Hallador Energy Company (NASDAQ:HNRG) Q4 2023 Results Conference Call March 14, 2024 2:00 PM ET

Company Participants

Becky Palumbo - IR

Brent Bilsland - CEO

Larry Martin - CFO

Conference Call Participants

Lucas Pipes - B. Riley

Operator

Hello, and welcome to the Hallador Energy Company's Announces Fourth Quarter 2023 Earnings Call. My name is Harry, and I'll be your coordinator today. [Operator Instructions].

Now I'd now like to turn the call over to Becky Palumbo, Investor Relations, to begin. Please go ahead.

Becky Palumbo

Thank you, Harry. Good morning, [indiscernible] Hallador Energy's call for the fourth quarter and full year 2023 [indiscernible] today are Brent Bilsland, our President and CEO; and Larry Martin, our CFO. Yesterday afternoon, Hallador released its fourth quarter and full year 2023 financial -- in a press release. Today, we will discuss those results as well as our perspective on current market conditions and outlook for 2024.

Following our prepared remarks, we will open the call to answer your questions. Before beginning, a reminder that some of our remarks today may include forward-looking statements subject to a variety of risks, uncertainties and assumptions contained in our filings from time-to-time with the Securities and Exchange Commission and are also reflected in yesterday's press release.

While these forward-looking statements are based on information currently available to us, if one or more of these risks or uncertainties materialize or if our underlying assumptions prove incorrect, actual results may vary materially from those we projected or expected.

In providing these remarks, Hallador has no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future results or otherwise, unless [indiscernible]. Lastly, Hallador will file a Form 10-K sometime this week.

And with that said, I will turn the call over to Larry.

Larry Martin

Thanks, Becky. Good afternoon, everyone. Before we get started, I would like to make a definition of adjusted EBITDA as operating cash flows less the effects of certain subsidiary and equity method investment activity plus bank interest less the effects of working capital period changes plus cash paid on asset retirement obligation reclamations plus other amortizations.

For the fourth quarter, Hallador incurred a net loss of $10.2 million, $0.31 basic earnings per share and $0.27 per diluted earnings per share. For the year ended December 31, 23, we had $44.8 million of net income or $1.35 per basic earnings per share and $1.25 for diluted earnings per share. We had adjusted EBITDA of $1.7 million for the quarter and $107.3 million for the year. We increased our bank by $29.8 million for the quarter and $6.3 million for the year.