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Rhino Resource Partners LP Announces First Quarter 2017 Financial and Operating Results
Rhino Resource Partners LP Announces First Quarter 2017 Financial and Operating Results.
About this update from Royal Energy Resources Inc
[{"type":"text","content":"\n \n \n Rhino Resource Partners LP Announces First Quarter 2017 Financial and Operating Results\n \n \nRhino Resource Partners LP Announces First Quarter 2017 Financial and Operating Results\n \n LEXINGTON, KY--(Marketwired - May 10, 2017) - Rhino Resource Partners LP (OTCQB: RHNO) (\"Rhino\" or the \"Partnership\") announced today its financial and operating results for the quarter ended March 31, 2017. For the quarter, the Partnership reported a net loss of $2.0 million and Adjusted EBITDA of $4.8 million, compared to a net loss of $1.2 million and Adjusted EBITDA of $6.6 million in the first quarter of 2016. Diluted net loss per common unit was $0.22 for the quarter compared to diluted net loss per common unit of $0.33 for the first quarter of 2016. Total revenues for the quarter were $53.6 million, with coal sales generating $51.8 million of the total, compared to total revenues of $39.3 million and coal revenues of $36.7 million in the first quarter of 2016. (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 have been paid for common or subordinated units for the quarter ended March 31, 2017. \n Rick Boone, President and Chief Executive Officer of Rhino's general partner, stated, \"The recovery in the met coal markets had a significant positive impact on the operating results for the first quarter of 2017. Revenue grew for the quarter and year-over-year as well as our EBITDA. In the first quarter of 2017, we fully contracted our met and thermal forecasted production for the year. We expect the improved market situation will continue to provide positive financial results for the remainder of 2017. We continue to explore additional met coal sales to international customers, which could lead to additional financial upside for Rhino. We will expand our met production to meet the increased demand as additional contracts are finalized in the second quarter of 2017. Met coal test shipments to various international customers during the first quarter of 2017 were positive and we remain optimistic a long-term sales agreement can be reached which will further i...