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Rhino Resource Partners LP Announces First Quarter 2016 Financial and Operating Results
Rhino Resource Partners LP Announces First Quarter 2016 Financial and Operating Results.
About this update from Royal Energy Resources Inc
[{"type":"text","content":"\n\n LEXINGTON, Ky., May 06, 2016 (GLOBE NEWSWIRE) -- Rhino Resource Partners LP (OTCQB:RHNOD) (“Rhino” or the “Partnership”) announced today its financial and operating results for the quarter ended March 31, 2016.  For the quarter, the Partnership reported a net loss of $1.2 million and Adjusted EBITDA of $6.6 million, compared to a net loss of $3.9 million and Adjusted EBITDA of $6.2 million in the first quarter of 2015.  Diluted net loss per common unit was $0.33 for the quarter compared to diluted net loss per common unit of $1.29 for the first quarter of 2015.  Total revenues for the quarter were $40.4 million, with coal sales generating $36.7 million of the total, compared to total revenues of $56.2 million and coal revenues of $45.6 million in the first quarter of 2015.  (Refer to “Reconciliations of Adjusted EBITDA” included later in this release for reconciliations to the most directly comparable GAAP financial measures).\n The Partnership continued the suspension of the cash distribution for its common units for the current quarter.  No distributions will be paid for common or subordinated units for the quarter ended March 31, 2016. Joe Funk, President and Chief Executive Officer of Rhino’s general partner, stated, “We continue to focus on cash generation during these ongoing difficult coal market conditions. We successfully managed our costs during the quarter to offset lower coal revenues, which kept our debt levels relatively flat during the quarter.  Our balance sheet remains strong with this relatively low debt level compared to many competitors in the coal industry along with our low level of legacy liabilities. We continue to work with our creditors to extend our credit agreement to December 2017. As previously announced, we are exploring the development of the Encore Global Commodities LLC (“Encore”) joint venture with ION Carbon & Minerals, LLC (“Ion Carbon”), an wholly owned subsidiary of AMCI Holdings, Inc. (collectively referred to as “AMCI”).  We look forward to the opportunity for Encore to become a significant marketing entity for all Rhino coals and we are excited about this opportunity to build a relationship with AMCI and the potential value this joint venture could bring to our ...