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Now positioned to ramp up, but little room for error
COOL delivered mixed 1H13A results, overall moderately better than we had forecast. EBITDA of $0.6m was modest, but was a significant improvement on the losses of prior periods, particularly given the current demanding market for thermal coal producers. While the balance sheet leaves little room for error, even given COOL’s recent financing initiatives, we do expect cash flows to improve henceforth, with potential upside from the strategic partnerships and/or asset sale process that is underway.