Toggle SGML Header (+)


Section 1: 8-K (8-K_Q12017EARNINGSRELEASE)

felp-8k_20170511.htm

UNITED STATES

SECURITIES AND EXCHANGE

COMMISSION

WASHINGTON, DC 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (date of earliest event reported): May 11, 2017

 

 

FORESIGHT ENERGY LP

(Exact Name of Registrant as Specified in Charter)

 

 

Delaware

 

001-36503

 

80-0778894

(State or Other Jurisdiction

of Incorporation)

 

(Commission

File Number)

 

(IRS Employer

Identification No.)

 

211 North Broadway

Suite 2600

Saint Louis, MO

 

 

 

63102

(Address of Principal Executive Offices)

 

 

 

(Zip Code)

 

Registrant’s telephone number, including area code: (314) 932-6160

 

 Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 ((§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

 

 

 


 

ITEM 2.02

RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On May 11, 2017, Foresight Energy LP (the “Partnership”) announced via press release its earnings and operating results for the three months ended March 31, 2017.  A copy of the Partnership’s press release is attached hereto as Exhibit 99.1.

The information in this Current Report on Form 8-K (including the exhibits attached hereto) is being furnished under Item 2.02 and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of such section or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

 

ITEM 9.01

FINANCIAL STATEMENTS AND EXHIBITS.

 

(d)

Exhibits

 

 

99.1 Press release issued by Foresight Energy LP on May 11, 2017.

 

 


 

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

Foresight Energy LP

 

 

By:

 

Foresight Energy GP LLC,

 

 

its general partner

 

 

By:

 

/s/ Robert D. Moore

 

 

Robert D. Moore

 

 

President and Chief Executive Officer

 

 

Date: May 11, 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


EXHIBIT INDEX

 

 

 

 

Exhibit
No.

  

Description

 

 

99.1

  

Press release issued by Foresight Energy LP on May 11, 2017.

 

 

 

 

 

 

 

 

 

 

 

 

(Back To Top)

Section 2: EX-99.1 (EX-99.1)

felp-ex991_6.htm

Exhibit 99.1

 

 

 

Foresight Energy LP Reports First Quarter 2017 Results

 

First Quarter 2017 Highlights:

 

Coal sales of $227.8 million on sales volumes of 5.3 million tons, each a nearly 40% increase from prior year period

Net loss attributable to limited partner units of $111.2 million or $(0.85) per unit, including a loss on early extinguishment of debt of $95.5 million or ($0.73) per unit

Adjusted EBITDA of $64.0 million

Cash flows from operations of $22.4 million

 

Completed $1.25 billion refinancing of prior credit facility and second lien debt

 

 

ST.  LOUIS, Missouri (BUSINESS WIRE) May 11, 2017 — Foresight Energy LP (“Foresight” or the “Partnership”) (NYSE: FELP) today reported financial and operating results for the first quarter of 2017.  Foresight generated quarterly coal sales revenues of $227.8 million on sales volumes of 5.3 million tons resulting in Adjusted EBITDA of $64.0 million, cash flows from operations of $22.4 million and a net loss attributable to limited partner units of $111.2 million, or $(0.85) per unit.  Results for the first quarter 2017 were negatively impacted by a loss on the early extinguishment of debt of $95.5 million related to the refinancing completed on March 28th.  Quarterly sales volumes increased 40% compared to the first quarter 2016 due in part to an increase in export tons sold during the first quarter 2017.  Cash costs per ton sold decreased to $22.80 despite two longwall moves at the operations during the first quarter 2017.        

 

On March 28, 2017, Foresight completed the refinancing of certain of its previously outstanding debt.  As part of the transaction, Foresight issued $1.25 billion of new debt, consisting of a term loan of $825 million and $425 million in second lien notes.  The proceeds were used to retire the previously outstanding revolving credit facility, term loan and second lien notes.  The completed transaction also resulted in a new revolving credit facility with $158.5 million of capacity with no borrowings at close.  Concurrent with the refinancing transaction, Murray Energy exercised its option to acquire an additional 46% of the general partner of Foresight increasing its voting interest in the general partner to 80%.  For additional information on the refinancing transaction, please refer to the Form 8-K filed with the SEC on April 3, 2017.  

 

“The first quarter was successful for Foresight as we realized significant year-over-year improvements in sales volumes, coal sales and production costs, as our operations continued to perform exceptionally well,” said Mr. Robert D. Moore, Chairman, President and Chief Executive Officer.  “We were able to take advantage of improved capital markets during the first quarter and successfully complete the refinancing of our indebtedness.  The new facilities extend maturities well into the future, lower our effective interest rate compared to the August 2016 restructuring, provides Foresight with adequate headroom under the new financial covenants, and, importantly, prevents massive dilution to the current unitholders by refinancing the former exchangeable notes prior to their maturity,” stated Mr. Moore.    

 

As a result of its increased voting interest, Murray Energy had the option to apply pushdown accounting to Foresight’s standalone financial statements and elected to do so on the acquisition date.  Consequently, Foresight’s consolidated financial statements were adjusted to reflect the preliminary pushdown accounting adjustments.  The consolidated financial statements are presented in two distinct periods to indicate the application of two different bases of accounting between the periods presented.  The periods prior to the acquisition date are identified as “Predecessor” and the period after the acquisition date is identified as “Successor”.  

 

 

 


1

 

 

 


Consolidated Financial Results

 

Quarter Ended March 31, 2017 Compared to Quarter Ended March 31, 2016

 

Coal sales totaled $227.8 million for the first quarter 2017 compared to $163.1 million for the first quarter 2016.  The increase in coal sales revenue from the prior year period was largely due to a 1.5 million ton increase in coal sales volumes principally driven by increased shipments into the export market during the current quarter.  During the first quarter 2017, Foresight shipped 24% of its coal into the export market compared to 14% during the prior year quarter.    

 

Cost of coal produced was $117.8 million, or $22.80 per ton sold, for the first quarter 2017 compared to $89.2 million, or $23.86 per ton sold, for the same period of 2016.  The increase during the current year quarter was due to higher sales volumes offset by a reduction in Foresight’s cash cost per ton sold of $1.06 per ton.  The improvement in cash cost per ton sold was driven by increased production at the Williamson mine, which was impacted in the first quarter of 2016 by higher longwall-related costs.  Additionally, direct and indirect costs related to the Hillsboro combustion event were lower during the current year period.  

 

Transportation costs increased $11.9 million, or $0.27 per ton sold, from the prior year period due to higher export sales volumes.  During the first quarter of 2017, Foresight shipped 24% of its sales volumes to the export market compared to 14% during the prior year period.  The increase in volumes and per ton costs was offset by $2.9 million of lower charges for shortfalls on minimum contractual rail and export terminal throughput requirements.  

 

Related to the refinancing transaction completed on March 28, 2017, Foresight recorded $95.5 million of expense related to the early extinguishment of debt during the first quarter 2017, compared to $0.1 million of debt extinguishment costs and $9.7 million of debt restructuring costs during the year ago quarter.  During the first quarter 2017, Foresight also recorded $9.3 million of income related to updating the warrants issued during the August 2016 restructuring to fair value.  As the warrants were not in place during the prior year period, there was no income or expense during that period.

 

Interest expense for first quarter 2017 increased $10.4 million from the prior year period due primarily to higher interest costs resulting from the August 2016 debt restructuring as the Second Lien Notes and Second Lien PIK notes carried higher effective interest rates than the 2021 Senior Notes replaced at the time of the August 2016 restructuring.  

 

Cash flows provided by operations totaled $22.4 million for first quarter 2017 and Foresight ended the quarter with $4.2 million in cash and $158.5 million of available capacity, net of outstanding letters of credit, under the revolving credit facility.  During the first quarter 2017, capital expenditures totaled $19.9 million, an increase of $14.9 million compared to the quarter ended March 31, 2016.  Capital spending in the prior year period was lower as a result of the timing of capital outlays related to the maintenance of Foresight’s operations.

 

Forward-Looking Statements

 

This press release contains forward-looking statements within the meaning of the federal securities laws.  These statements contain words such aspossible, intend, will, if and expect” and can be impacted by numerous factors, including risks relating to the securities markets, the impact of adverse market conditions affecting business of the Partnership, adverse changes in laws including with respect to tax and regulatory matters and other risks.  There can be no assurance that actual results will not differ from those expected by management of the Partnership.  Known material factors that could cause actual results to differ from those in the forward-looking statements are described in Part I, Item 1A.  Risk Factors of the Partnerships Annual Report on Form 10-K filed on March 12017.  The Partnership undertakes no obligation to update or revise such forward-looking statements to reflect events or circumstances that occur, or which the Partnership becomes aware of, after the date hereof.

 

Non-GAAP Financial Measures

 

Adjusted EBITDA is a non-GAAP supplemental financial measure that management and external users of the Partnership’s consolidated financial statements, such as industry analysts, investors, lenders and rating agencies, may use to assess:

 

the Partnerships operating performance as compared to other publicly traded partnerships, without regard to historical cost basis or, in the case of Adjusted EBITDA, financing methods;

the Partnerships ability to incur and service debt and fund capital expenditures; and

the viability of acquisitions and other capital expenditure projects and the returns on investment of various expansion and

growth opportunities.

 

2

 

 

 


The Partnership defines Adjusted EBITDA as net income (loss) attributable to controlling interests before interest, income taxes, depreciation, depletion, amortization and accretion.  Adjusted EBITDA is also adjusted for equity-based compensation, losses/gains on commodity derivative contracts, settlements of derivative contracts, a change in the fair value of the warrant liability and material nonrecurring or other items which may not reflect the trend of future results.  As it relates to commodity derivative contracts, the Adjusted EBITDA calculation removes the total impact of derivative gains/losses on net income (loss) during the period and then adds/deducts to Adjusted EBITDA the amount of aggregate settlements during the period.  

The Partnership believes the presentation of Adjusted EBITDA provides useful information to investors in assessing the Partnership’s financial condition and results of operations.  Adjusted EBITDA should not be considered an alternative to net (loss) income, operating income, or any other measure of financial performance presented in accordance with U.S. GAAP, nor should Adjusted EBITDA be considered an alternative to operating surplus, adjusted operating surplus or other definitions in the Partnership’s partnership agreement.  Adjusted EBITDA has important limitations as an analytical tool because it excludes some, but not all, of the items that affects net (loss) income.  Additionally, because Adjusted EBITDA may be defined differently by other companies in the industry, and the Partnerships definition of Adjusted EBITDA may not be comparable to similarly titled measures of other companies, the utility of such a measure is diminished.  For a reconciliation of Adjusted EBITDA to net (loss) income attributable to controlling interests, please see the table below.

 

About Foresight Energy LP

 

Foresight is a leading producer and marketer of thermal coal controlling over 2 billion tons of coal reserves in the Illinois Basin. Foresight currently operates two longwall mining complexes with three longwall mining systems (Williamson (one longwall mining system) and Sugar Camp (two longwall mining systems)), one continuous mining operation (Macoupin) and the Sitran river terminal on the Ohio River. Foresight’s operations are strategically located near multiple rail and river transportation access points, providing transportation cost certainty and flexibility to direct shipments to the domestic and international markets.

 

Contact

 

Gary M.  Broadbent

Senior Corporate Counsel and

Director of Investor and Media Relations

740-338-3100

Investor.relations@foresight.com

Media@coalsource.com

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


3

 

 

 


Foresight Energy LP

Unaudited Condensed Consolidated Balance Sheets

 

 

(Successor)

 

 

 

(Predecessor)

 

 

March 31,

 

 

 

December 31,

 

 

2017

 

 

 

2016

 

 

(In Thousands)

 

 

 

(In Thousands)

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

4,235

 

 

 

$

103,690

 

Accounts receivable

 

35,210

 

 

 

 

54,905

 

Due from affiliates

 

19,293

 

 

 

 

16,891

 

Financing receivables - affiliate

 

2,961

 

 

 

 

2,904

 

Inventories, net

 

49,539

 

 

 

 

43,052

 

Prepaid royalties

 

4,800

 

 

 

 

3,136

 

Deferred longwall costs

 

 

 

 

 

13,310

 

Coal derivative assets

 

2,576

 

 

 

 

7,650

 

Other prepaid expenses and current assets

 

17,901

 

 

 

 

21,443

 

Intangible contracts

 

39,822

 

 

 

 

 

Total current assets

 

176,337

 

 

 

 

266,981

 

Property, plant, equipment and development, net

 

2,607,144

 

 

 

 

1,318,937

 

Due from affiliates

 

947

 

 

 

 

1,843

 

Financing receivables - affiliate

 

66,473

 

 

 

 

67,235

 

Prepaid royalties

 

 

 

 

 

13,765

 

Other assets

 

2,270

 

 

 

 

20,250

 

Intangible contracts

 

10,928

 

 

 

 

 

Total assets

$

2,864,099

 

 

 

$

1,689,011

 

Liabilities and partners’ capital (deficit)

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Current portion of long-term debt and capital lease obligations

$

67,778

 

 

 

$

368,993

 

Current portion of sale-leaseback financing arrangements

 

1,499

 

 

 

 

1,372

 

Accrued interest

 

4,839

 

 

 

 

29,760

 

Accounts payable

 

68,295

 

 

 

 

60,971

 

Accrued expenses and other current liabilities

 

38,165

 

 

 

 

43,592

 

Asset retirement obligations

 

8,167

 

 

 

 

7,273

 

Due to affiliates

 

9,253

 

 

 

 

20,904

 

Intangible contracts

 

23,640

 

 

 

 

 

Total current liabilities

 

221,636

 

 

 

 

532,865

 

Long-term debt and capital lease obligations

 

1,299,998

 

 

 

 

1,022,070

 

Sale-leaseback financing arrangements

 

190,169

 

 

 

 

190,497

 

Asset retirement obligations

 

37,438

 

 

 

 

37,644

 

Warrant liability

 

 

 

 

 

51,169

 

Other long-term liabilities

 

4,857

 

 

 

 

9,359

 

Intangible contracts

 

109,508

 

 

 

 

 

Total liabilities

 

1,863,606

 

 

 

 

1,843,604

 

Limited partners' capital (deficit):

 

 

 

 

 

 

 

 

Common unitholders (75,733 and 66,105 units outstanding as of March 31, 2017 and December 31, 2016, respectively)

 

596,469

 

 

 

 

100,628

 

Subordinated unitholders (64,955 units outstanding as of March 31, 2017 and December 31, 2016)

 

404,024

 

 

 

 

(255,221

)

Total partners' capital (deficit)

 

1,000,493

 

 

 

 

(154,593

)

Total liabilities and partners' capital (deficit)

$

2,864,099

 

 

 

$

1,689,011

 

4

 

 

 


Foresight Energy LP

Unaudited Condensed Consolidated Statements of Operations

 

 

 

(Predecessor)

 

 

Three Months Ended

 

 

March 31,

 

 

2017

 

 

2016

 

 

(In Thousands, Except per Unit Data)

 

Revenues

 

 

 

 

 

 

 

Coal sales

$

227,813

 

 

$

163,097

 

Other revenues

 

2,581

 

 

 

2,988

 

Total revenues

 

230,394

 

 

 

166,085

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

Cost of coal produced (excluding depreciation, depletion and amortization)

 

117,762

 

 

 

89,177

 

Cost of coal purchased

 

7,973

 

 

 

550

 

Transportation

 

37,726

 

 

 

25,798

 

Depreciation, depletion and amortization

 

39,298

 

 

 

36,417

 

Accretion on asset retirement obligations

 

710

 

 

 

844

 

Selling, general and administrative

 

6,554

 

 

 

5,719

 

Transition and reorganization costs

 

 

 

 

5,940

 

Loss on commodity derivative contracts

 

1,492

 

 

 

523

 

Other operating expense (income), net

 

451

 

 

 

(88

)

Operating income

 

18,428

 

 

 

1,205

 

Other expenses:

 

 

 

 

 

 

 

Interest expense, net

 

43,380

 

 

 

32,995

 

Debt restructuring costs

 

 

 

 

9,710

 

Change in fair value of warrants

 

(9,278

)

 

 

 

Loss on early extinguishment of debt

 

95,510

 

 

 

107

 

Net loss

 

(111,184

)

 

 

(41,607

)

Less: net income attributable to noncontrolling interests

 

 

 

 

97

 

Net loss attributable to controlling interests

 

(111,184

)

 

 

(41,704

)

Net loss attributable to predecessor

 

(111,184

)

 

 

(41,704

)

Net loss attributable to successor

$

 

 

$

 

 

 

 

 

 

 

 

 

Net loss available to limited partner units - basic and diluted:

 

 

 

 

 

 

 

Common unitholders

$

(56,259

)

 

$

(20,890

)

Subordinated unitholders

$

(54,925

)

 

$

(20,814

)

 

 

 

 

 

 

 

 

Net loss per limited partner unit - basic and diluted:

 

 

 

 

 

 

 

Common unitholders

$

(0.85

)

 

$

(0.32

)

Subordinated unitholders

$

(0.85

)

 

$

(0.32

)

 

 

 

 

 

 

 

 

Weighted average limited partner units outstanding - basic and diluted:

 

 

 

 

 

 

 

Common units

 

66,533

 

 

 

65,193

 

Subordinated units

 

64,955

 

 

 

64,955

 

 

 

 

 

 

 

 

 

Distributions declared per limited partner unit

$

 

 

$

 

 

 

 

 

 

 

 

 

5

 

 

 


Foresight Energy LP

Unaudited Condensed Consolidated Statements of Cash Flows

 

 

(Predecessor)

 

 

Three Months Ended

 

 

March 31,

 

 

2017

 

 

2016

 

 

(In Thousands)

 

Cash flows from operating activities

 

 

 

 

 

 

 

Net loss

$

(111,184

)

 

$

(41,607

)

Adjustments to reconcile net loss to net cash provided by operating activities:

 

 

 

 

 

 

 

Depreciation, depletion and amortization

 

39,298

 

 

 

36,417

 

Amortization of debt discount and deferred issuance costs

 

6,365

 

 

 

1,727

 

Equity-based compensation

 

318

 

 

 

3,992

 

Loss on commodity derivative contracts

 

1,492

 

 

 

523

 

Settlements of commodity derivative contracts

 

3,724

 

 

 

5,119

 

Realized gains on commodity derivative contracts included in investing activities

 

(3,520

)

 

 

 

Transition and reorganization expenses paid by Foresight Reserves (affiliate)

 

 

 

 

2,000

 

Change in fair value of warrants

 

(9,278

)

 

 

 

Debt extinguishment expense

 

95,510

 

 

 

107

 

Other

 

1,321

 

 

 

1,465

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

Accounts receivable

 

19,695

 

 

 

16,902

 

Due from/to affiliates, net

 

(13,157

)

 

 

13,064

 

Inventories

 

(917

)

 

 

(10,237

)

Prepaid expenses and other current assets

 

(2,375

)

 

 

(4,247

)

Prepaid royalties

 

(241

)

 

 

891

 

Commodity derivative assets and liabilities

 

(532

)

 

 

1,707

 

Accounts payable

 

7,324

 

 

 

(3,239

)

Accrued interest

 

(9,803

)

 

 

12,769

 

Accrued expenses and other current liabilities

 

(3,430

)

 

 

(695

)

Other

 

1,782

 

 

 

(2,436

)

Net cash provided by operating activities

 

22,392

 

 

 

34,222

 

Cash flows from investing activities

 

 

 

 

 

 

 

Investment in property, plant, equipment and development

 

(19,908

)

 

 

(5,040

)

Return of investment on financing arrangements with Murray Energy (affiliate)

 

705

 

 

 

653

 

Settlement of certain coal derivatives

 

3,520

 

 

 

 

Proceeds from sale of property, plant and equipment

 

1,898

 

 

 

83

 

Net cash used in investing activities

 

(13,785

)

 

 

(4,304

)

Cash flows from financing activities

 

 

 

 

 

 

 

Net change in borrowings under revolving credit facility

 

(352,500

)

 

 

 

Net change in borrowings under A/R securitization program

 

7,000

 

 

 

(19,800

)

Proceeds from other long-term debt

 

1,234,438

 

 

 

 

Payments on other long-term debt and capital lease obligations

 

(970,721

)

 

 

(11,097

)

Proceeds from issuance of common units to Murray Energy (affiliate)

 

60,586

 

 

 

 

Debt extinguishment costs

 

(57,645

)

 

 

 

Debt issuance costs paid

 

(27,328

)

 

 

 

Other

 

(1,892

)

 

 

(339

)

Net cash used in financing activities

 

(108,062

)

 

 

(31,236

)

Net decrease in cash and cash equivalents

 

(99,455

)

 

 

(1,318

)

Cash and cash equivalents, beginning of period

 

103,690

 

 

 

17,538

 

Cash and cash equivalents, end of period

$

4,235

 

 

$

16,220

 

 

 

 

 

 

 

 

 

Supplemental disclosures of non-cash financing activities:

 

 

 

 

 

 

 

Non-cash capital contribution from Foresight Reserves LP (affiliate)

$

 

 

$

813

 

Reclassification of warrant liability to partners' capital

$

41,888

 

 

$

 

6

 

 

 


 

Reconciliation of U.S. GAAP Net Loss Attributable to Controlling Interests to Adjusted EBITDA:

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

March 31, 2017

 

 

March 31, 2016

 

 

December 31, 2016

 

 

 

(In Thousands)

Net loss attributable to controlling interests (1)

$

(111,184

)

 

$

(41,704

)

 

$

(85,012

)

 

Interest expense, net

 

43,380

 

 

 

32,995

 

 

 

43,932

 

 

Depreciation, depletion and amortization

 

39,298

 

 

 

36,417

 

 

 

38,691

 

 

Long-lived asset impairments

 

 

 

 

 

 

 

74,575

 

 

Accretion on asset retirement obligations

 

710

 

 

 

844

 

 

 

844

 

 

Transition and reorganization costs  (excluding amounts included in equity-based compensation below)

 

 

 

 

2,241

 

 

 

 

 

Equity-based compensation (2)

 

318

 

 

 

3,992

 

 

 

395

 

 

Loss on commodity derivative contracts

 

1,492

 

 

 

523

 

 

 

6,482

 

 

Settlements of commodity derivative contracts

 

3,724

 

 

 

5,119

 

 

 

(468

)

 

Debt restructuring costs

 

 

 

 

9,710

 

 

 

119

 

 

Change in fair value of warrants

 

(9,278

)

 

 

 

 

 

18,576

 

 

Loss (gain) on early extinguishment of debt

 

95,510

 

 

 

107

 

 

 

(90

)

 

Adjusted EBITDA

$

63,970

 

 

$

50,244

 

 

$

98,044

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) - Included in net loss attributable to controlling interests during the three months ended December 31, 2016 was business interruption proceeds of $20.0 million, which was recorded in other operating income, net.

(2) - Includes equity-based compensation of $3,698 which was recorded in transition and reorganization costs in the statement of operations for the three months ended March 31, 2016.

 

 

 

 

Operating Metrics

 

Three Months Ended

 

 

 

March 31, 2017

 

 

March 31, 2016

 

 

December 31, 2016

 

 

 

(In Thousands, Except Per Ton Data)

Produced tons sold

 

5,165

 

 

 

3,737

 

 

 

4,923

 

 

Purchased tons sold

 

118

 

 

 

17

 

 

 

256

 

 

Total tons sold

 

5,283

 

 

 

3,754

 

 

 

5,179

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tons produced

 

5,267

 

 

 

4,299

 

 

 

5,072

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Coal sales realization per ton sold(1)

$

43.12

 

 

$

43.45

 

 

$

48.46

 

 

Cash cost per ton sold(2)

$

22.80

 

 

$

23.86

 

 

$

22.84

 

 

Netback to mine realization per ton sold(3)

$

35.98

 

 

$

36.57

 

 

$

40.16

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) - Coal sales realization per ton sold is defined as coal sales divided by total tons sold.

(2) - Cash cost per ton sold is defined as cost of coal produced (excluding depreciation, depletion and amortization) divided by produced tons sold.

(3) - Netback to mine realization per ton sold is defined as coal sales less transportation expense divided by tons sold.

 

 

 

 

 

 

 

 

7

 

 

 

(Back To Top)