Rhino Resources has announced a net loss of US$34 million in 4Q15 on total revenues of US$39.6 million with coal sales generating US$31.6 million of the total. This compares to revenues of US$61.9 million and coal sales of US$52.5 million in 4Q14.
“We successfully executed many transactions during the past year to reduce our debt and enhance the partnership’s cash flow and liquidity during these challenging market conditions,” Rhino’s President and CEO said in a statement. “We generated over US$13 million of proceeds from the sale of non-core assets that we utilsed to reduce our debt.”
“Our balance sheet remains strong with this relatively low debt level compared to many competitors in the coal industry along with our low level of legacy liabilities,” Funk concluded.
Separately, the company also announced that it would undertake a one-for-ten reverse stock split on its common and subordinated units, effective after market close on 18 April.
The reverse split will reduce the amount of common units from about 76.9 million to 7.7 million, while subordinated unit count will fall from about 12.4 million to 1.2 million. According to the company, to move is intended to increase to market price of Rhino’s stock, bringing it into compliance with New York Stock Exchange continued listing standards.
Edited by Jonathan Rowland.
Read the article online at: https://www.worldcoal.com/coal/29032016/rhino-resources-announces-4q15-loss-2016-479/