Patriot Coal might
not turn a profit through 2018, according to a document filed with the U.S.
Bankruptcy Court in St. Louis
The projected
consolidated statement of operations shows a projected net loss of $391 million
this year but shrinking through 2018, when the loss is estimated to be $9
million.
Patriot predicts
an operating loss of $324 million this year and $69 million next year. It
projects operating margins of $39 million, $51 million, $57 million and $116
million in the four-year period beginning in 2015.
Interest expense
is projected to increase annually, from $57 million this year to $128 million
in 2018.
Assets are
expected to hold steady at $3.6 million to $3.65 million in the six-year time
frame, but liabilities are expected to increase, from about $1.96 million this
year to $2.43 million in 2018, with stockholder equity decreasing during
the period.
Patriot expects
production to increase from 22.1 million tons this year to 24.3 million tons in
2018. The mix between thermal coal and met coal will change, with met coal
amounting to about 30 percent of production this year to 41 percent in 2018.
