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CanAm Coal Down Nearly 3%, Touches Day Low Despite Posting Profit in Q1

CanAm Coal (COE.V) announced on Tuesday has filed its unaudited condensed interim consolidated financial statements for the three month period ended April 30, 2011.

The coal producer went down by nearly 3% to about 17 cents despite reporting that it has turned year ago loss with a profit of $227,604, helped by revenue from mining operations of $3.2 million. The company also improved its overall financial position, cash and cash equivalents, and working capital at April 30, 2011 amounted to $2.4 million and $0.9 million as compared to $1.5 million and $5,497 at January 31, 2011.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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