Foundation Coal Breaks Even

Shares sink.
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Coal producer

Foundation Coal

(FCL)

it posted a breakeven third quarter.

The Linthicum Heights, Md.- based company reported breakeven earnings compared with $21.2 million, or $0.46 per share, a year ago. Analysts surveyed by Thomson First Call were expecting earnings of 25 cents a share.

Third-quarter revenue increased 3.75% from a year ago to $354.1 million as against analysts' expectation of $364.8 million.

Third-quarter EBITDA declined 18.93% from year ago to $66.4 million.

The company expects to earn $1.39 to $1.65 a share for the year 2006 as against analysts expectations of $1.89 a share.

"While our third quarter was impacted by a one-time charge and operational challenges at our Illinois Basin and Central Appalachian mines, we remain on track for another record year for production, shipments, revenues, and adjusted EBITDA in 2006," the company said.

Shares fell $1.39 to $35.46.

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