Corsa Coal Announces Financial Results for Fourth Quarter and Full Year 2023

In This Article:

FRIEDENS, Pa., March 12, 2024 /CNW/ - Corsa Coal Corp. (TSXV: CSO) (OTCQX: CRSXF) ("Corsa" or the "Company"), a premium quality metallurgical coal producer, today reported financial results for the three months and year ended December 31, 2023.  Corsa has filed its audited consolidated financial statements for the years ended December 31, 2023 and 2022, related management's discussion and analysis and its annual information form under its profile on www.sedarplus.ca.

Unless otherwise noted, all dollar amounts in this news release are expressed in United States dollars and all ton amounts are short tons (2,000 pounds per ton).  Pricing and cost per ton information is expressed on a free-on-board ("FOB"), mine site basis, unless otherwise noted.

Fourth Quarter and Full Year 2023 Highlights

  • Key financial results and operational statistics are shown below:



For the three months ended


For the years ended



December 31,


December 31,

(in millions except per share, per ton and sales tons)


2023


2022


2023


2022

Net and comprehensive (loss) income


$          (5.8)


$        (16.3)


$         23.6


$        (27.7)

Diluted (loss) earnings per share


$        (0.06)


$        (0.16)


$         0.22


$        (0.27)

Cash provided by (used in) operating activities


$         17.6


$          (0.2)


$         29.3


$           7.8

Total revenue


$         42.8


$         38.9


$       197.1


$       165.9










Non-GAAP Financial Measures









Adjusted EBITDA(1)


$           0.5


$          (2.2)


$         28.1


$           7.1

EBITDA(1)


$          (2.9)


$        (12.8)


$         42.4


$        (12.9)










Average realized price per ton of metallurgical coal sold(1)

$     169.94


$     152.48


$     170.32


$     158.03

Cash production cost per ton sold(1)


$     149.75


$     143.51


$     129.19


$     134.07










Company produced metallurgical coal sales tons


211,359


192,442


990,314


828,242

Purchased metallurgical coal sales tons


23,513


28,445


91,265


131,722

Total metallurgical coal sales tons


234,872


220,887


1,081,579


959,964










  • Corsa's average realized price for the fourth quarter 2023 is the approximate equivalent of between $288 to $300 per metric ton on an FOB vessel basis(2). For the fourth quarter 2023, Corsa's sales mix included 62% of sales to domestic customers and 38% of sales to international customers.