Hallador Energy Co (HNRG) 10-Q Quarterly Report Mon Aug 09 2021

TERRE HAUTE, Ind., May 3, 2021 -- Hallador Energy Company (NASDAQ – HNRG) today reported net loss of $1.0 million, ($.03) per share, adjusted EBITDA of $11.4 million.

Brent Bilsland, President and Chief Executive Officer, stated, "We are pleased that our cost structure was dramatically lower in the 1^stquarter of 2021. This increased productivity has yet to be turned into cash as shipments were interrupted due to the coldest February in 30 years. Though the cold weather has delayed our cash flow, it has led to continued improvements in market conditions which allowed us to increase our sales by 400,000 tons for the year."

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Q1 2021 production costs were $28.88/ton, significantly lower than Q4 2020 costs of $33.87 and Q1 2020 costs of $31.67.

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Oaktown costs were $27.21 for Q1 2021 and $29.92 for Q1 2020.

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Shipments were an anemic 1.2 million tons in Q1, due to transportation delays caused by severe weather. Thus, ~180,000 tons of Q1 shipments will now be delivered during the 2nd and 3rd quarter of this year.

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Increased productivity coupled with shipment delays caused coal inventory to rise which will be needed to meet increased shipments for the balance of the year.

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Hallador generated $5.4 million in Adjusted Free Cash Flow during the quarter.

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As of March 31, 2021, our bank debt was $136.1 million, bringing our liquidity to $27.9 million and our leverage ratio to 2.78X, well within our covenant of 3.25X.

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Solid Sales Position Through 2022

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We added ~400,000 contracted tons to our position during the quarter and expect to add additional tons later in the year as markets recover and gas prices continue to increase.

	Contracted	Estimated
	Tons	Priced
Year	(millions)*	per ton
2021 (Q2 - Q4)	4.5	$39.25
2022	5.1	$39.35
	9.6

The following information was filed by Hallador Energy Co (HNRG) on Tuesday, May 4, 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 - Expense Highlight
Interest expense decreased approximately $0.7 million in the second quarter of 2021 when compared to 2020 due primarily to our declining bank debt balance.

Financial - Cash Flow Highlight
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.
Financial - Earnings Highlight
The combination of the lower margins and changes in working capital items contributed substantially to our decrease in cash from operations compared to 2020.
Financial - Cash Flow Highlight
We expect our operating cash flow to improve in the last half of the year as we begin much higher shipping volumes which will ultimately reduce our inventory levels.
Financial - Expense Highlight
19 Table of Contents SG&A expenses increased $0.5 million during the first six months of 2021 when compared to 2020.
Financial - Expense
SG&A expenses increased $0.7 million...Read more
Financial - Expense
Interest expense decreased approximately $4.5...Read more
Financial - Income
The increase is primarily the...Read more
Other - Other
We continue to monitor the...Read more
Financial - Debt
c. Cash provided by operations...Read more
Other - Other
i. Coal inventory has increased...Read more
Revenue - Product
Other revenues increased $0.9 million...Read more
Other - Other
The plan calls for Hallador...Read more
Financial - Earnings
i. Operating margins from coal...Read more
Other - Other
20 Table of Contents We...Read more
Other - Other
Our effective tax rate (ETR)...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Hallador Energy Co provided additional information to their SEC Filing as exhibits

Exhibit 15.1: Accountants' Acknowledgement - Plante Moran

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.3: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32: Section 1350 Certification

Exhibit 95.1: Exhibit 95.1 - Mine Safety

Ticker: HNRG
CIK: 788965
Form Type: 10-Q Quarterly Report
Accession Number: 0001437749-21-019173
Submitted to the SEC: Mon Aug 09 2021 4:47:50 PM EST
Accepted by the SEC: Mon Aug 09 2021
Period: Wednesday, June 30, 2021
Industry: Bituminous Coal And Lignite Mining