|
Massey Energy Company has added a news release to its Investor Relations website. Title: Massey Energy CEO Addresses Stockholders, Board Declares Dividend
Date: 5/19/2009 6:49:00 PM
For a complete listing of our news releases, please click here
RICHMOND, Va., May 19 /PRNewswire-FirstCall/ -- Massey Energy Company
(NYSE: MEE) Chairman and CEO Don L. Blankenship today addressed stockholders
at the Company's Annual Meeting of Stockholders and said that the Company is
well positioned for the present challenging market conditions. "We are not
only positioned to sustain our operations in this difficult environment,"
Blankenship stated, "but we are also in a position to make acquisitions and
add to our market share should appropriate opportunities result from the weak
market." Blankenship, in part, attributed the Company's strong financial
position to record operating performance and timely financial restructuring in
2008 which "provides added liquidity and financial flexibility."
(Logo: http://www.newscom.com/cgi-bin/prnh/20071031/MASSEYENERGYLOGO )
In response to continuing weak economic conditions, Blankenship reiterated
plans to cut operating costs as much as possible while adjusting production to
levels that are in line with customer demand. The Company has already reduced
overtime and implemented a meaningful reduction in base pay and benefits.
Business items at the annual meeting included six stockholder ballot
issues. Preliminary results of shareholder voting were announced during the
meeting and indicated that four Class I directors were elected to serve a
three-year term. They are James B. Crawford, E. Gordon Gee, Lady Judge and
Stanley C. Suboleski. Preliminary voting results also indicated that the
appointment of Ernst & Young LLP as Massey's independent registered public
accounting firm was ratified, an amendment to the Massey Energy Company 2006
Stock and Incentive Compensation Plan was approved and a stockholder proposal
regarding expedited disclosure of voting results was approved. Stockholder
proposals regarding an environmental progress report and a carbon dioxide
emissions report did not pass.
At a Board meeting held in conjunction with the Annual Meeting of
Stockholders, the Massey Board of Directors declared a quarterly dividend in
the amount of $0.06 per share to be paid on June 30, 2009 to shareholders of
record on June 16, 2009.
Company Description
Massey Energy Company, headquartered in Richmond, Virginia, with
operations in West Virginia, Kentucky and Virginia, is the fourth largest coal
company in the United States based on produced coal revenue and is included
the S&P 500 index.
FORWARD-LOOKING STATEMENTS: Certain statements in this press release
constitute "forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended, and are intended to come within the safe
harbor protection provided by those sections. Any forward-looking statements
are also subject to a number of assumptions regarding, among other things,
future economic, competitive and market conditions. These assumptions are
based on facts and conditions as they exist at the time such statements are
made as well as predictions as to future facts and conditions, the accurate
prediction of which may be difficult and involve the assessment of
circumstances or events beyond the Company's control. The Company disclaims
any intent or obligation to update these forward-looking statements unless
required by securities law, and the Company cautions the reader to not rely on
them unduly. Caution must be exercised in relying on forward-looking
statements including disclosures that use words such as "believe,"
"anticipate," "expect," "estimate," "intend," "may," "plan," "project,"
"will," and similar words or statements that are subject to risks, trends and
uncertainties that could cause the Company's actual results to differ
materially from the expectations expressed or implied in such forward-looking
statements. Factors potentially contributing to such differences include,
among others: the Company's cash flows, results of operation or financial
condition; worldwide market demand for coal, electricity and steel; the
successful completion of acquisition, disposition or financing transactions;
future economic or capital market conditions; foreign currency fluctuations;
governmental policies, laws, regulatory actions and court decisions affecting
the coal industry or our customers' coal usage; competition among coal
producers in the United States and internationally; inherent risks of coal
mining beyond the Company's control, including weather and geologic conditions
or catastrophic weather-related damage; the Company's ability to expand mining
capacity; the Company's production capabilities to meet market expectations
and customer requirements; the Company's ability to obtain coal from brokerage
sources or contract miners in accordance with their contracts; the successful
implementation of the Company's strategic plans and objectives for future
operations and expansion or consolidation; the Company's assumptions and
projections concerning economically recoverable coal reserve estimates; the
Company's assumptions and projections regarding pension and other
post-retirement benefit liabilities; the Company's interpretation and
application of accounting literature related to mining specific issues;
failure to receive anticipated new contracts; the Company's reliance upon and
relationships with our customers and suppliers; the creditworthiness of the
Company's customers and suppliers; adjustments made in price, volume or terms
to existing coal supply agreements; the Company's ability to manage production
costs, including labor costs; the Company's ability to timely obtain necessary
supplies and equipment; the Company's ability to obtain and renew permits
necessary for existing and planned operations; the availability and cost of
credit, surety bonds, and letters of credit that the Company requires; the
Company's ability to attract, train and retain a skilled workforce to meet
replacement or expansion needs; the cost and availability of transportation
for the Company's produced coal; legal and administrative proceedings,
settlements, investigations and claims and the availability of insurance
coverage related thereto; the lack of insurance coverage against all potential
operating risk; and environmental concerns related to coal mining and
combustion and the cost and perceived benefits of alternative sources of
energy such as natural gas and nuclear energy.
Additional information concerning these and other factors can be found in
press releases and Massey's public filings with the Securities and Exchange
Commission, including Massey's Annual Report on Form 10-K for the year ended
December 31, 2008, which was filed on March 2, 2009, and subsequently filed
interim reports. Massey's filings are available either publicly, on the
Investor Relations page of Massey's website, www.masseyenergyco.com, or upon
request from Massey's Investor Relations Department: (866) 814-6512 (toll
free). For further information, please visit Massey's website at
www.masseyenergyco.com.
SOURCE Massey Energy Company
-0- 05/19/2009
/CONTACT: Roger Hendriksen, Director, Investor Relations of Massey Energy
Company, +1-804-788-1824/
/Photo: http://www.newscom.com/cgi-bin/prnh/20071031/MASSEYENERGYLOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com/
/Web Site: http://www.masseyenergyco.com /
(MEE)
CO: Massey Energy Company
ST: Virginia
IN: OIL MNG
SU: DIV ECO
PR
-- PH20023 --
3823 05/19/2009 18:49 EDT http://www.prnewswire.com
|