Business
Hallador Energy Company Reports First Quarter 2021 Financial and Operating Results
TERRE HAUTE, Ind., May 03, 2021 (GLOBE NEWSWIRE) -- Hallador Energy Company (NASDAQ – HNRG) today reported net loss of $1.0 million, ($.03) per share,
About this update from Hallador Energy Company
[{"type":"text","content":"TERRE HAUTE, Ind., May 03, 2021 (GLOBE NEWSWIRE) -- Hallador Energy Company (NASDAQ – HNRG) today reported net loss of $1.0 million, ($.03) per share, adjusted EBITDA of $11.4 million. Brent Bilsland, President and Chief Executive Officer, stated, \"We are pleased that our cost structure was dramatically lower in the 1st quarter of 2021. This increased productivity has yet to be turned into cash as shipments were interrupted due to the coldest February in 30 years. Though the cold weather has delayed our cash flow, it has led to continued improvements in market conditions which allowed us to increase our sales by 400,000 tons for the year.\" ●Q1 2021 production costs were $28.88/ton, significantly lower than Q4 2020 costs of $33.87 and Q1 2020 costs of $31.67. ○Oaktown costs were $27.21 for Q1 2021 and $29.92 for Q1 2020. ■Shipments were an anemic 1.2 million tons in Q1, due to transportation delays caused by severe weather. Thus, ~180,000 tons of Q1 shipments will now be delivered during the 2nd and 3rd quarter of this year. ■Increased productivity coupled with shipment delays caused coal inventory to rise which will be needed to meet increased shipments for the balance of the year. ●Hallador generated $5.4 million in Adjusted Free Cash Flow during the quarter. ○As of March 31, 2021, our bank debt was $136.1 million, bringing our liquidity to $27.9 million and our leverage ratio to 2.78X, well within our covenant of 3.25X. ●Solid Sales Position Through 2022 ○We added ~400,000 contracted tons to our position during the quarter and expect to add additional tons later in the year as markets recover and gas prices continue to increase. Contracted Estimated Tons Priced Year (millions)* per ton 2021 (Q2 - Q4) 4.5 $39.25 2022 5.1 $39.35 9.6 * Contracted tons are subject to adjustment in instances of force majeure and exercise of customer options to either take additional tons or reduce tonnage if such option exists in the customer contract. The table below represents some of our critical metrics (in thousands except for per ton data): Three Months Ended March 31, 2021 2020 Net loss $(1,032) $(3,660)Total Revenues $46,695 $62,483 Tons Sold 1,174 1,526 Average Price per Ton $39.08 $40.58 Bank Debt $136,050 $168,050 Operating Cash Flow $2,973 $16,256 Adjusted EBITDA* $11,419 $13,899 Adjusted Free Cash Flow ** $5,370 $6,813 *Defined as EB...