Contura Announces Preliminary First Quarter Results

BRISTOL, Tenn., May 12, 2017 /PRNewswire/ -- Contura Energy, Inc. today announced its preliminary, unaudited first quarter 2017 results.

Highlights for the first quarter include:

• Coal revenue of $509 million, including $149 million from CAPP and $167 million from Trading and Logistics
• Adjusted EBITDA range^[1] between $120 million and $135 million
• Unrestricted cash balance of $241 million at the end of March

ABOUT CONTURA ENERGY
Contura Energy is a private, Tennessee-based company with affiliate mining operations across multiple major coal basins in Pennsylvania, Virginia, West Virginia and Wyoming. With customers across the globe, high-quality reserves and significant port capacity, Contura Energy reliably supplies both metallurgical coal to produce steel and thermal coal to generate power. For more information, visit www.conturaenergy.com.

IMPORTANT INFORMATION ABOUT PRELIMINARY FINANCIAL RESULTS
The financial results presented in this news release, as of and for the three months ended March 31, 2017, are preliminary, unaudited, subject to completion, reflect management's current good faith estimates and may be significantly revised as a result of further review and developments. Our final results for this period could differ materially from the preliminary results presented in this news release.   During the course of the preparation of our consolidated financial statements and related notes as of and for the three months ended March 31, 2017, we may identify items that would require us to make material adjustments to the preliminary financial information. The preliminary financial results presented in this news release should therefore not be viewed as a substitute for, or indicative of, full financial statements prepared in accordance with generally accepted accounting principles in the United States (GAAP). In addition, these preliminary estimates as of and for the three months ended March 31, 2017 are not necessarily indicative of the potential results for any future period.

USE OF NON-GAAP MEASURES
Contura has presented in this news release the following non-GAAP financial measure, which management uses to gauge operating performance: Adjusted EBITDA. Due to the preliminary nature of the information provided in this news release, a reconciliation of this non-GAAP financial measure to GAAP financial measures has not been provided. 

Further, the definition of this non-GAAP measure may be changed periodically by management to adjust for significant items important to an understanding of operating trends.  This measure is not intended to replace financial performance measures determined in accordance with GAAP. Rather, it is presented as supplemental measure of the Company's performance that management finds useful in assessing the Company's financial performance and believes is useful to securities analysts, investors and others in assessing the Company's performance over time.  Moreover, this measure is not calculated identically by all companies and therefore may not be comparable to similarly titled measures used by other companies.

FORWARD-LOOKING STATEMENTS 
This news release includes forward-looking statements, including but not limited to statements regarding Contura's financial results for the three months ended March 31, 2017 performance.  These forward-looking statements are based on Contura's expectations and beliefs concerning future events and involve risks and uncertainties that may cause actual results to differ materially from current expectations.  These factors are difficult to predict accurately and may be beyond Contura's control. You should review the risks and uncertainties discussed in the Company's condensed consolidated financial statements and report for the period ended December 31, 2016, which are available on our website.

Forward-looking statements in this news release or elsewhere speak only as of the date made.  New uncertainties and risks arise from time to time, and it is impossible for Contura to predict these events or how they may affect the Company.  Contura has no duty to, and does not intend to, update or revise the forward-looking statements in this news release or elsewhere after the date this release is issued.  In light of these risks and uncertainties, investors should keep in mind that results, events or developments disclosed in any forward-looking statement made in this news release may not occur. 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/contura-announces-preliminary-first-quarter-results-300457013.html

SOURCE Contura Energy, Inc.