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Home » Long Term Weight Loss » Oxford Resource Partners, LP Reports First Quarter 2012 Financial Results

COLUMBUS, Ohio, May 3, 2012 /PRNewswire/ --Oxford Resource Partners, LP (OXF) (the "Partnership" or "Oxford") today announced first quarter 2012 financial results.

Overview

Following a challenging quarter, Oxford's management is highly focused on improving its profitability and liquidity through the actions below:

"We are taking rapid and decisive actions to improve operations," said Oxford's President and Chief Executive Officer Charles C. Ungurean. "We are focused on rightsizing our operations to match the currently challenging market conditions and to improve our profitability and liquidity. We are undertaking specific steps that include the ongoing restructuring of our Illinois Basin operations, which we expect will reduce Oxford's overall cost profile and enhance the productivity of our Northern Appalachian operations. By redeploying idled Illinois Basin equipment to our Northern Appalachian operations and selling excess Illinois Basin equipment, among other actions, we will reduce our planned 2012 capital outlays by $10 million and strengthen our balance sheet."

First Quarter 2012 Results

Net loss for the first quarter of 2012 was $15.8 million, or $0.75 per diluted limited partner unit, compared to a net loss for the first quarter of 2011 of $1.8 million, or $0.08 per diluted limited partner unit. First quarter 2012 results were impacted by impairment and restructuring charges related to the Illinois Basin operations and nonrecurring costs of $8.8 million, or $0.43 per diluted limited partner unit. Excluding these items, net loss for the first quarter of 2012 would have been $7.0 million, or $0.32 per diluted limited partner unit. Adjusted EBITDA(1) was $11.0 million for the first quarter of 2012 as compared to $14.0 million for the first quarter of 2011, impacted by a $4.88 per ton increase in cost of coal sales per ton primarily attributable to $3.8 million in higher diesel fuel costs. Distributable cash flow(1) was $0.1 million for the first quarter of 2012, down $5.4 million from the first quarter of 2011, reflecting the impact of a terminated sales contract, $3.8 million in higher diesel fuel costs and $0.8 million in higher cash interest expense.

(1) Definitions of adjusted EBITDA and distributable cash flow, which are non-GAAP financial measures, and reconciliations to comparable GAAP financial measures, are included in the non-GAAP financial measures table presented at the end of this press release.

Production and Sales Information Summary

Three Months Ended

March 31,

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Oxford Resource Partners, LP Reports First Quarter 2012 Financial Results

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Home » Long Term Weight Loss » Oxford Resource Partners, LP Reports First Quarter 2012 Financial Results