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James River Coal says it’s profitable


James River Coal Co., which operates the Blue Diamond mining complex in Letcher, Leslie, Perry, and Harlan counties, says it turned profitable in the second quarter on higher revenue and flat costs, but slashed expectations for the full year.

The Richmond, Va.-based company said Monday it earned $16.2 million, or 59 cents per share, in the period, compared with a loss of $24 million or 97 cents per share, in second-quarter 2008.

Revenue rose to $171.6 million, from $137.7 million in secondquarter 2008.

Analysts surveyed by Thomson Reuters were expecting, on average, 78 cents per share.

The company says it now expects to earn $2.25 to $2.60 per share this year. Originally it forecast $3.30 to $3.80. Production plans also have been cut.

James River operates mines in Indiana and Kentucky.

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