Coal miner Massey Energy sees 2006 share repurchase
Tue Aug 16, 2005 01:16 PM ET
yahoo.reuters.com
NEW YORK, Aug 16 (Reuters) - Coal producer Massey Energy Co. (MEE.N: Quote, Profile, Research) said on Tuesday that because of continued high coal prices, it will be in a position next year to consider buying back some of its shares.
Massey's board, meeting in Charleston, West Virginia, also declared a quarterly dividend of 4 cents per share to be paid on October 11, to shareholders of record on September 27.
"Due to Massey's favorable position as the largest (coal) producer in Central Appalachia and the continuation of the strong coal marketplace, the board believes that the company will generate significant free cash flow in future years," said Chairman and Chief Executive Officer Don Blankenship.
Based on current expectations, the board concluded there would be sufficient available free cash flow during 2006 to consider the authorization of a share repurchase, the Richmond, Virginia-based company said. |
