National Coal Corp. (NCOC) Reports In-Line Q4 Loss of $0.19; Comments on Outlook
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National Coal Corp. (Nasdaq: NCOC) reports Q4 loss of $0.19, in-line with the analyst estimate of ($0.19). Revenue for the quarter was $31.9 million, versus the consensus of $34.24 million.
Looking forward, the Company is well positioned to grow its business organically, depending on market conditions. National Coal has opened one surface mine this quarter in Alabama and one deep mine in Tennessee. In addition, the Company has four issued mining permits for new mines that are not yet operating and three issued permits for mines that were operating but have been idled, all of which are in Tennessee.
The Company has goals to acquire and develop additional mining properties and increase production from its existing reserve base. Since the Company has not yet priced a portion of the coal it is able to produce over the next several years, it is well positioned to take advantage of possible future market demand, or to realize possible long-term opportunities with certain users of the high quality coal contained in its reserve base.
At December 31, 2008, un-priced and uncommitted future production was approximately 0.2 million to 0.3 million tons in 2009, 1.1 million to 1.5 million tons in 2010, and 2.5 million tons in 2011. National Coal intends to invest approximately $8.1 million in capital expenditures during 2009.
Cash cost of production during 2009 is anticipated to decline from the 2008 level, which was heavily impacted by the high cost of fuel, the five month down time on the dragline in Alabama, completion of mining at an underground mine, and heavy rain during the fourth quarter. The lower costs should be driven by the dragline being fully operational, opening of new mines, and the start up of the Baldwin facility and the short line railroad. However, the deteriorating worldwide economies and other factors that are out of our control could impede our goals and future plans.
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