Hallador Energy Company

Good afternoon and welcome to Halador Energy's first quarter 2020 earnings conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask your question, you may press star then one on your touch-tone phone. To withdraw your question, please press star then two. Please note this event is being recorded I'd now like to turn the conference over to Becky Palumbo, Director of Investor Relations. Please go ahead.

Thank you, Grant. Thank you, everybody, for taking the time to join us today to discuss our first quarter 2020 results. As a reminder, this event is being webcast live, and you will be able to access a replay of this call on our website. We filed our first quarter 2020 Form 10-Q yesterday afternoon, and it is now posted on our website. Participating on today's call is Brent Bilsland, our President and CEO, and Larry Martin, our CFO. Larry will begin today with a financial overview of the quarter, followed by Brent with comments on operations and market perspectives. After they complete their remarks, we will open the lineup for Q&A. Today, our remarks will include forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially. For example, our estimates of mining costs future coal sales and regulations relating to the Clean Air Act, and other environmental initiatives. We do not undertake to update our forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required by law. And with that, I'll turn the call over to Larry to begin his quarterly review. Larry?

Thank you, Becky. Good afternoon, everyone. I'm going to start with our operating results for the quarter. For the quarter, we had a net loss of 3.7 million or 12 cents a share. I would like to point out that 3.9 million of our losses were due to fuel hedges and interest rate swaps that are non-cash. Our free cash flow for the quarter was 6.8 million. Our adjusted EBITDA, 13.9 million. We decreased debt by 12.1 million for the quarter. and we paid dividends in February of 1.2 million or 4 cents a share. I would like to go over the definitions of free cash flow is net income plus deferred income taxes plus depreciation, depletion and accretion and our ARO accretion, change in fair value of hedges and stock comp, less maintenance capex and the effects of our equity method investments. We defined adjusted EBITDA as EBITDA plus stock compensation, ARO accretion, and our change in fair value of hedges, less the effects of our equity method investments in our glass sands. At 3-31-2020, we had $168.1 million of bank debt. Our net debt with our net of cash was $160.1 million. and our debt to adjusted EBITDA leverage ratio was 2.93 times. I'll now turn the call over to Brent Bilsland, our CEO, for comments on the quarter.