Cloud Peak Energy Inc. reported unaudited consolidated earnings and production results for the first quarter ended March 31, 2016. For the quarter, the company reported revenue of USD 181,249,000 against USD 317,553,000 a year ago. Operating loss was USD 25,645,000 against operating income of USD 7,984,000 a year ago. Loss before income tax provision and earnings from unconsolidated affiliates was USD 37,048,000 against USD 4,972,000 a year ago. Net loss was USD 36,375,000 or USD 0.59 per basic and diluted share against USD 4,680,000 or USD 0.08 per basic and diluted share a year ago. Net cash used in operating activities was USD 658,000 against net cash provided by operating activities of USD 31,939,000 a year ago. Purchases of property, plant and equipment were USD 7,621,000 against USD 6,405,000 a year ago. LBITDA was USD 7.7 million against EBITDA of USD 33.1 million a year ago. Adjusted LBITDA was USD 1.3 million against adjusted EBITDA of USD 39.4 million a year ago. Adjusted loss per share was USD 0.53 against USD 0.05 a year ago.

For the quarter, the company reported impairments changes of USD 4,154,000.

For the quarter, the company reported shipments owned and operated mines of 13.0 tons against 19.7 tons a year ago.

Given the very slow first quarter to the year, the company lowered the mid-point of its estimated full year shipments by 4.5 million tons and lowered the mid-point of adjusted EBITDA guidance by USD 5 million. This revised adjusted EBITDA estimate assumes significantly increased shipments in the second half of the year and that customers who do not wish to take their contracted coal compensate appropriately. For the year 2016, the company expects adjusted EBITDA of USD 75 million - USD 100 million, net interest expense of approximately USD 46 million, depreciation, depletion, amortization, and accretion of USD 100 million and capital expenditure of USD 25 million - USD 40 million.

For the year 2016, the company expects coal shipments for the three mines of 60 million tons - 65 million tons. For the year 2016, the company is currently committed to sell 63 million tons from its three mines. This volume is nearly all committed under fixed-price contracts with a weighted-average price of USD 12.72 per ton. For the year 2017, there are currently 42 million tons committed to sell from the three mines. Of this committed production, 39 million tons are under fixed-price contracts with a weighted-average price of USD 12.53 per ton.