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Oxford Resource Partners, LP Reports Second Quarter 2014 Financial Results

COLUMBUS, Ohio, Aug. 5, 2014 /PRNewswire/ -- Oxford Resource Partners, LP (NYSE: OXF) (the "Partnership" or "Oxford") today announced second quarter 2014 financial results.

Second Quarter 2014 Results

Adjusted EBITDA1 was $13.0 million for the second quarter of 2014 compared to $13.9 million for the second quarter of 2013. The decrease was driven by a 2.1 percent decrease in cash margin to $8.11 per ton for the second quarter of 2014 from $8.28 per ton for the second quarter of 2013, as well as a 158,000 ton decrease in tons sold. Cash coal sales revenue increased 2.5 percent to $52.49 per ton for the second quarter of 2014 from $51.21 per ton for the second quarter of 2013. For the second quarter of 2014, cash cost of coal sales increased by 3.4 percent to $44.38 per ton from $42.93 per ton for the second quarter of 2013, primarily due to higher diesel fuel costs.

Net loss was $3.4 million for the second quarter of 2014 compared to a net loss of $4.1 million for the second quarter of 2013.  In the second quarter of 2014, there was $2.6 million of additional interest expense attributable to the new credit facilities.  Adjusted Net Loss2 was $6.0 million for the second quarter of 2014, when excluding a $1.8 million gain relating to the change in fair value of warrants and a $0.8 million gain on disposal of assets. Adjusted Net Loss was $3.5 million for the second quarter of 2013, when excluding a $5.9 million gain on disposal of assets, $2.8 million of debt refinancing expenses, a $2.1 million loss relating to the change in fair value of warrants, a $0.8 million write-off of deferred financing costs, and $0.7 million of impairment and restructuring expenses.

"While coal markets continue to present challenges, we are pleased to report second quarter results that are in line with our expectations," said Oxford's President and Chief Executive Officer Charles C. Ungurean.  "Also, we settled the Big Rivers lawsuit in mid-July for an amount that substantially compensates us for our lost profits from the wrongful termination of our coal supply agreement. We are to receive the settlement payment of $19.5 million by mid-August." Ungurean continued, "With the settlement proceeds, we will pay down between $12.5 and $17.5 million of our first lien debt, enhance our liquidity by $2.0 to $7.0 million, and save $1.0 to $1.4 million in cash interest expense on an annual basis."

Business Update

Oxford's projected sales volume is 98.1% committed and priced for 2014, underscoring the strength of its long-term customer relationships and its strategic importance in its core region. Oxford has the ability to increase annual production by up to 0.5 million tons with little additional capital investment if additional demand materializes. For 2015, projected sales volume is 69.8 percent committed (with 12.3 percent of the projected sales volume priced and 57.5 percent of the projected sales volume unpriced).

Liquidity

As of June 30, 2014, the Partnership had $3.5 million in cash and $7.0 million in available borrowing capacity on its revolving credit line. Additionally, the liquidity of the Partnership will be enhanced by approximately $2.0 to $7.0 million from lawsuit settlement proceeds to be received in August 2014. The Partnership also has an option under the second lien credit facility for an additional $10 million term loan if requested by the Partnership and approved by the issuing second lien lender.

2014 Guidance

The Partnership provides the following updated guidance for 2014 based on its current industry outlook:

The Partnership expects to produce between 5.7 million tons and 5.9 million tons and sell between 5.8 million tons and 6.0 million tons of thermal coal. The average selling price is anticipated to be in the range of $52.30 per ton to $53.30 per ton, with an anticipated average cost in the range of $44.50 per ton to $45.50 per ton.

Adjusted EBITDA is expected to be in the range of $38.5 million to $42.5 million.

The Partnership anticipates capital expenditures of between $18 million and $20 million.

Conference Call

The Partnership will host a conference call at 10:00 a.m. Eastern Time today (August 5, 2014) to review its second quarter 2014 financial results.  To participate in the call, dial (877) 415-3185 or (857) 244-7328 for international callers and provide passcode 69176969.  The call will also be webcast live on the Internet in the Investor Relations section of the Partnership's website at www.OxfordResources.com.

An audio replay of the conference call will be available for seven days beginning at 3:00 p.m. Eastern Time on August 5, 2014, and may be accessed at (888) 286-8010 or (617) 801-6888 for international callers.  The replay passcode is 77612208.  The webcast will also be archived on the Partnership's website at www.OxfordResources.com for 30 days following the call.

About Oxford Resource Partners, LP

Oxford Resource Partners, LP is a low-cost producer of high-value thermal coal in Northern Appalachia.  Oxford markets its coal primarily to large electric utilities with coal-fired, base-load scrubbed power plants under long-term coal sales contracts.  The Partnership is headquartered in Columbus, Ohio.

For more information about Oxford Resource Partners, LP (NYSE: OXF), please visit www.OxfordResources.com.  Financial and other information about the Partnership is routinely posted on and accessible at www.OxfordResources.com.

Forward-Looking Statements

Except for historical information, statements made in this press release are "forward-looking statements."  All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Partnership expects, believes or anticipates will or may occur in the future are forward-looking statements, including the statements and information set forth under the headings "Business Update," "Liquidity" and "2014 Guidance."

These statements are based on certain assumptions made by the Partnership based on its management's experience and perception of historical trends, current conditions, expected future developments and other factors the Partnership's management believes are appropriate under the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the Partnership's control, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements.  These risks, uncertainties and contingencies include, but are not limited to, the following: productivity levels, margins earned and the level of operating costs; weakness in global economic conditions or in customers' industries; changes in governmental regulation of the mining industry or the electric power industry and the increased costs of complying with those changes; decreases in demand for electricity and changes in coal consumption patterns of U.S. electric power generators; the Partnership's dependence on a limited number of customers; the Partnership's inability to enter into new long-term coal sales contracts at attractive prices and the renewal and other risks associated with the Partnership's existing long-term coal sales contracts, including risks related to adjustments to price, volume or other terms of those contracts; difficulties in collecting the Partnership's receivables because of credit or financial problems of major customers, and customer bankruptcies, cancellations or breaches to existing contracts or other failures to perform; the Partnership's ability to acquire additional coal reserves; the Partnership's ability to respond to increased competition within the coal industry; fluctuations in coal demand, prices and availability due to labor and transportation costs and disruptions, equipment availability, governmental regulations, including those pertaining to carbon dioxide emissions, and other factors; significant costs imposed on the Partnership's mining operations by extensive and frequently changing environmental laws and regulations, and greater than expected environmental regulations, costs and liabilities; legislation and regulatory and related judicial decisions and interpretations including issues pertaining to climate change and miner health and safety; a variety of operational, geologic, permitting, labor and weather-related factors, including those pertaining to both mining operations and underground coal reserves that the Partnership does not operate; limitations in the cash distributions the Partnership receives from its majority-owned subsidiary, Harrison Resources, LLC, and the ability of Harrison Resources, LLC to acquire additional reserves on economical terms in the future; the potential for inaccuracies in estimates of the Partnership's coal reserves, which could result in lower than expected revenues or higher than expected costs; the accuracy of the assumptions underlying the Partnership's reclamation and mine closure obligations; liquidity constraints, including those resulting from the cost or unavailability of financing due to current capital markets conditions; risks associated with major mine-related accidents; results of litigation, including claims not yet asserted; the Partnership's ability to attract and retain key management personnel; greater than expected shortage of skilled labor; the Partnership's ability to maintain satisfactory relations with employees; and failure to obtain, maintain or renew security arrangements, such as surety bonds or letters of credit, in a timely manner and on acceptable terms.

The Partnership undertakes no obligation to publicly update or revise any forward-looking statements. Readers should not place undue reliance on forward-looking statements, which reflect management's views only as of the date hereof.  Further information on risks and uncertainties is available in the Partnership's periodic reports filed with the U.S. Securities and Exchange Commission or otherwise publicly disseminated by the Partnership.

Withholding Information for Foreign Investors

This announcement is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat one hundred percent (100.0%) of Partnership distributions to foreign investors, when and if such distributions are made, as being attributable to income that is effectively connected with a United States trade or business. Accordingly, Partnership distributions to foreign investors would be subject to federal income tax withholding at the highest applicable rate.

 



1The definition of Adjusted EBITDA, which is a non-GAAP financial measure, and a reconciliation thereof to Net Loss, the most comparable GAAP financial measure, are included in a table presented near the end of this press release.


2 The definition of Adjusted Net Loss, which is a non-GAAP financial measure, and reconciliation thereof to Net Loss, the most comparable GAAP financial measure, are included in a table presented near the end of this press release.

 

OXFORD RESOURCE PARTNERS, LP AND SUBSIDIARIES


UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS


FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2014 AND 2013


(in thousands, except for unit data)












Three Months Ended


Six Months Ended



June 30


June 30



2014


2013


2014


2013











REVENUES:









Coal sales

$     79,586


$     85,691


$    156,356


$    170,484


Other revenue

2,415


2,434


3,649


6,367


Total revenues

82,001


88,125


160,005


176,851











COSTS AND EXPENSES:









Cost of coal sales:









Produced coal

66,527


66,556


131,734


133,984


Purchased coal

768


5,292


1,287


11,893


Total cost of coal sales (excluding 









depreciation, depletion and amortization)

67,295


71,848


133,021


145,877


Cost of other revenue

369


370


771


773


Depreciation, depletion and amortization 

10,072


12,810


21,296


25,743


Selling, general and administrative expenses

3,270


5,847


6,926


10,005


Impairment and restructuring expenses

-


721


75


862


Gain on disposal of assets, net

(763)


(5,905)


(559)


(5,487)


Total costs and expenses

80,243


85,691


161,530


177,773


INCOME (LOSS) FROM OPERATIONS

1,758


2,434


(1,525)


(922)











INTEREST AND OTHER INCOME (EXPENSES):









Interest income

2


1


3


2


Interest expense

(7,003)


(4,416)


(13,873)


(7,338)


Change in fair value of warrants

1,885


(2,149)


1,470


(2,149)


Total interest and other expenses

(5,116)


(6,564)


(12,400)


(9,485)


NET LOSS

(3,358)


(4,130)


(13,925)


(10,407)











Net loss (income) attributable to noncontrolling interest

461


(380)


842


(650)


Net loss attributable to Oxford Resource









Partners, LP unitholders

(2,897)


(4,510)


(13,083)


(11,057)


Net loss allocated to general partner

(57)


(89)


(259)


(221)


Net loss allocated to limited partners

$      (2,840)


$      (4,421)


$     (12,824)


$     (10,836)











Net loss per limited partner unit:









Basic

$        (0.11)


$        (0.21)


$        (0.52)


$        (0.52)


Diluted

$        (0.11)


$        (0.21)


$        (0.52)


$        (0.52)











Weighted average number of limited partner units outstanding:


Basic

24,734,018


21,093,448


24,686,947


20,779,901


Diluted

24,734,018


21,093,448


24,686,947


20,779,901


 

 

 

OXFORD RESOURCE PARTNERS, LP AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

AS OF JUNE 30, 2014 AND DECEMBER 31, 2013

(in thousands, except for unit data)












As of
June 30,
2014


As of
December 31,
2013

ASSETS 




CURRENT ASSETS:





Cash 

$            3,533


$            3,089


Accounts receivable 

27,704


25,850


Inventory 

14,345


13,840


Advance royalties

2,884


2,604


Prepaid expenses and other assets 

1,492


1,737



Total current assets 

49,958


47,120








PROPERTY, PLANT AND EQUIPMENT, NET

128,777


144,426

ADVANCE ROYALTIES, LESS CURRENT PORTION

7,762


8,800

INTANGIBLE ASSETS, NET

1,074


1,188

OTHER LONG-TERM ASSETS

20,301


22,821



Total assets 

$         207,872


$         224,355








LIABILITIES AND PARTNERS' (DEFICIT) CAPITAL




CURRENT LIABILITIES:





Accounts payable 

$           22,904


$           23,932


Current portion of long-term debt 

8,906


7,901


Current portion of reclamation and mine closure obligations

9,086


5,996


Accrued taxes other than income taxes 

1,198


1,293


Accrued payroll and related expenses 

1,193


3,389


Other liabilities 

2,862


3,457



Total current liabilities 

46,149


45,968








LONG-TERM DEBT

154,710


155,375

RECLAMATION AND MINE CLOSURE OBLIGATIONS

24,199


25,658

WARRANTS

3,129


4,599

OTHER LONG-TERM LIABILITIES

3,738


3,753



Total liabilities 

231,925


235,353








PARTNERS' (DEFICIT) CAPITAL:





Limited partners (21,008,319 and 20,867,073 units outstanding






as of June 30, 2014 and December 31, 2013, respectively) 

(25,414)


(13,460)


General partner (423,494 units outstanding as of 






June 30, 2014 and December 31, 2013) 

(2,766)


(2,507)




Total Oxford Resource Partners, LP (deficit) capital

(28,180)


(15,967)


Noncontrolling interest 

4,127


4,969



Total partners' (deficit) capital 

(24,053)


(10,998)



Total liabilities and partners' (deficit) capital 

$         207,872


$         224,355








 

 

 

OXFORD RESOURCE PARTNERS, LP AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE SIX MONTHS ENDED JUNE 30, 2014 AND 2013

(in thousands)








Six Months Ended
June 30,



2014


2013

CASH FLOWS FROM OPERATING ACTIVITIES:





Net loss


$   (13,925)


$   (10,407)

Adjustments to reconcile net loss to net cash from operating activities:





Depreciation, depletion and amortization


21,296


25,743

Impairment and restructuring expenses


75


862

Change in fair value of warrants


(1,470)


2,149

Interest rate swap adjustment to market


-


(12)

Non-cash interest expense


3,786


347

Amortization and write-off of deferred financing costs


1,923


2,114

Non-cash equity-based compensation expense


921


739

Non-cash reclamation and mine closure expense


1,125


1,058

Amortization of below-market coal sales contracts


-


(60)

Gain on disposal of assets, net


(559)


(5,487)

Changes in assets and liabilities:





Accounts receivable


(1,854)


(7,149)

Inventory


(505)


705

Advance royalties


758


(1,981)

Restricted cash


(496)


(6,537)

Prepaid expenses and other assets


240


(973)

Accounts payable


(1,028)


(2,002)

Reclamation and mine closure obligations


(2,115)


(4,138)

Accrued taxes other than income taxes 


(95)


65

Accrued payroll and related expenses 


(2,196)


312

Other liabilities


(734)


(951)

 Net cash from operating activities 


5,147


(5,603)






CASH FLOWS FROM INVESTING ACTIVITIES:





Purchase of property and equipment


(5,241)


(5,694)

Purchase of coal reserves and land


(5)


(14)

Mine development costs


(618)


(1,940)

Proceeds from sale of assets


3,599


6,249

Insurance proceeds


-


14

 Net cash from investing activities 


(2,265)


(1,385)






CASH FLOWS FROM FINANCING ACTIVITIES:





Proceeds from borrowings


-


150,000

Payments on borrowings


(1,947)


(45,009)

Advances on line of credit


13,500


28,888

Payments on line of credit


(15,000)


(104,000)

Debt issuance costs


9


(9,354)

Collateral for reclamation bonds


1,000


(11,471)

 Net cash from financing activities 


(2,438)


9,054

NET CHANGE IN CASH


444


2,066






CASH, beginning of period


3,089


3,977

CASH, end of period


$     3,533


$     6,043











 

 

OXFORD RESOURCE PARTNERS, LP AND SUBSIDIARIES

UNAUDITED RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA1

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2014 AND 2013

(in thousands)










Three Months Ended


Six Months Ended


June 30,


June 30,


2014


2013


2014


2013









Net loss 

$   (3,358)


$   (4,130)


$ (13,925)


$ (10,407)









Adjustments:








Interest expense, net of interest income

7,001


4,415


13,870


7,336

Depreciation, depletion and amortization

10,072


12,810


21,296


25,743

Change in fair value of warrants

(1,885)


2,149


(1,470)


2,149

Impairment and restructuring expenses

-


721


75


862

Gain on disposal of assets, net

(763)


(5,905)


(559)


(5,487)

Amortization of below-market coal sales contracts

-


(8)


-


(60)

Non-cash equity-based compensation expense

465


416


921


739

Non-cash reclamation and mine closure expense

560


550


1,125


1,058

Non-recurring costs:








Debt refinancing expenses

-


2,849


-


3,059

Other

868


-


868


(2,100)

Adjusted EBITDA

$  12,960


$  13,867


$  22,201


$  22,892



1Adjusted EBITDA is a non-GAAP financial measure used by management to gauge operating performance.  We define Adjusted EBITDA as net income or loss before deducting interest, income taxes, depreciation, depletion, amortization, change in fair value of warrants, impairment and restructuring expenses, gain or loss on disposal of assets, amortization of below-market coal sales contracts, non-cash equity-based compensation expense, non-cash reclamation and mine closure expense, and certain non-recurring revenues and costs.  Although Adjusted EBITDA is not a measure of financial performance calculated in accordance with GAAP, we believe it is useful to management and others, such as investors and lenders, in evaluating our financial performance without regard to our financing methods, capital structure or income taxes; our ability to generate cash sufficient to pay interest and principal on our indebtedness, make distributions and fund capital expenditures; and our compliance with certain credit facility financial covenants.  Because not all companies calculate Adjusted EBITDA the same way, our calculation may not be comparable to similarly titled measures of other companies.

 


OXFORD RESOURCE PARTNERS, LP AND SUBSIDIARIES

UNAUDITED RECONCILIATION OF NET LOSS TO ADJUSTED NET LOSS2

FOR THE THREE  AND SIX MONTHS ENDED JUNE 30, 2014 AND 2013

(in thousands)














Three Months Ended


Six Months Ended




June 30,


June 30,




2014


2013


2014


2013











Net loss 


$   (3,358)


$   (4,130)


$ (13,925)


$ (10,407)











Adjustment:










Impairment and restructuring expenses


-


721


75


862


Gain on disposal of assets, net


(763)


(5,905)


(559)


(5,487)


Change in fair value of warrants


(1,885)


2,149


(1,470)


2,149


Debt refinancing expenses


-


2,849


-


3,059


Write-off of deferred financing costs
   related to prior credit facility


-


808


-


808

Adjusted Net Loss 


$   (6,006)


$   (3,508)


$ (15,879)


$   (9,016)


2Adjusted Net Loss is a non-GAAP financial measure used by management to gauge operating performance.  We define Adjusted Net Loss as net income or loss before deducting impairment and restructuring expenses, gain or loss on disposal of assets, change in fair value of warrants, debt financing expenses and write-off of deferred refinancing costs.  Although Adjusted Net Loss is not a measure of financial performance calculated in accordance with GAAP, we believe it is useful to management and others, such as investors and lenders, in evaluating our financial performance without regard to items which are primarily non-cash and our restructuring efforts which are not typical operating activities.  Because not all companies calculate Adjusted Net Loss the same way, our calculation may not be comparable to similarly titled measures of other companies.

 

 

OXFORD RESOURCE PARTNERS, LP AND SUBSIDIARIES

UNAUDITED OPERATING STATISTICS3

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2014 AND 2013

(in thousands, except per ton amounts)










Three Months Ended


Six Months Ended


June 30,


June 30,


2014


2013


2014


2013









Tons sold

1,516


1,674


2,955


3,347









Coal sales revenue per ton

$     52.49


$     51.21


$     52.91


$     50.94

Amortization of below-market coal sales contracts per ton

-


-


-


(0.02)

Cash coal sales revenue per ton

52.49


51.21


52.91


50.92

Cash cost of coal sales per ton

(44.38)


(42.93)


(45.02)


(43.59)

Cash margin per ton

$       8.11


$       8.28


$       7.89


$       7.33










3 Per ton amounts are calculated by dividing the related amount on the financial statements by the number of tons sold. Although per ton amounts are not measures of performance calculated in accordance with GAAP, we believe they are useful to management and others, such as investors and lenders, in evaluating performance because they are widely used in the coal industry as a measure to evaluate a company's sales performance and control over costs. Because not all companies calculate these measures the same way, our calculations may not be comparable to similarly titled measures of other companies.

SOURCE Oxford Resource Partners, LP

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DevOps Summit 2015 New York, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development cycles that produce software that is obsolete...