Profit Drops for Foundation Coal Holdings Inc. Of Linthicum

Foundation Coal Holdings Inc., of Linthicum, a coal mining company, said its first-quarter earnings tumbled 75 percent, hurt by the timing of certain investments, higher costs and longer-than- expected construction at one of its mines. The coal producer earned $6.1 million, or 13 cents per share, compared with $24.6 million, or 53 cents per share, in the year-ago quarter. Excluding one-time items, net income was $8.9 million, or 19 cents per share, compared with $25.3 million, or 54 cents per share, in the first quarter of last year. Revenue rose 4 percent to $412.3 million, from $394.9 million in the 2007 period.

Originally published by Daily Record Staff & Wire Reports.

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