JRCC Exceeds 2Q Expectations

James River Coal Company JRCC reported that management is holding steadfast and waiting for pricing to improve before contracting out the substantial amounts of coal the company is harboring, according to Dahlman Rose. Dahlman estimates that JRCC has 42% and 87% of 2011 and 2012 sales volume open to price while the company waits to contract out the soon-to-be expired contracts in 4Q. Dahlman reiterates its 'hold' rating for James River Coal Company, which closed yesterday at $19.83.