ROANOKE TIMES 

                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: TUESDAY, August 16, 1994                   TAG: 9408160092
SECTION: BUSINESS                    PAGE: C-8   EDITION: METRO 
SOURCE: 
DATELINE:                                 LENGTH: Short

WESTMORELAND REPORTS LOSS

Westmoreland Coal Co., a large Virginia coal producer, Monday reported a net loss of $1.7 million, or 25 cents per share, for the second quarter of 1994, compared with a net gain of $100,000 during the same period last year.

Westmoreland, headquartered in Philadelphia, had revenues of $107 million from the sale of 4.3 million tons of coal in the second quarter, compared with revenues of $110.2 million from the sale of 3.9 million tons in the same period last year, indicating a drop in the selling price of coal from $28.25 to $25.88 per ton.

For the first six months of the year, Westmoreland reported a net loss of $6.5 million, compared with a net loss of $2.6 million in the same period last year.

Factors contributing to the loss included decreased earnings from Westmoreland Coal Sales Co. and selling and administrative costs related to company restructuring.

The company said it expects its lenders to extend its outstanding debt obligations of about $45 million until the expected fourth-quarter closing of the sale of Westmoreland's Kentucky Criterion Coal Co. to CONSOL of Kentucky.

- Associated Press 


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