Quarterly Reports

QUARTERLY REPORTS

Third Quarter 2009 Results

National Coal Corp. Released its Third Quarter 2009 Financial Results on November 5, 2009. Highlights include:

Third quarter revenues from Tennessee operations increased 19.0% to $22.1 million, up from $18.6 million during the year-ago quarter.
Tons of coal sold increased 5.9% to 286,447 tons up from 270,515 tons during the year-ago quarter.
The average price per ton increased 15.2% to $75.00 from $65.08 in the same year-ago quarter.
For the nine months ended September 30, 2009, net cash flows provided by operating activities improved and are reported at $6.6 million, versus a negative $3.6 million during the year-ago period.

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Second Quarter 2009

National Coal Corp. Released its Second Quarter 2009 Financial Results on August 10, 2009. Highlights include:

Second quarter revenues increased 11.7% to $35.3 million from $31.6 million during the year-ago quarter.
Tons of coal sold decreased 3.2% to 457,082 tons, from 472,216 tons during the year-ago quarter, with a significant drop of 24.1% in Alabama tonnage.
Average price per ton increased 16.8% to $75.15 from $64.32 in the same year-ago quarter.
For the six months ended June 30, 2009, net cash flow provided by operating activities was a positive $2.5 million versus a negative $5.8 million during the year-ago period.
On July 21, 2009, National Coal of Alabama (NCA) defaulted on its $60 million credit facility, and as of August 3, 2009, the lender foreclosed on NCA. As of June 30, 2009, National Coal of Alabama accounted for approximately 56% of National Coal Corp.’s debt and liabilities, approximately 39% of its consolidated revenues for the six months then ended, and about 17% of its December 2008 total reserves.
Pro Forma Balance Sheet and Statement of Operations for National Coal Corp. are attached.

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First Quarter 2009

National Coal Corp. Released its First Quarter 2009 Financial Results on May 11, 2009. Highlights include:

Average realized sales price increased 25% to $72.68 per ton versus $57.96 per ton during the year ago quarter.
Tons of coal sold decreased 23.4% to 469,012 tons, from 612,159 tons during the year-ago quarter.
First quarter revenues decreased to $35.1 million from $35.7 million during the year-ago quarter.
At March 31, 2009, the Company had cash and cash equivalents of approximately $2.9 million and negative working capital of approximately $11.9 million. Cash flows provided by operations were $4.5 million and $3.0 million for the three months ended March 31, 2009, and 2008, respectively.
On April 9, 2009, the Company executed an agreement with a lender to provide a First Lien Credit Facility for $10.0 million which matures on December 15, 2009.

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Fourth Quarter and Year-End 2008

National Coal Corp. Released its Fourth Quarter and Year-End 2008 Financial Results on March 30, 2009. Highlights include:

Production increased 35.6% from 1.35 million tons in 2007 to 1.83 million tons in 2008
2008 revenues totaled $132.6 million, up 43.0% from $92.8 million in 2007
Coal revenue per ton of coal sold increased 24.6% from $52.15 in 2007, to $65.00 in 2008
2008 net loss attributable to common shareholders increased 17.9% to $35.6 million from $30.2 million for 2007 and Adjusted EBITDA for the year declined to a negative $0.8 million, from $0.6 million in 2007
Revenues for fourth quarter 2008 totaled $31.9 million, down 6.2% from $34.0 million in the fourth quarter 2007

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Download the 10Q (PDF 296 KB)

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Third Quarter 2008

National Coal Corp. Released its Third Quarter 2008 Financial Results
on November 17, 2008. Highlights include:

Third quarter revenues increased 61% to $33.5 million from $20.9 million during the year-ago quarter.
Tons of coal sold increased 21% to 492,410 tons, up from 405,685 tons during the year-ago quarter.
In Tennessee the Company brought back into production an underground mine, began processing and loading coal through its Baldwin preparation plant facility, and started shipping coal over its short-line railroad during the third quarter.
National Coal of Alabama’s new Davis Creek and Crescent Valley surface mines began production and the dragline came back into production on the newly expanded Poplar Springs mine during the third quarter.

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Download the Transcript from the Conference Call (PDF 223 KB)

Press Contact

Christine Pietryla
865-690-6900 ext. 150

Biographies

Daniel A. Roling
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