COLUMBUS, Ohio, May 6, 2014 /PRNewswire/ -- Oxford Resource
Partners, LP (NYSE: OXF) (the "Partnership" or "Oxford") today
announced first quarter 2014 financial results.
First Quarter 2014 Results
Adjusted EBITDA1 was $9.2 million for the first quarter of 2014
compared to $9.0 million for the
first quarter of 2013. The increase was driven by a 20.0 percent
increase in cash margin to $7.68 per
ton for the first quarter of 2014 from $6.40 per ton for the first quarter of 2013,
partially offset by a 234,000 ton decrease in tons sold
attributable to the idling of the Illinois Basin operations. Cash coal sales
revenue increased 5.4 percent to $53.36 per ton for the first quarter of 2014 from
$50.65 per ton for the first quarter
of 2013. For the first quarter of 2014, cash cost of coal sales
increased by 3.2 percent to $45.68
per ton from $44.25 per ton for the
first quarter of 2013, primarily due to higher diesel fuel
costs.
Net loss was $10.6 million for the
first quarter of 2014 compared to a net loss of $6.3 million for the first quarter of 2013.
There was $3.9 million of additional
interest expense attributable to the new credit facilities for the
first quarter of 2014 over the first quarter of 2013.
Adjusted Net Loss2 was $9.9
million for the first quarter of 2014, when excluding a
$0.4 million loss relating to the
change in fair value of warrants, $0.2
million of losses on disposal of assets and $0.1 million of restructuring expenses, and
without any adjustment for the additional interest expense.
Adjusted Net Loss was $5.5 million
for the first quarter of 2013, when excluding a $0.4 million loss on disposal of assets,
$0.2 million of debt refinancing
expenses and $0.2 million of
impairment and restructuring expenses.
"This winter's weather has underscored the power industry's need
to keep in operation coal-fired power plants located in our markets
which are scheduled to close starting in 2015. This is
exemplified by the fact that 89% of a key customer's older coal
generation targeted for retirement next year due to EPA rules was
pressed into service during the 'polar vertex' in January. In
fact, those coal-fired units ran at 46% of capacity during all of
the first quarter. While we do not supply any of these
coal-fired units scheduled for retirement, this further
demonstrates that coal must be part of the long-term energy
solution," said Oxford's President and Chief Executive Officer
Charles C. Ungurean. "Coal is
far less prone to price jumps or shortages, and in a cold snap it
is a bargain. Experts agree that, without these coal plants
operating, reliability of the grid could be compromised, and
electricity prices will be higher, hitting consumers hard as it did
this winter, in the peak periods of winter and summer."
Ungurean continued, "This increased coal burn, coupled with
utility stockpiles at the lowest levels we have seen in years, is
translating into sales opportunities for us. We recently
received an order from a key customer for an additional 200,000
tons this year. We are encouraged by this recent activity and
anticipate that we may see further requests for additional
tons."
Business Update
Oxford's projected sales volume is 95.6% committed and priced
for 2014, underscoring the strength of its long-term customer
relationships and its strategic importance in its core region.
Oxford has the ability to increase production by up to 0.5 million
tons with little additional capital investment if additional demand
materializes. For 2015, projected sales volume is 65.6 percent
committed (with 11.1 percent of the projected sales volume priced
and 54.5 percent of the projected sales volume unpriced).
Liquidity
As of March 31, 2014, the
Partnership had $4.6 million in cash
and $3.0 million in available
borrowing capacity on its revolving credit line. The
Partnership also has an option under the second lien credit
facility for an additional $10
million term loan if requested by the Partnership and
approved by the issuing second lien lender.
As previously announced, subsequent to quarter-end, Oxford sold
its Illinois Basin river terminal
in Kentucky and received proceeds
of $2 million, thereby further
enhancing its liquidity.
2014 Guidance
The Partnership provides the following updated guidance for 2014
based on its current industry outlook:
The Partnership expects to produce between 5.7 million tons and
6.0 million tons and sell between 5.8 million tons and 6.1 million
tons of thermal coal. The average selling price is
anticipated to be in the range of $52.25 per ton to $53.75 per ton, with an anticipated average cost
in the range of $43.80 per ton to
$45.30 per ton.
Adjusted EBITDA is expected to be in the range of $40 million to $45 million.
The Partnership anticipates capital expenditures of between
$17 million and $20 million.
Conference Call
The Partnership will host a conference call at 10:00 a.m. Eastern Time today (May 6, 2014) to review its first quarter 2014
financial results. To participate in the call, dial (877)
280-4961 or (857) 244-7318 for international callers and provide
passcode 87378206. The call will also be webcast live on the
Internet in the Investor Relations section of the Partnership's
website at www.OxfordResources.com.
An audio replay of the conference call will be available for
seven days beginning at 3:00 p.m. Eastern
Time on May 6, 2014, and may
be accessed at (888) 286-8010 or (617) 801-6888 for international
callers. The replay passcode is 41949757. The webcast
will also be archived on the Partnership's website at
www.OxfordResources.com for 30 days following the call.
About Oxford Resource Partners, LP
Oxford Resource Partners, LP is a low-cost producer of
high-value thermal coal in Northern Appalachia. Oxford
markets its coal primarily to large electric utilities with
coal-fired, base-load scrubbed power plants under long-term coal
sales contracts. The Partnership is headquartered in
Columbus, Ohio.
For more information about Oxford Resource Partners, LP (NYSE:
OXF), please visit www.OxfordResources.com. Financial and
other information about the Partnership is routinely posted on and
accessible at www.OxfordResources.com.
Forward-Looking Statements
Except for historical information, statements made in this press
release are "forward-looking statements." All statements,
other than statements of historical facts, included in this press
release that address activities, events or developments that the
Partnership expects, believes or anticipates will or may occur in
the future are forward-looking statements, including the statements
and information set forth under the headings "Business Update,"
"Liquidity" and "2014 Guidance."
These statements are based on certain assumptions made by the
Partnership based on its management's experience and perception of
historical trends, current conditions, expected future developments
and other factors the Partnership's management believes are
appropriate under the circumstances. Such statements are subject to
a number of assumptions, risks and uncertainties, many of which are
beyond the Partnership's control, which may cause actual results to
differ materially from those implied or expressed by the
forward-looking statements. These risks, uncertainties and
contingencies include, but are not limited to, the following:
productivity levels, margins earned and the level of operating
costs; weakness in global economic conditions or in customers'
industries; changes in governmental regulation of the mining
industry or the electric power industry and the increased costs of
complying with those changes; decreases in demand for electricity
and changes in coal consumption patterns of U.S. electric power
generators; the Partnership's dependence on a limited number of
customers; the Partnership's inability to enter into new long-term
coal sales contracts at attractive prices and the renewal and other
risks associated with the Partnership's existing long-term coal
sales contracts, including risks related to adjustments to price,
volume or other terms of those contracts; difficulties in
collecting the Partnership's receivables because of credit or
financial problems of major customers, and customer bankruptcies,
cancellations or breaches to existing contracts or other failures
to perform; the Partnership's ability to acquire additional coal
reserves; the Partnership's ability to respond to increased
competition within the coal industry; fluctuations in coal demand,
prices and availability due to labor and transportation costs and
disruptions, equipment availability, governmental regulations,
including those pertaining to carbon dioxide emissions, and other
factors; significant costs imposed on the Partnership's mining
operations by extensive and frequently changing environmental laws
and regulations, and greater than expected environmental
regulations, costs and liabilities; legislation and regulatory and
related judicial decisions and interpretations including issues
pertaining to climate change and miner health and safety; a variety
of operational, geologic, permitting, labor and weather-related
factors, including those pertaining to both mining operations and
underground coal reserves that the Partnership does not operate;
limitations in the cash distributions the Partnership receives from
its majority-owned subsidiary, Harrison Resources, LLC, and the
ability of Harrison Resources, LLC to acquire additional reserves
on economical terms in the future; the potential for inaccuracies
in estimates of the Partnership's coal reserves, which could result
in lower than expected revenues or higher than expected costs; the
accuracy of the assumptions underlying the Partnership's
reclamation and mine closure obligations; liquidity constraints,
including those resulting from the cost or unavailability of
financing due to current capital markets conditions; risks
associated with major mine-related accidents; results of
litigation, including claims not yet asserted; the Partnership's
ability to attract and retain key management personnel; greater
than expected shortage of skilled labor; the Partnership's ability
to maintain satisfactory relations with employees; and failure to
obtain, maintain or renew security arrangements, such as surety
bonds or letters of credit, in a timely manner and on acceptable
terms.
The Partnership undertakes no obligation to publicly update or
revise any forward-looking statements. Readers should not place
undue reliance on forward-looking statements, which reflect
management's views only as of the date hereof. Further
information on risks and uncertainties is available in the
Partnership's periodic reports filed with the U.S. Securities and
Exchange Commission or otherwise publicly disseminated by the
Partnership.
Withholding Information for Foreign Investors
This announcement is intended to be a qualified notice under
Treasury Regulation Section 1.1446-4(b). Brokers and nominees
should treat one hundred percent (100.0%) of Partnership
distributions to foreign investors, when and if such distributions
are made, as being attributable to income that is effectively
connected with a United States
trade or business. Accordingly, Partnership distributions to
foreign investors would be subject to federal income tax
withholding at the highest applicable rate.
|
|
|
1
The definition of Adjusted EBITDA, which is a non-GAAP financial
measure, and a reconciliation thereof to Net Loss, the most
comparable GAAP financial measure, are included in a table
presented near the end of this press release.
|
|
2
The definition of Adjusted Net Loss, which is a non-GAAP
financial measure, and reconciliation thereof to Net Loss, the most
comparable GAAP financial measure, are included in a table
presented near the end of this press release.
|
OXFORD RESOURCE
PARTNERS, LP AND SUBSIDIARIES
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
FOR THE THREE
MONTHS ENDED MARCH 31, 2014 AND 2013
|
(in thousands,
except for unit data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
|
March
31,
|
|
|
|
|
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
REVENUES:
|
|
|
|
|
|
Coal sales
|
|
$
76,770
|
|
$
84,793
|
|
Other
revenue
|
|
1,234
|
|
3,933
|
|
|
Total
revenues
|
|
78,004
|
|
88,726
|
|
|
|
|
|
|
|
|
|
COSTS AND
EXPENSES:
|
|
|
|
|
|
Cost of coal
sales:
|
|
|
|
|
|
|
Produced
coal
|
|
65,207
|
|
67,422
|
|
|
Purchased
coal
|
|
519
|
|
6,601
|
|
|
|
Total cost of coal
sales (excluding
|
|
|
|
|
|
|
|
|
depreciation,
depletion and amortization)
|
|
65,726
|
|
74,023
|
|
Cost of other
revenue
|
|
402
|
|
403
|
|
Depreciation,
depletion and amortization
|
|
11,224
|
|
12,933
|
|
Selling, general and
administrative expenses
|
|
3,656
|
|
4,164
|
|
Impairment and
restructuring expenses
|
|
75
|
|
141
|
|
Loss on disposal of
assets, net
|
|
204
|
|
418
|
|
|
Total costs and
expenses
|
|
81,287
|
|
92,082
|
LOSS FROM
OPERATIONS
|
|
(3,283)
|
|
(3,356)
|
|
|
|
|
|
|
|
|
|
INTEREST AND OTHER
EXPENSES:
|
|
|
|
|
|
Interest
income
|
|
1
|
|
1
|
|
Interest
expense
|
|
(6,870)
|
|
(2,922)
|
|
Change in fair value
of warrants
|
|
(415)
|
|
-
|
|
|
Total interest and
other expenses
|
|
(7,284)
|
|
(2,921)
|
NET
LOSS
|
|
(10,567)
|
|
(6,277)
|
Net loss (income)
attributable to noncontrolling interest
|
|
381
|
|
(270)
|
Net loss attributable
to Oxford Resource
|
|
|
|
|
|
Partners, LP
unitholders
|
|
(10,186)
|
|
(6,547)
|
Net loss allocated to
general partner
|
|
(202)
|
|
(131)
|
Net loss allocated to
limited partners
|
|
$
(9,984)
|
|
$
(6,416)
|
|
|
|
|
|
|
|
|
|
Net loss per limited
partner unit:
|
|
|
|
|
|
Basic
|
|
|
$
(0.41)
|
|
$
(0.31)
|
|
Diluted
|
|
|
(0.41)
|
|
(0.31)
|
|
|
|
|
|
|
|
|
|
Weighted average
number of limited partner
|
|
|
|
|
|
units
outstanding:
|
|
|
|
|
|
Basic
|
|
|
24,640,399
|
|
20,756,081
|
|
Diluted
|
|
|
24,640,399
|
|
20,756,081
|
OXFORD RESOURCE
PARTNERS, LP AND SUBSIDIARIES
|
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
|
AS OF MARCH 31,
2014 AND DECEMBER 31, 2013
|
(in thousands,
except for unit data)
|
|
|
|
|
|
|
|
|
|
|
|
As of
March 31,
2014
|
|
As of
December 31,
2013
|
ASSETS
|
|
|
|
CURRENT
ASSETS:
|
|
|
|
|
Cash
|
$
4,636
|
|
$
3,089
|
|
Accounts
receivable
|
27,286
|
|
25,850
|
|
Inventory
|
15,734
|
|
13,840
|
|
Advance
royalties
|
2,696
|
|
2,604
|
|
Prepaid expenses and
other assets
|
1,678
|
|
1,737
|
|
|
Total current
assets
|
52,030
|
|
47,120
|
|
|
|
|
|
|
|
PROPERTY, PLANT AND
EQUIPMENT, NET
|
135,107
|
|
144,426
|
ADVANCE ROYALTIES,
LESS CURRENT PORTION
|
8,847
|
|
8,800
|
INTANGIBLE ASSETS,
NET
|
1,131
|
|
1,188
|
OTHER LONG-TERM
ASSETS
|
21,332
|
|
22,821
|
|
|
Total
assets
|
$
218,447
|
|
$
224,355
|
|
|
|
|
|
|
|
LIABILITIES AND
PARTNERS' (DEFICIT) CAPITAL
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
|
Accounts
payable
|
$
24,668
|
|
$
23,932
|
|
Current portion of
long-term debt
|
9,375
|
|
7,901
|
|
Current portion of
reclamation and mine closure obligations
|
7,420
|
|
5,996
|
|
Accrued taxes other
than income taxes
|
1,167
|
|
1,293
|
|
Accrued payroll and
related expenses
|
3,423
|
|
3,389
|
|
Other
liabilities
|
2,543
|
|
3,457
|
|
|
Total current
liabilities
|
48,596
|
|
45,968
|
|
|
|
|
|
|
|
LONG-TERM
DEBT
|
158,263
|
|
155,375
|
RECLAMATION AND MINE
CLOSURE OBLIGATIONS
|
23,996
|
|
25,658
|
WARRANTS
|
5,014
|
|
4,599
|
OTHER LONG-TERM
LIABILITIES
|
3,738
|
|
3,753
|
|
|
Total
liabilities
|
239,607
|
|
235,353
|
|
|
|
|
|
|
|
PARTNERS' (DEFICIT)
CAPITAL:
|
|
|
|
|
Limited partners
(20,963,676 and 20,867,073 units outstanding
|
|
|
|
|
|
as of March 31, 2014
and December 31, 2013, respectively)
|
(23,039)
|
|
(13,460)
|
|
General partner
(423,494 units outstanding as of
|
|
|
|
|
|
March 31, 2014 and
December 31, 2013)
|
(2,709)
|
|
(2,507)
|
|
|
|
Total Oxford Resource
Partners, LP (deficit) capital
|
(25,748)
|
|
(15,967)
|
|
Noncontrolling
interest
|
4,588
|
|
4,969
|
|
|
Total partners'
(deficit) capital
|
(21,160)
|
|
(10,998)
|
|
|
Total liabilities and
partners' (deficit) capital
|
$
218,447
|
|
$
224,355
|
OXFORD RESOURCE
PARTNERS, LP AND SUBSIDIARIES
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
FOR THE
THREE MONTHS ENDED MARCH 31, 2014 AND 2013
|
(in
thousands)
|
|
|
|
|
|
|
|
Three Months
Ended
March 31,
|
|
|
2014
|
|
2013
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
|
|
|
|
Net loss
|
|
$
(10,567)
|
|
$
(6,277)
|
Adjustments to
reconcile net loss to net cash from operating
activities:
|
|
|
|
|
Depreciation,
depletion and amortization
|
|
11,224
|
|
12,933
|
Impairment and
restructuring expenses
|
|
75
|
|
141
|
Change in fair value
of warrants
|
|
415
|
|
-
|
Interest rate swap
adjustment to market
|
|
-
|
|
(12)
|
Non-cash interest
expense
|
|
1,862
|
|
-
|
Amortization and
write-off of deferred financing costs
|
|
946
|
|
648
|
Non-cash equity-based
compensation expense
|
|
456
|
|
323
|
Non-cash reclamation
and mine closure expense
|
|
565
|
|
508
|
Amortization of
below-market coal sales contracts
|
|
-
|
|
(52)
|
Loss on disposal of
assets, net
|
|
204
|
|
418
|
Changes in assets and
liabilities:
|
|
|
|
|
Accounts
receivable
|
|
(1,436)
|
|
(9,998)
|
Inventory
|
|
(1,894)
|
|
1,089
|
Advance
royalties
|
|
(139)
|
|
(930)
|
Restricted
cash
|
|
(554)
|
|
(926)
|
Other
assets
|
|
233
|
|
(1,387)
|
Accounts
payable
|
|
736
|
|
542
|
Reclamation and mine
closure obligations
|
|
(612)
|
|
(1,650)
|
Accrued taxes other
than income taxes
|
|
(126)
|
|
58
|
Accrued payroll and
related expenses
|
|
34
|
|
28
|
Other
liabilities
|
|
(1,056)
|
|
(670)
|
Net cash from
operating activities
|
|
366
|
|
(5,214)
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
|
|
Purchase of property
and equipment
|
|
(2,430)
|
|
(2,887)
|
Purchase of coal
reserves and land
|
|
(3)
|
|
(14)
|
Mine development
costs
|
|
(189)
|
|
(1,042)
|
Proceeds from sale of
assets
|
|
294
|
|
26
|
Net cash from
investing activities
|
|
(2,328)
|
|
(3,917)
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
|
|
|
|
Payments on
borrowings
|
|
-
|
|
(1,508)
|
Advances on line of
credit
|
|
6,500
|
|
12,000
|
Payments on line of
credit
|
|
(4,000)
|
|
-
|
Debt issuance
costs
|
|
9
|
|
-
|
Collateral for
reclamation bonds
|
|
1,000
|
|
-
|
Net cash from
financing activities
|
|
3,509
|
|
10,492
|
NET CHANGE IN
CASH
|
|
1,547
|
|
1,361
|
|
|
|
|
|
CASH, beginning of
period
|
|
3,089
|
|
3,977
|
CASH, end of
period
|
|
$
4,636
|
|
$
5,338
|
OXFORD RESOURCE
PARTNERS, LP AND SUBSIDIARIES
|
UNAUDITED
RECONCILIATION OF NET LOSS TO ADJUSTED
EBITDA1
|
FOR THE THREE
MONTHS ENDED MARCH 31, 2014 AND 2013
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
March
31,
|
|
|
|
2014
|
|
2013
|
|
|
|
|
|
|
Net
loss
|
|
$
(10,567)
|
|
$
(6,277)
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
Interest expense, net
of interest income
|
|
6,869
|
|
2,921
|
|
Depreciation,
depletion and amortization
|
|
11,224
|
|
12,933
|
|
Change in fair value
of warrants
|
|
415
|
|
-
|
|
Impairment and
restructuring expenses
|
|
75
|
|
141
|
|
Loss on disposal of
assets, net
|
|
204
|
|
418
|
|
Amortization of
below-market coal sales contracts
|
-
|
|
(52)
|
|
Non-cash equity-based
compensation expense
|
|
456
|
|
323
|
|
Non-cash reclamation
and mine closure expense
|
565
|
|
508
|
|
Non-recurring
costs:
|
|
|
|
|
|
Debt refinancing
expenses
|
|
-
|
|
210
|
|
Other
|
|
-
|
|
(2,100)
|
Adjusted
EBITDA
|
|
$
9,241
|
|
$
9,025
|
|
1Adjusted
EBITDA is a non-GAAP financial measure used by management to gauge
operating performance. We define Adjusted EBITDA as net
income or loss before deducting interest, income taxes,
depreciation, depletion, amortization, change in fair value of
warrants, impairment and restructuring expenses, gain or loss on
disposal of assets, amortization of below-market coal sales
contracts, non-cash equity-based compensation expense, non-cash
reclamation and mine closure expense, and certain non-recurring
costs. Although Adjusted EBITDA is not a measure of financial
performance calculated in accordance with GAAP, we believe it is
useful to management and others, such as investors and lenders, in
evaluating our financial performance without regard to financing
methods, capital structure or income taxes; our ability to generate
cash sufficient to pay interest on our indebtedness and fund
capital expenditures; and our compliance with certain credit
facility financial covenants. Because not all companies
calculate Adjusted EBITDA the same way, our calculation may not be
comparable to similarly titled measures of other
companies.
|
OXFORD RESOURCE
PARTNERS, LP AND SUBSIDIARIES
|
UNAUDITED
RECONCILIATION OF NET LOSS TO ADJUSTED NET
LOSS2
|
FOR THE THREE
MONTHS ENDED MARCH 31, 2014 AND 2013
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
March
31,
|
|
|
|
2014
|
|
2013
|
|
|
|
|
|
|
Net
loss
|
|
$
(10,567)
|
|
$
(6,277)
|
|
|
|
|
|
|
Adjustment:
|
|
|
|
|
|
Impairment and
restructuring expenses
|
|
75
|
|
141
|
|
Loss on disposal of
assets, net
|
|
204
|
|
418
|
|
Change in fair value
of warrants
|
|
415
|
|
-
|
|
Debt refinancing
expenses
|
|
-
|
|
210
|
Adjusted Net
Loss
|
|
$
(9,873)
|
|
$
(5,508)
|
|
2Adjusted
Net Loss is a non-GAAP financial measure used by management to
gauge operating performance. We define Adjusted Net Loss as
net income or loss before deducting impairment and restructuring
expenses, gain or loss on disposal of assets, change in fair value
of warrants, debt financing expenses and write-off of deferred
refinancing costs. Although Adjusted Net Loss is not a
measure of financial performance calculated in accordance with
GAAP, we believe it is useful to management and others, such as
investors and lenders, in evaluating our financial performance
without regard to items which are primarily non-cash and our
restructuring efforts which are not typical operating
activities. Because not all companies calculate Adjusted Net
Loss the same way, our calculation may not be comparable to
similarly titled measures of other companies.
|
OXFORD RESOURCE
PARTNERS, LP AND SUBSIDIARIES
|
UNAUDITED
OPERATING STATISTICS3
|
FOR THE THREE
MONTHS ENDED MARCH 31, 2014 AND 2013
|
(in thousands,
except per ton amounts)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
March
31,
|
|
|
|
2014
|
|
2013
|
|
|
|
|
|
|
Tons sold
|
|
|
1,439
|
|
1,673
|
|
|
|
|
|
|
Coal sales revenue
per ton
|
$
53.36
|
|
$
50.68
|
Amortization of
below-market coal sales contracts per ton
|
-
|
|
(0.03)
|
Cash coal sales
revenue per ton
|
53.36
|
|
50.65
|
Cash cost of coal
sales per ton
|
(45.68)
|
|
(44.25)
|
Cash margin per
ton
|
|
$
7.68
|
|
$
6.40
|
|
3 Per ton
amounts are calculated by dividing the related amount on the
financial statements by the number of tons sold. Although per
ton amounts are not measures of performance calculated in
accordance with GAAP, we believe they are useful to management and
others, such as investors and lenders, in evaluating performance
because they are widely used in the coal industry as a measure to
evaluate a company's sales performance and control over
costs. Because not all companies calculate these measures the
same way, our calculations may not be comparable to similarly
titled measures of other companies.
|
SOURCE Oxford Resource Partners, LP