Hallador subsidiary cuts more jobs
TERRE HAUTE, Ind. (Inside INdiana Business) — Terre Haute-based Hallador Energy Co. (Nasdaq: HNRG) has announced its subsidiary Sunrise Coal LLC has laid off 60 employees. The move comes a week after Hallador detailed plans to permanently close its Carlisle Mine in Sullivan County.
The company idled production at the mine in January, which led to the layoffs of 90 employees. Chief Executive Officer Brent Bilsland said at the time the decision was made “after experiencing negative free cash flow at Carlisle over the past 18 months.”
“With the permanent closure of our Carlisle mine, it is necessary that we adjust the size of our workforce to meet our sales commitments going forward,” Hallador Chief Financial Officer Lawrence Martin said in a news release. “Our hearts go out to our co-workers who are affected by this action, and we are grateful to them for their dedication and service. We regret the impact that will be felt by their families and the community.”
Production from the Carlisle Mine has been shifted to the company’s operations in the Knox County town of Oaktown.
In its 2019 earnings report, Hallador reported a full-year net loss of $59.9 million, compared to net income of $7.6 million the previous year.