2013 top of projected adjusted ebitda range, lower than both 2011 and 2012 and 4th quarter 2012 annualized reported adjusted ebitda
2013 projected top adj. ebitda range is $80 mm (low $60 mm), reported adj. ebitda in 2012 was $90.5 mm and 2011 $82 mm. annualized 4th quarter 2012 adjusted ebitda would extrapolate to a full year proxy ebitda of $87.6 mm
i have to look at this again: rno isn't royaty holder like nrp, it is a miner; every miner -- except the water treading ARLP whose coal is intellectually property-protected high-tech brand name -- has reported losses; how does rno get to have profits?
They get there from royalties from the oil leases they have out there along with getting Patriot who is in reorg to either be bought out on the cheap or the mines leased to another lese holder. RNO is also getting new and cheaper mines into production for 2014. Coal is not going to cease as a product. The issue is you can mine cheaper outside W. Va where the cheap/easy coal is all gone. RNO is doing that. Suggest listening to one of their presentations. Also when economy picks up met xcoal prices will go up significantly.