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Patriot loss in February

EMBATTLED miner Patriot Coal Corporation has posted a $US47.15 million net loss for the month end...

Staff Reporter
Patriot loss in February

The company posted sales of $104.2 million for the month, along with almost $853,000 in “other revenues”

On top of that it had operating costs and expenses of $120.3 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 $37.9 million.

Interest payments, debtor-in-possession financing fees and reorganization items pushed that to the net loss of $47.1 million.

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

As at February 28, it had $242 million in cash and cash equivalents and $50 million in a cash collateral account.

Patriot Coal filed for Chapter 11 protection on July 9.

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