Grande Cache Coal Corporation Reports Net Income of $20.1 Million During Fiscal 2010

Grande Cache Coal Corporation (TSX:GCE) announced its financial and operating results for the three and twelve months ended March 31, 2010.

The press release is quoted as saying:

Grande Cache Coal sold a record 1.77 million tonnes of coal in the fiscal year ended March 31, 2010, representing a 67% increase over sales of 1.06 million tonnes in the previous fiscal year. At March 31, 2010, the Corporation held cash and cash equivalents of $87.4 million. Net income during fiscal 2010 was $20.1 million, or $0.21 per basic share ($0.20 per diluted share), down from $106.2 million, or $1.18 per basic share ($1.15 per diluted share) in fiscal 2009. Fourth quarter net income was $1.4 million ($0.01 per basic and diluted share) versus $18.9 million ($0.20 per basic and diluted share) in the same period last year.

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