Armstrong Energy, Inc.

CIK:0001532288|SEC Filings

Unaudited Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	2 Months Ended	3 Months Ended		6 Months Ended
	Feb. 28, 2017	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Income Statement [Abstract]
Revenue		$ 60,904	$ 60,309	$ 120,011	$ 120,753
Costs and expenses:
Cost of coal sales, exclusive of items shown separately below		51,678	50,639	102,974	103,314
Production royalty to related party	$ 2,651	1,891	1,711	3,751	3,340
Depreciation, depletion, and amortization		7,684	7,544	15,320	15,158
Asset retirement obligation expenses		341	340	670	669
Asset impairment and restructuring charges		3,382	3,381	3,382	3,381
General and administrative expenses		3,180	2,922	6,138	6,440
Operating loss		(7,252)	(6,228)	(12,224)	(11,549)
Other income (expense):
Interest expense, net		(9,250)	(8,549)	(18,444)	(16,657)
Other, net		(909)	(225)	(2,189)	(120)
Loss before income taxes		(17,411)	(15,002)	(32,857)	(28,326)
Income taxes		237	0	237	(117)
Net loss		(17,174)	(15,002)	(32,620)	(28,443)
Income attributable to non-controlling interest		0	0	0	0
Net loss attributable to common stockholders		$ (17,174)	$ (15,002)	$ (32,620)	$ (28,443)

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Statement of Cash Flows [Abstract]
increase in long term obligation to related party - from settlement	$ 22,243	$ 16,413
Settlement Agreement Amount	(10,542)
Cash Flows from Operating Activities:
Net loss	(32,620)	(28,443)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Non-cash stock compensation expense (income)	6	(25)
Income from equity affiliate	0	(64)
Gain on disposal of property, plant and equipment	(720)	0
Amortization of original issue discount	525	465
Amortization of debt issuance costs	736	827
Depreciation, depletion and amortization	15,320	15,158
Asset retirement obligation expenses	670	669
Non-cash activity with related party, net	3,382	3,381
Non-cash interest on long-term obligations	1,336	6,456
Change in operating assets and liabilities:	11,750	8
Increase in accounts receivable
(Increase) decrease in inventories	(1,480)	(250)
Increase in prepaid and other assets	(117)	4,072
Decrease (increase) in other non-current assets	(2,150)	(1,284)
Decrease in accounts payable and accrued and other liabilities	392	(506)
Increase in other non-current liabilities	(2,472)	(8,946)
Net cash used in operating activities:	644	563
Cash Flows from Investing Activities:	(4,798)	(7,919)
Investment in property, plant, equipment, and mine development
Proceeds from disposal of fixed assets	(5,337)	(1,593)
Net cash used in investing activities	1,504	0
Cash Flows from Financing Activities:	(3,833)	(1,593)
Payments on capital lease obligations
Payments of long-term debt	(451)	(1,265)
Net cash used in financing activities	(5,162)	(3,948)
Net change in cash and cash equivalents	(5,613)	(5,213)
Cash and cash equivalents, at the beginning of the period	(14,244)	(14,725)
Cash and cash equivalents, at the end of the period	57,505
Cash and cash equivalents, at the end of the period	43,261
Non-Cash Transactions:
Assets acquired with long-term debt	$ 150	$ 886

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 43,261	$ 57,505
Accounts receivable	14,540	13,059
Inventories	11,926	11,809
Prepaid and other assets	4,375	2,539
Total current assets	74,102	84,912
Property, plant, equipment, and mine development, net	219,777	233,766
Investments	2,794	2,794
Other non-current assets	12,282	12,683
Total assets	308,955	334,155
Current liabilities:
Accounts payable	13,811	16,941
Accrued and other liabilities	24,149	11,837
Current portion of capital lease obligations	104	555
Current maturities of long-term debt	203,506	8,217
Total current liabilities	241,570	37,550
Long-term debt, less current maturities	0	199,040
Long-term obligation to related party	171,115	147,536
Related party payables, net	0	22,557
Asset retirement obligations	14,711	14,056
Long-term portion of capital lease obligations		0
Other non-current liabilities	7,866	7,223
Total liabilities	435,262	427,962
Stockholders’ deficit:
Common stock, $0.01 par value, 70,000,000 shares authorized, 21,883,224 shares issued and outstanding as of June 30, 2017 and December 31, 2016, respectively	219	219
Preferred stock, $0.01 par value, 1,000,000 shares authorized, zero shares issued and outstanding as of June 30, 2017 and December 31, 2016, respectively	0	0
Additional paid-in-capital	238,681	238,675
Accumulated deficit	(363,784)	(331,164)
Accumulated other comprehensive loss	(1,446)	(1,560)
Armstrong Energy, Inc.’s deficit	(126,330)	(93,830)
Non-controlling interest	23	23
Total stockholders’ deficit	(126,307)	(93,807)
Total liabilities and stockholders’ deficit	$ 308,955	$ 334,155