NCOC » Topics » PART I

These excerpts taken from the NCOC 10-K filed Apr 6, 2009.

PART IV

 

Item 15. Exhibits, Financial Statement Schedules.

(a) The following documents are filed as part of this report:

 

  1. Consolidated Financial Statements

See “Index to Consolidated Financial Statements” in Part II, Item 8 of this Form 10-K/A.

 

  2. Financial Statement Schedules

All financial schedules are not required under the related instructions, or are inapplicable and therefore have been omitted.

 

  3. Exhibits. See Item 15(b) below.

(b) Exhibits. We have filed, or incorporated into this Form 10-K/A by reference, the exhibits listed on the accompanying Index to Exhibits immediately following the signature page of this Form 10-K/A.

(c) Financial Statement Schedule. See Item 15(a) above.

 

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Table of Contents

PART IV

 





Item 15.Exhibits, Financial Statement Schedules.

(a) The following
documents are filed as part of this report:

 






 1.Consolidated Financial Statements

See “Index
to Consolidated Financial Statements” in Part II, Item 8 of this Form 10-K/A.

 






 2.Financial Statement Schedules

All financial
schedules are not required under the related instructions, or are inapplicable and therefore have been omitted.

 






 3.Exhibits. See Item 15(b) below.

(b) Exhibits. We have
filed, or incorporated into this Form 10-K/A by reference, the exhibits listed on the accompanying Index to Exhibits immediately following the signature page of this Form 10-K/A.

FACE="Times New Roman" SIZE="2">(c) Financial Statement Schedule. See Item 15(a) above.

 


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Table of Contents


These excerpts taken from the NCOC 10-K filed Mar 31, 2009.

PART I

This report, including the sections entitled “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operation” and “Business,” contains “forward-looking statements” that include information relating to future events, future financial performance, strategies, expectations, competitive environment, regulation and availability of resources. These forward-looking statements include, without limitation, statements regarding: proposed new services; our expectations concerning litigation, regulatory developments or other matters; statements concerning projections, predictions, expectations, estimates or forecasts for our business, financial and operating results and future economic performance; statements of management’s goals and objectives; and other similar expressions concerning matters that are not historical facts. Words such as “may,” “will,” “should,” “could,” “would,” “predicts,” “potential,” “continue,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes” and “estimates,” and similar expressions, as well as statements in future tense, identify forward-looking statements.

Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by which, that performance or those results will be achieved. Forward-looking statements are based on information available at the time they are made and/or management’s good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could cause these differences include, but are not limited to:

 

   

general deteriorating US and worldwide economic conditions;

 

   

demand for coal, electricity and competing energy sources;

 

   

difficulties in implementing our business strategies;

 

   

reliance on customers honoring existing contracts and entering into new contracts;

 

   

dependence on one customer for a substantial portion of our sales;

 

   

disruption of rail, truck or barge transportation systems that transport our coal;

 

   

our ability to attract and retain skilled labor to meet our needs;

 

   

our ability to purchase coal from various third party sources;

 

   

inherent risks in surface and underground coal mining being subject to unexpected disruptions in our ability to produce coal including geological conditions, equipment failure, accidents and weather;

 

   

the effects of governmental regulation including obtaining permits and the increasingly stringent federal and state proposals to regulate greenhouse gas emissions and to comply with various environmental standards for us and our customers;

 

   

increases in the price of certain products and commodities used in our mining operations that could impact our production and transportation costs;

 

   

the costs of reclamation associated with re-mining previously mined properties;

 

   

our assumptions regarding economically recoverable coal reserve estimates;

 

   

our ability to continue to provide cash collateral for reclamation surety bonds;

 

   

industry competition and various factors that cause fluctuations in the demand for coal and the price of coal;

 

   

our ability to continue to be able to provide capital necessary to finance our growth strategies amidst tightened credit standards and markets;

 

   

our ability to refinance our 10.5% Notes due December 2010;

 

1


Table of Contents
   

our ability to raise funds in debt or equity markets at terms acceptable to us, or if at all;

 

   

our ability to comply with restrictions imposed by our existing credit facilities;

 

   

our ability to obtain waivers from lenders if we do not comply with various financial covenants required under existing credit facilities;

 

   

other factors discussed under the headings “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Business.”

Forward-looking statements speak only as of the date they are made. You should not put undue reliance on any forward-looking statements. We assume no obligation to update forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information, except to the extent required by applicable securities laws. If we do update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.

 

Item 1. Business.

PART I

This report, including the sections entitled “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operation” and “Business,” contains “forward-looking statements” that include information relating to future events, future financial performance, strategies, expectations, competitive environment, regulation and availability of resources. These forward-looking statements include, without limitation, statements regarding: proposed new services; our expectations concerning litigation, regulatory developments or other matters; statements concerning projections, predictions, expectations, estimates or forecasts for our business, financial and operating results and future economic performance; statements of management’s goals and objectives; and other similar expressions concerning matters that are not historical facts. Words such as “may,” “will,” “should,” “could,” “would,” “predicts,” “potential,” “continue,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes” and “estimates,” and similar expressions, as well as statements in future tense, identify forward-looking statements.

Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by which, that performance or those results will be achieved. Forward-looking statements are based on information available at the time they are made and/or management’s good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could cause these differences include, but are not limited to:

 

   

general deteriorating US and worldwide economic conditions;

 

   

demand for coal, electricity and competing energy sources;

 

   

difficulties in implementing our business strategies;

 

   

reliance on customers honoring existing contracts and entering into new contracts;

 

   

dependence on one customer for a substantial portion of our sales;

 

   

disruption of rail, truck or barge transportation systems that transport our coal;

 

   

our ability to attract and retain skilled labor to meet our needs;

 

   

our ability to purchase coal from various third party sources;

 

   

inherent risks in surface and underground coal mining being subject to unexpected disruptions in our ability to produce coal including geological conditions, equipment failure, accidents and weather;

 

   

the effects of governmental regulation including obtaining permits and the increasingly stringent federal and state proposals to regulate greenhouse gas emissions and to comply with various environmental standards for us and our customers;

 

   

increases in the price of certain products and commodities used in our mining operations that could impact our production and transportation costs;

 

   

the costs of reclamation associated with re-mining previously mined properties;

 

   

our assumptions regarding economically recoverable coal reserve estimates;

 

   

our ability to continue to provide cash collateral for reclamation surety bonds;

 

   

industry competition and various factors that cause fluctuations in the demand for coal and the price of coal;

 

   

our ability to continue to be able to provide capital necessary to finance our growth strategies amidst tightened credit standards and markets;

 

   

our ability to refinance our 10.5% Notes due December 2010;

 

1


Table of Contents
   

our ability to raise funds in debt or equity markets at terms acceptable to us, or if at all;

 

   

our ability to comply with restrictions imposed by our existing credit facilities;

 

   

our ability to obtain waivers from lenders if we do not comply with various financial covenants required under existing credit facilities;

 

   

other factors discussed under the headings “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Business.”

Forward-looking statements speak only as of the date they are made. You should not put undue reliance on any forward-looking statements. We assume no obligation to update forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information, except to the extent required by applicable securities laws. If we do update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.

 

Item 1. Business.

PART I

SIZE="2">This report, including the sections entitled “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operation” and “Business,” contains “forward-looking
statements” that include information relating to future events, future financial performance, strategies, expectations, competitive environment, regulation and availability of resources. These forward-looking statements include, without
limitation, statements regarding: proposed new services; our expectations concerning litigation, regulatory developments or other matters; statements concerning projections, predictions, expectations, estimates or forecasts for our business,
financial and operating results and future economic performance; statements of management’s goals and objectives; and other similar expressions concerning matters that are not historical facts. Words such as “may,” “will,”
“should,” “could,” “would,” “predicts,” “potential,” “continue,” “expects,” “anticipates,” “future,” “intends,” “plans,”
“believes” and “estimates,” and similar expressions, as well as statements in future tense, identify forward-looking statements.

SIZE="2">Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by which, that performance or those results will be achieved.
Forward-looking statements are based on information available at the time they are made and/or management’s good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual
performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could cause these differences include, but are not limited to:

STYLE="font-size:6px;margin-top:0px;margin-bottom:0px"> 







  

general deteriorating US and worldwide economic conditions;

 







  

demand for coal, electricity and competing energy sources;

 







  

difficulties in implementing our business strategies;

 







  

reliance on customers honoring existing contracts and entering into new contracts;

STYLE="font-size:6px;margin-top:0px;margin-bottom:0px"> 







  

dependence on one customer for a substantial portion of our sales;

STYLE="font-size:6px;margin-top:0px;margin-bottom:0px"> 







  

disruption of rail, truck or barge transportation systems that transport our coal;

STYLE="font-size:6px;margin-top:0px;margin-bottom:0px"> 







  

our ability to attract and retain skilled labor to meet our needs;

STYLE="font-size:6px;margin-top:0px;margin-bottom:0px"> 







  

our ability to purchase coal from various third party sources;

 







  

inherent risks in surface and underground coal mining being subject to unexpected disruptions in our ability to produce coal including geological conditions,
equipment failure, accidents and weather;

 







  

the effects of governmental regulation including obtaining permits and the increasingly stringent federal and state proposals to regulate greenhouse gas emissions
and to comply with various environmental standards for us and our customers;

 







  

increases in the price of certain products and commodities used in our mining operations that could impact our production and transportation costs;

 







  

the costs of reclamation associated with re-mining previously mined properties;

STYLE="font-size:6px;margin-top:0px;margin-bottom:0px"> 







  

our assumptions regarding economically recoverable coal reserve estimates;

STYLE="font-size:6px;margin-top:0px;margin-bottom:0px"> 







  

our ability to continue to provide cash collateral for reclamation surety bonds;

STYLE="font-size:6px;margin-top:0px;margin-bottom:0px"> 







  

industry competition and various factors that cause fluctuations in the demand for coal and the price of coal;

STYLE="font-size:6px;margin-top:0px;margin-bottom:0px"> 







  

our ability to continue to be able to provide capital necessary to finance our growth strategies amidst tightened credit standards and markets;

 







  

our ability to refinance our 10.5% Notes due December 2010;

SIZE="1"> 


1







Table of Contents








  

our ability to raise funds in debt or equity markets at terms acceptable to us, or if at all;

STYLE="font-size:6px;margin-top:0px;margin-bottom:0px"> 







  

our ability to comply with restrictions imposed by our existing credit facilities;

STYLE="font-size:6px;margin-top:0px;margin-bottom:0px"> 







  

our ability to obtain waivers from lenders if we do not comply with various financial covenants required under existing credit facilities;

 







  

other factors discussed under the headings “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of
Operations” and “Business.”

Forward-looking statements speak only as of the date they are made. You should not put undue
reliance on any forward-looking statements. We assume no obligation to update forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information, except to the extent
required by applicable securities laws. If we do update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.

STYLE="font-size:18px;margin-top:0px;margin-bottom:0px"> 





Item 1.Business.

PART I

SIZE="2">This report, including the sections entitled “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operation” and “Business,” contains “forward-looking
statements” that include information relating to future events, future financial performance, strategies, expectations, competitive environment, regulation and availability of resources. These forward-looking statements include, without
limitation, statements regarding: proposed new services; our expectations concerning litigation, regulatory developments or other matters; statements concerning projections, predictions, expectations, estimates or forecasts for our business,
financial and operating results and future economic performance; statements of management’s goals and objectives; and other similar expressions concerning matters that are not historical facts. Words such as “may,” “will,”
“should,” “could,” “would,” “predicts,” “potential,” “continue,” “expects,” “anticipates,” “future,” “intends,” “plans,”
“believes” and “estimates,” and similar expressions, as well as statements in future tense, identify forward-looking statements.

SIZE="2">Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by which, that performance or those results will be achieved.
Forward-looking statements are based on information available at the time they are made and/or management’s good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual
performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could cause these differences include, but are not limited to:

STYLE="font-size:6px;margin-top:0px;margin-bottom:0px"> 







  

general deteriorating US and worldwide economic conditions;

 







  

demand for coal, electricity and competing energy sources;

 







  

difficulties in implementing our business strategies;

 







  

reliance on customers honoring existing contracts and entering into new contracts;

STYLE="font-size:6px;margin-top:0px;margin-bottom:0px"> 







  

dependence on one customer for a substantial portion of our sales;

STYLE="font-size:6px;margin-top:0px;margin-bottom:0px"> 







  

disruption of rail, truck or barge transportation systems that transport our coal;

STYLE="font-size:6px;margin-top:0px;margin-bottom:0px"> 







  

our ability to attract and retain skilled labor to meet our needs;

STYLE="font-size:6px;margin-top:0px;margin-bottom:0px"> 







  

our ability to purchase coal from various third party sources;

 







  

inherent risks in surface and underground coal mining being subject to unexpected disruptions in our ability to produce coal including geological conditions,
equipment failure, accidents and weather;

 







  

the effects of governmental regulation including obtaining permits and the increasingly stringent federal and state proposals to regulate greenhouse gas emissions
and to comply with various environmental standards for us and our customers;

 







  

increases in the price of certain products and commodities used in our mining operations that could impact our production and transportation costs;

 







  

the costs of reclamation associated with re-mining previously mined properties;

STYLE="font-size:6px;margin-top:0px;margin-bottom:0px"> 







  

our assumptions regarding economically recoverable coal reserve estimates;

STYLE="font-size:6px;margin-top:0px;margin-bottom:0px"> 







  

our ability to continue to provide cash collateral for reclamation surety bonds;

STYLE="font-size:6px;margin-top:0px;margin-bottom:0px"> 







  

industry competition and various factors that cause fluctuations in the demand for coal and the price of coal;

STYLE="font-size:6px;margin-top:0px;margin-bottom:0px"> 







  

our ability to continue to be able to provide capital necessary to finance our growth strategies amidst tightened credit standards and markets;

 







  

our ability to refinance our 10.5% Notes due December 2010;

SIZE="1"> 


1







Table of Contents








  

our ability to raise funds in debt or equity markets at terms acceptable to us, or if at all;

STYLE="font-size:6px;margin-top:0px;margin-bottom:0px"> 







  

our ability to comply with restrictions imposed by our existing credit facilities;

STYLE="font-size:6px;margin-top:0px;margin-bottom:0px"> 







  

our ability to obtain waivers from lenders if we do not comply with various financial covenants required under existing credit facilities;

 







  

other factors discussed under the headings “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of
Operations” and “Business.”

Forward-looking statements speak only as of the date they are made. You should not put undue
reliance on any forward-looking statements. We assume no obligation to update forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information, except to the extent
required by applicable securities laws. If we do update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.

STYLE="font-size:18px;margin-top:0px;margin-bottom:0px"> 





Item 1.Business.

PART I

SIZE="2">This report, including the sections entitled “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operation” and “Business,” contains “forward-looking
statements” that include information relating to future events, future financial performance, strategies, expectations, competitive environment, regulation and availability of resources. These forward-looking statements include, without
limitation, statements regarding: proposed new services; our expectations concerning litigation, regulatory developments or other matters; statements concerning projections, predictions, expectations, estimates or forecasts for our business,
financial and operating results and future economic performance; statements of management’s goals and objectives; and other similar expressions concerning matters that are not historical facts. Words such as “may,” “will,”
“should,” “could,” “would,” “predicts,” “potential,” “continue,” “expects,” “anticipates,” “future,” “intends,” “plans,”
“believes” and “estimates,” and similar expressions, as well as statements in future tense, identify forward-looking statements.

SIZE="2">Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by which, that performance or those results will be achieved.
Forward-looking statements are based on information available at the time they are made and/or management’s good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual
performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could cause these differences include, but are not limited to:

STYLE="font-size:6px;margin-top:0px;margin-bottom:0px"> 







  

general deteriorating US and worldwide economic conditions;

 







  

demand for coal, electricity and competing energy sources;

 







  

difficulties in implementing our business strategies;

 







  

reliance on customers honoring existing contracts and entering into new contracts;

STYLE="font-size:6px;margin-top:0px;margin-bottom:0px"> 







  

dependence on one customer for a substantial portion of our sales;

STYLE="font-size:6px;margin-top:0px;margin-bottom:0px"> 







  

disruption of rail, truck or barge transportation systems that transport our coal;

STYLE="font-size:6px;margin-top:0px;margin-bottom:0px"> 







  

our ability to attract and retain skilled labor to meet our needs;

STYLE="font-size:6px;margin-top:0px;margin-bottom:0px"> 







  

our ability to purchase coal from various third party sources;

 







  

inherent risks in surface and underground coal mining being subject to unexpected disruptions in our ability to produce coal including geological conditions,
equipment failure, accidents and weather;

 







  

the effects of governmental regulation including obtaining permits and the increasingly stringent federal and state proposals to regulate greenhouse gas emissions
and to comply with various environmental standards for us and our customers;

 







  

increases in the price of certain products and commodities used in our mining operations that could impact our production and transportation costs;

 







  

the costs of reclamation associated with re-mining previously mined properties;

STYLE="font-size:6px;margin-top:0px;margin-bottom:0px"> 







  

our assumptions regarding economically recoverable coal reserve estimates;

STYLE="font-size:6px;margin-top:0px;margin-bottom:0px"> 







  

our ability to continue to provide cash collateral for reclamation surety bonds;

STYLE="font-size:6px;margin-top:0px;margin-bottom:0px"> 







  

industry competition and various factors that cause fluctuations in the demand for coal and the price of coal;

STYLE="font-size:6px;margin-top:0px;margin-bottom:0px"> 







  

our ability to continue to be able to provide capital necessary to finance our growth strategies amidst tightened credit standards and markets;

 







  

our ability to refinance our 10.5% Notes due December 2010;

SIZE="1"> 


1







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our ability to raise funds in debt or equity markets at terms acceptable to us, or if at all;

STYLE="font-size:6px;margin-top:0px;margin-bottom:0px"> 







  

our ability to comply with restrictions imposed by our existing credit facilities;

STYLE="font-size:6px;margin-top:0px;margin-bottom:0px"> 







  

our ability to obtain waivers from lenders if we do not comply with various financial covenants required under existing credit facilities;

 







  

other factors discussed under the headings “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of
Operations” and “Business.”

Forward-looking statements speak only as of the date they are made. You should not put undue
reliance on any forward-looking statements. We assume no obligation to update forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information, except to the extent
required by applicable securities laws. If we do update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.

STYLE="font-size:18px;margin-top:0px;margin-bottom:0px"> 





Item 1.Business.

PART II

 

Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.

PART II

 

Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.

PART II

 





Item 5.Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
STYLE="margin-top:6px;margin-bottom:0px">Common Stock

Our common stock is listed on the NASDAQ Global Market,
trading under the symbol “NCOC”.

The following table sets forth, for the periods indicated, the high and low sales prices for our common stock
from January 1, 2007 through December 31, 2008. The following quotations reflect inter-dealer prices, without retail mark-up, mark-down or commission, and may not represent actual transactions.

STYLE="font-size:12px;margin-top:0px;margin-bottom:0px"> 


































































































   High  Low

Year Ended December 31, 2007

    

First Quarter

  $5.72  $4.48

Second Quarter

   5.32   4.45

Third Quarter

   4.80   2.37

Fourth Quarter

   5.75   2.55

Year Ended December 31, 2008

    

First Quarter

  $5.56  $3.71

Second Quarter

   10.83   4.47

Third Quarter

   8.87   4.60

Fourth Quarter

   5.15   0.81

On March 26, 2009, the closing sales price of our common stock as reported on the NASDAQ Global Market was
$1.38 per share. As of March 26, 2009, there were approximately 171 holders of record of our common stock.

 


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PART II

 





Item 5.Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
STYLE="margin-top:6px;margin-bottom:0px">Common Stock

Our common stock is listed on the NASDAQ Global Market,
trading under the symbol “NCOC”.

The following table sets forth, for the periods indicated, the high and low sales prices for our common stock
from January 1, 2007 through December 31, 2008. The following quotations reflect inter-dealer prices, without retail mark-up, mark-down or commission, and may not represent actual transactions.

STYLE="font-size:12px;margin-top:0px;margin-bottom:0px"> 


































































































   High  Low

Year Ended December 31, 2007

    

First Quarter

  $5.72  $4.48

Second Quarter

   5.32   4.45

Third Quarter

   4.80   2.37

Fourth Quarter

   5.75   2.55

Year Ended December 31, 2008

    

First Quarter

  $5.56  $3.71

Second Quarter

   10.83   4.47

Third Quarter

   8.87   4.60

Fourth Quarter

   5.15   0.81

On March 26, 2009, the closing sales price of our common stock as reported on the NASDAQ Global Market was
$1.38 per share. As of March 26, 2009, there were approximately 171 holders of record of our common stock.

 


34







Table of Contents


PART II

 





Item 5.Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
STYLE="margin-top:6px;margin-bottom:0px">Common Stock

Our common stock is listed on the NASDAQ Global Market,
trading under the symbol “NCOC”.

The following table sets forth, for the periods indicated, the high and low sales prices for our common stock
from January 1, 2007 through December 31, 2008. The following quotations reflect inter-dealer prices, without retail mark-up, mark-down or commission, and may not represent actual transactions.

STYLE="font-size:12px;margin-top:0px;margin-bottom:0px"> 


































































































   High  Low

Year Ended December 31, 2007

    

First Quarter

  $5.72  $4.48

Second Quarter

   5.32   4.45

Third Quarter

   4.80   2.37

Fourth Quarter

   5.75   2.55

Year Ended December 31, 2008

    

First Quarter

  $5.56  $3.71

Second Quarter

   10.83   4.47

Third Quarter

   8.87   4.60

Fourth Quarter

   5.15   0.81

On March 26, 2009, the closing sales price of our common stock as reported on the NASDAQ Global Market was
$1.38 per share. As of March 26, 2009, there were approximately 171 holders of record of our common stock.

 


34







Table of Contents


PART III

 

Item 10. Directors, Executive Officers, and Corporate Governance.

The information required by this item is incorporated by reference to National Coal’s Proxy Statement for its 2009 Annual Meeting of Shareholders to be filed with the SEC within 120 days after the end of the fiscal year ended December 31, 2008.

 

Item 11. Executive Compensation.

The information required by this item is incorporated by reference to National Coal’s Proxy Statement for its 2009 Annual Meeting of Shareholders to be filed with the SEC within 120 days after the end of the fiscal year ended December 31, 2008.

 

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.

The information required by this item is incorporated by reference to National Coal’s Proxy Statement for its 2009 Annual Meeting of Shareholders to be filed with the SEC within 120 days after the end of the fiscal year ended December 31, 2008.

 

Item 13. Certain Relationships, Related Transactions, and Director Independence

The information required by this item is incorporated by reference to National Coal’s Proxy Statement for its 2009 Annual Meeting of Shareholders to be filed with the SEC within 120 days after the end of the fiscal year ended December 31, 2008.

 

Item 14. Principal Accounting Fees and Services.

The information required by this item is incorporated by reference to National Coal’s Proxy Statement for its 2009 Annual Meeting of Shareholders to be filed with the SEC within 120 days after the end of the fiscal year ended December 31, 2008.

 

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Table of Contents

PART III

 

Item 10. Directors, Executive Officers, and Corporate Governance.

The information required by this item is incorporated by reference to National Coal’s Proxy Statement for its 2009 Annual Meeting of Shareholders to be filed with the SEC within 120 days after the end of the fiscal year ended December 31, 2008.

 

Item 11. Executive Compensation.

The information required by this item is incorporated by reference to National Coal’s Proxy Statement for its 2009 Annual Meeting of Shareholders to be filed with the SEC within 120 days after the end of the fiscal year ended December 31, 2008.

 

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.

The information required by this item is incorporated by reference to National Coal’s Proxy Statement for its 2009 Annual Meeting of Shareholders to be filed with the SEC within 120 days after the end of the fiscal year ended December 31, 2008.

 

Item 13. Certain Relationships, Related Transactions, and Director Independence

The information required by this item is incorporated by reference to National Coal’s Proxy Statement for its 2009 Annual Meeting of Shareholders to be filed with the SEC within 120 days after the end of the fiscal year ended December 31, 2008.

 

Item 14. Principal Accounting Fees and Services.

The information required by this item is incorporated by reference to National Coal’s Proxy Statement for its 2009 Annual Meeting of Shareholders to be filed with the SEC within 120 days after the end of the fiscal year ended December 31, 2008.

 

111


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PART IV

 

Item 15. Exhibits, Financial Statement Schedules.

(a) The following documents are filed as part of this report:

 

  1. Consolidated Financial Statements

See “Index to Consolidated Financial Statements” in Part II, Item 8 of this Form 10-K.

 

  2. Financial Statement Schedules

All financial schedules are not required under the related instructions, or are inapplicable and therefore have been omitted.

 

  3. Exhibits. See Item 15(b) below.

(b) Exhibits. We have filed, or incorporated into this Form 10-K by reference, the exhibits listed on the accompanying Index to Exhibits immediately following the signature page of this Form 10-K.

(c) Financial Statement Schedule. See Item 15(a) above.

 

112


Table of Contents

PART IV

 

Item 15. Exhibits, Financial Statement Schedules.

(a) The following documents are filed as part of this report:

 

  1. Consolidated Financial Statements

See “Index to Consolidated Financial Statements” in Part II, Item 8 of this Form 10-K.

 

  2. Financial Statement Schedules

All financial schedules are not required under the related instructions, or are inapplicable and therefore have been omitted.

 

  3. Exhibits. See Item 15(b) below.

(b) Exhibits. We have filed, or incorporated into this Form 10-K by reference, the exhibits listed on the accompanying Index to Exhibits immediately following the signature page of this Form 10-K.

(c) Financial Statement Schedule. See Item 15(a) above.

 

112


Table of Contents

PART III

 





Item 10.Directors, Executive Officers, and Corporate Governance.

The
information required by this item is incorporated by reference to National Coal’s Proxy Statement for its 2009 Annual Meeting of Shareholders to be filed with the SEC within 120 days after the end of the fiscal year ended December 31,
2008.

 





Item 11.Executive Compensation.

The information required by this item is
incorporated by reference to National Coal’s Proxy Statement for its 2009 Annual Meeting of Shareholders to be filed with the SEC within 120 days after the end of the fiscal year ended December 31, 2008.

STYLE="font-size:18px;margin-top:0px;margin-bottom:0px"> 





Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.

FACE="Times New Roman" SIZE="2">The information required by this item is incorporated by reference to National Coal’s Proxy Statement for its 2009 Annual Meeting of Shareholders to be filed with the SEC within 120 days after the end of the
fiscal year ended December 31, 2008.

 





Item 13.Certain Relationships, Related Transactions, and Director Independence

SIZE="2">The information required by this item is incorporated by reference to National Coal’s Proxy Statement for its 2009 Annual Meeting of Shareholders to be filed with the SEC within 120 days after the end of the fiscal year ended
December 31, 2008.

 





Item 14.Principal Accounting Fees and Services.

The information required
by this item is incorporated by reference to National Coal’s Proxy Statement for its 2009 Annual Meeting of Shareholders to be filed with the SEC within 120 days after the end of the fiscal year ended December 31, 2008.

STYLE="margin-top:0px;margin-bottom:0px"> 


111







Table of Contents


PART III

 





Item 10.Directors, Executive Officers, and Corporate Governance.

The
information required by this item is incorporated by reference to National Coal’s Proxy Statement for its 2009 Annual Meeting of Shareholders to be filed with the SEC within 120 days after the end of the fiscal year ended December 31,
2008.

 





Item 11.Executive Compensation.

The information required by this item is
incorporated by reference to National Coal’s Proxy Statement for its 2009 Annual Meeting of Shareholders to be filed with the SEC within 120 days after the end of the fiscal year ended December 31, 2008.

STYLE="font-size:18px;margin-top:0px;margin-bottom:0px"> 





Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.

FACE="Times New Roman" SIZE="2">The information required by this item is incorporated by reference to National Coal’s Proxy Statement for its 2009 Annual Meeting of Shareholders to be filed with the SEC within 120 days after the end of the
fiscal year ended December 31, 2008.

 





Item 13.Certain Relationships, Related Transactions, and Director Independence

SIZE="2">The information required by this item is incorporated by reference to National Coal’s Proxy Statement for its 2009 Annual Meeting of Shareholders to be filed with the SEC within 120 days after the end of the fiscal year ended
December 31, 2008.

 





Item 14.Principal Accounting Fees and Services.

The information required
by this item is incorporated by reference to National Coal’s Proxy Statement for its 2009 Annual Meeting of Shareholders to be filed with the SEC within 120 days after the end of the fiscal year ended December 31, 2008.

STYLE="margin-top:0px;margin-bottom:0px"> 


111







Table of Contents


PART III

 





Item 10.Directors, Executive Officers, and Corporate Governance.

The
information required by this item is incorporated by reference to National Coal’s Proxy Statement for its 2009 Annual Meeting of Shareholders to be filed with the SEC within 120 days after the end of the fiscal year ended December 31,
2008.

 





Item 11.Executive Compensation.

The information required by this item is
incorporated by reference to National Coal’s Proxy Statement for its 2009 Annual Meeting of Shareholders to be filed with the SEC within 120 days after the end of the fiscal year ended December 31, 2008.

STYLE="font-size:18px;margin-top:0px;margin-bottom:0px"> 





Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.

FACE="Times New Roman" SIZE="2">The information required by this item is incorporated by reference to National Coal’s Proxy Statement for its 2009 Annual Meeting of Shareholders to be filed with the SEC within 120 days after the end of the
fiscal year ended December 31, 2008.

 





Item 13.Certain Relationships, Related Transactions, and Director Independence

SIZE="2">The information required by this item is incorporated by reference to National Coal’s Proxy Statement for its 2009 Annual Meeting of Shareholders to be filed with the SEC within 120 days after the end of the fiscal year ended
December 31, 2008.

 





Item 14.Principal Accounting Fees and Services.

The information required
by this item is incorporated by reference to National Coal’s Proxy Statement for its 2009 Annual Meeting of Shareholders to be filed with the SEC within 120 days after the end of the fiscal year ended December 31, 2008.

STYLE="margin-top:0px;margin-bottom:0px"> 


111







Table of Contents


PART IV

 





Item 15.Exhibits, Financial Statement Schedules.

(a) The following
documents are filed as part of this report:

 






 1.Consolidated Financial Statements

See “Index
to Consolidated Financial Statements” in Part II, Item 8 of this Form 10-K.

 






 2.Financial Statement Schedules

All financial
schedules are not required under the related instructions, or are inapplicable and therefore have been omitted.

 






 3.Exhibits. See Item 15(b) below.

(b) Exhibits. We have
filed, or incorporated into this Form 10-K by reference, the exhibits listed on the accompanying Index to Exhibits immediately following the signature page of this Form 10-K.

FACE="Times New Roman" SIZE="2">(c) Financial Statement Schedule. See Item 15(a) above.

 


112







Table of Contents


PART IV

 





Item 15.Exhibits, Financial Statement Schedules.

(a) The following
documents are filed as part of this report:

 






 1.Consolidated Financial Statements

See “Index
to Consolidated Financial Statements” in Part II, Item 8 of this Form 10-K.

 






 2.Financial Statement Schedules

All financial
schedules are not required under the related instructions, or are inapplicable and therefore have been omitted.

 






 3.Exhibits. See Item 15(b) below.

(b) Exhibits. We have
filed, or incorporated into this Form 10-K by reference, the exhibits listed on the accompanying Index to Exhibits immediately following the signature page of this Form 10-K.

FACE="Times New Roman" SIZE="2">(c) Financial Statement Schedule. See Item 15(a) above.

 


112







Table of Contents


PART IV

 





Item 15.Exhibits, Financial Statement Schedules.

(a) The following
documents are filed as part of this report:

 






 1.Consolidated Financial Statements

See “Index
to Consolidated Financial Statements” in Part II, Item 8 of this Form 10-K.

 






 2.Financial Statement Schedules

All financial
schedules are not required under the related instructions, or are inapplicable and therefore have been omitted.

 






 3.Exhibits. See Item 15(b) below.

(b) Exhibits. We have
filed, or incorporated into this Form 10-K by reference, the exhibits listed on the accompanying Index to Exhibits immediately following the signature page of this Form 10-K.

FACE="Times New Roman" SIZE="2">(c) Financial Statement Schedule. See Item 15(a) above.

 


112







Table of Contents


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