Pacific Coal Resources Ltd. announces 2014 first quarter financial results and operational update

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[{"type":"text","content":"\n\n\nTORONTO, June 2, 2014 /CNW/ - Pacific Coal Resources Ltd. (TSXV: PAK)\n has filed its unaudited consolidated financial statements for the three\n months ended March 31, 2014, together with its management's discussion\n and analysis (\"MD&A\") for the corresponding period. All financial\n figures contained herein are expressed in U.S. dollars unless otherwise\n noted. These documents will be posted on the Company's website at www.pacificcoal.ca and under the Company's profile at www.sedar.com.\n\n\nHernan Martinez, Executive Chairman, commented: \"In the first quarter of\n 2014, we were able to reduce general and administrative expenses below\n forecasted amounts, further ramp up south pit production at La Caypa,\n hire a third party operator at Cerro Largo, and enter into an\n Memorandum of Understanding at Jam for a collaborative project. We aim\n to further strengthen our focus on the core assets by disposing off the\n remaining interest in the Barranquilla port and continue to increase\n cost and operational efficiencies to maximize production.\"\n\n\nFinancial and Operating Summary\n\n\nA summary of the financial and operating results for the first quarter\n of 2014 is as follows:\n\n\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n\n(000's except per share and operating data)\n\n\nFirst Quarter\n\n\n\n\n2014\n\n\n2013\n\n\n\n\nOperational\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n\nTonnes of coal produced(1)\n\n\n \n\n\n274,421\n\n\n \n\n\n223,346\n\n\n\n\nAverage stripping ratio - operations\n\n\n \n\n\n9.09:1\n\n\n \n\n\n10.28:1\n\n\n\n\nTonnes of coal sold\n\n\n \n\n\n371,716\n\n\n \n\n\n220,751\n\n\n\n\nAverage realized thermal coal price per tonne sold (2)\n\n\n$\n\n\n95.67\n\n\n$\n\n\n99.10\n\n\n\n\nOperating margin per tonne sold (2)\n\n\n$\n\n\n11.51\n\n\n$\n\n\n(4.06)\n\n\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n\nFinancial\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n\nRevenues\n\n\n$\n\n\n35,671\n\n\n$\n\n\n21,901\n\n\n\n\nAdjusted Earnings Before Interest, Taxes, Depreciation\nand Amortization (\"EBITDA\") (2)\n\n\n \n\n\n3,087\n\n\n \n\n\n(2,503)\n\n\n\n\nEarnings (loss) from operations\n\n\n \n\n\n1,161\n\n\n \n\n\n(4,887)\n\n\n\n\nNet loss attributed to shareholders\n\n\n \n\n\n...

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