Massey Energy Co. (MEE 28.74 NYSE), included in the S&P 500 Index, is the fourth largest coal company in the U.S. and the largest in Central Appalachia based on produced coal revenue. The Virginia-based company provides products including thermal coal for power generating utilities, industrial coal for industrial customers and metallurgical coal for the production of steel. For the quarter ending June 30, 2009, they reported a net income of $20.2 million, or $0.24 per share, and revenues of $603.2 million, as compared to a loss of $93.3 million on revenue of $710.3 million in the second quarter of 2008. In addition, they reported a net increase of $42.9 million in the cash balance during the quarter, driven by earnings and changes in working capital.
Dan Sullivan, The Chartist
