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Coal; Div play for tomorrow; Fording achieves strong 2005 fourth quarter results
Wednesday February 1, 8:04 pm ET
Improved Income and Distributions from Higher Coal Prices


CALGARY, Feb. 1 /PRNewswire-FirstCall/ - Fording Canadian Coal Trust (TSX: FDG.UN, NYSE: FDG) today announced strong fourth quarter results. Cash available for distribution for the fourth quarter of 2005 was $247 million ($1.68 per unit) compared with $61 million ($0.41 per unit) in 2004. For the year, cash available for distribution was $722 million ($4.91 per unit) in 2005 compared with $182 million ($1.25 per unit) in 2004. Per unit amounts for prior periods have been restated to reflect the three-for-one unit split that occurred in the third quarter of 2005.
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Net income was $218 million in the fourth quarter, up from $85 million in 2004, largely due to higher coal prices. Net income before unusual items and future income taxes was $243 million in the fourth quarter compared with $57 million in 2004. On an annual basis, net income increased to $834 million from $150 million in 2004. Higher coal prices combined with the reversal of a provision for future income taxes and the gain on the completion of the Elkview transaction contributed to this increase. For the year, income before unusual items and future income taxes was $704 million compared with $146 million in 2004.

"Our fourth quarter results provided significant returns to the Trust and its unitholders," said Jim Popowich, President of Fording Canadian Coal Trust. "Higher coal prices allowed us to greatly increase our fourth quarter distribution to unitholders compared with 2004."