James River Coal Company (Nasdaq: JRCC) has signed a definitive agreement to purchase International Resource Partners LP and Logan & Kanawha Coal Company and their affiliated companies for $475 million in an all-cash transaction. International Resource Partners is a metallurgical and steam coal business formed by Lightfoot Capital Partners. Atlas and its partners formed Lightfoot in 2007 to acquire investments in energy-related assets and businesses, and Lightfoot also is the general partner and largest limited partner of IRP. Atlas owns 18% of the general partner of Lightfoot. Lightfoot will continue to operate its existing assets and will pursue further opportunities to expand its business.
The company also reported strong fourth-quarter results as compared to comparable period previous year, due to improved coal market and economy.
The company reported fourth-quarter net income of $25.9 million, or $0.93 per share, which included an income tax benefit of $0.79 per share. The fourth-quarter results include an income tax benefit related to the reversal of the deferred income tax valuation allowance of $22.1 million, or $0.79 per fully diluted share and a $0.80 per fully diluted share for the year.� The company reported net income of $78.2 million or $2.82 per fully diluted share for the full year 2010. This is compared to net income of $51.0 million or $1.85 per fully diluted share for the year ended December 31, 2009, and net loss of $3.2 million or $0.12 per fully diluted share for the fourth quarter of 2009.
The capital expenditures for the fourth quarter were $35.7 million and $95.4 million for the year.� The capital expenditures for the fourth quarter included approximately $15.5 million for growth projects and compliance with MSHA safety mandates.
James River Coal stock is currently trading at $23.27, up 14.81% from its previous close. James River Coal shares touched the high of $23.50 and lowest price in today�s session is $22.26. The company stock�s beta is 1.46.
The company stock traded in the range of $14.44 and $27.06 during the past 52 weeks. The company�s market cap is $651.51 million.
- Want buy and sell signals? Premium newsletter, 15% off annual subscription – sign up today!
- Need fast service and cheap rates from a broker? Click here to see my favorite place to trade JRCC
- Want more? Check out the message board buzz for JRCC
- See which newsletters are recommending this stock pick
- Get breakingnews alerts on this stock:� http://thestockmarketwatch.com/
No comments:
Post a Comment