James River Coal Company announced that it had net income of USD 9.8 million for the third quarter of 2009 and net income of USD 54.2 million for the nine months ended September 30th 2009. This is compared to a net loss of USD 21.7 million for the third quarter of 2008 and a net loss of USD 62.4 million for the nine months ended September 30th 2008.
Mr Peter T Socha chairman & CEO of James River Coal said that "This was a relatively quiet quarter at James River Coal Company. We are continuing to post very strong financial results for our shareholders. In the operations area, we have continued to invest in both people and equipment in preparation for the next strong coal market. In the sales area, we have continued to maintain very close relationships with our domestic utility customers and international market participants. In the financial area, we have continued to strengthen our balance sheet through paying down a substantial amount of debt and starting to accumulate a cash balance. In summary, we are pleased with our results today, but we are also very busy planning and taking actions that will lead to an even better tomorrow."
