Full year revenue was $US62.2million ($A67 million) while earnings before interest, tax, depreciation and amortisation were $10.5 million for the year as compared to $55.4 million and $9.8 million respectively in 2012.

In the fourth quarter of 2013, revenue and EBITDA from operations were $14.9 million and $2.6 million respectively as compared to $14.5 million and $2.8 million for the same period of 2012.

Excluding one-time impairment and other charges recorded in 2013 and 2012, net loss for the years were $6.1 million and $3.9 million respectively.

CanAm has continued its growth since embarking on a strategic direction to become a small to medium-sized coal producer, with production and sales steadily growing both organically and through acquisition.

Over the last three years, sales have increased from 403,000 tonnes in 2011 to 682,000t in 2013, an increase of 279,000t or 69%.

The company has turned around free cash flow and has seen a significant improvement from a loss of $7.6 million to generating free cash flow of $2 million in 2013.

Sales for Q4 were 168,113t as compared to 153,841t, an increase of 9%.

Sales were impacted by shipping curtailments of a number of the company’s key customers as a result of extended plant maintenance issues and annual inventory management practices.

Long-term offtake contracts enabled the company to achieve better than market pricing for its high quality coals.

For Q1 2014, CanAm said average production costs per ton continued to trend downwards and was $50 per tonne, compared to $56/t in Q1 2013, or a decrease of 11%.

The company said it was optimistic about 2014 as the overall coal market had improved following the colder than normal winter in most of North America.

CanAm expects to continue on its path of steady growth and is targeting an increase of coal sales of approximately 10%.

With 95% of 2014 production under contract, the company is well positioned to deliver on the anticipated sales and revenue growth.