Canada NewsWire
CANONSBURG, PA, May 10, 2017
CANONSBURG, PA, May 10, 2017 /CNW/ - Corsa Coal Corp. (TSXV: CSO) ("Corsa"), a premium quality metallurgical, thermal and industrial coal producer, today reported financial results for the three months ended March 31, 2017. Corsa has filed its unaudited Condensed Interim Consolidated Financial Statements for the three months ended March 31, 2017 and 2016 and related Management's Discussion and Analysis under its profile on www.sedar.com. An updated investor presentation has been added to www.corsacoal.com.
Unless otherwise noted, all dollar amounts in this news release are expressed in United States dollars and all ton amounts are short tons (2,000 pounds per ton). Pricing and cost per ton information is expressed on a free on board mine site basis.
First Quarter 2017 Highlights
| | For the three months ended | ||||||||||
| | March 31, 2017 | ||||||||||
(in thousands except per ton amounts) | | NAPP - | | NAPP - | | CAPP | ||||||
Tons sold | | 295 | | 77 | | 120 | ||||||
| | | | | | | ||||||
Realized price per ton sold(1) | | $ | 156.12 | | $ | 43.23 | | $ | 55.50 | |||
Cash production cost per ton sold(1)(2) | | $ | 74.67 | | $ | 14.08 | | $ | 58.86 | |||
Cash cost per ton sold(1)(3) | | $ | 88.45 | | $ | 38.49 | | $ | 58.86 | |||
| | | | | | | ||||||
Cash margin per ton sold(1) | | $ | 67.67 | | $ | 4.74 | | $ | (3.36) |
| |
| (1) This is a non-GAAP financial measure. See "Non-GAAP Financial Measures" below. |
| (2) Cash production cost per ton sold excludes purchased coal. |
| (3) Cash cost per ton sold includes purchased coal. |
George Dethlefsen, Chief Executive Officer of Corsa, commented, "We achieved a record level of profitability for the company in the first quarter. The full year 2017 is shaping up to be a very strong year for the company, as supply in the metallurgical coal market remains tight and our production growth initiatives kick in during the second half of the year. I am extremely pleased with the operational execution of our divisions, including safety, mining operations, sales, coal preparation and engineering.
Our Sales & Trading platform has grown at a rapid pace in 2017. Our sales team recorded its fourth consecutive quarter of sequential volume growth of over 20% for metallurgical sales volumes, averaged realized pricing increased substantially and our customer base continues to expand as orders were booked with four new international customers. Purchases of third party metallurgical coal totaled approximately 100,000 tons in the first quarter and are expected to grow further in the second quarter. We have recently restarted our Shade Creek preparation plant, which gives us additional logistics, marketing and blending opportunities. We expect 2017 metallurgical sales volumes to grow by over 100% compared to 2016 levels.
The Casselman mine achieved its highest level of production since inception in the first quarter. We have invested in equipment upgrades at the Casselman, Quecreek and Cooper Ridge mines which should further grow production volumes from these mines in the coming months. The Acosta mine will begin mining coal this month and we are looking forward to the Grand Opening Ceremony for the mine on June 8th. Finally, we expect the Hamer and Schrock Run surface mines to add to our production levels in the months ahead. Collectively, these moves should lead to approximately 50% production volume growth from our metallurgical coal mines in the second half of 2017 as compared to first half 2017 levels. This growth will trigger the financial benefits of increased capacity utilization and operating leverage to begin to take effect.
Moving forward, we remain focused on all four aspects of our growth strategy, including the development of our permitted mines, exploration and permitting efforts, investing in our Sales & Trading platform and acquisitions. We have a very healthy financial outlook and will plan to reinvest free cash flow in ways that advance our strategic objectives of growing production and sales volumes and deleveraging."
Financial and Operations Summary
| | For the three months ended | |||||||||||
| | March 31, | |||||||||||
| | | | | | Increase | |||||||
| | 2017 | | 2016 | | (Decrease) | |||||||
Revenues (000's) | | $ | 59,039 | | $ | 16,613 | | $ | 42,426 | ||||
| | | | | | | |||||||
Cost of sales(2) (000's) | | $ | 44,981 | | $ | 19,676 | | $ | 25,305 | ||||
| | | | | | | |||||||
Corporate and administrative expense (000's) | | $ | 4,187 | | $ | 3,107 | | $ | 1,080 | ||||
| | | | | | | |||||||
Net and comprehensive income (loss) for the period (000's) | | $ | 10,084 | | $ | (8,297) | | $ | 18,381 | ||||
| | | | | | | |||||||
Adjusted EBITDA(1) (000's) | | $ | 15,423 | | $ | (619) | | $ | 16,042 | ||||
| | | | | | | |||||||
Cash provided by (used in) operating activities (000's) | | $ | 13,699 | | $ | (1,597) | | $ | 15,296 Werbung Mehr Nachrichten zur CORSA COAL CORP. Aktie kostenlos abonnieren
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