Terre Haute-based Hallador Energy Co. (Nasdaq: HNRG) is reporting third quarter net income of $1.6 million, compared to $7.9 million during the same period last year. Chief Executive Officer Brent Bilsland says it was a transitional quarter for the company.
“We signed materially higher priced contracts and expanded our production capacity to take advantage of higher market prices,” said Bilsland. “During the quarter and subsequently, we were also able to fulfill our goal of deleveraging our balance sheet by reducing our bank debt by $44 million, 34% of our outstanding balance.”
in October, Hallador completed the acquisition of the Merom Generating Station. According to Bilsland, the acquisition “positions Hallador uniquely by providing new revenue streams and a platform for future potential investment including new generation and energy storage.”
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