Item 2.02. Results of Operations and Financial Condition
Westmoreland Coal Company (the "Company") today reported financial results
for 2008. The Company reported a net loss applicable to common shareholders of
$49.9 million ($5.25 per diluted share) for 2008 compared to a net loss of
$23.2 million ($2.53 per diluted share) for 2007. The 2008 net loss includes
$13.3 million in charges related to various debt financings previously reported,
a $2.6 million expense for the settlement of two coal royalty claims, and a
$2.0 million restructuring charge. These items were partly offset by the
$0.9 million gain on the sale of our interest in the Ft. Lupton power project.
On March 13, 2009, the Company issued a press release announcing the
financial results for 2008. A copy of this press release is attached hereto as
Exhibit 99.1.
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