Last10K.com

Hallador Energy Co (HNRG) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

SEC Filings

HNRG Quarterly Reports

Hallador Energy Co

CIK: 788965 Ticker: HNRG

Exhibit 99.1

Picture 2

 

Press Release

 

 

HALLADOR ENERGY REPORTS 2019 ANNUAL

FINANCIAL AND OPERATING RESULTS

 

 

TERRE HAUTE, Indiana, March 9, 2020 - Hallador Energy Company (Nasdaq: HNRG) reports financial and operating results for the year ended December 31, 2019.   Hallador filed its

Form 10-K after the markets closed today.

 

Brent Bilsland, President and Chief Executive Officer, commented, “After experiencing negative free cash flow at Carlisle over the past 18 months, we have decided to permanently close Carlisle which will further reduce our overall cost structure, maximize per ton margins and, reduce current and future capex by utilizing Carlisle equipment and parts at Oaktown.  As we reduce coal and parts inventories, we will generate significant cash to be utilized for debt reduction.”

 

·

$16.7 MILLION IN ADJUSTED EBITDA FOR THE QUARTER, $68.7 MILLION IN ADJUSTED EBITDA FOR THE YEAR.

·

STRONG SHIPMENTS IN Q4, PERMANENTLY CLOSING CARLISLE, SHARPENING CASH FLOW FOCUS

i.

2.0 million tons of coal were shipped in the 4th quarter, a record 8.1 million tons sold in 2019.

 

ii.

Forecasting 6.7 million tons of coal shipments going forward.

1.

2020 = 100% contracted at 6.7 million ton pace.

2.

2021 =   79% contracted at 6.7 million ton pace. 

 

iii.

Permanently closing the Carlisle Mine allowing Sunrise to:

1.

Concentrate production on our lower cost Oaktown Mines, returning cost structure to $28-$30/ton. 

2.

Move $23 million in equipment and infrastructure to Oaktown, decreasing companywide capex to ~$20 million in 2020 and leading to capex reductions in future years.

 

iv.

Generating $20 million in cash from lowering coal and parts inventories throughout 2020.

 

·

NET LOSS OF $1.7 MILLION BEFORE THE EFFECTS OF IMPAIRMENTS

o

Net Loss $59.9 million (after $77.9 million of Asset Impairments)

v.

As a result of permanently closing the Carlisle mine we recorded an impairment of $65.7 million.  Additionally, we impaired the Bulldog reserve by $9.2 million and our Hourglass Sands project by $2.9 million.  These three impairments totaled $77.9 million.

 

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

 

 

 

 

Year Ended

 

December 31,

 

 

 

2019

 

 

2018

 

Net Income (loss)

 

$

(59,854)

 

$

7,621

 

Total Revenues

 

$

323,462

 

$

293,557

 

Tons Sold

 

 

8,070

 

 

7,365

 

Average Price per Ton

 

$

39.34

 

$

39.62

 

Bank Debt

 

$

180,150

 

$

188,463

 

Operating Cash Flow

 

$

38,243

 

$

51,570

 

Adjusted EBITDA*

 

$

68,761

 

$

74,085

 

Adjusted Free Cash Flow **

 

$

29,755

 

$

35,839

 

 

 

 

 

 

 

 

 

*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.

 

Reconciliation of GAAP “net income” to non-GAAP “adjusted EBITDA” (in thousands).

 

 

 

 

Year Ended

 

December 31,

 

 

 

 

2019

 

 

2018

 

Net income (loss)

 

$

(59,854)

 

$

7,621

 

Income tax benefit

 

 

(22,347)

 

 

(4,075)

 

Loss from Hourglass Sands

 

 

540

 

 

1,169

 

Loss from equity method investments

 

527

 

 

187

 

DD&A

 

 

48,554

 

 

44,157

 

ARO accretion

 

 

1,272

 

 

1,167

 

Loss on impairment & disposal of assets

 

77,792

 

 

561

 

Loss (gain) on marketable securities

 

 

(593)

 

 

226

 

Interest Expense

 

 

15,998

 

 

16,288

 

Other amortization

 

 

5,039

 

 

3,614

 

Stock-based compensation

 

 

1,833

 

 

3,170

 

Adjusted EBITDA

 

$

68,761

 

$

74,085

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of GAAP "net income" to non-GAAP "adjusted free cash flow" (in thousands).

 

 

 

 

Year Ended

December 31,

 

 

 

2019

 

 

2018

Net income (loss)

 

$

(59,854)

 

$

7,621

Loss from equity method investments

 

 

527

 

 

187

Deferred income tax benefit

 

 

(21,822)

 

 

(2,287)

DD&A

 

 

48,572

 

 

44,167

ARO accretion

 

 

1,272

 

 

1,167

Deferred financing costs amortization

 

 

2,095

 

 

2,024

Change in fair value of interest rate swaps

 

 

2,186

 

 

2,182

Loss on impairment & disposal of assets

 

77,792

 

 

561

Maintenance capex

 

 

(22,488)

 

 

(22,655)

Stock-based compensation less taxes paid

 

 

1,475

 

 

2,872

Adjusted Free Cash Flow

 

$

29,755

 

$

35,839

 

 

 

 

 

 

 

 

 

 

Conference Call

 

As previously announced our earnings conference call for financial analysts and investors will be held on Tuesday, March 10, 2020, at 2:00 pm eastern time.  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 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 10138491.

 

Hallador is headquartered in Terre Haute, Indiana 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 website at www.halladorenergy.com.

 

Contact:   Investor Relations

Phone:(303) 839-5504


The following information was filed by Hallador Energy Co (HNRG) on Tuesday, March 10, 2020 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.

View differences made from one quarter to another to evaluate Hallador Energy Co's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Hallador Energy Co.

Continue

Assess how Hallador Energy Co's management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Hallador Energy Co's Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

SEC Filing Tools

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheet (Parentheticals)
Condensed Consolidated Balance Sheets
Condensed Consolidated Statement Of Cash Flows
Condensed Consolidated Statement Of Income (Loss)
Condensed Consolidated Statement Of Stockholders' Equity
Accounts Payable And Accrued Liabilities
Accounts Payable And Accrued Liabilities (Schedule Of Accounts Payable And Accrued Liabilities) (Details)
Accounts Payable And Accrued Liabilities (Tables)
Bank Debt
Bank Debt (Amended Credit Facility Maximum Leverage Ratio) (Details)
Bank Debt (Narrative) (Details)
Bank Debt (Schedule Of Debt) (Details)
Bank Debt (Schedule Of Future Maturities) (Details)
Bank Debt (Tables)
Equity Method Investments
Equity Method Investments (Narrative) (Details)
Fair Value Measurements
Fair Value Measurements (Changes In Fair Value Of Interest Rate Swaps) (Details)
Fair Value Measurements (Financial Assets And Liabilities Measured On A Recurring Basis At Fair Value) (Details)
Fair Value Measurements (Narrative) (Details)
Fair Value Measurements (Tables)
General Business
General Business (Narrative) (Details)
General Business (Policy)
Income Taxes
Income Taxes (Narrative) (Details)
Inventory
Inventory (Narrative) (Details)
Leases
Leases (Narrative) (Details)
Leases (Schedule Of Future Minimum Lease Payments And Balance Sheet Locations) (Details)
Leases (Schedule Of Information Related To Leases) (Details)
Leases (Tables)
Long-Lived Asset Impairments
Long-Lived Asset Impairments (Narrative) (Details)
Net Income (Loss) Per Share
Net Income (Loss) Per Share (Details)
Net Income (Loss) Per Share (Tables)
Other Assets
Other Assets (Schedule Of Other Assets) (Details)
Other Income
Other Income (Details)
Other Long-Term Assets (Tables)
Other Operating Income (Tables)
Revenue
Revenue (Narrative) (Details)
Self Insurance
Self Insurance (Details)
Stock Compensation Plans
Stock Compensation Plans (Narrative) (Details)
Stock Compensation Plans (Restricted Stock Unit Vesting) (Details)
Stock Compensation Plans (Schedule Of Restricted Stock Units) (Details)
Stock Compensation Plans (Tables)
Subsequent Events
Subsequent Events (Narrative) (Details)
Ticker: HNRG
CIK: 788965
Form Type: 10-Q Quarterly Report
Accession Number: 0001558370-20-006258
Submitted to the SEC: Mon May 11 2020 4:20:47 PM EST
Accepted by the SEC: Mon May 11 2020
Period: Tuesday, March 31, 2020
Industry: Bituminous Coal And Lignite Mining

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/hnrg/0001558370-20-006258.htm