James River repays debt, accumulates cash during third quarter

By Jennifer Lanning Drey

Portland, Ore., Nov. 3 - James River Coal Co. said it continued to pay down debt and began accumulating a cash balance during the period ended Sept. 30, which chief executive officer Peter Socha described on Thursday as "a quiet quarter."

"We're preparing for the next upturn, which we think will come sometime next year or certainly in early 2011," Socha said during James River's third-quarter earnings conference call.

James River ended the period with available liquidity of $42.6 million, consisting of $7.6 million of cash and cash equivalents and $35 million available under its revolving credit facility, according to its earnings release.

The company has paid down its revolver by $18 million in 2009 and was in compliance with all of the covenants in its senior secured credit facilities at Sept. 30.

James River posted net income of $9.8 million for the third quarter, compared to a net loss of $21.7 million in the same period of 2008. Third-quarter adjusted EBITDA was $33.2 million, compared to adjusted EBITDA of $7.1 million in the prior-year period.

James River is a Richmond, Va.-based miner, processor and seller of bituminous, steam and industrial-grade coal.

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