|By Marketwired .||
|November 29, 2012 07:04 PM EST||
CALGARY, ALBERTA -- (Marketwire) -- 11/30/12 -- CanAm Coal Corp. (TSX VENTURE:COE) (OTCQX:COECF) ("CanAm" or the "Company") has filed its unaudited consolidated financial statements and related management discussion and analysis for the period ended September 30, 2012.
Record financial results were achieved during the third quarter as a result of the Company's increased ownership in Birmingham Coal & Coke ("BCC"), integration of mine operations and, last but not least, the Company's focus on operational execution. These actions and the Company's increased ownership in BCC have resulted in a steady improvement of our financial results over the last three quarters.
2012 Coal Sales Revenue EBITDA Cash Flow Tons $'000 $'000 $'000 ---------------------------------------------------------------------------- Q1 67,153 7,672 973 248 Q2 76,577 14% 8,153 6% 1,080 11% 580 134% Q3 157,900 106% 14,741 81% 3,281 204% 2,856 392% ---------------------------------------------------------------------------- Q3 YTD 2012 301,630 30,566 5,334 3,684 ---------------------------------------------------------------------------- 46% 57% 35% 25% ---------------------------------------------------------------------------- Q3 YTD 2011 206,369 19,437 3,951 2,943 ---------------------------------------------------------------------------- Note: Please refer to the definition of EBITDA and Cash Flow at the end of this press release Highlights for the quarter include: -- Coal sales at the Powhatan mine of 33,332 tons, an all-time high; -- Coal sales at the BCC mines of 124,568 tons, the highest since Q1 of 2008; -- EBITDA of $3.3 million, up 90% over last year and triple Q2; -- Cash flow from operations of $2.9 million, up 244% over last year and five-times Q2; -- Acquired an additional 30% interest in BCC for $11.5 million, financed by debentures; -- Raised $13.1 million through a 4 year, unsecured debenture through a private placement; -- Obtained the Old Union 2 mine permit covering 1,108 minable acres with an estimated 1.3 million tons of recoverable coal per the NI 43-101 report dated May 2011. Production commenced in Q4; -- Acquired 133 acres of surface mining rights, on top of the 574 acres acquired in the period April to June 2012; -- Added Steve Somerville, former President of BMO Capital, to the Board of Directors.
Commenting on the quarter, Company President Jos De Smedt noted "This was a breakthrough quarter for CanAm Coal. Not only did we close an additional 30% acquisition of BCC, we made significant progress in improving operating efficiency at our mines resulting in record production, EBITDA and operating cash flow. The hard work of our team paid off and the operational improvements achieved at our mines in the quarter, coupled with improved mining conditions, resulted in higher production levels and a significantly lower cost structure. We also received our Old Union 2 permit in August and our Knight Mine permit subsequent to quarter end. While there is more work ahead, we are pleased with our performance and look forward to further improvement in the fourth quarter and into 2013".
Financial Results Analysis --------------------------------------------------------------------------- Three Month Period Ended Nine Month Period Ended Sept 30, 2012 Oct 31, 2011 Sept 30, 2012 Oct 31, 2011 ---------------------------------------------------------------------------- Tons sold ---------------------------------------------------------------------------- Metallurgical coal sales 15,443 13,175 47,014 43,203 Thermal coal sales 142,457 81,086 254,615 163,166 ---------------------------------------------------------------------------- Total 157,900 94,261 301,629 206,369 ------------------------------------------------------ Coal sales revenue $ 14,741,010 $ 8,729,604 $ 30,565,828 $19,437,232 Income from mining operations 1,583,612 706,382 1,680,653 2,286,384 Other expenses (2,366,331) (1,228,169) (5,357,325) (3,798,670) Loss for the period (880,393) (497,764) (3,065,516) (1,544,379) EBITDA 3,281,155 1,745,062 5,334,294 3,951,803 ---------------------------------------------------------------------------- Per ton metrics ---------------------------------------------------------------------------- Average metallurgical coal price $ 141 141 $ 149 136 Average thermal coal price 89 84 92 83 Average overall coal price 94 93 101 94 ---------------------------------------------------------------------------- Average production cost 47 51 57 51 Average RTO cost 20 18 21 18 Income from mining 10 7 6 11 EBITDA $ 21 $ 19 $ 18 $ 19 ---------------------------------------------------------------------------- Note: Please refer to the definition of EBITDA and Cash Flow at the end of this press release. CanAm holds 80% ownership in Birmingham Coal & Coke (BCC) following its acquisition of an additional 30% interest, effective July 1, 2012. As at that date, CanAm began consolidating the financial results of BCC in accordance with generally accepted accounting principles and, accordingly the above information is presented on a consolidated basis, including 100% of BCC's production and sales volumes.
Sales volume and pricing
Consolidated third quarter sales volumes were 157,900 tons, a 68% increase over the previous year and double the second quarter. Thermal sales volumes were 142,457 tons, a 76% increase over the prior year and a 136% increase over the second quarter. The Company's acquisition of an additional 30% interest in BCC (effective July 1, 2012) as well operational improvements at its Powhatan, Old Union and Bear Creek mines were the key factors contributing to this significant increase. Metallurgical sales volumes were 15,443 tons, a 17% increase over the previous year but a 5% decrease over the previous quarter. During the quarter, the Company experienced inconsistencies in coal quality, which resulted in decreased shipments to a key metallurgical customer compared to the second quarter. Overall in Q3, sales and production at Powhatan set an all-time high and, likewise at BCC, sales and production numbers were the highest since Q1 2008.
Revenue for the quarter was $14.7 million compared to $8.7 million in the prior year, an increase of 81%. Third quarter average sales prices were slightly higher than in the prior year.
-- Third quarter average thermal pricing was $89/ton compared to $84/ton in the prior year and $92/ton achieved in the previous quarter. Thermal pricing was lower than the previous quarter as the Company's sales mix was weighted more heavily to lower priced coals. Average quarterly pricing will fluctuate above or below $90/ton depending on the particular sales mix achieved in the quarter. -- Third quarter average metallurgical pricing was $141 per ton compared to $141/ton in the prior year and $155/ton in the previous quarter. During the quarter, the Company sold metallurgical coal, which did not meet specifications for a key customer to other industrial customers at a lower price. -- There were no changes in the quarter in any of the Company's contracted sales terms.
Third quarter coal production was 167,400, the best production quarter in the Company's history. The aforementioned acquisition of an additional 30% interest in BCC and operational improvements explain these strong operational results. The Company's coal production exceeded sales levels for the quarter resulting in a modest increase in inventory.
Cost of Product Sold, Cost of Royalties, Transportation & Other (RTO)
Third quarter cost of product sold was $47 per ton sold, compared to $51 per ton in the previous year, $65 per ton in the second quarter and $71 per ton in the first quarter. The substantial reduction can be attributed to the significant operational improvements achieved at all of our mines in the quarter, which resulted in higher production levels and a lower cost structure. The Company's investment in new equipment and capital repairs to existing equipment (particularly at Powhatan) began to pay off and overall repair and maintenance expenditures were significantly lower. Additionally, improved mine operating efficiency, particularly at Bear Creek, Old Union and Powhatan, significantly lowered per ton expenditures in virtually all key cost categories.
RTO costs were $20 per ton sold as compared to $18 per ton in the prior year and $21 per ton achieved in first and second quarter.
Third quarter EBITDA was $3.3 million compared to $1.7 million in the previous year, $1.1 million in the second quarter and $1.0 million in the first quarter. Nine month EBTIDA was $5.3 million compared to $4.0 million in the prior year. The significant increase can be attributed to increased production and sales levels and substantially lower cost of production achieved in the third quarter. EBITDA per ton was $21 in the third quarter as compared to $14 in both the first and second quarters of this year.
For the three and nine month periods ended September 30, 2012, the Company reported a net loss of $0.9 million and $3.1 million respectively. This compares to a three and nine month loss of $0.5 million and $1.5 million in the previous year. Notwithstanding significantly higher EBTIDA, the third quarter loss was higher than last year primarily due to higher financing expenses and higher non-cash expenses including depreciation, depletion and other amortization, debenture issue costs and accretion expense, stock based compensation and a loss on the sale of equipment. As well, third quarter results included a foreign exchange loss resulting from the strengthening of the Canadian dollar. The three month loss was significantly reduced from the first and second quarters due to improved operating results.
Third quarter capital expenditures on new equipment, capital repairs and mineral property development were $5.2 million. During the quarter the Company made significant investments in new equipment (including haul trucks, dozer rebuilds and a new excavator), new mine development (including engineering, permitting, bridge construction and site preparation) and major repairs to existing equipment. The Company made these investments in anticipation of the expected opening of 3 new mines in Q4 and early 2013 (refer to subsequent events). The Company financed $3.1 million of this investment and funded the remainder from cash flow.
At the end of the third quarter, the Company had cash on hand of $4.1 million, compared to $2.6 million at December 31, 2011. The Company's overall financial position remains stable as a result of cash flow generated from mining operations, cash received from the exercise of warrants, options, private placements, the debenture financing and a reduction of restricted cash requirements required as security for reclamation bonding purposes.
At September 30, 2012, the Company had a working capital deficiency of $2.6 million ($1.5 million excluding the repayment of a $1.1 million, 12% convertible debenture in August 2013) compared to a deficiency of $1.7 as at June 30, 2012 and a deficiency of $1.0 million at December 31, 2011. We expect improvement in the fourth quarter as a result of cash flow generated from operations and reduced internally funded capital spending requirements.
Subsequent to the end of Q3, the Company achieved a number of significant milestones including:
-- Commenced mining at Old Union 2 in mid-October. Production results to date have been at or above planned levels. -- In October, the Company moved forward the start date for two Old Union 2 pits to December from the middle of 2013. In order to facilitate this adjustment, the Company temporarily suspended production at its Gooden Creek mine. The Company believes the revised mine plan is more efficient. -- In November, the Company received a final permit from the Alabama Surface Mining Commission for the Knight mine. First production will commence at the beginning of December. The Company anticipates receiving a mining permit for the Posey Mill 2 mine in the near future. -- Realigned the corporate executive roles as Tim Bergen stepped down as the Company's CEO and assumed the title of Vice Chairman of the board responsible for business development. Jos De Smedt, CanAm's President and Chief Operating Officer, has assumed Tim's day to day management responsibilities.
The Company expects to continue to build on its momentum in the last quarter of the fiscal year and going into 2013. With 3 new mines in production by early 2013 (Old Union 2 in October 2012, Knight in December 2012 and Posey Mill 2 in early 2013), the Company should be in a position to steadily grow production into 2013. Fourth quarter 2012 sales are forecasted to be in the range of 155,000 to 175,000 tons with all of the production going into existing contracts. Improvements in mine operating costs realized in the third quarter are expected to continue into the fourth quarter. As well, fourth quarter capital expenditures will be substantially lower compared to the previous quarter and this trend is expected to continue into 2013. On this basis, the Company expects to generate free cash flow in the fourth quarter.
About CanAm Coal Corp.
CanAm is a coal producer and development company focused on growth through the acquisition, exploration and development of coal resources and resource-related technologies. CanAm's main activities and assets include its four operating coal mines in Alabama and the Buick Coal Project which holds significant coal resources, 188 million indicated and 103 million inferred resources, in Colorado, USA (see the technical report entitled "Limon Ligni te Project, Elbert County, Colorado, USA," dated October 26, 2007 and filed on SEDAR on November 2, 2007). Other coal and related opportunities continue to be evaluated on an ongoing basis.
EBITDA and Cash Flow
EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization): defined as income from mining operations plus depreciation, depletion, amortization and accretion minus general and administrative expenses. Transaction costs, project development related expenditures and financing related expenditures are excluded from EBTIDA. EBITDA is a supplemental measure that is not presented in accordance with International Financial Reporting Standards (IFRS). This non-IFRS measure may not be comparable to the calculation of similarly titled measures reported by other companies and should not be considered in isolation, as an alternative to, or more meaningful than financial measures calculated and reported in accordance with IFRS.
Cash Flow: defined as cash provided by operating activities as disclosed in the Consolidated Statements of Cash Flow contained in the Consolidated Financial Statements.
Forward-Looking Information and Statements
This press release contains certain forward-looking statements and forward-looking information (collectively referred to herein as "forward-looking statements") within the meaning of applicable Canadian securi ties laws. All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "could", "should", "can", "anticipate", "estimate", "expect", "believe", "will", "may", "project", "budget", "plan", "sustain", "continues", "strategy", "forecast", "potential", "projects", "grow", "take advantage", "well positioned" or similar words suggesting future outcomes. In particular, this press release contains forward-looking statements relating to: the future production of the Powhatan mine; the permitting of the Davis mine; and the potential production at the Davis mine. This forward looking information is based on management's estimates considering typical strip mining operations, equipment requirements and availability and typical permitting timelines.
In addition, forward-looking statements regarding the Company are based on certain key expectations and assumptions of the Company concerning anticipated financial performance, business prospects, strategies, the sufficiency of budgeted capital expenditures in carrying out planned activities, the availability and cost of services, the ability to obtain financing on acceptable terms, the actual results of exploration projects being equivalent to or better than estimated results in technical reports or prior exploration results, and future costs and expenses being based on historical costs and expenses, adjusted for inflation, all of which are subject to change based on market conditions and potential timing delays. Although management of the Company consider these assumptions to be reasonable based on information currently available to them, these assumptions may prove to be incorrect.
By their very nature, forward-looking statements involve inherent risks and uncertainties (both general and specific) and risks that forward-looking statements will not be achieved. Undue reliance should not be placed on forward-looking statements, as a number of important factors could cause the actual results to differ materially from the Company's beliefs, plans, objectives and expectations, including, among other things: general economic and market factors, including business competition, changes in government regulations or in tax laws; the early stage development of the Company and its projects; general political and social uncertainties; commodity prices; the actual results of current exploration and development or operational activities; changes in project parameters as plans continue to be refined; accidents and other risks inherent in the mining industry; lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting the Company; timing and availability of external financing on acceptable terms; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. These factors should not be considered exhaustive. Many of these risk factors are beyond the Company's control and each contributes to the possibility that the forward-looking statements will not occur or that actual results, performance or achievements may differ materially from those expressed or implied by such statements. The impact of any one risk, uncertainty or factor on a particular forward-looking statement is not determinable with certainty as these risks, uncertainties and factors are interdependent and management's future course of action depends upon the Company's assessment of all information available at that time.
Forward -looking statements in respect of the future production of the Powhatan and BCC mines may be considered a financial outlook. These forward-looking statements were approved by management of the Company on November 29, 2012. The purpose of this information is to provide an operational update on the company's activities and strategies and this information may not be appropriate for other purposes.
The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this press release are made as of the date of this press release and the Company does not undertake and is not obligated to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless so required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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