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To: LoneClone who wrote (32208)	2/4/2009 8:00:51 PM
From: LoneClone	Read Replies (1) \| Respond to of 195744

Grande Cache Coal reverses year-ago loss with $36.8 million third-quarter profit Wed Feb 4, 9:37 AM The Canadian Press ca.news.finance.yahoo.com By The Canadian Press CALGARY - Grande Cache Coal Corp. (TSX: GCE.TO) reported Wednesday a third-quarter profit of $36.8 million, reversing a year-ago $3.4-million loss, as revenue jumped to $91.9 million from $37.7 million on higher prices. The Calgary-based producer of coal to fuel steelmaking blast furnaces said its earnings amounted to 38 cents per share versus a year-ago five cent per share loss. Revenues for the quarter were boosted by a big increase in the average sale price of a tonne of coal, rising to $254 per tonne from $85 per tonne in the same period last year. "Although the third-quarter results contributed significantly to our cash position due to the high coal prices, we remain focused on preparing the corporation for the future" president and CEO Robert Stan said in a statement. "The current worldwide economic climate has brought uncertainty into the coal markets that will have an impact on pricing and sales volumes as contracts are negotiated for the coal year beginning April 1, 2009." Grande reaffirmed previous guidance for 2009 sales volumes between 1.1 million and 1.3 million tonnes due to a decline in global steel production, with the average sales price per tonne remaining relatively strong at US$210 to $220 per tonne, "however it is expected that the price will be on the lower end of the range." Last month, the company said it plans to cut spending and other costs to deal with a slump in its business as steel customers defer coal purchases as their markets weaken. It plans to reduce costs by curtailing non-essential spending, reducing third-party contractor costs and reviewing planned capital spending. The company did not say how many of its more than 300 employees will be affected.