Kentucky Energy, Inc. Reports Third Quarter 2010 Operation Results
Kentucky Energy Inc. Common Stock (USOTC:QMIN)
Intraday Stock Chart
Today : Tuesday 30 November 2010
Kentucky Energy, Inc. (Pink Sheets:QMIN) (Kentucky Energy), a Kentucky based operator of energy and mineral related properties, today announced the financial results for September 30, 2010.
The Company's coal revenues were $2,243,192 for the nine months ended September 30, 2010, as compared to $678,648 for the nine months ended September 30, 2009, an increase of approximately 231%. For the third quarter, the Company's coal revenues were $764,841 for the three months ended September 30, 2010, as compared to $348,334 for the three months ended September 30, 2009, an increase of 125%.The Company incurred an operation loss of $344,943 for the three months ended September 30, 2010, compared to an operating loss of $615,843 for the three months ended September 30, 2009. For the year to date, the Company incurred an operating loss of $1,701,843 for the nine months ended September 30, 2010, compared to an operating loss of $2,079,490 for the nine months ended September 30, 2009.
Eugene Chiaramonte, Jr., President of Kentucky Energy, stated, "We are pleased to report that our revenues from coal sales generated from our mining operations for the year to date have exceeded $2.2 million. This represents a substantial increase in revenues of over 230% from the comparable period in 2009, and it shows that we have turned our operations around to the point where we are consistently generating meaningful revenue on a monthly basis."We are continuing to take steps to improve our operational performance and increase revenues. In addition to taking steps to improve our operational efficiency, we remain focused on improving our financial liquidity in order to provide us with additional working capital and capital expenditures. We continue to seek a larger credit facility, which we believe would allow us to make the necessary capital expenditures and provide sufficient working capital in order to accelerate our desired revenue growth. Our team is very focused on getting these milestones successfully concluded and enhancing value for our stockholders."
"We also continue to believe that demand for coal, both in the United States and abroad, is rebounding and getting stronger, with U.S. and Asian steel producers continuing to show positive signs."
AI
