Corsa Coal Announces Financial Results for Third Quarter 2021
November 5, 2021 - Corsa Coal Corp. (TSXV: CSO) (OTCQX: CRSXF) ("Corsa" or the "Company"), a premium quality metallurgical coal producer, today reported financial results for the three and nine months ended September 30, 2021. Corsa has filed its unaudited condensed interim consolidated financial statements for the three and nine months ended September 30, 2021 and 2020 and related management's discussion and analysis under its profile on www.sedar.com.
Unless otherwise noted, all dollar amounts in this news release are expressed in United States dollars and all ton amounts are short tons (2,000 pounds per ton). Pricing and cost per ton information is expressed on a free-on-board, or FOB, mine site basis, unless otherwise noted.
Third Quarter 2021 Highlights
- Key financial results and operational statistics are shown below:
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Three months ended
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Nine months ended
|
| |
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September 30,
|
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September 30,
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(in millions except per share, per ton and sales tons)
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2021
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|
2020
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|
2021
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|
2020
|
|
Net and comprehensive income (loss)
|
|
$
|
0.9
|
|
$
|
(3.6)
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|
$
|
(1.3)
|
|
$
|
(50.7)
|
|
Non-cash asset impairment adjustment (included above)
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
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|
$
|
(41.7)
|
|
Diluted earnings (loss) per share
|
|
$
|
0.01
|
|
$
|
(0.04)
|
|
$
|
(0.01)
|
|
$
|
(0.47)
|
|
Adjusted EBITDA(1)
|
|
$
|
4.1
|
|
$
|
(4.8)
|
|
$
|
7.0
|
|
$
|
5.8
|
|
EBITDA(1)
|
|
$
|
6.2
|
|
$
|
1.8
|
|
$
|
13.3
|
|
$
|
(32.6)
|
|
Cash (used in) provided by operating activities
|
|
$
|
4.2
|
|
$
|
(10.3)
|
|
$
|
3.0
|
|
$
|
10.9
|
|
Total revenue
|
|
$
|
36.4
|
|
$
|
23.6
|
|
$
|
91.4
|
|
$
|
111.7
|
| |
|
|
|
|
|
|
|
|
|
Average realized price per ton of metallurgical coal sold(1)
|
|
$
|
112.75
|
|
$
|
66.54
|
|
$
|
97.46
|
|
$
|
81.73
|
|
Cash production cost per ton sold(1)
|
|
$
|
92.24
|
|
$
|
77.15
|
|
$
|
83.00
|
|
$
|
70.13
|
| |
|
|
|
|
|
|
|
|
|
Company produced sales tons
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|
286,678
|
|
286,944
|
|
828,260
|
|
1,008,622
|
|
Value added services sales tons
|
|
11,760
|
|
617
|
|
31,833
|
|
32,619
|
|
Sales and Trading sales tons
|
|
-
|
|
-
|
|
-
|
|
136,663
|
|
Total sales tons
|
|
298,438
|
|
287,561
|
|
860,093
|
|
1,177,904
|
| |
|
|
|
|
|
|
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- Corsa's average realized price for the third quarter 2021 is the approximate equivalent of between $174 to $179 per metric ton on an FOB vessel basis(2). For the third quarter 2021, Corsa's sales mix included 41% of sales to domestic customers and 59% of sales to international customers.
- In the third quarter 2021, the Company's U.S. subsidiaries, Wilson Creek Holdings, Inc. and Wilson Creek Energy, LLC, received full forgiveness of the Paycheck Protection Program loans received in April 2020. The Company previously recognized
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