Hallador Energy Reports 2018 1st Quarter Results Of $.07 Per Share
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
