Step Into 2011 – Mathews Floor Fashions Giveaway – Great Lakes Radio, Inc.

March 31, 2011

Look below for the photos taken at the Step Into 2011 Giveaway brought to you by Great Lakes Radio. A very special thanks goes to Mathews Floor Fashions for supplying the $5000 grand prize of a home remodeling of your choice!

The Grand Prize winner was Linda Hillier! Congratulations to her and thank you to everyone for coming out! Also a very special thanks to all of our sponsors!

  • Mathews Floor Fashions
  • Island Resort and Casino
  • Wayne the Water Guy
  • Taco Bell
  • Cattron’s Lumber
  • Classic Auto Collision
  • Pike Distributing
  • Household Appliance
  • Globe Printing
  • Curran & Company
  • Cruise-N-Coffee
  • Duquaine Heating Cooling & Refrigeration
  • Big Valley Ford, Chrysler, Dodge & Jeep
  • BioLife Plasma Services
  • McLean Family Chiropractic and Wellness
  • Country Lanes Entertainment Center (Ishpeming)
  • Big Boy Of Marquette
  • Mama Russo’s Homemade Products and Catering
  • Our Great Lakes Radio Stations – WFXD 103.3 The Country Extreme, WKQS FM – Sunny 101.9, WRUP 98.3 FM – The Classic Rock Station, WQXO AM 1400 – The True Oldies Channel, WPIQ 92.7 – We Power Your I.Q. – Talk Radio

Step into 2011 – with New Flooring & Window Treatments

January 25, 2011

Step Into 2011 - Great Lakes Radio 1st Quarter Promotion

“Step into 2011” – New Flooring and Window Treatments.

Win $5000 to use toward carpet, area rugs, vinyl,  shades and shutters, ceramic, blinds, laminate,  solar screens, luxury tile and hardwoods.

From Mathews Floor Fashions and Great Lakes Radio!

2011 Q1- Step Into New Flooring and Window Treatments Giveaway

January 11, 2011

Thanks to the following Sponsors for Participating in this Event:

 

 



 

OFFICIAL CONTEST RULES FOR THE “Step into 2011” Giveaway ARE AS FOLLOWS:

Great Lakes Radio, Inc. General Contest Rules, Terms Of Use, Privacy Policy also apply. By participating in this contest, you agree that you have read all rules and agree to all terms and condition in the General Contest Rules, Terms Of Use, Privacy Policy.

The specific contest and entry rules for the Great Lakes Radio “Step into 2011” Giveaway are as follows:

Contest Starts on January 15, 2011 and ends on or about March 15, 2011.

Grand Prize of $5000.00 towards any items at Mathew’s Floor Fashions is brought to you by Mathew’s Floor Fashions and Great Lakes Radio. The grand prize will be given away at the Official Great Lakes Radio Giveaway Party on March 31, 2011.

All Finalists will be selected randomly from the many different ways one may enter. Selected eligible finalists will then be sent an invitation to attend the Official Giveaway event. To be eligible to WIN the Grand Prize, you must be 18yrs. of age, signed up at one of our sponsor locations, on-air or online, be randomly selected as a Finalist, receive an invitation by mail and be present at the Giveaway Party.

No purchase necessary. Grand Prize Winner is responsible for any taxes and/or fees associated with the Grand Prize.

How to register to WIN:

1. On-Air: Tune in to one of our local Upper Michigan, Great Lakes Radio, Inc. Stations including: Sunny 101.9fm WKQS – 103.3fm The Country Extreme WFXD – WRUP 98.3fm – WPIQ 92.7fm – WQXO am1400

To register on-air during a live radio broadcast on one of the Great Lakes Radio Stations listed above, listen for the DJ to request calls for this promotion, call the studio number announced over the radio and answer the question correctly to be registered for a chance to WIN.

Contestants may register for only ONE entry per Address.

2. Contestants may also register to be randomly selected as a Finalist by filling out the form completely and submitting at the Official Sponsor Registration Points listed below:

*Great Lakes Radio Studios at 3060 US 41 West, Marquette MI 49855

*WQXO am1400 at the Navigator Restaurant in Munising MI 49862

*Mathew’s Floor Fashions Marquette, MI 49855

*Cattron’s Lumber Negaunee, MI 49866

*Classic Auto Collision Escanaba or Marquette, MI 49855

*Taco Bell Marquette, MI 49855

*BioLife Plasma Services Marquette, MI 49855

*Curran and Company Marquette, MI 49855

*BioLife Plasma Services Marquette, MI 49855

*Globe Printing Ishpeming, MI 49849

*McLean Family Chiropractic Marquette, MI 49855

*Big Boy Restaurant US 41 Marquette, MI 49855

Entries submitted at any of the above Official Sponsor Registration Points will be collected on March 1, 2011. All collected registrations will be selected for finalists at random by Great Lakes Radio, Inc. personnel.

3. Contestants may also register online at the following Official Radio Station Websites with a One-Time Web entry. Contestants can enter at any of the following station sites:

*http://www.wkqsfm.com

*http://www.wfxd.com

*http://www.wrup.com

Great Lakes Radio management reserves the right to modify these rules at any time without prior notice. On each contest, certain people, groups or businesses may be excluded based upon relationships to the prize, to the company or giveaway process. In this case, decisions made by Great Lakes Radio, Inc. management are final.

If you have questions please refer to the Official General Contest Rules or call 906-228-6800

Great Lakes Radio Live Reads Through March 15, 2011

January 25, 2011

  • Mathews Floor Fashions on West Washington of Marquette –
    Step into 2011 on a new floor. We have a $5,000 Free flooring certificate for you to win. It comes from Mathews Floor Fashions on West Washington. If you register, you could Choose new carpet, new tile, wood flooring, have a walk in shower tiled, or even get 5grand in new window treatments. To win, stop into Mathews, fill out the little yellow slip by the white bucket. Register at Mathews located by KFC on West Washington, Marquette
  • HOUSEHOLD APPLIANCE & BEDROOM GALLERY
    There’s good news; our economy seems to be turning. 2011 is going to be a better year! And if you register today, maybe you can Step into 2011 on a brand new floor. To win, Visit Household Appliance and Bedroom Gallery and register to win the $5,000 Mathews certificate. Have you seen the new Amish furniture collection? Or all the new washers and dryers and appliances, and check out the new Donald Trump Mattress collection. Mattresses start at $99. So stop by Household, put your name on that little yellow piece of paper at Household Appliance and Bedroom Gallery, on US41, Marquette.
  • MCLEAN FAMILY CHIROPRACTIC
    This is going to be a better year.  That’s what the experts are saying. The UP’s economy is going strong. Plus we have a $5,000 Mathews flooring certificate to give someone. Dr John and Dr Sandy Mclean would love you to win the 5 grand. Register today at Mcleans by Econo foods and Jefffrey’s. Hundreds of adjustemnts are done every month, massages are offered, the new burst training is available, vitamin D is in stock which will make you feel better this winter and you’ll fight colds much better. So get healthy in 2011 live it to the Max… Call Mclean for an appointment at 228-2600, or log on to mqtmax.com.
  • GLOBE PRINTING
    We have a generous $5,000 Mathews Flooring certificate to give some local person in our area. Stacey and Kurt at Globe Printing, downtown Ishpeming hope you win it. That’s why Globe is OUR downtown Ishpeming registration point. Stop at Globe & Check out the Graduation & wedding announcements, the huge color banners, custom silk screened uniforms for your teams, and those cool new sports posters you can make of your kids playing basketball or what ever sport they do. Open 8 til 4, downtown Ishpeming, register to win 5 grand at Globe Printing!
  • CATTRONS LUMBER
    Top economists say 2011 is a transitional year with the economy coming back. It’s time to build! And we’re here to help, with a free new $5,000 floor from Mathews. In Negaunee, stop by Cattrons Lumber. Terry and Curt and everybody at Cattrons would love to have the winner come from Cattrons. There’s FREE pop corn and hot coffee ready for you to enjoy. Sit down with Dennis & Plan your project, a new deck, new garage, or a fres roomy edition. Cattron’s building experts make it Easy. There’s Valspar paint to freshen the interior of your home this winter, save on long lasting Power tools in stock, and quality garage doors are on sale. So Register for that $5,000 flooring certificate today in Negaunee at Cattrons Lumber.
  • BIG VALLEY EWEN
    Stop into 2011 on a brand new floor from Mathews Floor Fashions on West Washington. It’s EASY to win if you stop into Big Valley Ford Chrysler in Ewen and register. Nobody on the West end has such a nice new and used selection. Hundreds are in stock! Big Valley has a registration bucket right in their showroom by the front door there in Ewen. So for an awe-sum new or used truck deal, call Bruce or Russ at 988-2323 or check out bigvalley.biz
  • CURRAN & CO. – CRUISE-N-COFFEE – PIKE – DUQUAINE
    2011 has been named the year of transition. Experts say our economy is coming back. Locally everybody seems to be working. There’s thousands of Good jobs at the mine and MORE new mining jobs on the way, our Hospitals are going strong, our Universities have record enrollments, Boss Snow Plows in Iron Mtn is doubling it’s work force in the next few years, Marineette Marine is building millions in ships…It’s getting better locally, and we are your radio station helping you make you home nicer this year. We want you to have a free, $5,000 flooring certificate from Mathews Floor Fashions on West Washington. We are noticing the indicators of a strong local economy, and we’d like to point out others that agree that things are getting better locally. Mark and Melissa at Curran and Company with quality housing for you to look at… your favorite Coffee STOP , Cruise-N-Coffee… a special thanks to Pike Distributing and Labattes for looking to a better 2011…. and from the guy that sells the best air conditioner and furnace there is, it’s hard to stop a Trane from Duquaine. Thanks Mark at DUQUAINE. So Keep listening to win our FREE $5,000 flooring certificate, from Mathews, and (station).
  • BIO LIFE
    Step into 2011 on a brand new $5,000 floor from Mathews. To win this incredible flooring certificate, stop at Bio-Life Plasma Services of Marquette on Holly street. You know what people like about Bio-life? When you donate you’ll help save a life, you get paid for that, and donors can take a computer and their kids. You will Enjoy the convenience of free wireless internet and a Supervised Playroom for the children at Bio-life Plasma Services Marquette! Register to win 5 grand in flooring today at Biolife!
  • TACO BELL
    Step into 2011 on a brand new floor from Mathews of Marquette. Somebody listening to us is going to win 5 grand in flooring. Think outside the bun and register at Taco Bell of Marquette. Fill up with the new Volcano meal for 5 bucks. It’s hot and crunchy and good at Taco Bell. It might be your year! Stop by and fill out that little yellow form at Taco Bell Marquette

NMU Board Receives Transformational Report Draft

December 17, 2018

Marquette, MIDecember 17, 2018 – The Northern Michigan University Board of Trustees received a draft of the Strategic Resource Allocation (SRA) report from the implementation task force. The SRA project aligns with the university’s strategic plan by identifying opportunities for transformational change and reallocating resources to implement them. Beginning last year, it reviewed more than 600 academic and support programs campus-wide. The draft report extends beyond the individual program summaries to recommend several transformation initiatives.

“I think this project has had a real impetus in helping our campus realize the significant opportunity to shape Northern’s future in ways that continue to move us into the ranks as one of the nation’s premier rural universities,” said NMU President Fritz Erickson.

Academic initiatives include enabling NMU students to diversify their experience by acquiring knowledge and skill sets from multiple areas that will equip them for an ever-changing workplace. As a starting point toward that goal, the implementation task force recommends two actions: requiring fewer credit hours for majors and bachelor’s degrees; and discontinuing the minor as a graduation requirement, though students would still have the option to choose one.

A second initiative would replace the associate of applied science in general university studies, with its 62 concentrations, with either an associate of arts or associate of science general studies degree. Remaining recommendations include reviewing the demand for and alignment of all secondary education programs; creating a new Honors College and a new College of Graduate Studies and Research; and restructuring academic organization to increase synergy and streamline processes.

The draft report also outlines 10 suggested support transformation initiatives:

  • Combine the Beaumier U.P. Heritage Center, the Center for U.P. Studies and the oversight of the Beaumier Alumni Welcome Center under one director.
  • Redefine the role of the Multicultural Education and Resource Center in supporting Northern’s university-wide diversity and inclusion efforts.
  • Develop an enhanced advising and student-faculty mentoring model.
  • Remodel the First-Year Experience Program, including Freshman Seminar.
  • Expand Career Services’ role in internships, corporate and alumni relations and use of next-generation technology in career planning and placement.
  • Restructure Northern’s international student services, recruitment and activities, as well as faculty international activities.
  • Re-envision the model for the Center for Student Enrichment to ensure success.
  • Create a distinct unit that responds to changes in student preferences by quickly developing and launching experimental academic programs.
  • Complete the external review of and new strategic plan for Wildcat Athletics.
  • Create more collaboration between custodial and maintenance service units.

“It’s been a tremendously good process and, for me personally, very educational,” said Board Chair Robert Mahaney. “I’ve come to learn and appreciate so much more about both the academic and support sides of the university. We’re excited to see this move forward to the next chapter and begin the implementation process. This reallocation and investment in new, innovative programming is going to help us achieve the mission and vision of the university. Great job to everyone involved; let’s move forward with it.”

Vice chair Steve Mitchell added, “An enormous amount of time was spent by a large number of people to put this together. It was a huge project and I just want to say we’re aware and appreciative of the hard work that so many put into it.”

Campus feedback on the draft is being accepted from faculty, staff and students through Jan. 20. A final report will be submitted to the NMU Board of Trustees for approval in May.

In other action at today’s meeting, the board:

-Agreed to rename three campus facilities. Edgar L. Harden Learning Resources Center will be renamed Elizabeth and Edgar Harden Hall and called Harden Hall. The New Science Facility will become Kathleen Shingler Weston Hall, named for a 1929 alumna and the first female graduate to go on to complete a medical degree. The atrium in the New Science Facility will be named the David J. Lucas Atrium in honor of the longtime physics professor and department head.

-Re-elected Robert Mahaney chair and Steven Mitchell vice chair of the board for calendar year 2019.

-Approved the appointment of Rob Winn as dean of the College of Arts and Sciences, effective Jan. 1. He had been serving as interim dean.

-Accepted the WNMU-TV and WNMU-FM financial statements for fiscal year 2017-18.

-Granted Patricia Hogan the rank of professor emeritus of Health and Human Performance.

-Presented previously approved trustee emeritus status to Sook Wilkinson of Bloomfield Hills, who served on the board from 2009-16, including one year as chair.

-Recognized two outgoing trustees and NMU alumni whose terms end Dec. 31: Scott Holman (’65 BS) and Rick Popp (’88 BS; ’90 MPA). Holman was appointed to the board to fill a resignation-related vacancy for the remainder of the term. He had previously served eight years as a trustee, with one year as chair. He has a bachelor’s degree in business from NMU and is a past recipient of the Distinguished Alumni award. Popp was appointed by Gov. Rick Snyder in January 2011 and served two terms as chair.of the board. He holds a master’s degree in public administration, with an emphasis in personnel and labor relations, and a bachelor’s degree in computer science from NMU. He also was inducted into the NMU Sports Hall of Fame.

-Announced the board standing committees for the 2019 calendar year. Academic Affairs Chair Tami Seavoy will be will be joined by Alexis Hart and new trustee Stephen Young, with Mahaney and Erickson as ex officio members. Finance Chair James Haveman will be joined by Lisa Fittante and new trustee Travis Weber, with Mahaney and Erickson ex officio. The executive committee will be composed of Haveman, Mahaney, Seavoy and Mitchell, with Erickson ex officio. Ad Hoc Policy Chair Alexis Hart will be joined by Haveman, Seavoy and Mahaney as ex officio.

-Approved academic calendars for 2020-21 and 2021-22.

State Recognizes the First MAEAP Verified Woodland – Oct. 21

October 21, 2015

Menominee, MichiganOctober 21, 2015 – Warren Suchovsky of Stephenson in Menominee County, became the state’s first landowner to achieve the Forest, Wetlands and Habitat System verification under the Michigan Agriculture Environmental Assurance Program. MAEAP is housed within the Michigan Department of Agriculture and Rural Development with local technical assistance for this verification provided by the Menominee County Conservation District.

“I am pleased to announce that Mr. Suchovsky has taken the steps necessary to become the first Forest, Wetlands and Habitat System verification. This verification underscores agricultural producers and landowners long-term commitment to protecting the environment while maintaining economic success,” said MDARD Director Jamie Clover Adams. “Michigan is leading the way nationwide in effective stewardship practices with the voluntary, incentive-based MAEAP program.”

“The MAEAP forest, wetlands and habitat system requires the development of a management plan based upon the landowner’s objectives to maximize the economic impact for themselves while also instituting good management practices enhancing the benefits to wildlife, water quality, and the overall environment,” said Suchovsky.

MAEAP is a multi-year program allowing producers to meet personal objectives, while best managing both time and resources. The program encompasses four systems designed to help producers evaluate the environmental risks of their operation. Each system – Livestock; Farmstead; Cropping; and Forestry Wetlands and Habitat – examines a different aspect of an operation as each has a different environmental impact. By participating in all four systems, producers can comprehensively evaluate their entire operation for potential environmental risks.

“The MAEAP process serves as a learning tool allowing landowners to evaluate best practices and areas for improvement on their forestland increasing the protection of wildlife, their forest and wetlands,” said A.J. Campbell, FAP forester, Dickinson and Menominee Conservation Districts.

To become MAEAP verified, the landowner must complete three comprehensive steps which include attending an educational seminar, conducting a thorough on-farm risk assessment, and developing and implementing an action plan addressing potential environmental risks. MDARD conducts an on‑farm inspection to verify program requirements related to applicable state and federal environmental regulations, as well as other beneficial management practices. When completed, the producer receives a certificate of environmental assurance. To remain a MAEAP verified farm, inspections must be conducted every five years.

In March of 2011, Governor Rick Snyder signed Senate Bill 122 and House Bill 4212, now Public Acts 1 and 2 of 2011, to codify the Michigan Agriculture Environmental Assurance Program into law.

For more information, visit the MAEAP website at www.maeap.org or contact Joe Kelpinski, MDARD’s MAEAP Program Manager, at 517-241-4730.

Cliffs Natural Resources Inc. Reports Full-Year 2013 Revenue of $5.7 Billion; Cash Flow from Operations More Than Doubles to $1.1 Billion

February 13, 2014

Net Debt Reduced to $2.7 Billion; Year-over-year SG&A and Exploration Expenses Decrease 32% or $135 Million

  • Fourth-quarter Results Include $183 Million in Pre-tax Wabush-related Charges and Chromite Project Goodwill Impairment of $81 Million
  • Full-year 2014 Capital Expenditure Expectation Range of $375 – $425 Million, over 50% Lower Than Full-year 2013 Capital Expenditures Results of $862 Million

 

CLEVELAND-Feb. 13, 2014-Cliffs Natural Resources Inc. (NYSE: CLF) (Paris: CLF) today reported fourth-quarter and full-year results for the period ended Dec. 31, 2013. Full-year revenues of $5.7 billion decreased $181 million, or 3%, from the previous year. The lower revenues were primarily driven by slightly lower global iron ore sales volumes and significantly lower market pricing for metallurgical coal products. This was partially offset by a 12% increase in coal sales volumes. Cost of goods sold decreased by 3% to $4.5 billion driven by lower cost rates for Cliffs’ North American Coal business and favorable foreign exchange rates. For the full year, Cliffs recorded net income attributable to Cliffs’ shareholders of $414 million, or $2.37 per diluted share, compared with a net loss of $899 million, or $6.32 per diluted share, in 2012. The full-year results for both 2013 and 2012 include special item charges related to certain asset and goodwill impairments and noncontrolling interest adjustments. Excluding these special items, which are detailed in the attached “Non-GAAP Reconciliation”, full-year 2013 adjusted net income attributed to Cliffs’ shareholders was $672 million, or $3.85 per diluted share, higher than full-year 2012’s adjusted net income of $493 million, or $3.46 per diluted share.

Gary Halverson, Cliffs’ President and Chief Executive Officer, said, “Through a Company-wide focus to improve our cost profile and financial position, we ended the year with over a billion dollars in cash flow from operations, paid down the entire balance on our revolving credit facility, and achieved $1.5 billion in adjusted EBITDA. Looking ahead, sharper capital allocation that increases shareholder value must drive our decisions. The first step in this process is significantly cutting our capital spending and idling and or exploring alternatives for underperforming assets in our portfolio.”

Fourth-Quarter Consolidated Results

Fourth-quarter 2013 consolidated revenues decreased slightly to $1.5 billion driven by lower market pricing and sales volumes for metallurgical coal products. This was partially offset by a 10% increase in global seaborne iron ore pricing to an average of $135 per ton for a 62% Fe fines product (C.F.R. China). Cost of goods sold decreased by 6% to $1.2 billion, primarily driven by favorable foreign exchange rates, lower costs at Wabush Mine, and lower cost rates for Cliffs’ North American Coal business. Lower cost of goods sold resulted in a 23% increase in consolidated sales margin to $295 million, from $239 million in last year’s comparable quarter.

 

Cliffs’ fourth-quarter 2013 SG&A expenses were $64 million and included $8 million in severance-related costs. Excluding these costs, fourth-quarter 2013 SG&A expenses were $56 million, an 18% decrease when compared to the year-ago quarter of $68 million, which also excludes $12 million of special items. Year-over-year exploration expenses decreased $35 million, or 72%, to $13 million in the fourth quarter of 2013. The decrease was driven by the Company’s initiative to reduce exploration spending, as well as to scale back on chromite project-development spending. During the fourth quarter of 2013, Cliffs announced it was indefinitely suspending major components of its Chromite Project in Northern Ontario given the uncertain timeline and risks associated with the development of necessary infrastructure to bring this project online.

 

As previously disclosed, during fourth-quarter 2013, the Company recorded $183 million in charges related to its Wabush Mine in Eastern Canada. These charges were comprised of a $155 million non-cash asset impairment charge, which was reflected within the goodwill and long-lived asset impairment line on the consolidated income statement, and a $28 million supplies inventory write-down charge, which was reflected in the fourth quarter of 2013’s cost of goods sold line item. Also during the quarter, Cliffs recorded a non-cash goodwill impairment charge of $81 million related to the aforementioned suspension of its Chromite Project.

 

Fourth-quarter 2013 miscellaneous – net income increased to $50 million and was comprised of: $45 million in proceeds from insurance recoveries primarily related to the Company’s North American Coal mines, a favorable impact of $28 million related to foreign currency exchange remeasurements, and an unfavorable penalty of $16 million incurred from a minimum tonnage rail shipment contract obligation not being met as a result of the delay in the Bloom Lake Phase II expansion.

Fourth-quarter 2013 results included an income tax benefit of $14 million versus an expense of $491 million reported in the previous year’s comparable quarter. As previously disclosed, the prior year’s fourth quarter income tax expense included $541 million in non-cash valuation allowances related to two of the Company’s deferred tax assets.

 

For the fourth quarter of 2013, Cliffs recorded net income attributable to Cliffs’ common shareholders of $31 million, or $0.20 per diluted share, compared with a loss of $1.6 billion, or $11.36 per diluted share, in the fourth quarter of 2012. Excluding the special items detailed in the attached “Non-GAAP Reconciliation,” fourth-quarter 2013 adjusted net income attributable to Cliffs’ shareholders was $218 million, or $1.22 per diluted share, up from $89 million, or $0.63 per diluted share, in the fourth quarter of 2012.

 

U.S. Iron Ore

  Three Months Ended
December 31, Year Ended
December 31,  2013 2012 2013 2012

Volumes – In Thousands of Long Tons

Total sales volume 6,204  6,234  21,299  21,633 Total production volume 5,494  6,253  20,271  21,992Sales Margin – In Millions

Revenues from product sales and services

$773.7  $780.6  $2,667.9  $2,723.3 Cost of goods sold and operating expenses 518.9  513.3  1,766.0  1,747.1Sales margin

$254.8  $267.3  $901.9  $976.2Sales Margin – Per Long Ton

Revenues from product sales and services*

$112.70  $112.06  $113.08  $114.29Cash cost**

65.51  64.55  65.08  64.50Depreciation, depletion and amortization

6.13  4.64  5.65  4.66Cost of goods sold and operating expenses*

71.64  69.19  70.73  69.16 Sales margin $41.06  $42.87  $42.35  $45.13

 

* Excludes revenues and expenses related to domestic freight, which are offsetting and have no impact on sales margin. Revenues per ton also exclude venture partner cost reimbursements.

 

** Cash cost per ton is defined as cost of goods sold and operating expenses per ton less depreciation, depletion and amortization per ton.

U.S. Iron Ore pellet sales volume was relatively flat in the fourth quarter of 2013 compared to the prior year. During the quarter, there was increased domestic demand and a catch-up of tonnage resulting from the end of a customer’s force majeure. This was offset by lower sales volume from the expiration of a customer contract.

 

Fourth-quarter 2013 revenues per ton were $112.70, up 1% from $112.06 in the year-ago quarter. The increase was primarily attributable to higher pricing for one customer due to the reset of their contract base rate. This was partially offset by customer mix, increased sales to seaborne customers, which have lower realized pricing due to higher freight and handling costs, and an unfavorable true-up on hot-rolled steel pricing.

 

Cash cost per ton in U.S. Iron Ore was $65.51, up 1% from $64.55 in the prior year’s fourth quarter. The slight increase was due to lower production volumes and the resulting unfavorable impact on the mines’ cost-per-ton rate.

 

Eastern Canadian Iron Ore

 

  Three Months Ended
December 31, Year Ended
December 31,  2013 2012 2013 2012Volumes – In Thousands of Metric Tons        Total sales volume 2,164  2,295  8,551  8,934 Total production volume 2,326  2,326  8,655  8,515 Sales Margin – In Millions        Revenues from product sales and services $235.3  $231.1  $978.7  $1,008.9 Cost of goods sold and operating expenses 286.3  309.5  1,082.0  1,130.3 Sales margin $(51.0) $(78.4) $(103.3) $(121.4)Sales Margin – Per Metric Ton        Revenues from product sales and services $108.73  $100.70  $114.45  $112.93Cash cost*

110.03  116.56  105.66  108.59 Depreciation, depletion and amortization 22.27  18.30  20.87  17.93 Cost of goods sold and operating expenses 132.30  134.86  126.53  126.52Sales margin

$(23.57) $(34.16) $(12.08) $(13.59)

 

*Cash cost per ton is defined as cost of goods sold and operating expenses per ton less depreciation, depletion and amortization per ton.

 

Eastern Canadian Iron Ore sales volume was 2.2 million tons, a decrease of 6% versus the prior year’s quarter. The decrease was primarily driven by December’s extremely cold weather, which limited the loading of ships at the Pointe Noire port. During the fourth quarter of 2013, sales volume at Bloom Lake Mine was 1.3 million tons, down 6%, from 1.4 million tons in the prior year’s quarter. Wabush Mine sold 670,000 tons of iron ore concentrate and 150,000 tons of iron ore pellets versus 900,000 tons of iron ore pellets in the prior year’s comparable quarter.

 

Revenues per ton in Eastern Canadian Iron Ore were $108.73, up 8% from $100.70 in the prior year’s fourth quarter. The higher per-ton revenues were attributable to a 10% year-over-year increase in seaborne iron ore pricing and higher quality premiums versus the prior year. During the quarter, Bloom Lake and Wabush Mine realized quality premiums of $12 and $8 per ton, respectively. These increases were partially offset by the quarter’s product mix, which was comprised of a higher proportion of iron ore concentrate versus pellets compared to the prior year’s fourth quarter, and higher freight rates.

 

Cash cost per ton in Eastern Canadian Iron Ore was $110.03, down 6% from $116.56 in the year-ago quarter. Fourth-quarter 2013 cash costs at Wabush Mine were $143 per ton, down 14% from 2012’s comparable quarter, primarily due to the absence of pelletizing costs from the Pointe Noire pellet plant. Wabush Mine’s fourth-quarter 2013 cash costs included the previously mentioned supplies inventory write-down of $28 million, or $34 per ton.

 

The year-over-year decrease in Eastern Canadian Iron Ore’s cash costs per ton was partially offset by higher cash costs at Bloom Lake Mine of $90 per ton, an increase of 5% from the prior year’s comparable quarter. This was primarily due to higher mining costs driven by increased year-over-year strip ratios and additional overburden removal activities.

 

Asia Pacific Iron Ore

 

Three Months Ended
December 31,
Year Ended
December 31,
2013 2012 2013 2012
Volumes – In Thousands of Metric Tons
Total sales volume 2,978 2,841 11,043 11,681
Total production volume 2,723 3,237 11,109 11,260
Sales Margin – In Millions
Revenues from product sales and services $ 324.8 $ 284.0 $ 1,224.3 $ 1,259.3
Cost of goods sold and operating expenses 213.0 229.0 857.2 948.3
Sales margin $ 111.8 $ 55.0 $ 367.1 $ 311.0
Sales Margin – Per Metric Ton
Revenues from product sales and services $ 109.07 $ 99.96 $ 110.87 $ 107.81
Cash cost* 58.90 65.86 63.71 68.18
Depreciation, depletion and amortization 12.63 14.75 13.92 13.00
Cost of goods sold and operating expenses 71.53 80.61 77.63 81.18
Sales margin $ 37.54 $ 19.35 $ 33.24 $ 26.63

 

* Cash cost per metric ton is defined as cost of goods sold and operating expenses per metric ton less depreciation, depletion and amortization per metric ton.

 

Fourth-quarter 2013 Asia Pacific Iron Ore sales volume increased 5% to 3.0 million tons, from 2.8 million tons in 2012’s fourth quarter. The increase was attributable to the timing of shipments in 2013.

 

Revenues per ton for the fourth quarter of 2013 increased 9% to $109.07, from $99.96 in the prior year’s fourth quarter. The increase was primarily driven by higher market pricing and lump premiums. Revenues per ton for the fourth quarter of 2013 were unfavorably impacted by a foreign exchange hedging loss of $2 per ton versus a gain of $2 per ton in the prior year’s quarter.

 

Fourth-quarter 2013 cash cost per ton in Asia Pacific Iron Ore decreased 11% to $58.90, from $65.86 in 2012’s comparable quarter. The decrease was primarily due to favorable foreign exchange rate variances of $7 per ton.

 

North American Coal

 

Three Months Ended
December 31,
Year Ended
December 31,
2013 2012 2013 2012
Volumes – In Thousands of Short Tons
Total sales volume 1,777 1,913 7,274 6,512
Total production volume 1,685 1,855 7,221 6,394
Sales Margin – In Millions
Revenues from product sales and services $ 183.4 $ 240.2 $ 821.9 $ 881.1
Cost of goods sold and operating expenses 204.5 245.8 836.4 882.9
Sales margin $ (21.1 ) $ (5.6 ) $ (14.5 ) $ (1.8 )
Sales Margin – Per Short Ton
Revenues from product sales and services* $ 89.70 $ 110.14 $ 101.20 $ 119.79
Cash cost** 85.14 98.07 85.47 104.99
Depreciation, depletion and amortization 16.43 15.00 17.72 15.08
Cost of goods sold and operating expenses* 101.57 113.07 103.19 120.07
Sales margin $ (11.87 ) $ (2.93 ) $ (1.99 ) $ (0.28 )

 

* Excludes revenues and expenses related to domestic freight, which are offsetting and have no impact on sales margin.

 

** Cash cost per ton is defined as cost of goods sold and operating expenses per ton less depreciation, depletion and amortization per ton.

 

For the fourth quarter of 2013, North American Coal sales volume was 1.8 million tons, a 7% decrease from the 1.9 million tons sold in the prior year’s comparable quarter. The decrease was due to lower domestic demand and export sales. Also, in the prior year’s fourth quarter, Oak Grove Mine’s sales volume was higher due to catch-up commitments related to the severe weather damage force majeure.

 

North American Coal’s 2013 fourth-quarter revenues per ton were down 19% to $89.70, versus $110.14 in the fourth quarter of 2012. The year-over-year decrease was primarily driven by lower market pricing for metallurgical coal products and customer mix.

 

Cash cost per ton decreased 13% to $85.14, from $98.07 in the year-ago quarter. The decrease was primarily due to a lower year-over-year cost rate, driven by improved operating efficiencies.

 

 

Cash Flow and Liquidity

For the fourth quarter, Cliffs generated $460 million in cash from operations, versus generating $239 million in 2012’s comparable quarter. Full-year 2013 cash flow from operations increased 123% over full-year 2012 to $1.1 billion. The full-year and fourth-quarter increases in cash flow from operations were primarily driven by lower exploration and SG&A expenses, working capital improvements and the collection of insurance proceeds. Also, full-year 2012 cash flow from operations was unfavorably impacted as the period included large tax payments related to 2011’s higher-than-expected profitability. The Company reduced capital expenditures by 64% to $119 million in the fourth quarter of 2013 versus spending $334 million in the prior year’s fourth quarter, driven by decreased spending in Eastern Canada.

 

Cliffs’ strong fourth quarter operating cash flow enabled the Company to pay down its revolving credit facility in its entirety and end the year with $336 million of cash and cash equivalents. At year end, Cliffs had $3.0 billion in total long-term debt, including the Company’s equipment loan financing. During the fourth quarter of 2013, Cliffs received $103 million from equipment loan financing arrangements.

 

Cliffs reported depreciation, depletion and amortization of $155 million during the fourth quarter of 2013.

 

Outlook

In 2014, Cliffs expects accelerating economic growth in the United States to support domestic steel production and thus demand for steelmaking raw materials. The Company expects China’s economy will expand at a pace near the official government target rate, primarily driven by fixed asset investment. As a result, increased steel production will continue to require both domestic and imported steelmaking raw materials to satisfy demand. Growth in these key markets is anticipated to provide continued demand for Cliffs’ products.

 

Due to the commodity pricing volatility for the products Cliffs sells and for the purpose of providing a full-year outlook, Cliffs will utilize the year-to-date average 62% Fe seaborne iron ore spot price as of Jan. 31, 2014, which was $128 per ton (C.F.R. China), as a base price assumption for providing its full-year 2014 revenues-per-ton sensitivities for the Company’s iron ore business segments. With $128 per ton as a base price assumption for full-year 2014, included in the table below is the expected revenues-per-ton range for the Company’s iron ore business segments and the per-ton sensitivity for each $10 per ton variance from the base price assumption.

 

2014 Full-Year Realized Revenue Sensitivity Summary (1)
U.S.

Iron Ore (2)

Eastern Canadian

Iron Ore (3)

Asia Pacific

Iron Ore (4)

Revenues Per Ton $105 – $110 $95 – $100 $100 – $105
Sensitivity Per Ton (+/- $10) +/- $2 +/- $9 +/- $9
(1) Based on the average year-to-date 62% Fe seaborne iron ore fines price (C.F.R. China) of $128 per ton as of Jan. 31, 2014.
(2) U.S. Iron Ore tons are reported in long tons.
(3) Eastern Canadian lron Ore tons are reported in metric tons, F.O.B. Eastern Canada.
(4) Asia Pacific Iron Ore tons are reported in metric tons, F.O.B. the port.

 

The revenues-per-ton sensitivities consider various contract provisions and lag-year adjustments contained in certain supply agreements. Actual realized revenues per ton for the full year will depend on iron ore price changes, customer mix, freight rates, production input costs and/or steel prices (all factors contained in certain of Cliffs’ supply agreements).

 

U.S. Iron Ore Outlook (Long Tons)

For 2014, Cliffs is maintaining its full-year sales and production volume expectation of 22 – 23 million tons from its U.S. Iron Ore business.

 

The U.S. Iron Ore revenues-per-ton sensitivity included within the 2014 revenue sensitivity summary table above also includes the following assumptions:

  • 2014 average hot-rolled steel pricing of approximately $640 per ton
  • 25 – 30% of the expected 2014 sales volume is linked to seaborne iron ore pricing

 

Cliffs’ full-year 2014 U.S. Iron Ore cash-cost-per-ton expectation is $65 – $70. This expectation includes the year-over-year fixed cost leverage from higher sales volumes; however, this is more than offset by increased planned maintenance activity. Depreciation, depletion and amortization for full-year 2014 is expected to be approximately $7 per ton.

 

Eastern Canadian Iron Ore Outlook (Metric Tons, F.O.B. Eastern Canada)

Cliffs’ full-year 2014 Eastern Canadian Iron Ore expected sales and production volumes are 6 – 7 million tons, comprised of virtually all iron ore concentrate. This includes 500,000 tons from Wabush Mine and the remainder from Bloom Lake Mine.

 

The Eastern Canadian Iron Ore revenues-per-ton sensitivity is included within the 2014 revenues-per-ton sensitivity table above. Full-year 2014 cash cost per ton in Eastern Canadian Iron Ore is expected to be $85 – $90. Depreciation, depletion and amortization is expected to be approximately $25 per ton for full-year 2014.

 

Asia Pacific Iron Ore Outlook (Metric Tons, F.O.B. the port)

Cliffs’ full-year 2014 Asia Pacific Iron Ore expected sales and production volumes are 10 – 11 million tons. The product mix is expected to be approximately half lump and half fines iron ore.

 

The Asia Pacific Iron Ore revenues-per-ton sensitivity is included within the 2014 revenues-per-ton sensitivity table above. Full-year 2014 Asia Pacific Iron Ore cash cost per ton is expected to be approximately $60 – $65, lower than the previous year’s cash costs primarily due to favorable foreign exchange rate assumptions. Cliffs anticipates depreciation, depletion and amortization to be approximately $14 per ton for full-year 2014.

 

North American Coal Outlook (Short Tons, F.O.B. the mine)

For 2014, Cliffs is increasing its North American Coal expected sales and production volumes to 7 – 8 million tons, driven by higher thermal coal production. The sales volume mix is anticipated to be approximately 67% low-volatile metallurgical coal and 21% high-volatile metallurgical coal, with thermal coal making up the remainder.

 

Cliffs’ full-year 2014 North American Coal revenues-per-ton outlook is $85 – $90. Cliffs has approximately 50% of its expected 2014 sales volume committed and priced at approximately $87 per short ton at the mine. The revenue-per-ton expectation includes all anticipated thermal coal sales volume for 2014, which realizes a lower price than the Company’s metallurgical coal products. Cash cost per ton is anticipated to be $85 – $90. Full-year 2014 depreciation, depletion and amortization is expected to be approximately $15 per ton.

 

The following table provides a summary of Cliffs’ 2014 guidance for its four business segments:

2014 Outlook Summary
U.S.

Iron Ore (1)

Eastern Canadian

Iron Ore (2)

Asia Pacific

Iron Ore (3)

North American

Coal (4)

Sales volume (million tons) 22 – 23 6 – 7 10 – 11 7 – 8
Production volume (million tons) 22 – 23 6 – 7 10 – 11 7 – 8
Cash cost per ton $65 – $70 $85 – $90 $60 – $65 $85 – $90
DD&A per ton $7 $25 $14 $15
(1) U.S. Iron Ore tons are reported in long tons.
(2) Eastern Canadian lron Ore tons are reported in metric tons, F.O.B. Eastern Canada.
(3) Asia Pacific Iron Ore tons are reported in metric tons, F.O.B. the port.
(4) North American Coal tons are reported in short tons, F.O.B. the mine.

 

SG&A Expenses and Other Expectations

The Company is reducing its year-over-year SG&A and exploration expenses by approximately $90 million. Full-year 2014 SG&A expenses are expected to be approximately $185 million. The decrease is primarily driven by expected reductions in employee-related expenses, outside services and legal settlements. Cliffs’ full-year cash outflow expectation for exploration and chromite-related spending is approximately $15 million.

 

Also, as previously disclosed, Cliffs is expected to incur approximately $100 million in costs related to the Wabush Mine idle. The Company expects its full-year 2014 depreciation, depletion and amortization to be approximately $600 million.

 

Capital Budget Update

Cliffs expects its full-year 2014 capital expenditures budget to be $375 – $425 million. This includes approximately $100 million in cash carryover capital, with the remainder primarily comprised of sustaining and license-to-operate capital.

 

Conference Call Information

Cliffs Natural Resources Inc. will host a conference call tomorrow, Feb. 14, 2014, at 10 a.m. ET. The call will be broadcast live and archived on Cliffs’ website: www.cliffsnaturalresources.com.

About Cliffs Natural Resources Inc.

Cliffs Natural Resources Inc. is an international mining and natural resources company. A member of the S&P 500 Index, the Company is a major global iron ore producer and a significant producer of high- and low-volatile metallurgical coal. Cliffs’ strategy is to continually achieve greater scale and diversification in the mining industry through a focus on serving the world’s largest and fastest growing steel markets. Driven by the core values of social, environmental and capital stewardship, Cliffs associates across the globe endeavor to provide all stakeholders operating and financial transparency.

The Company is organized through a global commercial group responsible for sales and delivery of Cliffs’ products and a global operations group responsible for the production of the minerals the Company markets. Cliffs operates iron ore and coal mines in North America and an iron ore mining complex in Western Australia.

 

News releases and other information on the Company are available on the Internet at: http://www.cliffsnaturalresources.com

 

Follow Cliffs on Twitter at: http://twitter.com/CliffsNR.

 

Forward-Looking Statements

This release contains statements that constitute “forward-looking statements” within the meaning of the federal securities laws. As a general matter, forward-looking statements relate to anticipated trends and expectations rather than historical matters. Forward-looking statements are subject to uncertainties and factors relating to Cliffs’ operations and business environment that are difficult to predict and may be beyond our control. Such uncertainties and factors may cause actual results to differ materially from those expressed or implied by the forward-looking statements. These statements speak only as of the date of this release, and we undertake no ongoing obligation, other than that imposed by law, to update these statements. Uncertainties and risk factors that could affect Cliffs’ future performance and cause results to differ from the forward-looking statements in this release include, but are not limited to: trends affecting our financial condition, results of operations or future prospects, particularly the continued volatility of iron ore and coal prices; uncertainty or weaknesses in global economic conditions, including downward pressure on prices, reduced market demand, increases in supply and any slowing of the economic growth rate in China; our ability to successfully identify and consummate any strategic investments or capital projects and complete planned divestitures; our ability to successfully integrate acquired companies into our operations and achieve post-acquisition synergies, including without limitation, Cliffs Quebec Iron Mining Limited (formerly Consolidated Thompson Iron Mining Limited); our ability to cost effectively achieve planned production rates or levels; changes in sales volume or mix; the outcome of any contractual disputes with our customers, joint venture partners or significant energy, material or service providers or any other litigation or arbitration; the impact of price-adjustment factors on our sales contracts; the ability of our customers and joint venture partners to meet their obligations to us on a timely basis or at all; our ability to reach agreement with our iron ore customers regarding modifications to sales contract pricing escalation provisions to reflect a shorter-term or spot-based pricing mechanism; our actual economic iron ore and coal reserves or reductions in current mineral estimates, including whether any mineralized material qualifies as a reserve; the impact of our customers using other methods to produce steel or reducing their steel production; events or circumstances that could impair or adversely impact the viability of a mine and the carrying value of associated assets, as well as any resulting impairment charges; the results of prefeasibility and feasibility studies in relation to development projects; impacts of existing and increasing governmental regulation and related costs and liabilities, including failure to receive or maintain required operating and environmental permits, approvals, modifications or other authorization of, or from, any governmental or regulatory entity and costs related to implementing improvements to ensure compliance with regulatory changes; uncertainties associated with natural disasters, weather conditions, unanticipated geological conditions, supply or price of energy, equipment failures and other unexpected events; adverse changes in currency values, currency exchange rates, interest rates and tax laws; availability of capital and our ability to maintain adequate liquidity and successfully implement our financing plans; our ability to maintain appropriate relations with unions and employees and enter into or renew collective bargaining agreements on satisfactory terms; risks related to international operations; the potential existence of significant deficiencies or material weakness in our internal controls over financial reporting; and problems or uncertainties with leasehold interests, productivity, tons mined, transportation, mine-closure obligations, environmental liabilities, employee-benefit costs and other risks of the mining industry. The information contained herein speaks as of the date of this release and may be superseded by subsequent events. Except as may be required by applicable securities laws, we do not undertake any obligation to revise or update any forward-looking statements contained in this release.

 

Important Additional Information

Cliffs, its directors and certain of its executive officers may be deemed to be participants in the solicitation of proxies from Cliffs shareholders in connection with the matters to be considered at Cliffs’ 2014 Annual Meeting. Cliffs intends to file a proxy statement with the U.S. Securities and Exchange Commission (the “SEC”) in connection with any such solicitation of proxies from Cliffs shareholders. CLIFFS SHAREHOLDERS ARE STRONGLY ENCOURAGED TO READ ANY SUCH PROXY STATEMENT AND ACCOMPANYING WHITE PROXY CARD WHEN THEY BECOME AVAILABLE AS THEY WILL CONTAIN IMPORTANT INFORMATION. Information regarding the ownership of Cliffs’ directors and executive officers in Cliffs shares, restricted shares and options is included in their SEC filings on Forms 3, 4 and 5. More detailed information regarding the identity of potential participants, and their direct or indirect interests, by security holdings or otherwise, will be set forth in the proxy statement and other materials to be filed with the SEC in connection with Cliffs’ 2014 Annual Meeting. Information can also be found in Cliffs’ Annual Report on Form 10-K for the year ended Dec. 31, 2012, filed with the SEC on Feb. 12, 2013. Shareholders will be able to obtain any proxy statement, any amendments or supplements to the proxy statement and other documents filed by Cliffs with the SEC for no charge at the SEC’s website at www.sec.gov. Copies will also be available at no charge at Cliffs’ website at www.cliffsnr.com or by contacting Carolyn Cheverine, Vice President, General Counsel & Secretary at (216) 694-7605. Shareholders may also contact D.F. King & Co., Inc., Cliffs’ proxy solicitor, toll-free at (800) 487-4870 or by email at cliffs@dfking.com.

SOURCE: Cliffs Natural Resources Inc.

INVESTOR RELATIONS AND GLOBAL COMMUNICATIONS CONTACTS:

 

Jessica Moran

Director, Investor Relations

(216) 694-6532

Patricia Persico

Director, Global Communications

(216) 694-5316

FINANCIAL TABLES FOLLOW

###

 

CLIFFS NATURAL RESOURCES INC. AND SUBSIDIARIES STATEMENTS OF UNAUDITED CONDENSED CONSOLIDATED OPERATIONS

(In Millions, Except Per Share Amounts)
Three Months Ended
December 31,
Year Ended
December 31,
2013 2012 2013 2012
REVENUES FROM PRODUCT SALES AND SERVICES
Product $ 1,417.8 $ 1,424.3 $ 5,346.6 $ 5,520.9
Freight and venture partners’ cost reimbursements 98.0 111.6 344.8 351.8
1,515.8 1,535.9 5,691.4 5,872.7
COST OF GOODS SOLD AND OPERATING EXPENSES (1,221.3 ) (1,297.3 ) (4,542.1 ) (4,700.6 )
SALES MARGIN 294.5 238.6 1,149.3 1,172.1
OTHER OPERATING INCOME (EXPENSE)
Selling, general and administrative expenses (63.7 ) (80.0 ) (231.6 ) (282.5 )
Exploration costs (13.1 ) (47.6 ) (59.0 ) (142.8 )
Impairment of goodwill and other long-lived assets (250.8 ) (1,049.9 ) (250.8 ) (1,049.9 )
Miscellaneous – net 49.8 (31.1 ) 63.1 (5.7 )
(277.8 ) (1,208.6 ) (478.3 ) (1,480.9 )
OPERATING INCOME 16.7 (970.0 ) 671.0 (308.8 )
OTHER INCOME (EXPENSE)
Changes in fair value of foreign currency contracts, net (0.9 ) (0.4 ) (3.5 ) (0.1 )
Interest expense, net (44.6 ) (59.8 ) (179.1 ) (195.6 )
Other non-operating income (expense) 1.2 2.0 0.9 2.7
(44.3 ) (58.2 ) (181.7 ) (192.9 )
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND EQUITY LOSS FROM VENTURES (27.6 ) (1,028.2 ) 489.3 (501.7 )
INCOME TAX BENEFIT (EXPENSE) 13.9 (491.1 ) (55.1 ) (255.9 )
EQUITY LOSS FROM VENTURES, net of tax (0.5 ) (382.1 ) (74.4 ) (404.8 )
INCOME (LOSS) FROM CONTINUING OPERATIONS (14.2 ) (1,901.4 ) 359.8 (1,162.5 )
INCOME and GAIN ON SALE FROM DISCONTINUED OPERATIONS, net of tax 30.8 2.0 35.9
NET INCOME (LOSS) (14.2 ) (1,870.6 ) 361.8 (1,126.6 )
LOSS (INCOME) ATTRIBUTABLE TO NONCONTROLLING INTEREST 57.5 252.4 51.7 227.2
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS $ 43.3 $ (1,618.2 ) $ 413.5 $ (899.4 )
PREFERRED STOCK DIVIDENDS (12.8 ) (48.7 )
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS COMMON SHAREHOLDERS $ 30.5 $ (1,618.2 ) $ 364.8 $ (899.4 )
EARNINGS (LOSS) PER COMMON SHARE ATTRIBUTABLE TO CLIFFS SHAREHOLDERS – BASIC
Continuing operations $ 0.20 $ (11.58 ) $ 2.39 $ (6.57 )
Discontinued operations 0.22 0.01 0.25
$ 0.20 $ (11.36 ) $ 2.40 $ (6.32 )
EARNINGS (LOSS) PER COMMON SHARE ATTRIBUTABLE TO CLIFFS SHAREHOLDERS – DILUTED
Continuing operations $ 0.20 $ (11.58 ) $ 2.36 $ (6.57 )
Discontinued operations 0.22 0.01 0.25
$ 0.20 $ (11.36 ) $ 2.37 $ (6.32 )
AVERAGE NUMBER OF SHARES (IN THOUSANDS)
Basic 153,038 142,409 151,726 142,351
Diluted 153,700 142,409 174,323 142,351
CASH DIVIDENDS DECLARED PER DEPOSITARY SHARE $ 0.44 $ $ 1.66 $
CASH DIVIDENDS DECLARED PER COMMON SHARE $ 0.15 $ 0.63 $ 0.60 $ 2.16

 

 

CLIFFS NATURAL RESOURCES INC. AND SUBSIDIARIES

STATEMENTS OF UNAUDITED CONDENSED CONSOLIDATED FINANCIAL POSITION

 

 

(In Millions)
December 31,
2013
December 31,
2012
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 335.5 $ 195.2
Accounts receivable, net 270.0 329.0
Inventories 391.4 436.5
Supplies and other inventories 216.0 289.1
Deferred and refundable income taxes 110.7 105.4
Other current assets 236.4 294.8
TOTAL CURRENT ASSETS 1,560.0 1,650.0
PROPERTY, PLANT AND EQUIPMENT, NET 11,153.4 11,207.3
OTHER ASSETS
Other non-current assets 408.5 717.6
TOTAL OTHER ASSETS 408.5 717.6
TOTAL ASSETS $ 13,121.9 $ 13,574.9
LIABILITIES
CURRENT LIABILITIES
Accounts payable $ 345.5 $ 555.5
Accrued employment costs 129.0 135.6
Income taxes payable 61.7 28.3
State and local taxes payable 61.7 65.9
Current portion of debt 20.9 94.1
Accrued expenses 206.4 258.9
Accrued royalties 57.3 48.1
Other current liabilities 203.0 195.1
TOTAL CURRENT LIABILITIES 1,085.5 1,381.5
TOTAL POSTEMPLOYMENT BENEFIT LIABILITIES 294.0 618.3
ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS 309.7 252.8
DEFERRED INCOME TAXES 1,146.5 1,108.1
LONG-TERM DEBT 3,022.6 3,960.7
OTHER LIABILITIES 379.3 492.6
TOTAL LIABILITIES 6,237.6 7,814.0
EQUITY
CLIFFS SHAREHOLDERS’ EQUITY 6,069.5 4,632.7
NONCONTROLLING INTEREST 814.8 1,128.2
TOTAL EQUITY 6,884.3 5,760.9
TOTAL LIABILITIES AND EQUITY $ 13,121.9 $ 13,574.9

CLIFFS NATURAL RESOURCES INC. AND SUBSIDIARIES

STATEMENTS OF UNAUDITED CONDENSED CONSOLIDATED CASH FLOWS

 

(In Millions)
Year Ended
December 31,
2013 2012
OPERATING ACTIVITIES
Net income $ 361.8 $ (1,126.6 )
Adjustments to reconcile net income to net cash provided (used) by operating activities:
Depreciation, depletion and amortization 593.3 525.8
Impairment of goodwill and other long-lived assets 250.8 1,049.9
Derivatives and currency hedges 3.6 4.1
Equity (income) loss in ventures (net of tax) 74.4 404.8
Deferred income taxes (138.1 ) 127.0
Changes in deferred revenue and below-market sales contracts (52.8 ) (24.5 )
Other (6.9 ) (45.0 )
Changes in operating assets and liabilities:
Receivables and other assets 138.8 (74.8 )
Product inventories 30.8 39.9
Payables and accrued expenses (109.8 ) (366.1 )
Net cash provided by operating activities 1,145.9 514.5
INVESTING ACTIVITIES
Purchase of property, plant and equipment (861.6 ) (1,127.5 )
Proceeds from sale of Sonoma 152.6
Other investing activities 50.3 13.1
Net cash used by investing activities (811.3 ) (961.8 )
FINANCING ACTIVITIES
Net proceeds from issuance of Series A, Mandatory Convertible Preferred Stock, Class A 709.4
Net proceeds from issuance of common shares 285.3
Net proceeds from issuance of senior notes 497.0
Repayment of term loan (847.1 ) (124.8 )
Borrowings under credit facilities 670.5 1,012.0
Repayment under credit facilities (995.5 ) (687.0 )
Proceeds from equipment loans 164.8
Debt issuance costs (4.3 )
Repayment of senior notes (325.0 )
Contributions by joint ventures, net 23.3 95.4
Common stock dividends (91.9 ) (307.2 )
Preferred stock dividends (35.7 )
Other financing activities (55.0 ) (36.5 )
Net cash (used in) provided by financing activities (171.9 ) 119.6
EFFECT OF EXCHANGE RATE CHANGES ON CASH (22.4 ) 1.3
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 140.3 (326.4 )
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 195.2 521.6
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 335.5 $ 195.2

CLIFFS NATURAL RESOURCES INC. AND SUBSIDIARIES

NON-GAAP RECONCILIATION – ADJUSTED EARNINGS

In addition to the consolidated financial statements presented in accordance with U.S. GAAP, the Company has presented Adjusted Net Income attributable to Cliffs’ shareholders, which is a non-GAAP financial measure that management uses in evaluating operating performance. The presentation of this measure is not intended to be considered in isolation from, as a substitute for, or as superior to, the financial information prepared and presented in accordance with U.S. GAAP. The presentation of this measure may be different from non-GAAP financial measures used by other companies. A reconciliation of this measure to its most directly comparable GAAP measure is provided in the table below.

 

  (In Millions, Except Per Share Amounts)  Three Months Ended
December 31, Year Ended
December 31,  2013 2012 2013 2012NET INCOME (LOSS) FROM CONTINUING OPERATIONS $(14.2) $(1,901.4) $359.8  $(1,162.5)Less non-cash items:        Goodwill impairment charges (80.9) (1,000.0) (80.9) (1,000.0)Wabush-related costs* (182.6) (49.9) (184.3) (49.9)Other impairment charges (15.3) –  (15.3) – Amapa impairment charge   (365.4) (67.6) (365.4)MRRT valuation allowance 4.3  (314.7) 13.6  – AMT valuation allowance   (226.4) (24.4) (226.4)Tax impact 54.7  –  55.2  – NET INCOME ATTRIBUTABLE TO CONTINUING OPERATIONS, net of tax – ADJUSTED 205.6  55.0  663.5  479.2 INCOME and GAIN ON SALE FROM DISCONTINUED OPERATIONS, net of tax   30.8  2.0  35.9 NET INCOME – ADJUSTED 205.6  85.8  665.5  515.1 LOSS ATTRIBUTABLE TO NONCONTROLLING INTEREST 57.5  252.4  51.7  227.2 Less special charges:Noncontrolling interest adjustment

(45.1) (249.3) (45.1) (249.3)NET INCOME ATTRIBUTABLE TO CLIFFS SHAREHOLDERS – ADJUSTED $218.0  $88.9  $672.1  $493.0PREFERRED STOCK DIVIDENDS

(12.8) –  (48.7) -NET INCOME ATTRIBUTABLE TO CLIFFS COMMON SHAREHOLDERS – ADJUSTED

$205.2  $88.9  $623.4  $493.0EARNINGS PER COMMON SHARE ATTRIBUTABLE TO CLIFFS SHAREHOLDERS – ADJUSTED BASIC

Continuing operations $1.34  $0.41  $4.10  $3.21Discontinued operations

  0.22  0.01  0.25   $1.34  $0.63  $4.11  $3.46EARNINGS PER COMMON SHARE ATTRIBUTABLE TO CLIFFS SHAREHOLDERS – ADJUSTED DILUTED

Continuing operations $1.22  $0.41  $3.84  $3.21Discontinued operations

  0.22  0.01  0.25   $1.22  $0.63  $3.85  $3.46 Weighted average number of shares:        Basic 153.0  142.4  151.7  142.4 Employee stock plans 0.7  –  0.5  – Depositary Shares 25.2  –  22.1  – Diluted** 178.9  142.4  174.3  142.4

*Wabush-related costs include write-downs of $28 million and $30 million in the fourth-quarter and full-year 2013, respectively. This was attributed to a supplies inventory write down, which is reported in Cost of Goods Sold on the Statement of Operations.

**Quarterly weighted-average diluted shares outstanding include shares that were considered antidilutive for calculating earnings per share.

 

CLIFFS NATURAL RESOURCES INC. AND SUBSIDIARIES

NON-GAAP RECONCILIATION – EBITDA AND ADJUSTED EBITDA

In addition to the consolidated financial statements presented in accordance with U.S. GAAP, the Company has presented EBITDA and adjusted EBITDA, which are non-GAAP financial measures that management uses in evaluating operating performance. The presentation of these measures is not intended to be considered in isolation from, as a substitute for, or as superior to, the financial information prepared and presented in accordance with U.S. GAAP. The presentation of these measures may be different from non-GAAP financial measures used by other companies. A reconciliation of these measures to its most directly comparable GAAP measure is provided in the table below.

 

 

(In Millions) (In Millions)
Three Months Ended
December 31,
Year Ended
December 31,
2013 2012 2013 2012
Net Income (Loss) (14.2 ) (1,870.6 ) 361.8 (1,126.6 )
Less:
Interest expense, net (44.6 ) (59.8 ) (179.1 ) (195.6 )
Income tax (expense) benefit 13.9 (491.1 ) (55.1 ) (255.9 )
Depreciation, depletion and amortization (155.3 ) (144.0 ) (593.0 ) (526.0 )
EBITDA $ 171.8 $ (1,175.7 ) $ 1,189.0 $ (149.1 )
Less non-cash items:
Goodwill impairment charges (80.9 ) (1,000.0 ) (80.9 ) (1,000.0 )
Noncontrolling interest adjustment 45.0 249.0 45.0 249.0
Wabush-related costs* (182.6 ) (49.9 ) (184.3 ) (49.9 )
Other impairment charges (15.3 ) (15.3 )
Amapa impairment charge (365.4 ) (67.6 ) (365.4 )
Adjusted EBITDA $ 405.6 $ (9.4 ) $ 1,492.1 $ 1,017.2

 

 

*Wabush-related costs include write-downs of $28 million and $30 million in the fourth-quarter and full-year 2013, respectively. This was attributed to a supplies inventory write down, which is reported in Cost of Goods Sold on the Statement of Operations.

2013 Q4 – “Win Two Tickets To Paradise” Giveaway

October 1, 2013

Win “Two Tickets To Paradise” – An All Inclusive Vacation for Two including Airfare. Enjoy a week on the silky beaches of a tropical paradise. Register HERE!

Win "Two Tickets To Paradise" from Holiday Travel and Great Lakes Radio, Inc.

Win “Two Tickets To Paradise” from Holiday Travel and Great Lakes Radio, Inc.

 

Sign Up To An All Inclusive Mexico Vacation Below:

Registration for this contest has ended.
Diane Walsh - Grand Prize Winner of 2 Tickets To Paradise

Diane Walsh – Grand Prize Winner of 2 Tickets To Paradise

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

A Special Thanks to Our Sponsors Contest Information
michigan sales john deere us 41 marquette townshipMichigan Sales John Deere – Marquette, MImichigan sales kubota washinton marquetteMichigan Sales Kubota – Marquette, MIHoliday Travel Vacations 906-228-6355 or 1-800-562-9767 travel@holiday-mqt.comHoliday Travel VacationsCentral UP Insurance Agency 119 W Division St Ishpeming, MI 49849 (906) 485-5585 & 63 Johnson Lake Rd Gwinn, MI 49841 (906) 346-2175Central UP Insurance Agency – Ishpeming, MI

Carmike Cinemas Marquette, MICarmike Cinemas – Marquette, MI

Country Lanes Entertainment Center – Ishpeming, MI

Pike Distributing – Marquette, MI

Globe Printing – Ishpeming, MI

mama russos UPMama Russo’s Catering – Ishpeming, MI

hudsons classic grill marquetteHudson’s Classic Grill – Marquette, MI

BioLife Plasma Services – Marquette, MI

synergy fitness marquetteSynergy Fitness – Marquette, MI

FunJetFunJet Vacations

103 FXD 98.3-92.7 WRUP Sunny.FM 1400 AM WQXO

  • A US Passport valid for 6 months past the trip return date is required.
  • Reservations will be made in accordance with the winners 1st, 2nd and 3rd choices of dates subject to availability.
  • Blackout dates apply. Holiday Blackout dates are 5 days prior and 5 days after each major holiday. Major holidays are New Years, March 1-31 for Spring Break, Easter, Memorial Day, Independence Day, Labor Day, Thanksgiving and Christmas. Additional blackout dates are 12/24-1/11, 2/14-2/20, 4/10-4/17, 5/27-5/30.
  • Winner must be 21 years of age or older.
  • Once a reservation has been made absolutely no changes, extensions or cancellations are permitted. This includes name changes and extensions to the dates travel needs to be completed by. No refunds will be made.
  • Package includes a pre-night park and fly hotel in Milwaukee or Chicago.
  • Package is nontransferable and based on availability. If winner is not able to travel due to desired dates not being available, no cash value will be given.
  • Great Lakes Radio may change the details of this prize package if necessary. prior to awarding winner.

Holiday Travel Vacations is acting as intermediary or as agent for suppliers in selling services, or in accepting reservations or bookings for services which are not directly supplied by Holiday Travel Vacations (such as air carriage, hotel accommodations, ground transportation, sightseeing, meals, tours, cruises, etc.) – Holiday Travel Vacations, therefore, shall not be responsible for breach of contract or any intentional or careless actions or omissions on part of such suppliers, which result in any loss, damage, delay, or injury to you or your travel companions or group members. We do not guarantee any of such suppliers’ rates, bookings, or reservations. Your retention of tickets, reservations, or bookings after issuance constitute a consent of the above, and an agreement on your part to convey the contents hereof to you travel companions or group members.


Holiday Travel Vacations herein gives notice that it cannot be held responsible for any disruption of travel or related services due, but not limited to Monetary Crisis, Political or Social Unrest, Labor Problems, Mechanical or Construction Difficulties, Climatic Aberrations and Weather, Local Laws, Acts of God, or Terrorist Activities.

Great Lakes Radio, Inc. General Contest Rules, Terms Of Use, and Privacy Policy also apply. By participating in this contest, you agree that you have read all rules and agree to all terms and conditions in the General Contest Rules, Terms Of Use, and Privacy Policy. ENTRIES ENDED December 12, 2013, but please feel free to sign up for 1st Quarter of 2014 Giveaway!OFFICIAL CONTEST RULES FOR THE 2013 REC DEPOT NORDIC RETREAT HOT TUB GIVEAWAY ARE AS FOLLOWS:

No purchase necessary. MAKING A PURCHASE WILL NOT INCREASE YOUR CHANCES OF WINNING. Void where prohibited or restricted by law. All federal, state, and local regulations apply. The Contest is sponsored by Great Lakes Radio, Winner will be randomly chosen from qualified entrants on air and from local sponsors.

 

 

HOW TO ENTER:

Listeners may call the Great Lakes Radio studio line during registration/contest times 906-227-7777 906-227-8888 or 906-228-6800. To be entered in drawing for prize, listener must provide Name, Phone Number, Address, and the correct answer of the daily on-air promotion.. GLR staff will determine correct answer prior to start of contest. Register online at wfxd.com, wkqsfm.com, wrup.com, wqxo.com, and broadcast-everywhere.net. You may also register to be randomly selected as a Finalist by filling out the form completely and submitting at the official sponsor registration points including…

Gwinn:
Central UP Insurance Agency

In Ishpeming:
Country Lanes and Entertainment Center
Central UP Insurance Agency

In Marquette:
Holiday Travel
Hudsons Classic Grill
Bio Life
Synergy Fitness

In Munising:
WQXO Studios in the Navigator Restaurant

Special thanks to:
LaBatt Blue & LaBatt Blue Lite
Mama Russos
Globe Printing
Carmike Cinemas

All Finalists will be selected randomly from the many different ways one may enter. Selected eligible finalists will then be sent an invitation to attend the Giveaway event. To be eligible to WIN the Grand Prize, you must be 18yrs. of age, signed up at one of our sponsor locations, on-air or online, be randomly selected as a Finalist, receive an invitation by mail and be present at the Giveaway Party.

Winner will receive a brand new Nordic Retreat SE Hot Tub with cover, cover lifter, and steps.

You can start registering at the local sponsor locations soon. Value of prizes will range in value from $5000.00 -/+. Value of prizes may change based on prize availability. Dates contingent upon conference center availability. GLR Management will adjust and publish accordingly.

Potential Winners will be notified by phone, email, or mail. GLR is not responsible for incomplete, incomprehensible, illegible, or out-of-service contact information. If GLR is unable, after making a reasonable effort, to contact a selected Potential Winner, that Potential Winner will be disqualified and a new Potential Winner will be selected from remaining entries.

All charges, fees, and costs not specifically included in the applicable prize descriptions are the responsibility of the respective Prize Winner and his or her guest if applicable. GLR reserves the right to substitute prizes of equal or greater value. Odds of winning depend on the number of eligible entries received.

Prizes must be claimed by/on a specific date to be determined by GLR. Prizes must be claimed at a location specified by GLR. To claim prize, winners must provide a valid Michigan state issued driver’s license or state identification card, except that in certain cases winners under the age of 18 may tender other appropriate identification as determined in GLR sole discretion. People under the age of 13 may not participate. Prizes not claimed within 2 weeks of winning will be forfeited.

Great Lakes Radio management reserves the right to modify these rules at any time without prior notice. On each contest, certain people, groups or businesses may be excluded based upon relationships to the prize, to the company or giveaway process. In this case, decisions made by Great Lakes Radio, Inc. management are final.

 

 

If you have questions please refer to the Official General Contest Rules or call 906-228-6800.
General Contest Rules | Privacy Policy | Terms of Use

 

 

 

 

 

 

103 FXD 98.3-92.7 WRUP Sunny.FM 1400 AM WQXO

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