The company’s balance sheet also reported an increase in revenues, up to $US111 million from $US95.6 million during the same quarter prior, but a decrease in operating income, down to $US3.8 million from $US14 million last year.

However, coal shipments for James Coal were on the rise period-to-period, from 2.3 million tons in 2004 to 2.6Mt. Company executives were confident about the firm’s rebound efforts.

“This was a very busy and productive quarter,” said company chairman Peter Socha. “Our mines performed very well. We completed our acquisition of Triad.”

“We put in place a balance sheet for future growth by completing both stock and bond offerings during a very difficult time in the global capital markets. We worked with the railroads through some operational challenges.

“Lastly, but certainly most importantly, we continued to attract extremely talented individuals to join our team. Overall, it was a very good quarter.”

With the company’s acquisition of Triad earlier this year now complete, it says it is on schedule to have initial production from its Mine 15 development at the McCoy Elkhorn facility sometime next month; at full production late next year, it could see output levels upwards of 1.4Mt per annum.