Exhibit 99.1

Ramaco Resources, Inc. Reports Second Quarter 2019 Financial Results

Company Release – August 13, 2019

·

Adjusted EBITDA of $19.1 million in the second quarter was our highest reported Adjusted EBITDA quarterly figure, and compared to the previous record of $14.9 million in the second quarter of 2018.

·

Diluted EPS of $0.43 in the first half of 2019 compared to first half 2018 diluted EPS of $0.38. Trailing 12-month diluted EPS is $0.66.

·

Net income of $10.6 million in the second quarter was our highest reported Net income quarterly figure, and compared to the previous record of $10.2 million in the second quarter of 2018.

·

Silo remediation work was completed and the Elk Creek prep plant was fully operational by the beginning of August 2019.

·

Based on the midpoint of 2019 guidance, Ramaco is almost 90% contracted at an averaged fixed price of $115/ton for its metallurgical coal sales.

·

All key 2019 guidance remains unchanged.

LEXINGTON, KY – (PR NEWSWIRE) – Ramaco Resources, Inc. (NASDAQ: METC) (“Ramaco,”  “Ramaco Resources” or the “Company”) today reported second quarter net income of $10.6 million, or $0.26 per fully diluted share for the quarter ended June 30, 2019, as compared to a net income of $10.2 million in the prior year quarter ended June 30,  2018. The Company’s adjusted earnings before interest, taxes, depreciation, amortization and equity-based compensation expenses (“Adjusted EBITDA”) was $19.1 million for the three months ended June 30,  2019, as compared with Adjusted EBITDA of $14.9 million for the three months ended June 30, 2018.   Key operational and financial metrics are presented below:

 

 

 

 

 

 

 

 

 

 

Key Second Quarter 2019 Metrics

 

 

 

 

 

 

 

 

 

 

2Q19

1Q19

Change

2Q19

2Q18

Change

1H19

1H18

Change

Sales Of Company Produced Tons

499,000
443,000
13%
499,000
493,000
1%
942,000
896,000
5%

Revenue ($ MM)

$
65.8
$
57.5
14%
$
65.8
$
65.3
1%
$
123.2
$
121.2
2%

Cost of Sales ($ MM)

$
43.2
$
41.0
5%
$
43.2
$
47.9

-10%

$
84.2
$
92.2

-9%

Pricing Of Company Produced ($/Ton)

$
116
$
104
12%
$
116
$
91
27%
$
110
$
91
21%

Cash Costs Of Company Produced ($/Ton)

$
71
$
68
4%
$
71
$
56
27%
$
69
$
60
15%

Cash Margins Of Company Produced ($/Ton)

$
45
$
36
25%
$
45
$
35
29%
$
41
$
31
32%

Net Income ($ MM)

$
10.6
$
6.9
54%
$
10.6
$
10.2
4%
$
17.5
$
15.5
13%

Adjusted EBITDA ($ MM)

$
19.1
$
13.7
39%
$
19.1
$
14.9
28%
$
32.8
$
24.2
36%

Capex ($ MM)

$
11.5
$
8.2
40%
$
11.5
$
14.7

-22%

$
19.7
$
27.5

-28%

Diluted Earnings per Share

$
0.26
$
0.17
53%
$
0.26
$
0.25
4%
$
0.43
$
0.38
13%

 

Second Quarter 2019 Summary

 

Year over Year Quarterly Comparison

Overall sales of company produced tons in the second quarter of 2019  were 499,000 tons, a 1% increase from the second quarter of 2018 of 493,000 tons.  Cash margins on Company produced and sold coal at Elk Creek improved by 32% from approximately $37 per ton in the second quarter of 2018 to approximately $49  per ton in the second quarter of 2019. Cash mine costs per ton on Company produced and sold coal at Elk Creek were  $66 in the second quarter of 2019 compared to $53 in the second quarter of 2018.  

2019 Quarter over Quarter Comparison

Overall sales of company produced tons in the second quarter of 2019  were up 13% from the first quarter of 2019.  Cash margins on Company produced and sold coal at Elk Creek improved by 26%, from approximately $39 per ton in the first quarter of 2019 to approximately $49  per ton in the second quarter of 2019. Adjusted EBITDA for the second quarter of 2019 was $19.1 million as compared to $13.7 million for the first quarter of 2019 or up over 39%. Cash mine costs per ton on Company produced and sold coal at Elk Creek were $66 in the second quarter of 2019,  up approximately 5% from $63 in the first quarter of 2019.

Randall Atkins, Ramaco Resources’ Executive Chairman remarked, “We are of course very pleased to report our strongest quarter to date, basically across the board. We have achieved record results in all of our key financial and operational metrics and are looking forward to continuing our measured production growth throughout the balance of the year and into 2020. Given the current turbulence in both the financial and coal markets, it is worth reemphasizing the conservative approach which we have deployed to build our company. Ramaco was strategically designed to weather these types of market dislocations. Ramaco continues to have some of the lowest cash mining costs, net debt and legacy liabilities of any of our public peers. We have done so while providing our customers high quality metallurgical coals, which have been widely accepted in the blends of both our domestic and international customers. We look forward to participating in the current 2020 domestic marketing season as an incumbent supplier to many of our best customers and to also expanding our sales profile in this coming year into new export markets.”

Additional Financial Results

 

The Company ended the quarter with approximately $5.5 million of cash on hand,  $26.1 million of accounts receivable and $21.2 million of availability under the Revolving Credit Facility. Free cash flow generated during 2019, as well as borrowings available through our Revolving Credit Facility, are expected to be used to fund working capital, mine expansion and related capital expenditures.

Actual cash taxes payable for 2019 are expected to be less than $0.2 million.

In the first half of 2019, the Company recorded income tax expense of $3.5 million for an annual effective tax rate of approximately 16.8%.

Capital expenditures totaled approximately $11.5 million during the second quarter of 2019 and approximately $19.8 million through the six months ended June 30, 2019.  Capital expenditures decreased by approximately 22% compared to the second quarter of 2018.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operational Results

 

The exhibit below summarizes some of the key sales, production and financial metrics for the periods noted:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

Six months ended

 

 

June 30,

 

March 31,

 

June 30,

 

June 30,

 

June 30,

In thousands, except per ton amounts

    

2019

    

2019

    

2018

 

2019

    

2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales Volume

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

Company

 

 

499

 

 

443

 

 

493

 

 

942

 

 

896

Purchased

 

 

26

 

 

35

 

 

122

 

 

61

 

 

241

Total

 

 

525

 

 

478

 

 

615

 

 

1,003

 

 

1,137

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Company Production

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

Elk Creek Mining Complex

 

 

423

 

 

440

 

 

478

 

 

863

 

 

838

Berwind Development Deep Mine

 

 

53

 

 

32

 

 

19

 

 

85

 

 

39

Total

 

 

476

 

 

472

 

 

497

 

 

948

 

 

877

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Company Financial Metrics(a)

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

Average revenue per ton

 

$

116

 

$

104

 

$

91

 

$

110

 

$

91

Average cash costs of coal sold

 

 

71

 

 

68

 

 

56

 

 

69

 

 

60

Average cash margin per ton

 

$

45

 

$

36

 

$

35

 

$

41

 

$

31

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Elk Creek Financial Metrics(a)

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

Average revenue per ton

 

$

115

 

$

102

 

$

90

 

$

109

 

$

90

Average cash costs of coal sold

 

 

66

 

 

63

 

 

53

 

 

65

 

 

57

Average cash margin per ton

 

$

49

 

$

39

 

$

37

 

$

44

 

$

33

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchased Coal Financial Metrics(a)

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

Average revenue per ton

 

$

123

 

$

127

 

$

101

 

$

125

 

$

101

Average cash costs of coal sold

 

 

122

 

 

108

 

 

100

 

 

114

 

 

95

Average cash margin per ton

 

$

 1

 

$

19

 

$

 1

 

$

11

 

$

 6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Expenditures

 

$

11,538

 

$

8,199

 

$

14,709

 

$

19,737

 

$

27,478


(a)

Excludes transportation.

 

2019  Outlook

Michael Bauersachs, Ramaco Resources’ President and CEO commented, “Overall, our second quarter performance was very good. Our mines, although continuing to lose some potential operating shifts, performed quite well. There were no noteworthy production issues in the second quarter. We anticipate a stable and slightly improving production profile throughout the second half of the year.”

 

“As the third quarter is progressing, we are watching two trends develop. First, we are seeing a deceleration in international pricing, mostly driven by lower demand and uncertainty surrounding Chinese import restrictions.  Second, we are seeing pronounced financial weakness in the form of numerous coal bankruptcies.  Our well capitalized mines are becoming the new standard in our operating regions. The reliability and quality that comes from our mines has created one of the strongest North American coal sales portfolios in the space. 2020 domestic contracting has begun. It is a very good time to have an outsized incumbent North American sales position that is well embedded into our customer’s blends.”

 

“With that being said, we have made a large push to qualify our coal in all key international markets. The large number of recent US coal bankruptcies has caused concern with potential export customers. Our advantaged balance sheet, combined with our approach to mining, is helping set us apart and advance these important efforts.”

 

2019 Estimated Production, Sales, Cost and Capital Expenditure Guidance

(In thousands, except per ton amounts)

 

 

 

 

 

 

 

 

 

 

 

    

2019 Guidance

    

2018 Actuals

 

 

 

 

 

 

 

 

 

 

Company Production

 

 

  

  

 

  

    

 

  

Elk Creek

 

 

1,600

-

 

1,900

 

 

1,669

Berwind Development Deep Mine

 

 

200

-

 

300

 

 

81

Total

 

 

1,800

-

 

2,200

 

 

1,750

 

 

 

 

 

 

 

 

 

 

Sales Mix

 

 

  

  

 

  

 

 

  

Metallurgical

 

 

1,925

-

 

2,300

 

 

2,066

Steam

 

 

75

-

 

100

 

 

82

 

 

 

2,000

-

 

2,400

 

 

2,148

Cost Per Ton (a)

 

 

  

  

 

  

 

 

  

Elk Creek

 

$

63

-

$

67

 

$

60

 

 

 

 

 

 

 

 

 

 

Capital Expenditures

 

$

35,000

-

$

40,000

 

$

48,137

 


(a)

Cost per ton guidance does not include the potential impact of inventory adjustments.

 

 

Committed 2019 Sales Volume (b)

(In thousands, except per ton amounts)

 

 

 

 

 

 

 

    

Volume

    

Average Price

Committed 2019 Sales Volume

 

  

 

 

  

Domestic, fixed priced

 

1,519

 

$

113

Export, fixed priced

 

312

 

$

124

Total, fixed priced

 

1,831

 

$

115

 

 

 

 

 

 

Domestic, indexed

 

166

 

 

  

Total, indexed priced

 

166

 

 

  

Total Committed Tons

 

1,997

 

 

  


(b)

As of June 30, 2019, amounts include approximately 100,000 tons of purchased coal

 

About Ramaco Resources, Inc.

Ramaco Resources, Inc. is an operator and developer of high-quality, low cost metallurgical coal in southern West Virginia, southwestern Virginia and southwestern Pennsylvania. Its executive offices are in Lexington, Kentucky, with operational offices in Charleston, West Virginia. The Company has five active mines within two mining complexes at this time.

News and additional information about Ramaco Resources, including filings with the Securities and Exchange Commission, are available at http://www.ramacoresources.com. For more information, contact investor relations at (859) 244-7455.

Second Quarter Earnings Conference Call

Ramaco Resources will hold its quarterly conference call and webcast at 9:00 AM Eastern Time (ET) on Wednesday, August 14, 2019 to present its results for the second quarter of 2019.

The conference call can be accessed by calling (844) 852-8392 domestically or (703) 639-1226 internationally. The webcast for this release will be accessible by visiting https://edge.media-server.com/mmc/p/ewe5d2jw.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

Certain statements contained in this news release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent Ramaco Resources’ expectations or beliefs concerning 2019 guidance, future events, anticipated revenues, costs and expectations regarding operating results, and it is possible that the results described in this news release will not be achieved. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of Ramaco Resources’ control, which could cause actual results to differ materially from the results discussed in the forward-looking statements. These factors include, without limitation, unexpected delays in our current mine development activities, failure of our sales commitment counterparties to perform, increased government regulation of coal in the United States or internationally, or unexpected decline of demand for coal in export markets and underperformance of the railroads. Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, Ramaco Resources does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for Ramaco Resources to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements found in Ramaco Resources’ filings with the Securities and Exchange Commission (“SEC”), including its Annual Report on Form 10-K. The risk factors and other factors noted in Ramaco Resources’ SEC filings could cause its actual results to differ materially from those contained in any forward-looking statement.

 

Ramaco Resources, Inc.
Consolidated Statements of Operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended June 30, 

 

Six months ended June 30, 

In thousands, except per share amounts

    

2019

    

2018

    

2019

    

2018

Revenue

 

$

65,761

 

$

65,278

 

$

123,221

 

$

121,221

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost and expenses

 

 

 

 

 

 

 

 

 

 

 

 

Cost of coal sales (exclusive of items shown separately below)

 

 

43,219

 

 

47,860

 

 

84,225

 

 

92,191

Asset retirement obligation accretion

 

 

128

 

 

124

 

 

256

 

 

247

Depreciation and amortization

 

 

4,822

 

 

2,955

 

 

8,938

 

 

5,393

Selling, general and administrative

 

 

4,703

 

 

3,692

 

 

8,664

 

 

7,123

Total cost and expenses

 

 

52,872

 

 

54,631

 

 

102,083

 

 

104,954

Operating income

 

 

12,889

 

 

10,647

 

 

21,138

 

 

16,267

Other income

 

 

194

 

 

513

 

 

492

 

 

1,002

Interest expense, net

 

 

(302)

 

 

(314)

 

 

(609)

 

 

(414)

Income before tax

 

 

12,781

 

 

10,846

 

 

21,021

 

 

16,855

Income tax expense

 

 

2,168

 

 

642

 

 

3,525

 

 

1,385

Net income

 

$

10,613

 

$

10,204

 

$

17,496

 

$

15,470

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

0.26

 

$

0.25

 

$

0.43

 

$

0.39

Diluted earnings per share

 

$

0.26

 

$

0.25

 

$

0.43

 

$

0.38

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted average shares outstanding

 

 

40,869

 

 

40,082

 

 

40,737

 

 

39,994

Diluted weighted average shares outstanding

 

 

40,965

 

 

40,340

 

 

40,810

 

 

40,242

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ramaco Resources, Inc.

Consolidated Balance Sheets

 

 

 

 

 

 

 

In thousands, except share amounts

    

June 30, 2019

    

December 31, 2018

Assets

 

 

  

 

 

  

Current assets

 

 

  

 

 

  

Cash and cash equivalents

 

$

5,541

 

$

6,951

Accounts receivable

 

 

26,099

 

 

10,729

Inventories

 

 

16,593

 

 

14,185

Prepaid expenses

 

 

1,604

 

 

3,154

Total current assets

 

 

49,837

 

 

35,019

 

 

 

 

 

 

 

Property, plant and equipment, net

 

 

164,193

 

 

149,205

 

 

 

 

 

 

 

Advanced coal royalties

 

 

3,113

 

 

3,045

Other assets

 

 

994

 

 

975

Total Assets

 

$

218,137

 

$

188,244

 

 

 

 

 

 

 

Liabilities and Stockholders' Equity

 

 

  

 

 

  

Liabilities

 

 

  

 

 

  

Current liabilities

 

 

  

 

 

  

Accounts payable

 

$

16,325

 

$

16,393

Accrued expenses

 

 

9,390

 

 

8,094

Asset retirement obligations

 

 

513

 

 

71

Current portion of long-term debt

 

 

5,000

 

 

5,000

Other

 

 

 —

 

 

287

Total current liabilities

 

 

31,228

 

 

29,845

 

 

 

 

 

 

 

Asset retirement obligations

 

 

12,656

 

 

12,707

Long-term debt, net

 

 

10,002

 

 

4,474

Deferred tax liability

 

 

3,537

 

 

109

Other long-term liabilities

 

 

155

 

 

 —

Total liabilities

 

 

57,578

 

 

47,135

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 —

 

 

 —

 

 

 

 

 

 

 

Stockholders' Equity

 

 

  

 

 

  

Preferred stock, $0.01 par value

 

 

 —

 

 

 —

Common stock, $0.01 par value

 

 

409

 

 

401

Additional paid-in capital

 

 

152,872

 

 

150,926

Retained earnings (deficit)

 

 

7,278

 

 

(10,218)

Total stockholders' equity

 

 

160,559

 

 

141,109

Total Liabilities and Stockholders' Equity

 

$

218,137

 

$

188,244

 

Ramaco Resources, Inc.

Statement of Cash Flows

 

 

 

 

 

 

 

 

 

Six months ended June 30, 

In thousands

    

2019

    

2018

Cash flows from operating activities

 

 

  

 

 

  

Net income

 

$

17,496

 

$

15,470

Adjustments to reconcile net income (loss) to net cash from operating activities:

 

 

 

 

 

 

Accretion of asset retirement obligations

 

 

256

 

 

247

Depreciation and amortization

 

 

8,938

 

 

5,393

Amortization of debt issuance costs

 

 

28

 

 

187

Equity-based compensation

 

 

1,954

 

 

1,245

Deferred income taxes

 

 

3,429

 

 

1,385

Changes in operating assets and liabilities:

 

 

 

 

 

 

Accounts receivable

 

 

(15,370)

 

 

(21,100)

Prepaid expenses

 

 

1,550

 

 

(977)

Inventories

 

 

(2,408)

 

 

(1,237)

Advanced coal royalties

 

 

(68)

 

 

82

Other assets

 

 

135

 

 

(206)

Accounts payable

 

 

(4,121)

 

 

1,340

Accrued expenses

 

 

1,295

 

 

6,282

Net cash from operating activities

 

 

13,114

 

 

8,111

 

 

 

 

 

 

 

Cash flow from investing activities:

 

 

 

 

 

 

Purchases of property, plant and equipment

 

 

(19,737)

 

 

(27,478)

Proceeds from maturities of investment securities

 

 

 —

 

 

5,200

Net cash from investing activities

 

 

(19,737)

 

 

(22,278)

 

 

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

 

 

Proceeds from borrowings

 

 

44,300

 

 

13,000

Proceeds from notes payable - related party

 

 

 —

 

 

3,000

Payments of debt issuance cost

 

 

 —

 

 

(429)

Repayment of borrowings

 

 

(38,800)

 

 

(1,000)

Repayments of financed insurance payable

 

 

(287)

 

 

(427)

Net cash from financing activities

 

 

5,213

 

 

14,144

 

 

 

 

 

 

 

Net change in cash and cash equivalents

 

 

(1,410)

 

 

(23)

Cash and cash equivalents, beginning of period

 

 

6,951

 

 

5,934

Cash and cash equivalents, end of period

 

$

5,541

 

$

5,911

 

 

 

 

 

 

 

 

Reconciliation of Non-GAAP Measure

Adjusted EBITDA

Adjusted EBITDA is used as a supplemental non-GAAP financial measure by management and external users of our financial statements, such as industry analysts, investors, lenders and rating agencies. The Company believes Adjusted EBITDA is useful because it allows us to more effectively evaluate our operating performance.

We define Adjusted EBITDA as net income (loss) plus net interest expense, equity-based compensation, depreciation and amortization expenses and any transaction related costs. A reconciliation of income (loss) from continuing operations, net of income taxes to Adjusted EBITDA is included below. Adjusted EBITDA is not intended to serve as an alternative to U.S. GAAP measures of performance and may not be comparable to similarly-titled measures presented by other companies.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended June 30, 

 

Six months ended June 30, 

(In thousands)

    

 

2019

    

2018

    

2019

    

2018

Reconciliation of Net Income (Loss) to Adjusted EBITDA

 

 

 

  

 

 

  

 

 

  

 

 

  

Net income (loss)

 

 

$

10,613

 

$

10,204

 

$

17,496

 

$

15,470

Depreciation and amortization

 

 

 

4,822

 

 

2,955

 

 

8,938

 

 

5,393

Interest expense (income), net

 

 

 

302

 

 

314

 

 

609

 

 

414

Income taxes

 

 

 

2,168

 

 

642

 

 

3,525

 

 

1,385

EBITDA

 

 

 

17,905

 

 

14,115

 

 

30,568

 

 

22,662

Equity-based compensation

 

 

 

1,060

 

 

694

 

 

1,954

 

 

1,245

Accretion of asset retirement obligation

 

 

 

128

 

 

124

 

 

256

 

 

247

Adjusted EBITDA

 

 

$

19,093

 

$

14,933

 

$

32,778

 

$

24,154

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP revenue and cash cost per ton

Non-GAAP revenue per ton (FOB mine) is calculated as coal sales revenues less transportation costs, divided by tons sold. Non-GAAP cash cost per ton sold is calculated as cash cost of coal sales less transportation costs, divided by tons sold.  We believe revenue per ton (FOB mine) and cash cost per ton provides useful information to investors as it enables investors to compare revenue per ton and cash cost per ton for the Company against similar measures made by other publicly-traded coal companies and more effectively monitor changes in coal prices and costs from period to period excluding the impact of transportation costs which are beyond our control. The adjustments made to arrive at these measures are significant in understanding and assessing the Company’s financial condition.  Revenue per ton sold (FOB mine) and cash cost per ton are not measures of financial performance in accordance with U.S. GAAP and therefore should not be considered as an alternative to revenues and cost of sales under U.S. GAAP.  The tables below show how we calculate Non-GAAP revenue and cash cost per ton:

Non-GAAP revenue per ton

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended June 30, 2019

 

Three months ended June 30, 2018

 

    

Company

    

Purchased

    

 

 

    

Company

    

Purchased

    

 

 

 

 

Produced

 

Coal

 

Total

 

Produced

 

Coal

 

Total

In thousands, except per ton amounts

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

Revenues

 

$

62,516

 

$

3,245

 

$

65,761

 

$

52,051

 

$

13,227

 

$

65,278

Less: Adjustments to reconcile to Non-GAAP revenues (FOB mine)

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

Transportation costs

 

 

4,695

 

 

42

 

 

4,737

 

 

7,118

 

 

808

 

 

7,926

Non-GAAP revenues (FOB mine)

 

$

57,821

 

$

3,203

 

$

61,024

 

$

44,933

 

$

12,419

 

$

57,352

Tons sold

 

 

499

 

 

26

 

 

525

 

 

493

 

 

123

 

 

616

Revenues per ton sold (FOB mine)

 

$

116

 

$

123

 

$

116

 

$

91

 

$

101

 

$

93

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended March 31, 2019

 

    

Company

    

Purchased

    

 

 

 

 

Produced

 

Coal

 

Total

(In thousands, except per ton amounts)

 

 

  

 

 

  

 

 

  

Revenues

 

$

52,486

 

$

4,974

 

$

57,460

Less: Adjustments to reconcile to Non-GAAP revenues (FOB mine)

 

 

  

 

 

  

 

 

  

Transportation costs

 

 

6,636

 

 

531

 

 

7,167

Non-GAAP revenues (FOB mine)

 

$

45,850

 

$

4,443

 

$

50,293

Tons sold

 

 

443

 

 

35

 

 

478

Revenues per ton sold (FOB mine)

 

$

104

 

$

127

 

$

105

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six months ended June 30, 2019

 

Six months ended June 30, 2018

 

    

Company

    

Purchased

    

 

 

    

Company

    

Purchased

    

 

 

(In thousands, except per ton amounts)

 

Produced

 

Coal

 

Total

 

Produced

 

Coal

 

Total

Revenues

 

$

115,216

 

$

8,005

 

$

123,221

 

$

95,009

 

$

26,212

 

$

121,221

Less:  Adjustments to reconcile to Non-GAAP revenues (FOB mine)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transportation costs

 

 

11,646

 

 

373

 

 

12,019

 

 

13,224

 

 

1,955

 

 

15,179

Non-GAAP revenues (FOB mine)

 

$

103,570

 

$

7,632

 

$

111,202

 

$

81,785

 

$

24,257

 

$

106,042

Tons sold

 

 

942

 

 

61

 

 

1,003

 

 

896

 

 

241

 

 

1,137

Revenues per ton sold (FOB mine)

 

$

110

 

$

125

 

$

111

 

$

91

 

$

101

 

$

93

 

 

Non-GAAP cash cost per ton

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended June 30, 2019

 

Three months ended June 30, 2018

 

    

Company

    

Purchased

    

 

 

    

Company

    

Purchased

    

 

 

 

 

Produced

 

Coal

 

Total

 

Produced

 

Coal

 

Total

In thousands, except per ton amounts

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

Cost of sales

 

$

39,811

 

$

3,408

 

$

43,219

 

$

34,739

 

$

13,121

 

$

47,860

Less: Adjustments to reconcile to Non-GAAP cash cost of coal sales