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Foresight Energy LP

No Longer Reporting

The company has not filed an annual or quarterly report since its Q1 FY2020 10-Q, filed May 15, 2020. Its latest SEC filing is a 4 from Jul 1, 2020.

The sections below describe the company as of the FY2019 annual report.

What Did They Do?

Mines and sells thermal coal to electric utilities and industrial companies in the eastern United States and international markets.

How Did They Make Money?

Sells coal under short- and long-term contracts, generally billing customers when coal ships; payment is due within standard industry credit timeframes.

FY2019 revenue

Who Were Their Customers?

Coal is generally delivered at locations beyond the mines, including the Ohio River terminal and ports near New Orleans; international sales to end users can be direct or indirect.

Did Revenues Turn Into Profits?

No. It lost $320.4M in FY2019.

Operating income, FY2019
−24% of revenue
▼ Now a loss vs FY2018 ($84.5M, 8%)
Net income, FY2019
−38% of revenue
▲ +420% (Loss) vs FY2018 (−$61.6M, −6%)
Free cash flow, FY2019
−2% of revenue
▼ Now a loss vs FY2018 ($49.2M, 4%)

How Were They Changing?

Since the FY2019 annual report
Latest quarter: Q1 FY2020, the three months to Mar 31, 2020
Revenue
▼ −63%
vs $269.1M in Q1 FY2019
Net income
▲ Now profitable
vs −$16.8M in Q1 FY2019
  • Jul 1, 2020 Reorganization became effective and existing partnership units were extinguished Assets were transferred to a new parent for the continuing business, while the existing partnership entities were slated for dissolution.
  • Jun 25, 2020 Bankruptcy court confirmed the reorganization plan, with no recovery for unit holders The plan also reduced debt and anticipated annual cash interest payments.

Shrank. Revenue fell 15% in 4 years, from $984.9M in FY2015 to $841.5M in FY2019, about 4% a year.

Hillsboro resumed mining The older report said Hillsboro remained idle with no certain restart; the latest says it returned to production and later restarted longwall mining.

Who Did They Compete With?

Competes with Peabody Energy, Alliance Resource Partners, and Murray Energy

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