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31.10.2023 17:30
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Corsa Coal Announces Financial Results for Third Quarter 2023
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Canada NewsWire
FRIEDENS, Pa., Oct. 31, 2023
FRIEDENS, Pa., Oct. 31, 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 nine months ended September 30, 2023. Corsa has filed its unaudited condensed interim consolidated financial statements for the three and nine months ended September 30, 2023 and 2022 and related management's discussion and analysis under its profile on www.sedarplus.ca.
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.
Third Quarter Highlights
- Key financial results and operational statistics are shown below:
| | | For the three months ended | | For the nine months ended | ||||
| | | September 30, | | September 30, | ||||
| (in millions except per share, per ton and sales tons) | 2023 | | 2022 | | 2023 | | 2022 | |
| Net and comprehensive income (loss) | $ 19.4 | | $ (4.5) | | $ 29.4 | | $ (11.4) | |
| Diluted earnings (loss) per share | $ 0.18 | | $ (0.04) | | $ 0.28 | | $ (0.11) | |
| Cash provided by operating activities | $ 5.7 | | $ 1.8 | | $ 11.7 | | $ 8.0 | |
| Total revenue | | $ 51.1 | | $ 45.9 | | $ 154.3 | | $ 127.0 |
| | | | | | | | | |
| Non-GAAP Financial Measures | | | ||||||
| Adjusted EBITDA(1) | $ 6.1 | | $ 1.3 | | $ 27.6 | | $ 9.3 | |
| EBITDA(1) | | $ 26.4 | | $ (0.7) | | $ 45.4 | | $ (0.2) |
| | | | | | | | | |
| Average realized price per ton of metallurgical coal sold(1) | $ 161.70 | | $ 158.39 | | $ 170.42 | | $ 159.70 | |
| Cash production cost per ton sold(1) | $ 127.72 | | $ 136.95 | | $ 123.60 | | $ 131.22 | |
| | | | | | | | | |
| Company produced metallurgical coal sales tons | 269,197 | | 230,260 | | 778,955 | | 635,800 | |
| Purchased metallurgical coal sales tons | 32,736 | | 37,786 | | 67,752 | | 103,277 | |
| Total metallurgical coal sales tons | 301,933 | | 268,046 | | 846,707 | | 739,077 | |
| (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-$55 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, "The third quarter of 2023 included our highest metallurgical coal shipment volume since the second quarter of 2020 and was a 13% increase over the same quarter of 2022. Operationally, our surface mines performed well in the quarter delivering improved production volumes and decreased costs, but the impact was muted in our overall results due to numerous challenges faced at our underground mines. The underground mines suffered from adverse geological conditions, that began in early August, and also a number of breakdowns which reduced equipment availability thus resulting in lower than expected coal production and increased mining costs during the quarter. Our average sales price reflected increased exposure to index prices and the impact of the lower price environment experienced in the first half of the third quarter. As a result of a 12% increase in cash production cost per ton sold and lower realized prices, cash margins in the period were lower than anticipated."
"Net income for the third quarter 2023 was primarily due to our previously announced settlement with the Pennsylvania Department of Transportation ("PennDOT") for damages resulting from certain historical takings of leased land by PennDOT in 2010 and 2011. The settlement has significantly enhanced the Company's liquidity and the settlement proceeds, which were received in October 2023, were partially utilized to prepay the amounts due in 2023 and 2024 under the Company's Main Street credit facility. With this prepayment, the Company has one further principal payment due in December 2025 under this facility."
"As we move through the fourth quarter, we are experiencing more favorable mining conditions at each of our underground mines. We continue to focus on improving coal production and lowering costs in the fourth quarter and into 2024. Our enhanced liquidity position allows for increased flexibility and optionality in our sales strategy as we balance our book between domestic and international customers with various pricing mechanisms."
Financial and Operations Summary
| | For the three months ended | | For the nine months ended | ||||||||
| | September 30 | | September 30 | ||||||||
| | | | | | Increase | | | | | | Increase |
| (in thousands) | 2023 | | 2022 | | (Decrease) | | 2023 | | 2022 | | (Decrease) |
| Revenues | $ 51,058 | | $ 45,938 | | $ 5,120 | | $ 154,312 | | $ 127,037 | | $ 27,275 |
| | | | | | | | | | | | |
| Cost of sales(2) | $ 47,581 Werbung Mehr Nachrichten zur CORSA COAL CORP. Aktie kostenlos abonnieren
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