James River Coal Achieves Q2 Net Income of $52.6 Million

James River Coal Company (NASDAQ:JRCC) announced its results for the second quarter of 2013, commenting that its net income came in at $52.6 million, while its revenue was $160.1 million, down from $277.4 million in the year-ago quarter.

The company shipped 2.16 million tons of coal at a price per ton of $69.72.

Peter T. Socha, chairman and CEO of James River, said:

Things are still interesting in the coal industry. We continue to be pleased with our mine operations. They are doing an excellent job of managing their people, costs, capital, and assets during a difficult time in the coal industry. The coal markets have continued to be soft. The thermal markets are still weak, but we can see several factors that may lead to improvement later this year and into 2014. The met markets have clearly weakened during the past several months. We are a little more cautious about met than we had been earlier this year. We have started to take definitive action to strengthen our balance sheet and improve our liquidity position during this period of soft coal markets. We have been very encouraged by the input and support that we have received from many parties during this difficult process.

Click here to read the full James River Coal Company (NASDAQ:JRCC) press release.