Ramaco Resources, Inc. Reports Fourth Quarter and Full Year 2018 Financial Results

LEXINGTON, Ky., March 19, 2019 /PRNewswire/ -- Ramaco Resources, Inc. METC ("Ramaco," "Ramaco Resources" or the "Company") today reported annual net income of $25.1 million, or $0.62 per diluted share for the year ended December 31, 2018, as compared to a net loss of $15.4 million in 2017. The Company's adjusted earnings before interest, taxes, depreciation, amortization and equity-based compensation expenses ("Adjusted EBITDA") was $42.2 million for the year ended December 31,2018, as compared with Adjusted EBITDA loss of $9.3 million in 2017. 

(PRNewsfoto/Ramaco Resources)

For the fourth quarter of 2018, Ramaco reported net income of $3.4 million, or $0.08 per diluted share, compared with a net income of $6.2 million, or $0.15 per diluted share for the third quarter of 2018.  The Company's Adjusted EBITDA for the fourth quarter was $7.0 million compared with Adjusted EBITDA of $11.0 million for the third quarter of 2018. 

Full Year 2018 Summary

Full year 2018 revenues of $227.6 million were up 273% over 2017. Company production was 1.8 million tons in 2018, compared to 0.5 million tons in 2017, an increase of 260%. Cash margins on Company produced and sold coal improved to a profit of $29 per ton in 2018 versus a loss of $7 per ton in 2017. Cash mine costs per ton on company produced and sold coal decreased by 14% to $63 in 2018 from $73 in 2017. Net income for 2018 was $25.1 million, compared to a net loss of $15.4 million in 2017 or an increase of $40.5 million.  The Company's Adjusted EBITDA was $42.2 million for 2018, compared with a loss of $9.3 million in 2017 for an increase of $51.5 million.

Fourth Quarter 2018 Summary

Fourth quarter 2018 revenues were $44.2 million, a decline of 29% compared to the third quarter of 2018, as the fourth quarter results were negatively impacted by the previously announced Elk Creek silo failure. Company production was 423,000 tons in the fourth quarter, compared to 449,000 tons in the third quarter. Cash margins on Company produced and sold coal however, improved by 12% from approximately $25 per ton in the third quarter to approximately $28 per ton in the fourth quarter. Cash mine costs per ton on Company produced and sold coal were $68 in the fourth quarter compared to $65 in the third quarter.

Randall Atkins, Ramaco Resources' Executive Chairman and Chief Financial Officer remarked, "We were challenged by the silo failure at our Elk Creek mining complex in the middle of the fourth quarter, which caused us to idle our prep plant there for approximately three weeks starting in November 2018. Our fourth quarter results were impacted accordingly, but were much better than anticipated immediately after the silo failure.  Sales volumes for the fourth quarter were down 32% compared to the third quarter. As we announced in December, our team successfully completed a temporary conveying system three weeks after the incident that allowed us to begin processing coal at approximately 80% of total plant capacity. We now expect to operate at full capacity in the second quarter of 2019."

"Despite the fourth quarter, our year end 2018 results were extremely positive year over year in almost all financial and operating metrics. We had a $40.5 million positive swing in net income and over a $50 million increase in EBITDA. Both cash mining costs per ton and capital expenditure levels fell meaningfully, while production was up over 200%."

Additional Financial Results

The Company ended the quarter with approximately $7.0 million of cash on hand, $10.7 million of accounts receivable and $26.4 million of availability under the Revolving Credit Facility. Free cash flow generated during 2019, as well as borrowings available through the Revolving Credit Facility, are expected to be used to fund working capital and capital expenditures.

In the fourth quarter of 2018, the Company recorded an income tax benefit of $1.3 million for an annual effective tax rate of approximately 0.5% for 2018.  Cash taxes payable for 2018 were less than $0.4 million.

Capital expenditures totaled approximately $8.3 million during the fourth quarter of 2018.  We ended 2018 with $48.1 million in capital expenditures for the full year, a decline from $75 million in 2017.

Operational Results

The exhibit below summarizes some of the key sales, production and financial metrics for the periods noted:



Three months ended



Year ended

In thousands, except per ton amounts

December 31, 

2018



September 30, 

2018



December 31, 

2018

Sales Volume











Company

315



510



1,721

Purchased

95



90



427

Total

410



600



2,148













Company Production











Elk Creek Mining Complex

408



422



1,669

Berwind Development Deep Mine

15



27



81

Total

423



449



1,750













Company Financial Metrics(a)











Average revenue per ton

$                    96



$                        90



$                           92

Average cash costs of coal sold

$                    68



$                        65



$                           63

Average cash margin per ton

$                    28



$                        25



$                           29













Elk Creek Financial Metrics(a)











Average revenue per ton

$                    94



$                        89



$                           90

Average cash costs of coal sold

$                    63



$                        64



$                           60

Average cash margin per ton

$                    31



$                        25



$                           30













Berwind Development Deep Mine Financial

Metrics(a)











Average revenue per ton

$                  127



$                      114



$                         119

Average cash costs of coal sold

$                  144



$                      108



$                         127

Average cash margin per ton

$                  (17)



$                          6



$                           (8)













Purchased Coal Financial Metrics(a)











Average revenue per ton

$                  103



$                      101



$                         101

Average cash costs of coal sold

$                    97



$                        97



$                           95

Average cash margin per ton

$                      6



$                          4



$                             6













Capital Expenditures

$               8,254



$                 12,405



$                    48,137

























(a)   Excludes transportation.











2019 Outlook

"We are excited about Ramaco's long-term prospects for growth, free cash flow generation and ultimately the ability to return cash to shareholders through regular dividends." Randall Atkins said. "In 2019, we expect to produce 2.0 million tons of met coal at the midpoint of guidance, up approximately 14% from 2018 levels. We ended 2018 with overall average costs of roughly $63 per ton, allocated as $60 per ton average cost at Elk Creek and $127 per ton at our Berwind development mine."

"In 2019, it will be important for investors to focus on the cost difference between the two complexes. At Berwind, we will still be in development mode in 2019, mining approximately 250,000 tons in thin seam conditions in the Pocahontas #3 seam, until we reach the thicker roughly 60" Pocahontas #4 low-vol coal seam by 2020. At full capacity, we expect Berwind mine costs to be closer to $80 per ton and production at roughly 750,000 tons. At today's pricing, we'd ultimately anticipate Berwind cash margins at that point to be similar to Elk Creek."

"At Elk Creek, we expect costs this year in the mid-$60s per ton range, with the increase mainly caused by higher-sales related costs associated with improved sales realizations. As Berwind ramps up production, and Elk Creek continues to produce as expected, even without any proposed development activities, we hope to reach a 2.5 million ton annual production rate in 2020 which should increase to approximately 4.5 million tons by 2023 through investments in organic growth at our existing properties. As production increases, we anticipate exploring with our Board the possibility of returning cash to shareholders in the form of a recurring dividend." 

Michael Bauersachs, Ramaco Resources' President and CEO commented, "As we start 2019, we are very encouraged and anticipate a strong year. We look forward to eliminating the side effects of the silo collapse early in the year. On marketing, we have sold forward approximately 2.0 million tons domestically and for export at both fixed and indexed prices. Thus far our mine productivity levels at Elk Creek have been strong in 2019, however produced and sold tons have been negatively impacted by high inventories and limited plant capacity. We also expect currently budgeted 2019 capital expenditures to decline to roughly $35-40 million."

"Our development mine at Berwind has overcome some geological issues encountered in 2018 and should complete its path to the low cost, thicker seam Pocahontas #4 seam by next year. Our confidence in reaching the bottom slope location at Berwind has substantially improved due to positive data obtained from drilling multiple horizontal long hole boreholes in advance of our projections in order to confirm that our mining route is free from sandstone."

"We are also seeking opportunities to expand production. While our route to full production rate of roughly 4.5 million tons will be different than we originally modeled years ago, we indeed have a good roadmap of internal production and productivity enhancements to reach that level. Knox Creek is most likely our next development project due to positive results from our recent exploration work to define access to the Jawbone seam through the Tiller seam, where we project the potential for approximately 500,000 tons per year of additional High Vol A production. We also are exploring ways to increase throughput levels at the Elk Creek preparation plant by as much as 500,000 tons annually beyond its current nameplate capacity. If we did that, we would accelerate some of the permitted production at Elk Creek that we currently have projected in 2020 and 2021. We will continue examining both these opportunities as the year progresses."





2019 Estimated Production, Sales, Cost and Capital Expenditure Guidance

(In thousands, except per ton amounts)









2019 Guidance



2018 Actuals

Company Production



Elk Creek 



1,600

-

1,900



1,669

Berwind Development Deep Mine



200

-

300



81

Total



1,800

-

2,200



1,750















Sales Mix













Metallurgical



1,900

-

2,250



2,066

Steam



100

-

150



82





2,000

-

2,400



2,148

Cost Per Ton













Elk Creek



$63

-

$69



$60

Berwind Development Deep Mine



$115

-

$135



$127















Capital Expenditures 



$35,000

-

$40,000



$48,137





Committed 2019 Sales Volume (a)

(In thousands, except per ton amounts)









Volume

Average

Price



Company:









Domestic, fixed priced



1,519

$113



Export, fixed priced



109

$122



Total, fixed priced



1,628

$113











Domestic, indexed



230



Export, indexed



116



Total, indexed priced



346



Total Committed Company Tons



1,974



(a) As of March 18, 2019



About Ramaco Resources, Inc.

Ramaco Resources, Inc. is an operator and developer of high-quality, low cost metallurgical coal in southern West Virginia, southwestern Virginia and southwestern Pennsylvania. Its executive offices are in Lexington, Kentucky, with operational offices in Charleston, West Virginia. The Company has five active mines within two mining complexes at this time.

News and additional information about Ramaco Resources, including filings with the Securities and Exchange Commission, are available at http://www.ramacoresources.com. For more information, contact investor relations at (859) 244-7455.

Fourth Quarter Earnings Conference Call

Ramaco Resources will hold its quarterly conference call and webcast at 9:00 AM Eastern Time (ET) on Wednesday, March 20, 2019 to present its results for the fourth quarter and full year 2018.

The conference call can be accessed by calling (844) 852-8392 domestically or (703) 639-1226 internationally. The webcast for this release will be accessible by visiting https://edge.media-server.com/m6/p/odzd388y.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

Certain statements contained in this news release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent Ramaco Resources' expectations or beliefs concerning future events, anticipated revenues, costs and expectations regarding operating results, and it is possible that the results described in this news release will not be achieved. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of Ramaco Resources' control, which could cause actual results to differ materially from the results discussed in the forward-looking statements. These factors include, without limitation, unexpected delays in our current mine development activities, failure of our sales commitment counterparties to perform, increased government regulation of coal in the United States or internationally, or unexpected decline of demand for coal in export markets and underperformance of the railroads. Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, Ramaco Resources does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for Ramaco Resources to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements found in Ramaco Resources' filings with the Securities and Exchange Commission ("SEC"), including its Annual Report on Form 10-K. The risk factors and other factors noted in Ramaco Resources' SEC filings could cause its actual results to differ materially from those contained in any forward-looking statement.

Ramaco Resources, Inc.

Consolidated Statements of Operations















Three months ended



December 31,

2018



September 30,

2018



December 31,

2017

In thousands, except per share amounts











Revenues

$             44,187



$                  62,166



$             24,019













Cost and expenses











 Cost of sales (exclusive of items shown separately

 below)

34,958



49,406



21,374

 Other operating costs and expenses





32

 Asset retirement obligation accretion

123



123



101

 Depreciation and amortization

3,682



3,348



1,819

 Selling, general and administrative

3,399



3,485



3,350

Total cost and expenses

42,162



56,362



26,676













Operating income (loss)

2,025



5,804



(2,657)













Interest and dividend income

10



23



3

Other income 

479



1,036



54

Interest expense

(456)



(589)















Income (loss) before taxes

2,058



6,274



(2,600)













Income tax expense (benefit)

(1,336)



63















Net income (loss)

$               3,394



$                    6,211



$             (2,600)













Basic and diluted earnings (loss) per share











 Basic

$                 0.08



$                      0.15



$               (0.07)

 Diluted

$                 0.08



$                      0.15



$               (0.07)













Weighted average common shares outstanding











 Basic

40,082



40,082



37,578

 Diluted

40,230



40,239



37,578

 

 

Ramaco Resources, Inc.

Consolidated Statements of Operations











Years ended December 31,

In thousands, except per share amounts

2018



2017

Revenue







 Coal sales

$          227,574



$            58,798

 Coal processing



2,238

Total revenue

227,574



61,036

Cost and expenses







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

176,555



58,308

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



2,213

 Other operating costs and expenses



258

 Asset retirement obligation accretion

494



405

 Depreciation and amortization

12,423



3,154

 Selling, general and administrative

14,006



12,591

Total cost and expenses

203,478



76,929

Operating income (loss)

24,096



(15,893)

Interest and dividend income

36



295

Other income

2,518



204

Interest expense

(1,463)



(23)

Income (loss) before tax

25,187



(15,417)

Income tax expense

113



Net income (loss)

$            25,074



$          (15,417)









Earnings (loss) per common share







Basic earnings (loss) per share

$                0.63



$              (0.41)

Diluted earnings (loss) per share

$                0.62



$              (0.41)









Basic weighted average shares outstanding

40,039



37,578

Diluted weighted average shares outstanding

40,263



37,578

 

 

 

Ramaco Resources, Inc.

Consolidated Balance Sheets





December 31,

In thousands

2018



2017

Assets







Current assets:







 Cash and cash equivalents

$               6,951



$               5,934

 Short-term investments



5,200

 Accounts receivable

10,729



7,166

 Inventories

14,185



10,058

 Prepaid expenses

3,154



1,104

Total current assets

35,019



29,462









Property, plant and equipment – net

149,205



115,451









Advanced coal royalties

3,045



2,867

Other

975



318

Total Assets

$           188,244



$           148,098









Liabilities and Stockholders' Equity 







Liabilities







Current liabilities







 Accounts payable

$             16,393



$             19,533

 Accrued expenses

8,094



2,821

 Asset retirement obligations

71



71

 Current portion of long-term debt

5,000



 Financed insurance payable

287



Total current liabilities

29,845



22,425

Asset retirement obligations

12,707



12,276

Long-term debt

4,474



Deferred tax liability

109



Total liabilities

47,135



34,701









Commitments and contingencies











Stockholders' Equity 







Common stock

401



396

Additional paid-in capital

150,926



148,293

Accumulated deficit

(10,218)



(35,292)

 Total equity

141,109



113,397

Total Liabilities and Stockholders' Equity

$           188,244



$           148,098

 

 

 

Ramaco Resources, Inc.

Statement of Cash Flows





Years ended December 31,



In thousands

2018



2017



Cash flows from operating activities









 Net income (loss)

$                25,074



$            (15,417)



 Adjustments to reconcile net income (loss) to net cash

 from operating activities:









Accretion of asset retirement obligations

494



405



Depreciation and amortization

12,423



3,154



Amortization of debt issuance costs

569





Costs associated with abandoned offering





Equity-based compensation

2,638



2,820



Deferred income taxes

109





Changes in operating assets and liabilities:









Accounts receivable

(3,563)



(6,251)



Prepaid expenses

(774)



(715)



Inventories

(4,127)



(8,539)



Other assets

(835)



(1,114)



Accounts payable

(1,521)



15,535



Accrued expenses

5,551



1,369



Net cash from operating activities

36,038



(8,753)













Cash flow from investing activities:









 Acquisition of Knox Creek





 Purchases of property, plant and equipment

(48,137)



(75,039)



 Purchase of investment securities





 Proceeds from maturities of investment securities

5,200



55,237



Net cash from investing activities

(42,937)



(19,802)













Cash flows from financing activities









 Proceeds from notes payable

13,000





 Proceeds from notes payable - related party

3,000





 Proceeds from borrowings

15,424





 Payments of debt issuance cost

(569)







 Repayment of notes payable

(13,000)



(500)



 Repayment of notes payable - related party

(3,000)







 Repayments of borrowings

(5,950)





 Proceeds from issuance of common stock



47,709



 Payments of equity offering costs



(1,756)



 Proceeds from issuance of Series A preferred units





 Offering costs for Series A preferred units





 Advances from Ramaco Coal, LLC





 Repayments to Ramaco Coal, LLC



(10,629)



 Repayments of financed insurance payable

(989)



(127)



 Payment of distributions



(5,405)



 Contributed capital from members





Net cash from financing activities

7,916



29,292













Net change in cash and cash equivalents

1,017



737



Cash and cash equivalents, beginning of year

5,934



5,197



Cash and cash equivalents, end of year

$                  6,951



$                5,934



 

Reconciliation of Non-GAAP Measure

Adjusted EBITDA

Adjusted EBITDA is used as a supplemental non-GAAP financial measure by management and external users of our financial statements, such as industry analysts, investors, lenders and rating agencies. The Company believes Adjusted EBITDA is useful because it allows us to more effectively evaluate our operating performance.

We define Adjusted EBITDA as net income (loss) plus net interest expense, equity-based compensation, depreciation and amortization expenses and any transaction related costs. A reconciliation of income (loss) from continuing operations, net of income taxes to Adjusted EBITDA is included below. Adjusted EBITDA is not intended to serve as an alternative to U.S. GAAP measures of performance and may not be comparable to similarly-titled measures presented by other companies.



Three months ended

(In thousands)

December 31,

2018



September 30,

2018



December 31,

2017

Reconciliation of Net Income (Loss) to Adjusted EBITDA











Net income (loss)

$               3,394



$                    6,211



$             (2,600)

 Depreciation and amortization

3,682



3,348



1,819

 Interest and dividend income, net

446



566



(3)

 Income taxes

(1,336)



63



EBITDA

6,186



10,188



(784)

 Equity-based compensation

698



695



355

 Accretion of asset retirement obligation

123



123



101

Adjusted EBITDA

$               7,007



$                  11,006



$                (328)







































Year ended December 31,







2018



2017





(In thousands)











Reconciliation of Net Income (Loss) to Adjusted EBITDA











Net income (loss)

$             25,074



$                 (15,417)





 Depreciation and amortization

12,423



3,154





 Interest expense (income), net

1,427



(272)





 Income taxes

113







EBITDA

39,037



(12,535)





 Equity-based compensation

2,638



2,820





 Accretion of asset retirement obligation

494



405





Adjusted EBITDA

$             42,169



$                   (9,310)





Non-GAAP revenue and cash cost per ton  

Non-GAAP revenue per ton (FOB mine) is calculated as coal sales revenues less transportation costs, divided by tons sold. Non-GAAP cash cost per ton sold is calculated as cash cost of coal sales less transportation costs, divided by tons sold.  We believe revenue per ton (FOB mine) and cash cost per ton provides useful information to investors as it enables investors to compare revenue per ton and cash cost per ton for the Company against similar measures made by other publicly-traded coal companies and more effectively monitor changes in coal prices and costs from period to period excluding the impact of transportation costs which are beyond our control. The adjustments made to arrive at these measures are significant in understanding and assessing the Company's financial condition.  Revenue per ton sold (FOB mine) and cash cost per ton are not measures of financial performance in accordance with U.S. GAAP and therefore should not be considered as an alternative to revenues and cost of sales under U.S. GAAP.  The tables below show how we calculate Non-GAAP revenue and cash cost per ton:

Non-GAAP revenue per ton





Three Months December 31, 2018



Three Months September 30, 2018

Total Company Produced



Company Produced



Purchased Coal



Total



Company Produced



Purchased Coal



Total

(In thousands, except per ton amounts)

























Revenues (a)



$         33,342



$       10,845



$         44,187



$       51,963



$       10,203



$       62,166

Less:  Adjustments to reconcile to 

Non-GAAP revenues (FOB mine)

























   Transportation costs



3,108



1,013



4,121



6,185



1,091



7,276

   Non-GAAP revenues (FOB mine)



$         30,234



$         9,832



$         40,066



$       45,778



$         9,112



$       54,890

   Tons sold



315



95



410



510



90



600

Revenues per ton sold (FOB mine)



$                96



$            103



$                98



$              90



$            101



$              91































Year Ended December 31, 2018

















Company Produced



Purchased Coal



Total













(In thousands, except per ton amounts)

























Revenues (a)



$       179,078



$       48,496



$       227,574













Less:  Adjustments to reconcile to 

Non-GAAP revenues (FOB mine)

























   Transportation costs



21,281



5,276



26,557













   Non-GAAP revenues (FOB mine)



$       157,797



$       43,220



$       201,017













   Tons sold



1,721



427



2,148













Revenues per ton sold (FOB mine)



$                92



$            101



$                94













 

 





Three Months December 31, 2018



Three Months September 30, 2018





Elk Creek



Berwind



Total

Company

Produced



Elk Creek



Berwind



Total

Company

Produced

(In thousands, except per ton amounts)

























Revenues (a)



$         30,886



$         2,456



$         33,342



$       49,128



$         2,785



$       51,913

Less:  Adjustments to reconcile to

Non-GAAP revenues (FOB mine)

























 Transportation costs



2,930



178



3,108



5,918



267



6,185

 Non-GAAP revenues (FOB mine)



$         27,956



$         2,278



$         30,234



$       43,210



$         2,518



$       45,728

 Tons sold



297



18



315



488



22



510

Revenues per ton sold (FOB mine)



$                94



$            127



$                96



$              89



$            114



$              90































Year Ended December 31, 2018

















Elk Creek



Berwind



Total

Company

Produced













(In thousands, except per ton amounts)

























Revenues (a)



$       169,959



$         9,119



$       179,078













Less:  Adjustments to reconcile to

Non-GAAP revenues (FOB mine)

























 Transportation costs



20,428



853



21,281













 Non-GAAP revenues (FOB mine)



$       149,531



$         8,266



$       157,797













 Tons sold



1,652



69



1,721













Revenues per ton sold (FOB mine)



$                90



$            119



$                92













 

Non-GAAP cash cost per ton



Three months ended December 31, 2018



Three months ended September 30, 2018



Company Produced



Purchased Coal



Total



Company Produced



Purchased Coal



Total

(In thousands, except per ton amounts)























Cost of sales(a)

$            24,521



$       10,437



$         34,958



$       39,584



$         9,823



$       49,407

Less:  Adjustments to reconcile to

Non-GAAP cash cost of coal sales























 Transportation costs

3,049



1,197



4,246



6,227



1,116



7,343

 Non-GAAP cash cost of coal sales

$            21,472



$         9,240



$         30,712



$       33,357



$         8,707



$       42,064

 Tons sold

315



95



410



510



90



600

Cash cost per ton sold 

$                   68



$              97



$                75



$              65



$              97



$              70



















































Year ended December 31, 2018















Company Produced



Purchased Coal



Total













(In thousands, except per ton amounts)























Cost of sales(a)

$          130,326



$       46,229



$       176,555













Less:  Adjustments to reconcile to

Non-GAAP cash cost of coal sales























 Transportation costs

21,787



5,613



27,400













 Non-GAAP cash cost of coal sales

$          108,539



$       40,616



$       149,155













 Tons sold

1,721



427



2,148













Cash cost per ton sold 

$                   63



$              95



$                69













 

 





Three months ended December 31, 2018



Three months ended September 30, 2018





Elk Creek



Berwind



Total

Company

Produced



Elk Creek



Berwind



Total

Company

Produced

(In thousands, except per ton amounts)

























Cost of sales(a)



$            21,747



$         2,774



$         24,521



$       36,946



$         2,638



$       39,584

Less:  Adjustments to reconcile to

Non-GAAP cash cost of coal sales

























 Transportation costs



2,875



174



3,049



5,958



269



6,227

 Non-GAAP cash cost of coal sales



$            18,872



$         2,600



$         21,472



$       30,988



$         2,369



$       33,357

 Tons sold



297



18



315



488



22



510

Cash cost per ton sold 



$                   63



$            144



$                68



$              64



$            108



$              65

























































Year ended December 31, 2018

















Elk Creek



Berwind



Total

Company

Produced













(In thousands, except per ton amounts)

























Cost of sales(a)



$          120,655



$         9,671



$       130,326













Less:  Adjustments to reconcile to

Non-GAAP cash cost of coal sales

























 Transportation costs



20,913



874



21,787













 Non-GAAP cash cost of coal sales



$            99,742



$         8,797



$       108,539













 Tons sold



1,652



69



1,721













Cash cost per ton sold 



$                   60



$            127



$                63













We do not provide reconciliations of our outlook for cash cost per ton to cost of sales in reliance on the unreasonable efforts exception provided for under Item 10(e)(1)(i)(B) of Regulation S-K. We are unable, without unreasonable efforts, to forecast certain items required to develop the meaningful comparable GAAP cost of sales. These items typically include non-cash asset retirement obligation accretion expenses, mine idling expenses and other non-recurring indirect mining expenses that are difficult to predict in advance in order to include a GAAP estimate.

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/ramaco-resources-inc-reports-fourth-quarter-and-full-year-2018-financial-results-300815167.html

SOURCE Ramaco Resources

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