Earnings per share increase 180% from the year-ago quarter
ST. LOUIS, April 21 /PRNewswire-FirstCall/ --
Earnings Highlights
Quarter Ended
In $ millions, except per share data 3/31/08 3/31/07
Revenues $699.4 $571.3
Income from Operations 116.5 50.9
Net Income 81.1 28.7
Fully Diluted EPS 0.56 0.20
Adjusted EBITDA(1) $189.5 $108.5
1/- Adjusted EBITDA is defined and reconciled under "Reconciliation of
Non-GAAP Measures" in this release.
Arch Coal, Inc. (NYSE: ACI) today reported first quarter 2008 net income
of $81.1 million, or $0.56 per fully diluted share, compared with $28.7
million, or $0.20 per fully diluted share, in the first quarter of 2007.
Income from operations more than doubled to $116.5 million, and adjusted
earnings before interest, taxes, depreciation and amortization ("EBITDA")
increased 75 percent over the prior-year period. The company also recorded
consolidated revenues of $699.4 million in the first quarter of 2008, an
increase of 22 percent over the prior-year period.
"Arch Coal executed a strong financial performance during the first
quarter, with meaningful expansion in revenues, earnings per share and
adjusted EBITDA," said Steven F. Leer, Arch's chairman and chief executive
officer. "We had substantial contributions from each of our operating
regions, earning record EBITDA of $189.5 million for the company. In
particular, our Central Appalachian region had a standout performance --
attaining more than a fourfold increase in per-ton operating margin versus the
first quarter of 2007. We also recognized incremental earnings in the quarter
from our expanded strategic trading, brokerage and asset optimization
function."
"Our first quarter 2008 results represent one of the best quarterly
performances in Arch's history as a public entity," continued Leer. "We plan
to build upon these exceptional results as the year progresses. We believe
Arch's national footprint, competitive asset base and access to robust global
and domestic coal markets have positioned the company to earn substantial
returns in 2008 and beyond."
Arch Delivers Strong Operational Results
"Our mines delivered strong results during the quarter just ended,
reflecting higher price realizations and a continued focus on cost control
across our key basins in the face of commodity cost pressures as well as
higher sales-sensitive costs," said John W. Eaves, Arch's president and chief
operating officer. "The addition of the new Mountain Laurel complex to Arch's
diverse asset base has been particularly significant, as evidenced by the
outstanding performance in the company's Central Appalachian region during the
first quarter."
"As we progress throughout the year, we will continue to diligently focus
on managing our controllable costs, emphasize process improvement initiatives
and maximize revenue from our strategic unpriced volume position to enhance
margins at our operations," continued Eaves.
Arch Coal, Inc.
1Q08 4Q07 1Q07
Tons sold (in millions) 34.3 33.7 31.4
Average sales price per ton $18.49 $17.48 $16.85
Cash cost per ton $13.05 $12.60 $12.93
Cash margin per ton $5.44 $4.88 $3.92
Total operating cost per ton $15.17 $14.60 $14.74
Operating margin per ton $3.32 $2.88 $2.11
Consolidated results may not tie to regional breakout due to rounding.
Above figures exclude transportation costs billed to customers.
Operating cost per ton includes depreciation, depletion and amortization
per ton.
Arch acts as an intermediary on certain pass-through transactions that
have no effect on company results. In addition, Arch services some legacy
sales contracts by purchasing and supplying third-party coal and records
offsetting revenue and expenses against a reserve established to account
for these transactions. These transactions are not reflected in this
table. A supplemental regional schedule for all quarters beginning with
FY06 can be found at http://investor.archcoal.com.
Consolidated average sales price per ton increased 6 percent in the first
quarter of 2008 compared with the fourth quarter of 2007, reflecting higher
average price realizations across all regions. Consolidated per-ton operating
costs increased 4 percent over the same time period, with nearly half of the
increase being driven by higher sales-sensitive costs. Arch's first quarter
2008 consolidated per-ton operating margin expanded by 15 percent over the
prior-quarter period.
Consolidated sales volumes in the first quarter of 2008 increased 9
percent compared with the first quarter of 2007. Volumes in the first quarter
of 2007 were reduced by an unplanned belt outage and weather-related shipment
challenges in Arch's Powder River Basin segment. Average sales price per ton
increased 10 percent in the first quarter of 2008, benefiting from stronger
coal market conditions than in the year-ago quarter. Arch's first quarter
2008 consolidated per-ton operating margin increased 57 percent compared with
the first quarter of 2007, driven by expanded margins in the company's Central
Appalachian and Western Bituminous regions.
Powder River Basin
1Q08 4Q07 1Q07
Tons sold (in millions) 25.8 25.1 23.2
Average sales price per ton $11.15 $10.71 $10.47
Cash cost per ton $8.79 $8.25 $8.02
Cash margin per ton $2.36 $2.46 $2.45
Total operating cost per ton $9.93 $9.40 $9.19
Operating margin per ton $1.22 $1.31 $1.28
Above figures exclude transportation costs billed to customers.
Operating cost per ton includes depreciation, depletion and amortization
per ton.
In the Powder River Basin, first quarter 2008 sales volumes increased
modestly compared with the fourth quarter of 2007. Average sales price per
ton increased $0.44 in the first quarter of 2008 when compared with the prior-
quarter period, due to higher pricing on contract and market index-priced
tons. Operating costs increased $0.53 per ton over this same time period,
reflecting higher planned maintenance, commodity and sales-sensitive costs.
Arch's Powder River Basin operations contributed $1.22 per ton in operating
margin in the first quarter of 2008 compared with $1.31 per ton in the prior-
quarter period.
Western Bituminous Region
1Q08 4Q07 1Q07
Tons sold (in millions) 5.0 4.6 4.8
Average sales price per ton $26.76 $24.84 $24.77
Cash cost per ton $15.92 $13.89 $16.07
Cash margin per ton $10.84 $10.95 $8.70
Total operating cost per ton $20.17 $17.71 $19.56
Operating margin per ton $6.59 $7.13 $5.21
Above figures exclude transportation costs billed to customers.
Operating cost per ton includes depreciation, depletion and amortization
per ton.
In the Western Bituminous region, first quarter 2008 sales volumes
increased 9 percent compared with the fourth quarter of 2007, driven by
increased shipments from Arch's Utah operations. First quarter 2008 average
sales price per ton increased $1.92 when compared with the prior-quarter
period, reflecting the roll-off of lower-priced sales contracts. While solid,
the increase in price realization was muted to some degree by a less favorable
mix of customer shipments during the quarter just ended. Operating costs
increased $2.46 per ton over the same time period, due to higher
sales-sensitive and commodity-related costs as well as higher depreciation,
depletion and amortization expense. First quarter 2008 per-ton operating
costs also reflect the impact of a longwall move at the West Elk mine in
Colorado. By contrast, the region's fourth quarter 2007 results do not
reflect the impact of any longwall moves, and represent an exceptionally
strong performance from a cost perspective. Arch's Western Bituminous
operations contributed $6.59 per ton in operating margin in the first quarter
of 2008 compared with $7.13 per ton in the prior-quarter period.
Central Appalachia
1Q08 4Q07 1Q07
Tons sold (in millions) 3.5 4.0 3.4
Average sales price per ton $60.73 $51.48 $48.87
Cash cost per ton $40.45 $38.37 $41.64
Cash margin per ton $20.28 $13.11 $7.23
Total operating cost per ton $46.71 $43.58 $45.44
Operating margin per ton $14.02 $7.90 $3.43
Above figures exclude transportation costs billed to customers.
Operating cost per ton includes depreciation, depletion and amortization
per ton.
Arch acts as an intermediary on certain pass-through transactions that
have no effect on company results. In addition, Arch services some legacy
sales contracts by purchasing and supplying third-party coal and records
offsetting revenue and expenses against a reserve established to account
for these transactions. These transactions are not reflected in this
table.
In Central Appalachia, first quarter 2008 sales volumes declined 13
percent compared with the fourth quarter of 2007 due to lower brokerage
activity. First quarter 2008 average sales price per ton improved by $9.25
when compared with the prior-quarter period, reflecting more than a 50 percent
increase in metallurgical coal volume as well as higher pricing on
metallurgical and steam coal sales during the quarter just ended. Per-ton
operating costs increased $3.13 over the same time period, driven by higher
sales-sensitive and commodity-related costs as well as higher depreciation,
depletion and amortization expense. Arch's Central Appalachian operations
contributed $14.02 per ton in operating margin during the first quarter of
2008 compared with $7.90 per ton in the prior-quarter period.
Arch Earns Key Awards in the First Quarter
During the first quarter of 2008, two operations from Arch's Central
Appalachian region received Mountaineer Guardian Awards for outstanding 2007
safety performances from the West Virginia Office of Miners' Health, Safety
and Training.
Also during the first quarter, the West Elk mine in Arch's Western
Bituminous region earned two Colorado state awards for its outstanding
environmental achievements in 2007. West Elk was recognized for operating
more than eight years without a state environmental violation, and was honored
for its environmentally sound engineering practices as well as its
contributions to the state's Pollution Prevention Program.
Furthermore, Arch Coal, Inc. was recently named one of the nation's most
trustworthy companies by Forbes magazine based on the company's sound
accounting practices and transparency in financial reporting. Arch ranked as
one of the top 15 large-cap companies -- and as the sole U.S. coal company --
on the Trustworthy 100 List.
"We continue to enhance Arch's reputation as a responsible energy company
through outstanding achievements in the company's three key pillars of
performance -- safety, environmental stewardship and superior financial
performance," said Leer. "We believe these core values strengthen investor
confidence and ultimately increase shareholder value."
Strength in Global Coal Markets Positively Influencing Domestic Coal
Markets
Growing international coal demand, along with persistent challenges in
augmenting global coal production, infrastructure and transportation networks,
has led to a shift in worldwide seaborne coal trade flows. Constrained global
coal supply has allowed the United States to become a more significant
supplier of metallurgical and steam coal into the Atlantic and, in some cases,
Pacific basins.
According to the 2007 B.P. Statistical Review of World Energy, coal has
been the world's fastest growing fuel source during the past five years. Arch
expects the growth in coal demand to continue, primarily driven by expanding
economies in coal-consuming Asian nations and in the United States. In 2008,
Arch estimates that global coal demand will outstrip supply by 25 million to
35 million metric tonnes, and expects this supply deficit to grow through
2010.
Continued strength in the international coal marketplace is positively
influencing domestic coal markets as well. Arch estimates that U.S. coal
imports could decline as much as 10 million tons this year due to supply
disruptions and increased competition for those tons. The company also
expects U.S. coal exports in 2008 to increase by another 20 million tons over
last year's strong market levels.
"In 2008, we expect supply tightness in the eastern United States to
trigger a meaningful reduction in generator stockpiles by year-end," said
Leer. "This tightness already has begun to manifest itself in terms of rising
eastern coal index prices and declining eastern stockpile levels. We believe
these trends will translate into increased demand for western coal,
particularly during the second half of the year."
U.S. coal market trends are favorable to date in 2008. According to
statistics compiled by the Edison Electric Institute, U.S. electric generation
increased nearly 1.0 percent year-to-date through the second week of April,
driven by seasonal weather trends and better-than-expected industrial demand.
Based on internal estimates, Arch also believes that year-to-date coal
consumption for electric generation has grown at an even faster rate than
overall electric power demand.
On the supply side, the Energy Information Administration estimates that
domestic coal production increased 3.1 percent through the second week of
April 2008, with Powder River Basin production, which is lower in heat
content, offsetting declines in Central Appalachia. Looking ahead, Arch
continues to expect significant geologic and regulatory challenges in Central
Appalachia to constrain production in this region, despite higher coal index
price trends.
As of March 31, 2008, Arch estimates that U.S. generators held
approximately a 52-day supply in coal stockpiles. Arch expects total
stockpile levels to decline as the year progresses. Additionally, the company
believes that increased stockpiles partially reflect an effort by generators
to increase inventories as a hedge against future supply disruptions.
Arch also estimates that 16.5 gigawatts of new coal-fueled capacity are
now under construction in the United States, and will be phased in during the
next four years. This build-out will require nearly 59 million tons of new
annual coal supply, with 75 percent of the forecasted supply needed before the
end of 2010. Another 8 gigawatts of new coal-fueled plants are estimated to
be in advanced stages of development, equating to roughly 25 million tons of
additional incremental annual coal demand. Arch expects the majority of these
plants to be built within the next five years.
"We believe that the U.S. coal market is transitioning from a national
market to an integrated global coal supply network," said Leer. "With our
highly competitive mine portfolio, we expect to capitalize on these positive
secular global trends."
Arch Selectively Adds to Sales Contract Portfolio, Expands Terminal
Capacity
Pricing for international metallurgical and steam coal has been robust in
2008, and has positively influenced pricing in domestic coal markets. Coal
index pricing across Arch's key operating basins has risen dramatically, with
prices for 2009 delivery up more than 35 percent for Central Appalachian steam
coal, nearly 50 percent for Western Bituminous coal and roughly 15 percent for
Powder River Basin coal since the beginning of the year.
In Central Appalachia, Arch committed significant volumes into
international and domestic metallurgical coal markets for 2008 and 2009
delivery, at average netback mine prices in the triple digits. Recent
metallurgical coal sales have approached the benchmark prices set in the Asian
market, on a quality adjusted basis. In addition, Arch committed substantial
steam coal volumes for 2008 and 2009 delivery, at pricing that averaged more
than a 40-percent premium to the company's average realized price in the
region during the first quarter of 2008.
In the Western Bituminous region, Arch signed selective sales commitments
for 2008 and 2009 delivery, at prices that significantly exceeded average 2009
coal index price levels of $38 per ton in the region. Arch anticipates coal
demand to exceed supply from this basin during the next several years, and has
chosen to date to maintain an open position on a portion of the company's
production in this region through 2010.
In the Powder River Basin, Arch signed sales commitments for several
million tons of coal for 2008 and 2009 delivery at average prices that are
more than 50 percent above Arch's average realized price in the region during
the first quarter of 2008.
Currently, Arch has unpriced coal volumes of between 8 million and 13
million tons in 2008, more than one-third of which is already committed but
not yet priced. Arch also has unpriced volumes of between 75 million and 85
million tons for 2009 delivery, and between 95 million and 105 million tons
for 2010 delivery.
"We've been successful in locking up a substantial portion of our
metallurgical and steam coal sales opportunities in Central Appalachia given
the strong pricing environment," said Eaves. "We've also strategically chosen
to leave a small portion unhedged in 2008 -- and substantially more unpriced
in 2009 including most of our metallurgical-quality coal -- to capitalize on
continued pricing strength."
"Arch will continue to pursue a market-driven strategy, which allows us to
layer in new sales contracts across all basins once a sufficient return on our
valuable coal reserves is achieved," continued Eaves. "However, we will
remain selective in contracting, and will leave our low-cost reserves in place
for future development if expected returns prove insufficient. We believe
this strategy provides the best long-term value for our shareholders."
Additionally, affirming the company's ongoing favorable international coal
market expectations, Arch has signed an agreement to increase its ownership
interest in Dominion Terminal Associates, a coal export terminal with annual
throughput capacity of 20 million tons, located in Newport News, Va. The
transaction will increase Arch's percentage interest in the storage-to-vessel
coal transloading facility from 17.5 percent to roughly 22 percent.
"Given anticipated global coal supply shortfalls over the next several
years, we believe the additional throughput capacity provided by the
transaction will prove advantageous for the company," said Eaves.
Arch Raises 2008 Guidance
Based on the company's current expectations regarding the future direction
of coal markets, Arch has raised its 2008 guidance for the full year as
follows:
-- Earnings per fully diluted share are expected to be in the $2.40 to
$2.80 range.
-- Adjusted EBITDA is expected to be in the $745 million to $845 million
range.
-- Sales volumes from company controlled operations are expected to remain
in the 135 million to 140 million ton range, excluding purchased coal
from third parties.
-- Capital spending is projected to remain in the $310 million to $340
million range, excluding reserve additions.
-- Depreciation, depletion and amortization expense is expected to be in
the $285 million to $295 million range.
-- Arch's full year 2008 effective income tax rate is projected to be
between 9 percent and 15 percent.
"We expect our company to deliver a record earnings performance in 2008,"
stated Leer. "Our raised guidance range reflects pricing gains in the
international and domestic metallurgical coal marketplace, anticipated strong
operating performances in our Central Appalachian and Western Bituminous
regions as well as continued solid execution in our Powder River Basin
operations."
"Arch is strategically prepared to respond to evolving coal market
dynamics," said Leer. "We believe our size, strategic asset base, low-cost
operational profile and strong balance sheet will provide ample opportunities
for the company to enhance shareholder value over the next several years."
"With crude oil and natural gas prices trading at record levels," added
Leer, "it is imperative that America's vast coal reserves remain an essential
part -- and play an increasingly important role -- in the nation's domestic
energy mix. Over the longer-term, Arch is well-positioned to supply
affordable, reliable and vital energy to America for decades to come."
A conference call regarding Arch Coal's first quarter 2008 financial
results will be webcast live today at 11 a.m. E.D.T. The conference call can
be accessed via the "investor" section of the Arch Coal Web site
(www.archcoal.com ).
St. Louis-based Arch Coal is one of the nation's largest coal producers,
with revenues of $2.4 billion in 2007. The company's core business is
providing U.S. power generators with cleaner-burning, low-sulfur coal for
electric generation. Through its national network of mines, Arch supplies the
fuel for roughly 6 percent of the electricity generated in the United States.
Forward-Looking Statements: This press release contains "forward-looking
statements" - that is, statements related to future, not past, events. In
this context, forward-looking statements often address our expected future
business and financial performance, and often contain words such as "expects,"
"anticipates," "intends," "plans," "believes," "seeks," or "will." Forward-
looking statements by their nature address matters that are, to different
degrees, uncertain. For us, particular uncertainties arise from changes in
the demand for our coal by the domestic electric generation industry; from
legislation and regulations relating to the Clean Air Act and other
environmental initiatives; from operational, geological, permit, labor and
weather-related factors; from fluctuations in the amount of cash we generate
from operations; from future integration of acquired businesses; and from
numerous other matters of national, regional and global scale, including those
of a political, economic, business, competitive or regulatory nature. These
uncertainties may cause our actual future results to be materially different
than those expressed in our forward-looking statements. We do not undertake
to update our forward-looking statements, whether as a result of new
information, future events or otherwise, except as may be required by law.
For a description of some of the risks and uncertainties that may affect our
future results, you should see the risk factors described from time to time in
the reports we file with the Securities and Exchange Commission.
Arch Coal, Inc. and Subsidiaries
Condensed Consolidated Statements of Income
(In thousands, except per share data)
Three Months Ended
March 31,
2008 2007
(Unaudited)
Revenues
Coal sales $699,350 $571,349
Costs, expenses and other
Cost of coal sales 514,404 449,330
Depreciation, depletion and
amortization 73,042 57,620
Selling, general and administrative
expenses 25,680 18,987
Change in fair value of coal
derivatives (30,558) (1,063)
Other operating (income) expense,
net 332 (4,388)
582,900 520,486
Income from operations 116,450 50,863
Interest expense, net:
Interest expense (20,488) (17,258)
Interest income 425 671
(20,063) (16,587)
Non-operating expense - (902)
Income before income taxes 96,387 33,374
Provision for income taxes 15,240 4,650
Net income $81,147 $28,724
Earnings per common share
Basic earnings per common share $0.57 $0.20
Diluted earnings per common share $0.56 $0.20
Weighted average shares outstanding
Basic 143,497 142,176
Diluted 144,596 143,786
Dividends declared per common share $0.07 $0.06
Adjusted EBITDA (A) $189,492 $108,483
(A) Adjusted EBITDA is defined and reconciled under "Reconciliation of
Non-GAAP Measures" later in this release.
Arch Coal, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands)
March 31, December 31,
2008 2007
Assets (Unaudited)
Current assets
Cash and cash equivalents $13,234 $5,080
Trade receivables 242,186 229,965
Other receivables 16,495 19,724
Inventories 196,166 177,785
Prepaid royalties 24,113 22,055
Deferred income taxes 35,134 18,789
Coal derivative assets 45,393 7,743
Other 44,352 40,004
Total current assets 617,073 521,145
Property, plant and equipment, net 2,634,351 2,463,638
Other assets
Prepaid royalties 113,265 105,106
Goodwill 40,032 40,032
Deferred income taxes 278,834 296,559
Equity investments 82,929 82,950
Other 83,855 85,169
598,915 609,816
Total assets $3,850,339 $3,594,599
Liabilities and stockholders' equity
Current liabilities
Accounts payable $168,680 $150,026
Accrued expenses 178,156 188,875
Coal derivative liabilities 8,053 -
Current maturities of debt and
short-term borrowings 390,387 217,614
Total current liabilities 745,276 556,515
Long-term debt 1,058,696 1,085,579
Asset retirement obligations 223,648 219,991
Accrued postretirement benefits
other than pension 60,354 59,181
Accrued workers' compensation 40,712 41,071
Other noncurrent liabilities 109,063 100,576
Total liabilities 2,237,749 2,062,913
Stockholders' equity
Preferred stock - 1
Common stock 1,444 1,436
Paid-in capital 1,364,462 1,358,695
Retained earnings 244,383 173,186
Accumulated other comprehensive
income (loss) 2,301 (1,632)
Total stockholders' equity 1,612,590 1,531,686
Total liabilities and
stockholders' equity $3,850,339 $3,594,599
Arch Coal, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(In thousands)
Three Months Ended
March 31,
2008 2007
(Unaudited)
Operating activities
Net income $81,147 $28,724
Adjustments to reconcile to cash
provided by operating activities:
Depreciation, depletion and
amortization 73,042 57,620
Prepaid royalties expensed 8,863 4,025
Gain on dispositions of property,
plant and equipment (399) (151)
Employee stock-based compensation
expense 3,634 1,171
Changes in:
Receivables (8,752) 29,701
Inventories (18,381) (10,174)
Coal derivative assets and
liabilities (29,597) (1,063)
Accounts payable and accrued
expenses 16,025 (57,363)
Deferred income taxes (811) 4,249
Other 8,958 26,446
Cash provided by operating
activities 133,729 83,185
Investing activities
Capital expenditures (244,491) (254,812)
Proceeds from dispositions of
property, plant and equipment 422 405
Purchases of investments and advances
to affiliates (812) (3,881)
Additions to prepaid royalties (19,079) (19,010)
Reimbursement of deposit on equipment - 13,492
Cash used in investing activities (263,960) (263,806)
Financing activities
Net proceeds from commercial paper
and net borrowings on lines of credit 150,646 199,400
Net payments on other debt (4,414) (4,031)
Dividends paid (10,010) (8,634)
Issuance of common stock under
incentive plans 2,163 125
Cash provided by financing
activities 138,385 186,860
Increase in cash and cash equivalents 8,154 6,239
Cash and cash equivalents, beginning
of period 5,080 2,523
Cash and cash equivalents, end of
period $13,234 $8,762
Arch Coal, Inc. and Subsidiaries
Reconciliation of Non-GAAP Measures
(In thousands, except per share data)
Included in the accompanying release, we have disclosed certain non-GAAP
measures as defined by Regulation G. The following reconciles these items to
net income as reported under GAAP.
Adjusted EBITDA:
Adjusted EBITDA is defined as net income before the effect of net interest
expense; income taxes; our depreciation, depletion and amortization;
expenses resulting from early extinguishment of debt; and other
non-operating expenses.
Adjusted EBITDA is not a measure of financial performance in accordance
with generally accepted accounting principles, and items excluded to
calculate 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 service and incur debt based on ongoing
operations. Furthermore, analogous measures are used by industry analysts
to evaluate operating performance. Investors should be aware that our
presentation of Adjusted EBITDA may not be comparable to similarly titled
measures used by other companies. The table below shows how we calculate
Adjusted EBITDA.
Three Months Ended
March 31,
2008 2007
(Unaudited)
Net income $81,147 $28,724
Income tax expense 15,240 4,650
Interest expense, net 20,063 16,587
Depreciation, depletion and
amortization 73,042 57,620
Non-operating expense - 902
Adjusted EBITDA $189,492 $108,483
Reconciliation of Adjusted EBITDA to Net Income -- 2008 Targets
Targeted Results
Year Ended
December 31, 2008
Low High
(Unaudited)
Net income $348,000 $406,000
Income tax expense 34,000 71,000
Interest expense, net 78,000 73,000
Depreciation, depletion and
amortization 285,000 295,000
Adjusted EBITDA $745,000 $845,000
SOURCE Arch Coal, Inc.
Deck S. Slone, Vice President, Investor Relations and Public Affairs,
+1-314-994-2717
