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Business Description
Peabody Energy Corporation is a private-sector coal company that owns, through its subsidiaries, majority interests in 29 coal operations located throughout the coal-producing regions in the United States and in Australia. During 2003, 74% of the Company's United States mining operations' coal sales were shipped from the western United States and the remaining 26% from the eastern part. Most of its production in the western United States is low-sulfur coal from the Powder River Basin. The Company's overall western United States coal production increased from 37.0 million tons in 1990 to 129.6 million tons in 2003, representing a compounded annual growth rate of 10%. In the West, the Company owns and operates mines in Arizona, Colorado, New Mexico and Wyoming. In the East, it owns and operates mines in Illinois, Indiana, Kentucky and West Virginia. In addition, it owns one mine in Australia.

Financial Information
For the nine months ended 9/30/04, revenues rose 27% to $2.63 billion. Net income before accounting change totaled $107.5 million, up from $19.3M. Results reflect higher sales volume and increased pricing in the USA and Australia and the absence of a $53.5 million of early debt extinguishment costs.