Hallador Energy Company Reports First Quarter 2024 Financial and Operating Results
06 Mayo 2024 - 7:20PM
Hallador Energy Company (NASDAQ – HNRG) reported a net
loss of $1.7 million, $(0.05) basic earnings per share,
operating cash flow of $16.4 million, and adjusted EBITDA of
$6.8 million for the quarter ended March 31, 2024.
Brent Bilsland, President and Chief Executive Officer, stated,
"Throughout the first quarter, we continued our progress
on transitioning the focus of Hallador from a coal production
company to an independent power producer. During the first three
months of 2024, our Electric Operation's revenue exceeded that of
our Coal Operation's revenue. Additionally, we
were successful in adding approximately $138.0 million in
forward energy and capacity sales, growing our Electric
Operation's forward sales book to approximately $657.0 million
and total contracted forward sales capacity, energy and coal
through 2029 to $1.5 billion (on a segment basis). In support
of our expectation that Hallador Power sales will continue to
exceed our traditional Sunrise Coal subsidiary, we anticipate
changing Hallador's SIC code to 4911 (electric services)
from 1220 (bituminous coal producer) in the future."
Below are highlights for the first quarter of 2024:
- The Company Generated $16.4 Million in Operating Cash
Flow Which We Utilized to Pay Down Bank Debt by $14.5
million.
- As of March 31, 2024, our bank debt was $77.0 million, bringing
our liquidity to $39.5 million and our leverage ratio to 1.58X,
within our covenant of 2.25X.
- We Continued to Make Progress in our Transition from a
Coal Production Company to an Independent Power Producer.
- Our Electric Operation's revenue exceeded our Coal Operation's
revenue for the first three months of 2024.
- Since January 1, 2024, we secured approximately $138.0 million
in new long-term capacity and energy contracts.
- We Restructured Our Coal Division to Increase Margins
and Adjust to Current Market Conditions.
- As previously announced, the restructuring should reduce
capital expenditures at the Oaktown Mining Complex by $10.0
million.
- Maintains up to 4.5 million tons of annual production of our
highest margin coal. Mining costs for the quarter were $53.38 per
ton. However, at Oaktown, we saw mining costs in March decrease
into the $30's on a per ton basis.
- Reduced employee headcount by 110.
- Idled production at our highest cost surface mines.
- We Launched a Targeted Request for Proposals for Power
Demand Supporting New Development at our Merom Power Plant.
Proposals are Due in Mid-May.
- Allows us to potentially capture additional margins above our
traditional wholesale energy markets.
- Allows us to market industrial users of power, such as data
centers, AI providers and power dense manufacturers, to the Merom
property.
- We believe utilizing our power plant to help supply these large
users of energy with reliable, resilient electricity, should allow
us to operate more efficiently in a volatile power environment,
generate increased margins and support the fragile power grid as it
navigates the challenges of transition to new sources of energy in
the coming decades.
Solid Forward Sales Position – Segment Basis, Before
Intercompany Eliminations (unaudited):
|
|
2024 |
|
|
2025 |
|
|
2026 |
|
|
2027 |
|
|
2028 |
|
|
2029 |
|
|
Total |
|
Power |
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Energy |
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|
Contracted MWh (in
millions) |
|
|
1.60 |
|
|
|
1.90 |
|
|
|
1.83 |
|
|
|
1.78 |
|
|
|
1.09 |
|
|
|
0.27 |
|
|
|
8.47 |
|
Contracted price per MWh |
|
$ |
37.02 |
|
|
$ |
36.06 |
|
|
$ |
55.37 |
|
|
$ |
54.65 |
|
|
$ |
52.98 |
|
|
$ |
51.00 |
|
|
|
|
|
Contracted revenue (in
millions) |
|
$ |
59.23 |
|
|
$ |
68.51 |
|
|
$ |
101.33 |
|
|
$ |
97.28 |
|
|
$ |
57.75 |
|
|
$ |
13.77 |
|
|
$ |
397.87 |
|
% Energy Sold* |
|
|
27 |
% |
|
|
32 |
% |
|
|
31 |
% |
|
|
30 |
% |
|
|
18 |
% |
|
|
5 |
% |
|
|
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Capacity |
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|
Average monthly contracted
capacity |
|
|
818 |
|
|
|
801 |
|
|
|
744 |
|
|
|
623 |
|
|
|
454 |
|
|
|
100 |
|
|
|
|
|
% Capacity Contracted** |
|
|
106 |
% |
|
|
82 |
% |
|
|
77 |
% |
|
|
64 |
% |
|
|
47 |
% |
|
|
10 |
% |
|
|
|
|
Average contracted capacity
price per MWd |
|
$ |
209 |
|
|
$ |
198 |
|
|
$ |
230 |
|
|
$ |
226 |
|
|
$ |
225 |
|
|
$ |
230 |
|
|
|
|
|
Contracted capacity revenue
(in millions) |
|
$ |
47.01 |
|
|
$ |
57.89 |
|
|
$ |
62.46 |
|
|
$ |
51.39 |
|
|
$ |
37.39 |
|
|
$ |
3.47 |
|
|
$ |
259.61 |
|
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|
Total Energy &
Capacity Revenue |
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|
Contracted Power Revenue (in
millions) |
|
$ |
106.24 |
|
|
$ |
126.40 |
|
|
$ |
163.79 |
|
|
$ |
148.67 |
|
|
$ |
95.14 |
|
|
$ |
17.24 |
|
|
$ |
657.48 |
|
Contracted Power Revenue per
MWh* |
|
$ |
44.39 |
|
|
$ |
47.76 |
|
|
$ |
68.96 |
|
|
$ |
68.00 |
|
|
$ |
66.31 |
|
|
$ |
56.62 |
|
|
|
|
|
|
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|
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|
2024 average cost per MWh was
$31.88 for the three months ended March 31, 2024 ($30.41 assuming
intercompany sales of coal were sold at cost) |
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|
2024 Power Capex Budget (in
millions) excluding ELG requirements |
|
$ |
18.00 |
|
|
|
|
|
|
|
|
|
|
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Coal |
|
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|
|
|
|
|
|
|
|
|
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|
|
|
|
|
Priced tons – 3rd party
(in millions) |
|
|
2.48 |
|
|
|
1.78 |
|
|
|
0.50 |
|
|
|
0.50 |
|
|
|
— |
|
|
|
— |
|
|
|
5.26 |
|
Average price per ton –
3rd party |
|
$ |
50.65 |
|
|
$ |
50.04 |
|
|
$ |
55.50 |
|
|
$ |
55.50 |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
Priced tons (in
millions) – Hallador Power |
|
|
1.20 |
|
|
|
2.30 |
|
|
|
2.30 |
|
|
|
2.30 |
|
|
|
2.30 |
|
|
|
— |
|
|
|
10.40 |
|
Average price per ton –
Hallador Power |
|
$ |
51.00 |
|
|
$ |
51.00 |
|
|
$ |
51.00 |
|
|
$ |
51.00 |
|
|
$ |
51.00 |
|
|
$ |
— |
|
|
|
|
|
Contracted coal revenue (in
millions) |
|
$ |
186.81 |
|
|
$ |
206.37 |
|
|
$ |
145.05 |
|
|
$ |
145.05 |
|
|
$ |
117.30 |
|
|
$ |
— |
|
|
$ |
800.58 |
|
% Priced |
|
|
82 |
% |
|
|
91 |
% |
|
|
62 |
% |
|
|
62 |
% |
|
|
51 |
% |
|
|
0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Committed & unpriced tons
(in millions) – 3rd party |
|
|
— |
|
|
|
1.00 |
|
|
|
1.00 |
|
|
|
1.00 |
|
|
|
— |
|
|
|
— |
|
|
|
3.00 |
|
Committed & unpriced tons
(in millions) – Hallador Power |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total contracted tons (in
millions) |
|
|
3.68 |
|
|
|
5.08 |
|
|
|
3.80 |
|
|
|
3.80 |
|
|
|
2.30 |
|
|
|
— |
|
|
|
18.66 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% Coal Sold* |
|
|
82 |
% |
|
|
113 |
% |
|
|
84 |
% |
|
|
84 |
% |
|
|
51 |
% |
|
|
0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average cost per ton of coal
was $53.38 for the three months ended March 31, 2024 |
|
|
|
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|
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|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
2024 Coal Capex Budget (in
millions) |
|
$ |
25.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL CONTRACTED
REVENUE (IN MILLIONS) |
|
$ |
293.05 |
|
|
$ |
332.77 |
|
|
$ |
308.84 |
|
|
$ |
293.72 |
|
|
$ |
212.44 |
|
|
$ |
17.24 |
|
|
$ |
1,458.06 |
|
|
*Based on coal
production of 4.5 million tons and 6.0 million MWh annually. |
|
**Based on a MISO
accreditation of 769 MW per day through 2024, up to 971 MW per day
for 2025. Accreditations are adjusted annually based on 3-year
rolling performance metrics. |
|
The unaudited table below represents some of our critical
metrics (in thousands, except for per-ton data):
|
|
Three Months Ended |
|
|
|
March 31, |
|
|
|
2024 |
|
|
2023 |
|
Net income (loss) |
|
$ |
(1,696 |
) |
|
$ |
22,051 |
|
Total Revenues |
|
$ |
109,672 |
|
|
$ |
188,334 |
|
Tons Sold (after
elimination) |
|
|
892 |
|
|
|
1,693 |
|
Average Price per Ton (after
elimination) |
|
$ |
55.64 |
|
|
$ |
55.88 |
|
Tons Sold (before
elimination) |
|
|
1,214 |
|
|
|
1,693 |
|
Average Price per Ton (before
elimination) |
|
$ |
54.40 |
|
|
$ |
55.88 |
|
Bank Debt |
|
$ |
77,000 |
|
|
$ |
75,200 |
|
Operating Cash Flow |
|
$ |
16,369 |
|
|
$ |
26,112 |
|
Adjusted EBITDA* |
|
$ |
6,823 |
|
|
$ |
34,015 |
|
_______________ |
* Non-GAAP
financial measure, defined as operating cash flowsless effects of
certain subsidiary and equity method investment activity, plus
bankinterest, less effects of working capital period changes, plus
other amortization |
|
Adjusted EBITDA should not be considered an
alternative 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 Adjusted EBITDA may not be the same method used to
compute similar measures reported by other companies.
Management believes the non-GAAP financial measure, Adjusted
EBITDA, is an important measure in analyzing our liquidity and is a
key component of certain material covenants contained within our
Credit Agreement, specifically a maximum leverage ratio and a debt
service coverage ratio. Noncompliance with the leverage ratio or
debt service coverage ratio covenants could result in our lenders
requiring the Company to immediately repay all amounts borrowed. If
we cannot satisfy these financial covenants, we would be prohibited
under our Credit Agreement from engaging in certain activities,
such as incurring additional indebtedness, making certain payments,
and acquiring and disposing of assets. Consequently, Adjusted
EBITDA is critical to the assessment of our liquidity. The required
amount of Adjusted EBITDA is a variable based on our debt
outstanding and/or required debt payments at the time of the
quarterly calculation based on a rolling prior 12-month period.
Reconciliation of the non-GAAP financial measure, Adjusted
EBITDA, to cash provided by operating activities, the most
comparable GAAP measure, is as follows (in thousands) for the
quarters ended March 31, 2024 and 2023, respectively.
Reconciliation of GAAP "Cash provided by (used in)
operating activities" to non-GAAP "Adjusted EBITDA" (in
thousands; unaudited)
|
|
Three Months Ended |
|
|
|
March 31, |
|
|
|
2024 |
|
|
2023 |
|
Cash provided by (used in) operating activities |
|
$ |
16,369 |
|
|
$ |
26,112 |
|
Current income tax
expense |
|
|
— |
|
|
|
432 |
|
Loss from Hourglass Sands |
|
|
1 |
|
|
|
1 |
|
Loss from Sunrise
Indemnity |
|
|
6 |
|
|
|
— |
|
Distribution from Sunrise
Energy |
|
|
— |
|
|
|
(625 |
) |
Bank and convertible note
interest expense |
|
|
3,533 |
|
|
|
2,687 |
|
Working capital period
changes |
|
|
(13,175 |
) |
|
|
4,812 |
|
Other long-term asset and
liability changes |
|
|
(937 |
) |
|
|
(451 |
) |
Cash paid on asset retirement
obligation reclamation |
|
|
639 |
|
|
|
365 |
|
ASC 606 Capacity
Adjustment |
|
|
(1,248 |
) |
|
|
— |
|
Other amortization |
|
|
1,635 |
|
|
|
682 |
|
Adjusted
EBITDA |
|
|
6,823 |
|
|
|
34,015 |
|
|
|
|
|
|
|
|
|
|
Cash used in investing
activities |
|
|
(14,850 |
) |
|
|
(13,467 |
) |
|
|
|
|
|
|
|
|
|
Cash used in financing
activities |
|
|
(2,270 |
) |
|
|
(12,722 |
) |
|
|
|
|
|
|
|
|
|
Forward-Looking Statements
This release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended
(the "Securities Act"), and Section 21E of the Securities
Exchange Act of 1934, as amended (the "Exchange
Act"). Statements that are not strictly historical statements
constitute forward-looking statements and may often, but not
always, be identified by the use of such words such as "expects,"
"believes," "intends," "anticipates," "plans," "estimates,"
"guidance," "target," "potential," "possible," or "probable" or
statements that certain actions, events or results "may," "will,"
"should," or "could" be taken, occur or be
achieved. Forward-looking statements are based on current
expectations and assumptions and analyses made by Hallador and its
management in light of experience and perception of historical
trends, current conditions and expected future developments, as
well as other factors appropriate under the circumstances that
involve various risks and uncertainties that could cause actual
results to differ materially from those reflected in the
statements. These risks include, but are not limited to, those
set forth in Hallador's annual report on Form 10-K for the year
ended December 31, 2023, and other Securities and Exchange
Commission filings. Hallador undertakes no obligation to revise or
update publicly any forward-looking statements except as required
by law.
Conference Call
The call will be on Tuesday, May 7, 2024, at 2:00 pm
Eastern time and will be webcast live on our website at
www.halladorenergy.com under events and will be available for
a limited time.
PARTICIPANT
INFORMATIONUnited States (Local): +1 404 975 4839United
States (Toll-Free): +1 833 470 1428Access Code: 749324
Hallador is headquartered in Terre Haute, Indiana, and through
its wholly-owned subsidiaries, Sunrise Coal, LLC and Hallador
Power, LLC, produces coal and electricity in the Illinois
Basin for the electric power generation industry. To learn more
about Hallador, visit our website
at www.halladorenergy.com.
CONTACT: |
INVESTOR RELATIONS |
PHONE: |
(303) 839-5504 |
Hallador Energy Company |
Condensed Consolidated Balance Sheets |
(in thousands, except per share data) |
(unaudited) |
|
|
|
March 31, |
|
|
December 31, |
|
|
|
2024 |
|
|
2023 |
|
ASSETS |
|
|
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
1,635 |
|
|
$ |
2,842 |
|
Restricted cash |
|
|
4,737 |
|
|
|
4,281 |
|
Accounts receivable |
|
|
14,228 |
|
|
|
19,937 |
|
Inventory |
|
|
29,688 |
|
|
|
23,075 |
|
Parts and supplies |
|
|
40,360 |
|
|
|
38,877 |
|
Prepaid expenses |
|
|
2,614 |
|
|
|
2,262 |
|
Total current assets |
|
|
93,262 |
|
|
|
91,274 |
|
Property, plant and
equipment: |
|
|
|
|
|
|
|
|
Land and mineral rights |
|
|
115,486 |
|
|
|
115,486 |
|
Buildings and equipment |
|
|
537,921 |
|
|
|
537,131 |
|
Mine development |
|
|
161,669 |
|
|
|
158,642 |
|
Finance lease right-of-use
assets |
|
|
16,178 |
|
|
|
12,346 |
|
Total property, plant and
equipment |
|
|
831,254 |
|
|
|
823,605 |
|
Less - accumulated
depreciation, depletion and amortization |
|
|
(348,783 |
) |
|
|
(334,971 |
) |
Total property, plant and
equipment, net |
|
|
482,471 |
|
|
|
488,634 |
|
Investment in Sunrise
Energy |
|
|
2,562 |
|
|
|
2,811 |
|
Other assets |
|
|
7,125 |
|
|
|
7,061 |
|
Total
assets |
|
$ |
585,420 |
|
|
$ |
589,780 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
|
|
Current portion of bank debt,
net |
|
$ |
24,438 |
|
|
$ |
24,438 |
|
Notes payable – related
party |
|
|
5,000 |
|
|
|
— |
|
Accounts payable and accrued
liabilities |
|
|
47,125 |
|
|
|
62,908 |
|
Current portion of lease
financing |
|
|
4,958 |
|
|
|
3,933 |
|
Deferred revenue |
|
|
41,242 |
|
|
|
23,062 |
|
Contract liability –
power purchase agreement and capacity payment reduction |
|
|
41,662 |
|
|
|
43,254 |
|
Total current liabilities |
|
|
164,425 |
|
|
|
157,595 |
|
Long-term
liabilities: |
|
|
|
|
|
|
|
|
Bank debt, net |
|
|
49,343 |
|
|
|
63,453 |
|
Convertible notes payable |
|
|
10,000 |
|
|
|
10,000 |
|
Convertible notes
payable – related party |
|
|
1,000 |
|
|
|
9,000 |
|
Long-term lease financing |
|
|
9,701 |
|
|
|
8,157 |
|
Deferred revenue |
|
|
5,434 |
|
|
|
— |
|
Deferred income taxes |
|
|
8,625 |
|
|
|
9,235 |
|
Asset retirement
obligations |
|
|
14,934 |
|
|
|
14,538 |
|
Contract liability –
power purchase agreement |
|
|
36,229 |
|
|
|
47,425 |
|
Other |
|
|
1,871 |
|
|
|
1,789 |
|
Total long-term
liabilities |
|
|
137,137 |
|
|
|
163,597 |
|
Total liabilities |
|
|
301,562 |
|
|
|
321,192 |
|
Commitments and
contingencies |
|
|
|
|
|
|
|
|
Stockholders'
equity: |
|
|
|
|
|
|
|
|
Preferred stock, $.10 par
value, 10,000 shares authorized; none issued |
|
|
— |
|
|
|
— |
|
Common stock, $.01 par value,
100,000 shares authorized; 36,534 and 34,052 issued and
outstanding, as of March 31, 2024 and December 31, 2023,
respectively |
|
|
365 |
|
|
|
341 |
|
Additional paid-in
capital |
|
|
144,490 |
|
|
|
127,548 |
|
Retained earnings |
|
|
139,003 |
|
|
|
140,699 |
|
Total stockholders'
equity |
|
|
283,858 |
|
|
|
268,588 |
|
Total liabilities and
stockholders' equity |
|
$ |
585,420 |
|
|
$ |
589,780 |
|
Hallador Energy Company |
Condensed Consolidated Statements of
Operations |
(in thousands, except per share data) |
(unaudited) |
|
|
|
Three Months Ended March 31, |
|
|
|
2024 |
|
|
2023 |
|
SALES AND OPERATING REVENUES: |
|
|
|
|
|
|
|
|
Electric sales |
|
$ |
58,755 |
|
|
$ |
92,392 |
|
Coal sales |
|
|
49,630 |
|
|
|
94,602 |
|
Other revenues |
|
|
1,287 |
|
|
|
1,340 |
|
Total sales and operating
revenues |
|
|
109,672 |
|
|
|
188,334 |
|
EXPENSES: |
|
|
|
|
|
|
|
|
Operating expenses |
|
|
85,083 |
|
|
|
133,521 |
|
Depreciation, depletion and
amortization |
|
|
15,443 |
|
|
|
17,976 |
|
Asset retirement obligations
accretion |
|
|
399 |
|
|
|
451 |
|
Exploration costs |
|
|
70 |
|
|
|
206 |
|
General and
administrative |
|
|
5,944 |
|
|
|
6,947 |
|
Total operating expenses |
|
|
106,939 |
|
|
|
159,101 |
|
|
|
|
|
|
|
|
|
|
INCOME FROM
OPERATIONS |
|
|
2,733 |
|
|
|
29,233 |
|
|
|
|
|
|
|
|
|
|
Interest expense (1) |
|
|
(3,937 |
) |
|
|
(3,899 |
) |
Loss on extinguishment of
debt |
|
|
(853 |
) |
|
|
— |
|
Equity method investment
(loss) income |
|
|
(249 |
) |
|
|
69 |
|
NET INCOME (LOSS)
BEFORE INCOME TAXES |
|
|
(2,306 |
) |
|
|
25,403 |
|
|
|
|
|
|
|
|
|
|
INCOME TAX EXPENSE
(BENEFIT): |
|
|
|
|
|
|
|
|
Current |
|
|
— |
|
|
|
432 |
|
Deferred |
|
|
(610 |
) |
|
|
2,920 |
|
Total income tax expense
(benefit) |
|
|
(610 |
) |
|
|
3,352 |
|
|
|
|
|
|
|
|
|
|
NET INCOME
(LOSS) |
|
$ |
(1,696 |
) |
|
$ |
22,051 |
|
|
|
|
|
|
|
|
|
|
NET INCOME (LOSS) PER
SHARE: |
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.05 |
) |
|
$ |
0.67 |
|
Diluted |
|
$ |
(0.05 |
) |
|
$ |
0.61 |
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE
SHARES OUTSTANDING |
|
|
|
|
|
|
|
|
Basic |
|
|
34,816 |
|
|
|
32,983 |
|
Diluted |
|
|
34,816 |
|
|
|
36,740 |
|
|
|
|
|
|
|
|
|
|
(1) Interest Expense: |
|
|
|
|
|
|
|
|
Interest on bank debt |
|
$ |
2,805 |
|
|
$ |
2,255 |
|
Other interest |
|
|
728 |
|
|
|
432 |
|
Amortization: |
|
|
|
|
|
|
|
|
Amortization of debt issuance
costs |
|
|
404 |
|
|
|
1,212 |
|
Total amortization |
|
|
404 |
|
|
|
1,212 |
|
Total interest expense |
|
$ |
3,937 |
|
|
$ |
3,899 |
|
Hallador Energy Company |
Condensed Consolidated Statements of Cash
Flows |
(in thousands) |
(unaudited) |
|
|
|
Three Months Ended March 31, |
|
|
|
2024 |
|
|
2023 |
|
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
(1,696 |
) |
|
$ |
22,051 |
|
Adjustments to reconcile net
income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
Deferred income taxes |
|
|
(610 |
) |
|
|
2,920 |
|
Equity loss (income) –
Sunrise Energy |
|
|
249 |
|
|
|
(69 |
) |
Cash distribution –
Sunrise Energy |
|
|
— |
|
|
|
625 |
|
Depreciation, depletion, and
amortization |
|
|
15,443 |
|
|
|
17,976 |
|
Loss on extinguishment of
debt |
|
|
853 |
|
|
|
— |
|
Loss (gain) on sale of
assets |
|
|
(24 |
) |
|
|
21 |
|
Amortization of debt issuance
costs |
|
|
404 |
|
|
|
1,212 |
|
Asset retirement obligations
accretion |
|
|
399 |
|
|
|
451 |
|
Cash paid on asset retirement
obligation reclamation |
|
|
(639 |
) |
|
|
(365 |
) |
Stock-based compensation |
|
|
666 |
|
|
|
1,220 |
|
Amortization of contract asset
and contract liabilities |
|
|
(12,788 |
) |
|
|
(15,569 |
) |
Other |
|
|
937 |
|
|
|
451 |
|
Change in operating assets and
liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
5,709 |
|
|
|
(3,269 |
) |
Inventory |
|
|
(6,613 |
) |
|
|
(4,004 |
) |
Parts and supplies |
|
|
(1,483 |
) |
|
|
(2,926 |
) |
Prepaid expenses |
|
|
(37 |
) |
|
|
389 |
|
Accounts payable and accrued
liabilities |
|
|
(8,015 |
) |
|
|
2,009 |
|
Deferred revenue |
|
|
23,614 |
|
|
|
2,989 |
|
Net cash provided by operating
activities |
|
|
16,369 |
|
|
|
26,112 |
|
CASH FLOWS FROM
INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
|
Capital expenditures |
|
|
(14,874 |
) |
|
|
(13,482 |
) |
Proceeds from sale of
equipment |
|
|
24 |
|
|
|
15 |
|
Net cash used in investing
activities |
|
|
(14,850 |
) |
|
|
(13,467 |
) |
CASH FLOWS FROM
FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
|
Payments on bank debt |
|
|
(26,500 |
) |
|
|
(27,013 |
) |
Payments on lease
financing |
|
|
(1,238 |
) |
|
|
— |
|
Borrowings of bank debt |
|
|
12,000 |
|
|
|
17,000 |
|
Proceeds from sale and
leaseback arrangement |
|
|
1,927 |
|
|
|
— |
|
Issuance of related party
notes payable |
|
|
5,000 |
|
|
|
— |
|
Debt issuance costs |
|
|
(38 |
) |
|
|
(1,600 |
) |
ATM offering |
|
|
6,580 |
|
|
|
— |
|
Taxes paid on vesting of
RSUs |
|
|
(1 |
) |
|
|
(1,109 |
) |
Net cash used in financing
activities |
|
|
(2,270 |
) |
|
|
(12,722 |
) |
Decrease in cash, cash
equivalents, and restricted cash |
|
|
(751 |
) |
|
|
(77 |
) |
Cash, cash equivalents, and
restricted cash, beginning of period |
|
|
7,123 |
|
|
|
6,426 |
|
Cash, cash equivalents, and
restricted cash, end of period |
|
$ |
6,372 |
|
|
$ |
6,349 |
|
CASH, CASH
EQUIVALENTS, AND RESTRICTED CASH: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
1,635 |
|
|
$ |
2,441 |
|
Restricted cash |
|
|
4,737 |
|
|
|
3,908 |
|
|
|
$ |
6,372 |
|
|
$ |
6,349 |
|
SUPPLEMENTAL CASH FLOW
INFORMATION: |
|
|
|
|
|
|
|
|
Cash paid for interest |
|
$ |
3,083 |
|
|
$ |
3,116 |
|
SUPPLEMENTAL NON-CASH
FLOW INFORMATION: |
|
|
|
|
|
|
|
|
Change in capital expenditures
included in accounts payable and prepaid expense |
|
$ |
(5,290 |
) |
|
$ |
120 |
|
Stock issued on redemption of
convertible notes and interest |
|
$ |
9,721 |
|
|
$ |
— |
|
Hallador Energy Company |
Condensed Consolidated Statements of
Stockholders'Equity |
(in thousands) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Additional |
|
|
|
|
|
|
Total |
|
|
|
Common Stock Issued |
|
|
Paid-in |
|
|
Retained |
|
|
Stockholders' |
|
|
|
Shares |
|
|
Amount |
|
|
Capital |
|
|
Earnings |
|
|
Equity |
|
Balance, December 31, 2023 |
|
|
34,052 |
|
|
$ |
341 |
|
|
$ |
127,548 |
|
|
$ |
140,699 |
|
|
$ |
268,588 |
|
Stock-based compensation |
|
|
— |
|
|
|
— |
|
|
|
666 |
|
|
|
— |
|
|
|
666 |
|
Stock issued on vesting of
RSUs |
|
|
321 |
|
|
|
3 |
|
|
|
(3 |
) |
|
|
— |
|
|
|
— |
|
Taxes paid on vesting of
RSUs |
|
|
(132 |
) |
|
|
(1 |
) |
|
|
— |
|
|
|
— |
|
|
|
(1 |
) |
Stock issued on redemption of
convertible notes |
|
|
1,582 |
|
|
|
15 |
|
|
|
9,706 |
|
|
|
— |
|
|
|
9,721 |
|
Stock issued in ATM
offering |
|
|
711 |
|
|
|
7 |
|
|
|
6,573 |
|
|
|
— |
|
|
|
6,580 |
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,696 |
) |
|
|
(1,696 |
) |
Balance, March 31, 2024 |
|
|
36,534 |
|
|
$ |
365 |
|
|
$ |
144,490 |
|
|
$ |
139,003 |
|
|
$ |
283,858 |
|
|
|
|
|
|
|
|
|
|
|
Additional |
|
|
|
|
|
|
Total |
|
|
|
Common Stock Issued |
|
|
Paid-in |
|
|
Retained |
|
|
Stockholders' |
|
|
|
Shares |
|
|
Amount |
|
|
Capital |
|
|
Earnings |
|
|
Equity |
|
Balance, December 31, 2022 |
|
|
32,983 |
|
|
$ |
330 |
|
|
$ |
118,788 |
|
|
$ |
95,906 |
|
|
$ |
215,024 |
|
Stock-based compensation |
|
|
— |
|
|
|
— |
|
|
|
1,220 |
|
|
|
— |
|
|
|
1,220 |
|
Stock issued on vesting of
RSUs |
|
|
275 |
|
|
|
3 |
|
|
|
(3 |
) |
|
|
— |
|
|
|
— |
|
Taxes paid on vesting of
RSUs |
|
|
(121 |
) |
|
|
(1 |
) |
|
|
(1,108 |
) |
|
|
— |
|
|
|
(1,109 |
) |
Net income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
22,051 |
|
|
|
22,051 |
|
Balance, March 31, 2023 |
|
|
33,137 |
|
|
$ |
332 |
|
|
$ |
118,897 |
|
|
$ |
117,957 |
|
|
$ |
237,186 |
|
Hallador Energy (NASDAQ:HNRG)
Gráfica de Acción Histórica
De Abr 2024 a May 2024
Hallador Energy (NASDAQ:HNRG)
Gráfica de Acción Histórica
De May 2023 a May 2024