Business
American Resources Corporation Reports Second Quarter 2020 Financial Results and Provides Business Outlook
Company reports record $1.3 million of net income and $5.7 million of adjusted EBITDALaunch of American Metal LLC subsidiary enables Company to generate
About this update from American Resources Corporation
[{"type":"text","content":"Company reports record $1.3 million of net income and $5.7 million of adjusted EBITDALaunch of American Metal LLC subsidiary enables Company to generate additional revenue utilizing many of its existing resourcesWell-positioned to be a long-term supplier of raw material to the global infrastructure market while bringing a more efficient and modernized business model to the industry Strategic steps taken to transform Company into infrastructure company producing pure metallurgical carbon and metal aggregation, while enhancing environmental, social and governance (ESG) profile Company expects multiple value driving milestones over the course of 2020 FISHERS, INDIANA / ACCESSWIRE / July 24, 2020 / American Resources Corporation (NASDAQ:AREC) (\"American Resources\" or the \"Company\"), a supplier of raw materials to the rapidly growing global infrastructure marketplace, today reported its second quarter of 2020 financial results and provided a corporate update.Mark Jensen, Chairman and CEO of American Resources Corporation commented, \"Over the course of the second quarter our team continued to execute on the strategic transformation of the Company to become a more diversified infrastructure company. In tandem, we made significant progress in advancing our efforts to better our industry-leading position as a stable, long-term and low-cost supplier of metallurgical carbon. Additionally, we were able to further demonstrate our ability to innovate and adapt by generating high-margin revenue from our recently established American Metals LLC subsidiary, which further diversifies our business model, while continuing to divest and monetize non-core assets.\"Second Quarter 2020 Key HighlightsDivested certain non-core assets in eastern Kentucky to further reduce the Company's overall cost structure and environmental liabilities (asset retirement obligations) from its balance sheet and enhance the flexibility of its focused supply base in anticipation of worldwide infrastructure related demand.Added a third, and subsequently have added a fourth environmental reclamation crew during the COVID-19 pandemic to expand its environmental remediation efforts to repair decommissioned and irrational thermal coal mining sites that are at or below the Company's proprietary (economic and environmental) margin to reduce the Company's long-term cost struct...