James River Coal reports wider loss

Posted by Colby Rogers - email

RICHMOND, Va. (AP) - James River Coal's fourth-quarter loss nearly doubled as shipments decreased and costs rose.

The Richmond-based company said Friday it lost $33.6 million, or $1.26 per share, in the period. By comparison, James River lost $18.5 million, or $1.04 per share, a year earlier.

Revenue rose to $140.7 million, from $124.7 million in 2007.

Shipments dipped 100,000 tons to 2.8 million in fourth-quarter 2008, while costs rose to $48.14 per ton, from $40.51 per ton in 2007.

For 2008, James River lost $96 million, or $3.91 per share. In 2007, James River lost $54 million, or $3.29 per share.

Analysts surveyed by Thomson Reuters expected, on average, the company to lose 82 cents per share in the quarter and $3.41 for the full year.

james River operates mines in Indiana and Kentucky.

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