Business
Hallador Energy Company Reports Full-Year 2020 Financial and Operating Results
TERRE HAUTE, Ind., March 09, 2021 (GLOBE NEWSWIRE) -- Hallador Energy Company (NASDAQ – HNRG) today reported net loss of $6.2 million, ($.20) Per Share, Bank
About this update from Hallador Energy Company
[{"type":"text","content":"TERRE HAUTE, Ind., March 09, 2021 (GLOBE NEWSWIRE) -- Hallador Energy Company (NASDAQ – HNRG) today reported net loss of $6.2 million, ($.20) Per Share, Bank Debt reduced by 24%, $42.4 million, in 2020. Brent Bilsland, President and Chief Executive Officer, stated, \"I am proud that our company created $52.6 million of positive cash flow, paid down 24% of our bank debt, and successfully extended customer contracts all during a global pandemic which dramatically reduced energy consumption.” We generated $52.6 million in operating cash flow during the year which we utilized to pay down our bank debt by $42.4 million. As of December 31, 2020, our bank debt was $137.7 million, bringing our liquidity to $51.8 million and our leverage ratio to 2.68X, within our covenant of 3.5X. Shipments totaled 6.0 million tons. Extended customer contracts with multiple customers. 2020 production costs were $31.07/ton which were slightly higher than 2019 costs of $30.69/ton, despite at times having 25% of our workforce quarantined due to possible COVID-19 exposure. Oaktown costs over that same period were $29.84 and $28.35. Solid Sales Position Through 2022 We expect to add to our strong forward contracted sales position as the markets recover later this year. Contracted Estimated Tons Priced Year (millions)* per ton 2021 5.1 $39.40 2022 5.1 $39.25 10.2 * 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): December 31, 2020 2019 Net loss $(6,220) $(59,854)Total revenues $245,295 $323,462 Tons sold 5,968 8,070 Average price per ton $40.56 $39.34 Bank debt $137,738 $180,150 Operating cash flow $52,576 $38,243 Adjusted EBITDA* $53,501 $68,761 Adjusted Free Cash Flow ** $27,595 $29,755 *Defined as EBITDA plus stock-based compensation and ARO accretion, less the effects of our equity method investments and Hourglass Sands. **Defined as net income plus deferred income taxes, DD&A, ARO accretion, and stock compensation, less maintenance capex and the effects of our equity method investments. EBITDA, adjusted EBITDA, and adjusted free cash flow should not be considered alternatives to net income, income from operati...