BNET Industries
Westmoreland Coal Co. (WLB) is in the Energy Industry
- Revenue
- Dec 31 2007
- $504.2M
- Profit
- Dec 31 2007
- ($21.7M)
- Market Cap
- Nov 28 2008
- $91.6M
Latest News and Analysis
COMPANY SHAKES UP EXECS AMID SEC PROBE
Westmoreland Coal Co. replaced its chief financial officer Wednesday and promoted three other executives to new accounting posts in the wake of two earnings restatements in 16 months. The move comes two days after the company told stockholders it is being investigatted by the Securities and Exchange...
SEC IS INVESTIGATING ACCOUNTING ERRORS
Federal securities regulators are investigating Westmoreland Coal Co. for accounting errors that have forced the company to revise its earnings twice in the past 16 months. The Colorado Springs-based company revealed the probe Monday in a filing with the Securities and Exchange Commission that also disclosed that...
Westmoreland Completes Restatement; Reports Results for the Third Quarter of 2007; Extends Filing Date of Form 10-K for Year Ended December 31, 2007; Closes Roanoke Valley Project Refinancing
COLORADO SPRINGS, Colo. -- Westmoreland Coal Company (AMEX: WLB) reported today that it had completed the previously announced restatement to correct errors in the amounts recorded for the Company's post-retirement medical benefit obligations and related expenses, its stock-based compensation expense and its state income taxes. The Company has filed its...
Westmoreland Coal Company Signs Agreement with NRG Texas
COLORADO SPRINGS, Colo. -- Westmoreland Coal Company (AMEX:WLB) announced today that the Company's Texas Westmoreland Coal Co. subsidiary ("Texas Westmoreland") has entered into a new agreement with NRG Texas, LLC to continue to supply lignite from the Company's Jewett Mine to NRG Texas' Limestone Electric Generating Station.
Westmoreland Coal Company Redeems Washington Group International's Interest in Absaloka Mine
COLORADO SPRINGS, Colo. -- Westmoreland Coal Company (AMEX:WLB) announced today that its 80% owned subsidiary, Westmoreland Resources, Inc. ("WRI"), has redeemed Washington Group International's ("WGI") 20% ownership interest in WRI, which owns and operates the Absaloka Mine. The redemption leaves Westmoreland as the sole shareholder in WRI.
Westmoreland Coal Company Completes Sale of Power Operation and Maintenance Businesses
COLORADO SPRINGS, Colo. -- Westmoreland Coal Company (AMEX:WLB) announced today that it closed the sale of its power operation and maintenance businesses to North American Energy Services NAES on August 22, 2007. Included in the sale were operation and maintenance contracts for four power plants owned by Dominion Resources (Altavista,...
Colorado-based Westmoreland Coal Co. reports first quarter earnings
Westmoreland Coal Co. has reported first quarter 2006 pre-tax earnings of $7.6 million.
Westmoreland Coal Company Closes Sale of Coal Bed Methane Property
COLORADO SPRINGS, Colo. -- Westmoreland Coal Company (AMEX: WLB) announced today that the sale of North Central Energy Company's undivided mineral interests in two leases in southern Colorado, previously announced on February 9, 2006, has closed as of March 1, 2006. An independent oil and gas company purchased the mineral...
Texas Westmoreland Coal Co. and Customer Reach Agreement
COLORADO SPRINGS, Colo. -- Westmoreland Coal Company (AMEX: WLB) announced today that its subsidiary, Texas Westmoreland Coal Co., and Texas Genco II, LP, have agreed to modify certain terms of their existing coal supply arrangements.
Additional Resources
FIRM COULD RUN SHORT OF CASH
Westmoreland Coal Co. could run out of cash next month, leaving it unable to pay for retiree health care and other corporate expenses, unless it persuades a Montana bank to renew a line of credit that was extended to Nov. 28. The Colorado Springs-based company renewed the...
Coal firm widens its losses in quarter
Westmoreland Coal Co. widened its second-quarter loss by nearly two-thirds to $18.3 million, or $1.92 a share, largely as a result of charges stemming from refinancing debt on its mines and revenue lost during a 10-day strike at one of its mines. The Colorado Springsbased energy company...
EXPERIENCED EXECUTIVE NOW ON BOARD
Directors of Westmoreland Coal Co. have named an executive with a long history of leading corporate restructuring initiatives to a newly created seat on the company's board, the Colorado Springs- based energy company announced Wednesday. Michael D'Appolonia is president and chief executive of Kinetics Systems Inc.,...
COAL FIRM SAYS REFINANCING WILL ERASE ITS CASH CRUNCH
Westmoreland Coal Co. on Thursday said it refinanced the debt of its mining units with $150 million in loans and lines of credit that will end the company's cash crunch and provide additional funds to upgrade its mines. The Colorado Springs-based energy company received a $125...
WESTMORELAND POSTS OPERATING PROFIT
Westmoreland Coal Co. made an operating profit for the first time in a year during the first quarter, though one-time write-offs left it well in the red. The Colorado Springsbased energy company said Tuesday it generated $2.28 million in operating income in the January-to-March quarter. ...
A FIRM TURNAROUND
Westmoreland Coal Co. is a far different company a year after turnaround specialist Keith Alessi became chief executive of the troubled energy firm. Since replacing longtime Chairman Christopher Seglem last May, Alessi has sold off contracts to manage power plants, bought out a partner in Westmoreland's...
MINING INDUSTRY VETERAN TAKES REINS AS FIRM'S CEO
Veteran mining industry executive D.L. Lobb, who joined Colorado Springs-based Westmoreland Coal Co. on Monday as president and chief executive, was still learning his way around the company last week. Lobb, 50, had been group executive for two years of Peabody Energy Corp.'s Power River Basin...
SPRINGS COAL FIRM PICKS ITS PRESIDENT
Westmoreland Coal Co. directors on Monday elected D.L. Lobb as president and chief executive of the Colorado Springs-based energy firm. Lobb had been group executive of Peabody Energy Corp.'s Powder River Basin operations, based in Gillette, Wyo., which produces 160 million tons of coal annually, or...
PROFITS UNLIKELY BEFORE 2010
Westmoreland Coal Co. isn't likely to make a profit until 2010 even as it generates more than $80 million a year in cash, the company's CEO told investors Thursday. That's because accounting rules force the Colorado Springs-based energy company to defer much of the revenue generated...
COMPANY SHAKES UP EXECS AMID SEC PROBE
Westmoreland Coal Co. replaced its chief financial officer Wednesday and promoted three other executives to new accounting posts in the wake of two earnings restatements in 16 months. The move comes two days after the company told stockholders it is being investigatted by the Securities and...
SEC IS INVESTIGATING ACCOUNTING ERRORS
Federal securities regulators are investigating Westmoreland Coal Co. for accounting errors that have forced the company to revise its earnings twice in the past 16 months. The Colorado Springs-based company revealed the probe Monday in a filing with the Securities and Exchange Commission that also disclosed...
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- Incorporated: 1910
- CEO: Mr. D. L. Lobb
Westmoreland Coal is an energy company that is engaged principally in the production and sale of coal from surface mines in Montana, North Dakota and Texas; and the development and ownership of interests in cogeneration and other non-regulated independent power plants. As of Sep 30 2008, Co. owned five mines. Also, through Westmoreland Energy LLC and its direct and indirect subsidiaries, Co. owned the ROVA power project. ROVA consists of two coal-fired units with a total generating capacity of 230 megawatts.
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Westmoreland Coal Co. Company Info
Board of Directors
Mr. Keith E. Alessi
Executive Chairman
Mr. Robert E. Killen
Mr. D. L. Lobb
Mr. Michael R. D'Appolonia
Mr. Thomas J. Coffey
Mr. Richard M. Klingaman
Mr. William M. Stern
Contact Information
2 North Cascade Avenue
14th Floor
Colorado Springs, CO
719 442-2600