- Q4 Revenues up 13% compared to Q4 2007 and Revenues up 9% over 2007
- Q4 Cash Costs in CAPP Declined to $56.15 Per Ton
- Conference Call Slides Posted to Company Website
RICHMOND, Va., Feb. 27 /PRNewswire-FirstCall/ -- James River Coal Company (Nasdaq: JRCC), a producer of steam and industrial-grade coal, today announced that it had a net loss of $33.6 million or $1.26 per fully diluted share for the fourth quarter of 2008 and a net loss of $96.0 million or $3.91 per fully diluted share for the year ended December 31, 2008. This is compared to a net loss of $18.5 million or $1.04 per fully diluted share for the fourth quarter of 2007 and a net loss of $54.0 million or $3.29 per fully diluted share for the year ended December 31, 2007.
Peter T. Socha, Chairman and Chief Executive Officer commented, 'We are very pleased with our progress this quarter. We have finally finished a multi-year period of low contract sales prices and rising costs due, in large part, to a new regulatory environment. Our mines have now made many of the adjustments required by federal and state authorities. We have also started shipping under our new domestic utility contracts that were signed last summer. While we expect both the economy and the coal markets to be unsettled for the next several quarters, we believe that James River Coal Company is well positioned for the next economic cycle.'
QUARTERLY RESULTS
The following tables show selected operating results for the quarter ended December 31, 2008 compared to the quarter ended December 31, 2007 (in 000's except per ton amounts).
Total Results Three Months Ended December 31,
2008 2007
Total Per Ton Total Per Ton
Company and contractor production
(tons) 2,734 2,647
Coal purchased from other sources
(tons) 15 157
Total coal available to ship
(tons) 2,749 2,804
Coal shipments (tons) 2,792 2,914
Revenues
Coal sales $140,774 50.42 $124,747 42.81
Synfuel handling - - 1,390 -
Cost of coal sold 134,418 48.14 118,052 40.51
Depreciation, depletion, &
amortization 18,277 6.55 17,235 5.91
Gross loss (11,921) (4.27) (9,150) (3.14)
Selling, general &
administrative 9,869 3.53 8,966 3.08
Adjusted EBITDA (1) $(203) (0.07) $1,791 0.61
(1) Adjusted EBITDA is defined under 'Reconciliation of Non-GAAP
Measures' in this release. Adjusted EBITDA is used to determine
compliance with financial covenants in our senior secured credit
facilities.
Segment Results Three Months Ended
December 31,
2008 2007
CAPP Midwest CAPP Midwest
Company and Contractor
production (tons) 1,944 790 1,885 763
Coal purchased from other
sources (tons) 15 - 155 1
Total coal available to ship
(tons) 1,959 790 2,040 764
Coal Shipments (tons) 1,981 811 2,118 796
Coal sales revenue $114,221 26,553 $101,469 23,278
Average sales price per ton 57.66 32.74 47.91 29.24
Cost of coal sold $111,232 23,186 $96,838 21,214
Cost of coal sold per ton 56.15 28.59 45.72 26.65
Cost Bridge Q-3 2008 vs. Q-4 2008
CAPP Midwest
Beginning cash costs $58.59 30.40
Variable costs (steel, diesel, etc) (1.50) (1.47)
Sales Related (1.05) 0.34
Other 0.11 (0.68)
Ending cash costs 56.15 28.59
ANNUAL RESULTS
The following tables show selected operating results for the year ended December 31, 2008 compared to the year ended December 31, 2007 (in 000's except per ton amounts).
Total Results Year Ended December 31,
2008 2007
Total Per Ton Total Per Ton
Company and contractor
production (tons) 11,112 11,171
Coal purchased from other
sources (tons) 243 880
Total coal available to
ship (tons) 11,355 12,051
Coal shipments (tons) 11,383 12,049
Revenues
Coal sales $568,507 49.94 $513,706 42.63
Synfuel handling - - 6,854 -
Cost of coal sold 527,888 46.38 473,347 39.29
Gain on curtailment of
pension plan - - (6,091) (0.51)
Depreciation, depletion, &
amortization 70,277 6.17 71,856 5.96
Gross loss (29,658) (2.61) (18,552) (1.54)
Selling, general &
administrative 34,992 3.07 32,191 2.67
Adjusted EBITDA (1) $17,571 1.54 $24,760 2.05
(1) Adjusted EBITDA is defined under 'Reconciliation of Non-GAAP
Measures' in this release.
