Contura Announces Second Quarter 2018 Results

(millions, except per share)

Three months ended June 30,

Six months ended June 30,

2018⁽¹⁾

2017⁽¹⁾

2018⁽¹⁾

2017⁽¹⁾

Net income⁽²⁾

$74.6

$18.4

$132.9

$49.4

Net income⁽²⁾ per diluted share

$7.24

$1.69

$12.91

$4.57

Adjusted EBITDA⁽³⁾

$86.1

$73.1

$185.1

$192.6

Operating cash flow⁽⁴⁾

$145.9

$44.0

$115.6

$186.2

Capital expenditures

$18.9

$18.6

$38.3

$30.5

Tons of coal sold

4.4

4.1

8.2

8.4

1.

Excludes discontinued operations.

2.

From continuing operations.

3.

These are non-GAAP financial measures. A reconciliation of Net Income to Adjusted EBITDA is included in tables accompanying the financial schedules.

4.

Includes discontinued operations.

in millions of tons

Low

High

CAPP

3.7

4.1

NAPP

6.1

6.5

Total Production

9.8

10.6

Contura Trading & Logistics

5.6

6.2

Total Shipments

15.4

16.8

Committed/Priced^1,2,3

Committed

Average Price

CAPP⁴

68%

$131.48

NAPP

100%

$43.71

Committed/Unpriced^1,3

Committed

CAPP⁴

18%

Costs per ton

Low

High

CAPP

$70.00

$75.00

NAPP

$35.00

$38.00

Margin per ton

Low

High

Contura Trading & Logistics

$9

$15

In millions (except taxes)

Low

High

SG&A⁵

$32

$36

Idle Operations Expense

$10

$12

Cash Interest Expense

$25

$27

DD&A

$40

$50

Capital Expenditures

$72

$82

Tax Rate

0%

5%

Notes: 

1.

Based on committed and priced coal shipments as of July 31, 2018. Committed percentage based on the midpoint of shipment guidance range.

2.

Actual average per-ton realizations on committed and priced tons recognized in future periods may vary based on actual freight expense in future periods relative to assumed freight expense embedded in projected average per-ton realizations.

3.

Includes estimates of future coal shipments based upon contract terms and anticipated delivery schedules. Actual coal shipments may vary from these estimates.

4.

CAPP committed tons and price information represent captive Contura production and does not include Trading and Logistics.

5.

Excludes expenses related to non-cash stock compensation, accrual of incentive bonus and non-recurring business development expenses.

CONTURA ENERGY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(Amounts in thousands, except share and per share data)

Three Months Ended June 30,

Six Months Ended June 30,

2018

2017

2018

2017

Revenues:

Coal revenues

$

525,168

$

367,862

$

1,003,533

$

780,900

Freight and handling revenues

—

69,696

—

129,919

Other revenues

3,750

2,110

7,717

3,968

Total revenues

528,918

439,668

1,011,250

914,787

Costs and expenses:

Cost of coal sales (exclusive of items shown separately below)

331,590

286,915

629,128

571,320

Freight and handling costs

101,310

69,696

176,976

129,919

Depreciation, depletion and amortization

11,222

8,939

22,810

17,788

Amortization of acquired intangibles, net

1,104

14,585

11,310

34,243

Selling, general and administrative expenses (exclusive of depreciation, depletion and amortization shown separately above)

11,951

26,319

31,108

40,148

Merger related costs

3,423

—

3,883

—

Secondary offering costs

—

2,496

—

3,438

Total other operating (income) loss:

Gain on disposal of assets

(16,502)

—

(16,502)

—

Mark-to-market adjustment for acquisition-related obligations

—

6,739

—

2,382

Gain on settlement of acquisition-related obligations

—

(9,200)

(292)

(9,200)

Other expenses

95

81

288

81

Total costs and expenses

444,193

406,570

858,709

790,119

Income from operations

84,725

33,098

152,541

124,668

Other income (expense):

Interest expense

(8,779)

(8,338)

(17,984)

(19,614)

Interest income

191

42

322

73

Loss on early extinguishment of debt

—

—

—

(38,701)

Equity loss in affiliates

(1,170)

(496)

(1,233)

(1,709)

Bargain purchase gain

—

642

—

642

Miscellaneous income, net

(270)

(219)

(583)

(192)

Total other expense, net

(10,028)

(8,369)

(19,478)

(59,501)

Income from continuing operations before income taxes

74,697

24,729

133,063

65,167

Income tax expense

(55)

(6,329)

(121)

(15,811)

Net income from continuing operations

74,642

18,400

132,942

49,356

Discontinued operations:

Loss from discontinued operations before income taxes

(854)

(9,019)

(2,213)

(4,000)

Income tax benefit from discontinued operations

—

3,231

—

2,366

Loss from discontinued operations

(854)

(5,788)

(2,213)

(1,634)

Net income

$

73,788

$

12,612

$

130,729

$

47,722

Basic income (loss) per common share:

Income from continuing operations

$

7.75

$

1.78

$

13.87

$

4.79

Loss from discontinued operations

(0.08)

(0.56)

(0.23)

(0.16)

Net income

$

7.67

$

1.22

$

13.64

$

4.63

Diluted income (loss) per common share

Income from continuing operations

$

7.24

$

1.69

$

12.91

$

4.57

Loss from discontinued operations

(0.08)

(0.53)

(0.22)

(0.15)

Net income

$

7.16

$

1.16

$

12.69

$

4.42

Weighted average shares – basic

9,625,874

10,309,612

9,587,457

10,309,520

Weighted average shares – diluted

10,306,043

10,874,175

10,299,539

10,801,228

CONTURA ENERGY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

(Amounts in thousands, except share and per share data)

June 30, 2018

December 31, 2017

Assets

Current assets:

Cash and cash equivalents

$

199,252

$

141,924

Trade accounts receivable, net of allowance for doubtful accounts of $0 as of June 30, 2018 and December 31, 2017

168,310

127,326

Inventories, net

74,464

69,561

Assets held for sale

—

171

Short-term restricted cash

11,680

11,615

Short-term deposits

6,619

12,366

Prepaid expenses and other current assets

43,054

59,693

Current assets – discontinued operations

26,231

40,498

Total current assets

529,610

463,154

Property, plant, and equipment, net

207,805

196,579

Other acquired intangibles, net of accumulated amortization of $3,851 and $28,662 as of June 30, 2018 and December 31, 2017

7,149

18,458

Long-term restricted cash

35,240

40,421

Long-term deposits

9,238

3,607

Deferred income taxes

78,744

78,744

Other non-current assets

34,285

28,005

Non-current assets – discontinued operations

—

7,632

Total assets

$

902,071

$

836,600

Liabilities and Stockholders’ Equity

Current liabilities:

Current portion of long-term debt

$

5,435

$

10,730

Trade accounts payable

74,000

76,319

Acquisition-related obligations – current

13,788

15,080

Liabilities held for sale

1,305

27,161

Accrued expenses and other current liabilities

56,615

58,771

Current liabilities – discontinued operations

26,138

54,114

Total current liabilities

177,281

242,175

Long-term debt

361,649

361,973

Acquisition-related obligations – long-term

20,852

20,332

Asset retirement obligations

55,313

52,434

Other non-current liabilities

61,748

59,276

Non-current liabilities – discontinued operations

82

7,762

Total liabilities

676,925

743,952

Commitments and Contingencies

Stockholders’ Equity

Preferred stock – par value $0.01, 2.0 million shares authorized, none issued

—

—

Common stock – par value $0.01, 20.0 million shares authorized, 10.8 million issued and 9.9 million outstanding at June 30, 2018 and 10.7 million issued and 9.9 million outstanding at December 31, 2017

108

108

Additional paid-in capital

47,273

40,616

Accumulated other comprehensive loss

(1,998)

(1,948)

Treasury stock, at cost: 0.9 million shares at June 30, 2018 and 0.8 million shares
at December 31, 2017

(54,930)

(50,092)

Retained earnings

234,693

103,964

Total stockholders’ equity

225,146

92,648

Total liabilities and stockholders’ equity

$

902,071

$

836,600

CONTURA ENERGY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(Amounts in thousands)

Six Months Ended June 30,

2018

2017

Operating activities:

Net income

$

130,729

$

47,722

Adjustments to reconcile net income to net cash (used in) provided by operating activities:

Depreciation, depletion and amortization

22,810

34,277

Amortization of acquired intangibles, net

11,310

34,243

Accretion of acquisition-related obligations discount

3,020

4,441

Amortization of debt issuance costs and accretion of debt discount

1,499

1,206

Mark-to-market adjustment for acquisition-related obligations

—

2,382

Gain on settlement of acquisition-related obligations

(292)

(9,200)

Gain on disposal of assets

(16,502)

(708)

Bargain purchase gain

—

(642)

Accretion of asset retirement obligations

4,056

11,049

Employee benefit plans, net

5,324

5,539

Loss on early extinguishment of debt

—

38,701

Stock-based compensation

7,125

6,598

Equity in loss of affiliates

1,233

1,701

Changes in operating assets and liabilities

(54,706)

8,905

Net cash provided by operating activities

115,606

186,214

Investing activities:

Capital expenditures

(38,349)

(35,508)

Payments on disposal of assets

(10,250)

—

Proceeds on disposal of assets

464

2,272

Capital contributions to equity affiliates

(525)

(3,090)

Purchase of additional ownership interest in equity affiliate

—

(13,293)

Other, net

(1,446)

(408)

Net cash used in investing activities

(50,106)

(50,027)

Financing activities:

Proceeds from borrowings on debt

—

396,000

Principal repayments of debt

(5,323)

(357,500)

Principal repayments of capital lease obligations

(139)

(504)

Debt issuance costs

—

(14,385)

Debt extinguishment costs

—

(25,036)

Debt amendment costs

—

(4,520)

Common stock repurchases and related expenses

(4,838)

—

Principal repayments of notes payable

(2,939)

(726)

Other, net

(49)

11

Net cash used in financing activities

(13,288)

(6,660)

Net increase in cash and cash equivalents and restricted cash

52,212

129,527

Cash and cash equivalents and restricted cash at beginning of period

193,960

171,289

Cash and cash equivalents and restricted cash at end of period

$

246,172

$

300,816

Supplemental cash flow information:

Cash paid for interest

13,431

$

27,738

Cash paid for taxes

$

2

$

13,110

Cash received for income tax refunds

$

13,457

$

—

Supplemental disclosure of non-cash investing and financing activities:

Capital leases and capital financing – equipment

$

344

$

283

Accrued capital expenditures

$

4,289

$

13,132

Dividend Declaration

$

—

$

92,786

Six Months Ended June 30,

2018

2017

Cash and cash equivalents

$

199,252

$

244,019

Short-term restricted cash

11,680

—

Long-term restricted cash

35,240

56,797

Total cash and cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows

$

246,172

$

300,816

CONTURA ENERGY, INC. AND SUBSIDIARIES

ADJUSTED EBITDA RECONCILIATION

(Amounts in thousands)

Reconciliation of Non-GAAP measures:

Three Months Ended June 30, 2018

CAPP

NAPP

Trading and
Logistics

All Other

Consolidated

Net income (loss) from continuing operations

$

73,140

$

3,090

$

22,342

$

(23,930)

$

74,642

Interest expense

3

(417)

—

9,193

8,779

Interest income

(6)

(10)

(18)

(157)

(191)

Income tax expense

—

—

—

55

55

Depreciation, depletion and amortization

5,742

5,295

—

185

11,222

Merger related costs

—

—

—

3,423

3,423

Non-cash stock compensation expense

—

—

—

1,876

1,876

Gain on sale of disposal group ⁽¹⁾

(16,386)

—

—

—

(16,386)

Accretion expense

655

941

—

—

1,596

Amortization of acquired intangibles, net

—

—

1,104

—

1,104

Adjusted EBITDA ⁽²⁾

$

63,148

$

8,899

$

23,428

$

(9,355)

$

86,120

⁽¹⁾ During the fourth quarter of 2017, the Company entered into an asset purchase agreement to sell a disposal group (comprised of property, plant and equipment and associated asset retirement obligations) within our CAPP segment. From the date the Company entered into the asset purchase agreement through the transaction close date, the property, plant and equipment and associated asset retirement obligations were classified as held for sale in amounts representing the fair value of the disposal group. Upon permit transfer, the transaction closed on April 2, 2018. The Company paid $10,000 in connection with the transaction, which was paid into escrow on March 27, 2018 and transferred to the buyer at the transaction close date, and expects to pay a series of additional cash payments in the aggregate amount of $1,500, per the terms stated in the agreement, and recorded a gain on sale of $16,386 within gain on disposal of assets within the Condensed Consolidated Statements of Operations.

⁽²⁾ Pursuant to the PRB divestiture and classification as a discontinued operation, the Company is no longer presenting a PRB reporting segment. The former PRB reporting segment had Adjusted EBITDA of ($1,102) for the three months ended June 30, 2018.

Segment Information:

Three Months Ended June 30, 2018

CAPP

NAPP

Trading and
Logistics

All Other

Consolidated

Total revenues

$

152,707

$

72,092

$

303,226

$

893

$

528,918

Depreciation, depletion, and amortization

$

5,742

$

5,295

$

—

$

185

$

11,222

Amortization of acquired intangibles, net

$

—

$

—

$

1,104

$

—

$

1,104

Adjusted EBITDA

$

63,148

$

8,899

$

23,428

$

(9,355)

$

86,120

Capital expenditures

$

8,173

$

10,572

$

—

$

163

$

18,908

Reconciliation of Non-GAAP measures:

Six Months Ended June 30, 2018

CAPP

NAPP

Trading and
Logistics

All Other

Consolidated

Net income (loss) from continuing operations

$

123,000

$

6,205

$

54,894

$

(51,157)

$

132,942

Interest expense

312

(349)

—

18,021

17,984

Interest income

(10)

(12)

(18)

(282)

(322)

Income tax expense

—

—

—

121

121

Depreciation, depletion and amortization

11,978

10,463

—

369

22,810

Merger related costs

—

—

—

3,883

3,883

Management restructuring costs ⁽¹⁾

—

—

—

2,659

2,659

Non-cash stock compensation expense

—

—

—

6,355

6,355

Gain on settlement of acquisition-related obligations

—

—

—

(292)

(292)

Gain on sale of disposal group ⁽²⁾

(16,386)

—

—

—

(16,386)

Accretion expense

2,174

1,882

—

—

4,056

Amortization of acquired intangibles, net

—

—

11,310

—

11,310

Adjusted EBITDA ⁽³⁾

$

121,068

$

18,189

$

66,186

$

(20,323)

$

185,120

⁽¹⁾ Management restructuring costs are related to severance expense associated with senior management changes in the six months ended June 30, 2018.

⁽²⁾ During the fourth quarter of 2017, the Company entered into an asset purchase agreement to sell a disposal group (comprised of property, plant and equipment and associated asset retirement obligations) within our CAPP segment. From the date the Company entered into the asset purchase agreement through the transaction close date, the property, plant and equipment and associated asset retirement obligations were classified as held for sale in amounts representing the fair value of the disposal group. Upon permit transfer, the transaction closed on April 2, 2018. The Company paid $10,000 in connection with the transaction, which was paid into escrow on March 27, 2018 and transferred to the buyer at the transaction close date, and expects to pay a series of additional cash payments in the aggregate amount of $1,500, per the terms stated in the agreement, and recorded a gain on sale of $16,386 within gain on disposal of assets within the Condensed Consolidated Statements of Operations.

⁽³⁾ Pursuant to the PRB divestiture and classification as a discontinued operation, the Company is no longer presenting a PRB reporting segment. The former PRB reporting segment had Adjusted EBITDA of ($2,368) for the six months ended June 30, 2018.

Segment Information:

Six Months Ended June 30, 2018

CAPP

NAPP

Trading and
Logistics

All Other

Consolidated

Total revenues

$

287,543

$

135,229

$

586,245

$

2,233

$

1,011,250

Depreciation, depletion, and amortization

$

11,978

$

10,463

$

—

$

369

$

22,810

Amortization of acquired intangibles, net

$

—

$

—

$

11,310

$

—

$

11,310

Adjusted EBITDA

$

121,068

$

18,189

$

66,186

$

(20,323)

$

185,120

Capital expenditures

$

15,845

$

22,341

$

—

$

163

$

38,349

Reconciliation of Non-GAAP measures:

Three Months Ended June 30, 2017

CAPP

NAPP

Trading and
Logistics

All Other

Consolidated

Net income (loss) from continuing operations

$

33,979

$

14,871

$

10,921

$

(41,371)

$

18,400

Interest expense

(153)

(420)

—

8,911

8,338

Interest income

(2)

—

—

(40)

(42)

Income tax expense

—

—

—

6,329

6,329

Depreciation, depletion and amortization

5,206

3,506

—

227

8,939

Non-cash stock compensation expense

—

—

166

5,001

5,167

Mark-to-market adjustment – acquisition-related obligations

—

—

—

6,739

6,739

Gain on settlement of acquisition-related obligations

—

—

—

(9,200)

(9,200)

Secondary offering costs

—

—

—

2,496

2,496

Bargain purchase gain

—

—

—

(642)

(642)

Accretion expense

1,461

1,041

—

—

2,502

Amortization of acquired intangibles, net

—

—

14,585

—

14,585

Expenses related to Special Dividend

377

57

—

9,102

9,536

Adjusted EBITDA ^{(1) (2)}

$

40,868

$

19,055

$

25,672

$

(12,448)

$

73,147

⁽¹⁾ The Company’s Adjusted EBITDA calculation has been modified to add back non-cash stock compensation expense to align with industry peer group methodology.

⁽²⁾ Pursuant to the PRB divestiture and classification as a discontinued operation, the Company is no longer presenting a PRB reporting segment. The former PRB reporting segment had Adjusted EBITDA of $2,446 for the three months ended June 30, 2017.

Segment Information:

Three Months Ended June 30, 2017

CAPP

NAPP

Trading and
Logistics

All Other

Consolidated

Total revenues

$

111,525

$

78,668

$

249,244

$

231

$

439,668

Depreciation, depletion, and amortization

$

5,206

$

3,506

$

—

$

227

$

8,939

Amortization of acquired intangibles, net

$

—

$

—

$

14,585

$

—

$

14,585

Adjusted EBITDA

$

40,868

$

19,055

$

25,672

$

(12,448)

$

73,147

Capital expenditures

$

5,140

$

12,610

$

—

$

858

$

18,608

Reconciliation of Non-GAAP measures:

Six Months Ended June 30, 2017

CAPP

NAPP

Trading and
Logistics

All Other

Consolidated

Net income (loss) from continuing operations

$

98,346

$

45,155

$

16,590

$

(110,735)

$

49,356

Interest expense

(93)

(369)

—

20,076

19,614

Interest income

(5)

—

—

(68)

(73)

Income tax expense

—

—

—

15,811

15,811

Depreciation, depletion and amortization

10,711

6,662

—

415

17,788

Non-cash stock compensation expense

—

—

209

6,389

6,598

Mark-to-market adjustment – acquisition-related obligations

—

—

—

2,382

2,382

Gain on settlement of acquisition-related obligations

—

—

—

(9,200)

(9,200)

Secondary offering costs

—

—

—

3,438

3,438

Loss on early extinguishment of debt

—

—

—

38,701

38,701

Bargain purchase gain

—

—

—

(642)

(642)

Accretion expense

2,923

2,082

—

—

5,005

Amortization of acquired intangibles, net

—

—

34,243

—

34,243

Expenses related to Special Dividend

377

57

—

9,102

9,536

Adjusted EBITDA ^{(1) (2)}

$

112,259

$

53,587

$

51,042

$

(24,331)

$

192,557

⁽¹⁾ The Company’s Adjusted EBITDA calculation has been modified to add back non-cash stock compensation expense to align with industry peer group methodology.

⁽²⁾ Pursuant to the PRB divestiture and classification as a discontinued operation, the Company is no longer presenting a PRB reporting segment. The former PRB reporting segment had Adjusted EBITDA of $18,761 for the six months ended June 30, 2017.

Segment Information:

Six Months Ended June 30, 2017

CAPP

NAPP

Trading and
Logistics

All Other

Consolidated

Total revenues

$

260,604

$

176,980

$

476,809

$

394

$

914,787

Depreciation, depletion, and amortization

$

10,711

$

6,662

$

—

$

415

$

17,788

Amortization of acquired intangibles, net

$

—

$

—

$

34,243

$

—

$

34,243

Adjusted EBITDA

$

112,259

$

53,587

$

51,042

$

(24,331)

$

192,557

Capital expenditures

$

7,189

$

22,209

$

—

$

1,058

$

30,456

CONTURA ENERGY, INC. AND SUBSIDIARIES

RESULTS OF OPERATIONS

(Amounts in thousands, except per ton data)

Three Months Ended June 30,

Increase (Decrease)

(In thousands, except for per ton data)

2018

2017

$ or Tons

%

Revenues:

Coal revenues:

Steam

$

55,935

$

74,459

$

(18,524)

(24.9)

%

Met

367,923

293,403

74,520

25.4

%

Freight and handling fulfillment revenues

101,310

69,696

31,614

45.4

%

Other revenues

3,750

2,110

1,640

77.7

%

Total revenues

$

528,918

$

439,668

$

89,250

20.3

%

Tons sold:

Steam

1,343

1,802

(459)

(25.5)

%

Met

3,042

2,316

726

31.3

%

Total

4,385

4,118

267

6.5

%

Coal sales realization per ton ⁽¹⁾:

Steam

$

41.65

$

41.32

$

0.33

0.8

%

Met

$

120.95

$

126.69

$

(5.74)

(4.5)

%

Average

$

96.66

$

89.33

$

7.33

8.2

%

Three Months Ended June 30,

Increase (Decrease)

(In thousands, except for per ton data)

2018

2017

$ or Tons

%

Coal revenues ⁽¹⁾:

CAPP Operations

$

152,154

$

111,244

$

40,910

36.8

%

NAPP Operations

70,708

77,347

(6,639)

(8.6)

%

Trading and Logistics Operations

200,996

179,271

21,725

12.1

%

Total coal revenues

$

423,858

$

367,862

$

55,996

15.2

%

Tons sold:

CAPP Operations

1,184

990

194

19.6

%

NAPP Operations

1,572

1,838

(266)

(14.5)

%

Trading and Logistics Operations

1,629

1,290

339

26.3

%

Coal sales realization per ton ⁽¹⁾:

CAPP Operations

$

128.51

$

112.37

$

16.14

14.4

%

NAPP Operations

$

44.98

$

42.08

$

2.90

6.9

%

Trading and Logistics Operations

$

123.39

$

138.97

$

(15.58)

(11.2)

%

Average

$

96.66

$

89.33

$

7.33

8.2

%

⁽¹⁾ Does not include $101.3 million of freight and handling fulfillment revenues for the three months ended June 30, 2018.

Three Months Ended June 30,

Increase (Decrease)

(In thousands, except for per ton data)

2018

2017

$ or Tons

%

Cost of coal sales (exclusive of items shown separately below)

$

331,590

$

286,915

$

44,675

15.6

%

Freight and handling costs

101,310

69,696

31,614

45.4

%

Depreciation, depletion and amortization

11,222

8,939

2,283

25.5

%

Amortization of acquired intangibles, net

1,104

14,585

(13,481)

(92.4)

%

Selling, general and administrative expenses (exclusive of depreciation, depletion and amortization shown separately above)

11,951

26,319

(14,368)

(54.6)

%

Merger related costs

3,423

—

3,423

100.0

%

Secondary offering costs

—

2,496

(2,496)

(100.0)

%

Total other operating (income) loss:

Gain on disposal of assets

(16,502)

—

(16,502)

(100.0)

%

Mark-to-market adjustment for acquisition-related obligations

—

6,739

(6,739)

(100.0)

%

Gain on settlement of acquisition-related obligations

—

(9,200)

9,200

100.0

%

Other expenses

95

81

14

17.3

%

Total costs and expenses

444,193

406,570

37,623

9.3

%

Other (expense) income:

   Interest expense

(8,779)

(8,338)

(441)

(5.3)

%

   Interest income

191

42

149

354.8

%

Equity loss in affiliates

(1,170)

(496)

(674)

(135.9)

%

Bargain purchase gain

—

642

(642)

(100.0)

%

   Miscellaneous income, net

(270)

(219)

(51)

(23.3)

%

Total other expense, net

(10,028)

(8,369)

(1,659)

(19.8)

%

Income tax expense

(55)

(6,329)

6,274

99.1

%

Net income from continuing operations

$

74,642

$

18,400

$

56,242

305.7

%

Cost of coal sales:

CAPP Operations

$

89,903

$

72,397

$

17,506

24.2

%

NAPP Operations

$

64,369

$

60,668

$

3,701

6.1

%

Trading and Logistics Operations

$

177,318

$

153,554

$

23,764

15.5

%

Tons sold:

CAPP Operations

1,184

990

194

19.6

%

NAPP Operations

1,572

1,838

(266)

(14.5)

%

Trading and Logistics Operations

1,629

1,290

339

26.3

%

Cost of coal sales per ton:

CAPP Operations

$

75.93

$

73.13

$

2.80

3.8

%

NAPP Operations

$

40.95

$

33.01

$

7.94

24.1

%

Trading and Logistics Operations

$

108.85

$

119.03

$

(10.18)

(8.6)

%

Coal margin per ton ⁽¹⁾:

CAPP Operations