Foresight Energy LP Announces Third Quarter 2016 Results
Third Quarter 2016 Highlights:
-
Coal sales of $228.5 million on sales volumes of 5.3 million tons
-
Net loss attributable to limited partner units of $24.3 million or
$(0.19) per unit
-
Adjusted EBITDA of $85.4 million
-
Cash flows from operations of $72.7 million
-
Completed global restructuring of indebtedness
Foresight Energy LP (NYSE:FELP) today reported financial and operating
results for third quarter 2016. Sales volumes of 5.3 million tons during
third quarter 2016 generated coal sales revenue of $228.5 million
contributing to Adjusted EBITDA of $85.4 million, cash flows from
operations of $72.7 million and a net loss attributable to limited
partner units of $24.3 million, or $(0.19) per unit. Sales volumes for
third quarter 2016 increased 4.4% compared to second quarter 2016 and
were 7.5% lower as compared to the prior year third quarter. The current
quarter benefited from $10.5 million of insurance recoveries for the
reimbursement of mitigation costs incurred at our Hillsboro operation
related to the combustion event. However, third quarter 2016 results
were negatively impacted by $13.2 million in debt extinguishment costs,
of which $11.0 million were non-cash, $6.1 million of debt restructuring
costs, and $6.0 million of losses on commodity derivative contracts.
“Despite challenging market conditions and all of the activities related
to the global restructuring of our indebtedness, we delivered very solid
operating and financial results for the third quarter. These results
demonstrate the superior quality of our asset base and our operational
excellence,” said Robert D. Moore, President and Chief Executive
Officer. “Our operating costs continue to be best-in-class and allow us
to generate positive Adjusted EBITDA margins at all points in the
commodity cycle. Additionally, domestic and export realizations showed
modest improvement during the quarter allowing us to contract over 4.0
million tons for delivery though 2018.”
During the quarter, as described in FELP’s Form 8-K filed on September
6, 2016, Foresight completed an out-of-court restructuring of more than
$1.4 billion in indebtedness. This restructuring resolved the various
defaults and events of default related to the December 2015 Delaware
Court of Chancery opinion that the equity transaction involving Murray
Energy and Foresight Reserves constituted a “change of control.” The
restructuring provided for, among other things: (1) an amendment and
restatement of the Partnership’s senior credit facility, restoring
access to our revolving credit facility while also amending certain
commitment levels and financial maintenance covenants; (2) an amendment
and restatement of the Partnership’s receivables securitization
facility; (3) amendments and waivers related to the Partnership’s
longwall equipment leases and financings including a reduction in
certain maturities; and (4) amendments and other modifications to
governance documents and existing agreements by and among the equity
sponsors, as well as, the execution of various mutual releases among the
participants in the restructuring. Please refer to the Current Report on
Form 8-K filed with the Securities and Exhange Commission (“SEC”) on
September 6, 2016 and the Quarterly Report on Form 10-Q for the
quarterly period ended September 30, 2016 filed with the SEC today for
more information regarding the debt restructuring.
“The resulting transaction addresses the change of control litigation
and improves the Partnership’s long-term leverage profile, which better
positions the Partnership as it continues to operate in a difficult
environment,” added Mr. Moore.
In addition to strong production, Foresight’s operations continue to
make significant improvements in the area of safety. During third
quarter 2016, Foresight’s Macoupin operation was the recipient of an
award from the Joseph A. Holmes Safety Association for having the lowest
total reportable incident frequency rate for the second quarter of 2016.
“All of our operations have put a renewed emphasis on safety initiatives
and we have seen improvements in various safety metrics including
reportable and lost time incidents. This is a credit to our employees
and their efforts,” stated Mr. Moore.
Consolidated Financial Results
Coal sales totaled $228.5 million during third quarter 2016, a decrease
of $22.7 million from the prior year third quarter. This decrease was
primarily due to reduced sales volumes attributed to difficult coal
market conditions driven by oversupply in the market, excess utility
stockpiles and continued low natural gas prices. However, during the
third quarter, the Partnership began to see some improvement in the
international markets as export thermal coal pricing improved
significantly.
Cost of coal produced was $110.3 million for third quarter 2016 compared
to $128.2 million for the same period 2015. The decrease during the
current quarter was due to lower sales volumes, as well as a reduction
in our cash cost per ton sold, driven largely by synergies related to
the transaction with Murray Energy, including lower mine overhead costs
and operational efficiencies, plus the benefit of the insurance
recoveries for the reimbursement of mitigation costs related to the
Hillsboro combustion event which totaled $10.5 million.
Transportation costs declined slightly from the prior year period due to
lower export sales volumes offset partially by higher charges for
shortfalls on minimum contractual throughput volume requirements.
Selling, general and administrative expenses increased $2.6 million in
the third quarter 2016 compared to the third quarter 2015 due to
incremental litigation accrual expenses.
Interest expense for the third quarter 2016 increased $8.0 million from
the prior year period due primarily to higher effective interest rates
under the new and amended debt instruments as well as higher interest
rates under the term loan, revolving credit facility and A/R
securitization facility prior to the closing date of the restructuring
transactions due to default interest rates being in effect.
As a result of the completion of the global restructuring, Foresight
also recognized $6.1 million in debt restructuring costs and a $13.2
million loss on the extinguishment of debt during the third quarter 2016.
Cash flows provided by operations for third quarter 2016 reached $72.7
million and Foresight ended the quarter with $76.8 million in cash and
cash equivalents, representing an increase of $31.7 million from second
quarter 2016. During third quarter 2016 capital expenditures were $14.7
million and year-to-date capital expenditures are down $41.5 million as
compared to the nine months ended September 30, 2015.
Forward-Looking Statements
This press release contains “forward-looking” statements within the
meaning of the federal securities laws. These statements contain words
such as “possible,” “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 Partnership’s Annual Report on
Form 10-K filed on March 15, 2016 and Part II, “Item 1A. Risk Factors”
of the Partnership’s Quarterly Report on Form 10-Q filed today. 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 Partnership’s 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 Partnership’s 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.
|
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 add/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 Partnership’s 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 Energy LP is a leading producer and marketer of thermal coal
controlling over 3 billion tons of coal reserves in the Illinois Basin.
Foresight currently owns four mining complexes (Williamson, Sugar Camp,
Hillsboro and Macoupin), with four longwall systems, 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.
Foresight Energy LP
|
Unaudited Condensed Consolidated Statements of Operations
|
|
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
|
|
September 30,
|
|
|
September 30,
|
|
|
|
2016
|
|
|
2015
|
|
|
2016
|
|
|
2015
|
|
|
|
(In Thousands, Except per Unit Data)
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Coal sales
|
|
$
|
228,472
|
|
|
$
|
251,125
|
|
|
$
|
615,662
|
|
|
$
|
739,940
|
|
Other revenues
|
|
|
2,353
|
|
|
|
1,941
|
|
|
|
7,249
|
|
|
|
3,263
|
|
Total revenues
|
|
|
230,825
|
|
|
|
253,066
|
|
|
|
622,911
|
|
|
|
743,203
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of coal produced (excluding depreciation,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
depletion and amortization)
|
|
|
110,311
|
|
|
|
128,195
|
|
|
|
311,557
|
|
|
|
360,769
|
|
Cost of coal purchased
|
|
|
183
|
|
|
|
5,055
|
|
|
|
733
|
|
|
|
7,063
|
|
Transportation
|
|
|
33,324
|
|
|
|
34,377
|
|
|
|
96,679
|
|
|
|
127,757
|
|
Depreciation, depletion and amortization
|
|
|
43,637
|
|
|
|
54,152
|
|
|
|
125,521
|
|
|
|
145,701
|
|
Accretion on asset retirement obligations
|
|
|
844
|
|
|
|
567
|
|
|
|
2,532
|
|
|
|
1,700
|
|
Selling, general and administrative
|
|
|
7,340
|
|
|
|
4,761
|
|
|
|
18,648
|
|
|
|
25,285
|
|
Transition and reorganization costs
|
|
|
—
|
|
|
|
5,037
|
|
|
|
6,889
|
|
|
|
17,288
|
|
Loss (gain) on commodity derivative contracts
|
|
|
5,987
|
|
|
|
(17,541
|
)
|
|
|
17,270
|
|
|
|
(40,703
|
)
|
Other operating expense (income), net
|
|
|
(2,215
|
)
|
|
|
384
|
|
|
|
(2,124
|
)
|
|
|
(13,872
|
)
|
Operating income
|
|
|
31,414
|
|
|
|
38,079
|
|
|
|
45,206
|
|
|
|
112,215
|
|
Other expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net
|
|
|
37,939
|
|
|
|
29,891
|
|
|
|
105,269
|
|
|
|
86,591
|
|
Debt restructuring costs
|
|
|
6,072
|
|
|
|
—
|
|
|
|
21,702
|
|
|
|
—
|
|
Change in fair value of warrants
|
|
|
(1,452
|
)
|
|
|
—
|
|
|
|
(1,452
|
)
|
|
|
—
|
|
Loss on extinguishment of debt
|
|
|
13,186
|
|
|
|
—
|
|
|
|
13,294
|
|
|
|
—
|
|
Net (loss) income
|
|
|
(24,331
|
)
|
|
|
8,188
|
|
|
|
(93,607
|
)
|
|
|
25,624
|
|
Less: net (loss) income attributable to noncontrolling interests
|
|
|
(45
|
)
|
|
|
118
|
|
|
|
169
|
|
|
|
652
|
|
Net (loss) income attributable to controlling interests
|
|
|
(24,286
|
)
|
|
|
8,070
|
|
|
|
(93,776
|
)
|
|
|
24,972
|
|
Less: net income attributable to predecessor equity
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
23
|
|
Net (loss) income attributable to limited partner units
|
|
$
|
(24,286
|
)
|
|
$
|
8,070
|
|
|
$
|
(93,776
|
)
|
|
$
|
24,949
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income available to limited partner units - basic and
diluted:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common unitholders
|
|
$
|
(12,249
|
)
|
|
$
|
4,041
|
|
|
$
|
(47,135
|
)
|
|
$
|
12,486
|
|
Subordinated unitholders
|
|
$
|
(12,037
|
)
|
|
$
|
4,029
|
|
|
$
|
(46,641
|
)
|
|
$
|
12,463
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income per limited partner unit - basic and diluted:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common unitholders
|
|
$
|
(0.19
|
)
|
|
$
|
0.06
|
|
|
$
|
(0.72
|
)
|
|
$
|
0.19
|
|
Subordinated unitholders
|
|
$
|
(0.19
|
)
|
|
$
|
0.06
|
|
|
$
|
(0.72
|
)
|
|
$
|
0.19
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average limited partner units outstanding - basic and
diluted:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common units
|
|
|
66,098
|
|
|
|
65,156
|
|
|
|
65,737
|
|
|
|
65,067
|
|
Subordinated units
|
|
|
64,955
|
|
|
|
64,955
|
|
|
|
64,955
|
|
|
|
64,927
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions declared per limited partner unit
|
|
$
|
—
|
|
|
$
|
0.38
|
|
|
$
|
—
|
|
|
$
|
1.11
|
|
|
Foresight Energy LP
|
Unaudited Condensed Consolidated Balance Sheets
|
|
|
|
|
September 30,
|
|
|
December 31,
|
|
|
|
2016
|
|
|
2015
|
|
|
|
(In Thousands)
|
|
Assets
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
76,847
|
|
|
$
|
17,538
|
|
Accounts receivable
|
|
|
64,622
|
|
|
|
61,325
|
|
Due from affiliates
|
|
|
10,526
|
|
|
|
16,615
|
|
Financing receivables - affiliate
|
|
|
2,849
|
|
|
|
2,689
|
|
Inventories, net
|
|
|
39,942
|
|
|
|
50,652
|
|
Prepaid expenses
|
|
|
7,883
|
|
|
|
5,498
|
|
Prepaid royalties
|
|
|
838
|
|
|
|
5,386
|
|
Deferred longwall costs
|
|
|
14,541
|
|
|
|
18,476
|
|
Coal derivative assets
|
|
|
11,654
|
|
|
|
26,596
|
|
Other current assets
|
|
|
3,209
|
|
|
|
5,565
|
|
Total current assets
|
|
|
232,911
|
|
|
|
210,340
|
|
Property, plant, equipment and development, net
|
|
|
1,335,999
|
|
|
|
1,433,193
|
|
Due from affiliates
|
|
|
1,843
|
|
|
|
2,691
|
|
Financing receivables - affiliate
|
|
|
67,982
|
|
|
|
70,139
|
|
Prepaid royalties
|
|
|
72,149
|
|
|
|
70,300
|
|
Coal derivative assets
|
|
|
3,068
|
|
|
|
22,027
|
|
Other assets
|
|
|
21,871
|
|
|
|
12,493
|
|
Total assets
|
|
$
|
1,735,823
|
|
|
$
|
1,821,183
|
|
Liabilities and partners’ (deficit) capital
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
Current portion of long-term debt and capital lease obligations
|
|
$
|
68,057
|
|
|
$
|
1,434,566
|
|
Accrued interest
|
|
|
6,061
|
|
|
|
24,574
|
|
Accounts payable
|
|
|
52,071
|
|
|
|
55,192
|
|
Accrued expenses and other current liabilities
|
|
|
41,126
|
|
|
|
35,825
|
|
Due to affiliates
|
|
|
10,226
|
|
|
|
8,536
|
|
Total current liabilities
|
|
|
177,541
|
|
|
|
1,558,693
|
|
Long-term debt and capital lease obligations
|
|
|
1,345,142
|
|
|
|
—
|
|
Long-term accrued interest
|
|
|
4,174
|
|
|
|
—
|
|
Sale-leaseback financing arrangements
|
|
|
193,220
|
|
|
|
193,434
|
|
Asset retirement obligations
|
|
|
45,571
|
|
|
|
43,277
|
|
Warrant liability
|
|
|
32,593
|
|
|
|
—
|
|
Other long-term liabilities
|
|
|
7,613
|
|
|
|
6,896
|
|
Total liabilities
|
|
|
1,805,854
|
|
|
|
1,802,300
|
|
Limited partners' capital (deficit):
|
|
|
|
|
|
|
|
|
Common unitholders (66,105 and 65,192 units outstanding as of
|
|
|
|
|
|
|
|
|
September 30, 2016 and December 31, 2015, respectively)
|
|
|
143,057
|
|
|
|
186,660
|
|
Subordinated unitholder (64,955 units outstanding as of September 30,
|
|
|
|
|
|
|
|
|
2016 and December 31, 2015)
|
|
|
(213,088
|
)
|
|
|
(166,061
|
)
|
Total limited partners' (deficit) capital
|
|
|
(70,031
|
)
|
|
|
20,599
|
|
Noncontrolling interests
|
|
|
—
|
|
|
|
(1,716
|
)
|
Total partners' (deficit) capital
|
|
|
(70,031
|
)
|
|
|
18,883
|
|
Total liabilities and partners' (deficit) capital
|
|
$
|
1,735,823
|
|
|
$
|
1,821,183
|
|
|
Foresight Energy LP
|
Unaudited Condensed Consolidated Statements of Cash Flows
|
|
|
|
Nine Months Ended
|
|
|
|
September 30,
|
|
|
|
2016
|
|
|
2015
|
|
Cash flows from operating activities
|
|
(In Thousands)
|
|
Net (loss) income
|
|
$
|
(93,607
|
)
|
|
$
|
25,624
|
|
Adjustments to reconcile net (loss) income to net cash provided by
operating activities:
|
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization
|
|
|
125,521
|
|
|
|
145,701
|
|
Equity-based compensation
|
|
|
4,711
|
|
|
|
12,897
|
|
Loss (gain) on commodity derivative contracts
|
|
|
17,270
|
|
|
|
(40,703
|
)
|
Settlements of commodity derivative contracts
|
|
|
13,112
|
|
|
|
51,556
|
|
Settlements of commodity derivative contracts included in investing
activities
|
|
|
—
|
|
|
|
(19,073
|
)
|
Transition and reorganization expenses paid by Foresight Reserves
(affiliate)
|
|
|
2,333
|
|
|
|
8,031
|
|
Current period interest expense converted into debt
|
|
|
31,484
|
|
|
|
—
|
|
Non-cash debt extinguishment expense
|
|
|
11,125
|
|
|
|
—
|
|
Other
|
|
|
9,025
|
|
|
|
6,822
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
(3,297
|
)
|
|
|
22,676
|
|
Due from/to affiliates, net
|
|
|
8,627
|
|
|
|
(25,406
|
)
|
Inventories
|
|
|
9,737
|
|
|
|
(3,806
|
)
|
Prepaid expenses and other current assets
|
|
|
(2,549
|
)
|
|
|
2,265
|
|
Prepaid royalties
|
|
|
2,699
|
|
|
|
(1,820
|
)
|
Commodity derivative assets and liabilities
|
|
|
2,624
|
|
|
|
(2,447
|
)
|
Accounts payable
|
|
|
(3,121
|
)
|
|
|
(21,625
|
)
|
Accrued interest
|
|
|
3,380
|
|
|
|
(14,451
|
)
|
Accrued expenses and other current liabilities
|
|
|
5,843
|
|
|
|
(4,085
|
)
|
Other
|
|
|
1,422
|
|
|
|
(2,390
|
)
|
Net cash provided by operating activities
|
|
|
146,339
|
|
|
|
139,766
|
|
Cash flows from investing activities
|
|
|
|
|
|
|
|
|
Investment in property, plant, equipment and development
|
|
|
(28,031
|
)
|
|
|
(69,502
|
)
|
Investment in financing arrangements with Murray Energy (affiliate)
|
|
|
—
|
|
|
|
(75,000
|
)
|
Return of investment on financing arrangements with Murray Energy
(affiliate)
|
|
|
1,997
|
|
|
|
1,112
|
|
Settlements of certain coal derivatives
|
|
|
—
|
|
|
|
19,073
|
|
Other
|
|
|
2,359
|
|
|
|
—
|
|
Net cash used in investing activities
|
|
|
(23,675
|
)
|
|
|
(124,317
|
)
|
Cash flows from financing activities
|
|
|
|
|
|
|
|
|
Net change in borrowings under revolving credit facility
|
|
|
—
|
|
|
|
58,000
|
|
Net change in borrowings under A/R securitization program
|
|
|
(12,200
|
)
|
|
|
50,000
|
|
Proceeds from other long-term debt
|
|
|
—
|
|
|
|
59,325
|
|
Payments on other long-term debt and capital lease obligations
|
|
|
(33,499
|
)
|
|
|
(33,274
|
)
|
Payments on short-term debt
|
|
|
(653
|
)
|
|
|
(2,010
|
)
|
Distributions paid
|
|
|
(182
|
)
|
|
|
(144,748
|
)
|
Debt issuance costs paid
|
|
|
(15,825
|
)
|
|
|
(2,751
|
)
|
Other
|
|
|
(996
|
)
|
|
|
(1,507
|
)
|
Net cash used in financing activities
|
|
|
(63,355
|
)
|
|
|
(16,965
|
)
|
Net increase (decrease) in cash and cash equivalents
|
|
|
59,309
|
|
|
|
(1,516
|
)
|
Cash and cash equivalents, beginning of period
|
|
|
17,538
|
|
|
|
26,509
|
|
Cash and cash equivalents, end of period
|
|
$
|
76,847
|
|
|
$
|
24,993
|
|
Supplemental information, including disclosures of non-cash
financing activities:
|
|
|
|
|
|
|
|
|
Interest paid, net of amounts capitalized
|
|
$
|
63,972
|
|
|
$
|
96,050
|
|
Interest converted into debt
|
|
$
|
49,203
|
|
|
$
|
—
|
|
Fair value of warrants issued
|
|
$
|
34,045
|
|
|
$
|
—
|
|
Non-cash capital contribution from Foresight Reserves LP (affiliate)
|
|
$
|
1,046
|
|
|
$
|
10,507
|
|
Modifications to capital lease obligations
|
|
$
|
663
|
|
|
$
|
—
|
|
Short-term insurance financing
|
|
$
|
603
|
|
|
$
|
2,809
|
|
|
Reconciliation of U.S. GAAP Net (Loss) Income Attributable to
Controlling Interests to Adjusted EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
|
|
September 30,
2016
|
|
|
September 30,
2015
|
|
|
June 30, 2016
|
|
|
September 30,
2016
|
|
|
September 30,
2015
|
|
|
|
(In Thousands)
|
Net (loss) income attributable to controlling interests
|
|
$
|
(24,286
|
)
|
|
$
|
8,070
|
|
|
$
|
(27,786
|
)
|
|
$
|
(93,776
|
)
|
|
$
|
24,972
|
|
Interest expense, net
|
|
|
37,939
|
|
|
|
29,891
|
|
|
|
34,335
|
|
|
|
105,269
|
|
|
|
86,591
|
|
Depreciation, depletion and amortization
|
|
|
43,637
|
|
|
|
54,152
|
|
|
|
45,467
|
|
|
|
125,521
|
|
|
|
145,701
|
|
Accretion on asset retirement obligations
|
|
|
844
|
|
|
|
567
|
|
|
|
844
|
|
|
|
2,532
|
|
|
|
1,700
|
|
Transition and reorganization costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(excluding amounts included in
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
equity-based compensation below)
|
|
|
—
|
|
|
|
3,784
|
|
|
|
333
|
|
|
|
2,575
|
|
|
|
13,388
|
|
Equity-based compensation (1)
|
|
|
284
|
|
|
|
1,258
|
|
|
|
435
|
|
|
|
4,711
|
|
|
|
12,897
|
|
Loss (gain) on commodity derivative contracts
|
|
|
5,987
|
|
|
|
(17,541
|
)
|
|
|
10,760
|
|
|
|
17,270
|
|
|
|
(40,703
|
)
|
Settlements of commodity derivative contracts
|
|
|
3,191
|
|
|
|
10,925
|
|
|
|
4,801
|
|
|
|
13,112
|
|
|
|
51,556
|
|
Debt restructuring costs
|
|
|
6,072
|
|
|
|
—
|
|
|
|
5,920
|
|
|
|
21,702
|
|
|
|
—
|
|
Loss on extinguishment of debt
|
|
|
13,186
|
|
|
|
—
|
|
|
|
—
|
|
|
|
13,294
|
|
|
|
—
|
|
Change in fair value of warrants
|
|
|
(1,452
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(1,452
|
)
|
|
|
—
|
|
Adjusted EBITDA
|
|
$
|
85,402
|
|
|
$
|
91,106
|
|
|
$
|
75,109
|
|
|
$
|
210,758
|
|
|
$
|
296,102
|
|
|
(1) - Includes equity-based compensation of $616 and $1,252 which
was recorded in transition and reorganization costs in the
statements of operations for the three months ended June 30, 2016
and September 30, 2015, respectively, and $4,315 and $3,900 for the
nine months ended September 30, 2016 and 2015, respectively.
|
|
|
|
Operating Metrics
|
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
|
September 30,
2016
|
|
|
September 30,
2015
|
|
|
June 30, 2016
|
|
|
September 30,
2016
|
|
|
September 30,
2015
|
|
|
(In Thousands, Except Per Ton Data)
|
Produced tons sold
|
|
|
5,277
|
|
|
|
5,588
|
|
|
|
5,057
|
|
|
|
14,070
|
|
|
|
16,278
|
Purchased tons sold
|
|
|
4
|
|
|
|
120
|
|
|
|
—
|
|
|
|
21
|
|
|
|
162
|
Total tons sold
|
|
|
5,281
|
|
|
|
5,708
|
|
|
|
5,057
|
|
|
|
14,091
|
|
|
|
16,440
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tons produced
|
|
|
4,774
|
|
|
|
4,884
|
|
|
|
4,889
|
|
|
|
13,962
|
|
|
|
16,193
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Coal sales realization per ton sold(1)
|
|
$
|
43.26
|
|
|
$
|
44.00
|
|
|
$
|
44.31
|
|
|
$
|
43.69
|
|
|
$
|
45.01
|
Cash cost per ton sold(2)
|
|
$
|
20.90
|
|
|
$
|
22.94
|
|
|
$
|
22.16
|
|
|
$
|
22.14
|
|
|
$
|
22.16
|
Netback to mine realization per ton sold(3)
|
|
$
|
36.95
|
|
|
$
|
37.97
|
|
|
$
|
36.89
|
|
|
$
|
36.83
|
|
|
$
|
37.24
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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.
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20161109005121/en/ Copyright Business Wire 2016
Source: Business Wire
(November 9, 2016 - 6:30 AM EST)
News by QuoteMedia
www.quotemedia.com
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