Oxford Resource Partners, LP
) operating loss of 48 cents per unit in the fourth quarter of
2013 was wider than the Zacks Consensus Estimate of a loss of 41
cents. In the year-ago quarter the company reported loss of 37
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GAAP loss in the reported quarter was 33 cents per unit compared
to a loss of 29 cents in the year ago quarter. The difference
between GAAP and operating loss in fourth quarter was due to
impact of one-time restructuring and asset impairment charges and
gain from the changes in the fair value of warrants.
Oxford Resource Partners' operating loss of $1.22 per unit in
2013 was wider than the Zacks Consensus Estimate of a loss of
$1.18. In 2012, the operating earnings of the company were 89
Oxford Resource Partners' total revenue of $82.3 million in the
fourth quarter was down 4.8% from $86.5 million in the year-ago
Full-year 2013 revenues came in at $346.8 million, missing
year-ago revenues of $373.5 billion by 7.2%.
The decline was primary due to lower sales volume from the
Illinois Basin operations.
Highlights of the Release
During the year, Oxford Resource Partners increased its coal
reserves by acquiring 6.2 million tons of proven and probable
coal reserves in Northern Appalachia. In addition, the
partnership also received necessary permits to mine 6.8 million
tons of proven and probable coal reserves in Northern Appalachia.
Cash coal sales per ton during the year were $50.92 up 2.7% from
the year-ago level. However, 3.5% increase in the cash cost per
ton to $43.99 in 2013, offset the benefits of increase in the
Interest expenses were $21.1 million versus $11.5 million in
2012. The increase in expenses was primarily due to expense
incurred to service higher debts.
Cash and cash equivalents as of Dec 31, 2013 were $3.1 million
versus $3.9 million as of Dec 31, 2012.
Long-term debt as of Dec 31, 2013 was $155.4 million versus $41.6
million as of Dec 31, 2012.
Oxford Resource Partners expects to produce between 5.5 million
tons and 5.9 million tons and sell between 5.6 million tons and
6.0 million tons of thermal coal in 2014.
The partnership expects average selling price to be in the range
of $51.50 to $53.50 per ton, exceeding the selling price of
$51.09 per ton in the fourth quarter of 2013.
The partnership expects its capital expenditure in 2014 be in the
range of $17 million to $21 million.
Other Company Releases
Arch Coal Inc
) reported fourth-quarter 2013 pro forma loss of 45 cents per
share, wider than the Zacks Consensus Estimate of a loss of 36
Walter Energy Inc.
) operating loss per share of 55 cents per share in the fourth
quarter of 2013 was narrower than the Zacks Consensus Estimate of
a loss of 79 cents.
Alpha Natural Resources
) reported a loss of 52 cents per share for the fourth quarter of
2013, narrower than the Zacks Consensus Estimate of a loss of 61
Oxford Resource Partners, L.P. currently has a Zacks Rank #3