Cloud Peak Energy have released their results for the quarter ended 1Q17.
- Net income (loss) of $US(20.1) million, Adjusted EBITDA of US$20.4 million, and an average cost of US$9.78/short t, were all improved results as compared to the first quarter of 2016.
- Exported 0.5 million/short t during the first quarter and have contracted 3.3 million short t of Asian export sales to be delivered in 2017.
- The company received proceeds, net of underwriting discounts and commissions, of US$64.7 million on the issuance of 13.5 million shares of common stock. Equity issuance proceeds funded the full US$64.5 million redemption of the outstanding 2019 Senior Notes. These transactions resulted in a reduction in outstanding long-term debt and no debt maturities until 2021.
- Ended the quarter with total available liquidity of US$455 million.
Colin Marshall, President and Chief Executive Officer, commented:
“Our lower operating costs reflect the many cost control and efficiency initiatives we put in place during 2016 to adapt to lower shipments. We delivered a solid operational and financial performance in the first quarter as the industry environment continued to improve. During the quarter, we continued to increase our export shipments, although the volume ramp-up was challenged by severe weather in the Pacific Northwest that negatively impacted rail performance. We currently have contracted 3.3 million/short t to be exported during 2017, with additional sales anticipated as the year progresses.”
Read the article online at: https://www.worldcoal.com/coal/28042017/cloud-peak-energy-inc-announces-results-for-1q17/