Business
Hallador Energy Company Reports Second Quarter 2022 Financial and Operating Results
TERRE HAUTE, Ind., Aug. 15, 2022 (GLOBE NEWSWIRE) -- Hallador Energy Company (NASDAQ – HNRG) today reported a net loss of $3.4 million, ($.11) per share,
About this update from Hallador Energy Company
[{"type":"text","content":"TERRE HAUTE, Ind., Aug. 15, 2022 (GLOBE NEWSWIRE) -- Hallador Energy Company (NASDAQ – HNRG) today reported a net loss of $3.4 million, ($.11) per share, adjusted EBITDA of $11.5 million for the quarter ended June 30, 2022. Brent Bilsland, President and Chief Executive Officer, stated, \"In the second quarter, we improved our cost structure by ~$8/ton over Q1 and contracted for ~2.2 million tons of forward sales at over $125/ton, dramatically increasing our future sales prices. Additionally, we were successful in raising $10 million to add to our liquidity (with an additional $19 million following in Q3). All of these events, lowering our cost structure, increasing our sales prices, and adding to our liquidity greatly improve our current and future financial position. Also, during the quarter, we made significant progress toward closing the acquisition of the Merom power plant in the next few months, pending governmental and financial approvals.\" Below are highlights for the quarter and first six months of 2022: Production of 1.8 million tons and shipments of 1.6 million tons in Q2. Production costs $7.71 per ton better in Q2 ($31.83/ton) versus Q1 ($39.54/ton). Margins improved $6.53 in Q2 over Q1. Raised $29 million in Convertible Debt in Q2 and early Q3 to improve Company liquidity. $10 million of which converted to equity during the second quarter. New coal sales contracts recently signed raised the average sales price per ton for the remainder of 2022 and beyond. Further significant margin expansion expected in Q4 and 2023. Margins in excess of $20 per ton expected during 2023 resulting in projected 2023 Adjusted EBITDA of ~$160 million. Contracted Estimated Tons Priced Year (millions)* per ton 2022 (Q3-Q4) 4.0 $49.00 2023 (annual) 6.7 $58.00 2024 - 2027 (total) 7.0 ** 17.7 *Shipments are subject to adjustment within certain coal contracts due to the exercise of customer options to either take additional tons or fewer tons if such options exist in the customer contract.**Unpriced or partially priced tons The table below represents some of our critical metrics (in thousands except for per ton data): Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Net Loss$(3,386) $(2,964) $(13,520) $(3,996)Total Revenues$65,929 $55,638 $124,836 $102,333 Tons Sold 1,595 1,403 2,972 2,577 Average Price per Ton$40.23 ...