Higher prices, production boost Jim Walter's coal earnings

Washington DC (Platts)--28Jul2004

Jim Walter Resources, the coal-mining arm of Walter Industries, reported
second-quarter operating income of $14.7 million on 1.85 million tons of coal
sold, compared to $304,000 on 1.66 million tons sold in the same quarter a
year ago.

Favorable pricing from metallurgical coal and natural gas sales, plus higher
coal production, drove profitability, the company said Tuesday. JWR had
revenues of $89.2 million, compared to $69.3 million in the year-ago period.
Coal production in the second quarter increased 29% over the same period last
year due to strong operating performance at each of the mines, the company
said. 

Jim Walter Resources sold 1.85 million tons of coal at an average price of
$41.47 per ton in the second quarter, compared to 1.66 million tons in the
prior years quarter at an average price of $35.58.

Chairman and CEO Don DeFosset said, We remain optimistic about further
improvement in the second half of 2004, especially with higher priced
contracts for metallurgical coal at Natural Resources.

Six-month net sales and revenues for JWR was $153.8 million in 2004 vs. $135.9
million in 2003.

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