Exhibit 99.1

 

 

Foresight Energy LP Reports Full-Year and Fourth Quarter 2016 Results

 

Full-Year 2016 Highlights:

 

Coal sales of $866.6 million on sales volumes of 19.3 million tons

Net loss attributable to limited partner units of $178.8 million or $(1.37) per unit

Adjusted EBITDA of $308.8 million

Cash flows from operations of $225.2 million

 

Unrestricted cash and cash equivalents of $103.7 million on hand as of December 31, 2016

 

Working with Goldman Sachs in connection with the refinancing process

 

 

ST.  LOUIS, Missouri (BUSINESS WIRE) March 1, 2017 — Foresight Energy LP (NYSE: FELP) today reported financial and operating results for the fourth quarter and year ended 2016.  Foresight generated fiscal year 2016 coal sales revenues of $866.6 million on sales volumes of 19.3 million tons resulting in Adjusted EBITDA of $308.8 million, cash flows from operations of $225.2 million and a net loss attributable to limited partner units of $178.8 million, or $(1.37) per unit.  Annual sales volumes for 2016 decreased 12% compared to 2015 due in part to lower production as a result of Foresight’s Hillsboro mine being idled for all of 2016 due to the combustion event.  Operating results for 2016 were also negatively impacted by a fourth quarter prepaid royalty impairment charge of $74.6 million, $13.2 million of debt extinguishment costs, $21.8 million of debt restructuring costs and a non-cash charge of $17.1 million related to the change in fair value of warrants issued as part of the August 30, 2016 debt restructuring.  Partially offsetting these charges were $30.5 million of insurance recoveries received in 2016 related to the combustion event at our Hillsboro operation ($10.5 million for the reimbursement of mitigation costs, which were recorded as a reduction in cost of coal sales and $20.0 million related to business interruption proceeds, which were recorded in other operating income, net in our consolidated statement of operations).  

 

“Calendar year 2016 was extremely challenging for Foresight with a global restructuring of our debt obligations during a period of incredible decline in the coal industry.  Despite many distractions, our operations performed exceptionally well.  We delivered improved safety results and continued to lead the industry in terms of production and mining cost in the Illinois Basin.  While coal markets were under unprecedented downward pressure during most of 2016, our mines generated strong positive cash flow despite operating well below capacity,” said Robert D.  Moore, President and Chief Executive Officer.  “For the year, we saw moderate improvements in our per ton sales realizations and significant cost per ton improvements of over $1.30 per ton, which led to the generation of $225.2 million of operating cash.  This improved operating performance resulted in Foresight ending the year with $103.7 million of cash compared to $17.5 million as of December 31, 2015.  As previously mentioned, we have recently undertaken a process to take advantage of our operating successes and improvements in the capital markets to refinance and extend maturities of a portion or all of our existing indebtedness.”  

 

Consolidated Financial Results

 

Year Ended December 31, 2016 Compared to Year Ended December 31, 2015

 

Coal sales totaled $866.6 million for 2016 compared to $979.2 million for 2015.  The decline in coal sales revenue from the prior year was driven by a decrease in coal sales volumes of 2.7 million tons partially offset by an increase in coal sales realizations of $0.35 per ton sold.  The decline in coal sales volumes is attributed to a decrease in production at the Hillsboro operation resulting from the combustion event that has idled the mine since March 2015, as well as difficult coal market conditions that persisted for the majority of 2016.  The increase in coal sales realization per ton was driven by improvements in export pricing during the latter part of 2016.  

 

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The following information was filed by Foresight Energy Lp (FELP) on Wednesday, March 1, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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