Calgary, AB / ACCESSWIRE / July 14, 2014 / CanAm Coal Corp. (TSXV: COE) ("CanAm" or the "Company") is pleased to report second quarter 2014 coal sales of approximately 185,000 tons. This compares to sales of 168,000 tons in the prior year, an increase of 17,000 tons or 10%. This continues the Company's record of quarter over quarter sales improvement and this despite the general difficult coal market conditions.
During Q2, the Company continued its momentum that started to build towards the end of Q1 as the negative effects of a colder than normal winter on operating conditions subsided and customer shipments resumed to normal or increased levels. In fact, the harsh winter throughout most of the Eastern US resulted in record low coal inventories and some of our customers started to rebuild their stock levels in Q2 and this process will continue in the next couple of months. In spite of the strong sales, shipments were negatively impacted by the shutdown of a furnace at one of our industrial customers.
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On a year to date basis, coal sales were 353,000 tons as compared to 318,000 tons in the prior year, an increase of 35,000 or 11%.
Company President and CEO, Jos De Smedt commented: "We are pleased with our Q2 and year to date performance considering the difficult winter conditions we experienced in January and February and the continued ongoing difficult coal market conditions. This performance is a testament to the high quality of our coals, the strength of our customer relationships and position us well for the remainder of 2014 as we pursue another year of record production and sales for 2014."
For Further Information:
CanAm Corporate Office:
Jos De Smedt, President & CEO
Toll Free: 1.877.262.5888
Email: [email protected]
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Forward-Looking Information and Statements
This news release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, is forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the Company's disclosure documents on the SEDAR website at www.sedar.com. The Company does not undertake to update any forward-looking information except in accordance with applicable securities laws.
SOURCE: CanAm Coal Corp.