marcourt : WESTERN CANADIAN COAL CORP (WKN: 257111)
WTN Q3 ist da
0,84 CAD Gewinn pro Aktie für die ersten 9 Monate !!
167 Mio. CAD Nettogewinn!
Cash auf 77 Mio. CAD angestiegen !!
Hier der Link: http://www.westerncoal.com/_pdf/Q3_09_Press_Release_FINAL__21209_.pdf
Western Canadian Coal Achieves Another Record Quarter
2/12/2009 6:29 PM - Canada NewsWire
VANCOUVER, Feb. 12, 2009 (Canada NewsWire via COMTEX News Network) --
Western Canadian Coal Corp. (TSX: WTN, WTN.DB & WTN.WT and AIM: WTN) (the "Company") announces its operating results for the three and nine month period ended December 31, 2008. During this period, the Company's financial position continued to strengthen as a result of strong cash flow from operations. Net income for the third quarter of fiscal 2009 was $62.5 million or earnings per share of $0.30 and $0.29, on a basic and diluted basis, respectively. For the nine month period ending December 31, 2008, the Company has earned net income of $167.0 million or earnings per share of $0.96 and $0.84 on basic and diluted basis, respectively.
Income from mining operations increased to $94.2 million in the third quarter of fiscal 2009. This compares to the loss from mining operations of $7.9 million in the similar period of the previous year and income from mining operations of $81.9 million in the second quarter of fiscal 2009. The increase over the third quarter of fiscal 2008 was achieved primarily as a result of higher coal prices realized from the current coal year contracts and favourable foreign exchange rates, which resulted in coal sales of $176.6 million.
Coal shipments for the third quarter of fiscal 2009 were 513,000 tonnes or 26% lower than the same quarter of 2008 and 15% lower than the second quarter of fiscal 2009. The average realized price of $344 per tonne in the current quarter was 330% higher than the same quarter of 2008 and 23% higher than the second quarter of 2009. All of the Company's coal sold in the third quarter of fiscal 2009 was sold at approximately US$300 per tonne for hard coking coal and US$248 per tonne for ultra low-volatile PCI ("ULV-PCI") coal. Favourable exchange rates also aided to the improved prices realized from the sale of the Company's coal in this quarter over previous quarters. The lower shipment levels are a result of lower production levels and customer orders being deferred into subsequent quarters. No customers have cancelled their current coal year contracts.
Coal production for the third quarter of fiscal 2009 was 609,000 tonnes or 22% lower than the same quarter of 2008 and 2% higher than the second quarter of 2009. Cash costs in the third quarter 2009 were $146 per tonne as compared to $131 and $81 per tonne in the second quarter 2009 and third quarter 2008, respectively. While the Wolverine operation continues to struggle to release the coal, productivity (total bank cubic metres of materials handled per day) continues to improve. During the current quarter, total spending was lower than expected due to the 8-day production curtailment taken at the Wolverine and Brule mines over the December holidays; however cash costs per tonne have increased due to continued high stripping ratios. Brule continues to meet all productivity expectations.
Due to the global economic uncertainties, the near-term demand for metallurgical coal has declined which has resulted in a build-up of inventory levels in the industry. The Company has developed a cash preservation plan which includes reviewing for the remainder of fiscal 2009 and beyond, all discretionary capital expenditures, all non-discretionary spending to contain mining costs and deferring future projects. To date, this has resulted in suspension of development at the Willow Creek mine, reducing production levels at the Brule mine to an annual run-rate of 750,000 tonnes per year, and providing notice at the Wolverine operations to employees of a possible curtailment of operations after May 18, 2009. The Company has also given notice to its mine contractor that after May 18, 2009, the operations of the Wolverine mine will be conducted by the Company, further reducing costs. Future operating rates at the mines will be made once future coal prices and sale commitments have been established.
The balance sheet of the Company continues to strengthen. As at December 31, 2008 the Company's working capital position improved by $183.0 million to a positive working capital position of $110.7 million when compared to March 31, 2008. Also, the Company's debt to shareholders' equity ratio has improved to 0.51 from 2.81 during this period.
Mr. John Hogg, President & CEO of Western Canadian Coal Corp. comments, "Given the tremendous uncertainty for the demand of metallurgical coal for the next coal year and the resultant price, to remain competitive we are working hard to reduce costs and increase productivity as fast as we can. Until then, we intend to preserve the strength of our balance sheet, ensure we remain flexible to meeting our customer's needs and opportunistically grow the Company."
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