In recent years, our operational and financial performance has been significantly impacted by the difficult conditions in our industry as well as the unique challenges that Patriot faces.
Reduced Coal Production due to Weak Market Conditions
Our management team has taken various actions in response to the weakened market conditions. In 2012, we reduced our coal production by 4.5 million tons compared with 2011. We also delayed expansion of our program to increase the production of higher-margin metallurgical coal.
Continuing Net Losses
The following information discusses certain financial data. Please see our most recent Form 10-K to view our most recent financial filing, including the risk factors and cautionary statements outlined in this document filed with the SEC.
Because of these financial challenges, our net income has continued to decline. Note that 2012 results were negatively impacted by a $258.3 million charge related to selenium water treatment liabilities, as well as $135.9 million related to our reorganization.
For our 2012 Form 10-K, click here.
Additional information regarding Patriot’s operational and financial performance is available in the Company’s Monthly Operating Reports at Patriotcaseinfo.com.
Monthly Operating Report – March 2013