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28.08.2017 22:18:00
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Contura Announces Second Quarter and Year-to-Date Results
BRISTOL, Tenn., Aug. 28, 2017 /PRNewswire/ -- Contura Energy, Inc., a leading U.S. coal supplier, today reported results for the second quarter and year-to-date through June 30, 2017.
Highlights include:
- Net Income of $13 million for the second quarter and $48 million for the year-to-date period
- Adjusted EBITDA of $65 million for the second quarter and $194 million year-to-date
- The company paid $100.7 million in special dividend and equivalents in mid-July
- Contura withdrew IPO on August 10 due to capital market conditions
(millions, except per share) | ||||||||
Second Quarter | Year to Date 2017 | |||||||
Coal revenues | $440.8 | $949.7 | ||||||
Net Income[1] | $12.6 | $47.7 | ||||||
Net Income per diluted share[1] | $1.16 | $4.42 | ||||||
Adjusted EBITDA[2] | $64.9 | $193.7 | ||||||
Operating cash flow | $36.6 | $172.8 | ||||||
Capital expenditures | $22.6 | $35.5 | ||||||
Tons of coal sold | 10.8 | 23.9 | ||||||
"Contura's diversified asset base and our active trading and logistics segment continued to allow us to respond to favorable met market conditions in the second quarter while sustaining a stable thermal market share," said Kevin Crutchfield, chief executive officer. "While we were disappointed with the outcome of the IPO process, withdrawing it was the right decision for our shareholders at this time, given that current capital market conditions would have undervalued the company. We'll continue to evaluate other strategic options to enhance shareholder value while maintaining our focus on operating safely and efficiently."
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1 The year-to-date 2017 amounts presented herein reflect the elimination of the first quarter 2017 mark-to-market gain on warrants pursuant to the adoption of ASU 2017-11. See Note 16 to the Condensed Consolidated Financial Statements for further discussion surrounding the adoption of ASU 2017-11.
2 These are non-GAAP financial measures. A reconciliation of net loss to adjusted EBITDA is included in tables accompanying the financial schedules.
Financial Performance
- Coal revenues in the second quarter were $440.8 million, with Central Appalachia (CAPP) accounting for $111.2 million and Trading and Logistics accounting for $179.3 million. On the thermal side, Northern Appalachia (NAPP) revenue totaled $77.3 million and the Powder River Basin (PRB) generated $72.9 million in coal sales. Freight and handling revenues and other revenues were $69.7 million and $3.3 million, respectively, in the second quarter.
For the second quarter, CAPP coal shipments were 1.0 million tons at an average per-ton realization of $112.37. Contura shipped 6.7 million tons of PRB coal during the quarter at an average per-ton realization of $10.85, while NAPP shipments totaled 1.8 million tons at an average per-ton realization of $42.06. NAPP volumes were affected by a longwall move in June. In the Trading and Logistics segment, 1.3 million tons of coal were shipped at an average price of $138.97 per ton.
For the year-to-date period, CAPP metallurgical coal shipments were 2.0 million tons at an average per-ton realization of $126.94. Contura shipped 15.5 million tons of PRB coal at an average per-ton realization of $10.89 through the end of June, while NAPP shipments totaled 4.0 million tons at an average per-ton realization of $43.34. In the Trading and Logistics segment, 2.3 million tons of coal were shipped at an average price of $147.77 per ton.
- Total costs and expenses during the second quarter were $490.0 million and cost of coal sales was $361.1 million. The cost of coal sales in CAPP for the quarter averaged $73.23 per ton, including $1.44 per ton in idle costs. NAPP cost averaged $33.01 per ton, which was impacted by a longwall move in June and also included idle costs of $0.92 per ton. The cost of coal sales per ton for the PRB mines was $11.00 during the second quarter, impacted by lower production levels relative to first quarter and accelerated accretion related to a permit that is in process of being amended.
Total costs and expenses year-to-date were $966.8 million and cost of coal sales was $729.2 million. The cost of coal sales in CAPP, including idle costs of $1.60 per ton, averaged $74.05 per ton for the year-to-date period ending June 30, while NAPP costs averaged $31.13 per ton, including idle costs of $0.80 per ton. The cost of coal sales per ton for the PRB mines for the same period was $10.16.
- Selling, general and administrative (SG&A) expenses in the second quarter were $26.3 million, which includes approximately $1.4 million of non-recurring expenses associated primarily with the company's filing of a registration statement with the SEC, $4.8 million of non-cash stock compensation charges and $1.6 million of charges related to the company's incentive bonus plans. The SG&A expenses also include approximately $9.1 million of expenses incurred in connection with the special dividend (in addition, $0.5 million of expenses were recorded in cost of coal sales), comprised of approximately $7.6 million of dividend equivalent payments and approximately $1.5 million of professional fees related to the special dividend, and approximately $1.6 million of business development expense. Depreciation, depletion and amortization was $17.3 million during the second quarter and amortization of acquired intangibles was $14.6 million.
SG&A expenses for the year-to-date period were $40.1 million, including approximately $3.8 million of non-recurring expenses associated with the formation of the company and costs related to the company's filing of a registration statement with the SEC, $6.2 million of non-cash stock compensation charges and $3.4 million of charges related to the company's incentive bonus plans. The SG&A expenses also include approximately $9.1 million of expenses incurred in connection with the special dividend (in addition, $0.5 million of expenses were recorded in cost of coal sales), comprised of approximately $7.6 million of dividend equivalent payments and approximately $1.5 million of professional fees related to the special dividend, and approximately $1.6 million of business development expense. Depreciation, depletion and amortization for year-to-date was $34.3 million and amortization of acquired intangibles was $34.2 million.
- Contura recorded a net income of $12.6 million, or $1.16 per diluted share for the second quarter and $47.7 million, or $4.42 per diluted share year-to-date.
- Adjusted EBITDA was $64.9 million for the quarter, excluding $9.6 million of expenses related to the special dividend, a $9.2 million gain on settlement of acquisition-related obligations, a $6.7 million mark-to-market charge for acquisition-related obligations, secondary offering costs of $2.5 million and a bargain purchase gain of $0.6 million. For the year-to-date period, Adjusted EBITDA was $193.7 million, excluding a $38.7 million loss on early extinguishment of debt, $9.6 million of expenses related to the special dividend, a $9.2 million gain on settlement of acquisition-related obligations, secondary offering costs of $3.4 million, a $2.4 million mark-to-market charge for acquisition-related obligations and a bargain purchase gain of $0.6 million.
Liquidity and Capital Resources
Cash provided by operating activities for the second quarter and year-to-date through June 30, 2017 were $36.6 million and $172.8 million, respectively. Capital expenditures for the second quarter and year-to-date through June 30, 2017 were $22.6 million and $35.5 million, respectively.
At the end of June, Contura had $244.0 million in unrestricted cash. Total long-term debt, including the current portion of long-term debt as of June 30, 2017, was approximately $385.8 million.
Subsequent to quarter end, Contura paid $100.7 million in special dividend and dividend equivalent payments.
Additional Information
For additional financial information about Contura, please visit www.conturaenergy.com/financials.
ABOUT CONTURA ENERGY
Contura Energy is a private, Tennessee-based company with affiliate mining operations across multiple major coal basins in Pennsylvania, Virginia, West Virginia and Wyoming. With customers across the globe, high-quality reserves and significant port capacity, Contura Energy reliably supplies both metallurgical coal to produce steel and thermal coal to generate power. For more information, visit www.conturaenergy.com.
FORWARD-LOOKING STATEMENTS
This news release includes forward-looking statements, including but not limited to statements regarding Contura's evaluation of strategic options, enhancement of shareholder value, and safe and efficient operations. These forward-looking statements are based on Contura's expectations and beliefs concerning future events and involve risks and uncertainties that may cause actual results to differ materially from current expectations. These factors are difficult to predict accurately and may be beyond Contura's control. You should review the risks and uncertainties discussed in the Company's condensed consolidated financial statements and report for the period ended June 30, 2017, which are available on our website.
Forward-looking statements in this news release or elsewhere speak only as of the date made. New uncertainties and risks arise from time to time, and it is impossible for Contura to predict these events or how they may affect the Company. Contura has no duty to, and does not intend to, update or revise the forward-looking statements in this news release or elsewhere after the date this release is issued. In light of these risks and uncertainties, investors should keep in mind that results, events or developments disclosed in any forward-looking statement made in this news release may not occur.
INVESTOR CONTACT
investorrelations@conturaenergy.com
Alex Rotonen
423.573.0396
MEDIA CONTACTS
corporatecommunications@conturaenergy.com
Rick Axthelm
423.573.0304
Emily O'Quinn
423.573.0369
FINANCIAL TABLES FOLLOW
Use of Non-GAAP Measures
In addition to the results prepared in accordance with generally accepted accounting principles in the United States (GAAP) provided throughout this press release, Contura has presented the following non-GAAP financial measure, which management uses to gauge operating performance: Adjusted EBITDA. This non-GAAP financial measure excludes various items detailed in the attached reconciliation tables.
The definition of this non-GAAP measure may be changed periodically by management to adjust for significant items important to an understanding of operating trends. This measure is not intended to replace financial performance measures determined in accordance with GAAP. Rather, it is presented as a supplemental measure of the Company's performance that management finds useful in assessing the company's financial performance and believes is useful to securities analysts, investors and others in assessing the Company's performance over time. Moreover, this measure is not calculated identically by all companies and therefore may not be comparable to similarly titled measures used by other companies.
CONTURA ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS AND CONDENSED PREDECESSOR COMBINED STATEMENT OF OPERATIONS (Unaudited) (Amounts in thousands, except share and per share data) | |||||||||||||||||
Successor | Predecessor | ||||||||||||||||
Three Months | Six Months Ended | Three Months | Six Months Ended | ||||||||||||||
Revenues: | |||||||||||||||||
Coal revenues | $ | 440,774 | $ | 949,664 | $ | 238,294 | $ | 469,635 | |||||||||
Freight and handling revenues | 69,696 | 129,919 | 24,895 | 47,784 | |||||||||||||
Other revenues | 3,340 | 7,660 | 3,939 | 8,229 | |||||||||||||
Total revenues | 513,810 | 1,087,243 | 267,128 | 525,648 | |||||||||||||
Costs and expenses: | |||||||||||||||||
Cost of coal sales (exclusive of items | 361,056 | 729,208 | 210,022 | 434,206 | |||||||||||||
Freight and handling costs | 69,696 | 129,919 | 24,895 | 47,784 | |||||||||||||
Other expenses | 973 | 2,426 | 1,955 | 4,167 | |||||||||||||
Depreciation, depletion and amortization | 17,346 | 34,277 | 39,721 | 74,720 | |||||||||||||
Amortization of acquired intangibles, net | 14,585 | 34,243 | 59 | 463 | |||||||||||||
Selling, general and administrative | 26,319 | 40,148 | 14,348 | 26,090 | |||||||||||||
Asset impairment and restructuring | — | — | 2,641 | 3,137 | |||||||||||||
Secondary offering costs | 2,496 | 3,438 | — | — | |||||||||||||
Total other operating (income) loss: | |||||||||||||||||
Mark-to-market adjustment for | 6,739 | 2,382 | — | — | |||||||||||||
Gain on settlement of acquisition-related | (9,200) | (9,200) | — | — | |||||||||||||
Total costs and expenses | 490,010 | 966,841 | 293,641 | 590,567 | |||||||||||||
Income (loss) from operations | 23,800 | 120,402 | (26,513) | (64,919) | |||||||||||||
Other (expense) income: | |||||||||||||||||
Interest expense | (8,307) | (19,775) | (37) | (41) | |||||||||||||
Interest income | 42 | 73 | 22 | 51 | |||||||||||||
Loss on early extinguishment of debt | — | (38,701) | — | — | |||||||||||||
Equity loss in affiliates | (490) | (1,701) | (1,198) | (2,622) | |||||||||||||
Bargain purchase gain | 642 | 642 | — | — | |||||||||||||
Miscellaneous income, net | 22 | 227 | 62 | 674 | |||||||||||||
Total other expense, net | (8,091) | (59,235) | (1,151) | (1,938) | |||||||||||||
Income (loss) before reorganization items and income taxes | 15,709 | 61,167 | (27,664) | (66,857) | |||||||||||||
Reorganization items, net | — | — | (11,746) | (26,300) | |||||||||||||
Income (loss) before income taxes | 15,709 | 61,167 | (39,410) | (93,157) | |||||||||||||
Income tax (expense) benefit | (3,098) | (13,445) | 11,804 | 32,908 | |||||||||||||
Net income (loss) | $ | 12,611 | $ | 47,722 | $ | (27,606) | $ | (60,249) | |||||||||
Basic income per common share | $ | 1.22 | $ | 4.63 | |||||||||||||
Diluted income per common share | $ | 1.16 | $ | 4.42 | |||||||||||||
Weighted average shares - basic | 10,309,612 | 10,309,520 | |||||||||||||||
Weighted average shares - diluted | 10,874,175 | 10,801,228 | |||||||||||||||
CONTURA ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands, except share and per share data) | |||||||
June 30, 2017 | December 31, 2016 | ||||||
(Unaudited) | |||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 244,019 | $ | 127,948 | |||
Trade accounts receivable, net of allowance for doubtful accounts of $0 as of June 30, | 184,811 | 182,600 | |||||
Inventories, net | 75,874 | 75,399 | |||||
Assets held for sale | 1,259 | 1,714 | |||||
Prepaid expenses and other current assets | 47,849 | 37,555 | |||||
Total current assets | 553,812 | 425,216 | |||||
Property, plant, and equipment, net | 317,990 | 317,013 | |||||
Other acquired intangibles (net of accumulated amortization of $96,094 and $61,851 as of | 52,905 | 87,149 | |||||
Long-term restricted cash | 56,797 | 43,341 | |||||
Long-term deposits | 37,938 | 55,501 | |||||
Other non-current assets | 23,095 | 18,532 | |||||
Total assets | $ | 1,042,537 | $ | 946,752 | |||
Liabilities and Stockholders' Equity | |||||||
Current liabilities: | |||||||
Current portion of long-term debt | $ | 16,438 | $ | 2,324 | |||
Trade accounts payable | 103,159 | 98,166 | |||||
Acquisition-related obligations - current | 19,396 | 27,258 | |||||
Dividend payable | 92,786 | — | |||||
Accrued expenses and other current liabilities | 101,494 | 90,864 | |||||
Total current liabilities | 333,273 | 218,612 | |||||
Long-term debt | 369,342 | 346,837 | |||||
Acquisition-related obligations - long-term | 52,273 | 59,088 | |||||
Asset retirement obligations | 196,823 | 187,097 | |||||
Other non-current liabilities | 57,737 | 97,894 | |||||
Total liabilities | 1,009,448 | 909,528 | |||||
Commitments and Contingencies | |||||||
Stockholders' Equity | |||||||
Preferred stock - par value $0.01, 2.0 million shares authorized, none issued | — | — | |||||
Common stock - par value $0.01, 20.0 million shares authorized, 10.7 million issued and | 107 | 103 | |||||
Additional paid-in capital | 31,914 | 45,964 | |||||
Accumulated other comprehensive income | 1,069 | 2,087 | |||||
Treasury stock, at cost: 81 shares at June 30, 2017 and none issued at December 31, 2016 | (1) | — | |||||
Accumulated deficit | — | (10,930) | |||||
Total stockholders' equity | 33,089 | 37,224 | |||||
Total liabilities and stockholders' equity | $ | 1,042,537 | $ | 946,752 | |||
CONTURA ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS AND CONDENSED PREDECESSOR COMBINED STATEMENT OF CASH FLOWS (Unaudited) (Amounts in thousands) | ||||||||
Successor | Predecessor | |||||||
Six Months Ended | Six Months Ended | |||||||
Operating activities: | ||||||||
Net income (loss) | $ | 47,722 | $ | (60,249) | ||||
Adjustments to reconcile net income (loss) to net cash provided by | ||||||||
Depreciation, depletion and amortization | 34,277 | 74,720 | ||||||
Amortization of acquired intangibles, net | 34,243 | 463 | ||||||
Accretion of acquisition-related obligations discount | 4,441 | — | ||||||
Mark-to-market adjustment for acquisition-related obligations | 2,382 | — | ||||||
Gain on settlement of acquisition-related obligations | (9,200) | — | ||||||
Bargain purchase gain | (642) | — | ||||||
Equity loss in affiliates | 1,701 | 2,622 | ||||||
Accretion of asset retirement obligations | 11,049 | 10,952 | ||||||
Employee benefit plans, net | 5,539 | 11,213 | ||||||
Deferred income taxes | — | (32,908) | ||||||
Asset impairment and restructuring | — | 3,137 | ||||||
Non-cash reorganization items, net | — | 2,889 | ||||||
Non-cash loss on extinguishment of debt | 13,665 | — | ||||||
Stock-based compensation | 6,598 | 588 | ||||||
Other, net | 498 | 242 | ||||||
Changes in operating assets and liabilities | 20,485 | 19,583 | ||||||
Net cash provided by operating activities | 172,758 | 33,252 | ||||||
Investing activities: | ||||||||
Capital expenditures | (35,508) | (20,705) | ||||||
Proceeds from sale of property, plant and equipment | 2,272 | 500 | ||||||
Capital contributions to equity affiliates | (3,090) | (2,105) | ||||||
Purchase of additional ownership interest in equity affiliate | (13,293) | — | ||||||
Other, net | (408) | — | ||||||
Net cash used in investing activities | (50,027) | (22,310) | ||||||
Financing activities: | ||||||||
Proceeds from borrowings on debt | 396,000 | — | ||||||
Principal repayments of debt | (357,500) | — | ||||||
Principal repayments of capital lease obligations | (504) | (36) | ||||||
Debt issuance costs | (14,385) | — | ||||||
Debt extinguishment costs | (25,036) | — | ||||||
Debt amendment costs | (4,520) | — | ||||||
Proceeds from exercise of warrants | 11 | — | ||||||
Principal repayments of notes payable | (726) | — | ||||||
Transfers to Alpha | — | (11,201) | ||||||
Net cash used in financing activities | (6,660) | (11,237) | ||||||
Net increase (decrease) in cash and cash equivalents | 116,071 | (295) | ||||||
Cash and cash equivalents at beginning of period | 127,948 | 269 | ||||||
Cash and cash equivalents at end of period | $ | 244,019 | $ | (26) | ||||
Supplemental cash flow information: | ||||||||
Cash paid for interest | $ | 27,738 | $ | — | ||||
Cash paid for income taxes | $ | 13,110 | $ | — | ||||
Supplemental disclosure of non-cash investing and financing | ||||||||
Capital leases and capital financing - equipment | $ | 283 | $ | — | ||||
Accrued capital expenditures | $ | 13,132 | $ | 9,730 | ||||
Dividend Declaration | $ | 92,786 | $ | — | ||||
CONTURA ENERGY, INC. AND SUBSIDIARIES ADJUSTED EBITDA RECONCILIATION (Amounts in thousands) | |||||||||||||||||||||||
Reconciliation of Non-GAAP measures: | |||||||||||||||||||||||
Three Months Ended June 30, 2017 | |||||||||||||||||||||||
CAPP | NAPP | PRB | Trading and Logistics | All Other | Consolidated | ||||||||||||||||||
Net income (loss) | $ | 33,979 | $ | 14,871 | $ | (9,019) | $ | 10,921 | $ | (38,141) | $ | 12,611 | |||||||||||
Interest expense | (153) | (420) | (31) | — | 8,911 | 8,307 | |||||||||||||||||
Interest income | (2) | — | — | — | (40) | (42) | |||||||||||||||||
Income tax expense | — | — | — | — | 3,098 | 3,098 | |||||||||||||||||
Depreciation, depletion and | 5,206 | 3,506 | 8,407 | — | 227 | 17,346 | |||||||||||||||||
Mark-to-market adjustment - | — | — | — | — | 6,739 | 6,739 | |||||||||||||||||
Gain on settlement of acquisition- | — | — | — | — | (9,200) | (9,200) | |||||||||||||||||
Secondary offering costs | — | — | — | — | 2,496 | 2,496 | |||||||||||||||||
Bargain purchase gain | — | — | — | — | (642) | (642) | |||||||||||||||||
Amortization of acquired intangibles, | — | — | — | 14,585 | — | 14,585 | |||||||||||||||||
Expenses related to Special Dividend | 377 | 57 | 67 | — | 9,102 | 9,603 | |||||||||||||||||
Adjusted EBITDA | $ | 39,407 | $ | 18,014 | $ | (576) | $ | 25,506 | $ | (17,450) | $ | 64,901 | |||||||||||
Segment Information: | |||||||||||||||||||||||
Three Months Ended June 30, 2017 | |||||||||||||||||||||||
CAPP | NAPP | PRB | Trading and Logistics | All Other | Consolidated | ||||||||||||||||||
Total revenues | $ | 111,525 | $ | 78,668 | $ | 74,142 | $ | 249,244 | $ | 231 | $ | 513,810 | |||||||||||
Depreciation, depletion, and | $ | 5,206 | $ | 3,506 | $ | 8,407 | $ | — | $ | 227 | $ | 17,346 | |||||||||||
Amortization of acquired | $ | — | $ | — | $ | — | $ | 14,585 | $ | — | $ | 14,585 | |||||||||||
Adjusted EBITDA | $ | 39,407 | $ | 18,014 | $ | (576) | $ | 25,506 | $ | (17,450) | $ | 64,901 | |||||||||||
Capital expenditures | $ | 5,140 | $ | 12,610 | $ | 4,022 | $ | — | $ | 858 | $ | 22,630 | |||||||||||
CONTURA ENERGY, INC. AND SUBSIDIARIES ADJUSTED EBITDA RECONCILIATION (Amounts in thousands) | |||||||||||||||||||||||
Reconciliation of Non-GAAP measures: | |||||||||||||||||||||||
Six Months Ended June 30, 2017 | |||||||||||||||||||||||
CAPP | NAPP | PRB | Trading and Logistics | All Other | Consolidated | ||||||||||||||||||
Net income (loss) | $ | 98,346 | $ | 45,155 | $ | (4,000) | $ | 16,590 | $ | (108,369) | $ | 47,722 | |||||||||||
Interest expense | (93) | (369) | 161 | — | 20,076 | 19,775 | |||||||||||||||||
Interest income | (5) | — | — | — | (68) | (73) | |||||||||||||||||
Income tax expense | — | — | — | — | 13,445 | 13,445 | |||||||||||||||||
Depreciation, depletion and | 10,711 | 6,662 | 16,489 | — | 415 | 34,277 | |||||||||||||||||
Mark-to-market adjustment - | — | — | — | — | 2,382 | 2,382 | |||||||||||||||||
Gain on settlement of acquisition- | — | — | — | — | (9,200) | (9,200) | |||||||||||||||||
Secondary offering costs | — | — | — | — | 3,438 | 3,438 | |||||||||||||||||
Loss on early extinguishment of debt | — | — | — | — | 38,701 | 38,701 | |||||||||||||||||
Bargain purchase gain | — | — | — | — | (642) | (642) | |||||||||||||||||
Amortization of acquired intangibles, | — | — | — | 34,243 | — | 34,243 | |||||||||||||||||
Expenses related to Special Dividend | 377 | 57 | 67 | — | 9,102 | 9,603 | |||||||||||||||||
Adjusted EBITDA | $ | 109,336 | $ | 51,505 | $ | 12,717 | $ | 50,833 | $ | (30,720) | $ | 193,671 | |||||||||||
Segment Information: | |||||||||||||||||||||||
Six Months Ended June 30, 2017 | |||||||||||||||||||||||
CAPP | NAPP | PRB | Trading and Logistics | All Other | Consolidated | ||||||||||||||||||
Total revenues | $ | 260,604 | $ | 176,980 | $ | 172,456 | $ | 476,809 | $ | 394 | $ | 1,087,243 | |||||||||||
Depreciation, depletion, and | $ | 10,711 | $ | 6,662 | $ | 16,489 | $ | — | $ | 415 | $ | 34,277 | |||||||||||
Amortization of acquired | $ | — | $ | — | $ | — | $ | 34,243 | $ | — | $ | 34,243 | |||||||||||
Adjusted EBITDA | $ | 109,336 | $ | 51,505 | $ | 12,717 | $ | 50,833 | $ | (30,720) | $ | 193,671 | |||||||||||
Capital expenditures | $ | 7,189 | $ | 22,209 | $ | 5,052 | $ | — | $ | 1,058 | $ | 35,508 | |||||||||||
CONTURA ENERGY, INC. AND SUBSIDIARIES RESULTS OF OPERATIONS (Amounts in thousands, except per ton data) | |||||||||||||
Three Months Ended | % of Total | Six Months Ended | % of Total | ||||||||||
Revenues: | |||||||||||||
Coal revenues: | |||||||||||||
Steam | $ | 147,370 | 28.7 | % | $ | 335,019 | 30.8 | % | |||||
Met | 293,404 | 57.1 | % | 614,645 | 56.5 | % | |||||||
Freight and handling revenues | 69,696 | 13.6 | % | 129,919 | 12.0 | % | |||||||
Other revenues | 3,340 | 0.6 | % | 7,660 | 0.7 | % | |||||||
Total revenues | $ | 513,810 | 100.0 | % | $ | 1,087,243 | 100.0 | % | |||||
Tons sold: | |||||||||||||
Steam | 8,524 | 19,460 | |||||||||||
Met | 2,316 | 4,466 | |||||||||||
Total | 10,840 | 23,926 | |||||||||||
Coal sales realization per ton: | |||||||||||||
Steam | 17.29 | 17.22 | |||||||||||
Met | 126.69 | 137.63 | |||||||||||
Average | 40.66 | 39.69 | |||||||||||
Three Months Ended June 30, 2017 | % of Total | Six Months Ended | % of Total | ||||||||||
Coal revenues (1): | |||||||||||||
CAPP Operations | $ | 111,244 | 21.7 | % | $ | 259,975 | 23.9 | % | |||||
NAPP Operations | 77,346 | 15.1 | % | 175,001 | 16.1 | % | |||||||
PRB Operations | 72,912 | 14.2 | % | 168,764 | 15.5 | % | |||||||
Trading and Logistics Operations | 179,272 | 34.9 | % | 345,924 | 31.8 | % | |||||||
Total coal revenues | $ | 440,774 | 85.9 | % | $ | 949,664 | 87.3 | % | |||||
Tons sold: | |||||||||||||
CAPP Operations | 990 | 2,048 | |||||||||||
NAPP Operations | 1,839 | 4,038 | |||||||||||
PRB Operations | 6,721 | 15,499 | |||||||||||
Trading and Logistics Operations | 1,290 | 2,341 | |||||||||||
Coal sales realization per ton (1): | |||||||||||||
CAPP Operations | 112.37 | 126.94 | |||||||||||
NAPP Operations | 42.06 | 43.34 | |||||||||||
PRB Operations | 10.85 | 10.89 | |||||||||||
Trading and Logistics Operations | 138.97 | 147.77 | |||||||||||
Average | 40.66 | 39.69 | |||||||||||
(1) Does not include any portion of the price paid by our export customers to transport coal to the relevant outbound shipping port. | |||||||||||||
CONTURA ENERGY, INC. AND SUBSIDIARIES RESULTS OF OPERATIONS (Amounts in thousands, except per ton data) | |||||||||||||||||||
Three Months Ended June 30, 2017 | % of Total | Six Months Ended | % of Total | ||||||||||||||||
Cost of coal sales (exclusive of items shown | 361,056 | 70.3 | % | 729,208 | 67.1 | % | |||||||||||||
Freight and handling costs | 69,696 | 13.6 | % | 129,919 | 11.9 | % | |||||||||||||
Other expenses | 973 | 0.2 | % | 2,426 | 0.2 | % | |||||||||||||
Depreciation, depletion and amortization | 17,346 | 3.4 | % | 34,277 | 3.2 | % | |||||||||||||
Amortization of acquired intangibles, net | 14,585 | 2.8 | % | 34,243 | 3.1 | % | |||||||||||||
Selling, general and administrative expenses | 26,319 | 5.1 | % | 40,148 | 3.7 | % | |||||||||||||
Mark-to-market adjustment for acquisition-related | 6,739 | 1.3 | % | 2,382 | 0.2 | % | |||||||||||||
Gain (loss) on settlement of acquisition-related | (9,200) | (1.8) | % | (9,200) | (0.8) | % | |||||||||||||
Secondary offering costs | 2,496 | 0.5 | % | 3,438 | 0.3 | % | |||||||||||||
Total costs and expenses | $ | 490,010 | 95.4 | % | $ | 966,841 | 88.9 | % | |||||||||||
Other (expense) income: | |||||||||||||||||||
Interest expense | (8,307) | (1.6) | % | (19,775) | (1.8) | % | |||||||||||||
Interest income | 42 | — | % | 73 | — | % | |||||||||||||
Loss on early extinguishment of debt | — | — | % | (38,701) | (3.6) | % | |||||||||||||
Equity loss in affiliates | (490) | (0.1) | % | (1,701) | (0.2) | % | |||||||||||||
Bargain purchase gain | 642 | 0.1 | % | 642 | 0.1 | % | |||||||||||||
Miscellaneous income, net | 22 | — | % | 227 | — | % | |||||||||||||
Total other expense, net | (8,091) | (1.6) | % | (59,235) | (5.4) | % | |||||||||||||
Income tax expense | (3,098) | (0.6) | % | (13,445) | (1.2) | % | |||||||||||||
Net income | $ | 12,611 | 2.5 | % | $ | 47,722 | 4.4 | % | |||||||||||
Cost of coal sales: | |||||||||||||||||||
CAPP Operations | 72,496 | 14.1 | % | 151,645 | 13.9 | % | |||||||||||||
NAPP Operations | 60,710 | 11.8 | % | 125,712 | 11.6 | % | |||||||||||||
PRB Operations | 73,900 | 14.4 | % | 157,470 | 14.5 | % | |||||||||||||
Trading and Logistics Operations | 153,554 | 29.9 | % | 294,381 | 27.1 | % | |||||||||||||
Tons sold: | |||||||||||||||||||
CAPP Operations | 990 | 2,048 | |||||||||||||||||
NAPP Operations | 1,839 | 4,038 | |||||||||||||||||
PRB Operations | 6,721 | 15,499 | |||||||||||||||||
Trading and Logistics Operations | 1,290 | 2,341 | |||||||||||||||||
Cost of coal sales per ton (1): | |||||||||||||||||||
CAPP Operations | 73.23 | 74.05 | |||||||||||||||||
NAPP Operations | 33.01 | 31.13 | |||||||||||||||||
PRB Operations | 11.00 | 10.16 | |||||||||||||||||
Trading and Logistics Operations | 119.03 | 125.75 | |||||||||||||||||
Coal margin per ton (2): | |||||||||||||||||||
CAPP Operations | 39.14 | 52.89 | |||||||||||||||||
NAPP Operations | 9.05 | 12.21 | |||||||||||||||||
PRB Operations | (0.15) | 0.73 | |||||||||||||||||
Trading and Logistics Operations | 19.94 | 22.02 | |||||||||||||||||
(1) | Cost of coal sales per ton exclude costs associated with our All Other category. |
(2) | Coal margin per ton for our reportable segments is calculated as coal sales realization per ton for our |
View original content with multimedia:http://www.prnewswire.com/news-releases/contura-announces-second-quarter-and-year-to-date-results-300510377.html
SOURCE Contura Energy, Inc.
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