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Patriot Coal Corporation Message Board

  • sunbrookplace sunbrookplace Jun 15, 2009 5:42 PM Flag

    Bloomberg

    Bloomberg's stock site has PCX as an equity mover- says is dropped 9% on reduced sales forecast and customer dispute. Did they reduce firecast? I guess I missed it in all the news today. Many other coal fell as much too and not big volume today. Thoughts?

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    • Well, this is what i read on msn finance:
      http://news.moneycentral.msn.com/provider/providerarticle.aspx?feed=ACBJ&date=20090615&id=10022646

      "Patriot Coal Corp. said Monday it filed a demand for arbitration against a metallurgical coal customer to enforce contractual rights and recover damages for failure to perform under two coal supply agreements.

      Patriot said the customer, which it did not identify, has caused disruptions in operating and shipping schedules.

      Patriot also said reached an agreement with another customer that previously requested deferral of a portion of contracted shipments.

      The customer, which Patriot also did not identify, has confirmed its commitment to purchase volumes as originally contracted for the remainder of 2009 and has agreed to make a cash payment to compensate for shortfalls in contracted purchases in the first half of 2009.

      Patriot’s Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) for the second quarter is expected to be largely driven by this contractual arrangement.

      “Coal producers continue to deal with customer requests to defer shipments, especially customers in the steel industry,” Patriot Chief Executive Officer Richard Whiting said in a statement. “We have successfully restructured a coal supply agreement that is integral to our financial results, solidifying Patriot’s earnings relative to this contract, while addressing our customer’s needs.”

      Creve Coeur -based Patriot Coal Corp. (NYSE: PCX) is the third-largest producer and marketer of coal in the eastern United States."

 

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