PATERSON, N.J., Nov. 30, 2010 (GLOBE NEWSWIRE) -- 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."
About Kentucky Energy, Inc.: Kentucky Energy, Inc. acquires and operates energy and mineral related properties in the southeastern part of the United States. The Company focuses its efforts on properties that produce quality compliance blend coal. For more information on Kentucky Energy, Inc., please visit our website: KentuckyEnergyInc.com.
Forward Looking Statement: This press release contains items that may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although Kentucky Energy, Inc. believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurances that its expectations will be achieved. Factors that could cause actual results to differ from expectations include, but are not limited to, lack of revenue-producing operations, lack of working capital, debt obligations, judgment and lien claims against Kentucky Energy, Inc. and certain of its assets, difficulties in refinancing short term debt, difficulties identifying and acquiring complementary businesses, fluctuations in coal, oil and gas, and other energy prices, general economic conditions in markets in which Kentucky Energy, Inc. does business, extensive environmental and stock and other uncertainties and business issues that are detailed in its filings with the Securities and Exchange Commission.