RICHMOND, Va., March 1 /PRNewswire-FirstCall/ -- Massey Energy Company
(NYSE: MEE) today will file its Annual Report on Form 10-K for the year
ended December 31, 2006 which includes an adjustment to its income tax
provision at December 31, 2006 impacting previously announced fourth
quarter and full year 2006 earnings. The non-cash adjustment in the amount
of $2.7 million ($0.03 per basic and diluted share) was identified during
the preparation of the Company's Form 10-K for 2006. Consequently, the
Company's income for the fourth quarter and full year 2006 will total $8.0
million ($0.10 per diluted share) and $41.0 million ($0.50 per diluted
share), respectively, versus the previously reported income of $10.7
million ($0.13 per diluted share) and $43.7 million ($0.53 per diluted
share), respectively.
Massey Energy Company, headquartered in Richmond, Virginia, with
operations in West Virginia, Kentucky and Virginia, is the fourth largest
coal company in the United States based on produced coal revenue.
FORWARD-LOOKING STATEMENTS: Certain statements in this press release
that are forward-looking as defined by the Private Securities Litigation
Reform Act of 1995 are based on facts and conditions as they exist at the
time such statements are made as well as predictions as to future facts and
conditions the accurate prediction of which may be difficult and involve
the assessment of events beyond the Company's control. Caution must be
exercised in relying on forward-looking statements. Due to known and
unknown risks, the Company's actual results may differ materially from its
expectations or projections. Factors potentially contributing to such
differences include, among others: the Company's successful implementation
of its strategic plans and objectives; the market demand for coal,
electricity and steel which could adversely affect the Company's operating
results and cash flows; future economic or capital market conditions;
deregulation of the electric utility industry; competition in coal markets;
inherent risks in coal mining beyond the Company's control, including
weather and geological conditions; the Company's ability to expand mining
capacity; the Company's production capabilities; the Company's plan and
objectives for future operations, expansion or consolidation; failure to
receive new contracts; customer cancellations of, or breaches to, existing
contracts; customer delays or defaults in making payments; the Company's
ability to manage production costs; the Company's ability to timely obtain
necessary supplies and equipment; the Company's ability to attract, train,
and retain a skilled workforce to meet replacement or expansion needs;
fluctuations in the demand for, price and availability of, coal due to
labor and transportation costs and disruptions, governmental policies and
regulatory actions, legal and administrative proceedings, settlements,
investigations and claims, foreign currency changes and other factors; and
greater than expected environmental and safety regulations, costs and
liabilities. The forward- looking statements are also based on various
operating assumptions regarding, among other things, overhead costs and
employment levels that may not be realized. While most risks affect only
future costs or revenues anticipated by the Company, some risks might
relate to accruals that have already been reflected in earnings. The
Company's failure to receive payments of accrued amounts could result in a
charge against future earnings.
Additional information concerning these and other factors can be found
in press releases as well as Massey's public filings with the Securities
and Exchange Commission, including the Company's Form 10-K for the year
ended December 31, 2006, which was filed on March 1, 2007. Massey's filings
are available either publicly, on the Investor Relations page of Massey's
website, http://www.masseyenergyco.com, or upon request from Massey's
Investor Relations Department: (866) 814-6512 (toll free). Massey disclaims
any intent or obligation to update its forward-looking statements. For
further information, please contact the Company via its website at
http://www.masseyenergyco.com, Investor Relations.
SOURCE Massey Energy Company
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Related links:
http://www.masseyenergyco.com
CONTACT:
Phil Nichols, Treasurer of Massey Energy
Company, +1-866-814-6512
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