ICG reports fourth-quarter results

ICG reports fourth-quarter results

CHARLESTON, W.Va. — International Coal Group is blaming a fourth-quarter loss on the cost of swapping stock for debt.

ICG said Thursday it lost $11.3 million, or 7 cents per share, in the period. ICG lost $37.4 million, or 24 cents per share, in fourth-quarter 2008.

Revenue dipped to $246 million from $257.7 million in fourth-quarter 2008.

ICG says it took a non-cash $13.3 million charge related to the stock-for-debt swaps. The company traded 18.7 million shares for $63.5 million worth of 9 percent debt due in 2012.

Without the charge, ICG says it would have earned $100,000 in the fourth quarter.

Analysts polled by Thomson Reuters were expecting ICG to break even. Typically, analysts exclude non-operating expenses.

International Coal operates 13 mining complexes in Appalachia and Illinois.