The statements were delayed due to the application of accounting principals regarding third-party sales, which ultimately resulted in an adjustment to first quarter numbers of about $US3 million.
Coal revenues for the quarter totaled $436 million, up from $364 million for the same quarter last year.
Coal sales increased in a similar ratio, from 6.69Mt in 2005 to 7.46Mt in 2006. For the half-year ended June 30, revenues increased 34% to $978 million on coal sales that increased from 12.22Mt to 14.58Mt.
Net income was relatively consistent between quarters, topping $23.1 million for the second quarter of 2006 and $26.4 million for the same period in 2005. Net income for the first half of 2006 was over $50 million, far surpassing the net income at the same point in 2005, during which a $38 million charge was recorded for stock-based compensation.
“Production and sales volumes were strong in the second quarter,” ANR chief Michael Quillen said.
“Our business model of mining high-quality Appalachian coals through flexible, diversified operations continues to produce high margins and industry-leading revenues per ton.”
The company has set solid footing in the industry this year; it acquired two Progress Fuels operations in a $23 million deal in May, increasing its holdings by around 73Mt through its stock ownership of Diamond May Coal and asset holdings of Kentucky May Coal.
With more than 3700 employees across the US, ANR operates mines in Virginia, Kentucky, West Virginia and Pennsylvania.
