Pardee Resources (PDER.PK) reported that first quarter 2011 earnings rose 17.6% to $5.07 per share. The coal segment was responsible for the increase as the timber and oil and gas segments lost ground in the first quarter.
The coal division produced revenues of $7.9 million in the first quarter, which was 25.4% higher than 2010 even though coal production decreased 4.8% in the quarter. Operating income jumped 43% to $6.9 million compared to $4.8 million in 2010. The decrease in production was expected, but is anticipated to be temporary. Coal royalties per ton increased nearly 15% which helped absorb the lost production.
The timber and surface division continued to struggle as revenues dropped 10.2% to $605 thousand, producing an operating loss of $313 thousand compared to a profit of $27 thousand in the first quarter of 2010. Even though timber production increased 10%, it was not enough to offset the
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