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Text: After my remarks, Dell will review our results in additional detail, and then you'll have the opportunity to ask questions.
During the first quarter we saw COVID-19 the Chinese fail on Australian calls have a continued impact on both pricing and demand across the mecole industry.
We continue to take the necessary measures to adjust our workplace environment to comply with social distancing, and personal hygiene guidelines set forth by various health organizations to protect the health and safety of our employees while maintaining our operations.
Despite these challenging headwinds, especially on NET Core pricing, we were pleased to be free cash flow positive for the fourth consecutive quarter since the pandemic began.
We remain focused on preserving cash and liquidity while managing the aspects of the business that we can control.
Importantly, we achieved our second lowest quarterly cash cost per tour done since going public.
As the Chinese ban on Australian coals continue during the forced first quarter, we were able to monetize our higher than normal inventories on Chinese spot volumes, which partially offset some of the impact of the depressed pricing environment experienced in our natural markets.
growing market fundamentals persisted across all geographies during the first quarter, allowing our customers to benefit from record high steel prices and strong demand for their products.
Global steel production remains on its recovery path to pre pandemic levels.
The world steel Association has reported a 6% increase in global pig production for the first quarter, with China leading the charge with a year over year increase of 8%.
Excluding China the rest of the world grew at a more moderate pace of 2%.
Unfortunately, the metco markets remain split in a two tier pricing system due to the ongoing Chinese ban of Australian coal imports.
On one side, you have non Australian premium hard coking coals imported into China benefiting from a stable and elevated CFR base index price that was range bound between 214 and $223 per metric ton for most of the first quarter.
On the other side, you have Australian base premium calls that have been impacted by high volatility and low pricing.
We saw the Australian index price climb from its low of $102 per metric ton at the start of the year, and peak at a high of $161 per metric ton in late January.
At this point, the price started its gradual decline, hitting its low of $110 per metric ton in late March.
The prolonged import ban by China has also created shifts in trade patterns, as more Australian calls are making their way into Japan, South Korea, India and Vietnam and also in our natural markets of Europe and South America.
As anticipated, Chinese by Nicolas was low, join there.
New Year's celebrations in February.
However, it remained subdued for a longer period than expected following the holiday.
However, an uptick in transactions and interest was observed prior to the end of the quarter and has remained active since.
We had expected contracted sales into our natural markets were strong for the entire first quarter.
sales volume in the first quarter was 2 million short tons compared to 1.8 million short tons in the same quarter last year.
Our sales by geography for the fourth quarter were 30% into Europe 14% into South America, and 56% into Asia.
production volume in the first quarter of 2021 was 2.2 million short tons, compared to a similar amount in the same quarter of last year.
The mines ran well in the first quarter, and we built a little more inventory.
As planned and previously communicated, inventories remained elevated at the end of the first quarter compared to pre pandemic levels, call inventory levels increased to 220,004 times to 1.2 million short times at the end of the first quarter.
The higher than normal inventory levels allow us to continue to supply our valued customers during the rest of the year.
Our gross price realization for the first quarter of 2021 was 95% of the Platts premium lowball fob Australian index price and was higher than the 89% achieved in the prior year period.
Or better gross price realization was primarily due to a higher percentage of our sales to Chinese customers that the CFR index price or spot sales volume in the first quarter was approximately 48% of total volumes, compared to a normal expectation of approximately 20%.
The end of our first quarter also coincided with the exploration of our collective bargaining agreement with the United Mine Workers of America on April 1.
While we continue to negotiate in good faith with the NWA to reach a new contract, the new NWA has initiated a strike that continues today.
I'll now ask you to address our first quarter results in greater detail.
The company record a net loss on a GAAP basis of approximately $21 million, or a loss of 42 cents per diluted share, compared to net income of $22 million or 42 cents per diluted share in the same quarter last year.
Non GAAP adjusted net income for the first quarter, excluding that non cash charge for Tax Valuation allowance was eight cents per diluted share, compared to 39 cents per diluted share in the same quarter of 2020.
Justin EBITDA was $47 million in the first quarter of 2021 as compared to $62 million in the same quarter last year.
The quarterly decrease was primarily driven by a 13% decrease, in average net selling prices partially offset by higher sales volume.
Our adjusted EBITDA margin was 22% in the first quarter of 2021, compared to 27% in the same quarter last year.
revenues were approximately $214 million in the first quarter of 2021, compared to $227 million in the same quarter last year.
This decrease was primarily due to the 13% decrease in average net selling prices, partially offset by an 8% increase in sales volume in a weak price environment as was noted earlier.
The Platts premium lowball fob Australian index price average $28 per metric ton lower or down 18% in the first quarter of 2021.
Compared to the same quarter last year, the index price averaged $127 per metric ton for the quarter.
The merge and other charges reduced our gross price realization to an average net selling price of $106 per short term in the first quarter of 2021, compared to $122 per short term in the same quarter last year.
cost of sales was $154 million, or 75% of mining revenues in the first quarter, compared to $152 million, or 68% of mining revenues in the same quarter of 2020.
The slight increase in total dollars was primarily due to higher sales volume, offset by lower variable cost and a focus on controlling cost of sales per short ton fob port was approximately $79 in the first quarter compared to $83 in the same period of 2020.
$79 per short ton, was our second lowest quarterly amount in the last four years.
Cash costs and price sensitive costs such as wages, transportation, and royalties that vary with net co pricing were lower in the first quarter, along with a focus on cost control.
tissue, the expenses were about $8 million, or 3.6% of total revenues in the first quarter of 2021.
And we're 10% lower than the same quarter last year, primarily due to lower professional fees and employee related expenses.
depreciation depletion expenses for the first quarter of 2021, with $33 million, compared to $29 million in last year's quarter.
Increase quarter over quarter was primarily due to a higher amount of assets placed in service and higher spending levels.
The interest expense was about $9 million in the first quarter and included interest on our outstanding debt plus amortization of our debt issuance costs associated with our credit facilities, partially offset by interest income.
This was approximately $1 million higher compared to the same period last year, primarily due to incremental borrowings on our abl facility and lower returns on cash balances.
We record an income tax expense of $24 million during the first quarter of 2021, compared to inexpensive $3 million in the same quarter last year.
The first quarter is tax expense included a non cash charge, recognized upon the establishment of a valuation allowance against our state deferred income tax assets.
This result was due to a change in Alabama State tax law in February, that became effective as of the beginning of the year.
In essence, our export sales are no longer subject to Alabama state income taxes.
And therefore the value of our state net operating losses have been written down to cash flow in the first quarter of 2021, we generate $23 million in positive free cash flows, which resulted from cash flows provided by operating activities the $45 million less cash used for capital expenditures in mind development cost of $22 million.
free cash flow in the first quarter of 2021 was positively impacted by a small decrease in net working capital.
Operating cash flows were higher in the first quarter of 2021, compared to the same quarter last year, primarily due to higher sales volumes and lower cost.
pressures and invest investing activities for capital expenditures and mine development costs were $22 million during the first quarter of 2021, compared to $26 million in the same quarter last year.
We continue to rationalize spending during these unprecedented times.
The company spent $13 million per 58% less on capex in the first quarter of 2021 compared to the same period last year, which was largely offset by higher spending on mine development cost.
Cash Flows used by financing activities were $13 million in the first quarter of 2021 and consisted primarily of payments for capital leases of $8 million in the payment of a quarterly dividend of $3 million.
Balance Sheet remains strong with a leverage ratio of 2.4 times adjusted e but we believe our liquidity is adequate to navigate these uncertain times.
Our strong balance sheet with no near term debt maturities, combined with a low and variable call structure has allowed us to continue paying our quarterly dividend during the pandemic.
Total available liquidity at the end of the first quarter was $272 million consisting of cash and cash equivalents of $222 million with $50 million available under a abl facility which is net of borrowings of $40 million and now saying letters of credit for approximately $9 million.
Now attorney drawer an outlook is the ongoing uncertainty related to our negotiations with the Union, the covid 19 pandemic, the Chinese ban on Australian coal and other potentially disruptive factors, we will not be providing full year 2021 guidance at this time.
We expect to return to providing guidance once there's further clarity on these issues.
We continue to appropriately adjust our operational needs, including managing our expenses, capital expenditures, working capital, liquidity and cash flows.
We have delayed the development of the blue Creek project, and our stock repurchase program also remains temporarily suspended.
Before we move on to q&a, I'd like to make some final comments.
We still do not have a clear view of when the trade of seaboard metals will return to normal and efficient market conditions.
Although we continue to believe that a partial or full easing of a Chinese ban on Australian coal is most likely to happen at some point in time.
We expect current pricing bifurcation in the markets to remain in place as long as the band remains in place.
We expect the difference between the Australian fob and the China CFR indices to narrow once the ban is lifted, returning to normal levels.
However, the correction may take some time.
Is there a plenty of floating vessels of Australian calls off the coast of China, as well as large volumes of calls in the ports that have been offloaded but have not cleared customs.
We believe that the demand for coal to remain strong for the next few quarters, as indicated by our customers buying patterns.
Also, we believe that our markets remain vulnerable to COVID-19 related demand disruptions.
Mostly in Asia, Europe, South America will remain focused on serving our customers through the duration of our ongoing labor negotiations while taking advantage of spot volumes when possible.
As I mentioned earlier, our contracts with the NWA expire on April 1.
And the NWA has initiated a strike that continues today.
We believe that we are well positioned to fill our customer volume commitments for 2021 of approximately 4.9 to 5.5 million short tons through a combination of existing coal inventory of 1.2 million short tons and expected production during the rest of the year.
For now, we have idle mind for we expect production to continue at mine seven, although at lower than usual rates.
While we have business continuity plans in place to strike may still cause disruption to production, and shipment activities.
And the plans may vary significantly from quarter to quarter in 2021.
Finally, as we navigate through these headwinds, we will continue to execute our business continuity plans to meet our customer demands.

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will not be providing full year 2021 guidance at this time.
warrior met coal - has delayed development of blue creek project and its stock repurchase program also remains temporarily suspended.

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