Massey Energy Company (MEE) has fully acquired 15 million tons of coal reserves in West Virginia from rival Appalachian Fuels LLC, which went bankrupt recently, for over $6 million. Massey has also acquired permits needed to develop infrastructure and plans to begin production at the Dante Coal Reserves site. The transaction was completed on November 13, 2009. Massey secured rights to the reserves through an auction in the bankruptcy of Appalachian Fuels. The acquisition was announced last month and completed on Nov. 13. The company expects the value of the reserves to increase significantly as conditions in the metallurgical coal market improve. The acquisition is Massey's second from Appalachian. In September, Massey bought 23 million tons of reserves and other assets in West Virginia's Fayette County from Appalachian for $5.1 million. Massey Energy is the fourth largest coal company in the US and the largest in ...

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Tuesday November 17, 2009

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Consorteum Holdings Inc. (OTCBB: CSRH) announced that it has proceeded to launch its consumer stored value rebate card. The consumer rebate card program will offer manufacturers and retailers a new way to process mail-in rebates that ensures increased customer loyalty and decreased overhead costs. Consorteum will work directly with manufactures and retailers to reduce the administration costs associated with mail-in rebate programs while providing a new way to increase consumer awareness. Additional revenue and cost-saving opportunities will be available

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Polo Ralph Lauren Corp. (RL), a leading global designer and distributor of premium lifestyle products, has decided to relocate some of its distribution business from West Virginia to Piedmont Triad in order to consolidate its operation in the region.  The company plans to close a warehouse and distribution center in Martinsburg, West Virginia in Dec 2010 and shift its children wear distribution operations to Piedmont Triad. The decision is likely to affect approximately 100 employees. Ralph Lauren intends to offer either relocation packages to the retrenched employees or severance-related benefits.  The relocation of the facilities is primarily based on the decision to consolidate the distribution operations of the company. Ralph Lauren already has two facilities in High Point, a city in Piedmont Triad. These include a retail distribution center that was opened in 1991, and a 300,000 square feet distribution and facilitation center opened in 2008. ...

Continucare Corp. yesterday reported its first quarter fiscal year 2010 financial results. The company reported a 113% increase in net income and continued strength in the business with higher quarter-ending cash and working capital balances.

Richard C. Pfenniger, Jr., Continucare’s Chairman and Chief Executive Officer commented, “We are extremely pleased with our first quarter results,” “Record revenues, improved utilization outcomes and operating efficiencies resulted in a 113% increase in net income. Also, during the quarter we added an important new dimension to our business with the launch of Seredor Corporation and the acquisition of our first sleep diagnostic centers.”

First Quarter Highlights Include:

Revenues increased 17% compared to $65.1 million for the same period last year, with total revenue of $76.0 million Income from operations increased 116% to $8.6 million, compared to $4.0 million for the same period last year Launch of Seredor Corporation, a new sleep diagnostic center subsidiary to

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Frontier Communications (FTR) announced third quarter results with adjusted (excluding acquisition and integration costs) earnings per share of 18 cents, exceeding the Zacks Consensus Estimate of 16 cents. Net income increased 11% year over year to $52.2 million, primarily due to gain on debt repurchases and higher operating income that increased 5% year over year to $172.5 million.   Revenues Remains under Pressure    The company reported revenues of $526.8 million, reflecting a 6% decrease over the year-ago quarter. The year-over-year decline is attributable to lower local, long-distance and switched access revenues coupled with decline in basic access lines. However, this was partially offset by increases in data and Internet service revenues.   Revenues for local services declined 8% year over year to $193.6 million while data and Internet services revenue increased 4% to $160 million. Switched access service revenues declined 8% year over year to $91.2 million

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Nov. 2, 2009 (Business Wire) — SmallCapVoice.com, Inc. announced today that a new audio interview with Adventure Energy, Inc. (OTCBB:ADVE), an energy exploration company with operations in the Appalachian Basin is now available. The interview can be heard at http://smallcapvoice.com/blog/10-30-09-audio-interview-with-adventure-energy-inc-otcbb-adve/.

SmallCapVoice.com is a recognized corporate investor relations firm, with clients nationwide, known for its ability to help emerging growth companies build a following among retail and institutional investors. SmallCapVoice.com utilizes its stock newsletter to feature its daily stock picks, audio interviews, as well as its clients’ financial news releases. SmallCapVoice.com also offers individual investors all the tools they need to make informed decisions about the stocks they are interested in. Tools like stock charts, stock alerts, and investor fact sheets can assist with investing in stocks that are traded on the OTC BB and Pink Sheets. To learn more about SmallCapVoice.com and their services, please visit http://www.smallcapvoice.com/services.html.

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Massey Energy Co. (MEE) − the largest coal company in Central Appalachia, Virginia – announced third-quarter earnings of 19 cents per share, which was in line with the Zacks Consensus Estimate. However, lower coal shipments and prices drove a 69% slump in earnings year over year.   Revenues in the quarter plunged 6% year over year to $6.4 billion, reflecting a 15% drop in sales volumes and a 4% decline in prices. Metallurgical coal accounted for 22% of total shipments, down from 24% in third-quarter 2008. According to company estimates, a fire that destroyed a southern West Virginia preparation plant in August curtailed production by 300,000 tons during the quarter.   Massey and its peers including Arch Coal Inc. (ACI), CONSOL Energy Inc. (CNX) and Peabody Energy Corp. (BTU) were impacted by the weak coal demand. Demand for coal decreased with lower electric power generation

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The third largest steel maker in the US, Steel Dynamics Inc. (STLD) reported net income of $69 million − or 30 cents per diluted share − for the third quarter of 2009, after reporting losses for three consecutive quarters. The earnings, which were driven by cost reduction through higher production and shipping volumes at the Flat Roll Division and better-than-expected performance in the Metals Recycling segment, were higher than the Zacks Consensus Estimate of 23 cents. However, on a year over year basis, earnings were down 69%. Last month, Steel Dynamics had raised its earnings guidance for the reported quarter to a range of 20 cents to 25 cents per share from its previous guidance of 10 cents to 20 cents per share, citing continued strength in orders for flat-rolled steel and stronger volumes in Metal Recycling business. Net sales of $1.2 billion reflected an improvement ...

Allegheny Energy Inc. (AYE) yesterday scaled down its proposed rate hike in Virginia . Earlier, in April 2009, the company had asked for $22.6 million rate hike, which it has now scaled down by $3.2 million to a $19.4 million. Allegheny has proposed the hike before the Virginia State Corporation Commission to recover its cost of purchased power.  For a residential customer with a monthly consumption of 1,000 kilowatt-hours of power, Allegheny's original proposal would have increased the bill by $5.47 to $96. The scaled-down proposal would result in a monthly bill of $94. Headquartered in Greensburg , Pennsylvania , Allegheny Energy is an electric utility company with over $3 billion in annual revenues.  The company is engaged in both regulated electricity and natural gas distribution utility operations as well as in unregulated wholesale energy markets. It owns and operates generating facilities and serves electricity to ...

In the past, we've written about houses shaped like guitars, airplanes, and shoes. Since Halloween is approaching, we thought it would be interesting to point out the Pumpkin House in West Virginia, decorated with thousands of pumpkins filled with candles. The place has become a tourist attraction.