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The loss was still an improvement over the second quarter of 2008, when Knoxville-based National Coal had a $9.07 million net loss, or 30 cents per share.
"These results include those of NCA (National Coal of Alabama), a subsidiary that suffered a significant decline in sales and an increase in costs in the second quarter, which resulted in foreclosure in the third quarter," Daniel A. Roling, president and CEO of National Coal, said in a prepared statement.
"However, as I have previously mentioned, National Coal Corp. and our other subsidiaries, which operate in Tennessee, will continue to operate independent of what has occurred in Alabama."
On July 1, National Coal of Alabama defaulted on a $50 million credit facility, and the lender foreclosed on the company as of Aug. 3.
National Coal Corp. reported that for the second quarter total revenues were $35.3 million based primarily on the sale of 457,082 tons of coal. During the same period of 2008, revenues were $31.6 million on the sale of 472,216 tons of coal.
National Coal Corp. operates mines in East Tennessee, employing about 325 people.
Business writer Ed Marcum may be reached at 865-342-6267.
To see more of The Knoxville News-Sentinel or to subscribe to the newspaper, go to http://www.knoxnews.com. Copyright (c) 2009, The Knoxville News-Sentinel, Tenn. Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.
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