LEXINGTON, Ky., Nov. 7, 2018 /PRNewswire/ -- Ramaco Resources,
Inc. (NASDAQ: METC) today reported net income of $6.2 million, or $0.15 per diluted share for the third quarter of
2018, compared with a net income of $10.2
million, or $0.25 per diluted
share for the second quarter of 2018. The Company's adjusted
earnings before interest, taxes, depreciation, amortization and
non-operating expenses ("adjusted EBITDA") was $11.0 million for the third quarter of 2018, as
compared with adjusted EBITDA of $14.9
million for the second quarter of 2018.
Randall Atkins, Ramaco Resources'
Executive Chairman and Chief Financial Officer remarked, "As
reported, we experienced a partial structural failure earlier this
week at one 2,000-ton silo at our Elk
Creek complex in West
Virginia. For some perspective, we have over 350,000
tons of raw coal storage capacity at Elk Creek. The significance of the
Elk Creek silo failure is that the
silo system served as the conduit for delivery of coal to the
preparation plant through various conveying belts and equipment.
Given the damage to the silo, we will now plan to build an
alternative conveying system to the preparation plant from an
existing stockpile area."
Atkins continued, "At this stage of our review we are not able
to provide clear guidance relative to the timing that this
construction will take or when we will resume normal coal washing
and loading. We hope to have this completed during the fourth
quarter. I would also point out that all Elk Creek mines are continuing to operate
under normal schedules."
"We are of course hopeful that both this interruption will have
only near- to intermediate-term impacts at Elk Creek, and that we will resume coal
preparation and loading during the fourth quarter. We will be
reporting more information on our earnings call on November 8th and more afterward as
additional information becomes available."
In terms of our performance for the recent quarter, coming on
the back of a strong second quarter, we saw our third quarter
results decline by larger than expected amounts, primarily based on
geological issues. This included a $3.9
million decrease in EBITDA and a 10% decline in production
to roughly 450,000 tons. We experienced geological related
productivity issues during the third quarter, primarily related to
a large number of section moves and hard cutting conditions in two
of our Elk Creek deep mines. These
challenges led to an approximately $2.5
million decrease in EBITDA, or over 60% of
our quarterly decline. The remainder of the EBITDA
decrease related to both fewer operating days due to a planned
July 4th miner vacation
period and a slight decrease in sales price for export tons sold
during the third quarter.
To provide a comparison of our quarterly metrics in summary form
(third quarter 2018 compared to second quarter 2018):
- Revenues declined by 5% to $62.2
million
- Production declined by 10% to roughly 450,000 tons
- Cash margins declined from roughly $36 per ton to $24
per ton
- Cash mine costs on company produced and sold coal rose to
$65.42 from $55.58
- Net income declined by 39%
- EBITDA declined by 26%
Randall Atkins continued, "From a
2019 sales standpoint, we have sold forward, or have sales
commitments for 1.5 million tons of coal, of which 1.24 million
tons are being sold to domestic customers at an average price of
$113 per ton, and an additional
250,000 tons are being sold for export at adjusted index prices.
The selling price is an increase of over $34 per ton versus our realized 2018 domestic
pricing and also represents what we hope to be substantial cash
margins per ton based on anticipated cash mining costs. We believe
that 2019 should be the year that we realize more of our overall
operation's revenue potential on the back of both strong domestic
and international markets."
"We are also very pleased to announce the closing of a
$40 million combined equipment line
and revolver facility with KeyBank, N.A. of Cleveland, Ohio. The facility has been used to
retire roughly $15 million of
existing short-term loans and will be used for future operational
and working capital requirements. We regard this facility as
validation that we have 'graduated' from our former development
company status to the ranks of a more seasoned operating coal
company," Atkins said.
Michael Bauersachs, Ramaco
Resources' President and CEO commented, "While experiencing some
temporary challenging conditions at two of our Elk Creek deep mines during the third quarter,
we also had some noteworthy positive developments. Our Elk Creek surface mine continues to steadily
improve its operating performance. Additionally, our exploration
efforts associated with the work around at our Berwind mine continue to indicate positive
results and a well-defined development corridor. During October our
Berwind production team completed
the difficult task of entering an adjacent mine, sealing off old
works, and resuming development production in the Pocahontas #3 seam. We expect Berwind to produce approximately 90,000 tons
for the year.
"When adding this to our Elk
Creek production, the overall Company produced tons for 2018
are expected to be approximately 1.75 million tons, depending on
our ability to manage our stockpiles associated with the actual
impacts of the silo failure. To the extent this figure will be
impacted by the silo incident at Elk
Creek and that we are operating under force majeure, we will
provide guidance on the new level of proposed production as soon as
such information is available," Bauersachs continued.
"As we look at the fourth quarter," Bauersachs concluded,
"despite the obvious distractions, we will continue to focus on
doing the right things at our operations. We will continue to focus
on safety, production, productivity and retention. We are also of
course working both internally and externally to find solutions to
allow us to resume coal preparation and shipments at Elk Creek as soon as possible."
Additional Results
The Company ended the quarter with approximately $5.5 million of cash on hand and $31.3 million of accounts receivable. Free cash
flow generated over the next six months is expected to be used to
fund working capital and capital expenditures.
In the third quarter of 2018, the Company recorded income tax
expense of $0.1 million based on an expected effective tax
rate of approximately 6.2% for 2018. Cash taxes payable for
2018 are expected to be less than $0.4
million.
Capital expenditures totaled approximately $12.4 million during the third quarter of 2018
and $39.9 million year to date. We
expect to end the year with increased total 2018 capital
expenditures beyond the higher end of our previous guidance of
$40 million, due in part to repair
and related infrastructure expense at our Elk Creek complex due to the announced silo
partial structural failure. The Company intends to provide guidance
on the new level of proposed expenditure as such information
becomes available.
As of November 7, 2018, the
Company has notified all of its Elk
Creek coal customers of its declaration of force majeure
with respect to the remaining 2018 coal contract obligations due to
the aforementioned partial structural failure of one of the silos
at the Elk Creek complex. It
is not anticipated at this time that any 2019 coal sales will be
affected or a declaration of force majeure will be needed with
respect to 2019 commitments.
The Company has property damage and business interruption
insurance with respect to its preparation plant and loading
facilities, which the Company believes is sufficient to cover costs
necessary to restore processing capability and provide significant
protection from business interruption. The Company has
provided notice to its insurance carriers of the damaged silo and
management believes that the Company has sufficient business
interruption and replacement coverages.
The exhibit below summarizes some of the key sales, production
and financial metrics for the sequential periods:
|
Three months
ended
|
|
Nine months
ended
|
|
September 30,
2018
|
|
June 30,
2018
|
|
September
30,
2018
|
Sales
Volume(a)
|
|
|
|
|
|
Company
|
510
|
|
493
|
|
1,406
|
Purchased
|
90
|
|
122
|
|
331
|
Total
|
600
|
|
615
|
|
1,737
|
|
|
|
|
|
|
Company
Production(a)
|
|
|
|
|
|
Elk Creek Mining
Complex
|
422
|
|
478
|
|
1,260
|
Berwind
Mine
|
27
|
|
19
|
|
66
|
Total
|
449
|
|
497
|
|
1,326
|
|
|
|
|
|
|
Company Financial
Metrics(b)
|
|
|
|
|
|
Average revenue per
ton
|
$
89.78
|
|
$
91.21
|
|
$
90.74
|
Average cash costs of
coal sold
|
65.42
|
|
55.58
|
|
61.93
|
Average cash margin
per ton
|
$
24.36
|
|
$
35.63
|
|
$
28.81
|
|
|
|
|
|
|
Purchased Coal
Financial Metrics(b)
|
|
|
|
|
|
Average revenue per
ton
|
$
101.31
|
|
$
101.35
|
|
$
100.72
|
Average cash costs of
coal sold
|
96.81
|
|
99.99
|
|
94.71
|
Average cash margin
per ton
|
$
4.51
|
|
$
1.36
|
|
$
6.01
|
|
|
|
|
|
|
Capital
Expenditures(a)
|
$
12,405
|
|
$
14,709
|
|
$
39,883
|
|
|
|
|
|
|
Notes:
|
|
|
|
|
|
(a) In
thousands.
|
|
|
|
|
|
(b) Excludes
transportation.
|
|
|
|
|
|
About Ramaco Resources, Inc.
Ramaco Resources is an operator and developer of high-quality,
low cost metallurgical coal in southern West Virginia, southwestern Virginia and southwestern Pennsylvania. The Company has five active
mines within two mining complexes at this time.
News and additional information about Ramaco Resources,
including filings with the Securities and Exchange Commission, are
available at http://www.ramacoresources.com. For more
information, contact investor relations at (859) 244-7455.
Conference Call
Ramaco Resources will hold its quarterly conference call and
webcast at 9:00 AM Eastern Time (ET)
on Thursday, November 8, 2018 to present its results for the
second quarter of 2018.
The conference call can be accessed by calling (844)
852-8392 domestically or (703) 639-1226 internationally. The
webcast for this release will be accessible by
visiting https://edge.media-server.com/m6/p/o3wrbcpc.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
STATEMENTS
Certain statements contained in this news release constitute
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements represent Ramaco Resources' expectations or beliefs
concerning future events, and it is possible that the results
described in this news release will not be achieved. These
forward-looking statements are subject to risks, uncertainties and
other factors, many of which are outside of Ramaco Resources'
control, which could cause actual results to differ materially from
the results discussed in the forward-looking statements. These
factors include, without limitation, structural failures of our
assets and the impact of any business interruptions resulting
therefrom, commodity prices, unexpected delays in our current mine
development activities or changes in operating conditions,
unanticipated geologic problems, failure of our sales commitment
counterparties to perform, increased government regulation of coal
in the United States or
internationally, or unexpected decline of demand for coal in export
markets and underperformance of the railroads. Any forward-looking
statement speaks only as of the date on which it is made, and,
except as required by law, Ramaco Resources does not undertake any
obligation to update or revise any forward-looking statement,
whether as a result of new information, future events or otherwise.
New factors emerge from time to time, and it is not possible for
Ramaco Resources to predict all such factors. When considering
these forward-looking statements, you should keep in mind the risk
factors and other cautionary statements found in Ramaco Resources'
filings with the Securities and Exchange Commission ("SEC"),
including its Annual Report on Form 10-K. The risk
factors and other factors noted in Ramaco Resources' SEC filings
could cause its actual results to differ materially from those
contained in any forward-looking statement.
Ramaco Resources,
Inc.
|
Consolidated
Statements of Operations
|
|
|
|
|
|
|
|
Three months
ended
|
|
September 30,
2018
|
|
June 30,
2018
|
|
September 30,
2017
|
|
|
|
|
|
|
Revenues
|
$
62,165,738
|
|
$
65,278,057
|
|
$
14,404,979
|
|
|
|
|
|
|
Cost and
expenses
|
|
|
|
|
|
Cost of sales
(exclusive of items shown separately below)
|
49,406,271
|
|
47,860,149
|
|
16,525,352
|
Other
operating costs and expenses
|
—
|
|
—
|
|
111,668
|
Asset
retirement obligation accretion
|
123,468
|
|
123,467
|
|
101,276
|
Depreciation
and amortization
|
3,347,777
|
|
2,955,382
|
|
867,967
|
Selling,
general and administrative
|
3,484,395
|
|
3,692,254
|
|
3,141,237
|
Total cost and
expenses
|
56,361,911
|
|
54,631,252
|
|
20,747,500
|
|
|
|
|
|
|
Operating income
(loss)
|
5,803,827
|
|
10,646,805
|
|
(6,342,521)
|
|
|
|
|
|
|
Interest and dividend
income
|
23,155
|
|
1,998
|
|
75,130
|
Other
income
|
1,036,418
|
|
512,693
|
|
31,869
|
Interest
expense
|
(589,199)
|
|
(315,761)
|
|
(21)
|
|
|
|
|
|
|
Income (loss) before
taxes
|
6,274,201
|
|
10,845,735
|
|
(6,235,543)
|
|
|
|
|
|
|
Income tax
expense
|
62,873
|
|
642,299
|
|
—
|
|
|
|
|
|
|
Net income
(loss)
|
$
6,211,328
|
|
$
10,203,436
|
|
$
(6,235,543)
|
|
|
|
|
|
|
Basic and diluted
earnings (loss) per share
|
|
|
|
|
|
Basic
|
$
0.15
|
|
$
0.25
|
|
$
(0.16)
|
Diluted
|
$
0.15
|
|
$
0.25
|
|
$
(0.16)
|
|
|
|
|
|
|
Weighted average
common shares outstanding
|
|
|
|
|
|
Basic
|
40,082,467
|
|
40,082,467
|
|
39,509,311
|
Diluted
|
40,329,309
|
|
40,339,749
|
|
39,509,311
|
Ramaco Resources,
Inc.
|
Consolidated
Balance Sheets
|
|
|
|
|
|
September 30,
2018
|
|
December 31,
2017
|
Assets
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
5,482,285
|
|
$
5,934,043
|
Short-term
investments
|
—
|
|
5,199,861
|
Accounts
receivable
|
31,288,010
|
|
7,165,487
|
Inventories
|
7,950,960
|
|
10,057,787
|
Prepaid
expenses
|
3,322,037
|
|
1,104,437
|
Total current
assets
|
48,043,292
|
|
29,461,615
|
|
|
|
|
Property, plant and
equipment, net
|
144,470,229
|
|
115,450,841
|
|
|
|
|
Advanced coal
royalties
|
3,039,153
|
|
2,867,369
|
Other
assets
|
624,920
|
|
318,206
|
Total
Assets
|
$
196,177,594
|
|
$
148,098,031
|
|
|
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
Liabilities
|
|
|
|
Current
liabilities
|
|
|
|
Accounts
payable
|
$
22,723,150
|
|
$
19,532,531
|
Accrued
expenses
|
6,630,213
|
|
2,821,422
|
Asset
retirement obligations
|
734,188
|
|
70,616
|
Note payable,
net
|
14,836,754
|
|
—
|
Other
|
603,258
|
|
—
|
Total current
liabilities
|
45,527,563
|
|
22,424,569
|
Deferred tax
liability
|
1,448,478
|
|
|
Asset retirement
obligations
|
12,183,049
|
|
12,276,176
|
Total
liabilities
|
59,159,090
|
|
34,700,745
|
|
|
|
|
Commitments and
contingencies
|
—
|
|
—
|
|
|
|
|
Stockholders'
Equity
|
|
|
|
Preferred stock,
$0.01 par value, 50,000,000 shares authorized, none
issued and outstanding
|
—
|
|
—
|
Common stock, $0.01
par value, 260,000,000 shares authorized,
40,082,467and 39,559,366 shares issued and outstanding,
respectively
|
400,825
|
|
395,594
|
Additional paid-in
capital
|
150,228,209
|
|
148,293,263
|
Accumulated
deficit
|
(13,610,530)
|
|
(35,291,571)
|
Total
stockholders' equity
|
137,018,504
|
|
113,397,286
|
Total Liabilities
and Stockholders' Equity
|
$
196,177,594
|
|
$
148,098,031
|
Ramaco Resources,
Inc.
Statement of Cash Flows
|
|
|
Nine months ended
September 30,
|
|
2018
|
|
2017
|
Cash flows from
operating activities
|
|
|
|
Net income
(loss)
|
$
21,681,041
|
|
$
(12,816,658)
|
Adjustments to
reconcile net income (loss) to net cash from operating
activities
|
|
|
|
Accretion of asset
retirement obligations
|
370,403
|
|
303,829
|
Depreciation and
amortization
|
8,740,659
|
|
1,334,983
|
Amortization of debt
issuance costs
|
406,044
|
|
—
|
Equity-based
compensation
|
1,940,177
|
|
2,465,340
|
Deferred income tax
expense
|
1,448,479
|
|
—
|
Changes in operating
assets and liabilities
|
|
|
|
Accounts
receivable
|
(24,122,523)
|
|
(1,701,986)
|
Prepaid
expenses
|
(941,529)
|
|
(1,084,917)
|
Inventories
|
2,106,827
|
|
(2,433,262)
|
Advanced coal
royalties
|
(171,784)
|
|
(934,482)
|
Other assets and
liabilities
|
(306,714)
|
|
(364,160)
|
Accounts
payable
|
5,235,807
|
|
2,327,052
|
Accrued
expenses
|
4,086,599
|
|
382,831
|
Net cash from
operating activities
|
20,473,486
|
|
(12,521,430)
|
|
|
|
|
Cash flow from
investing activities
|
|
|
|
Purchases of
property, plant and equipment
|
(39,883,002)
|
|
(53,280,926)
|
Purchase of
investment securities
|
—
|
|
(14,913,824)
|
Proceeds from
maturities of investment securities
|
5,199,861
|
|
55,490,696
|
Net cash from
investing activities
|
(34,683,141)
|
|
(12,704,054)
|
|
|
|
|
Cash flows from
financing activities
|
|
|
|
Proceeds from
issuance of common stock
|
—
|
|
47,709,000
|
Payments of
equity offering costs
|
—
|
|
(1,755,687)
|
Repayments to
Ramaco Coal, LLC
|
—
|
|
(10,629,275)
|
Repayments of
financed insurance payable
|
(672,813)
|
|
(127,048)
|
Proceeds from
notes payable
|
13,000,000
|
|
—
|
Proceeds from
notes payable to related party
|
3,000,000
|
|
—
|
Payment of
debt issuance costs
|
(569,290)
|
|
—
|
Repayment of
note payable
|
(1,000,000)
|
|
(500,000)
|
Payment of
distributions
|
—
|
|
(5,405,064)
|
Net cash from
financing activities
|
13,757,897
|
|
29,291,926
|
|
|
|
|
Net change in cash
and cash equivalents
|
(451,758)
|
|
4,066,442
|
Cash and cash
equivalents, beginning of period
|
5,934,043
|
|
5,196,914
|
|
|
|
|
Cash and cash
equivalents, end of period
|
$
5,482,285
|
|
$
9,263,356
|
Reconciliation of Non-GAAP Measure
Adjusted EBITDA
Adjusted EBITDA is used as a supplemental non-GAAP financial
measure by management and external users of our financial
statements, such as industry analysts, investors, lenders and
rating agencies. The Company believes Adjusted EBITDA is
useful because it allows us to more effectively evaluate our
operating performance.
We define Adjusted EBITDA as net income (loss) plus net interest
expense, equity-based compensation, depreciation and amortization
expenses and any transaction related costs. A reconciliation of
income (loss) from continuing operations, net of income taxes to
Adjusted EBITDA is included below. Adjusted EBITDA is not intended
to serve as an alternative to U.S. GAAP measures of performance and
may not be comparable to similarly-titled measures presented by
other companies.
|
|
|
|
|
|
|
Three months
ended
|
|
September 30,
2018
|
|
June 30,
2018
|
|
September 30,
2017
|
Reconciliation of
Net Income (Loss) to Adjusted EBITDA
|
|
|
|
|
|
Net income
(loss)
|
$
6,211,328
|
|
$
10,203,436
|
|
$
(6,235,543)
|
Depreciation
and amortization
|
3,347,777
|
|
2,955,382
|
|
867,967
|
Interest and
dividend income, net
|
566,044
|
|
313,763
|
|
(75,109)
|
Income
taxes
|
62,873
|
|
642,299
|
|
—
|
EBITDA
|
10,188,022
|
|
14,114,880
|
|
(5,442,685)
|
Equity-based
compensation
|
694,686
|
|
694,686
|
|
320,007
|
Accretion of
asset retirement obligation
|
123,468
|
|
123,467
|
|
101,276
|
Adjusted
EBITDA
|
$
11,006,176
|
|
$
14,933,033
|
|
$
(5,021,402)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months
ended
|
|
|
|
September 30,
2018
|
|
September 30,
2017
|
|
|
|
|
|
|
|
|
Reconciliation of
Net Income (Loss) to Adjusted EBITDA
|
|
|
|
|
|
Net income
(loss)
|
$
21,681,041
|
|
$
(12,816,658)
|
|
|
Depreciation
and amortization
|
8,740,659
|
|
1,334,983
|
|
|
Interest and
dividend income, net
|
979,729
|
|
(269,060)
|
|
|
Income
taxes
|
1,448,479
|
|
—
|
|
|
EBITDA
|
32,849,908
|
|
(11,750,735)
|
|
|
Equity-based
compensation
|
1,940,177
|
|
2,465,340
|
|
|
Accretion of
asset retirement obligation
|
370,403
|
|
303,829
|
|
|
Adjusted
EBITDA
|
$
35,160,488
|
|
$
(8,981,566)
|
|
|
Non-GAAP revenue and cash cost
per ton
Non-GAAP revenue per ton (FOB mine) is calculated as coal sales
revenues less transportation costs, divided by tons sold. Non-GAAP
cash cost per ton sold is calculated as cash cost of coal sales
less transportation costs, divided by tons sold. We believe
revenue per ton (FOB mine) and cash cost per ton provides useful
information to investors as it enables investors to compare revenue
per ton and cash cost per ton for the Company against similar
measures made by other publicly-traded coal companies and more
effectively monitor changes in coal prices and costs from period to
period excluding the impact of transportation costs which are
beyond our control. The adjustments made to arrive at these
measures are significant in understanding and assessing the
Company's financial condition. Revenue per ton sold (FOB
mine) and cash cost per ton are not measures of financial
performance in accordance with U.S. GAAP and therefore should not
be considered as an alternative to revenues and cost of sales under
U.S. GAAP. The tables below show how we calculate Non-GAAP
revenue and cash cost per ton:
Non-GAAP revenue per ton
|
Three Months Ended
September 30, 2018
|
|
Three Months Ended
June 30, 2018
|
|
Company
Produced
|
|
Purchased
Coal
|
|
Total
|
|
Company
Produced
|
|
Purchased
Coal
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
$
51,963,193
|
|
$10,202,545
|
|
$
62,165,738
|
|
$52,050,730
|
|
$13,227,327
|
|
$
65,278,057
|
Less:
Adjustments to reconcile to
Non-GAAP revenues (FOB mine)
|
|
|
|
|
|
|
|
|
|
|
|
Transportation
costs
|
6,185,300
|
|
1,090,911
|
|
7,276,211
|
|
7,118,210
|
|
807,669
|
|
7,925,879
|
Non-GAAP
revenues (FOB mine)
|
$
45,777,893
|
|
$
9,111,634
|
|
$
54,889,527
|
|
$44,932,520
|
|
$12,419,658
|
|
$
57,352,178
|
Tons
sold
|
509,918
|
|
89,935
|
|
599,853
|
|
492,603
|
|
122,544
|
|
615,147
|
Revenues per ton sold
(FOB mine)
|
$
89.78
|
|
$
101.31
|
|
$
91.50
|
|
$
91.21
|
|
$
101.35
|
|
$
93.23
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30, 2018
|
|
|
|
|
|
|
|
Company
Produced
|
|
Purchased
Coal
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
$145,736,255
|
|
$37,650,688
|
|
$183,386,943
|
|
|
|
|
|
|
Less:
Adjustments to reconcile to
Non-GAAP revenues (FOB mine)
|
|
|
|
|
|
|
|
|
|
|
|
Transportation
costs
|
18,172,910
|
|
4,282,576
|
|
22,455,486
|
|
|
|
|
|
|
Non-GAAP
revenues (FOB mine)
|
$127,563,345
|
|
$33,368,112
|
|
$160,931,457
|
|
|
|
|
|
|
Tons
sold
|
1,405,839
|
|
331,296
|
|
1,737,135
|
|
|
|
|
|
|
Revenues per ton sold
(FOB mine)
|
$
90.74
|
|
$
100.72
|
|
$
92.64
|
|
|
|
|
|
|
Non-GAAP cash cost per ton
|
Three Months Ended
September 30, 2018
|
|
Three Months Ended
June 30, 2018
|
|
Company
Produced
|
|
Purchased
Coal
|
|
Total
|
|
Company
Produced
|
|
Purchased
Coal
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
sales
|
$
39,583,647
|
|
$
9,822,624
|
|
$
49,406,271
|
|
$34,739,384
|
|
$13,120,765
|
|
$47,860,149
|
Less:
Adjustments to reconcile to
Non-GAAP cash cost of coal sales
|
|
|
|
|
|
|
|
|
|
|
|
Transportation
costs
|
6,226,914
|
|
1,116,231
|
|
7,343,145
|
|
7,360,223
|
|
867,874
|
|
8,228,097
|
Non-GAAP cash
cost of coal sales
|
$
33,356,733
|
|
$
8,706,393
|
|
$
42,063,126
|
|
$27,379,161
|
|
$12,252,891
|
|
$39,632,052
|
Tons
sold
|
509,918
|
|
89,935
|
|
599,853
|
|
492,603
|
|
122,544
|
|
615,147
|
Cash cost per ton
sold
|
$
65.42
|
|
$
96.81
|
|
$
70.12
|
|
$
55.58
|
|
$
99.99
|
|
$
64.43
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30, 2018
|
|
|
|
|
|
|
|
Company
Produced
|
|
Purchased
Coal
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
sales
|
$105,804,845
|
|
$35,792,420
|
|
$141,597,265
|
|
|
|
|
|
|
Less:
Adjustments to reconcile to
Non-GAAP cash cost of coal sales
|
|
|
|
|
|
|
|
|
|
|
|
Transportation
costs
|
18,738,116
|
|
4,415,770
|
|
23,153,886
|
|
|
|
|
|
|
Non-GAAP cash
cost of coal sales
|
$
87,066,729
|
|
$31,376,650
|
|
$118,443,379
|
|
|
|
|
|
|
Tons
sold
|
1,405,839
|
|
331,296
|
|
1,737,135
|
|
|
|
|
|
|
Cash cost per ton
sold
|
$
61.93
|
|
$
94.71
|
|
$
68.18
|
|
|
|
|
|
|
POINT OF CONTACT:
Michael P.
Windisch, Chief Accounting Officer
mpw@ramacocoal.com
859-244-7455
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multimedia:http://www.prnewswire.com/news-releases/ramaco-resources-inc-reports-third-quarter-2018-financial-results-300746074.html
SOURCE Ramaco Resources