James River Coal Company Reports Second Quarter 2010 Operating Results
- Diluted Earnings per Share of $0.71 in Q-2 2010 Compared with $0.59 in Q-2 2009
- Adjusted EBITDA of $46.5 Million in Q-2 2010 Compared with $37.0 Million in Q-2 2009
- Cash Margin in CAPP (Central Appalachia) of $30.98 in Q-2 2010 Compared with $25.55 in Q-2 2009
- 2010 EPS Guidance Revised From $1.70 - $2.25 Per Share to $2.35 - $2.70 Per Share
RICHMOND, Va., Aug. 6 /PRNewswire-FirstCall/ -- James River Coal Company (Nasdaq: JRCC), a producer of steam and industrial-grade coal, today announced that it had net income of $19.9 million or $.71 per fully diluted share for the second quarter of 2010 and net income of $43.1 million or $1.56 per fully diluted share for the six months ended June 30, 2010. This is compared to net income of $16.2 million or $.59 per fully diluted share for the second quarter of 2009 and net income of $44.3 million or $1.61 per fully diluted share for the six months ended June 30, 2009.
Peter T. Socha, Chairman and Chief Executive Office commented: "This was another excellent quarter for our entire company. The mines had a good quarter. They completed several strategic moves during the quarter that impacted both production and costs. In addition, they are adjusting to a new regulatory environment. Despite these headwinds, they are continuing to have an excellent year. During the quarter, we sold both CAPP and Midwest coal for future delivery. However, we continue to maintain our exposure to coal markets that have continued to show moderate improvement. As we have said in the past and we continue to believe, James River Coal Company is very well positioned for a sustained period of profitability."
FINANCIAL RESULTS
The following tables show selected operating results for the quarter ended June 30, 2010 compared to the quarter ended June 30, 2009 (in 000's except per ton amounts).
Total Results |
Three Months Ended June 30, |
Six Months Ended June 30, |
||||||
2010 |
2009 |
2010 |
2009 |
|||||
Company and contractor production (tons) |
2,256 |
2,486 |
4,561 |
5,353 |
||||
Coal purchased from other sources (tons) |
11 |
26 |
30 |
62 |
||||
Total coal available to ship (tons) |
2,267 |
2,512 |
4,591 |
5,415 |
||||
Coal shipments (tons) |
2,283 |
2,407 |
4,683 |
5,038 |
||||
Coal sales revenue |
$ 183,045 |
$ 171,649 |
$ 367,646 |
$ 363,770 |
||||
Cost of coal sold |
128,738 |
127,721 |
258,055 |
260,428 |
||||
Depreciation, depletion, & amortization |
16,209 |
15,922 |
32,567 |
30,395 |
||||
Gross profit |
38,098 |
28,006 |
77,024 |
72,947 |
||||
Selling, general & administrative |
9,823 |
10,559 |
19,142 |
19,846 |
||||
Adjusted EBITDA (1) |
$ 46,506 |
$ 37,036 |
$ 94,630 |
$ 90,230 |
||||
(1) Adjusted EBITDA is defined under "Reconciliation of Non-GAAP Measures" in this release. Adjusted EBITDA is used to determine |
||||||||
Segment Results |
Three Months Ended June 30, |
|||||||
2010 |
2009 |
|||||||
CAPP |
Midwest |
CAPP |
Midwest |
|||||
Company and contractor production (tons) |
1,568 |
688 |
1,677 |
809 |
||||
Coal purchased from other sources (tons) |
11 |
- |
26 |
- |
||||
Total coal available to ship (tons) |
1,579 |
688 |
1,703 |
809 |
||||
Coal shipments (tons) |
1,585 |
698 |
1,601 |
806 |
||||
Coal sales revenue |
$ 153,560 |
29,485 |
$ 144,853 |
26,796 |
||||
Average sales price per ton |
96.88 |
42.24 |
90.48 |
33.25 |
||||
Cost of coal sold |
$ 104,455 |
24,283 |
$ 103,952 |
23,769 |
||||
Cost of coal sold per ton |
65.90 |
34.79 |
64.93 |
29.49 |
||||
Segment Results |
Six Months Ended June 30, |
|||||||
2010 |
2009 |
|||||||
CAPP |
Midwest |
CAPP |
Midwest |
|||||
Company and contractor production (tons) |
3,118 |
1,443 |
3,718 |
1,635 |
||||
Coal purchased from other sources (tons) |
30 |
- |
62 |
- |
||||
Total coal available to ship (tons) |
3,148 |
1,443 |
3,780 |
1,635 |
||||
Coal shipments (tons) |
3,247 |
1,436 |
3,445 |
1,593 |
||||
Coal sales revenue |
$ 309,124 |
58,522 |
$ 312,488 |
51,282 |
||||
Average sales price per ton |
95.20 |
40.75 |
90.71 |
32.19 |
||||
Cost of coal sold |
$ 211,195 |
46,860 |
$ 215,436 |
44,992 |
||||
Cost of coal sold per ton |
65.04 |
32.63 |
62.54 |
28.24 |
||||
Cost Bridge |
Q-1 2010 vs. Q-2 2010 |
|||
CAPP |
Midwest |
|||
Beginning cash costs (Q-1 2010) |
$ 64.22 |
30.59 |
||
Labor |
- |
0.83 |
||
Sales related |
0.46 |
0.65 |
||
Variable costs |
- |
2.17 |
||
Other |
1.22 |
0.55 |
||
Ending cash costs (Q-2 2010) |
$ 65.90 |
34.79 |
||
LIQUIDITY AND CASH FLOW
As of June 30, 2010, the Company had available liquidity of $198.5 million calculated as follows (in millions):
Unrestricted Cash |
$ 190.3 |
|
Availability under the Revolver |
65.0 |
|
Letters of Credit Issued under the Revolver |
(56.8) |
|
Available Liquidity |
$ 198.5 |
|
Restricted Cash |
$ 15.0 |
|
The Company has $15.0 million in cash in a restricted cash collateral account to ensure that the Company has adequate capacity under the Revolver to support its letters of credit.
Capital Expenditures for the second quarter were $20.1 million.
SALES POSITION AND MARKET COMMENTS
As of August 5, 2010, we have reached agreements to ship coal at a fixed and known price (in 000's except per ton amounts):
2010 Priced (1) |
|||||||
As of April 29, |
As of August 5, |
Change |
|||||
Tons |
Avg Price Per |
Tons |
Avg Price Per |
Tons |
Avg Price Per |
||
CAPP |
5,994 |
$ 94.80 |
6,326 |
$ 93.50 |
332 |
$ 70.03 |
|
Midwest (2) |
3,004 |
$ 41.13 |
2,968 |
$ 40.97 |
(36) |
n/a |
|
2011 Priced |
|||||||
As of April 29, |
As of August 5, |
Change |
|||||
Tons |
Avg Price Per |
Tons |
Avg Price Per |
Tons |
Avg Price Per |
||
CAPP |
2,424 |
$ 121.21 |
4,014 |
$ 101.28 |
1,590 |
$ 70.90 |
|
Midwest (3) |
1,422 |
$ 44.64 |
2,124 |
$ 43.05 |
702 |
$ 39.83 |
|
2012 Priced |
|||||||
As of April 29, |
As of August 5, |
Change |
|||||
Tons |
Avg Price Per |
Tons |
Avg Price Per |
Tons |
Avg Price Per |
||
CAPP |
350 |
$ 108.31 |
350 |
$ 108.31 |
- |
$ - |
|
Midwest (3) |
500 |
$ 45.00 |
1,160 |
$ 43.25 |
660 |
$ 41.92 |
|
(1) 2010 includes all tons that have been shipped and tons with agreements for fixed prices for the remainder |
|||||||
(2) 2010 Tonnage has been adjusted by a net of 36,000 tons by mutual agreement of the parties to such |
|||||||
(3) The prices for the Midwest are minimum base price amounts adjusted for projected fuel escalators. |
|||||||
UPDATE ON MET MINES
Our two metallurgical mines began production this quarter. These mines are being operated by contractors and produced about 9,000 tons this quarter. We are on schedule to open a 3rd met mine in the 4th quarter of this year. Once in full production these mines will produce approximately 25,000 to 30,000 tons per month. We expect test shipments to customers will begin in the 3rd quarter. All expected production from the met mines is currently unpriced.
UPDATED GUIDANCE
The Company has previously issued forecasts of certain operating measures for 2010. These forecasts are revised as indicated below. In many cases they represent a range of possible outcomes and are provided to assist investors with the development of annual earnings estimates. While the Company believes that these forecasts represent the best current estimate of management as to future events, actual events will differ from these forecasts and such differences could be material. These forecasts are subject to the risks identified under Forward-Looking Statements below.
2010 |
||||||||||||
Original Guidance |
New Guidance |
|||||||||||
Total JRCC Operations |
||||||||||||
(In 000's except EPS and tax rate) |
||||||||||||
Adjusted EBITDA (1) |
$ 140,000 |
to |
$ 165,000 |
$ 170,000 |
to |
$ 180,000 |
||||||
Selling, General and Administrative |
$ 38,000 |
$ 38,000 |
||||||||||
Depreciation, Depletion and Amortization |
$ 63,000 |
$ 65,000 |
||||||||||
Tax Rate |
5% |
2% |
||||||||||
Earnings Per Share |
$ 1.70 |
to |
$ 2.25 |
$ 2.35 |
to |
$ 2.70 |
||||||
Capital Expenditures |
||||||||||||
Ongoing Capital Expenditures |
$ 70,000 |
$ 70,000 |
||||||||||
Federal and State Safety Mandates |
10,000 |
10,000 |
||||||||||
Other |
5,000 |
5,000 |
||||||||||
$ 85,000 |
$ 85,000 |
|||||||||||
(1) Adjusted EBITDA is defined under “Reconciliation of Non-GAAP Measures" in this release. |
||||||||||||
GUIDANCE BY SEGMENT
(In 000's except per ton amount)
Under Contract |
Guidance |
|||||||
Tons |
Price |
Tons |
Cash Cost |
|||||
CAPP |
||||||||
Original |
5,892 |
$ 95.10 |
6,300 - 6,600 |
$64.00 - 66.00 |
||||
New |
6,326 |
$ 93.50 |
6,400 - 6,800 |
$65.00 - 67.00 |
||||
Midwest |
||||||||
Original |
3,004 |
$ 41.13 |
3,100 - 3,300 |
$30.00 - 32.00 |
||||
New |
2,968 |
$ 40.97 |
3,000 - 3,100 |
$32.00 - 33.00 |
||||
CONFERENCE CALL, WEBCAST AND REPLAY: The Company will hold a conference call with management to discuss the second quarter earnings on August 6, 2010 at 11:00 a.m. Eastern Time. The conference call can be accessed by dialing 877-340-2553, or through the James River Coal Company website at http://www.jamesrivercoal.com. International callers, please dial 678-224-7860. A replay of the conference call will be available on the Company's website and also by telephone, at 800-642-1687 for domestic callers. International callers, please dial 706-645-9291: pass code 85980845.
James River Coal Company mines, processes and sells bituminous steam and industrial-grade coal primarily to electric utility companies and industrial customers. The Company's mining operations are managed through six operating subsidiaries located throughout eastern Kentucky and in southern Indiana.
FORWARD-LOOKING STATEMENTS: Certain statements in this press release, and other written or oral statements made by or on behalf of us are "forward-looking statements" within the meaning of the federal securities laws. Statements regarding future events and developments and our future performance, as well as management's expectations, beliefs, plans, estimates or projections relating to the future, are forward-looking statements within the meaning of these laws. These forward-looking statements, particularly the information in the "Updated Guidance" section of this release, are subject to a number of risks and uncertainties. These risks and uncertainties include, but are not limited to, the following: a change in the demand for coal by electric utility customers, as well as the perceived benefits of alternative sources of energy; the loss of one or more of our largest customers; inability to secure new coal supply agreements or to extend existing coal supply agreements at market prices; our dependency on one railroad for transportation of a large percentage of our products; failure to exploit additional coal reserves; the risk that reserve estimates and pension and post-retirement benefit liabilities are inaccurate; failure to diversify our operations; increased capital expenditures; encountering difficult mining conditions; inherent complexities associated with mining in Central Appalachia including special dangers and risks of underground mining; increased costs of complying with mine health and safety regulations; bottlenecks or other difficulties in transporting coal to our customers; delays in the development of new mining projects; increased costs of raw materials; the effects of litigation, regulation, permits and competition; lack of availability of financing sources; our compliance with debt covenants; the risk that we are unable to successfully integrate acquired assets into our business; and the other risks detailed in our reports filed with the Securities and Exchange Commission (SEC). Management believes that these forward-looking statements are reasonable; however, you should not place undue reliance on such statements. These statements are based on current expectations and speak only as of the date of such statements. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of future events, new information or otherwise.
JAMES RIVER COAL COMPANY |
||||||||||||
June 30, 2010 |
December 31, 2009 |
|||||||||||
Assets |
||||||||||||
Current assets: |
||||||||||||
Cash and cash equivalents |
$ |
190,305 |
107,931 |
|||||||||
Receivables: |
||||||||||||
Trade |
58,749 |
43,289 |
||||||||||
Other |
388 |
260 |
||||||||||
Total receivables |
59,137 |
43,549 |
||||||||||
Inventories: |
||||||||||||
Coal |
16,467 |
22,727 |
||||||||||
Materials and supplies |
11,404 |
10,462 |
||||||||||
Total inventories |
27,871 |
33,189 |
||||||||||
Prepaid royalties |
5,281 |
6,045 |
||||||||||
Other current assets |
3,065 |
3,292 |
||||||||||
Total current assets |
285,659 |
194,006 |
||||||||||
Property, plant, and equipment, at cost: |
||||||||||||
Land |
7,751 |
7,194 |
||||||||||
Mineral rights |
231,528 |
231,919 |
||||||||||
Buildings, machinery and equipment |
394,062 |
362,654 |
||||||||||
Mine development costs |
43,136 |
41,069 |
||||||||||
Total property, plant, and equipment |
676,477 |
642,836 |
||||||||||
Less accumulated depreciation, depletion, and amortization |
319,707 |
288,748 |
||||||||||
Property, plant and equipment, net |
356,770 |
354,088 |
||||||||||
Goodwill |
26,492 |
26,492 |
||||||||||
Restricted cash |
15,000 |
62,042 |
||||||||||
Other assets |
33,738 |
32,684 |
||||||||||
Total assets |
$ |
717,659 |
669,312 |
|||||||||
JAMES RIVER COAL COMPANY |
||||||||||||
June 30, 2010 |
December 31, 2009 |
|||||||||||
Liabilities and Shareholders' Equity |
||||||||||||
Current liabilities: |
||||||||||||
Accounts payable |
$ |
39,411 |
46,472 |
|||||||||
Accrued salaries, wages, and employee benefits |
10,489 |
6,982 |
||||||||||
Workers' compensation benefits |
8,950 |
8,950 |
||||||||||
Black lung benefits |
1,782 |
1,782 |
||||||||||
Accrued taxes |
6,082 |
4,383 |
||||||||||
Other current liabilities |
14,436 |
15,439 |
||||||||||
Total current liabilities |
81,150 |
84,008 |
||||||||||
Long-term debt |
281,081 |
278,268 |
||||||||||
Other liabilities: |
||||||||||||
Noncurrent portion of workers' compensation benefits |
51,890 |
50,385 |
||||||||||
Noncurrent portion of black lung benefits |
42,103 |
31,017 |
||||||||||
Pension obligations |
12,486 |
14,827 |
||||||||||
Asset retirement obligations |
41,575 |
39,843 |
||||||||||
Other |
633 |
622 |
||||||||||
Total other liabilities |
148,687 |
136,694 |
||||||||||
Total liabilities |
510,918 |
498,970 |
||||||||||
Commitments and contingencies |
||||||||||||
Shareholders' equity: |
||||||||||||
Preferred stock, $1.00 par value. Authorized 10,000,000 shares |
- |
- |
||||||||||
Common stock, $.01 par value. Authorized 100,000,000 shares; |
||||||||||||
issued and outstanding 27,782,751 and 27,544,878 shares |
||||||||||||
as of June 30, 2010 and December 31, 2009, respectively |
278 |
275 |
||||||||||
Paid-in-capital |
322,251 |
320,079 |
||||||||||
Accumulated deficit |
(93,663) |
(136,758) |
||||||||||
Accumulated other comprehensive loss |
(22,125) |
(13,254) |
||||||||||
Total shareholders' equity |
206,741 |
170,342 |
||||||||||
Total liabilities and shareholders' equity |
$ |
717,659 |
669,312 |
|||||||||
JAMES RIVER COAL COMPANY |
|||||||||||
Three Months |
Three Months |
||||||||||
Ended |
Ended |
||||||||||
June 30, 2010 |
June 30, 2009 |
||||||||||
Revenues |
$ |
183,045 |
171,649 |
||||||||
Cost of sales: |
|||||||||||
Cost of coal sold |
128,738 |
127,721 |
|||||||||
Depreciation, depletion and amortization |
16,209 |
15,922 |
|||||||||
Total cost of sales |
144,947 |
143,643 |
|||||||||
Gross profit |
38,098 |
28,006 |
|||||||||
Selling, general and administrative expenses |
9,823 |
10,559 |
|||||||||
Total operating income |
28,275 |
17,447 |
|||||||||
Interest expense |
7,455 |
3,814 |
|||||||||
Interest income |
(12) |
(25) |
|||||||||
Miscellaneous (income) expense, net |
238 |
(90) |
|||||||||
Total other expense, net |
7,681 |
3,699 |
|||||||||
Income before income taxes |
20,594 |
13,748 |
|||||||||
Income tax (benefit) expense |
744 |
(2,430) |
|||||||||
Net income |
$ |
19,850 |
16,178 |
||||||||
Earnings per common share |
|||||||||||
Basic earnings per common share |
$ |
0.72 |
0.59 |
||||||||
Diluted earnings per common share |
$ |
0.71 |
0.59 |
||||||||
JAMES RIVER COAL COMPANY |
|||||||||||
Six Months |
Six Months |
||||||||||
Ended |
Ended |
||||||||||
June 30, 2010 |
June 30, 2009 |
||||||||||
Revenues |
$ |
367,646 |
363,770 |
||||||||
Cost of sales: |
|||||||||||
Cost of coal sold |
258,055 |
260,428 |
|||||||||
Depreciation, depletion and amortization |
32,567 |
30,395 |
|||||||||
Total cost of sales |
290,622 |
290,823 |
|||||||||
Gross profit |
77,024 |
72,947 |
|||||||||
Selling, general and administrative expenses |
19,142 |
19,846 |
|||||||||
Total operating income |
57,882 |
53,101 |
|||||||||
Interest expense |
14,836 |
7,867 |
|||||||||
Interest income |
(16) |
(50) |
|||||||||
Miscellaneous (income) expense, net |
196 |
(144) |
|||||||||
Total other expense, net |
15,016 |
7,673 |
|||||||||
Income before income taxes |
42,866 |
45,428 |
|||||||||
Income tax (benefit) expense |
(229) |
1,079 |
|||||||||
Net income |
$ |
43,095 |
44,349 |
||||||||
Earnings per common share |
|||||||||||
Basic earnings per common share |
$ |
1.56 |
1.61 |
||||||||
Diluted earnings per common share |
$ |
1.56 |
1.61 |
||||||||
JAMES RIVER COAL COMPANY AND SUBSIDIARIES |
||||||||||||||
Six Months |
Six Months |
|||||||||||||
Ended |
Ended |
|||||||||||||
June 30, 2010 |
June 30, 2009 |
|||||||||||||
Cash flows from operating activities: |
||||||||||||||
Net income |
$ |
43,095 |
44,349 |
|||||||||||
Adjustments to reconcile net income to net cash provided |
||||||||||||||
by operating activities |
||||||||||||||
Depreciation, depletion, and amortization |
32,567 |
30,395 |
||||||||||||
Accretion of asset retirement obligations |
1,642 |
1,586 |
||||||||||||
Amortization of debt discount and issue costs |
3,935 |
587 |
||||||||||||
Stock-based compensation |
2,870 |
3,086 |
||||||||||||
Loss on sale or disposal of property, plant, and equipment |
318 |
- |
||||||||||||
Changes in operating assets and liabilities: |
||||||||||||||
Receivables |
(15,588) |
(9,724) |
||||||||||||
Inventories |
4,538 |
(22,286) |
||||||||||||
Prepaid royalties and other current assets |
991 |
(1,965) |
||||||||||||
Restricted cash |
47,042 |
- |
||||||||||||
Other assets |
(830) |
4,015 |
||||||||||||
Accounts payable |
(7,061) |
(1,370) |
||||||||||||
Accrued salaries, wages, and employee benefits |
3,507 |
2,502 |
||||||||||||
Accrued taxes |
1,004 |
(594) |
||||||||||||
Other current liabilities |
(1,126) |
(7,246) |
||||||||||||
Workers' compensation benefits |
1,505 |
2,152 |
||||||||||||
Black lung benefits |
1,823 |
669 |
||||||||||||
Pension obligations |
(1,949) |
1,072 |
||||||||||||
Asset retirement obligation |
(461) |
(491) |
||||||||||||
Other liabilities |
11 |
90 |
||||||||||||
Net cash provided by operating activities |
117,833 |
46,827 |
||||||||||||
Cash flows from investing activities: |
||||||||||||||
Additions to property, plant, and equipment |
(34,113) |
(30,318) |
||||||||||||
Net cash used in investing activities |
(34,113) |
(30,318) |
||||||||||||
Cash flows from financing activities: |
||||||||||||||
Borrowings under Revolver |
- |
7,500 |
||||||||||||
Repayments under Revolver |
- |
(25,500) |
||||||||||||
Debt issuance costs |
(1,346) |
- |
||||||||||||
Proceeds from exercise of stock options |
- |
75 |
||||||||||||
Net cash used in financing activities |
(1,346) |
(17,925) |
||||||||||||
Increase (decrease) in cash |
82,374 |
(1,416) |
||||||||||||
Cash at beginning of period |
107,931 |
3,324 |
||||||||||||
Cash at end of period |
$ |
190,305 |
1,908 |
|||||||||||
JAMES RIVER COAL COMPANY |
|
AND SUBSIDIARIES |
|
Reconciliation of Non-GAAP Measures |
|
(in thousands) |
|
(unaudited) |
|
EBITDA is used by management to measure operating performance. We define EBITDA as net income or loss plus interest expense (net), income tax expense (benefit) and depreciation, depletion and amortization (EBITDA), to better measure our operating performance. We regularly use EBITDA to evaluate our performance as compared to other companies in our industry that have different financing and capital structures and/or tax rates. In addition, we use EBITDA in evaluating acquisition targets.
Adjusted EBITDA is the amount used in several of the covenants in our revolving credit facility. Adjusted EBITDA is defined as EBITDA further adjusted for certain cash and non-cash charges. Adjusted EBITDA is used to determine compliance with financial covenants and our ability to engage in certain activities such as incurring additional debt and making certain payments.
Cash margin per ton is calculated as coal sales revenue per ton less cost of coal sold per ton. Although cash margin per ton is not a measure of performance calculated in accordance with GAAP, management believes that it is useful to an investor because it is widely used in the coal industry as a measure to evaluate a company's profitability from tons sold.
EBITDA, Adjusted EBITDA and cash margin per ton are not recognized terms under GAAP and are not an alternative to net income, operating income or any other performance measures derived in accordance with GAAP or an alternative to cash flow from operating activities as a measure of operating liquidity. Because not all companies use identical calculations, this presentation of EBITDA, Adjusted EBITDA and cash margin per ton may not be comparable to other similarly titled measures of other companies. Additionally, EBITDA, Adjusted EBITDA or cash margin per ton are not intended to be a measure of free cash flow for management's discretionary use, as they do not reflect certain cash requirements such as tax payments, interest payments and other contractual obligations. The following table reconciles Net Income to EBITDA:
Three Months Ended |
Six Months Ended |
||||||||||||||
June 30, |
June 30, |
June 30, |
June 30, |
||||||||||||
2010 |
2009 |
2010 |
2009 |
||||||||||||
Net income |
$ |
19,850 |
16,178 |
43,095 |
44,349 |
||||||||||
Income tax expense (benefit) |
744 |
(2,430) |
(229) |
1,079 |
|||||||||||
Interest expense |
7,455 |
3,814 |
14,836 |
7,867 |
|||||||||||
Interest income |
(12) |
(25) |
(16) |
(50) |
|||||||||||
Depreciation, depletion, and amortization |
16,209 |
15,922 |
32,567 |
30,395 |
|||||||||||
EBITDA (before adjustments) |
$ |
44,246 |
33,459 |
90,253 |
83,640 |
||||||||||
Other adjustments specified |
|||||||||||||||
in our current debt agreement |
2,260 |
3,577 |
4,377 |
6,590 |
|||||||||||
Adjusted EBITDA |
$ |
46,506 |
37,036 |
94,630 |
90,230 |
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CONTACT: |
James River Coal Company |
|
Elizabeth M. Cook |
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Director of Investor Relations |
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(804) 780-3000 |
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SOURCE James River Coal Company
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