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Massey Energy Company 2007 Annual Report Any X 26765

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Massey Energy Company 2007 Annual Report Any X 26765 Massey Energy Company Energy Massey 2007 MAssEy EnERgy CoMpAny Annual Report p.o. BoX 26765 RICHMonD, VA 23261 (804) 788-1800 Meet the energy behind massey energy Massey energy coMpany 2007 annual report finanCial highlights shareholder information Year Ended December 31, (In millions, except per share, per ton Common Stock Information Comparison of Cumulative Total Return for the and number of employees amounts) 2007 2006 2005 2004 2003 at February 15, 2008, there were 80,491,644 shares Period December 31, 2002 to December 31, 2007 outstanding and approximately 6,800 shareholders $ 800 Consolidated Statement of Income Data of record of Massey energy’s common stock. $ 700 produced coal revenue $ 2,054.4 $ 1,902.3 $ 1,777.7 $ 1,456.7 $ 1,262.1 Registrar and Transfer Agent $ 600 Total revenue SM 2,413.5 2,219.9 2,204.3 1,766.6 1,571.4 Wells Fargo Shareowner Services $ 500 Income (Loss) before interest and Shareowner relations Department $ 400 income taxes 179.7 111.0 (20.9) 46.2 (17.5) p.o. Box 64854 Income (Loss) before cumulative effect St. paul, Mn 55164-0854 $ 300 of accounting change 94.1 41.6 (101.6) 13.9 (32.3) For change of address, lost dividends or lost stock $ 200 net income (loss) 94.1 41.0 (101.6) 13.9 (40.2) certificates, write or telephone: $ 100 Income (Loss) per share – Basic Wells Fargo Bank, n.a. $ 0 p.o. Box 64874 Income (Loss) before cumulative effect 12/02 12/03 12/04 12/05 12/06 12/07 of accounting change $ 1.17 $ 0.51 $ (1.33) $ 0.18 $ (0.43) St. paul, Mn 55174-0874 (800) 813-2847 Massey energy Company S&p 600 SmallCap Index Bloomberg u.S. Coal Index Net income (loss) $ 1.17 $ 0.50 $ (1.33) $ 0.18 $ (0.54) Income (Loss) per share – Diluted Independent Auditors 12/02 12/03 12/04 12/05 12/06 12/07 Income (Loss) before cumulative effect ernst & Young llp Massey energy Company 100.0 215.6 364.0 396.1 244.6 378.3 901 e. Cary Street of accounting change $ 1.17 $ 0.51 $ (1.33) $ 0.18 $ (0.43) S&p 600 SmallCap Index 100.0 138.6 169.8 182.8 210.3 209.8 Suite 1000 Net income (loss) Bloomberg u.S. Coal Index 100.0 158.3 259.3 468.6 436.1 712.6 $ 1.17 $ 0.50 $ (1.33) $ 0.18 $ (0.54) richmond, Va 23219 the graph above compares the performance of Massey energy’s Annual Shareholders’ Meeting Dividends declared per share $ 0.17 $ 0.16 $ 0.16 $ 0.16 $ 0.16 common stock with that of the S&p 600 SmallCap Index and the Massey energy’s annual meeting of share holders will Bloomberg u.S. Coal Index, a published industry index. the Company is be held at 9:00 a.m. eDt on May 13, 2008 at: included as a composite member of the S&p 600 SmallCap Index and the Consolidated Balance Sheet Data Bloomberg u.S. Coal Index. the historical data provided above for both Jefferson Hotel Working capital the S&p 600 SmallCap Index and the Bloomberg u.S. Coal Index comes $ 522.6 $ 445.2 $ 670.8 $ 458.4 $ 443.2 101 West Franklin Street from Bloomberg professional Service and is based on the current Total assets 2,860.7 2,740.7 2,986.5 2,650.9 2,376.7 richmond, Va 23220 composition of each respective index. Long-term debt 1,102.7 1,102.3 1,102.6 900.2 784.3 Stock Trading shareholders’ equity Stock Price and Dividend Information 784.0 697.3 841.0 776.9 759.0 Massey energy’s stock is traded on the new York Stock price as of December 31, 2007 was $35.75: Stock Exchange. Common stock domestic trading symbol: Mee Other Data 2007 EBIT $ 179.7 $ 111.0 $ (20.9) $ 46.2 $ (17.5) Duplicate Mailings Quarter High low Dividend EBITDA $ 425.7 $ 341.5 $ 213.6 $ 270.8 $ 179.0 Shares owned by one person but held in different First $26.35 $ 21.55 $ 0.04 forms of the same name result in duplicate mailings Average cash cost per ton sold $ 43.10 $ 42.33 $ 35.62 $ 30.50 $ 28.23 Second $30.73 $ 23.97 $ 0.04 of shareholder information at added expense to produced coal revenue per ton sold $ 51.55 $ 48.71 $ 42.02 $ 36.02 $ 30.79 third $ 26.80 $ 16.01 $ 0.04 the Company. Such duplication can be eliminated Fourth Capital expenditures $ 270.5 $ 298.1 $ 346.6 $ 347.2 $ 164.4 only at the direction of the shareholder. please notify $37.99 $ 21.49 $ 0.05 Wells Fargo Shareowner ServicesSM in order to produced tons sold 39.9 39.1 42.3 40.4 41.0 eliminate duplication. Note Regarding Forward-Looking Statements this annual report and the Form 10-K included herein contain forward-looking Tons produced 39.5 38.6 43.1 42.0 41.0 tlanta Financial Information a statements as defined by the private Securities litigation reform act of 1995. number of employees 5,407 5,517 5,709 5,034 4,428 Inquiries from shareholders and security analysts / should be directed to: We caution readers that forward-looking statements and similar statements are subject to certain risks, trends and uncertainties that could cause actual cash All financial data should be read in conjunction with the audited Consolidated Financial Statements and Notes to Consolidated Financial Statements Investor relations flows, results of operations, financial condition, cost reductions, acquisitions, included in our Annual Report on Form 10-K for the period ended December 31, 2007, filed with the Securities and Exchange Commission on Massey energy Company dispositions, financing transactions, operations, expansion, consolidation, and p.o. Box 26765 other events to differ materially from the expectations expressed or implied in February 29, 2008, provided herein. see eye richmond, Va 23261 such forward- looking statements. any forward-looking statements are also subject (866) 814-6512 to a number of assumptions regarding, among other things, future economic, competitive and market conditions. Such forward-looking statements are based on Produced Coal revenue Cash margin/ton EBITDA Website Address facts and conditions as they exist at the time such statements are made as well as www.masseyenergyco.com predictions as to future facts and conditions, the accurate prediction of which may in billions in dollars in millions be difficult and involve the assessment of events beyond the Company’s control. $2.1 $8.45 $425.7 Investor E-Mail We disclaim any obligation to update these forward-looking statements unless $1.8 $1.9 [email protected] required by securities law, and we caution the reader not to rely on them unduly. $341.5 We have based any forward-looking statements we have made on our current $1.5 $6.40 $6.38 $5.52 $270.8 Ethics Hotline expectations and assumptions about future events and circumstances that are subject to risks, uncertainties and contingencies that could cause results to differ designed and produced by by designed and produced (888) 424-2417 $213.6 materially from those discussed in the forward-looking statements. We refer you to page “i” of the Form 10-K included in this annual report for a description of such items. additional information concerning these and other risks, uncertainties and con tingencies can be found in press releases as well as Massey energy’s previous public periodic filings with the Securities and exchange Commission. Such filings are available either publicly, under the Investor relations page of Massey energy’s 04 05 06 07 04 05 06 07 04 05 06 07 website: www.masseyenergy.com, or upon request from Massey energy’s Investor relations Department: (866) 814-6512. 1 1 our members 2007 a nergy nnual nnual e r eport Massey Massey We’d like to take this opportunity to express our thanks to the men and women of Massey Energy. These Massey members are our most important resource and their daily contributions drive our Company’s success. DEAR FELLOW SHAREHOLDERS: We are pleased to provide you with this report on a very successful 2007. By many measures, we had one of the best years in our long and proud history. We set a record for EBITDA, generating nearly $426 million. We increased our cash balance at year end by $126 million as compared to a year ago, even after returning $43 million to you in the form of dividends and repurchases of our common stock. 2 In addition to our financial success, we took a series of We are actively pursuing customer relationships and steps in 2007 that put us in a strong position to pursue other opportunities in south america, asia and europe nergy even greater accomplishments in 2008. We expanded as well. e our overseas markets, increased our domestic coal While expanding our reach in the global marketplace, reserves, improved our product mix and, most impor- we have maintained our focus on the fundamentals. our Massey Massey tantly, we launched an aggressive expansion plan that Company has been mining coal in Central appalachia will propel us into the next decade. our accomplish- for more than 50 years, and we believe we have the ments in 2007 and our future opportunities make this best and most productive workforce in the industry. We a very exciting time for Massey, our members and are committed to the safety and well-being of the more our shareholders. than 5,400 Massey members who are the backbone as nations around the world seek to balance economic of our Company.
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