James River Coal Company Announces Receipt of NASDAQ Notices

RICHMOND, Va., March 24, 2014 /PRNewswire/ -- James River Coal Company (Nasdaq: JRCC) (the "Company") today announced that it has received notice on March 18, 2014 (the "March 18 Notice") from the Nasdaq Stock Market ("Nasdaq") notifying the Company that it is not in compliance with Nasdaq Marketplace Rule 5450(a)(1) because the bid price of the Company's common stock closed below the required minimum $1.00 per share for the previous thirty consecutive business days.

The March 18 Notice indicated that, in accordance with Nasdaq Marketplace Rule 5810(c)(3)(A), the Company has a period of 180 calendar days, until September 15, 2014, to regain compliance with Rule 5450(a)(1). If at any time before September 15, 2014 the bid price of the Company's common stock closes at $1.00 per share or more for a minimum of ten consecutive business days, Nasdaq will notify the Company that it has regained compliance with Rule 5450(a)(1). In the event the Company does not regain compliance with Rule 5450(a)(1) prior to the expiration of the 180-day period (or such later date as Nasdaq may provide by extension), Nasdaq will notify the Company that its common stock is subject to delisting.

On March 20, 2014, the Company received a notice from Nasdaq stating that the Company is not in compliance with the continued listing requirements of Nasdaq Marketplace Rule 5250(c)(1) because its Annual Report on Form 10-K for its fiscal year ended December 31, 2013 (the " 2013 10-K") was not timely filed with the Securities and Exchange Commission ("SEC"). 

In a Form 12b-25 Notification of Late Filing and a Current Report on Form 8-K, both filed with the SEC on March 17, 2014, the Company disclosed that it was unable to timely file its 2013 10-K without unreasonable effort and expense because of (i) the strategic review process announced on February 7, 2014, and (ii) the Company's inability to complete the financial statements and other disclosures to be included in its 2013 10-K because of the time requirements of the strategic review process and the significant accounting and reporting issues related to both the strategic review process and the previously announced adjustments to the Company's mining operations. 

The Company has sixty calendar days from the date thereof (i.e., May 19, 2014) to file the 2013 10-K or to submit to Nasdaq a plan to otherwise regain compliance with the Nasdaq Marketplace Rules.  If the Company submits a plan that is acceptable to Nasdaq, then Nasdaq may grant the Company an extension of up to 180 days from the prescribed due date for filing the 2013 10-K (i.e., until September 15, 2014).

James River Coal Company is one of the leading coal producers in Central Appalachia and the Illinois Basin. The company sells metallurgical, bituminous steam and industrial-grade coal to electric utility companies and industrial customers both domestically and internationally. The Company's operations are managed through operating subsidiaries located throughout eastern Kentucky, southern West Virginia and southern Indiana. Additional information about James River Coal can be found at its web site www.jamesrivercoal.com.

FORWARD-LOOKING STATEMENTS: Certain statements in this press release and other written or oral statements made by or on behalf of us are "forward-looking statements" within the meaning of the federal securities laws. Statements regarding future events and developments and our future performance, as well as management's expectations, beliefs, plans, estimates or projections relating to the future, are forward-looking statements within the meaning of these laws. Forward looking statements include, without limitation, statements regarding future sales and contracting activity, projected fuel escalators, and all guidance figures. These forward-looking statements are subject to a number of risks and uncertainties. These risks and uncertainties include, but are not limited to, the following: our cash flows, results of operation or financial condition; the consummation of acquisition, disposition or financing transactions and the effect thereof on our business; governmental policies, regulatory actions and court decisions affecting the coal industry or our customers' coal usage; legal and administrative proceedings, settlements, investigations and claims; our ability to obtain and renew permits necessary for our existing and planned operation in a timely manner; environmental concerns related to coal mining and combustion and the cost and perceived benefits of alternative sources of energy; inherent risks of coal mining beyond our control, including weather and geologic conditions or catastrophic weather-related damage; our production capabilities; availability of transportation; our ability to timely obtain necessary supplies and equipment; market demand for coal, electricity and steel; competition, including competition from alternative sources such as natural gas; our relationships with, and other conditions affecting, our customers; employee workforce factors; our assumptions concerning economically recoverable coal reserve estimates; future economic or capital market conditions; our plans and objectives for future operations and expansion or consolidation; and the other risks detailed in our reports filed with the SEC. Management believes that these forward-looking statements are reasonable; however, you should not place undue reliance on such statements. These statements are based on current expectations and speak only as of the date of such statements. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of future events, new information or otherwise.

 

CONTACT:

James River Coal Company


Elizabeth M. Cook


Director of Investor Relations


(804) 780-3000

 

SOURCE James River Coal Company



RELATED LINKS
http://www.jamesrivercoal.com

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