Hallador Energy Co

NASDAQ:HNRGUnited States

Nov 12, 2024

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• -- Earnings Flash (HNRG) HALLADOR ENERGY COMPANY Reports Q3 Revenue $105M, from 4:11PM ET on Tuesday Nov 12, 2024 by MT Newswires

  4:11PM ET on Tuesday Nov 12, 2024 by MT Newswires
  Companies Mentioned: HNRG
  04:11 PM EST, 11/12/2024 (MT Newswires) -- ...

• Press Release: Hallador Energy Company Reports Third Quarter 2024 Financial and Operating Results, from 4:05PM ET on Tuesday Nov 12, 2024 by Dow Jones

  4:05PM ET on Tuesday Nov 12, 2024 by Dow Jones
  Companies Mentioned: HNRG

• Hallador Energy Company Reports Third Quarter 2024 Financial and Operating Results, from 4:05PM ET on Tuesday Nov 12, 2024 by Dow Jones

  4:05PM ET on Tuesday Nov 12, 2024 by Dow Jones
  Companies Mentioned: HNRG
  (unaudited) Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 --------- --------- --------- ----------- SALES AND OPERATING REVENUES: Electric sales $ 71,715 $ 67,403 $191,861 $230,812 Coal sales 31,662 97,420 114,093 280,596 Other revenues 1,667 945 4,221 3,888 ------- ------- ------- ------- Total sales and operating revenues 105,044 165,768 310,175 515,296 ------- ------- ------- ------- EXPENSES: Fuel 13,176 11,345 31,674 99,959 Other operating and maintenance costs 33,320 65,551 106,714 139,979 Cost of purchased power 3,149 -- 7,694 -- Utilities 3,185 4,507 10,955 13,347 Labor 26,721 37,639 88,444 114,698 Depreciation, depletion and amortization 13,838 16,230 42,930 51,375 Asset retirement obligations accretion 410 468 1,208 1,380 Exploration costs 62 171 179 682 General and administrative 6,471 6,054 20,218 18,596 ------- ------- ------- ------- Total operating expenses 100,332 141,965 310,016 440,016 ------- ------- ------- ------- INCOME FROM OPERATIONS 4,712 23,803 159 75,280 ------- ------- ------- ------- Interest expense (1) (2,692) (3,030) (10,364) (10,470) Loss on extinguishment of debt -- (1,491) (2,790) (1,491) Equity method investment (loss) (234) (177) (740) (325) ------- ------- ------- ------- NET INCOME (LOSS) BEFORE INCOME TAXES 1,786 19,105 (13,735) 62,994 ------- ------- ------- ------- INCOME TAX EXPENSE (BENEFIT): Current -- (178) -- 315 Deferred 232 3,208 (3,389) 7,638 ------- ------- ------- ------- Total income tax expense (benefit) 232 3,030 (3,389) 7,953 ------- ------- ------- ------- NET INCOME (LOSS) $ 1,554 $ 16,075 $(10,346) $ 55,041 ======= ======= ======= ======= NET INCOME (LOSS) PER SHARE: Basic $ 0.04 $ 0.49 $ (0.27) $ 1.66 Diluted $ 0.04 $ 0.44 $ (0.27) $ 1.52 WEIGHTED AVERAGE SHARES OUTSTANDING Basic 42,598 33,140 38,455 33,088 Diluted 43,018 36,848 38,455 36,748 Hallador Energy Company Condensed Consolidated Statements of Cash Flows (in thousands) (unaudited) Nine Months Ended September 30, --------------------------------------- 2024 2023 --------------------- ---------------- CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ (10,346) $ 55,041 Adjustments to reconcile net income to net cash provided by operating activities: Deferred income tax (benefit) (3,389) 7,638 Equity loss -- Sunrise Energy 740 325 Cash distribution - Sunrise Energy - 625 Depreciation, depletion, and amortization 42,930 51,375 Loss on extinguishment of debt 2,790 1,491 Loss (gain) on sale of assets (536) 78 Amortization of debt issuance costs 1,251 2,838 Asset retirement obligations accretion 1,208 1,380 Cash paid on asset retirement obligation reclamation (820) (2,286) Stock-based compensation 3,320 2,774 Amortization of contract asset and contract liabilities (36,174) (32,444) Other 1,352 914 Change in operating assets and liabilities: Accounts receivable 8,029 9,197 Inventory (8,002) 14,874 Parts and supplies (786) (8,717) Prepaid expenses (1,098) 1,116 Accounts payable and accrued liabilities (7,715) (11,419) Deferred revenue 34,231 (15,273) ------------- ------------ Net cash provided by operating activities 26,985 79,527 ------------- ------------ CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures (39,606) (48,746) Proceeds from sale of equipment 3,373 62 ------------- ------------ Net cash used in investing activities (36,233) (48,684) ------------- ------------ CASH FLOWS FROM FINANCING ACTIVITIES: Payments on bank debt (86,500) (56,463) Borrowings of bank debt 65,000 33,000 Payments on lease financing (4,105) -- Proceeds from sale and leaseback arrangement 3,783 -- Issuance of related party notes payable 5,000 -- Payments on related party notes payable (5,000) -- Debt issuance costs (654) (5,940) ATM offering 34,515 -- Taxes paid on vesting of RSUs (273) (1,150) ------------- ------------ Net cash provided by (used in) financing activities 11,766 (30,553) ------------- ------------ Increase in cash, cash equivalents, and restricted cash 2,518 290 Cash, cash equivalents, and restricted cash, beginning of period 7,123 6,426 ------------- ------------ Cash, cash equivalents, and restricted cash, end of period $ 9,641 $ 6,716 ============= ============ CASH, CASH EQUIVALENTS, AND RESTRICTED CASH: Cash and cash equivalents $ 3,829 $ 2,573 Restricted cash 5,812 4,143 ------------- ------------ $ 9,641 $ 6,716 ============= ============ SUPPLEMENTAL CASH FLOW INFORMATION: Cash paid for interest $ 8,679 $ 8,069 SUPPLEMENTAL NON-CASH FLOW INFORMATION: Change in capital expenditures included in accounts payable and prepaid expense $ (7,825) $ 3,214 Stock issued on redemption of convertible notes and interest $ 22,993 $ --