On July 29, West Virginia, US-based metallurgical coal producer International Coal Group (IGC) issued its financial results for the second quarter of 2010, stating that the company tripled its metallurgical coal shipments year on year in the period in question.
According to the financial results, sales revenues increased 8 percent to $300.4 million for the second quarter of 2010 compared to $277.8 million for the second quarter of 2009. The EBITDA of IGC was $44.8 million in the period in question, while an EBITDA of $52.2 million was recorded in the first quarter of 2009, decreasing by 14 percent.
Net income was $4.5 million for the second quarter of 2010 compared to net income of $10.4 million for the second quarter of 2009, dropping 58 percent. Net income for the second quarter of 2010 also included a $6.1 million pre-tax loss on extinguishment of debt related to the company's capital restructuring.
ICG sold 4.1 million tons of coal during the second quarter of 2010 compared to 4.2 million tons during the second quarter of 2009. Production totaled 4.0 million tons in the second quarter of 2010 versus 4.2 million tons in the same period of 2009. Metallurgical shipments of 622,000 mt represented a 421,000 mt increase over the second quarter of the prior year.
"Our operating performance was solid throughout the second quarter," said Ben Hatfield, president and CEO of ICG. "The improved margins, compared to the second quarter of 2009, were driven primarily by our moves to sell more metallurgical tons with higher pricing and our continued focus on effective cost control."