“During the first quarter of 2014, both the Kopper Glo thermal coal operations in Tennessee and the Wilson Creek metallurgical coal operations in Pennsylvania were impacted by lower coal sales volumes and lower coal prices than expected,” Corsa president Keith Dyke said.
“Weather-related issues delayed rail shipments and the relocation of a surface operation to a new reserve base area required more time than projected.”
He said the increased inventory would be reduced during the second quarter.
For the balance of 2014, Corsa predicted its contracted sales would result in higher quarterly sales volumes.
The company also expects coal prices to increase in late 2014.
“We have high quality coals in each of our market segments and we continue to expand and diversify our customer base,” Dyke said.
“With high quality products and low operating costs, we will continue to execute the business plan and grow the company”
The company reported a strong balance sheet, with $US11.9 million ($A12.7 million) of cash, total assets of $197.9 million and total debt of $18.8 million at March 31, 2014.
“The strong financial position of Corsa will allow us to confidently explore potential acquisition opportunities and to take advantage of opportunities in internal expansion projects,” Dyke said.
