Washington – Westmoreland Coal. Co. on Monday filed its amended annual report for 2005 and its delayed reports for the first and second quarters of 2006.
The Colorado Springs, Colo.-based coal company amended its annual report to restate financial results for 2001 through 2005 to include corrections to its net deferred tax assets.
In 2001, Westmoreland recognized a reduction in its valuation allowance for deferred income tax assets in connection with the acquisition of certain coal operations. Since 2001 the company has recorded additional reductions in the valuation allowance.
Westmoreland said the errors resulted in an overstatement of income tax benefit and an understatement of net loss of $12.4 million for 2005, $7.8 million for 2004 and $9.7 million for 2003.
For the first quarter of 2006 ended March 31, Westmoreland reported net income of about $5.79 million, or 60 cents a share, compared with $2.26 million, or 25 cents a share, for the same period a year earlier.
In addition, the company’s revenue for the first quarter totaled $99.1 million, up from $91 million in the first quarter of 2005.
For the second quarter ended June 30, Westmoreland reported a net loss of about $2.89 million, or 44 cents a share, narrowing from a loss of $6.3 million, or 81 cents a share, in the prior second quarter.
The company’s second-quarter revenue totaled $94.6 million, up from $88.9 million a year earlier.
Shares of Westmoreland rose 19 cents, or 0.9 percent, to $22.09 in late-morning trading Monday on the American Stock Exchange.
