Business
Hallador Energy Company Reports Record Net Income and Adjusted EBITDA for 2023; Signs MOU to attract data centers to Merom Power Plant
TERRE HAUTE, Ind., March 13, 2024 (GLOBE NEWSWIRE) -- Hallador Energy Company (NASDAQ – HNRG) reports full year 2023 net income of $44.8 million, $1.35 basic
About this update from Hallador Energy Company
[{"type":"text","content":"TERRE HAUTE, Ind., March 13, 2024 (GLOBE NEWSWIRE) -- Hallador Energy Company (NASDAQ – HNRG) reports full year 2023 net income of $44.8 million, $1.35 basic earnings per share, operating cash flow of $59.4 million, and adjusted EBITDA of $107 million, all respectively. Brent Bilsland, President and Chief Executive Officer, stated, “Hallador had a solid year as a company. Our coal division had near record margins for the full year, the continued integration of Hallador Power shows tremendous promise for future sales of energy and capacity and our recent MOU with Hoosier Energy and WIN REMC will allow us to market our Merom site to data centers, AI providers and other high-density power users to more efficiently operate the plant and drive increased margins to what we are seeing today. While the fourth quarter presented challenges in all sectors, we believe that our recent restructuring in our coal division, agreements like the MOU and the momentum that we are seeing in forward power sales will all continue to improve the long-term outlook for the company.” Below are highlights for the full year results of 2023: We increased Net Income, Operating Cash Flow and Adjusted EBITDA for the Year Net income increased by approximately $27 million to $45 million for 2023. Operating Cash Flow increased by approximately $5 million to $59.4 million for 2023. Adjusted EBITDA* improved to $107 million for the year, an increase of approximately $51 million. Since January 1, 2023, We Secured Nearly $500 Million in New Long-Term Capacity and Energy Contracts We have secured approximately $225 million in new capacity deals through 2028. We have secured approximately $275 million in new energy deals through 2028. We Restructured our Coal Division to Increase Margins and Adjust to Current Market Conditions The restructuring will reduce capital expenditure at the Oaktown Mining Complex by $10 million. Maintains 4.5 million tons of annual production of our highest margin coal. Reduced employee headcount by 110. Idled highest cost surface mines. We Raised Approximately $19 Million Through ATM and Unsecured Notes to Support Liquidity ATM raised $7.3 million in December and $6.6 million in January. Raised $5 million in unsecured one-year notes from members of the Board of Directors in March 2024. Capital used to support liquidity and accelerate strategic ...