COLUMBUS, Ohio, Aug. 5, 2014 /PRNewswire/ -- Oxford Resource
Partners, LP (NYSE: OXF) (the "Partnership" or "Oxford") today
announced second quarter 2014 financial results.
Second Quarter 2014 Results
Adjusted EBITDA1 was $13.0 million for the second quarter of 2014
compared to $13.9 million for the
second quarter of 2013. The decrease was driven by a 2.1 percent
decrease in cash margin to $8.11 per
ton for the second quarter of 2014 from $8.28 per ton for the second quarter of 2013, as
well as a 158,000 ton decrease in tons sold. Cash coal sales
revenue increased 2.5 percent to $52.49 per ton for the second quarter of 2014
from $51.21 per ton for the second
quarter of 2013. For the second quarter of 2014, cash cost of coal
sales increased by 3.4 percent to $44.38 per ton from $42.93 per ton for the second quarter of 2013,
primarily due to higher diesel fuel costs.
Net loss was $3.4 million for the
second quarter of 2014 compared to a net loss of $4.1 million for the second quarter of
2013. In the second quarter of 2014, there was $2.6 million of additional interest expense
attributable to the new credit facilities. Adjusted
Net Loss2 was $6.0 million
for the second quarter of 2014, when excluding a $1.8 million gain relating to the change in fair
value of warrants and a $0.8 million
gain on disposal of assets. Adjusted Net Loss was $3.5 million for the second quarter of 2013, when
excluding a $5.9 million gain on
disposal of assets, $2.8 million of
debt refinancing expenses, a $2.1
million loss relating to the change in fair value of
warrants, a $0.8 million write-off of
deferred financing costs, and $0.7
million of impairment and restructuring expenses.
"While coal markets continue to present challenges, we are
pleased to report second quarter results that are in line with our
expectations," said Oxford's President and Chief Executive Officer
Charles C. Ungurean. "Also, we
settled the Big Rivers lawsuit in mid-July for an amount that
substantially compensates us for our lost profits from the wrongful
termination of our coal supply agreement. We are to receive the
settlement payment of $19.5 million
by mid-August." Ungurean continued, "With the settlement proceeds,
we will pay down between $12.5 and $17.5
million of our first lien debt, enhance our liquidity by
$2.0 to $7.0 million, and save
$1.0 to $1.4 million in cash interest
expense on an annual basis."
Business Update
Oxford's projected sales volume is 98.1% 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 annual production by up to 0.5
million tons with little additional capital investment if
additional demand materializes. For 2015, projected sales volume is
69.8 percent committed (with 12.3 percent of the projected sales
volume priced and 57.5 percent of the projected sales volume
unpriced).
Liquidity
As of June 30, 2014, the
Partnership had $3.5 million in cash
and $7.0 million in available
borrowing capacity on its revolving credit line. Additionally, the
liquidity of the Partnership will be enhanced by approximately
$2.0 to $7.0 million from lawsuit
settlement proceeds to be received in August
2014. 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.
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
5.9 million tons and sell between 5.8 million tons and 6.0 million
tons of thermal coal. The average selling price is anticipated to
be in the range of $52.30 per ton to
$53.30 per ton, with an anticipated
average cost in the range of $44.50
per ton to $45.50 per ton.
Adjusted EBITDA is expected to be in the range of $38.5 million to $42.5 million.
The Partnership anticipates capital expenditures of between
$18 million and $20 million.
Conference Call
The Partnership will host a conference call at 10:00 a.m. Eastern Time today (August 5, 2014) to review its second quarter 2014
financial results. To participate in the call, dial (877)
415-3185 or (857) 244-7328 for international callers and provide
passcode 69176969. 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 August 5, 2014, and
may be accessed at (888) 286-8010 or (617) 801-6888 for
international callers. The replay passcode is 77612208.
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.
|
|
1The 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 AND
SIX MONTHS ENDED JUNE 30, 2014 AND 2013
|
|
(in thousands,
except for unit data)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
June
30
|
|
June
30
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
REVENUES:
|
|
|
|
|
|
|
|
|
Coal sales
|
$ 79,586
|
|
$ 85,691
|
|
$ 156,356
|
|
$ 170,484
|
|
Other
revenue
|
2,415
|
|
2,434
|
|
3,649
|
|
6,367
|
|
Total
revenues
|
82,001
|
|
88,125
|
|
160,005
|
|
176,851
|
|
|
|
|
|
|
|
|
|
|
COSTS AND
EXPENSES:
|
|
|
|
|
|
|
|
|
Cost of coal
sales:
|
|
|
|
|
|
|
|
|
Produced
coal
|
66,527
|
|
66,556
|
|
131,734
|
|
133,984
|
|
Purchased
coal
|
768
|
|
5,292
|
|
1,287
|
|
11,893
|
|
Total cost of coal
sales (excluding
|
|
|
|
|
|
|
|
|
depreciation,
depletion and amortization)
|
67,295
|
|
71,848
|
|
133,021
|
|
145,877
|
|
Cost of other
revenue
|
369
|
|
370
|
|
771
|
|
773
|
|
Depreciation,
depletion and amortization
|
10,072
|
|
12,810
|
|
21,296
|
|
25,743
|
|
Selling, general and
administrative expenses
|
3,270
|
|
5,847
|
|
6,926
|
|
10,005
|
|
Impairment and
restructuring expenses
|
-
|
|
721
|
|
75
|
|
862
|
|
Gain on disposal of
assets, net
|
(763)
|
|
(5,905)
|
|
(559)
|
|
(5,487)
|
|
Total costs and
expenses
|
80,243
|
|
85,691
|
|
161,530
|
|
177,773
|
|
INCOME (LOSS) FROM
OPERATIONS
|
1,758
|
|
2,434
|
|
(1,525)
|
|
(922)
|
|
|
|
|
|
|
|
|
|
|
INTEREST AND OTHER
INCOME (EXPENSES):
|
|
|
|
|
|
|
|
|
Interest
income
|
2
|
|
1
|
|
3
|
|
2
|
|
Interest
expense
|
(7,003)
|
|
(4,416)
|
|
(13,873)
|
|
(7,338)
|
|
Change in fair value
of warrants
|
1,885
|
|
(2,149)
|
|
1,470
|
|
(2,149)
|
|
Total interest and
other expenses
|
(5,116)
|
|
(6,564)
|
|
(12,400)
|
|
(9,485)
|
|
NET
LOSS
|
(3,358)
|
|
(4,130)
|
|
(13,925)
|
|
(10,407)
|
|
|
|
|
|
|
|
|
|
|
Net loss (income)
attributable to noncontrolling interest
|
461
|
|
(380)
|
|
842
|
|
(650)
|
|
Net loss attributable
to Oxford Resource
|
|
|
|
|
|
|
|
|
Partners, LP
unitholders
|
(2,897)
|
|
(4,510)
|
|
(13,083)
|
|
(11,057)
|
|
Net loss allocated to
general partner
|
(57)
|
|
(89)
|
|
(259)
|
|
(221)
|
|
Net loss allocated to
limited partners
|
$ (2,840)
|
|
$ (4,421)
|
|
$ (12,824)
|
|
$ (10,836)
|
|
|
|
|
|
|
|
|
|
|
Net loss per limited
partner unit:
|
|
|
|
|
|
|
|
|
Basic
|
$ (0.11)
|
|
$ (0.21)
|
|
$ (0.52)
|
|
$ (0.52)
|
|
Diluted
|
$ (0.11)
|
|
$ (0.21)
|
|
$ (0.52)
|
|
$ (0.52)
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of limited partner units outstanding:
|
|
Basic
|
24,734,018
|
|
21,093,448
|
|
24,686,947
|
|
20,779,901
|
|
Diluted
|
24,734,018
|
|
21,093,448
|
|
24,686,947
|
|
20,779,901
|
|
OXFORD RESOURCE
PARTNERS, LP AND SUBSIDIARIES
|
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
|
AS OF JUNE 30,
2014 AND DECEMBER 31, 2013
|
(in thousands,
except for unit data)
|
|
|
|
|
|
|
|
|
|
|
|
As of
June 30,
2014
|
|
As of
December 31,
2013
|
ASSETS
|
|
|
|
CURRENT
ASSETS:
|
|
|
|
|
Cash
|
$
3,533
|
|
$
3,089
|
|
Accounts
receivable
|
27,704
|
|
25,850
|
|
Inventory
|
14,345
|
|
13,840
|
|
Advance
royalties
|
2,884
|
|
2,604
|
|
Prepaid expenses and
other assets
|
1,492
|
|
1,737
|
|
|
Total current
assets
|
49,958
|
|
47,120
|
|
|
|
|
|
|
|
PROPERTY, PLANT AND
EQUIPMENT, NET
|
128,777
|
|
144,426
|
ADVANCE ROYALTIES,
LESS CURRENT PORTION
|
7,762
|
|
8,800
|
INTANGIBLE ASSETS,
NET
|
1,074
|
|
1,188
|
OTHER LONG-TERM
ASSETS
|
20,301
|
|
22,821
|
|
|
Total
assets
|
$
207,872
|
|
$
224,355
|
|
|
|
|
|
|
|
LIABILITIES AND
PARTNERS' (DEFICIT) CAPITAL
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
|
Accounts
payable
|
$
22,904
|
|
$
23,932
|
|
Current portion of
long-term debt
|
8,906
|
|
7,901
|
|
Current portion of
reclamation and mine closure obligations
|
9,086
|
|
5,996
|
|
Accrued taxes other
than income taxes
|
1,198
|
|
1,293
|
|
Accrued payroll and
related expenses
|
1,193
|
|
3,389
|
|
Other
liabilities
|
2,862
|
|
3,457
|
|
|
Total current
liabilities
|
46,149
|
|
45,968
|
|
|
|
|
|
|
|
LONG-TERM
DEBT
|
154,710
|
|
155,375
|
RECLAMATION AND MINE
CLOSURE OBLIGATIONS
|
24,199
|
|
25,658
|
WARRANTS
|
3,129
|
|
4,599
|
OTHER LONG-TERM
LIABILITIES
|
3,738
|
|
3,753
|
|
|
Total
liabilities
|
231,925
|
|
235,353
|
|
|
|
|
|
|
|
PARTNERS' (DEFICIT)
CAPITAL:
|
|
|
|
|
Limited partners
(21,008,319 and 20,867,073 units outstanding
|
|
|
|
|
|
as of June 30, 2014
and December 31, 2013, respectively)
|
(25,414)
|
|
(13,460)
|
|
General partner
(423,494 units outstanding as of
|
|
|
|
|
|
June 30, 2014 and
December 31, 2013)
|
(2,766)
|
|
(2,507)
|
|
|
|
Total Oxford Resource
Partners, LP (deficit) capital
|
(28,180)
|
|
(15,967)
|
|
Noncontrolling
interest
|
4,127
|
|
4,969
|
|
|
Total partners'
(deficit) capital
|
(24,053)
|
|
(10,998)
|
|
|
Total liabilities and
partners' (deficit) capital
|
$
207,872
|
|
$
224,355
|
|
|
|
|
|
|
|
OXFORD RESOURCE
PARTNERS, LP AND SUBSIDIARIES
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
FOR THE SIX MONTHS
ENDED JUNE 30, 2014 AND 2013
|
(in
thousands)
|
|
|
|
|
|
|
|
Six Months
Ended
June 30,
|
|
|
2014
|
|
2013
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
|
|
|
|
Net loss
|
|
$ (13,925)
|
|
$ (10,407)
|
Adjustments to
reconcile net loss to net cash from operating
activities:
|
|
|
|
|
Depreciation,
depletion and amortization
|
|
21,296
|
|
25,743
|
Impairment and
restructuring expenses
|
|
75
|
|
862
|
Change in fair value
of warrants
|
|
(1,470)
|
|
2,149
|
Interest rate swap
adjustment to market
|
|
-
|
|
(12)
|
Non-cash interest
expense
|
|
3,786
|
|
347
|
Amortization and
write-off of deferred financing costs
|
|
1,923
|
|
2,114
|
Non-cash equity-based
compensation expense
|
|
921
|
|
739
|
Non-cash reclamation
and mine closure expense
|
|
1,125
|
|
1,058
|
Amortization of
below-market coal sales contracts
|
|
-
|
|
(60)
|
Gain on disposal of
assets, net
|
|
(559)
|
|
(5,487)
|
Changes in assets and
liabilities:
|
|
|
|
|
Accounts
receivable
|
|
(1,854)
|
|
(7,149)
|
Inventory
|
|
(505)
|
|
705
|
Advance
royalties
|
|
758
|
|
(1,981)
|
Restricted
cash
|
|
(496)
|
|
(6,537)
|
Prepaid expenses and
other assets
|
|
240
|
|
(973)
|
Accounts
payable
|
|
(1,028)
|
|
(2,002)
|
Reclamation and mine
closure obligations
|
|
(2,115)
|
|
(4,138)
|
Accrued taxes other
than income taxes
|
|
(95)
|
|
65
|
Accrued payroll and
related expenses
|
|
(2,196)
|
|
312
|
Other
liabilities
|
|
(734)
|
|
(951)
|
Net cash from
operating activities
|
|
5,147
|
|
(5,603)
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
|
|
Purchase of property
and equipment
|
|
(5,241)
|
|
(5,694)
|
Purchase of coal
reserves and land
|
|
(5)
|
|
(14)
|
Mine development
costs
|
|
(618)
|
|
(1,940)
|
Proceeds from sale of
assets
|
|
3,599
|
|
6,249
|
Insurance
proceeds
|
|
-
|
|
14
|
Net cash from
investing activities
|
|
(2,265)
|
|
(1,385)
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
|
|
|
|
Proceeds from
borrowings
|
|
-
|
|
150,000
|
Payments on
borrowings
|
|
(1,947)
|
|
(45,009)
|
Advances on line of
credit
|
|
13,500
|
|
28,888
|
Payments on line of
credit
|
|
(15,000)
|
|
(104,000)
|
Debt issuance
costs
|
|
9
|
|
(9,354)
|
Collateral for
reclamation bonds
|
|
1,000
|
|
(11,471)
|
Net cash from
financing activities
|
|
(2,438)
|
|
9,054
|
NET CHANGE IN
CASH
|
|
444
|
|
2,066
|
|
|
|
|
|
CASH, beginning of
period
|
|
3,089
|
|
3,977
|
CASH, end of
period
|
|
$ 3,533
|
|
$ 6,043
|
|
|
|
|
|
|
|
|
|
|
OXFORD RESOURCE
PARTNERS, LP AND SUBSIDIARIES
|
UNAUDITED
RECONCILIATION OF NET LOSS TO ADJUSTED
EBITDA1
|
FOR THE THREE AND
SIX MONTHS ENDED JUNE 30, 2014 AND 2013
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
June
30,
|
|
June
30,
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
Net
loss
|
$ (3,358)
|
|
$ (4,130)
|
|
$ (13,925)
|
|
$ (10,407)
|
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
Interest expense, net
of interest income
|
7,001
|
|
4,415
|
|
13,870
|
|
7,336
|
Depreciation,
depletion and amortization
|
10,072
|
|
12,810
|
|
21,296
|
|
25,743
|
Change in fair value
of warrants
|
(1,885)
|
|
2,149
|
|
(1,470)
|
|
2,149
|
Impairment and
restructuring expenses
|
-
|
|
721
|
|
75
|
|
862
|
Gain on disposal of
assets, net
|
(763)
|
|
(5,905)
|
|
(559)
|
|
(5,487)
|
Amortization of
below-market coal sales contracts
|
-
|
|
(8)
|
|
-
|
|
(60)
|
Non-cash equity-based
compensation expense
|
465
|
|
416
|
|
921
|
|
739
|
Non-cash reclamation
and mine closure expense
|
560
|
|
550
|
|
1,125
|
|
1,058
|
Non-recurring
costs:
|
|
|
|
|
|
|
|
Debt refinancing
expenses
|
-
|
|
2,849
|
|
-
|
|
3,059
|
Other
|
868
|
|
-
|
|
868
|
|
(2,100)
|
Adjusted
EBITDA
|
$ 12,960
|
|
$ 13,867
|
|
$ 22,201
|
|
$ 22,892
|
|
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
revenues and 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 our financing methods, capital structure or income taxes; our
ability to generate cash sufficient to pay interest and principal
on our indebtedness, make distributions 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 AND SIX MONTHS ENDED JUNE 30, 2014 AND
2013
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
|
June
30,
|
|
June
30,
|
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
Net
loss
|
|
$ (3,358)
|
|
$ (4,130)
|
|
$ (13,925)
|
|
$ (10,407)
|
|
|
|
|
|
|
|
|
|
|
Adjustment:
|
|
|
|
|
|
|
|
|
|
Impairment and
restructuring expenses
|
|
-
|
|
721
|
|
75
|
|
862
|
|
Gain on disposal of
assets, net
|
|
(763)
|
|
(5,905)
|
|
(559)
|
|
(5,487)
|
|
Change in fair value
of warrants
|
|
(1,885)
|
|
2,149
|
|
(1,470)
|
|
2,149
|
|
Debt refinancing
expenses
|
|
-
|
|
2,849
|
|
-
|
|
3,059
|
|
Write-off of deferred
financing costs
related to prior credit facility
|
|
-
|
|
808
|
|
-
|
|
808
|
Adjusted Net
Loss
|
|
$ (6,006)
|
|
$ (3,508)
|
|
$ (15,879)
|
|
$ (9,016)
|
|
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 AND
SIX MONTHS ENDED JUNE 30, 2014 AND 2013
|
(in thousands,
except per ton amounts)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
June
30,
|
|
June
30,
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
Tons sold
|
1,516
|
|
1,674
|
|
2,955
|
|
3,347
|
|
|
|
|
|
|
|
|
Coal sales revenue
per ton
|
$ 52.49
|
|
$ 51.21
|
|
$ 52.91
|
|
$ 50.94
|
Amortization of
below-market coal sales contracts per ton
|
-
|
|
-
|
|
-
|
|
(0.02)
|
Cash coal sales
revenue per ton
|
52.49
|
|
51.21
|
|
52.91
|
|
50.92
|
Cash cost of coal
sales per ton
|
(44.38)
|
|
(42.93)
|
|
(45.02)
|
|
(43.59)
|
Cash margin per
ton
|
$ 8.11
|
|
$ 8.28
|
|
$ 7.89
|
|
$ 7.33
|
|
|
|
|
|
|
|
|
|
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