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30.05.2017 22:05:00
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Contura Announces First Quarter Results
BRISTOL, Tenn., May 30, 2017 /PRNewswire/ -- Contura Energy, Inc. today reported its first quarter 2017 results. These figures update and expand upon the preliminary first quarter results announced on May 12, 2017.
Highlights for the first quarter include:
- Coal revenue of $509 million, including $149 million from CAPP and $167 million from Trading and Logistics
- Net Income of $37 million, or $3.47 per diluted share
- Adjusted EBITDA of $129 million
- Unrestricted cash balance of $241 million at the end of March
(millions, except per share) | ||||||||
First Quarter 2017 | ||||||||
Coal revenues | $508.9 | |||||||
Net Income | $37.3 | |||||||
Net Income per diluted share | $3.47 | |||||||
Adjusted EBITDA1 | $128.8 | |||||||
Operating cash flow | $136.2 | |||||||
Capital expenditures | $12.9 | |||||||
Tons of coal sold | 13.1 | |||||||
1 This is a non-GAAP financial measure. A reconciliation of net income to adjusted EBITDA is included in a table accompanying the financial schedules.
Financial Performance
- Coal revenues in the first quarter were $508.9 million, with Central Appalachia (CAPP) accounting for $148.7 million and Trading and Logistics accounting for $166.7 million. On the thermal side, Northern Appalachia (NAPP) revenue totaled $97.7 million and the Powder River Basin (PRB) generated $95.8 million in coal sales.
For the first quarter, CAPP metallurgical coal shipments were 1.1 million tons at an average per-ton realization of $140.54. Contura shipped 8.8 million tons of PRB coal during the quarter at an average per-ton realization of $10.92, while NAPP shipments totaled 2.2 million tons at an average per-ton realization of $44.39. Within the Trading and Logistics segment, 1.0 million tons of coal were shipped at an average price of $158.62 per ton.
- Total costs and expenses during the first quarter were $476.8 million and cost of coal sales was $368.2 million. The cost of coal sales in CAPP during for the quarter averaged $74.79 per ton. NAPP and PRB costs averaged $29.55 per ton and $9.52 per ton, respectively. Trading and Logistics average cost of coal sales was $134.04 per ton.
- Selling, general and administrative (SG&A) expenses in the first quarter were $13.8 million, which includes approximately $2.4 million of non-recurring expenses associated with the formation of the company and costs related to the company's filing of a registration statement with the SEC, as well as $1.4 million of non-cash stock compensation charges. Depreciation, depletion and amortization was $16.9 million during the first quarter and amortization of acquired intangibles was $19.7 million. Other income included a mark-to-market change in value of warrants totaling $2.2 million, a non-cash gain.
- Contura recorded a net income of $37.3 million, or $3.47 per diluted share for the first quarter.
- Adjusted EBITDA was $128.8 million for the quarter.
Liquidity and Capital Resources
Cash provided by operating activities for the first quarter was $136.2 million, while capital expenditures were $12.9 million.
At quarter-end, Contura had $240.6 million in unrestricted cash. Total long-term debt, including the current portion of long-term debt as of March 31, 2017, was approximately $391.4 million.
ABOUT CONTURA ENERGY
Contura Energy is a private, Tennessee-based company with affiliate mining operations across multiple major coal basins in Pennsylvania, Virginia, West Virginia and Wyoming. With customers across the globe, high-quality reserves and significant port capacity, Contura Energy reliably supplies both metallurgical coal to produce steel and thermal coal to generate power. For more information, visit www.conturaenergy.com.
FORWARD-LOOKING STATEMENTS
This news release includes forward-looking statements, including but not limited to statements regarding Contura's financial results for the three months ended March 31, 2017 performance. These forward-looking statements are based on Contura's expectations and beliefs concerning future events and involve risks and uncertainties that may cause actual results to differ materially from current expectations. These factors are difficult to predict accurately and may be beyond Contura's control. You should review the risks and uncertainties discussed in the Company's condensed consolidated financial statements and report for the period ended December 31, 2016, which are available on our website.
Forward-looking statements in this news release or elsewhere speak only as of the date made. New uncertainties and risks arise from time to time, and it is impossible for Contura to predict these events or how they may affect the Company. Contura has no duty to, and does not intend to, update or revise the forward-looking statements in this news release or elsewhere after the date this release is issued. In light of these risks and uncertainties, investors should keep in mind that results, events or developments disclosed in any forward-looking statement made in this news release may not occur.
INVESTOR CONTACT
investorrelations@conturaenergy.com
Alex Rotonen
423.573.0396
MEDIA CONTACTS
corporatecommunications@conturaenergy.com
Rick Axthelm
423.573.0304
Emily O'Quinn
423.573.0369
FINANCIAL TABLES FOLLOW
Use of Non-GAAP Measures
In addition to the results prepared in accordance with generally accepted accounting principles in the United States (GAAP) provided throughout this press release, Contura has presented the following non-GAAP financial measure, which management uses to gauge operating performance: Adjusted EBITDA. This non-GAAP financial measure excludes various items detailed in the attached reconciliation table.
The definition of this non-GAAP measure may be changed periodically by management to adjust for significant items important to an understanding of operating trends. This measure is not intended to replace financial performance measures determined in accordance with GAAP. Rather, it is presented as a supplemental measure of the Company's performance that management finds useful in assessing the Company's financial performance and believes is useful to securities analysts, investors and others in assessing the Company's performance over time. Moreover, this measure is not calculated identically by all companies and therefore may not be comparable to similarly titled measures used by other companies.
CONTURA ENERGY, INC. AND SUBSIDIARIES | |||
Three Months Ended March 31, 2017 | |||
Revenues: | |||
Coal revenues | $ | 508,890 | |
Freight and handling revenues | 60,223 | ||
Other revenues | 4,320 | ||
Total revenues | 573,433 | ||
Costs and expenses: | |||
Cost of coal sales (exclusive of items shown separately below) | 368,152 | ||
Freight and handling costs | 60,223 | ||
Other expenses | 1,453 | ||
Depreciation, depletion and amortization | 16,931 | ||
Amortization of acquired intangibles, net | 19,658 | ||
Selling, general and administrative expenses (exclusive of depreciation, depletion and amortization shown separately above) | 13,829 | ||
Secondary offering costs | 942 | ||
Mark-to-market adjustment - acquisition-related obligations | (4,357) | ||
Total costs and expenses | 476,831 | ||
Income from operations | 96,602 | ||
Other income (expense): | |||
Interest expense | (11,468) | ||
Interest income | 31 | ||
Loss on early extinguishment of debt | (38,701) | ||
Mark-to-market adjustment for warrant derivative liability | 2,160 | ||
Equity loss in affiliates | (1,211) | ||
Miscellaneous income, net | 205 | ||
Total other expense, net | (48,984) | ||
Income before income taxes | 47,618 | ||
Income tax expense | (10,347) | ||
Net income | $ | 37,271 | |
Basic income per common share | $ | 3.62 | |
Diluted income per common share | $ | 3.47 | |
Weighted average shares - basic | 10,309,428 | ||
Weighted average shares - diluted | 10,728,281 | ||
CONTURA ENERGY, INC. AND SUBSIDIARIES | |||
March 31, 2017 | |||
Assets | |||
Current assets: | |||
Cash and cash equivalents | $ | 240,607 | |
Trade accounts receivable, net | 136,458 | ||
Inventories, net | 63,625 | ||
Assets held for sale | 1,714 | ||
Prepaid expenses and other current assets | 34,870 | ||
Total current assets | 477,274 | ||
Property, plant, and equipment, net | 316,035 | ||
Other acquired intangibles (net of accumulated amortization of $81,509) | 67,491 | ||
Long-term restricted cash | 49,321 | ||
Long-term deposits | 55,435 | ||
Other non-current assets | 34,343 | ||
Total assets | $ | 999,899 | |
Liabilities and Stockholders' Equity | |||
Current liabilities: | |||
Current portion of long-term debt | $ | 6,461 | |
Trade accounts payable | 87,807 | ||
Acquisition-related obligations - current | 19,218 | ||
Accrued expenses and other current liabilities | 81,379 | ||
Total current liabilities | 194,865 | ||
Long-term debt | 384,893 | ||
Acquisition-related obligations - long-term | 52,884 | ||
Asset retirement obligations | 192,091 | ||
Other non-current liabilities | 99,287 | ||
Total liabilities | 924,020 | ||
Stockholders' Equity | |||
Preferred stock - par value $0.01, 2.0 million shares authorized, none issued | — | ||
Common stock - par value $0.01, 20.0 million shares authorized, 10.3 million issued and outstanding at March 31, 2017 | 103 | ||
Additional paid-in capital | 47,420 | ||
Accumulated other comprehensive income | 2,016 | ||
Treasury stock, at cost: 81 shares at March 31, 2017 | (1) | ||
Retained earnings | 26,341 | ||
Total stockholders' equity | 75,879 | ||
Total liabilities and stockholders' equity | $ | 999,899 | |
CONTURA ENERGY, INC. AND SUBSIDIARIES | |||
Three Months Ended March 31, 2017 | |||
Operating activities: | |||
Net income | $ | 37,271 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation, depletion and amortization | 16,931 | ||
Amortization of acquired intangibles, net | 19,658 | ||
Accretion of acquisition-related obligations discount | 2,413 | ||
Mark-to-market adjustment for warrants derivative liability | (2,160) | ||
Mark-to-market adjustment for acquisition-related obligations | (4,357) | ||
Equity loss in affiliates | 1,211 | ||
Accretion of asset retirement obligations | 5,525 | ||
Employee benefit plans, net | 1,178 | ||
Non-cash loss on extinguishment of debt | 13,665 | ||
Other, net | 2,006 | ||
Changes in operating assets and liabilities | 42,873 | ||
Net cash provided by operating activities | 136,213 | ||
Investing activities: | |||
Capital expenditures | (12,878) | ||
Proceeds from sale of property, plant and equipment | 250 | ||
Capital contribution to equity affiliates | (1,180) | ||
Purchase of additional ownership interest in equity affiliate | (13,293) | ||
Net cash used in investing activities | (27,101) | ||
Financing activities: | |||
Proceeds from borrowings on debt | 396,000 | ||
Principal repayments of debt | (356,500) | ||
Principal repayments of capital lease obligations | (223) | ||
Debt issuance costs | (10,389) | ||
Debt extinguishment costs | (25,036) | ||
Principal repayments of notes payable | (305) | ||
Net cash provided by financing activities | 3,547 | ||
Net increase in cash and cash equivalents | 112,659 | ||
Cash and cash equivalents at beginning of period | 127,948 | ||
Cash and cash equivalents at end of period | $ | 240,607 | |
Supplemental cash flow information: | |||
Cash paid for interest | $ | 20,627 | |
Supplemental disclosure of non-cash investing and financing activities: | |||
Capital leases and capital financing - equipment | $ | 147 | |
Accrued capital expenditures | $ | 7,799 | |
CONTURA ENERGY, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income | Treasury | Retained Earnings | Total Stockholders' Equity | |||||||||||||||||||||
Shares | Amount | Stock at Cost | ||||||||||||||||||||||||
Balances, December 31, 2016 | 10,309 | $ | 103 | $ | 45,964 | $ | 2,087 | $ | — | $ | (10,930) | $ | 37,224 | |||||||||||||
Net income | — | — | — | — | — | 37,271 | 37,271 | |||||||||||||||||||
Other comprehensive loss | — | — | — | (71) | — | — | (71) | |||||||||||||||||||
Stock-based compensation and net issuance of common stock for share vesting | — | — | 1,456 | — | (1) | — | 1,455 | |||||||||||||||||||
Balances, March 31, 2017 | 10,309 | $ | 103 | $ | 47,420 | $ | 2,016 | $ | (1) | $ | 26,341 | $ | 75,879 | |||||||||||||
Reconciliation of Non-GAAP measures | |||||||||||||||||||||||
Three Months Ended March 31, 2017 | |||||||||||||||||||||||
CAPP | NAPP | PRB | Trading and Logistics | All | Consolidated | ||||||||||||||||||
Net income (loss) | $ | 64,367 | $ | 30,284 | $ | 5,019 | $ | 5,669 | $ | (68,068) | $ | 37,271 | |||||||||||
Interest expense | 60 | 51 | 192 | — | 11,165 | 11,468 | |||||||||||||||||
Interest income | (3) | — | — | — | (28) | (31) | |||||||||||||||||
Income tax expense | — | — | — | — | 10,347 | 10,347 | |||||||||||||||||
Depreciation, depletion and amortization | 5,505 | 3,156 | 8,082 | — | 188 | 16,931 | |||||||||||||||||
Mark-to-market adjustment for warrant derivative liability | — | — | — | — | (2,160) | (2,160) | |||||||||||||||||
Mark-to-market adjustment - acquisition-related obligations | — | — | — | — | (4,357) | (4,357) | |||||||||||||||||
Secondary offering costs | — | — | — | — | 942 | 942 | |||||||||||||||||
Loss on early extinguishment of debt | — | — | — | — | 38,701 | 38,701 | |||||||||||||||||
Amortization of acquired intangibles, net | — | — | — | 19,658 | — | 19,658 | |||||||||||||||||
Adjusted EBITDA | $ | 69,929 | $ | 33,491 | $ | 13,293 | $ | 25,327 | $ | (13,270) | $ | 128,770 | |||||||||||
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/contura-announces-first-quarter-results-300465691.html
SOURCE Contura Energy, Inc.
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