Steady, positive progress for America West

RECORD coal production and revenues highlighted the second quarter for Utah producer America West Resources, leaving the company to focus on its key goal of ramping up production for the remainder of the year.
Steady, positive progress for America West Steady, positive progress for America West Steady, positive progress for America West Steady, positive progress for America West Steady, positive progress for America West

Courtesy America West Resources.

Donna Schmidt

For the period to June 30, the Salt Lake City-based company reported total revenues of more than $US4 million, a 16% increase year-on-year on the $3.38 million reported in 2010.

The figure represents a record revenue quarter for America West, as well as its third straight quarter of revenue growth that has reached double digits.

For the year’s first half overall, the company reported revenues of $7.49 million, a 67% spike on the previously-reported $4.48 million.

The producer’s record coal production of 102,000 tons was also reported in the June quarter, up from 95,000t in the first quarter of this year and 64,000t in the final quarter of 2010.

There was a 12.5% narrowing in America West’s net loss, which came in at $3.88 million versus $4.37 million. Officials said the $3.7 million in net loss included one-time, non-cash charges of $2.2 million.

The company reported $30.08 million in assets for the June half, up from $23.48 million in the second half of last year. Liabilities for those respective time periods totaled $30.35 million and $32.58 million.

America West chief executive officer Dan Baker said the producer’s first half of 2011 had been defined by “steady, positive progress”, and on a number of different factors.

“After three challenging years, we announced in the last week of May that we transitioned Horizon from its concentration on mine development to a focus on production with two continuous miners now in operation,” he said.

“As a result, our underground mining teams are now working to achieve a monthly production rate approximating 60,000 tons per month, or approximately 2000 tons per day.

“With the delivery and deployment of two new shuttle cars in July, our production ramp-up has since been accelerating; fueling confidence that our third quarter financial performance will mark yet another record quarter for America West.”