DENVER, Nov. 6, 2017 /PRNewswire/ -- Hallador Energy Company (NASDAQ: HNRG) reports financial and operating results for the quarter ended September 30, 2017. Hallador will file its Form 10-Q before the markets open on Tuesday, November 7, 2017.
- Total revenues were $74.5 million in the 2017 Quarter compared to $65.8 million for the quarter ended September 30, 2016.
- Revenue increased 13% year over year for the quarter due to increased sales volumes despite expected lower average price per ton.
- Bank debt was reduced to $211 million in the quarter, a reduction of $14.8 million.
- Reducing the Debt to EBITDA covenant to 2.42X.
- Net income was $3.9 million, $.13 per share for the quarter.
- Adjusted EBITDA for the 3rd quarter was $21.2 million.
- Defined as EBITDA plus stock-based compensation plus ARO accretion.
- Cash from operating activities was $23.9 million for the quarter.
- Adjusted free cash flow was $15.3 million for the quarter.
- Defined as net income plus deferred income taxes, DD&A, ARO accretion, and stock compensation, less maintenance capex.
- Sunrise Coal, LLC, a wholly owned subsidiary of Hallador Energy (HNRG), announces construction of the Princeton Loop, a truck to rail coal loading facility that will be located 6 miles west of Princeton, Indiana, on Highway 64. The facility will include the ability to unload trucks, blend coals, load 135 car unit trains in four hours and store over 4 million tons of coal. The new facility will primarily serve utility coal plants served by Norfolk Southern Railway Company once the rail facility is completed in the spring of 2018. Hallador's President and CEO, Brent Bilsland, stated "We are excited about the development of the Princeton Loop as it enables Sunrise's low cost production to access substantial new markets and better serve our customers."
EBITDA, adjusted EBITDA, and adjusted free cash flow should not be considered alternatives to net income, income from operations, cash flows from operating activities or any other measure of financial performance presented in accordance with GAAP. Our method of computing EBITDA, adjusted EBITDA and adjusted free cash flow may not be the same method used to compute similar measures reported by other companies.
Management believes that the presentation of such additional financial measures provides useful information to investors regarding our performance and results of operations because these measures, when used in conjunction with related GAAP financial measures, (i) provide additional information about our core operating performance and ability to generate and distribute cash flow, (ii) provide investors with the financial and analytical framework upon which management bases financial, operation, compensation and planning decisions and (iii) present measurements that investors, rating agencies and debt holders have indicated are useful in assessing our results.
As previously announced our earnings conference call for financial analysts and investors will be held on Tuesday, November 7, 2017, at 2:00pm EST. Dial-in numbers for the live conference call are as follows:
Toll-free (888) 347-5317
Canadian Callers Toll-free (855) 669-9657
Conference ID #: Hallador Energy Company HNRG Call
An audio replay of the conference call will be available for approximately one week. To access the audio replay, dial US Toll-Free (877) 344-7529; Canada Toll-Free (855) 669-9658 and request to be connected to replay access code 10113629.
Hallador is headquartered in Denver, Colorado and through its wholly owned subsidiary, Sunrise Coal, LLC, produces coal in the Illinois Basin for the electric power generation industry. To learn more about Hallador or Sunrise, visit our websites at www.halladorenergy.com or www.sunrisecoal.com.
SOURCE Hallador Energy Company