Feb. 28--Richmond-based firm: James River Coal

James River Coal Co. announced yesterday that it had a net loss of $33.6 million in the fourth quarter of 2008 and a net loss of $96 million for the whole year.

The Richmond-based company lost $18.5 million in the fourth quarter of 2007 and had a net loss of $54 million for all of 2007.

The most recent quarterly loss represents a loss of $1.26 per share, according to documents filed yesterday with the federal Securities and Exchange Commission. The company's stock closed at $10.99, down 44 cents. It has traded as high as $62.83 in the past year.

In explaining last quarter's losses, the company noted that the average price of its central Appalachian coal during the last quarter of 2008 was low, $57.66 per ton. So far this year the average price is $90.13.

Peter T. Socha, chairman and CEO of James River Coal, said during a conference call with investors that the company has finished several years of contracts that contained low prices for coal. He also said that, while the demand for coal among domestic utilities will likely drop this year, demand for coal will increase in some overseas markets such as India and South Africa, while Russia is cutting its coal production.

"While we expect both the economy and the coal markets to be unsettled for the next several quarters," Socha said, "we believe that James River Coal Company is well positioned for the next economic cycle." -- Rex Bowman

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