SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported):
July 7, 2003

Commission File No. 001-11155

WESTMORELAND COAL COMPANY
(Exact name of registrant as specified in its charter)

Delaware	23-1128670
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

14th Floor, 2 North Cascade Avenue, Colorado Springs, CO 80903
(Address of principal executive offices)                               (Zip Code)

Registrant’s telephone number, including area code: (719) 442-2600

Item 5. Other Events.

In June 2001, the Financial Accounting Standards Board (“FASB”) issued Statement of Financial Accounting Standards (“SFAS”) No. 143, “Accounting for Asset Retirement Obligations.” Westmoreland Coal Company (“the Company”) adopted SFAS No. 143 on January 1, 2003. The Company is filing a table of Selected Financial Data as of the dates and for the periods indicated from the Company’s historical consolidated financial statements, and as adjusted to give pro forma effect to the change in accounting principle as if SFAS No. 143 had been in effect during the Company’s three most recent fiscal years.

Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.

          (c) Exhibits

          Exhibit 99.1 - Selected Financial Data

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	WESTMORELAND COAL COMPANY
Date:   July 7, 2003	By:  /s/ Ronald H. Beck
	Ronald H. Beck
	Vice President - Finance and Treasurer
	(A Duly Authorized Officer)

EXHIBIT 99.1

Selected Financial Data

In June 2001, the Financial Accounting Standards Board (“FASB”) issued Statement of Financial Accounting Standards (“SFAS”) No. 143, “Accounting for Asset Retirement Obligations.” Westmoreland Coal Company (“the Company”) adopted SFAS No. 143 on January 1, 2003. SFAS No. 143 requires entities to record the fair value of asset retirement obligations, with an equivalent amount recorded as basis in the related long-lived asset. An accretion cost, representing the increase over time in the present value of the liability, is recorded each period and the capitalized cost is depreciated over the useful life of the related asset. Previously, reclamation costs were accrued on an undiscounted, units-of-production basis. As reclamation work is performed or liabilities are otherwise settled, the recorded amount of the liability is reduced.

Pursuant to the transitional disclosure requirements of SFAS No. 143, the table below sets forth selected consolidated financial data for the Company as of the dates and for the periods indicated from the Company’s historical consolidated financial statements, and as adjusted to give pro forma effect to the change in accounting principle as if SFAS No. 143 had been in effect during the Company’s three most recent fiscal years. The following data should be read in conjunction with the historical consolidated financial statements and related notes of the Company, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” which includes a discussion of factors materially affecting the comparability of the information presented, and other financial information included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2002. Future results may differ substantially from historical results because of changes in oil and natural gas prices, increases or decreased in production or other factors, many of which are beyond the Company’s control.

Westmoreland Coal Company and Subsidiaries
Five-Year Review

		2002		2001(1)		2000		1999		1998(2)
Consolidated Statements of    Operations Information		(in thousands, except share data)
Revenue - Coal	$	301,235	$	231,048	$	35,137	$	38,539	$	44,010
- Independent power and other		14,506		15,871		32,260		34,492		64,465
Total revenues		315,741		246,919		67,397		73,031		108,475
Costs and expenses		297,415		233,313		60,564		63,456		78,361
Unusual charges		-		-		-		-		2,000
Doubtful account recoveries		(516)		(446)		(400)		(174)		(1,028)
Impairment charges		-		-		4,632		-		-
Losses (gains) on the sales of assets		9		440		6		(433)		(475)
Operating income		18,833		13,612		2,595		10,182		29,617
Interest expense		(10,821)		(8,418)		(911)		(1,135)		(190)
Minority interest		(800)		(780)		(518)		(854)		(775)
Interest and other income		4,128		3,229		867		1,826		1,999
Income (loss) before reorganization items   and income taxes		11,340		7,643		2,033		10,019		30,651
Reorganization legal and consulting fees		-		-		-		-		(9,872)
Reorganization interest income   (expense), net		-		-		-		-		(1,594)
Income tax benefit (expense)		2,368		(1,228)		(428)		82		(3,787)
Income from continuing operations		13,708		6,415		1,605		10,101		15,398
Loss from discontinued operations		(3,583)		(1,188)		(1,297)		(1,464)		(12,070)
Cumulative effect of changes   in accounting principles		-		-		-		-		(9,876)
Net income (loss)		10,125		5,227		308		8,637		(6,548)
Less preferred stock dividend   requirements		1,772		1,776		1,776		2,992		4,888
Net income (loss) applicable   to common shareholders	$	8,353	$	3,451	$	(1,468)	$	5,645	$	(11,436)
Net income (loss) per share applicable   to common shareholders:
Basic	$	1.10	$	.48	$	(.21)	$	.80	$	(1.64)
Diluted	$	1.03	$	.43	$	(.21)	$	.79	$	(1.64)
Weighted average number of common   shares outstanding:
Basic		7,608		7,239		7,070		7,040		6,965
Diluted		8,147		8,000		7,070		7,146		6,965
Pro forma amounts assuming the change   in accounting principle is   applied retroactively:
Net income (loss) applicable to      common shareholders	$	8,506	$	3,535	$	(1,562)		n/a		n/a
Net income (loss) per share applicable      to common shareholders:
Basic	$	1.12	$	.49	$	(.22)		n/a		n/a
Diluted	$	1.04	$	.44	$	(.22)		n/a		n/a

(Continued)

Westmoreland Coal Company and Subsidiaries
Five-Year Review (continued)

		2002		2001(1)		2000		1999		1998(2)
Consolidated Statements of    Operations Information		(in thousands, except share data)
Balance Sheet Information
Working capital (deficit)	$	(1,626)	$	11,346	$	(1,557)	$	8,886	$	15,054
Net property, plant and equipment		189,532		197,271		34,693		36,558		36,950
Total assets		451,064		466,532		139,096		142,297		215,606
Total debt		100,157		122,910		-		1,563		1,762
Shareholders' equity		18,568		10,415		3,373		3,057		21,845
Proforma amounts assuming the change   in accounting principle is applied   retroactively:
Asset retirement obligation		136,257		127,068		12,751		12,182		n/a

(1)

Effective April 30, 2001, the Company acquired the operating coal business of Montana Power and the coal assets of Knife River Corporation. Refer to Note 2 to the Consolidated Financial Statements for further information.

(2)

On December 23, 1996 Westmoreland Coal Company and four subsidiaries, Westmoreland Resources, Inc., Westmoreland Coal Sales Company, Westmoreland Energy, Inc., and Westmoreland Terminal Company (the "Debtor Corporations"), filed voluntary petitions for reorganization under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Colorado. The Debtor Corporations were in possession of their respective properties and assets and operated as debtors in possession pursuant to provisions of the Bankruptcy Code. The cases were dismissed on December 23, 1998.