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Much of the company's $11.5 million loss in the first quarter of 2008 resulted from onetime charges from refinancing debt and selling notes to its largest shareholder that could later be converted into stock. The company's operating results, which exclude most onetime charges, deteriorated to a $4.4 million loss this year from a $2.28 million profit a year earlier.
The Colorado Springs-based company, which owns coal mines in Montana, North Dakota and Texas, also said it received a favorable ruling from the IRS that will allow it to sell tax credits in a deal that will boost its cash flows over the next three years by $37.1 million.
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