On Tuesday, Shares of CONSOL Energy Inc. (NYSE:CNX), lost -21.22% to $6.98.
CONSOL Energy, stated net income attributable to CONSOL Energy shareholders of $119 million for the quarter, or $0.52 per diluted share. This compares to a net loss attributable to CONSOL Energy shareholders of $2 million, or ($0.01) per diluted share from the year-earlier quarter. EBITDA attributable to CONSOL Energy shareholders was $374 million for the 2015 third quarter, contrast to $201 million in the year-earlier quarter.
After adjusting for certain unusual items, which are listed in the EBITDA reconciliation table, the company had an adjusted net loss in the 2015 third quarter of $64 million, or ($0.28) per share. Adjusted EBITDA attributable to CONSOL Energy shareholders was $136 million for the 2015 third quarter, contrast to $236 million in the year-earlier quarter. Cash flow from operations in the just-ended quarter was $110 million, contrast to $293 million in the year-earlier quarter.
The third quarter earnings results comprised the following pre-tax items related to recent transactions:
- Recorded a $100.9 million benefit related to changes in our retiree medical (OPEB) plan;
- Recorded a $99.1 million unrealized gain on commodity derivative instruments;
- Recorded a $48.5 million gain on the sale of our 49% interest in the Western Allegheny Energy (WAE) joint venture with Rosebud Mining Company;
- Recorded $7.7 million in severance expense; and
- Recorded $3.1 million in pension settlement expense.
CONSOL Energy Inc., together with its auxiliaries, operates as an integrated energy company in the United States and internationally. The company operates through two divisions, Exploration and Production (E&P), and Coal. The E&P division produces pipeline quality natural gas primarily to gas wholesalers.
Shares of Endologix Inc. (NASDAQ:ELGX), declined -36.13% to $8.77, during its last trading session, hitting its lowest level.
Endologix, declared that it intends to offer, subject to market conditions and other factors, $150 million aggregate principal amount of its convertible senior notes due 2020 in an underwritten offering registered under the Securities Act of 1933, as amended. Endologix also anticipates to grant the underwriter of the Notes an option to purchase up to an additional $22.5 million aggregate principal amount of the Notes solely to cover overallotments, if any. Piper Jaffray & Co. is acting as the sole underwriter for the offering.
The Notes are predictable to pay interest semiannually and will be convertible into shares of the Company’s common stock (“Common Stock”), cash or a combination of cash and shares of the Company’s Common Stock, at the Company’s election, based on a conversion rate to be determined at the pricing of the Notes. The Notes will mature on November 1, 2020, unless repurchased, redeemed or converted in accordance with their terms before such date. Before August 1, 2020, the Notes will be convertible only upon the occurrence of certain events and during certain periods, and thereafter, at any time until the second planned trading day right away preceding the maturity date. On or after November 1, 2018, the Company may from time to time redeem for cash all or part of the Notes in certain circumstances.
The Company anticipates to use about $56 million of the net proceeds from the offering of Notes to repay indebtedness of TriVascular Technologies, Inc. contemporaneously with the consummation of the Company’s formerly declared anticipated acquisition of TriVascular (the “Acquisition”). To the extent the holders of convertible indebtedness of TriVascular do not convert their indebtedness into TriVascular common stock before or in connection with the consummation of the Acquisition, the Company intends to use an additional $10 million of the net proceeds to repurchase such convertible indebtedness. The Company anticipates to use the remainder of the net proceeds, or, if the Acquisition does not close, all of the net proceeds to finance the commercialization of its products, for working capital and other general corporate purposes.
Endologix, Inc. develops, manufactures, markets, and sells medical devices for the treatment of abdominal aortic aneurysms in the United States and internationally. The company offers minimally-invasive endovascular repair (EVAR) products, counting EVAR stent graft and catheter delivery system under the brand names Powerlink, IntuiTrak, AFX, and VELA Proximal Endograft. It also provides endovascular sealing (EVAS) product that is based on the Nellix platform to seal the aneurysm, and provides blood flow to the legs through two blood lumens.