Cloud Peak Energy Inc. announces results for 1Q17
Published by Louise Mulhall,
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/
You might also like
Seawing automated kite system to be installed on the CORONA CITRUS
Kawasaki Kisen Kaisha, Ltd. and Electric Power Development Co., Ltd. have decided to install the “Seawing,” an automated kite system using wind power, on CORONA CITRUS, an 88 000 DWT-type special coal carrier for J-POWER.