ICG post first quarter 2005 results

ICG post first quarter 2005 results

The International Coal Group (ICG) today, May 18, reported its operations results for the first quarter of 2005. Among some of the highlights was a year-on-year increase in revenue of 29.5%. Revenue totaled more than $150 million. Net income was reported at $10.9 million, or $0.10 per share, which reversed a loss of $9.2 million in quarter one 2004. Commenting on ICG’s results, Chairman Wilbur L. Ross said, “International Coal Group continued to make excellent progress in the March quarter … The general operating environment remains good. Coal stockpiles at utilities generally remain at low levels despite a warmer than normal heating season this winter.” He went on to say, “Metallurgical coal prices remain at historically high levels, and ICG continues to enter into more long-term contracts with customers on improved terms.”