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08.08.2023 17:30
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Corsa Coal Announces Financial Results for Second Quarter 2023
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FRIEDENS, Pa., Aug. 8, 2023
FRIEDENS, Pa., Aug. 8, 2023 /CNW/ - Corsa Coal Corp. (TSXV: CSO) (OTCQX: CRSXF) ("Corsa" or the "Company"), a premium quality metallurgical coal producer, today reported financial results for the three and six months ended June 30, 2023. Corsa has filed its unaudited condensed interim consolidated financial statements for the three and six months ended June 30, 2023 and 2022 and related management's discussion and analysis under its profile on www.sedar.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 ("FOB"), mine site basis, unless otherwise noted.
Second Quarter Highlights
- Key financial results and operational statistics are shown below:
| | | For the three months ended | | For the six months ended | ||||
| | | June 30, | | June 30, | ||||
| (in millions except per share, per ton and sales tons) | | 2023 | | 2022 | | 2023 | | 2022 |
| Net and comprehensive income (loss) | | $ 8.0 | | $ (3.0) | | $ 9.9 | | $ (6.9) |
| Diluted earnings (loss) per share | | $ 0.08 | | $ (0.03) | | $ 0.10 | | $ (0.07) |
| Cash provided by operating activities | | $ 3.6 | | $ 5.4 | | $ 6.0 | | $ 6.2 |
| Total revenue | | $ 55.3 | | $ 42.3 | | $ 103.3 | | $ 81.1 |
| | | | | | | | | |
| Non-GAAP Financial Measures | | | | | | | | |
| Adjusted EBITDA(1) | | $ 14.4 | | $ 5.0 | | $ 21.5 | | $ 8.0 |
| EBITDA(1) | | $ 13.1 | | $ 0.8 | | $ 19.0 | | $ 0.5 |
| | | | | | | | | |
| Average realized price per ton of metallurgical coal sold(1) | $ 175.61 | | $ 164.73 | | $ 175.26 | | $ 160.44 | |
| Cash production cost per ton sold(1) | | $ 114.04 | | $ 123.82 | | $ 121.42 | | $ 127.98 |
| | | | | | | | | |
| Company produced metallurgical coal sales tons | | 274,413 | | 204,215 | | 509,758 | | 405,540 |
| Purchased metallurgical coal sales tons | | 20,096 | | 36,568 | | 35,016 | | 65,491 |
| Total metallurgical coal sales tons | | 294,509 | | 240,783 | | 544,774 | | 471,031 |
| | | | | | | | | |
- Corsa's average realized price for the second quarter 2023 is the approximate equivalent of between $288 to $294 per metric ton on an FOB vessel basis(2). For the second quarter 2023, Corsa's sales mix included 66% of sales to domestic customers and 34% of sales to international customers.
| (1) | This is a non-GAAP financial measure. See "Non-GAAP Financial Measures" below. |
| (2) | Similar to most U.S. metallurgical coal producers, Corsa reports sales and costs per ton on an FOB mine site basis and denominated in short tons. Many international metallurgical coal producers report prices and costs on a delivered-to-the-port basis (or "FOB vessel basis"), thereby including freight costs between the mine and the port. Additionally, Corsa reports sales and costs per short ton, which is approximately 10% lower than a metric ton. For the purposes of this figure, we have used an illustrative freight rate of $45-$50 per short ton. Historically, freight rates are attached to the coal market indices and will adjust as market prices rise and fall. Further adjustments include a vessel freight differential and quality adjustments necessary to evaluate Corsa's price compared to Australian premium low volatile metallurgical coal. As a note, most published indices for metallurgical coal report prices on a delivered-to-the-port basis denominated in metric tons. |
Kevin M. Harrigan, President and Chief Executive Officer of Corsa, commented, "Our second quarter of 2023 continued and accelerated the momentum that we saw in the previous quarter. Sales tons improved 18% and while sales price per ton sold remained consistent, our margins increased considerably as a result of a 12% improvement in cash production cost per ton sold leading to an improvement in net income of over four times that of the first quarter and adjusted EBITDA to over double that of the first quarter. Compared to the second quarter of 2022, the second quarter of 2023 shows sales tons improvement of 22%, sales price per ton sold improvement of 7%, cash production cost per ton sold improvement of 8%, cash margin per ton sold improvement of 90% and overall significant improvements in both net income and adjusted EBITDA."
"The results for the second quarter and the year-to-date 2023 reflect not only the prices achieved through our strategy but more importantly improved operations at all of our mines. Our deep mines performed well with increases in headcount and miner experience as well as improved geological conditions at the Casselman and Horning mines. Production from the surface operations increased as we resumed lower -cost, highwall mining operations during the quarter. We continue to make improvements at each operation with the expectation of further reducing our cash cost of production and remain focused on increasing headcount and training to drive our results."
"During the second quarter, a majority of the cash flows from operations were used to service working capital items and the Company is now in a position to improve liquidity in the second half of 2023."
"Additionally, the Company's directors and officers participated in a stock option exercise in July which was necessary to fund the corporate parent company due to loan covenant restrictions."
"We continue to execute our plan of improving operations, lowering costs and expanding margins which are all necessary to reduce our debt, service our environmental obligations and grow the Company."
Financial and Operations Summary
| | For the three months ended | | For the six months ended | ||||||||
| | June 30 | | June 30, | ||||||||
| | | | | | Increase | | | | | | Increase |
| (in thousands) | 2023 | | 2022 | | (Decrease) | | 2023 | | 2022 | | (Decrease) |
| Revenues | $ 55,309 | | $ 42,326 | | $ 12,983 | | $ 103,254 | | $ 81,099 | | $ 22,155 Werbung Mehr Nachrichten zur CORSA COAL CORP. Aktie kostenlos abonnieren
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