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James River Coal ┼×irketi Message Board

  • bullcoach_1 bullcoach_1 Mar 1, 2012 7:53 AM Flag

    News on Earnings:

    James River Coal Swings to 4Q Loss On Tax Adjustment
    Last update: 3/1/2012 7:32:50 AM
    James River Coal Co. (JRCC) swung to a fourth quarter loss on an income tax expense adjustment and as a tax benefit boosted year-ago results, though revenue more than doubled in the latest period.
    James River has now swung to losses in three out of the last four quarters. The coal producer has posted weaker bottom-line results this year, pressured by acquisition-related costs and higher input expenses.
    Still, the company has benefited in recent quarters from a global manufacturing rebound that has boosted demand for coal used in electricity generation. Demand from Asia has also boosted demand for high-margin metallurgical coal used in steelmaking. James River's acquisition of International Resource Partners LP last year has helped expand the company's presence in metallurgical coal.
    "While we are cautious and realistic about the current soft market conditions, we are also optimistic that James River will be well positioned for improving markets in the future," said Chairman and Chief Executive Peter T. Socha.
    James River reported a loss of $28.5 million, or 82 cents a share, compared with a year-earlier profit of $25.9 million, or 93 cents a share. The most recent period included a income tax adjustment of 77 cents a share while the year-ago period included a tax benefit of 79 cents per share. Revenue more than doubled to $357.2 million.
    Analysts polled by Thomson Reuters most recently forecast a per-share profit of 3 cents a share on revenue of $325 million.
    The cost of coal sold more than doubled, while freight and handling costs soared.
    Revenue from Central Appalachia operations more than doubled as shipments nearly doubled. The Midwest segment's revenue fell 12% as shipments decreased 18%.
    Shares closed at $5.73 Wednesday and were inactive premarket. The stock of late has been trading at levels it hadn't seen since 2008 and is off 17% so far this year.
    -By Nathalie Tadena, Dow Jones Newswires; 212-416-3287;
    (END) Dow Jones Newswires
    March 01, 2012 07:32 ET (12:32 GMT)

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