West Virginia-based 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.
Chief Executive Ben Hatfield blamed labor shortages and the need for additional roof supports at ICG’s new Beckley, W. Va. underground mine complex for part of the company’s problems. Hatfield says ICG also had to sell an unspecified amount of its first-quarter production at 2007 prices.
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