SCOTT DEPOT, W.Va. (AP) - International Coal Group says its
first-quarter loss widened nearly 42 percent due to lagging
production and other problems.
ICG said Wednesday it lost $11.5 million, or 8 cents per share,
in the first three months of 2008. ICG lost $8.1 million, or 5
cents per share, in the same period last year. ICG says revenue
jumped almost 10 percent to $250.9 million, compared with $228.3
million in 2007.
Analysts polled by Thomson Financial had expected ICG to lose 4
cents per share.
Chief Executive Ben Hatfield blamed labor shortages and the need
for additional roof supports at ICG's new Beckley underground mine
complex for part of the company's problems.
ICG controls approximately 960 million tons of coal reserves in
Kentucky, Illinois, West Virginia, Maryland and Virginia.