James River Coal Company Reports Third Quarter 2010 Operating Results
Wednesday 11/03/2010 6:45 AM ET - Pr Newswire
As of 1:17 PM ET 11/8/10
James River Coal Company (Nasdaq: JRCC), a producer of steam and industrial-grade coal, today announced that it had net income of $9.2 million or $0.33 per fully diluted share for the third quarter of 2010 and net income of $52.3 million or $1.89 per fully diluted share for the nine months ended September 30, 2010. This is compared to net income of $9.8 million or $0.36 per fully diluted share for the third quarter of 2009 and net income of $54.2 million or $1.97 per fully diluted share for the nine months ended September 30, 2009.
Peter T. Socha, Chairman and Chief Executive Officer commented: "In general, we are pleased with our results this quarter. We continue to generate net income and cash flow from our mining operations. Like every other coal company in our geographic area, our costs and productivity have been impacted by state and federal regulators. Our operations team has done an excellent job of making all of the necessary adjustments that have been requested. As these adjustments are completed, we expect the impact on costs and productivity to be reduced. In the coal markets, we are clearly starting to see signs of improvement. We are looking forward to another very profitable year in 2011."