James River Coal Reports Biggest Loss in Eight Years

Bloomberg reported that James River Coal has announced their biggest loss in eight years and that they have been forced to idle five mines due to waning demand.

As quoted in the market report:

James River’s fourth-quarter loss widened to $76.9 million, or $2.21 a share, from $28.5 million, or 82 cents, a year earlier. The loss excluding a goodwill impairment writedown and a gain from repurchasing debt was $1.59 a share, wider than the $1.37 average of 11 estimates compiled by Bloomberg. Sales fell 35 percent to $232.2 million from a year earlier.

To view the whole Bloomberg report, click here.