are based on shipments
to date and expected shipping schedules for the rest of the quarter.
Expectations also take into account shipments at the end of the first quarter
originally expected to be delivered in the second quarter. The operating margin
range assumes the deferral of higher priced tons until a later date and higher
per-ton costs on lower production volumes.

Metallurgical coal production is expected to be approximately 1.2 million tons
in the second quarter. The Company is matching production to current demand with
a production schedule which includes fewer operating days. Based on current
market conditions, the Company now expects to defer the startup of its Mine No.
7 East longwall until January 2010.

Second quarter projected results for the metallurgical coke operation reflect
the dramatic decline in coke demand driven by the depressed global market for
steel. In response to a decline in demand, the Company will reduce coke
production to approximately 50 percent of capacity and may have to make further
reductions going forward.

Capital expenditures were $37.0 million in the first quarter. The Company
expects to reduce capital expenditures to about $50 million for the remainder of
the year. Full-year 2009 capital expenditures are expected to be down
approximately $55 million from 2008.

Conference Call Webcast

Members of the Company's leadership team will discuss Walter Energy`s first
quarter results, its outlook and other general business matters during a
conference call and live Web cast to be held on Thursday, April 30, 2009, at 9
a.m. Eastern Daylight Time. To listen to the event live or in archive, visit the
Company Web site at www.walterenergy.com.

About Walter Energy

Walter Energy, based in Tampa, Fla., is a leading U.S. producer and exporter of
premium metallurgical coal for the global steel industry and also produces steam
coal and industrial coal, metallurgical coke and coal bed methane gas. The
Company has revenues of approximately $1.2 billion and employs approximately
2,150 people. For more information about Walter Energy, please visit the new
Company website at 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. Forward-looking
statements, including expressions such as "believe," "anticipate," "expect,"
"estimate," "intend," "may," "will," and similar expressions involve known and
unknown risks, uncertainties, and other factors that may cause Walter Energy's
actual results in future periods to differ materially from the expectations
expressed or implied by such forward-looking statements. These factors include,
among others, the following: the market demand for the Company`s products as
well as changes in pricing and costs; the availability of raw material, labor,
equipment and transportation; changes in weather and geologic conditions;
changes in extraction costs, pricing and assumptions and projections concerning
reserves in Walter Energy's mining operations; changes in customer orders;
pricing actions by the Company`s competitors, customers, suppliers and
contractors; changes in governmental policies and laws; and changes in general
economic conditions. Forward-looking statements made by Walter Energy in this
release, or elsewhere, speak only as of the date on which the statements were
made. Any forward-looking statements should be considered in context with the
various disclosures made by Walter Energy, including the Risk Factors described
in the Company's 2008 Annual Report on Form 10-K and Walter Energy's other
filings with the Securities and Exchange Commission. Walter Energy has no
obligation to update its forward-looking statements as of any future date.

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

For the three months
ended March 31,
2009 2008
Net sales and revenues:
Net sales $ 289,764 $ 240,104
Interest income on instalment notes 45,385 48,710
Miscellaneous income 7,806 3,786
342,955 292,600

Costs and expenses:
Cost of sales (exclusive of depreciation) 149,494 167,647
Depreciation 17,811 13,482
Selling, general and administrative 31,197 37,748
Provision for losses on instalment notes 4,357 4,325
Postretirement benefits 7,527 6,592
Interest expense - mortgage-backed/asset-backed 23,089 28,308
notes
Interest rate hedge ineffectiveness (1) - 16,981
Amortization of intangibles 315 365
Restructuring and impairment charges (2) 1,072 6,770
234,862 282,218

Operating Income 108,093 10,382
Interest expense - other debt (4,806 ) (5,714 )
Interest income - other 275 181
Income from continuing operations before income 103,562 4,849
taxes
Income tax expense 28,844 1,677
Income from continuing operations 74,718 3,172
Discontinued operations (3) (1,615 ) (2,673 )
Net income $ 73,103 $ 499

Basic income (loss) per share:
Income from continuing operations $ 1.40 $ 0.06
Discontinued operations (0.03 ) (0.05 )

Basic net income per share $ 1.37 $ 0.01

Weighted average number of shares outstanding 53,289,667 52,202,840

Diluted income (loss) per share:
Income from continuing operations $ 1.39 $ 0.06
Discontinued operations (0.03 ) (0.05 )

Diluted net income per share $ 1.36 $ 0.01

Weighted average number of diluted shares 53,580,638 52,851,054
outstanding

(1) During the quarter ended March 31, 2008, the Company recognized a loss of $17.0 million for the ineffectiveness of interest rate hedges held by Financing that were intended to hedge an April 2008 securitization of instalment notes receivable. Unfavorable market conditions precluded an April 2008 securitization and management could not predict when such securitization might occur. These hedges were settled on April 1,
2008 and no similar hedges remain outstanding at March 31, 2009.

(2) Homebuilding recorded restructuring charges of $1.1 million for severance benefits in the quarter ended March 31, 2009 associated with the closure of the business and $6.8 million in the quarter ended March 31, 2008 related to the announced closure of 36 sales centers.

(3) In December 2008, the Company announced the closure of Kodiak Mining Co, ("Kodiak"). As a result, the operating results of Kodiak have been presented as discontinued operations for all periods. Additionally, discontinued operations for the quarter ended March 31, 2009, includes a charge of $0.7 million, net of tax, related to the resolution of a legal matter for Crestline Homes, Inc., which was sold in May 2007.

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

For the three months
ended March 31,
2009 2008

NET SALES AND REVENUES:
Underground Mining (1) $ 244,200 $ 143,204

Surface Mining (1) 26,618 14,477

Sloss 21,907 50,871

Financing 49,172 52,104
Homebuilding 11,013 40,071
Financing and Homebuilding Group 60,185 92,175

Other 320 286

Consolidating eliminations of intersegment activity (10,275 ) (8,413 )
$ 342,955 $ 292,600

OPERATING INCOME (LOSS):
Underground Mining (1) $ 99,855 $ 19,326

Surface Mining (1) 5,515 2,631

Sloss 1,593 18,700

Financing (2) 12,167 (6,712 )
Homebuilding (2,587 ) (14,728 )
Financing and Homebuilding Group 9,580 (21,440 )

Other (8,156 ) (8,328 )

Consolidating eliminations of intersegment activity (294 ) (507 )

Operating income $ 108,093 $ 10,382

(1) The previous year's presentation has been revised to reflect a change in reportable segments from Natural Resources to Underground Mining and Surface Mining and to exclude Kodiak, which is reported as discontinued operations. Underground Mining includes the Company's deep underground metallurgical coal operations from the No. 4 and No. 7 mines, and its natural gas operations. Surface Mining includes the Company's surface coal mining operations from Tuscaloosa Resources, Inc. and Taft Coal
Sales & Associates, as well as the United Land Corporation results.

(2) In 2008, the Company recognized a loss of $17.0 million for the ineffectiveness of interest rate hedges held by Financing that were intended to hedge an April 2008 securitization of instalment notes receivable.

WALTER ENERGY, INC. AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
Unaudited

For the three months
ended March 31,
2009 2008
Operating Data:
Underground Mining
Tons sold by type (in thousands):
Metallurgical coal, contracts 1,699 1,476
Purchased metallurgical coal 55 1
1,754 1,477

Average selling price per short ton $ 133.24 $ 84.86

Coal cost of sales (exclusive of depreciation):
Mine No. 4 per ton $ 65.25 $ 51.88
Mine No. 7 per ton $ 60.18 $ 76.38
Weighted average cost of sales per ton $ 62.54 $ 62.27
Purchased coal costs (in thousands) $ 2,421 $ 57
Other costs (in thousands) (1) $ 1,693 $ 2,606

Tons of coal produced (in thousands)
Mine No. 4 770 969
Mine No. 7 1,169 638
Total 1,939 1,607

Coal production costs per ton: (2)
Mine No. 4 $ 49.36 $ 36.03
Mine No. 7 $ 53.38 $ 67.36
Weighted average production costs per ton $ 51.78 $ 48.47

Natural gas sales, in mmcf (in thousands) 1,684 1,566
Natural gas average sale price per mmcf $ 6.05 $ 7.96
Natural gas cost of sales per mmcf $ 2.58 $ 2.94

Surface Mining
Tons sold (in thousands) 329 200
Tons of coal produced (in thousands) 294 213
Average selling price per short ton $ 70.48 $ 59.44
Coal production costs per ton $ 66.20 $ 50.92

(1) Consists of charges (credits) not directly allocable to a specific underground
mine.

(2) Coal production costs per ton are a component of inventoriable costs,
including depreciation. Other costs not included in coal production costs per ton
include Company-paid outbound freight, postretirement benefits, asset retirement
obligation expenses, royalties, and Black Lung excise taxes.

WALTER ENERGY, INC. AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
Unaudited

For the three months
ended March 31,
2009 2008
Operating Data
(continued):

Sloss
Industries
Metallurigical 45,200 104,024
coke tons sold
Metallurigical $ 308.26 $ 388.51
coke average
sales price
per ton

Financing
Delinquencies, 4.6 % 3.6 %
as of period
end
Prepayment 3.6 % 5.3 %
speeds
Number of 330 325
repossessions
Repossession 3.6 % 3.3 %
rate,
annualized
Recovery rate 83.4 % 83.1 %
on
repossessions

Homebuilding
Unit 71 442
completions
Average $ 130,892 $ 99,238
contractual
sales price
Average $ 120,395 $ 89,820
revenue per
home sold (1)
Ending backlog 90 995
of homes

Depreciation
($ in
thousands):
Underground $ 14,148 $ 9,760
Mining
Surface Mining 2,326 1,130
Sloss 1,127 1,006
Financing 78 135
Homebuilding - 1,219
Other 132 232
$ 17,811 $ 13,482

Capital
expenditures
($ in
thousands):
Underground $ 23,706 $ 20,194
Mining
Surface Mining 9,698 779
Sloss 1,715 1,575
Financing 1,850 42
Homebuilding - 429
Other 7 106
$ 36,976 $ 23,125

(1) Includes the effect of the discount required to record instalment notes receivable at estimated market value.

WALTER ENERGY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (1)
($ in Thousands)
Unaudited

As of As of
March 31, December 31,
2009 2008
ASSETS
Cash and cash $ 92,984 $ 117,672
equivalents
Short-term 51,539 56,275
investments,
restricted
Instalment 1,734,873 1,769,688
notes
receivable,
net of
allowance of
$18,482 and
$18,969,
respectively
Receivables, 190,418 176,601
net
Inventories 158,331 133,129
Prepaid 23,022 26,418
expenses
Property, 531,724 515,418
plant and
equipment,
net
Deferred 182,390 206,733
income taxes
Other assets 60,494 59,392
Assets of 7,455 6,667
discontinued
operations
$ 3,033,230 $ 3,067,993

LIABILITIES
AND
STOCKHOLDERS'
EQUITY
Accounts $ 63,481 $ 72,801
payable
Accrued 66,699 91,213
expenses
Accrued 11,114 11,362
interest on
debt
Debt:
Mortgage 1,345,160 1,372,821
-backed/asset
-backed notes
Other debt 208,505 225,385
Accumulated 369,413 369,055
postretiremen
t benefits
obligation
Other 294,037 293,759
liabilities
Liabilities 1,553 1,328
of
discontinued
operations
Total 2,359,962 2,437,724
liabilities
Stockholders' 673,268 630,269
equity
$ 3,033,230 $ 3,067,993

(1) Includes the assets, liabilities and accumulated other comprehensive income amounts associated with the Financing and Homebuilding segments. Due to the April 17, 2009 spin-off of the Financing segment and the closure of the Homebuilding segment, the Company expects to classify the historical results of operations of these segments as discontinued operations by the end of the second quarter. The following Unaudited Pro Forma Condensed Consolidated Balance Sheet as of March 31, 2009 is prepared as if the spin-off of the Financing segment and the closure of the
Homebuilding segment occurred as of March 31, 2009 and is presented for illustrative and informational purposes only.

WALTER ENERGY, INC. AND SUBSIDIARIES
PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET
AS OF MARCH 31, 2009
($ in Thousands)
Unaudited

Historical Discontinued Pro Forma
Operations Continuing
Adjustments (1) Operations

ASSETS
Cash and cash equivalents $ 92,984 $ (5,543 ) $ 87,441
Short-term investments, restricted 51,539 (49,447 ) 2,092
Instalment notes receivable, net 1,734,873 (1,734,873 ) -
Receivables, net 190,418 (8,947 ) 181,471
Inventories 158,331 (59,404 ) 98,927
Prepaid expenses 23,022 (4,050 ) 18,972
Property, plant and equipment, net 531,724 (10,586 ) 521,138
Deferred income taxes 182,390 65,788 248,178
Other assets 60,494 (23,257 ) 37,237
Assets of discontinued operations 7,455 28,539 35,994
$ 3,033,230 $ (1,801,780 ) $ 1,231,450

LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable $ 63,481 $ (1,742 ) $ 61,739
Accrued expenses 66,699 (19,862 ) 46,837
Accrued interest 11,114 (9,464 ) 1,650
Debt:
Mortgage-backed / asset-backed notes 1,345,160 (1,345,160 ) -
Other debt 208,505 - 208,505
Accumulated postretirement benefits obligation 369,413 (1,000 ) 368,413
Other liabilities 294,037 (15,052 ) 278,985
Liabilities of discontinued operations 1,553 8,464 10,017
Total liabilities 2,359,962 (1,383,816 ) 976,146

Stockholders' equity 673,268 (417,964 ) 255,304
$ 3,033,230 $ (1,801,780 ) $ 1,231,450

(1) Reflects the elimination of the assets, liabilities and accumulated other comprehensive income amounts associated with the Financing and Homebuilding segment from continuing operations. Due to the April 17, 2009 spin-off of the Financing segment and the closure of the Homebuilding segment, the Company expects to classify the historical results of operations of these segments as discontinued operations by the end of the second quarter. This Unaudited Pro Forma Condensed Consolidated Balance Sheet as of March 31, 2009 has been prepared as if the spin-off of the Financing segment and the closure of the Homebuilding segment occurred as of March 31, 2009 and is
presented for illustrative and informational purposes only.

WALTER ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
AND COMPREHENSIVE INCOME
FOR THE QUARTER ENDED MARCH 31, 2009
($ in Thousands)
Unaudited

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

Balance at December 31, 2008 $ 630,269 $ 541 $ 714,174 $ 50,990 $ (135,436 )

Comprehensive income:
Net income 73,103 $ 73,103 73,103
Other comprehensive income (loss), net of tax:
Change in pension and postretirement benefit plans 1,855 1,855 1,855
Change in unrealized gain (loss) on hedges (1,248 ) (1,248 ) (1,248 )
Comprehensive income $ 73,710

Purchases of stock under stock repurchase program (27,963 ) (13 ) (27,950 )
Dividends paid, $0.10 per share (5,327 ) (5,327 )
Stock-based compensation 2,145 2,145
Other 434 1 433
Balance at March 31, 2009 $ 673,268 $ 529 $ 688,802 $ 118,766 $ (134,829 )

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

For the quarter ended March 31,
2009 2008

OPERATING
ACTIVITIES
Net income $ 73,103 $ 499
Loss from 1,615 2,673
discontinu
ed
operations
Income 74,718 3,172
from
continuing
operations

Adjustment
s to
reconcile
income
from
continuing
operations
to net
cash flows
provided
by
operating
activities
:
Provision 4,357 4,325
for losses
on
instalment
notes
receivable
Depreciati 17,811 13,482
on
Non-cash - 16,981
loss from
ineffectiv
e hedges
Other 8,341 11,122

Decrease
(increase)
in assets:
Receivable (13,869 ) (8,462 )
s
Inventorie (25,202 ) (16,611 )
s
Prepaid 4,322 (6,810 )
expenses
Instalment 28,145 (1,177 )
notes
receivable
Increase
(decrease)
in
liabilitie
s:
Accounts (9,320 ) 1,992
payable
Accrued (4,227 ) (13,755 )
expenses
Accrued (248 ) (478 )
interest
Cash flows 84,828 3,781
provided
by
operating
activities

INVESTING
ACTIVITIES
Principal 2,313 4,071
payments
received
on
purchased
loans
Decrease 4,736 2,389
in short
-term
investment
s,
restricted
Additions (36,976 ) (23,125 )
to
property,
plant and
equipment
Other 710 (444 )
Cash flows (29,217 ) (17,109 )
used in
investing
activities

FINANCING
ACTIVITIES
Issuances - 25,000
of
mortgage
-backed/as
set-backed
notes
Payments (27,673 ) (41,290 )
of
mortgage
-backed/as
set-backed
notes
Proceeds - 30,000
from
issuances
of other
debt
Retirement (16,880 ) (3,856 )
s of other
debt
Dividends (5,327 ) (2,605 )
paid
Purchases (27,963 ) (363 )
of stock
under
stock
repurchase
program
Other (278 ) 4,319
Cash flows (78,121 ) 11,205
(used in)
provided
by
financing
activities
Cash flows (22,510 ) (2,123 )
used in
continuing
operations

CASH FLOWS
FROM
DISCONTINU
ED
OPERATIONS
Cash flows (2,095 ) (1,762 )
used in
operating
activities
Cash flows (83 ) (335 )
used in
investing
activities
Cash flows (2,178 ) (2,097 )
used in
discontinu
ed
operations

Net $ (24,688 ) $ (4,220 )
decrease
in cash
and cash
equivalent
s

Cash and $ 117,672 $ 30,614
cash
equivalent
s at
beginning
of period
Net (24,688 ) (4,220 )
decrease
in cash
and cash
equivalent
s
Cash and $ 92,984 $ 26,394
cash
equivalent
s at end
of period

Walter Energy, Inc.
Investor Contact: Mark H. Tubb
Vice President - Investor Relations
813.871.4027
mtubb@walterenergy.com
or
Media Contact: Michael A. Monahan
Director - Corporate Communications
813.871.4132
mmonahan@walterenergy.com

Copyright Business Wire 2009