Patriot loss in September

EMBATTLED miner Patriot Coal Corporation has posted a $50.5 million net loss for the month ended September 30, according to its monthly operating report.
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Courtesy Patriot Coal

Noel Dyson

The company posted sales of $142.7 million for the month, along with almost $1.9 million in “other revenues”

On top of that it had operating costs and expenses of $131.6 million.

However, after factoring in other costs such as depreciation, depletion and amortization, asset retirement obligation expense and restructuring and impairment charges it finished with an operating loss of $32.2 million.

Interest expenses, debtor-in-possession financing fees and reorganization items pushed that to the net loss of $50.5 million.

The company reported it had received the full proceeds from its $375 million term loan under its DIP financing.

As at September 30 it had $383 million in cash and cash equivalents and $46 million in a cash collateral account.

Patriot Coal filed for Chapter 11 protection on July 9.

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