Increasing coal shipments and higher prices helped boost third-quarter earnings for Foundation Coal Holdings, even as the Linthicum Heights firm paid $1.4 million in expenses for closing its Illinois mine earlier this year.
The company reported earnings of $1.9 million in the third quarter, even with the same period a year ago. Excluding the charges for employee and coal-supply-termination expenses at the Wabash mine in Illinois, Foundation earned $3.3 million in the quarter.
Revenue increased 1 percent to $359 million in the quarter from $354 million last year.
“Based on increasing global demand for coal and strengthening pricing environment in all regions, we remain confident Foundation is well-positioned to deliver increased shareholder value over the long term,” James F. Roberts, Foundation Coal?s chairman and CEO, said in a statement.
Since the beginning of the year, Foundation?s share price has increased more than 30 percent.
With 13 coal mines and related facilities in Pennsylvania, West Virginia and Wyoming, Foundation is currently the fourth-largest U.S. coal miner, with sales of 74 million tons in 2006, said Michael Tian, an analyst who follows Foundation for Morningstar, a Chicago-based investment research firm.
“Although we think Foundation is well positioned, coal is still a cyclical commodity industry,” Tian wrote in a report on the firm last week. “Ultimately, Foundation will have little influence over coal prices and mining costs ? including steel, fuel, explosives and labor.”
Sinclair Broadcasting sells Mass. TV station for $21M
Baltimore?s Sinclair Broadcasting Group last week said third-quarter income was $32.9 million, a 13.4 percent decrease from the same period last year, when income was $38 million.
New revenues were $149.4 million, down slightly from last year when revenues were $150.3 million.
Late last week, Sinclair sold the assets of WGGB-TV in Springfield, Mass., to Gormally Broadcasting for $21.2 million in cash.
“We have been evaluating other ways to put our capital to work,” David Smith, president and CEO of Sinclair, said in a statement.
