Total revenue for the quarter was down by 21% to $277.3 million or $95.31 per ton sold.
Total tons shipped decreased by 11% in the June 2012 quarter compared with the 2011 quarter.
The decrease in tons shipped and coal sales revenue was primarily related to a lower average sales price in the Central Appalachian (CAPP) region for both steam and metallurgical coal and a decrease in tons shipped of steam coal in the CAPP region because of lower demand.
For the six months ended June 30, 2012, James River’s CAPP mines produced 4.2 million tons of coal (including 0.3 million tons of contract coal) and it purchased another 0.8Mt for resale.
Of the 4.2Mt produced from its CAPP mines, 75% came from underground mines, while the remaining came from surface mines.
During the period James River shipped 4.8Mt of coal and generated coal sale revenues of $488 million from its CAPP segment.
Georgia Power Company, Rashtriya Ispat Nigam, US Steel and South Carolina Public Service Authority were its largest customers, representing approximately 12%, 12%, 11% and 11% of revenues respectively during the period.
In the Midwest, the majority of James River coal is sold in the East North Central region, which includes the states of Illinois, Indiana, Ohio, Michigan and Wisconsin.
For the six months ended June 2012, James River’s Midwest mines produced approximately 1.2Mt of coal.
Of the Midwest tons produced, 72% came from surface mines while the remainder came from underground mines.
For the six months to June 2012, James River shipped 1.2Mt of coal and generated coal sale revenues of $52 million from its Midwest segment.
No Midwest customer accounted for more than 10% of total revenues.