International Coal Group Revises Q1 Results; Revised Net Loss $0.03 per Share

International Coal Group, Inc. ICO announced today that it has revised its results for the first quarter of 2011. The revision resulted from an adverse verdict issued on May 2, 2011 related to ongoing litigation with Allegheny Energy Supply. As a result of the verdict, the Company recorded a $40.0 million charge to earnings for the three months ended March 31, 2011. The revised net loss for the quarter is $6.3 million, or $0.03 per share on a diluted basis, compared to net income of $22.0 million, or $0.10 per share on a diluted basis, as previously reported in the Company's earnings release dated April 27, 2011. Although the verdict provides damages of $104.1 million, the Company has accrued $40.0 million as of March 31, 2011 because it believes that it has meritorious factual and legal bases for reversal or revision of substantial portions of the trial court decision. The ultimate resolution of this matter could result in an outcome which may be materially different than what the Company has accrued.