Washington Group International Sells Its Equity Position in Westmoreland Resources, Inc.
02 Ottobre 2007 - 11:37PM
PR Newswire (US)
BOISE, Idaho, Oct. 2 /PRNewswire-FirstCall/ -- Washington Group
International (NYSE:WNG) announced today that Westmoreland
Resources, Inc. redeemed Washington Group's 20 percent interest in
Westmoreland Resources on Sept. 28 for a cash payment of $13.5
million. As a result, Washington Group will recognize an after-tax
gain of approximately $5.0 million, or approximately $0.16 per
diluted share, in the third quarter ended Sept. 28, 2007.
Westmoreland Resources, which owns the Absaloka coal mine, 65 miles
southeast of Billings, Mont., is now wholly owned by Westmoreland
Coal Company, Colorado Springs, Colo. Washington Group had acquired
equity in Westmoreland Resources in 1978. Washington Group operated
Westmoreland's Absaloka mine from its opening in 1974 to March
2007, when Westmoreland Resources assumed mining activities
pursuant to an agreement with Washington Group. Washington Group
International (NYSE:WNG) provides the talent, innovation, and
proven performance to deliver integrated engineering, construction,
and management solutions for businesses and governments worldwide.
Headquartered in Boise, Idaho, with more than $3 billion in annual
revenue, the company has approximately 25,000 people at work around
the world providing solutions in power, environmental management,
defense, oil and gas processing, mining, industrial facilities,
transportation and water resources. For more information, visit
http://www.wgint.com/. This news release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995, which are identified by the use of
forward-looking terminology such as may, will, could, should,
expect, anticipate, intend, plan, estimate, or continue or the
negative thereof or other variations thereof. Each forward-looking
statement, including, without limitation, any financial guidance,
speaks only as of the date on which it is made, and Washington
Group undertakes no obligation to update any forward-looking
statement to reflect events or circumstances after the date on
which it is made or to reflect the occurrence of anticipated or
unanticipated events or circumstances. The forward-looking
statements are necessarily based on assumptions and estimates of
management and are inherently subject to various risks and
uncertainties. Actual results may vary materially as a result of
changes or developments in social, economic, business, market,
legal, and regulatory circumstances or conditions, both
domestically and globally, as well as due to actions by customers,
clients, suppliers, business partners, or government bodies.
Performance is subject to numerous factors, including demand for
new power generation and for modification of existing power
facilities, public sector funding, demand for extractive resources,
capital spending plans of customers, and spending levels and
priorities of the U.S., state and other governments. Results may
also vary as a result of difficulties or delays experienced in the
execution of contracts or implementation of strategic initiatives.
For additional risks and uncertainties impacting the
forward-looking statements contained in this news release, please
see "Note Regarding Forward-Looking Information" and "Item 1A. Risk
Factors" in Washington Group's annual report on Form 10-K for
fiscal year 2006. DATASOURCE: Washington Group International
CONTACT: Jerry Holloway or Laurie Spiegelberg, +1-208-386-5255,
both of Washington Group International Web site:
http://www.wgint.com/
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