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Rhino Resource Partners LP Announces Fourth Quarter 2015 Financial and Operating Results
Rhino Resource Partners LP Announces Fourth Quarter 2015 Financial and Operating Results.
About this update from Royal Energy Resources Inc
[{"type":"text","content":"\n\n LEXINGTON, Ky., March 25, 2016 (GLOBE NEWSWIRE) -- Rhino Resource Partners LP (OTCQB:RHNO) (“Rhino” or the “Partnership”) announced today its financial and operating results for the quarter ended December 31, 2015. For the quarter, the Partnership reported a net loss of $34.0 million and Adjusted EBITDA of $1.9 million, compared to a net loss of $60.7 million and Adjusted EBITDA of $2.8 million in the fourth quarter of 2014. Approximately $27.1 million of asset impairment and related charges impacted the net loss for the quarter ended December 31, 2015. Approximately $45.3 million of asset impairment and related charges impacted the net loss for the quarter ended December 31, 2014, as well as an additional $5.9 million impairment charge related to the Rhino Eastern joint venture investment. Diluted net loss per common unit was $1.14 for the quarter compared to diluted net loss per common unit of $2.03 for the fourth quarter of 2014. Total revenues for the quarter were $39.6 million, with coal sales generating $31.6 million of the total, compared to total revenues of $61.9 million and coal revenues of $52.5 million in the fourth quarter of 2014. (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 December 31, 2015. Joe Funk, President and Chief Executive Officer of Rhino’s general partner, stated, “We successfully executed many transactions during the past year to reduce our debt and enhance the Partnership’s cash flow and liquidity during these challenging market conditions. We generated over $13 million of proceeds from the sale of non-core assets that we utilized to reduce our debt. Our proactive focus on the Partnership’s cash flow and ability to obtain value from non-core assets allowed us to reduce our debt balance with approximately $41 million drawn on the bank line of credit at the end of December, which is over $13 million lower compared to the prior year-end balance. Our balance sheet remains strong with this relatively low debt level compared to many comp...