Aug. 9, 2010 — Westmoreland Coal Company saw its total revenues in the second quarter of 2010 jump to $127.6 million, 21.8% higher than revenues for the same period in 2009.
Net income applicable to common shareholders in Q2 2010 was $0.9 million, compared to a net loss of $7.2 million in Q2 2009. Operating income increased 121.3% during the quarter from a loss of $6.2 million to an operating profit of $1.3 million.
Year to date revenues increased 12.1% over 2009, from $226.6 million to $254.1 million, and operating income increased 162.4% from a loss of $10.7 million to an operating profit of $6.6 million.
“As we did during the first quarter, we made significant improvement in our second quarter over prior year results,” said Keith E. Alessi, Westmoreland’s President and CEO. “As we previously announced, the planned maintenance shutdowns of our ROVA facilities during the second quarter negatively impacted our profits. We also experienced softness in coal demand due to a planned customer outage and strong hydro electric supply in the Northwest, which reduced demand for coal fired power at other customers.”
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