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Fording Canadian Coal Trust   Ticker: FDG

Fording's Sales Up 25%, Income from Ops Up 15% -- Stock Up 117%

02/03/2004 How Fording Canadian Coal Trust has done for us: thanks in part to a huge dividend yield, Fording has produced a 117% return (+86% per year). Today the company released their end of year results. The company's press release follows:

CALGARY, February 2, 2004 – Fording Canadian Coal Trust (TSX: FDG.UN, NYSE: FDG) today announced its 2003 year end results. Net income was $243 million compared with a loss of $71 million during the prior year. The comparative results reflect unusual income items resulting from the conversion into a trust in 2003 and the write down of the operations in Mexico in 2002. Income from operations was $126 million in 2003, an increase of 15 percent over the prior year. The improvement was largely driven by sharply higher coal sales volumes which were up nearly 25 percent over the prior year.

Net income for the fourth quarter was $31 million
period in 2002. Income from operations for the
percent from the comparable period of 2002.

“The past year has been one of significant change for Fording, and we have embraced that change,” said Jim Gardiner, President of Fording Canadian Coal Trust. “The conversion into an income trust and the formation of the Elk Valley Coal Partnership has brought considerable benefits to unitholders. The consolidation of all of Canada’s senior metallurgical coal operations under a single management was well timed as recent Chinese demand for seaborne hard-coking coal and steel products have confirmed our view of the supply/demand tightness of our principal coal markets.”

Jim Gardiner continued: “Two decades of oversupply in seaborne hard-coking coal markets have ended, and we will be assessing our options for expanding production. Our near-term focus will be to strengthen our presence in existing markets, while continuing to diversify our customer base in Europe and China.”

The full press release can be found at www.fording.ca.

For further information contact: Mark Gow, CA Director, Investor Relations (403) 260-9834 mark_gow@fording.ca

 




 

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