July 27, 2010
Patriot Coal reports 2nd quarter loss
Advertiser

CHARLESTON, W.Va. -- Patriot Coal lost money in the second quarter as it struggled with lower production and sales.

Patriot said Tuesday it lost $13.6 million, or 15 cents per share, in the period. Patriot earned $31.4 million, or 39 cents per share, in second-quarter 2009. Analysts surveyed by Thomson Reuters expected Patriot to lose 33 cents a share.

The results included a $14.8 million charge related to closing the Harris No. 1 mine due to a roof collapes. Patriot recorded a $17.8 milion gain from trading coal reserves and a non-cash gain of $33.7 million for sales contracts acquired with the purchase of Magnum Coal in 2008.

Revenue increased to $539 million in 2010 compared with $507 million in second-quarter 2009.

St. Louis-based Patriot operates mines in West Virginia and Kentucky.

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Patriot Coal reports 2nd quarter loss

CHARLESTON, W.Va. -- Patriot Coal lost money in the second quarter as it struggled with lower production and sales.

Patriot said Tuesday it lost $13.6 million, or 15 cents per share, in the period. Patriot earned $31.4 million, or 39 cents per share, in second-quarter 2009. Analysts surveyed by Thomson Reuters expected Patriot to lose 33 cents a share.

The results included a $14.8 million charge related to closing the Harris No. 1 mine due to a roof collapes. Patriot recorded a $17.8 milion gain from trading coal reserves and a non-cash gain of $33.7 million for sales contracts acquired with the purchase of Magnum Coal in 2008.

Revenue increased to $539 million in 2010 compared with $507 million in second-quarter 2009.

St. Louis-based Patriot operates mines in West Virginia and Kentucky.

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