Exhibit 99.1

For investors:
Mark H. Tubb, 205-745-2627
mark.tubb@walterenergy.com
or
For media:
Thomas F. Hoffman, 205-745-2612
tom.hoffman@walterenergy.com

For Immediate Release

Walter Energy Announces Fourth Quarter and Full-Year 2013 Results

Full-Year 2013 Highlights: Reduced Met Coal Cash Cost of Sales Per Ton by 14%; Increased Met Coal Tons Sold by 5%; Reduced SG&A Expenses by 25%

Fourth Quarter 2013 Highlights: Reduced Met Coal Cash Cost of Sales Per Ton by 21%; Increased Met Coal Tons Sold by 14%; Reduced SG&A Expenses by 30%

Liquidity Position at $587 Million

BIRMINGHAM, AL — Feb. 20, 2014 — Walter Energy Inc. (NYSE:WLT) (TSX:WLT), a leading, publicly traded “pure-play” producer of metallurgical (“met”) coal for the global steel industry, today announced results for the quarter and year ended December 31, 2013.

“Operationally, we finished the year with our mines performing well. Our fourth quarter results reflect the ongoing focus on improving safety, reducing costs and increasing productivity,” said Walt Scheller, Chief Executive Officer. “For the year, we achieved our cost reduction targets, lowering met coal cash cost of production per ton by more than 17 percent and reducing SG&A expenses to an annual run-rate of $80 million. We expect that these accomplishments will continue to yield benefits going forward, and we are focused on achieving further improvements in 2014.”

Full-Year 2013 Consolidated Financial Results

Walter Energy reported a net loss in 2013 of $359.0 million, or $5.74 per diluted share, compared with a net loss of $1.1 billion, or $16.96 per diluted share in 2012. Included in the Company’s financial results are non-cash charges totaling $144.6 million in 2013 and $19.2 million in 2012 for increases in the valuation allowance for certain of the Company’s deferred income tax assets. Excluding the valuation

allowance charge, restructuring and asset impairment charges, gain on early extinguishment of debt and other items, the adjusted net loss for 2013 totaled $210.8 million, or $3.37 per diluted share. Results for 2012 included a non-cash goodwill impairment and restructuring charge of $1.1 billion, or $17.53 per share, primarily related to the 2011 acquisition of Western Coal. Excluding the goodwill impairment and restructuring charge, the valuation allowance and other items, adjusted net income for 2012 totaled $49.9 million, or $0.80 per diluted share.

Fourth Quarter 2013 Consolidated Financial Results

The Company reported a net loss of $174.3 million, or $2.79 per diluted share, for the fourth quarter of 2013, compared with a net loss of $71.0 million, or $1.13 per diluted share, for the fourth quarter of 2012. Fourth quarter 2013 results include a $140.2 million charge for an increase in the valuation allowance against deferred tax assets, as described above. Excluding the valuation allowance charge, restructuring and asset impairment charges and other items, the adjusted net loss for the fourth quarter of 2013 was $34.6 million, or $0.55 per diluted share, compared with an adjusted net loss of $51.2 million, or $0.82 per diluted share, in the fourth quarter 2012.

Consolidated revenues totaled $472.0 million as compared with $478.8 million in 2012, reflecting a 13.8% increase in met coal sales volume, more than offset by the impact of lower met coal prices, which declined an average of $14.26 per metric ton (“MT”) compared with the fourth quarter of 2012.

Earnings before interest, taxes, depreciation and amortization (“EBITDA”) for the quarter totaled $59.9 million. Excluding restructuring and asset impairment charges, foreign exchange gains and other items, adjusted EBITDA totaled $59.2 million. Fourth quarter 2012 adjusted EBITDA totaled $6.8 million. A reconciliation of Loss from continuing operations to EBITDA from continuing operations, EBITDA and adjusted EBITDA is provided in the Company’s “Reconciliation of Non-GAAP Financial Measures” included with this release.

Metallurgical Coal Sales Volume and Pricing

Fourth quarter 2013 met coal sales volume, including both hard coking coal (“HCC”) and low-volatility (“low-vol”) pulverized coal injection product (“PCI”), totaled 2.9 million metric tons (“MMTs”), an increase of 13.8% compared with 2012. HCC sales volume was 2.4 MMTs, an increase of 15.4% compared with 2012. Low-vol PCI sales volume totaled 0.5 MMTs, an increase of 7.5% compared with the prior-year comparable quarter.  Met coal sales volume in the fourth quarter 2013 increased to 85% of total coal sales volume compared with 79% in the prior-year comparable quarter.

The average selling price for HCC was $137.39 per MT, down from the fourth quarter of 2012 average pricing of $152.50 per MT. Low-vol PCI pricing averaged $118.63 per MT in fourth quarter 2013 compared with $127.83 per MT in the prior-year comparable quarter.

Metallurgical Coal Cash Cost of Sales

Met coal cash cost of sales for fourth quarter 2013 averaged $107.52 per MT, down 20.6% compared with 2012.

Metallurgical Coal Production

Met coal production increased 28.3% to 3.2 MMTs in the fourth quarter of 2013, compared with 2.5 MMTs in the prior-year period. Production improvements were driven by a significant increase in output from the Company’s Mine No. 4 in Alabama, along with higher volume at the Company’s Wolverine mine in Canada.

Met coal average cash cost of production was $68.02 per MT in the quarter, down 28.1% compared with the prior-year comparable quarter. The improvement in average cash cost of production per ton was primarily the result of continued favorable operating performance from the Company’s low and mid-vol mines in Alabama.

Other Expenses

SG&A expenses totaled $20.3 million in the quarter, compared with $28.9 million in the prior-year quarter. Fourth quarter 2013 SG&A expenses exclude $4.6 million of operations-related direct administrative charges included in cost of sales resulting from a 2013 change in accounting practice.

Interest expense for the quarter increased to $64.6 million compared with $49.6 million in 2012, primarily driven by an increase in the amount of our long-term debt and higher interest rates.

Capital Expenditures

The Company’s capital expenditures totaled $45.2 million in the fourth quarter of 2013, compared with $60.2 million in the fourth quarter of 2012. Capital expenditures for the full-year 2013 totaled $153.9 million compared with $391.5 million for 2012. Lower capital spending in 2013 reflects the Company’s continued focus on disciplined capital spending in light of current market conditions.

Liquidity

Available liquidity was $587.3 million at December 31, 2013, consisting of cash and cash equivalents of $260.8 million plus $326.5 million of availability under the Company’s $375.0 million revolving credit facility, net of outstanding letters of credit of $48.5 million.

Safety and Stewardship Highlights

Walter Energy improved safety performance in 2013. In addition, several mine rescue teams and individuals in the Company’s U.S. operations won national recognition at the National Mine Rescue and First Aid contest. The Company also had an employee inducted into the National Mine Rescue Hall of Fame.

Use of Non-GAAP Measures

This release contains the use of certain U.S. non-GAAP (Generally Accepted Accounting Principles) measures. These non-GAAP measures are provided as supplemental information for financial measures prepared in accordance with GAAP. Management believes that these non-GAAP measures provide additional insights into the performance of the Company, and they reflect how management analyzes Company performance and compares that performance against other companies. In addition, some

investors use these measures to compare the Company against other companies and to help analyze the Company’s ability to satisfy principal and interest obligations and capital expenditure needs.  Management also believes that these non-GAAP measures present a useful measure of the Company’s ability to incur and service debt based on ongoing operations. These non-GAAP measures may not be comparable to other similarly titled measures used by other entities. A reconciliation of non-GAAP to GAAP measures is provided in the financial section of this release.

Conference Call Webcast

The Company will hold a webcast to discuss its fourth quarter 2013 results today, Feb. 20, 2014, at 10:00 a.m. ET. To listen to the live event, visit www.walterenergy.com.

About Walter Energy

Walter Energy is a leading, publicly traded “pure-play” metallurgical coal producer for the global steel industry with strategic access to high-growth steel markets in Asia, South America and Europe. The Company also produces thermal coal, anthracite, metallurgical coke and coal bed methane gas. Walter Energy employs approximately 3,600 employees, with operations in the United States, Canada and United Kingdom. For more information about Walter Energy, please visit www.walterenergy.com.

Safe Harbor Statement

Except for historical information contained herein, the statements in this release are forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and may involve a number of risks and uncertainties. Forward-looking statements are based on information available to management at the time, and they involve judgments and estimates. Forward-looking statements include expressions such as “believe,” “anticipate,” “expect,” “estimate,” “intend,” “may,” “plan,” “predict,” “will,” and similar terms and expressions. These forward-looking statements are made based on expectations and beliefs concerning future events affecting Walter Energy and are subject to various risks, uncertainties and factors relating to Walter Energy’s operations and business environment, all of which are difficult to predict and many of which are beyond Walter Energy’s control, which could cause Walter Energy’s actual results to differ materially from those matters expressed in or implied by these forward-looking statements. The following factors are among those that may cause actual results to differ materially from Walter Energy’s forward-looking statements: unfavorable economic, financial and business conditions; a substantial or extended decline in pricing, demand, and other factors beyond Walter Energy’s control; failure of Walter Energy’s customers to honor or renew contracts; Walter Energy’s ability to collect payments from its customers; inherent risks in coal mining that are beyond Walter Energy’s control; title defects preventing us from (or resulting in additional costs for) mining Walter Energy’s mineral interests; concentration of Walter Energy’s mining operations in a limited number of areas; a significant reduction of or loss of purchases by Walter Energy’s largest customers; unavailability or uneconomical transportation for Walter Energy’s coal; significant competition and foreign currency fluctuation; significant cost increases and fluctuations, and delay in the delivery of raw materials, mining equipment and purchased components; work stoppages, labor shortages and other labor relations matters; Walter Energy’s ability to hire and retain a skilled labor force; risks associated with Walter Energy’s reclamation and mine closure obligations; inaccuracies in

Walter Energy’s estimates of coal reserves; Walter Energy’s ability to develop or acquire coal reserves in an economically feasible manner; challenges to Walter Energy’s licenses, permits and other authorizations; failure to meet project development and expansion targets; risks associated with operating in foreign jurisdictions; risks associated with environmental, health and safety laws and regulations; risks associated with federal, state and provincial regulatory agencies’ authority to order temporary or permanent closure of Walter Energy’s mines; increased focus by regulatory authorities on the effects of surface coal mining on the environment; risks related to climate change concerns; risks related to Walter Energy’s operations’ impact on the environment; risks related to Walter Energy’s indebtedness; Walter Energy’s ability to generate cash for its financial obligations, to refinance its indebtedness or to obtain additional financing; Walter Energy’s ability to incur additional indebtedness; restrictions in Walter Energy’s existing and future debt agreements; events beyond Walter Energy’s control may result in an event of default under one or more of its debt instruments; downgrades in Walter Energy’s credit ratings; failure to obtain or renew surety bonds on acceptable terms could affect Walter Energy’s ability to secure reclamation and coal lease obligations; costs associated with Walter Energy’s pension and benefits, including post-retirement benefits; costs associated with Walter Energy’s workers’ compensation and certain medical and disability benefits; adverse rulings in current or future litigation; Walter Energy’s ability to attract and retain key personnel; Walter Energy’s ability to identify or integrate suitable acquisition candidates to promote growth; volatility in the price of Walter Energy’s common stock; Walter Energy’s ability to pay regular dividends to stockholders; Walter Energy’s exposure to indemnification obligations; risks associated with terrorist attacks and threats and escalation of military activity in response to such attacks; risks associated with cyber-attacks or other security breaches; and other risks and uncertainties including those described in Walter Energy’s filings with the SEC. Forward-looking statements made by Walter Energy in this release, or elsewhere, speak only as of the date on which the statements were made. You are advised to read the risk factors in Walter Energy’s most recently filed Annual Report on Form 10-K and subsequent filings with the SEC, which are available on Walter Energy’s website at www.walterenergy.com and on the SEC’s website at www.sec.gov. New risks and uncertainties arise from time to time, and it is impossible for Walter Energy to predict these events or how they may affect it or its anticipated results. Walter Energy has no duty to, and does not intend to, update or revise the forward-looking statements in this release, except as may be required by law. In light of these risks and uncertainties, readers should keep in mind that any forward-looking statement made in this press release may not occur. All data presented herein is as of the date of this release unless otherwise noted.

WALTER ENERGY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE INCOME

($ in thousands, except per share and share amounts)

Unaudited

(1)         The three and twelve months ended December 31, 2013 include restructuring and asset impairment charges in connection with the closure and curtailment of certain mine operations. The three and twelve months ended December 31, 2012 includes a goodwill impairment charge and an impairment charge associated with the abandonment of a natural gas exploration project.

(2)         Interest expense for the year ended December 31, 2013 reflects increases in interest rates on our outstanding debt obligations due to the amendments to the 2011 Credit Agreement, increases in interest associated with the issuance of high yield notes in late 2012 and throughout 2013 and accelerated amortization of debt issuance costs associated with Term Loans A and B debt prepayments.

(3)         Other income (loss) for the year ended December 31, 2013 includes a $4.3 million gain recognized in the third quarter upon the prepayment of $250.0 million of Term Loan A debt using proceeds from the issuance of 9.5% senior secured notes offset by a current quarter $1.3 million impairment of an investment.  The year ended December 31, 2012 included losses on the sale and remeasurement to fair value of equity investments.

(4)         The income tax expense (benefit) for the three and twelve months ended December 31, 2013 includes charges of $140.2 million and $144.6 million, respectively, to increase the deferred income tax assets valuation allowance.  The 2013 income tax benefit also includes charges for the effects of changes to statutory tax rates within the various geographic regions in which we operate, inclusive of their effects on deferred income taxes.

(5)         In periods of net loss, the number of shares used to calculate diluted earnings per share is the same as that used to calculate basic earnings per share.

1

WALTER ENERGY, INC. AND SUBSIDIARIES

RESULTS BY OPERATING SEGMENT

($ in thousands)

Unaudited

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WALTER ENERGY, INC. AND SUBSIDIAIRES

QUARTERLY SUPPLEMENTAL FINANCIAL DATA

(Ton information in 000’s metric tons and dollars in USD)

Unaudited

(1)                   Average Cash Cost of Sales per Ton is based on reported Cost of Sales and includes items such as freight, royalties, manpower, fuel and other similar production and sales cost items but excludes depreciation, depletion and post retirement benefits. Average Cash Cost of Production per Ton is based on period costs of mining and includes items such as manpower, fuel and other similar production items but excludes depreciation, depletion and post retirement benefits. Average Cash Cost per Ton is a non-GAAP financial measure which is not calculated in conformity with U.S. Generally Accepted Accounting Principles (GAAP) and should be considered supplemental to, and not as a substitute or superior to financial measures calculated in conformity with GAAP. We believe Average Cash Cost per Ton is a useful measure of performance and we believe it aids some investors and analysts in comparing us against other companies to help analyze our current and future potential performance. Average Cash Cost of Sales per Ton may not be comparable to similarly titled measures used by other companies.

(2)                   Reconciliation of Cash Cost of Sales per Ton to Cost of Sales as disclosed (in thousands USD):

3

WALTER ENERGY, INC. AND SUBSIDIAIRES

ANNUAL SUPPLEMENTAL FINANCIAL DATA

(Ton information in 000’s metric tons and dollars in USD)

Unaudited

(1)         Average Cash Cost of Sales per Ton is based on reported Cost of Sales and includes items such as freight, royalties, manpower, fuel and other similar production and sales cost items but excludes depreciation, depletion and post retirement benefits. Average Cash Cost of Production per Ton is based on period costs of mining and includes items such as manpower, fuel and other similar production items but excludes depreciation, depletion and post retirement benefits. Average Cash Cost per Ton is a non-GAAP financial measure which is not calculated in conformity with U.S. Generally Accepted Accounting Principles (GAAP) and should be considered supplemental to, and not as a substitute or superior to financial measures calculated in conformity with GAAP. We believe Average Cash Cost per Ton is a useful measure of performance and we believe it aids some investors and analysts in comparing us against other companies to help analyze our current and future potential performance. Average Cash Cost of Sales per Ton may not be comparable to similarly titled measures used by other companies.

(2)         Reconciliation of Cash Cost of Sales per Ton to Cost of Sales as disclosed (in thousands USD):

4

WALTER ENERGY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

($ in thousands)

Unaudited

5

WALTER ENERGY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF CHANGES
IN STOCKHOLDERS’ EQUITY

FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2013

($ in thousands, except per share amounts)

Unaudited