Patriot reports lower sales, higher loss

EMBATTLED miner Patriot Coal Corporation has reported a wider net loss for July of $US47.8 million, up from a loss of $28.7 million in June, according to its operating report.
Patriot reports lower sales, higher loss Patriot reports lower sales, higher loss Patriot reports lower sales, higher loss Patriot reports lower sales, higher loss Patriot reports lower sales, higher loss

Courtesy Patriot Coal

Staff Reporter

The company’s revenue was down 30%, with sales of $93.2 million for the month along with almost $1.9 million in “other revenues”

Operating costs and expenses were $119.2 million.

However, after factoring in other costs such as depreciation, depletion and amortization, asset retirement obligation expense and restructuring and impairment charges, Patriot finished with an operating loss of $47.8 million.

Interest payments, debtor-in-possession financing fees and reorganization items pushed it to a net loss of $69.9 million for the month.

Net loss in June was $40.1 million.

As at July 30, the company had $144.8 million in cash and cash equivalents and $65 million in a cash collateral account.

In comparison, at the end of February Patriot had $242 million in cash and reported an operating loss of $37.9 million and a net loss of 47.1 million for the month.

The operating report came one day after the bankruptcy judge approved a new labor contract with the mine workers’ union.

The company said the contract should allow its emergence from bankruptcy reorganization by the end of 2013.

Patriot Coal filed for Chapter 11 protection on July 9 2012.

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