Rhino Resource Partners LP Reports Unaudited Consolidated Earnings and Production Results for the Fourth Quarter and Year Ended December 31, 2017; Reports Loss on Asset Impairment for the Third Quarter Ended December 31, 2017
March 14, 2018 at 04:31 pm IST
Rhino Resource Partners LP reported unaudited consolidated earnings and production results for the fourth quarter and year ended December 31, 2017. For the quarter, the company reported total revenues of $55,773,000 compared to $44,389,000 a year ago. Loss from operations was $20,461,000 compared to $1,218,000 a year ago. Net loss before income taxes from continuing operations was $21,340,000 compared to $2,794,000 a year ago. Net loss from continuing operations was $21,340,000 or $1.63 per diluted unit compared to $2,794,000 or $0.30 per diluted unit a year ago. Net loss was $18,721,000 or $1.45 per diluted unit compared to $3,802,000 or $0.41 per diluted unit a year ago. Adjusted EBITDA was $6.7 million, compared to adjusted EBITDA of $4.6 million in the fourth quarter of 2016. Maintenance capital expenditures for the fourth quarter were approximately $4.9 million. Expansion capital expenditures for the fourth quarter were approximately $0.8 million. Adjusted EBITDA from continuing operations of $7.3 million compared to adjusted EBITDA from continuing operations of $4.6 million in the fourth quarter of 2016. The increase in net loss from continuing operations for the three months ended December 31, 2017 was primarily the result of $22.6 million in asset impairments recorded in the fourth quarter.
For the year, the company reported total revenues of $218,691,000 compared to $155,431,000 a year ago. Loss from operations was $16,732,000 compared to $8,562,000 a year ago. Net loss before income taxes from continuing operations was $20,620,000 compared to $15,300,000 a year ago. Net loss from continuing operations was $20,620,000 or $1.88 per diluted unit compared to $15,300,000 or $1.96 per diluted unit a year ago. Net loss was $18,788,000 or $1.75 per diluted unit compared to $130,763,000 or $16.75 per diluted unit a year ago. Adjusted EBITDA from continuing operations was $27.1 million compared to adjusted EBITDA from continuing operations of $16.4 million for the year ended December 31, 2016. Adjusted EBITDA was $26.3 million against $21.3 million a year ago.
For the quarter, the company produced total coal of 1.111 tonnes compared to 0.879 tonnes a year ago.
For the year, the company produced total coal of 4.197 tonnes compared to 3.187 tonnes a year ago.
For the fourth quarter, the company reported loss on asset impairment of $22.6 million against $0.6 million a year ago.