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Rhino Resource Partners LP Announces Fourth Quarter 2016 Financial and Operating Results
Rhino Resource Partners LP Announces Fourth Quarter 2016 Financial and Operating Results.
About this update from Royal Energy Resources Inc
[{"type":"text","content":"\n \n \n Rhino Resource Partners LP Announces Fourth Quarter 2016 Financial and Operating Results\n \n \nRhino Resource Partners LP Announces Fourth Quarter 2016 Financial and Operating Results\n \n LEXINGTON, KY--(Marketwired - Mar 10, 2017) - Rhino Resource Partners LP (OTCQB: RHNO) (\"Rhino\" or the \"Partnership\") announced today its financial and operating results for the quarter ended December 31, 2016. For the quarter, the Partnership reported a net loss of $3.8 million and Adjusted EBITDA of $4.5 million, compared to a net loss of $34.0 million and Adjusted EBITDA of $1.9 million in the fourth quarter of 2015. Approximately $0.6 million of asset impairment and related charges impacted the net loss for the quarter ended December 31, 2016. Approximately $27.1 million of asset impairment and related charges impacted the net loss for the quarter ended December 31, 2015. Diluted net loss per common unit was $0.41 for the quarter compared to diluted net loss per common unit of $11.43 for the fourth quarter of 2015. Total revenues for the quarter were $46.4 million, with coal sales generating $44.1 million of the total, compared to total revenues of $36.7 million and coal revenues of $31.6 million in the fourth 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 have been paid for common or subordinated units for the quarter ended December 31, 2016. \n Rick Boone, President and Chief Executive Officer of Rhino's general partner, stated, \"The recent equity transaction with Royal Energy Resources, Inc. (OTCQB: ROYE) (\"Royal\") and Yorktown Partners LLC further reduced our debt and positioned Rhino as a financially strong competitor in the world-wide coal markets. We have been able to reduce our debt by approximately $34 million during the current year as our focus on cash generation and strategic transactions with supportive partners have resulted in a strong balance sheet for Rhino. We have met the requirements to extend the maturity of our credit agreement to December 2017 and we continue to work toward extending or restructuring our credit agreement beyond its current maturi...