Forbes Coal Revenue Increases 80% to $35.2 Million in Second Quarter 2012 as a Result of Record Export Sales
Slater Coal Year over Year EBITDA Increased 109% to $9.2 million (stand alone)
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 10/18/11 -- Forbes & Manhattan Coal Corp. (TSX: FMC)(JSE: FMC) ("Forbes Coal" or the "Company") is pleased to announce its second quarter 2012 financial results for the three months ended August 31, 2011 (References to Q1 2012 or the first quarter 2012 mean the three months ended May 31, 2011. References to Q2 2012 or the second quarter 2012 mean the three months ended August 31, 2011.)
The sharp increase in revenue is a direct result of the Company's record export sales in the second quarter of 2012. Total export sales in the second quarter of 2012 were 192,400 tonnes, a 109% increase compared to first quarter 2012 export sales of 91,800 tonnes. Fiscal year-to-date export sales are 284,200 tonnes.
Slater stand alone EBITDA for the quarter increased by 109% from $4.4 million to $9.2 million year over year.
"The quarter's results further highlight the excellent progress that we have made at an operational level. Phase Two of production ramp up at Magdalena and Aviemore is well underway. The second continuous miner at Magdalena is currently being commissioned. Bituminous and anthracite coal prices remain steady, even in an uncertain global economic environment," said Stephan Theron, President and Chief Executive Officer. "This quarter also marked the first time that total export sales were greater than total domestic sales and we expect this trend to continue."
Fiscal year-to-date figures are: Revenue of $54.9 million; Gross Profit of $9.8 million; Consolidated EBIDTA of $12.7 million; Slater Stand Alone EBIDTA of $15.4 million.
Operational highlights
Production at Forbes Coal's two mines, Aviemore and Magdalena, continues to increase on plan and on budget. Commissioning of the second phase of expansion at Magdalena is on track for the third quarter of 2012 with the new Continuous Miner underground and in the process of being commissioned.
Operational highlights include:
ROM Production
Saleable Production and Sales
NON-GAAP PERFORMANCE MEASURES
The Company has included in this document certain non-GAAP performance measures that are detailed below. These non-GAAP performance measures do not have any standardized meaning prescribed by GAAP and, therefore, may not be comparable to similar measures presented by other companies. The Company believes that, in addition to conventional measures prepared in accordance with GAAP, certain investors use this information to evaluate the Company's performance. Accordingly, they are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared with GAAP. The definition of these performance measures and reconciliation of the non-GAAP measures to reported GAAP measures are as follows:
About Forbes Coal
Forbes Coal is a growing coal producer in southern Africa. It holds a majority interest in two operating mines through its 76.75% interest in Slater Coal (Pty) Ltd., a South African company ("Slater Coal") which has a 70% interest in Zinoju Coal (Pty) Ltd. ("Zinoju"). Zinoju holds a 100% interest in the Magdalena bituminous mine and the Aviemore anthracite mine in South Africa (collectively, "the Slater Properties"). The mines have a resource of 51.7 million tonnes of bituminous and 50.8 million tonnes of anthracite coal and each mine has a projected life span in excess of 20 years. Forbes Coal is in the process of increasing production at both mines and looks to triple production from 2010 levels in the next three years using existing infrastructure and capacity. The Company has in-place transportation infrastructure allowing its coal to reach both export corridors and the growing domestic coal market. Forbes Coal has a strong balance sheet and an experienced coal-focused management team.
Please refer to the Company's NI 43-101 compliant technical report on the Slater Coal Properties dated March 1, 2011 entitled , available on the SEDAR profile of the Company at . Additional information is available at .
Johan Odendaal, B.Sc.(Geol.), B.Sc.(Hons)(Min. Econ.), M.Sc. (Min. Eng.), a director of Minxcon and an independent Qualified Person, as defined in National Instrument 43-101 has reviewed and approved the scientific and technical information contained in this release.
Cautionary Note Regarding Forward-Looking Information This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the anticipated production results at the Slater Properties, future financial or operating performance of the Company and its projects, statements regarding transportation, infrastructure and the prospects for the business of the Company, requirements for additional capital, government regulation of the mineral exploration industry, environmental risks, acquisition of mining licences, title disputes or claims, limitations of insurance coverage and the timing and possible outcome of pending litigation and regulatory matters. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, foreign operations, political and social uncertainties; a history of operating losses; delay or failure to receive board or regulatory approvals; timing and availability of external financing on acceptable terms; not realizing on the potential benefits of the proposed transaction; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of mineral products; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; and, delays in obtaining governmental approvals or required financing or in the completion of activities. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Contacts:
Forbes & Manhattan Coal Corp.
Stephan Theron
President and Chief Executive Officer
+1 (416) 861-5912
Forbes & Manhattan Coal Corp.
Sabina Srubiski
Investor Relations Manager
+1 (416) 309 2957
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Datum: 18.10.2011 - 11:00 Uhr
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