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Hallador Energy Co (HNRG) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, March 31, 2021

SEC Filings

Hallador Energy Co

CIK: 788965 Ticker: HNRG

 EXHIBIT 99.1

 

Hallador Energy Company Reports Full-Year 2020 Financial and Operating Results

 

 

TERRE HAUTE, Ind., March 9, 2021 -- Hallador Energy Company (NASDAQ – HNRG) today reported net loss of $6.2 million, ($.20) Per Share, Bank Debt reduced by 24%, $42.4 million, in 2020. 

 

Brent Bilsland, President and Chief Executive Officer, stated, "I am proud that our company created $52.6 million of positive cash flow, paid down 24% of our bank debt and successfully extended customer contracts all during a global pandemic which dramatically reduced energy consumption.”

 

 

We generated $52.6 million in operating cash flow during the year which we utilized to pay down our bank debt by $42.4 million.  

 

  As of December 31, 2020, our bank debt was $137.7 million, bringing our liquidity to $51.8 million and our leverage ratio to 2.68X, within our covenant of 3.5X.  

 

 

Shipments totaled 6.0 million tons.

 

  Extended customer contracts with multiple customers.

 

 

2020 production costs were $31.07/ton which were slightly higher than 2019 costs of $30.69/ton, despite at times having 25% of our workforce quarantined due to possible COVID-19 exposure.

 

 

Oaktown costs over that same period were $29.84 and $28.35.

 

 

Solid Sales Position Through 2022

 

 

 We expect to add to our strong forward contracted sales position as the markets recover later this year.

 

 

 

Contracted

 

Estimated

 

 

 

Tons

 

Priced

 

Year

 

(millions)*

 

per ton

 

2021

 

5.1

 

               $39.40

 

2022

 

5.1

 

               $39.25

 

 

 

10.2

 

 

 

 

 

 

 

 

 

*     Contracted tons are subject to adjustment in instances of force majeure and exercise of customer options to either take additional tons or reduce tonnage if such option exists in the customer contract.

 

The table below represents some of our critical metrics (in thousands except for per ton data):

 

   

December 31,

 
   

2020

   

2019

 

Net loss

  $(6,220 )   $(59,854 )

Total revenues

  $245,295     $323,462  

Tons sold

  5,968     8,070  

Average price per ton

  $40.56     $39.34  

Bank debt

  $137,738     $180,150  

Operating cash flow

  $52,576     $38,243  

Adjusted EBITDA*

  $53,501     $68,761  

Adjusted Free Cash Flow **

  $27,595     $29,755  

--------------------------------

*Defined as EBITDA plus stock-based compensation and ARO accretion, less the effects of our equity method investments and Hourglass Sands.

 

 

**Defined as net income plus deferred income taxes, DD&A, ARO accretion, and stock compensation, less maintenance capex and the effects of our equity method investments.

 

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.

 

 

The following information was filed by Hallador Energy Co (HNRG) on Tuesday, March 9, 2021 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Hallador Energy Co's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets (Current Period Unaudited)
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Operations (Unaudited)
Condensed Consolidated Statements Of Stockholders' Equity (Unaudited)
Note 1 - General Business
Note 10 - Leases
Note 10 - Leases (Details Textual)
Note 10 - Leases (Tables)
Note 10 - Leases - Future Minimum Lease Payments (Details)
Note 10 - Leases - Information Related To Leases (Details)
Note 11 - Self-Insurance
Note 11 - Self-Insurance (Details Textual)
Note 12 - Net Loss Per Share
Note 12 - Net Loss Per Share (Tables)
Note 12 - Net Loss Per Share - Computation Of Net Income(Loss) Allocated To Common Shareholders (Details)
Note 13 - Fair Value Measurements
Note 13 - Fair Value Measurements (Details Textual)
Note 13 - Fair Value Measurements (Tables)
Note 13 - Fair Value Measurements - Change In Fair Value Of The Fuel Hedges And Interest Rate Swaps (Details)
Note 13 - Fair Value Measurements - Financial Assets And Liabilities Measured On A Recurring Basis At Fair Value (Details)
Note 14 - Equity Method Investments
Note 14 - Equity Method Investments (Details Textual)
Note 15 - Hourglass Sands
Note 15 - Hourglass Sands (Details Textual)
Note 2 - Long-Lived Asset Impairments
Note 2 - Long-Lived Asset Impairments (Details Textual)
Note 3 - Inventory
Note 3 - Inventory (Details Textual)
Note 4 - Other Long-Term Assets
Note 4 - Other Long-Term Assets (Tables)
Note 4 - Other Long-Term Assets - Other Long-Term Assets (Details)
Note 5 - Bank Debt
Note 5 - Bank Debt (Details Textual)
Note 5 - Bank Debt (Tables)
Note 5 - Bank Debt - Bank Debt, Less Debt Issuance Costs (Details)
Note 5 - Bank Debt - Maximum Leverage Ratio (Details)
Note 6 - Accounts Payable And Accrued Liabilities
Note 6 - Accounts Payable And Accrued Liabilities (Tables)
Note 6 - Accounts Payable And Accrued Liabilities - Accounts Payable And Accrued Liabilities (Details)
Note 7 - Revenue
Note 7 - Revenue 1 (Details Textual)
Note 7 - Revenue 2 (Details Textual)
Note 8 - Income Taxes
Note 8 - Income Taxes (Details Textual)
Note 9 - Stock Compensation Plans
Note 9 - Stock Compensation Plans (Details Textual)
Note 9 - Stock Compensation Plans (Tables)
Note 9 - Stock Compensation Plans - Rsu Activity (Details)
Note 9 - Stock Compensation Plans - Vesting Of Non-Vested Rsu Grants (Details)
Significant Accounting Policies (Policies)
Ticker: HNRG
CIK: 788965
Form Type: 10-Q Quarterly Report
Accession Number: 0001437749-21-010622
Submitted to the SEC: Mon May 03 2021 4:24:17 PM EST
Accepted by the SEC: Mon May 03 2021
Period: Wednesday, March 31, 2021
Industry: Bituminous Coal And Lignite Mining

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