News Release
The Partnership continued the suspension of the cash distribution for its common units for the current quarter. No distributions will be paid for common or subordinated units for the quarter ended
As previously announced, we are exploring the development of the
Safety remains a top priority at all of our operations as we continue to manage through these difficult coal market conditions. Natural gas prices remain at historic lows and have continued to adversely affect the steam coal markets. We have resumed mining operations at a majority of our Central Appalachia operations in 2016 to fulfill customer contracts that we secured for the upcoming year. Future market conditions will determine the duration that our remaining Central Appalachia operations remain idle.
Productivity improvements at Pennyrile have lowered costs and improved the coal recovery rates at this operation. Pennyrile became a positive cash flow producer for Rhino during the first quarter as we have increased production and sales to meet our contracted positions for 2016. We are fully contracted for 2016 at Pennyrile with 1.2 million tons forecast to be produced and sold this year. We believe Pennyrile will be a positive cash flow provider for the Partnership for the remainder of 2016 at these production and sales levels. Pennyrile gives us additional diversification and we expect it to be a significant generator of stable cash flow as it ramps up to its full potential run rate of two million tons per year.
In Northern Appalachia, we experienced delays from customers accepting shipments from
Coal Operations Update
Pennyrile
- Pennyrile’s sales are fully contracted through 2016 and 2017 at current production levels.
- Productivity improvements at Pennyrile have lowered costs, improved coal recovery rates and turned this operation into a positive cash flow producer during the first quarter of 2016.
- Rhino’s Pennyrile operations produced approximately 327,000 tons during the first quarter while coal sales were approximately 316,000 tons.
Northern Appalachia
- For the first quarter, year-over-year coal revenues per ton decreased
$4.31 to $54.29 due to a higher mix of lower priced tons from our Sands Hill operation. - Sales volume was 122,000 tons, versus 251,000 tons in the prior year and 139,000 tons in the prior quarter. Sales were constrained in the quarter due to customers delaying shipments from our
Hopedale operation. - Sales at Rhino’s Sands Hill operations in Northern Appalachia are fully contracted through 2016.
Rhino Western
- Coal revenues per ton in the quarter increased to
$38.08 versus$36.90 in the prior year and$36.96 in the prior quarter. Coal revenues per ton increased due to higher contracted prices for coal from Rhino’sCastle Valley mine. Sales volume was 252,000 tons versus 229,000 tons in the prior year and 218,000 tons in the prior quarter. - Cost of operations per ton was
$32.48 versus$33.70 in the prior year and$34.96 in the prior quarter.Castle Valley had lower maintenance and other expenses in the current quarter, which led to the quarter-to-quarter decrease in cost of operations per ton. - Castle Valley’s sales remain fully contracted through 2016.
Central Appalachia
- Coal revenues per ton in the quarter was
$56.00 versus$64.22 in the prior year and$63.20 in the prior quarter. Metallurgical coal revenue per ton in the quarter was$81.61 versus$77.39 in the prior year and$97.30 in the prior quarter. Steam coal revenue in the quarter was$51.02 per ton versus$57.72 in the prior year and$42.84 in the prior quarter. Sales volume was 100,000 tons in the quarter versus 237,000 in the prior year and 75,000 tons in the prior quarter. - Cost of operations per ton in the quarter was
$29.99 versus$54.23 in the prior year and$91.33 in the prior quarter. - Rhino’s Central Appalachia mining operations were idle in the fourth quarter to reduce excess inventory stockpiles, which caused the increase in cost of operations per ton in the fourth quarter compared to the current quarter.
- Rhino resumed mining operations at a majority of its Central Appalachia operations in 2016 to fulfill customer contracts that were secured for 2016. Future market conditions will determine the duration that the remaining Central Appalachia operations remain idle.
Royal Acquisition and Capital Transaction
On
On
Reverse Unit Split
On
Suspension and Delisting of Common Units from the
As previously reported, on
Debt Amendment
On
Capital Expenditures
- Maintenance capital expenditures for the first quarter were approximately
$0.3 million . - Expansion capital expenditures for the first quarter were approximately
$2.2 million , which primarily consisted of expanding the coal processing plant at Pennyrile.
Sales Commitments
The table below displays Rhino’s committed coal sales for the periods indicated.
Q2 to Q4 2016 | Year 2017 | |||||||||
Avg Price | Tons | Avg Price | Tons | |||||||
Northern Appalachia/Illinois Basin | $ | 51.41 | 1,456,150 | $ | 49.08 | 1,350,000 | ||||
Rhino Western | $ | 39.00 | 789,644 | $ | 39.00 | 300,000 | ||||
Central Appalachia | $ | 60.67 | 326,740 | $ | 54.75 | 264,000 | ||||
Total | $ | 48.78 | 2,572,534 | $ | 48.28 | 1,914,000 | ||||
Debt Classification
The Partnership evaluated its amended and restated senior secured credit facility at
Evaluating Financial Results
Rhino management uses a variety of financial measurements to analyze the Partnership’s performance, including (1) Adjusted EBITDA, (2) coal revenues per ton and (3) cost of operations per ton.
Adjusted EBITDA. Adjusted EBITDA represents net income before deducting interest expense, income taxes and depreciation, depletion and amortization, while also excluding certain non-cash and/or non-recurring items. Adjusted EBITDA is used by management primarily as a measure of the operating performance of the Partnership’s segments. Adjusted EBITDA should not be considered an alternative to net income, income from operations, cash flows from operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP. Because not all companies calculate Adjusted EBITDA identically, the Partnership’s calculation may not be comparable to similarly titled measures of other companies. (Refer to “Reconciliations of Adjusted EBITDA” included later in this release for reconciliations of Adjusted EBITDA to the most directly comparable GAAP financial measures).
Coal Revenues Per Ton. Coal revenues per ton sold represents coal revenues divided by tons of coal sold. Coal revenues per ton is a key indicator of Rhino’s effectiveness in obtaining favorable prices for the Partnership’s product.
Cost of Operations
Overview of Financial Results
Results for the three months ended
- Adjusted EBITDA from continuing operations of
$6.6 million and net loss from continuing operations of$1.2 million compared to Adjusted EBITDA from continuing operations of$5.5 million and a net loss from continuing operations of$4.6 million in the first quarter of 2015. Adjusted EBITDA and net loss from continuing operations for the first quarter of 2016 were benefited by approximately$3.9 million from a prior service cost benefit resulting from the cancellation of the postretirement benefit plan at the Partnership’sHopedale operation. Including net income from discontinued operations of approximately$0.7 million , total net loss and Adjusted EBITDA for the three months endedMarch 31, 2015 were$3.9 million and$6.2 million , respectively. Rhino did not have any income or loss from discontinued operations in the first quarter of 2016. - Basic and diluted net loss per common unit from continuing operations of
$0.33 compared to basic and diluted net loss per common unit from continuing operations of$1.53 for the first quarter of 2015. - Coal sales were 0.8 million tons, which was a decrease of 9.5% compared to the first quarter of 2015, primarily due to lower sales from Central Appalachia partially offset by sales from the new Pennyrile operation.
- Total revenues and coal revenues of
$40.4 million and$36.7 million , respectively, compared to$56.2 million and$45.6 million , respectively, for the same period of 2015. - Coal revenues per ton of
$46.42 compared to$52.18 for the first quarter of 2015, a decrease of 11.1%. - Cost of operations from continuing operations of
$29.5 million compared to$46.1 million for the same period of 2015. - Cost of operations per ton from continuing operations of
$37.27 compared to$52.86 for the first quarter of 2015, a decrease of 29.5%.
Total coal revenues decreased approximately 19.5% primarily due to fewer steam coal tons sold and lower steam coal prices in Central Appalachia, partially offset by sales from the new Pennyrile mine in the
Segment Information
The Partnership produces and markets coal from surface and underground mines in
(In millions, except per ton data and %) |
First Quarter 2016 |
First Quarter 2015 |
% Change* 1Q16 / 1Q15 |
|||||||||
Central Appalachia | ||||||||||||
Coal revenues | $ | 5.6 | $ | 15.2 | (63.2 | %) | ||||||
Total revenues | $ | 6.7 | $ | 22.2 | (69.8 | %) | ||||||
Coal revenues per ton* | $ | 56.00 | $ | 64.22 | (12.8 | %) | ||||||
Cost of operations | $ | 3.0 | $ | 12.8 | (76.7 | %) | ||||||
Cost of operations per ton* | $ | 29.99 | $ | 54.23 | (44.7 | %) | ||||||
Tons produced | 0.084 | 0.266 | (68.2 | %) | ||||||||
Tons sold | 0.100 | 0.237 | (57.8 | %) | ||||||||
Northern Appalachia | ||||||||||||
Coal revenues | $ | 6.7 | $ | 14.7 | (54.8 | %) | ||||||
Total revenues | $ | 9.2 | $ | 17.3 | (47.2 | %) | ||||||
Coal revenues per ton* | $ | 54.29 | $ | 58.60 | (7.4 | %) | ||||||
Cost of operations | $ | 2.9 | $ | 13.0 | (78.1 | %) | ||||||
Cost of operations per ton* | $ | 23.28 | $ | 51.87 | (55.1 | %) | ||||||
Tons produced | 0.112 | 0.257 | (56.6 | %) | ||||||||
Tons sold | 0.122 | 0.251 | (51.2 | %) | ||||||||
Rhino Western | ||||||||||||
Coal revenues | $ | 9.6 | $ | 8.5 | 13.5 | % | ||||||
Total revenues | $ | 9.6 | $ | 8.5 | 13.4 | % | ||||||
Coal revenues per ton* | $ | 38.08 | $ | 36.90 | 3.2 | % | ||||||
Cost of operations | $ | 8.2 | $ | 7.7 | 6.0 | % | ||||||
Cost of operations per ton* | $ | 32.48 | $ | 33.70 | (3.6 | %) | ||||||
Tons produced | 0.238 | 0.243 | (2.3 | %) | ||||||||
Tons sold | 0.252 | 0.229 | 9.9 | % | ||||||||
Illinois Basin | ||||||||||||
Coal revenues | $ | 14.8 | $ | 7.2 | 106.6 | % | ||||||
Total revenues | $ | 14.8 | $ | 7.2 | 107.3 | % | ||||||
Coal revenues per ton | $ | 46.98 | $ | 46.02 | 2.1 | % | ||||||
Cost of operations | $ | 12.7 | $ | 9.9 | 28.7 | % | ||||||
Cost of operations per ton | $ | 40.16 | $ | 63.17 | (36.4 | %) | ||||||
Tons produced | 0.327 | 0.161 | 103.3 | % | ||||||||
Tons sold | 0.316 | 0.156 | 102.4 | % | ||||||||
Other** | ||||||||||||
Coal revenues | n/a | n/a | n/a | |||||||||
Total revenues | $ | 0.1 | $ | 1.0 | (90.7 | %) | ||||||
Coal revenues per ton | n/a | n/a | n/a | |||||||||
Cost of operations | $ | 2.7 | $ | 2.7 | 1.0 | % | ||||||
Cost of operations per ton | n/a | n/a | n/a | |||||||||
Total | ||||||||||||
Coal revenues | $ | 36.7 | $ | 45.6 | (19.5 | %) | ||||||
Total revenues | $ | 40.4 | $ | 56.2 | (28.0 | %) | ||||||
Coal revenues per ton* | $ | 46.42 | $ | 52.18 | (11.1 | %) | ||||||
Cost of operations | $ | 29.5 | $ | 46.1 | (36.2 | %) | ||||||
Cost of operations per ton* | $ | 37.27 | $ | 52.86 | (29.5 | %) | ||||||
Tons produced | 0.761 | 0.927 | (17.9 | %) | ||||||||
Tons sold | 0.790 | 0.873 | (9.5 | %) | ||||||||
* Percentages, totals and per ton amounts are calculated based on actual amounts and not the rounded amounts presented in this table.
** The activities performed by Rhino’s ancillary businesses do not directly relate to coal production. As a result, coal revenues per ton and cost of operations per ton are not presented for the Other category.
Additional information for the Central Appalachia segment detailing the types of coal produced and sold, premium high-vol met coal and steam coal, is presented below. Note that the Partnership’s Northern Appalachia, Rhino Western and
(In thousands, except per ton data and %) | First Quarter 2016 |
First Quarter 2015 |
% Change* 1Q16 / 1Q15 |
|||||||||
Met coal tons sold | 16.3 | 78.3 | (79.2 | %) | ||||||||
Steam coal tons sold | 83.8 | 158.7 | (47.2 | %) | ||||||||
Total tons sold | 100.1 | 237.0 | (57.8 | %) | ||||||||
Met coal revenue | $ | 1,329 | $ | 6,059 | (78.1 | %) | ||||||
Steam coal revenue | $ | 4,274 | $ | 9,159 | (53.3 | %) | ||||||
Total coal revenue | $ | 5,603 | $ | 15,218 | (63.2 | %) | ||||||
Met coal revenues per ton | $ | 81.61 | $ | 77.39 | 5.5 | % | ||||||
Steam coal revenues per ton | $ | 51.02 | $ | 57.72 | (11.6 | %) | ||||||
Total coal revenues per ton | $ | 56.00 | $ | 64.22 | (12.8 | %) | ||||||
Met coal tons produced | 15.9 | 97.5 | (83.7 | %) | ||||||||
Steam coal tons produced | 68.5 | 168.1 | (59.3 | %) | ||||||||
Total tons produced | 84.4 | 265.6 | (68.2 | %) | ||||||||
* Percentages are calculated based on actual amounts and not the rounded amounts presented in this table.
First Quarter 2016 Financial and Operational Results Conference Call
The Partnership will not host a conference call this quarter. Any inquiries can be made to the Partnership’s investor relations department.
About Rhino Resource Partners LP
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 Rhino expects, believes or anticipates will or may occur in the future are forward-looking statements, including the statements and information included under the heading “Coal Operations Update.” These forward-looking statements are based on Rhino’s current expectations and beliefs concerning future developments and their potential effect on Rhino’s business, operating results, financial condition and similar matters. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting Rhino will turn out as Rhino anticipates. Whether actual results and developments in the future will conform to expectations is subject to significant risks, uncertainties and assumptions, many of which are beyond Rhino’s control or ability to predict. Therefore, actual results and developments could materially differ from Rhino’s historical experience, present expectations and what is expressed, implied or forecast in these forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, the following: Rhino’s inability to obtain additional financing necessary to fund its capital expenditures, meet working capital needs and maintain and grow its operations or its inability to obtain alternative financing upon the expiration of its credit facility; Rhino’s future levels of indebtedness, liquidity and compliance with debt covenants; volatility and recent declines in the price of Rhino’s common units; sustained depressed levels of or decline in coal prices, which depend upon several factors such as the supply of domestic and foreign coal, the demand for domestic and foreign coal, governmental regulations, price and availability of alternative fuels for electricity generation and prevailing economic conditions; declines in demand for electricity and coal; current and future environmental laws and regulations, which could materially increase operating costs or limit Rhino’s ability to produce and sell coal; extensive government regulation of mine operations, especially with respect to mine safety and health, which imposes significant actual and potential costs; difficulties in obtaining and/or renewing permits necessary for operations; the availability and prices of competing electricity generation fuels; a variety of operating risks, such as unfavorable geologic conditions, adverse weather conditions and natural disasters, mining and processing equipment unavailability, failures and unexpected maintenance problems and accidents, including fire and explosions from methane; poor mining conditions resulting from the effects of prior mining; the availability and costs of key supplies and commodities such as steel, diesel fuel and explosives; fluctuations in transportation costs or disruptions in transportation services, which could increase competition or impair Rhino’s ability to supply coal; a shortage of skilled labor, increased labor costs or work stoppages; Rhino’s ability to secure or acquire new or replacement high-quality coal reserves that are economically recoverable; material inaccuracies in Rhino’s estimates of coal reserves and non-reserve coal deposits; existing and future laws and regulations regulating the emission of sulfur dioxide and other compounds, which could affect coal consumers and reduce demand for coal; federal and state laws restricting the emissions of greenhouse gases; Rhino’s ability to acquire or failure to maintain, obtain or renew surety bonds used to secure obligations to reclaim mined property; Rhino’s dependence on a few customers and its ability to find and retain customers under favorable supply contracts; changes in consumption patterns by utilities away from the use of coal, such as changes resulting from low natural gas prices; changes in governmental regulation of the electric utility industry; Rhino’s ability to successfully diversify its operations into other non-coal natural resources; disruption in supplies of coal produced by contractors operating Rhino’s mines; defects in title in properties that Rhino owns or losses of any of its leasehold interests; Rhino’s ability to retain and attract senior management and other key personnel; material inaccuracy of assumptions underlying reclamation and mine closure obligations; and weakness in global economic conditions.
Other factors that could cause Rhino’s actual results to differ from its projected results are described in its filings with the
Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Rhino undertakes no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise, unless required by law.
RHINO RESOURCE PARTNERS LP | ||||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION | ||||||||
AS OF MARCH 31, 2016 AND DECEMBER 31, 2015 | ||||||||
(in thousands) | ||||||||
March 31, | December 31, | |||||||
2016 | 2015 | |||||||
ASSETS | ||||||||
CURRENT ASSETS: | ||||||||
Cash and cash equivalents | $ | 646 | $ | 78 | ||||
Accounts receivable, net of allowance | 15,909 | 14,569 | ||||||
Inventories | 6,848 | 8,570 | ||||||
Prepaid expenses and other | 4,899 | 6,227 | ||||||
Total current assets | 28,302 | 29,444 | ||||||
Net property, plant & equipment, incl coal properties, mine development and construction costs | 328,969 | 333,507 | ||||||
Investment in unconsolidated affiliates | 7,499 | 7,578 | ||||||
Other non-current assets | 35,187 | 34,138 | ||||||
TOTAL | $ | 399,957 | $ | 404,667 | ||||
LIABILITIES AND EQUITY | ||||||||
CURRENT LIABILITIES: | ||||||||
Accounts payable | $ | 10,130 | $ | 9,336 | ||||
Current portion of long-term debt | 43,883 | 41,479 | ||||||
Accrued expenses and other | 12,431 | 14,914 | ||||||
Total current liabilities | 66,444 | 65,729 | ||||||
NON-CURRENT LIABILITIES: | ||||||||
Long-term debt | 2,536 | 2,595 | ||||||
Asset retirement obligations | 22,966 | 22,980 | ||||||
Other non-current liabilities | 44,098 | 45,435 | ||||||
Total non-current liabilities | 69,600 | 71,010 | ||||||
Total liabilities | 136,044 | 136,739 | ||||||
COMMITMENTS AND CONTINGENCIES | ||||||||
PARTNERS' CAPITAL: | ||||||||
Limited partners | 261,116 | 253,312 | ||||||
Subscription receivable from limited partners | (7,000 | ) | - | |||||
General partner | 9,797 | 9,821 | ||||||
Accumulated other comprehensive income | - | 4,795 | ||||||
Total partners' capital | 263,913 | 267,928 | ||||||
TOTAL | $ | 399,957 | $ | 404,667 |
RHINO RESOURCE PARTNERS LP | |||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||
(in thousands, except per unit data) | |||||||
Three Months | |||||||
Ended March 31, | |||||||
2016 | 2015 | ||||||
REVENUES: | |||||||
Coal sales | $ | 36,679 | $ | 45,556 | |||
Other revenues | 3,750 | 10,628 | |||||
Total revenues | 40,429 | 56,184 | |||||
COSTS AND EXPENSES: | |||||||
Cost of operations (exclusive of depreciation, depletion and amortization) | 29,451 | 46,151 | |||||
Freight and handling costs | 550 | 535 | |||||
Depreciation, depletion and amortization | 6,247 | 8,852 | |||||
Selling, general and administrative (exclusive of depreciation, depletion and amortization) | 4,054 | 4,416 | |||||
(Gain) on sale/disposal of assets—net | (270 | ) | (22 | ) | |||
Total costs and expenses | 40,032 | 59,932 | |||||
INCOME/(LOSS) FROM OPERATIONS | 397 | (3,748 | ) | ||||
INTEREST AND OTHER (EXPENSE)/INCOME : | |||||||
Interest expense and other | (1,574 | ) | (957 | ) | |||
Interest income and other | 34 | 2 | |||||
Equity in net (loss)/income of unconsolidated affiliate | (79 | ) | 141 | ||||
Total interest and other (expense) | (1,619 | ) | (814 | ) | |||
NET (LOSS) BEFORE INCOME TAXES FROM CONTINUING OPERATIONS | (1,222 | ) | (4,562 | ) | |||
NET (LOSS) FROM CONTINUING OPERATIONS | (1,222 | ) | (4,562 | ) | |||
DISCONTINUED OPERATIONS | |||||||
Income from discontinued operations | - | 721 | |||||
NET (LOSS) | $ | (1,222 | ) | $ | (3,841 | ) | |
General partner's interest in net (loss)/income: | |||||||
Net (loss) from continuing operations | $ | (24 | ) | $ | (91 | ) | |
Net income from discontinued operations | - | 14 | |||||
General partner's interest in net income/(loss) | $ | (24 | ) | $ | (77 | ) | |
Common unitholders' interest in net (loss)/income: | |||||||
Net (loss) from continuing operations | $ | (785 | ) | $ | (2,569 | ) | |
Net income from discontinued operations | - | 402 | |||||
Common unitholders' interest in net income/(loss) | $ | (785 | ) | $ | (2,167 | ) | |
Subordinated unitholders' interest in net (loss)/income: | |||||||
Net (loss) from continuing operations | $ | (413 | ) | $ | (1,902 | ) | |
Net income from discontinued operations | - | 305 | |||||
Subordinated unitholders' interest in net income/(loss) | $ | (413 | ) | $ | (1,597 | ) | |
Net (loss)/income per limited partner unit, basic: | |||||||
Common units: | |||||||
Net (loss) per unit from continuing operations | $ | (0.33 | ) | $ | (1.53 | ) | |
Net income per unit from discontinued operations | - | 0.24 | |||||
Net income/(loss) per common unit, basic | $ | (0.33 | ) | $ | (1.29 | ) | |
Subordinated units | |||||||
Net (loss) per unit from continuing operations | $ | (0.33 | ) | $ | (1.55 | ) | |
Net income per unit from discontinued operations | - | 0.24 | |||||
Net income/(loss) per subordinated unit, basic | $ | (0.33 | ) | $ | (1.31 | ) | |
Net (loss)/income per limited partner unit, diluted: | |||||||
Common units | |||||||
Net (loss) per unit from continuing operations | $ | (0.33 | ) | $ | (1.53 | ) | |
Net income per unit from discontinued operations | - | 0.24 | |||||
Net income/(loss) per common unit, diluted | $ | (0.33 | ) | $ | (1.29 | ) | |
Subordinated units | |||||||
Net (loss) per unit from continuing operations | $ | (0.33 | ) | $ | (1.55 | ) | |
Net income per unit from discontinued operations | - | 0.24 | |||||
Net income/(loss) per subordinated unit, diluted | $ | (0.33 | ) | $ | (1.31 | ) | |
Distributions paid per limited partner unit (1) | $ | - | $ | 0.05 | |||
Weighted average number of limited partner units outstanding, basic: | |||||||
Common units | 2,349 | 1,669 | |||||
Subordinated units | 1,236 | 1,240 | |||||
Weighted average number of limited partner units outstanding, diluted: | |||||||
Common units | 2,349 | 1,669 | |||||
Subordinated units | 1,236 | 1,240 | |||||
(1) No distributions were paid on the subordinated units for the three months ended March 31, 2016 and 2015. | |||||||
Reconciliations of Adjusted EBITDA
The following tables present reconciliations of Adjusted EBITDA to the most directly comparable GAAP financial measures for each of the periods indicated (note: DD&A refers to depreciation, depletion and amortization).
($ in millions) | First Quarter 2016 | First Quarter 2015 | ||||||
Net (loss) from continuing operations | $ | (1.2 | ) | $ | (4.6 | ) | ||
Plus: | ||||||||
Depreciation, depletion and amortization (DD&A) | 6.2 | 8.9 | ||||||
Interest expense | 1.6 | 1.0 | ||||||
EBITDA from continuing operations | $ | 6.6 | $ | 5.3 | ||||
Plus: Provision for doubtful accounts (1) | - | 0.2 | ||||||
Adjusted EBITDA from continuing operations | 6.6 | 5.5 | ||||||
Net income from discontinued operations | - | 0.7 | ||||||
Adjusted EBITDA | $ | 6.6 | $ | 6.2 | ||||
(1) During the first quarter of 2015, we recorded a provision for doubtful accounts of approximately
Three Months Ended March 31 | ||||||||
($ in millions) | 2016 | 2015 | ||||||
Net cash provided by operating activities | $ | (1.2 | ) | $ | 2.0 | |||
Plus: | ||||||||
Increase in net operating assets | 2.4 | 3.0 | ||||||
Gain on sale of assets | 0.3 | 0.7 | ||||||
Amortization of deferred revenue | 0.1 | 0.5 | ||||||
Amortization of actuarial gain | 4.8 | 0.1 | ||||||
Interest expense | 1.6 | 1.0 | ||||||
Equity in net income of unconsolidated affiliate | - | 0.1 | ||||||
Less: | ||||||||
Decrease in net operating assets | - | - | ||||||
Amortization of advance royalties | 0.2 | 0.1 | ||||||
Amortization of debt issuance costs | 0.6 | 0.2 | ||||||
Loss on retirement of advanced royalties | 0.1 | - | ||||||
Provision for doubtful accounts | - | 0.2 | ||||||
Accretion on asset retirement obligations | 0.4 | 0.5 | ||||||
Distribution from unconsolidated affiliates | - | 0.2 | ||||||
Equity in net loss of unconsolidated affiliates | 0.1 | - | ||||||
Adjusted EBITDA | $ | 6.6 | $ | 6.2 | ||||
Less: Net income from discontinued operations | - | 0.7 | ||||||
Adjusted EBITDA from continuing operations | $ | 6.6 | $ | 5.5 | ||||
Investor Contact:Scott Morris +1 859.519.3622 smorris@rhinolp.com