Business
Hallador Energy Company Reports Second Quarter 2021 Financial and Operating Results
TERRE HAUTE, Ind., Aug. 09, 2021 (GLOBE NEWSWIRE) -- Hallador Energy Company (NASDAQ – HNRG) today reported net loss of $3.0 million, ($.10) per share,
About this update from Hallador Energy Company
[{"type":"text","content":"TERRE HAUTE, Ind., Aug. 09, 2021 (GLOBE NEWSWIRE) -- Hallador Energy Company (NASDAQ – HNRG) today reported net loss of $3.0 million, ($.10) per share, adjusted EBITDA of $11.3 million. Brent Bilsland, President and Chief Executive Officer, stated, \"We are experiencing one of the strongest and most dramatic market turn arounds we have seen in years. As a result, we have added an additional 500,000 tons of contracted sales during the quarter and expect to ship ~1 million more tons in the last half of 2021 versus the first half, representing a 40% increase in shipments.\" Below are highlights for the quarter and first six months of 2021: Additional contracted sales of 500,000 tons added during the quarter. Q2 2021, shipments improved to a 5.6 million-ton annualized pace from a 4.7 million-ton annualized pace in Q1 2021. We expect shipments in the last half of 2021 to run at an ~7.0 million-ton annualized pace. Hallador generated $6.4 million in Adjusted Free Cash Flow during the quarter. As of June 30, 2021, our bank debt was $130.1 million, bringing our liquidity to $26.5 million resulting in a leverage ratio of 2.76X, well within our covenant of 3.25X. Our entire $10 million PPP Loan was forgiven on July 23, 2021. The forgiveness of the PPP Loan will be recognized during Q3 2021.Solid Sales Position Through 2022 We added ~500,000 contracted tons to our position during the quarter and expect to add tons later in the year for 2022 and beyond as markets recover and gas prices continue to increase. CONTRACTED ESTIMATED TONS PRICED YEAR (MILLIONS)* PER TON 2021 (Q3- Q4) 3.6 $ 39.00 2022 5.1 $ 39.25 8.7 ____________* 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 Six Months Ended June 30, June 30, 2021 2020 2021 2020 Net Income (loss)$(2,964) $254 $(3,996) $(3,406)Total Revenues$55,638 $50,850 $102,333 $113,333 Tons Sold 1,403 1,244 2,577 2,770 Average Price per Ton$38.92 $40.57 $38.99 $40.58 Bank Debt$130,113 $161,113 $130,113 $161,113 Operating Cash Flow$9,915 $918 $12,888 $17,174 Adjusted EBITDA*$11,299 $13,175 $22,718 $27,074 Adjusted Free Cash Flow **$6,429 $6,281...