ICG reports lower Q2 profit due to one-time costs related to ending contract, repaying debt

ICG reports lower Q2 profit due to one-time costs

CHARLESTON, W.Va. — International Coal Group says second-quarter net income fell nearly 57 percent due to the cost of ending a supply contract early and refinancing debt.

ICG says it earned $4.5 million, or 2 cents per share, in the period. ICG earned $10.4 million, or 7 cents per share, in second-quarter 2009.

The numbers announced Wednesday include a $10 million charge for the early termination of the contract and a $6.1 million pretax loss from repaying debt early.

Revenue rose to $300.4 million, from $277.8 million a year earlier.

Analysts surveyed by Thomson Reuters expected ICG to earn 6 cents per share. Analysts typically don’t include charges, and ICG says it earned 7 cents a share by that measure.

Scott Depot-based ICG operates mines in Appalachia and Illinois.