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Contura Announces Third Quarter 2018 Results

14.11.2018  |  PR Newswire

BRISTOL, Tenn., Nov. 14, 2018  /PRNewswire/ -- Contura Energy Inc. (NYSE: CTRA), a leading U.S. coal supplier, today reported results for the third quarter and year-to-date through September 30, 2018.

Highlights include:

  • Net Income from continuing operations of $14 million for the third quarter 2018 compared with $10 million in the same period last year(1)
  • Adjusted EBITDA of $39 million for the quarter compared with $42 million in the same period last year(1)
  • Merger with Alpha officially closed on November 9, 2018, creating the largest metallurgical coal supplier in the U.S. The third quarter results disclosed herein do not include any effects of the Alpha transaction
  • The company now trades on the NYSE under the symbol "CTRA"
  • Successfully refinanced the company's and legacy Alpha's term loans with a new 7-year, $550 million term loan credit facility
  • Upsized the asset-backed revolving credit facility from $125 million to $225 million

(millions, except per share)


Three months ended Sept. 30,

Nine months ended Sept. 30,


2018(1)

2017(1)

2018(1)

2017(1)

Net income(2)

$14.0

$9.7

$147.0

$59.1

Net income(2) per diluted share

$1.35

$0.89

$14.23

$5.45

Adjusted EBITDA(3)

$38.8

$41.5

$223.9

$234.1

Operating cash flow(4)

$60.7

$73.7

$176.3

$259.9

Capital expenditures

$18.4

$17.8

$56.7

$48.3

Tons of coal sold

3.9

3.8

12.1

12.2






1. Excludes discontinued operations.




2. From continuing operations.





3. These are non-GAAP financial measures. A reconciliation of Net Income to Adjusted EBITDA is included in tables accompanying the financial schedules.

4. Includes discontinued operations.




 

"Beyond delivering another positive quarter, largely supported through continued success of our robust export platform, we are very pleased to have brought to a successful completion both the merger with Alpha and the refinancing of our term loans. These actions provide our company the scalability, both operationally and financially, to continue to thrive and return meaningful value to our shareholders," said Kevin Crutchfield, chief executive officer. "Our focus will now shift to achieving the operational, marketing and cost synergies we have targeted through this transaction and I am confident that we have the right team in place to complete the integration efficiently."

Financial Performance

Total revenues in the third quarter were $447.9 million. Coal revenues in the third quarter, excluding freight and handling fulfillment revenues, were $352.0 million, with Central Appalachia (CAPP) coal revenues accounting for $115.1 million, Trading and Logistics (T&L) accounting for $177.8 million, and Northern Appalachia (NAPP) coal revenues totaling $59.1 million. Comparatively, in the third quarter 2017, CAPP revenues were $108.6 million, T&L revenues were $144.9 million, and NAPP revenues were $65.7 million of the $319.2 million in total coal revenues.

CAPP coal shipments for the third quarter 2018 were 1.0 million tons at an average per-ton realization of $116.62, compared to 1.0 million tons at $105.86 per ton in the prior year third quarter. Contura shipped 1.3 million tons of NAPP coal during the quarter at an average per-ton realization of $44.88, down from 1.5 million tons at $44.57 per ton in the third quarter 2017. As previously announced, NAPP volumes in the quarter were impacted by geologic conditions, including a period of reduced coal seam thickness and localized soft clay issues, which have been resolved. In the T&L segment, coal volumes increased from 1.3 million tons in the prior year period to 1.6 million tons in the third quarter 2018, while the average T&L realization increased marginally from $112.48 per ton in the prior year's third quarter to $112.81 per ton during third quarter 2018.

Freight and handling fulfillment revenues and other revenues in the third quarter 2018 were $91.0 million and $4.9 million, respectively, compared with $61.5 million and $1.9 million, respectively, in the prior year period.

Total costs and expenses during the third quarter 2018 were $424.0 million and cost of coal sales was $307.7 million, compared with $372.6 million and $270.8 million, respectively, in the same period a year ago. The cost of coal sales in CAPP for the quarter averaged $86.38 per ton, up from $74.02 in the prior year period. CAPP costs include $1.04 per ton in idle costs. The main drivers of increased costs versus expectations were incremental use of purchased coal, which increased the cost of coal sales per ton by approximately $3.50, and higher supply costs, which increased costs by approximately $2.00 per ton. Also, higher sales-related costs resulting from strong metallurgical coal realizations continued to contribute to higher costs per ton.

NAPP costs at $46.37 per ton were impacted by the aforementioned geologic conditions experienced during the quarter and a longwall move in September, both of which reduced production volume. NAPP costs include idle costs of $1.31 per ton. In the year ago period, NAPP cost of coal sales averaged $44.51 per ton. In the T&L segment, the cost of coal sales during the third quarter 2018 was $102.42 per ton versus $100.45 per ton in the third quarter 2017.

Selling, general and administrative (SG&A) expenses for the third quarter 2018 were $12.4 million, down from $15.9 million in the year ago period. The year-ago period included approximately $5.0 million in non-cash stock compensation and $1.7 million in charges related to the company's incentive plan. Included in the SG&A costs for the third quarter 2018 are approximately $1.8 million in non-cash stock compensation and accrued expenses of $2.7 million related to incentive bonus plans. Depreciation, depletion and amortization was $11.1 million during the third quarter 2018 and amortization of acquired intangibles was $1.2 million, compared with $7.5 million and $14.9 million, respectively, in the same period last year, excluding discontinued operations.

Contura reported net income from continuing operations of $14.0 million, or $1.35 per diluted share, for the third quarter 2018. In the third quarter 2017, the company had net income from continuing operations of $9.7 million or $0.89 per diluted share.

Total adjusted EBITDA was $38.8 million for the third quarter, compared with $41.5 million in the prior year quarter, adjusted to remove the impact of discontinued operations.

Liquidity and Capital Resources

Cash provided by operating activities for the third quarter 2018, including discontinued operations, was $60.7 million and capital expenditures for the third quarter were $18.4 million. In the prior year period, the cash provided by operating activities was $73.7 million and capital expenditures were $17.8 million. Capital expenditures of $3.1 million from discontinued operations are excluded from the prior year total.

At the end of September 2018, Contura had $238.1 million in unrestricted cash. Total long-term debt, including the current portion of long-term debt as of September 30, 2018, was approximately $366.6 million.  At the end of the quarter, the company had total liquidity of $334.4 million, including cash and cash equivalents of $238.1 million and $96.3 million of unused commitments available under the Asset-Based Revolving Credit Facility. As of September 30, 2018, the company had no borrowings and $28.7 million in letters of credit outstanding under the Asset-Based Revolving Credit Facility.

Alpha Merger Update

On November 9, 2018, the merger between Contura Energy and ANR, Inc. and Alpha Natural Resources Holdings, Inc. (together, "Alpha") was completed, creating the largest metallurgical coal supplier in the U.S. complemented by a cost-competitive thermal coal portfolio.

In conjunction with the transaction closing, Contura shares were listed and began trading on the New York Stock Exchange (NYSE) under the symbol "CTRA." Concurrently, the company refinanced its and legacy Alpha's term loans with a new $550 million, 7-year term loan credit facility. The interest rate will be LIBOR plus 500bps. In addition, the company upsized its asset-backed revolving credit facility from $125 million to $225 million.

As previously announced, the merger is expected to generate synergies in the range of $30 million to $50 million annually.

Other Business Updates

On December 11, 2017, the company announced that its wholly-owned subsidiary, Contura Coal West, LLC, completed a transaction to sell the Eagle Butte and Belle Ayr mines in Wyoming, along with related coal reserves, equipment, infrastructure and other real properties, to Blackjewel L.L.C. The public comment period for the permits is currently in process, and the final transfer is expected to be completed prior to year-end 2018.

2018 Full-Year Guidance

None of the guidance ranges described herein include any effects of the transaction with Alpha, which closed on November 9, 2018. We expect to provide full-year 2019 guidance for the combined company in early 2019.

The company expects total 2018 coal shipments to be unchanged in the range of 15.4 million to 16.8 million tons. CAPP metallurgical coal guidance remains at 3.7 million to 4.1 million tons with the T&L segment remaining at 5.6 million to 6.2 million tons. NAPP shipments are expected to be between 6.1 million and 6.5 million tons in 2018.

As of October 25, 2018, 85% of the midpoint of anticipated 2018 CAPP coal shipments were committed and priced at an average expected per-ton realization of $130.13, with the remaining 15% committed and priced based on various indices. Based on the midpoint of guidance, 90% of anticipated 2018 NAPP coal shipments were committed and priced at an average expected per-ton realization of $44.45.

Contura is increasing guidance for 2018 CAPP cost of coal sales per ton to $77.00 to $81.00 to account for increased purchase coal tons and continued strength in the metallurgical coal markets leading to higher realizations and subsequently higher sales related expenses than originally anticipated. NAPP cost estimates remain in the range of $35.00 to $38.00 per ton. Additionally, costs related to the company's idle operations are expected to be between $10 million and $12 million for the full-year 2018.

The margin from Contura's T&L platform is expected to average between $9 to $15 per ton for the full-year 2018.

Contura's SG&A guidance is estimated at $32 million to $36 million, excluding one-time and non-recurring items, annual incentive bonuses and stock compensation. Capital expenditure guidance is unchanged in the range of $72 million to $82 million. Depreciation, depletion and amortization for 2018 is expected to be between $40 million and $50 million. The company expects 2018 cash interest expense to be between $25 million and $27 million.

None of the guidance ranges described below include any effects of the transaction with Alpha, which closed on November 9, 2018.

in millions of tons

Low

High

CAPP

3.7


4.1


NAPP

6.1


6.5


Total Production

9.8


10.6





Contura Trading & Logistics

5.6


6.2





Total Shipments

15.4


16.8





Committed/Priced1,2,3

Committed

Average Price

CAPP4

85

%

$130.13


NAPP

90

%

$44.45





Committed/Unpriced1,3

Committed


CAPP4

15

%





Costs per ton

Low

High

CAPP

$77


$81


NAPP

$35


$38





Margin per ton

Low

High

Contura Trading & Logistics

$9


$15





In millions (except taxes)

Low

High

SG&A5

$32


$36


Idle Operations Expense

$10


$12


Cash Interest Expense

$25


$27


DD&A

$40


$50


Capital Expenditures

$72


$82


Tax Rate

0

%

5

%

Notes: 

  1. Based on committed and priced coal shipments as of October 25, 2018. Committed percentage based on the midpoint of shipment guidance range.
  2. Actual average per-ton realizations on committed and priced tons recognized in future periods may vary based on actual freight expense in future periods relative to assumed freight expense embedded in projected average per-ton realizations.
  3. Includes estimates of future coal shipments based upon contract terms and anticipated delivery schedules. Actual coal shipments may vary from these estimates.
  4. CAPP committed tons and price information represent captive Contura production and does not include Trading and Logistics.
  5. Excludes expenses related to non-cash stock compensation, accrual of incentive bonus and non-recurring business development expenses.

ABOUT CONTURA ENERGY

Contura Energy (NYSE: CTRA) is a Tennessee-based coal supplier with affiliate mining operations across major coal basins in Pennsylvania, Virginia and West Virginia. 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. 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. 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 Contura. Except as required by law, 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 discussed in any forward-looking statement made in this news release may not occur.

INVESTOR CONTACT
investorrelations@conturaenergy.com

Alex Rotonen, CFA
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: Adjusted EBITDA. The company uses Adjusted EBITDA to measure the operating performance of its segments and allocate resources to the segments. This non-GAAP financial measure excludes various items detailed in the attached reconciliation tables.

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

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(Amounts in thousands, except share and per share data)






Three Months Ended September 30,


Nine Months Ended September 30,


2018


2017


2018


2017

Revenues:








Coal revenues

$

443,005



$

319,178



$

1,446,538



$

1,100,078


Freight and handling revenues



61,492





191,411


Other revenues

4,866



1,868



12,583



5,836


Total revenues

447,871



382,538



1,459,121



1,297,325


Costs and expenses:








Cost of coal sales (exclusive of items shown separately below)

307,689



270,838



936,817



842,158


Freight and handling costs

91,041



61,492



268,017



191,411


Depreciation, depletion and amortization

11,141



7,504



33,951



25,292


Amortization of acquired intangibles, net

1,158



14,868



12,468



49,111


Selling, general and administrative expenses (exclusive of depreciation, depletion and amortization shown separately above)

12,382



15,946



43,490



56,094


Merger related costs

1,181





5,064




Secondary offering costs



1,061





4,499


Total other operating (income) loss:








Gain on disposal of assets

(601)





(17,103)




Mark-to-market adjustment for acquisition-related obligations



839





3,221


Gain on settlement of acquisition-related obligations

(118)





(410)



(9,200)


Other expenses

150



8



438



89


Total costs and expenses

424,023



372,556



1,282,732



1,162,675


Income from operations

23,848



9,982



176,389



134,650


Other income (expense):








Interest expense

(8,554)



(8,466)



(26,538)



(28,080)


Interest income

507



43



829



116


Loss on early extinguishment of debt







(38,701)


Equity loss in affiliates

(1,624)



(411)



(2,857)



(2,120)


Bargain purchase gain



369





1,011


Miscellaneous income, net

(154)



(158)



(737)



(350)


Total other expense, net

(9,825)



(8,623)



(29,303)



(68,124)


Income from continuing operations before income taxes

14,023



1,359



147,086



66,526


Income tax (expense) benefit

(12)



8,371



(133)



(7,440)


Net income from continuing operations

14,011



9,730



146,953



59,086


Discontinued operations:








(Loss) income from discontinued operations before income taxes

(2,117)



3,724



(4,330)



(276)


Income tax expense from discontinued operations



(3,295)





(929)


(Loss) income from discontinued operations

(2,117)



429



(4,330)



(1,205)


Net income

$

11,894



$

10,159



$

142,623



$

57,881










Basic income (loss) per common share:








Income from continuing operations

$

1.45



$

0.95



$

15.30



$

5.74


(Loss) income from discontinued operations

(0.22)



0.04



(0.45)



(0.12)


Net income

$

1.23



$

0.99



$

14.85



$

5.62










Diluted income (loss) per common share








Income from continuing operations

$

1.35



$

0.89



$

14.23



$

5.45


(Loss) income from discontinued operations

(0.20)



0.04



(0.42)



(0.11)


Net income

$

1.15



$

0.93



$

13.81



$

5.34










Weighted average shares - basic

9,633,164



10,277,974



9,602,860



10,298,889


Weighted average shares - diluted

10,384,513



10,896,856



10,328,031



10,832,989


 

 

Contura Energy Inc. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

(Amounts in thousands, except share and per share data)






September 30, 2018


December 31, 2017

Assets




Current assets:




Cash and cash equivalents

$

238,129



$

141,924


Trade accounts receivable, net of allowance for doubtful accounts of $0 as of

September 30, 2018 and December 31, 2017

138,697



127,326


Inventories, net

58,496



69,561


Assets held for sale



171


Short-term restricted cash

8,853



11,615


Short-term deposits

6,551



12,366


Prepaid expenses and other current assets

45,915



59,693


Current assets - discontinued operations

22,179



40,498


Total current assets

518,820



463,154


Property, plant, and equipment, net

218,347



196,579


Other acquired intangibles, net of accumulated amortization of $20,760 and $28,662 as

of September 30, 2018 and December 31, 2017

5,990



18,458


Long-term restricted cash

36,882



40,421


Long-term deposits

9,237



3,607


Deferred income taxes

78,744



78,744


Other non-current assets

38,605



28,005


Non-current assets - discontinued operations



7,632


Total assets

$

906,625



$

836,600


Liabilities and Stockholders' Equity




Current liabilities:




Current portion of long-term debt

$

4,791



$

10,730


Trade accounts payable

79,360



76,319


Acquisition-related obligations - current

13,670



15,080


Liabilities held for sale

1,345



27,161


Accrued expenses and other current liabilities

56,020



58,771


Current liabilities - discontinued operations

20,850



54,114


Total current liabilities

176,036



242,175


Long-term debt

361,770



361,973


Acquisition-related obligations - long-term

11,997



20,332


Asset retirement obligations

55,821



52,434


Other non-current liabilities

61,686



59,276


Non-current liabilities - discontinued operations

103



7,762


Total liabilities

667,413



743,952


Commitments and Contingencies




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, 10.8 million issued

and 9.9 million outstanding at September 30, 2018 and 10.7 million issued and 9.9

million outstanding at December 31, 2017

108



108


Additional paid-in capital

49,407



40,616


Accumulated other comprehensive loss

(1,959)



(1,948)


Treasury stock, at cost: 0.9 million shares at September 30, 2018 and 0.8 million

shares at December 31, 2017

(54,931)



(50,092)


Retained earnings

246,587



103,964


Total stockholders' equity

239,212



92,648


Total liabilities and stockholders' equity

$

906,625



$

836,600


 

 

Contura Energy Inc. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(Amounts in thousands)




Nine Months Ended September 30,


2018


2017

Operating activities:




Net income

$

142,623



$

57,881


Adjustments to reconcile net income to net cash provided by operating activities:




Depreciation, depletion and amortization

33,951



49,431


Amortization of acquired intangibles, net

12,468



49,111


Accretion of acquisition-related obligations discount

4,165



5,954


Amortization of debt issuance costs and accretion of debt discount

2,264



2,132


Mark-to-market adjustment for acquisition-related obligations



3,221


Gain on settlement of acquisition-related obligations

(410)



(9,200)


Gain on disposal of assets

(17,103)



(513)


Bargain purchase gain



(1,011)


Accretion of asset retirement obligations

5,545



16,573


Employee benefit plans, net

6,551



8,459


Loss on early extinguishment of debt



38,701


Stock-based compensation

9,472



11,946


Equity in loss of affiliates

2,857



2,106


Other, net

1,020




Changes in operating assets and liabilities

(27,087)



25,141


Net cash provided by operating activities

176,316



259,932


Investing activities:




Capital expenditures

(56,722)



(56,403)


Payments on disposal of assets

(10,250)




Proceeds on disposal of assets

647



2,449


Capital contributions to equity affiliates

(3,759)



(4,160)


Purchase of additional ownership interest in equity affiliate



(13,293)


Other, net

(1,455)



(408)


Net cash used in investing activities

(71,539)



(71,815)


Financing activities:




Proceeds from borrowings on debt



396,000


Principal repayments of debt

(6,323)



(368,500)


Principal repayments of capital lease obligations

(221)



(798)


Debt issuance costs

(466)



(14,385)


Debt extinguishment costs



(25,036)


Debt amendment costs



(4,520)


Common stock repurchases and related expenses

(4,839)



(17,445)


Special dividend paid



(92,786)


Principal repayments of notes payable

(3,094)



(1,093)


Other, net

70



11


Net cash used in financing activities

(14,873)



(128,552)


Net increase in cash and cash equivalents and restricted cash

89,904



59,565


Cash and cash equivalents and restricted cash at beginning of period

193,960



171,289


Cash and cash equivalents and restricted cash at end of period

$

283,864



$

230,854






Supplemental cash flow information:




Cash paid for interest

$

20,417



$

34,091


Cash paid for taxes

$

6



$

13,328


Cash received for income tax refunds

$

13,457



$


Supplemental disclosure of non-cash investing and financing activities:




Capital leases and capital financing - equipment

$

414



$

735


Accrued capital expenditures

$

7,725



$

9,169


 

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets that sum to the total of the same such amounts shown in the Condensed Consolidated Statements of Cash Flows.


Nine Months Ended September 30,


2018


2017

Cash and cash equivalents

$

238,129



$

173,490


Short-term restricted cash

8,853




Long-term restricted cash

36,882



57,364


Total cash and cash equivalents and restricted cash shown in the Condensed

 Consolidated Statements of Cash Flows

$

283,864



$

230,854


 

 

Contura Energy Inc. AND SUBSIDIARIES

ADJUSTED EBITDA RECONCILIATION

(Amounts in thousands)



Reconciliation of Non-GAAP measures:



Three Months Ended September 30, 2018


CAPP


NAPP


Trading and Logistics


All Other


Consolidated

Net income (loss) from continuing operations

$

24,787



$

(4,765)



$

15,749



$

(21,760)



$

14,011


Interest expense

4



(490)





9,040



8,554


Interest income

(7)



(12)





(488)



(507)


Income tax expense







12



12


Depreciation, depletion and amortization

5,658



5,298





185



11,141


Merger related costs







1,181



1,181


Non-cash stock compensation expense







1,885



1,885


Gain on settlement of acquisition-related obligations







(118)



(118)


Accretion expense

548



941







1,489


Amortization of acquired intangibles, net





1,158





1,158


Adjusted EBITDA (1)

$

30,990



$

972



$

16,907



$

(10,063)



$

38,806






















(1) Pursuant to the PRB divestiture and classification as a discontinued operation, the Company is no longer presenting a PRB reporting segment. The former PRB reporting segment had Adjusted EBITDA of ($1,102) for the three months ended September 30, 2018.

 

 

Segment Information:




Three Months Ended September 30, 2018


CAPP


NAPP


Trading and Logistics


All Other


Consolidated

Total revenues

$

115,280



$

60,944



$

270,985



$

662



$

447,871



Depreciation, depletion, and amortization

$

5,658



$

5,298



$



$

185



$

11,141



Amortization of acquired intangibles, net

$



$



$

1,158



$



$

1,158



Adjusted EBITDA

$

30,990



$

972



$

16,907



$

(10,063)



$

38,806



Capital expenditures

$

7,984



$

10,270



$



$

119



$

18,373



 

 

Reconciliation of Non-GAAP measures:



Nine Months Ended September 30, 2018


CAPP


NAPP


Trading and Logistics


All Other


Consolidated

Net income (loss) from continuing operations

$

147,787



$

1,440



$

70,643



$

(72,917)



$

146,953


Interest expense

316



(839)





27,061



26,538


Interest income

(17)



(24)



(18)



(770)



(829)


Income tax expense







133



133


Depreciation, depletion and amortization

17,636



15,761





554



33,951


Merger related costs







5,064



5,064


Management restructuring costs (1)







2,659



2,659


Non-cash stock compensation expense







8,240



8,240


Gain on settlement of acquisition-related obligations







(410)



(410)


Gain on sale of disposal group (2)

(16,386)









(16,386)


Accretion expense

2,722



2,823







5,545


Amortization of acquired intangibles, net





12,468





12,468


Adjusted EBITDA (3)

$

152,058



$

19,161



$

83,093



$

(30,386)



$

223,926






















 

(1) Management restructuring costs are related to severance expense associated with senior management changes in the nine months ended September 30, 2018.

(2) During the fourth quarter of 2017, the Company entered into an asset purchase agreement to sell a disposal group (comprised of property, plant and equipment and associated asset retirement obligations) within our CAPP segment. From the date the Company entered into the asset purchase agreement through the transaction close date, the property, plant and equipment and associated asset retirement obligations were classified as held for sale in amounts representing the fair value of the disposal group. Upon permit transfer, the transaction closed on April 2, 2018. The Company paid $10,000 in connection with the transaction, which was paid into escrow on March 27, 2018 and transferred to the buyer at the transaction close date, and expects to pay a series of additional cash payments in the aggregate amount of $1,500, per the terms stated in the agreement, and recorded a gain on sale of $16,386 within gain on disposal of assets within the Condensed Consolidated Statements of Operations.

(3) Pursuant to the PRB divestiture and classification as a discontinued operation, the Company is no longer presenting a PRB reporting segment. The former PRB reporting segment had Adjusted EBITDA of ($3,470) for the nine months ended September 30, 2018.

 

 

Segment Information:



Nine Months Ended September 30, 2018


CAPP


NAPP


Trading and Logistics


All Other


Consolidated

Total revenues

$

402,823



$

196,173



$

857,230



$

2,895



$

1,459,121



Depreciation, depletion, and amortization

$

17,636



$

15,761



$



$

554



$

33,951



Amortization of acquired intangibles, net

$



$



$

12,468



$



$

12,468



Adjusted EBITDA

$

152,058



$

19,161



$

83,093



$

(30,386)



$

223,926



Capital expenditures

$

23,829



$

32,611



$



$

282



$

56,722



 

 

Reconciliation of Non-GAAP measures:



Three Months Ended September 30, 2017


CAPP


NAPP


Trading and Logistics


All Other


Consolidated

Net income (loss) from continuing operations

$

30,238



$

(3,300)



$

613



$

(17,821)



$

9,730


Interest expense

1



(264)





8,729



8,466


Interest income

(3)







(40)



(43)


Income tax expense







(8,371)



(8,371)


Depreciation, depletion and amortization

2,736



4,544





224



7,504


Non-cash stock compensation expense





171



5,143



5,314


Mark-to-market adjustment - acquisition-related obligations







839



839


Secondary offering costs







1,061



1,061


Bargain purchase gain







(369)



(369)


Accretion expense

1,461



1,041







2,502


Amortization of acquired intangibles, net





14,868





14,868


Adjusted EBITDA (1) (2)

$

34,433



$

2,021



$

15,652



$

(10,605)



$

41,501


 

(1) The Company's Adjusted EBITDA calculation has been modified to add back non-cash stock compensation expense to align with industry peer group methodology.

(2) Pursuant to the PRB divestiture and classification as a discontinued operation, the Company is no longer presenting a PRB reporting segment. The former PRB reporting segment had Adjusted EBITDA of $14,528 for the three months ended September 30, 2017.

 

 

Segment Information:



Three Months Ended September 30, 2017


CAPP


NAPP


Trading and Logistics


All Other


Consolidated

Total revenues

$

108,996



$

66,625



$

206,749



$

168



$

382,538



Depreciation, depletion, and amortization

$

2,736



$

4,544



$



$

224



$

7,504



Amortization of acquired intangibles, net

$



$



$

14,868



$



$

14,868



Adjusted EBITDA

$

34,433



$

2,021



$

15,652



$

(10,605)



$

41,501



Capital expenditures

$

3,645



$

14,156



$



$



$

17,801



 

 

Reconciliation of Non-GAAP measures:



Nine Months Ended September 30, 2017


CAPP


NAPP


Trading and Logistics


All Other


Consolidated

Net income (loss) from continuing operations

$

128,584



$

41,855



$

17,203



$

(128,556)



$

59,086


Interest expense

(92)



(633)





28,805



28,080


Interest income

(8)







(108)



(116)


Income tax expense







7,440



7,440


Depreciation, depletion and amortization

13,447



11,206





639



25,292


Non-cash stock compensation expense





380



11,532



11,912


Mark-to-market adjustment - acquisition-related obligations







3,221



3,221


Gain on settlement of acquisition-related obligations







(9,200)



(9,200)


Secondary offering costs







4,499



4,499


Loss on early extinguishment of debt







38,701



38,701


Bargain purchase gain







(1,011)



(1,011)


Accretion expense

4,384



3,123







7,507


Amortization of acquired intangibles, net





49,111





49,111


Expenses related to Special Dividend

377



57





9,102



9,536


Adjusted EBITDA (1) (2)

$

146,692



$

55,608



$

66,694



$

(34,936)



$

234,058


 

(1) The Company's Adjusted EBITDA calculation has been modified to add back non-cash stock compensation expense to align with industry peer group methodology.

(2) Pursuant to the PRB divestiture and classification as a discontinued operation, the Company is no longer presenting a PRB reporting segment. The former PRB reporting segment had Adjusted EBITDA of $33,289 for the nine months ended September 30, 2017.

 

 

Segment Information:



Nine Months Ended September 30, 2017


CAPP


NAPP


Trading and Logistics


All Other


Consolidated

Total revenues

$

369,600



$

243,605



$

683,558



$

562



$

1,297,325



Depreciation, depletion, and amortization

$

13,447



$

11,206



$



$

639



$

25,292



Amortization of acquired intangibles, net

$



$



$

49,111



$



$

49,111



Adjusted EBITDA

$

146,692



$

55,608



$

66,694



$

(34,936)



$

234,058



Capital expenditures

$

10,834



$

36,365



$



$

1,058



$

48,257



 

 

Contura Energy Inc. AND SUBSIDIARIES

RESULTS OF OPERATIONS

(Amounts in thousands, except per ton data)






Three Months Ended September 30,


Increase (Decrease)

(In thousands, except

for per ton data)

2018


2017


$ or Tons


%

Revenues:








Coal revenues:








Steam

$

51,010



$

60,684



$

(9,674)



(15.9)%


Met

300,954



258,494



42,460



16.4

%

Freight and handling fulfillment revenues

91,041



61,492



29,549



48.1

%

Other revenues

4,866



1,868



2,998



160.5

%

Total revenues

$

447,871



$

382,538



$

65,333



17.1

%









Tons sold:








Steam

1,238



1,399



(161)



(11.5)%


Met

2,641



2,389



252



10.5

%

Total

3,879



3,788



91



2.4

%









Coal sales realization per ton (1):








Steam

$

41.20



$

43.38



$

(2.18)



(5.0)%


Met

$

113.95



$

108.20



$

5.75



5.3

%

Average

$

90.74



$

84.26



$

6.48



7.7

%

 

 


Three Months Ended September 30,


Increase (Decrease)

(In thousands, except

for per ton data)

2018


2017


$ or Tons


%

Coal revenues (1):








CAPP Operations

$

115,107



$

108,611



$

6,496



6.0

%

NAPP Operations

59,063



65,699



(6,636)



(10.1)%


Trading and Logistics Operations

177,794



144,868



32,926



22.7

%

Total coal revenues

$

351,964



$

319,178



$

32,786



10.3

%









Tons sold:








CAPP Operations

987



1,026



(39)



(3.8)%


NAPP Operations

1,316



1,474



(158)



(10.7)%


Trading and Logistics Operations

1,576



1,288



288



22.4

%









Coal sales realization per ton (1):








CAPP Operations

$

116.62



$

105.86



$

10.76



10.2

%

NAPP Operations

$

44.88



$

44.57



$

0.31



0.7

%

Trading and Logistics Operations

$

112.81



$

112.48



$

0.33



0.3

%

Average

$

90.74



$

84.26



$

6.48



7.7

%
















(1) Does not include $91.0 million of freight and handling fulfillment revenues for the three months ended September 30, 2018.

 

 


Three Months Ended September 30,


Increase (Decrease)

(In thousands, except

for per ton data)

2018


2017


$ or Tons


%

Cost of coal sales (exclusive of items shown separately below)

$

307,689



$

270,838



$

36,851



13.6

%

Freight and handling costs

91,041



61,492



29,549



48.1

%

Depreciation, depletion and amortization

11,141



7,504



3,637



48.5

%

Amortization of acquired intangibles, net

1,158



14,868



(13,710)



(92.2)%


Selling, general and administrative expenses (exclusive of depreciation, depletion and amortization shown separately above)

12,382



15,946



(3,564)



(22.4)%


Merger related costs

1,181





1,181



100.0

%

Secondary offering costs



1,061



(1,061)



(100.0)%


Total other operating (income) loss:








Gain on disposal of assets

(601)





(601)



(100.0)%


Mark-to-market adjustment for acquisition-related obligations



839



(839)



(100.0)%


Gain on settlement of acquisition-related obligations

(118)





(118)



(100.0)%


Other expenses

150



8



142



1,775.0

%

Total costs and expenses

424,023



372,556



51,467



13.8

%

Other (expense) income:








   Interest expense

(8,554)



(8,466)



(88)



(1.0)%


   Interest income

507



43



464



1,079.1

%

Equity loss in affiliates

(1,624)



(411)



(1,213)



(295.1)%


Bargain purchase gain



369



(369)



(100.0)%


   Miscellaneous income, net

(154)



(158)



4



2.5

%

Total other expense, net

(9,825)



(8,623)



(1,202)



(13.9)%


Income tax expense

(12)



8,371



(8,383)



(100.1)%


Net income from continuing operations

$

14,011



$

9,730



$

4,281



44.0

%









Cost of coal sales:








CAPP Operations

$

85,254



$

75,947



$

9,307



12.3

%

NAPP Operations

$

61,021



$

65,611



$

(4,590)



(7.0)%


Trading and Logistics Operations

$

161,414



$

129,374



$

32,040



24.8

%









Tons sold:








CAPP Operations

987



1,026



(39)



(3.8)%


NAPP Operations

1,316



1,474



(158)



(10.7)%


Trading and Logistics Operations

1,576



1,288



288



22.4

%









Cost of coal sales per ton:








CAPP Operations

$

86.38



$

74.02



$

12.36



16.7

%

NAPP Operations

$

46.37



$

44.51



$

1.86



4.2

%

Trading and Logistics Operations

$

102.42



$

100.45



$

1.97



2.0

%









Coal margin per ton (1):








CAPP Operations

$

30.24



$

31.84



$

(1.60)



(5.0)%


NAPP Operations

$

(1.49)



$

0.06



$

(1.55)



(2,583.3)%


Trading and Logistics Operations

$

10.39



$

12.03



$

(1.64)



(13.6)%

















(1) Coal margin per ton for our reportable segments is calculated as coal sales realization per ton for our reportable segments less cost of coal sales per ton for our reportable segments. Coal margin per ton is not shown for our All Other category since it has no coal sales or coal production related to our continuing operations.

 

 


Nine Months Ended September 30,


Increase (Decrease)

(In thousands, except

for per ton data)

2018


2017


$ or Tons


%

Revenues:








Coal revenues:








Steam

$

162,937



$

226,939



$

(64,002)



(28.2)%


Met

1,015,584



873,139



142,445



16.3

%

Freight and handling fulfillment revenues

268,017



191,411



76,606



40.0

%

Other revenues

12,583



5,836



6,747



115.6

%

Total revenues

$

1,459,121



$

1,297,325



$

161,796



12.5

%









Tons sold:








Steam

3,917



5,360



(1,443)



(26.9)%


Met

8,164



6,855



1,309



19.1

%

Total

12,081



12,215



(134)



(1.1)%










Coal sales realization per ton (1):








Steam

$

41.60



$

42.34



$

(0.74)



(1.7)%


Met

$

124.40



$

127.37



$

(2.97)



(2.3)%


Average

$

97.55



$

90.06



$

7.49



8.3

%

 

 


Nine Months Ended September 30,


Increase (Decrease)

(In thousands, except

 for per ton data)

2018


2017


$ or Tons


%

Coal revenues (1):








CAPP Operations

$

401,830



$

368,586



$

33,244



9.0

%

NAPP Operations

191,229



240,700



(49,471)



(20.6)%


Trading and Logistics Operations

585,462



490,792



94,670



19.3

%

Total coal revenues

$

1,178,521



$

1,100,078



$

78,443



7.1

%









Tons sold:








CAPP Operations

3,125



3,074



51



1.7

%

NAPP Operations

4,302



5,512



(1,210)



(22.0)%


Trading and Logistics Operations

4,654



3,629



1,025



28.2

%









Coal sales realization per ton (1):








CAPP Operations

$

128.59



$

119.90



$

8.69



7.2

%

NAPP Operations

$

44.45



$

43.67



$

0.78



1.8

%

Trading and Logistics Operations

$

125.80



$

135.24



$

(9.44)



(7.0)%


Average

$

97.55



$

90.06



$

7.49



8.3

%
















(1) Does not include $268.0 million of freight and handling fulfillment revenues for the nine months ended September 30, 2018.

 

 


Nine Months Ended September 30,


Increase (Decrease)

(In thousands, except

for per ton data)

2018


2017


$ or Tons


%

Cost of coal sales (exclusive of items shown separately below)

$

936,817



$

842,158



$

94,659



11.2

%

Freight and handling costs

268,017



191,411



76,606



40.0

%

Depreciation, depletion and amortization

33,951



25,292



8,659



34.2

%

Amortization of acquired intangibles, net

12,468



49,111



(36,643)



(74.6)%


Selling, general and administrative expenses (exclusive of depreciation, depletion and amortization shown separately above)

43,490



56,094



(12,604)



(22.5)%


Merger related costs

5,064





5,064



100.0

%

Secondary offering costs



4,499



(4,499)



(100.0)%


Total other operating (income) loss:








Gain on disposal of assets

(17,103)





(17,103)



(100.0)%


Mark-to-market adjustment for acquisition-related obligations



3,221



(3,221)



(100.0)%


Gain on settlement of acquisition-related obligations

(410)



(9,200)



8,790



95.5

%

Other expenses

438



89



349



392.1

%

Total costs and expenses

1,282,732



1,162,675



$

120,057



10.3

%

Other income (expense):








Interest expense

(26,538)



(28,080)



1,542



5.5

%

Interest income

829



116



713



614.7

%

Loss on early extinguishment of debt



(38,701)



38,701



100.0

%

Equity loss in affiliates

(2,857)



(2,120)



(737)



(34.8)%


Bargain purchase gain



1,011



(1,011)



(100.0)%


Miscellaneous income, net

(737)



(350)



(387)



(110.6)%


Total other expense, net

(29,303)



(68,124)



38,821



57.0

%

Income tax expense

(133)



(7,440)



7,307



98.2

%

Net income from continuing operations

$

146,953



$

59,086



$

87,867



148.7

%









Cost of coal sales:








CAPP Operations

$

253,424



$

227,431



$

25,993



11.4

%

NAPP Operations

$

180,137



$

191,258



$

(11,121)



(5.8)%


Trading and Logistics Operations

$

503,256



$

423,755



$

79,501



18.8

%









Tons sold:








CAPP Operations

3,125



3,074



$

51



1.7

%

NAPP Operations

4,302



5,512



$

(1,210)



(22.0)%


Trading and Logistics Operations

4,654



3,629



$

1,025



28.2

%









Cost of coal sales per ton:








CAPP Operations

$

81.10



$

73.99



$

7.11



9.6

%

NAPP Operations

$

41.87



$

34.70



$

7.17



20.7

%

Trading and Logistics Operations

$

108.13



$

116.77



$

(8.64)



(7.4)%










Coal margin per ton (1):








CAPP Operations

$

47.49



$

45.91



$

1.58



3.4

%

NAPP Operations

$

2.58



$

8.97



$

(6.39)



(71.2)%


Trading and Logistics Operations

$

17.67



$

18.47



$

(0.80)



(4.3)%

















(1) Coal margin per ton for our reportable segments is calculated as coal sales realization per ton for our reportable segments less cost of coal sales per ton for our reportable segments. Coal margin per ton is not shown for our All Other category since it has no coal sales or coal production related to our continuing operations.

 

View original content to download multimedia:http://www.prnewswire.com/news-releases/contura-announces-third-quarter-2018-results-300750701.html

SOURCE Contura Energy Inc.


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A2AS8G
US21241B1008
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