DENVER, May 7, 2018 /PRNewswire/ -- Hallador Energy
Company (NASDAQ: HNRG) reports financial and operating results for
the first quarter ended March 31,
2018. Hallador filed its Form 10-Q after the markets
closed today.
Highlights include:
- Net income was $2.1 million,
$0.07 per share for Q1 2018.
-
- Operating cash flow was $13.2
million.
- Bank debt was reduced by $11
million to $191 million in Q1
2018.
-
- Leverage was reduced to 2.37X.
- The Princeton Rail Loop loaded its first unit train in
May 2018 and continues to attract new
sales opportunities.
- Sales forecast increased from 6.8 to 7.0 million tons for
2018.
- Hourglass Sands made significant progress and anticipates
shipping sand to customers in the DJ Basin in Q3 2018. We
believe Hourglass to be the only frac sand mining company in the
State of Colorado.
The table below represents some of our critical metrics (in
thousands except for per ton data):
|
|
|
Three Months Ended
March 31,
|
|
|
|
2018
|
|
|
2017
|
Net Income
|
|
$
|
2,132
|
|
$
|
7,414
|
Total
Revenues
|
|
$
|
66,864
|
|
$
|
63,553
|
Tons Sold
|
|
|
1,707
|
|
|
1,555
|
Average Price per
Ton
|
|
$
|
39.13
|
|
$
|
40.23
|
Bank Debt
|
|
$
|
190,737
|
|
$
|
232,055
|
Operating Cash
Flow
|
|
$
|
13,189
|
|
$
|
14,894
|
Adjusted
EBITDA*
|
|
$
|
18,851
|
|
$
|
23,926
|
Adjusted Free Cash
Flow **
|
|
$
|
10,722
|
|
$
|
17,968
|
_________________________
|
|
|
|
|
|
|
*Defined as EBITDA
plus stock-based compensation plus ARO accretion.
|
|
**Defined as net
income plus deferred income taxes, DD&A, ARO accretion, and
stock compensation, less maintenance capex.
|
EBITDA, adjusted EBITDA, and adjusted free cash flow should not
be considered alternatives to net income, income from operations,
cash flows from operating activities or any other measure of
financial performance presented in accordance with GAAP. Our
method of computing EBITDA, adjusted EBITDA and adjusted free cash
flow may not be the same method used to compute similar measures
reported by other companies.
Management believes that the presentation of such additional
financial measures provides useful information to investors
regarding our performance and results of operations because these
measures, when used in conjunction with related GAAP financial
measures, (i) provide additional information about our core
operating performance and ability to generate and distribute cash
flow, (ii) provide investors with the financial and analytical
framework upon which management bases financial, operation,
compensation, and planning decisions and (iii) present measurements
that investors, rating agencies, and debt holders have indicated
are useful in assessing our results.
Conference Call
As previously announced our earnings conference call for
financial analysts and investors will be held on Tuesday, May 8, 2018, at 2:00pm eastern time. Dial-in numbers for
the live conference call are as follows:
Toll-free (888) 347-5317
Canadian Callers Toll-free (855) 669-9657
Conference ID #: Hallador Energy Company HNRG Call
An audio replay of the conference call will be available for
approximately one week. To access the audio replay, dial US
Toll-Free (877) 344-7529; Canada Toll-Free (855) 669-9658 and
request to be connected to replay access code 10119562.
Hallador is headquartered in Denver,
Colorado and through its wholly owned subsidiary, Sunrise
Coal, LLC, produces coal in the Illinois Basin for the electric power
generation industry. To learn more about Hallador or Sunrise, visit
our websites at www.halladorenergy.com.
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SOURCE Hallador Energy Company