Published: February 14, 2012
Natural Resource Partners L.P. Reports 2011 Results and Issues 2012 Guidance
HOUSTON, Feb. 14, 2012 /PRNewswire/ -- Natural Resource Partners L.P. (NYSE: NRP) today reported record revenues of $377.7 million for the full year 2011 and record distributable cash flow, a non-GAAP measure, of $274.4 million. Due to a non-cash impairment of two properties totaling $161.3 million, or $1.49 per unit, net income for 2011 totaled $0.50 per unit. Before considering the non-cash impairments, net income per unit rose 29% to $1.99, over the 2010 results of $1.54 per unit. Reconciliations of all non-GAAP numbers are included in the tables at the end of the release.
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For the quarter ended December 31, 2011, NRP reported revenues of $97.7 million, an increase of 26% over the fourth quarter 2010, resulting in a 6% increase in distributable cash flow to $79.6 million. Due to a $70.4 million impairment recorded for the Gatling Ohio property, NRP recorded a fourth quarter 2011 net loss of $0.13 per unit. Before considering the non-cash impairment, net income would have been $0.52 per unit, up 33% from the $0.39 per unit recorded for the fourth quarter 2010.
As reported in January, Gatling Ohio LLC notified NRP that it had idled its mine in Meigs County, Ohio due to adverse geologic conditions. Gatling is continuing to maintain the mine, and is evaluating various alternatives regarding the future of the mine, but has indicated that it does not anticipate any production from the mine in the near-term future. As a result, NRP recorded a $70.4 million non-cash impairment charge in the fourth quarter. This mine represents approximately 1% of NRP's 2011 revenues and is not included in NRP's 2012 guidance.
The impairment had the following impact on the fourth quarter:
-- $70.4 million increase in operating costs and expenses
-- $69.0 million decrease in net income attributable to the limited
partners
-- $0.65 per unit decrease in net income per limited partner unit
"NRP had a record year in 2011 for both revenues and distributable cash flow as a number of our lessees outperformed our expectations and we benefitted from strong markets for metallurgical coal. Our earnings, however, were impacted by the impairments that we were required to record on the two Gatling mines in Northern Appalachia. In spite of this unfortunate situation, we are pleased with our Cline relationship and the success of the Illinois mines," said Nick Carter, President and Chief Operating Officer. "While 2011 was a record year, we began to see a slow-down in the coal markets in the fourth quarter that is reflected in our fourth quarter results. While revenues in the fourth quarter rose 26% over 2010, we saw a 6% decline in revenues from the third quarter 2011. We anticipate continued near-term weakness in the coal markets as unseasonably warm weather, low natural gas prices and lower global demand for metallurgical coal continue to impact the coal markets. It is times like these that prove the value of maintaining a large cash balance, as well as the strength of our lessees."
Highlights Quarter Ended For the Year Ended
------------- ------------------
Dec Dec % Dec Dec %
2011 2010 Change 2011 2010 Change
---- ---- ------ ---- ---- ------
(in thousands except per unit, per ton and %)
---------------------------------------------
Revenues
--------
Total
revenues $97,651 $77,543 26% $377,683 $301,401 25%
-------- ------- ------- --- -------- -------- ---
Coal
production 12,042 12,113 -1% 49,151 47,052 4%
----------- ------ ------ --- ------ ------ ---
Coal
royalty
revenues $67,638 $56,626 19% $279,221 $221,761 26%
--------- ------- ------- --- -------- -------- ---
Average
coal
royalty
revenue
per
ton $5.62 $4.67 20% $5.68 $4.71 21%
------- ----- ----- --- ----- ----- ---
Revenues
other
than
coal
royalties $30,013 $20,917 43% $98,462 $79,640 24%
--------- ------- ------- --- ------- ------- ---
Net
Income
(loss)
as
reported
---------
Net
income
(loss)
to
limited
partners $(14,036) $41,656 -134% $52,945 $125,925 -58%
--------- -------- ------- ---- ------- -------- ---
Net
income
(loss)
per
unit $(0.13) $0.39 -134% $0.50 $1.54 -68%
------- ------ ----- ---- ----- ----- ---
Average
units
outstanding 106,028 106,028 0% 106,028 81,917 29%
----------- ------- ------- --- ------- ------ ---
Net
income
before
considering
the
impairment
(1)
------------
Net
income
to
limited
partners 54,960 41,656 32% 211,055 125,925 68%
--------- ------ ------ --- ------- ------- ---
Net
income
per
unit $0.52 $0.39 33% $1.99 $1.54 29%
------- ----- ----- --- ----- ----- ---
Distributable
cash
flow $79,552 $75,154 6% $274,415 $226,995 21%
------------- ------- ------- --- -------- -------- ---
(1) See Non-GAAP reconciliation
Revenues
Full Year
Total revenues for the year climbed 25% over the 2010 period to a record $377.7 million due to significant increases in nearly all categories. Coal royalty revenues rose 26% to a record $279.2 million, predominantly due to an increase of $0.97 in the combined average royalty revenue per ton to $5.68 per ton and a 4% increase in total tonnage to 49.2 million tons. Production increases resulted primarily from a 5% increase in Appalachian production and a 22% increase in production in the Illinois Basin. While NRP saw increases in nearly all regions, the majority of the increase in coal royalty revenue per ton was due to the higher proportion of metallurgical coal sold in 2011 at much higher sales prices than in 2010. Metallurgical coal accounted for 34% of NRP's production and 45% of its coal royalty revenues for 2011 compared to 32% of production and 38% of coal royalty revenues in 2010.
Revenues other than coal royalty revenues increased $18.8 million from 2010 to $98.5 million due to increases in all categories except minimums recognized as revenue. Following is a discussion of the components generating the increases:
-- Oil and gas revenues increased $6.3 million primarily due to increased
production and additional lease bonuses associated with the BRP assets.
-- Revenues from infrastructure assets increased $6.0 million due to
additional throughput on both the coal processing and transportation
assets.
-- Aggregate revenues increased $2.5 million due to increases in production
on historical assets and new production on assets acquired in the last
year, including the BRP assets.
-- Other revenue increased $4.4 million due to increases in wheelage
income, gain on a reserve swap and other increases from miscellaneous
BRP assets.
-- Minimums recognized as revenue decreased $5.1 million due to $12.4
million of non-recoupable minimums recognized in 2010 on the Hillsboro
property, which were recoupable in 2011 and therefore not recognized as
revenue in 2011.
Fourth Quarter
Increases in every revenue item drove total revenues for the fourth quarter 2011 to climb 26% over the 2010 fourth quarter to $97.7 million. A $0.95 per ton increase in the average coal royalty revenue per ton generated a 19% increase in coal royalty revenues to $67.6 million.
Revenues other than coal royalty increased 43% over the fourth quarter 2010 to $30.0 million due mainly to a non-cash gain on a reserve swap of $3.0 million that is included in other income, increased minimums recognized as revenue and override royalty revenue.
Operating Expenses
Full Year
Total operating costs and expenses for 2011 were $273.5 million. Before considering impairment charges of $161.3 million, total operating costs and expenses for 2011 increased 7% over 2010 to $112.2 million due to increases in non-cash depreciation, depletion and amortization as a result of increases in production and throughput on transportation and infrastructure assets.
Fourth Quarter
Total operating costs and expenses for the fourth quarter totaled $97.7 million including an impairment charge of $70.4 million. Before considering the impairment, operating costs and expenses increased $2.6 million over 2010 to $27.3 million due to increased depreciation, depletion and amortization as a result of increased production and throughput volumes.
Net income (loss)
Full Year
Net income attributable to the limited partners for 2011 was $52.9 million. Before considering the impairment, net income to the limited partners increased $85.1 million, or 68%, when compared to 2010, predominantly due to improved revenues of $76.3 million. Also included is a $26.0 million improvement due to the elimination of the incentive distribution rights in 2010.
Net income per unit for 2011, before considering impairments, rose by 29% over 2010 to $1.99 per unit, despite a 29% increase in the number of units outstanding.
Fourth Quarter
Net loss to the limited partners totaled $14.0 million for the fourth quarter 2011. Net income to the limited partners, before considering the impairment charge, increased 32% over fourth quarter 2010 to $55.0 million in the fourth quarter 2011. The increase was solely related to increased revenues.
Net loss per unit for the fourth quarter 2011 was $0.13. Before considering the impairment, net income per unit increased 33% to $0.52 per unit.
Distributable cash flow
Full Year
Distributable cash flow increased $47.4 million, or 21% over 2010, to a record $274.4 million for 2011 due to improved revenues.
Fourth Quarter
Distributable cash flow rose $4.4 million over the fourth quarter of 2010 to $79.6 million for the fourth quarter of 2011. The improvement was due to increases in revenue.
Fourth Quarter 2011 compared to Third Quarter 2011
%
Highlights 4Q11 3Q11 Change
---------- ---- ---- ------
(in thousands, except
per ton and per unit)
----------------------
Total revenues $97,651 $103,771 -6%
-------------- ------- -------- ---
Coal production 12,042 13,625 -12%
--------------- ------ ------ ---
Coal royalty revenues $67,638 $76,430 -12%
--------------------- ------- ------- ---
Average coal royalty revenue per ton $5.62 $5.61 0%
------------------------------------ ----- ----- ---
Revenues other than coal royalty $30,013 $27,341 10%
-------------------------------- ------- ------- ---
Net (loss) to limited partners $(14,036) $(28,700) 51%
------------------------------ -------- -------- ---
Net income to the limited partners,
before considering the
impairment(1) $54,960 $60,413 -9%
----------------------------------- ------- ------- ---
Net (loss) per unit $(0.13) $(0.27) 52%
------------------- ------ ------ ---
Net income per unit, before
considering the impairment(1) $0.52 $0.57 -9%
------------------------------ ----- ----- ---
Average units outstanding 106,028 106,028 0%
------------------------- ------- ------- ---
Distributable cash flow $79,552 $71,942 11%
----------------------- ------- ------- ---
(1) See Non-GAAP reconciliation
Revenues
Total revenues for the fourth quarter decreased 6% from the prior quarter to $97.7 million predominantly due to decreases in coal royalty revenues and oil and gas revenues. Coal royalty revenues decreased $8.8 million to $67.6 million due to a 12% decrease in coal production. The decrease predominantly related to unusually high Illinois Basin sales in the third quarter with normalization occurring in the fourth.
Operating Expenses
Before considering impairments, total operating costs and expenses declined $2.1 million from the third quarter mainly due to decreases in depreciation, depletion and amortization as a result of decreased production in the fourth quarter offset by slightly higher general and administrative expenses.
Net income (loss)
Net income to the limited partners, before considering the impairment, declined $5.5 million in the fourth quarter from the previous quarter due to decreased revenues. Net income per unit, before considering the impairment, was $0.52 for the fourth quarter of 2011 compared to $0.57 per unit for the third quarter.
Distributable cash flow
Distributable cash flow increased $7.6 million, or 11%, to $79.6 million primarily due to $5.6 million in lower interest payments in the fourth quarter. Other improvements in the balance sheet more than offset the declines in revenue experienced in the fourth quarter over the third.
Acquisitions and Liquidity
In 2011, NRP invested $120.6 million in acquisitions, $12.8 million of which occurred in the fourth quarter, related to oil and gas mineral acreage acquired and further payments on construction related to aggregates. These payments were funded with the excess cash proceeds from the 2011 private placements.
As of December 31, 2011, NRP had $300 million in available capacity under its credit facility and slightly under $215 million in cash. Included in NRP's cash was $78.2 million from private placements of senior notes that has not yet been invested in acquisitions. These proceeds will be used to fund future acquisitions. At year end, there were two future commitments on the Hillsboro acquisitions totaling $80 million, $40 million of which closed on February 2, 2012. The final $40 million acquisition of Hillsboro reserves is currently anticipated to occur in the third quarter of 2012. In addition, NRP has continued to acquire additional mineral acreage in the Mississippian Lime Play in Oklahoma in the first quarter of 2012.
2012 Guidance
"With weaker global demand for metallurgical coal, a warmer than normal winter, competition from natural gas for power generation, and reports from several coal companies that they are reducing production until demand increases, NRP is anticipating slightly lower results in 2012 than 2011. NRP expects coal royalty revenues in the range of $265 million to $295 million in 2012, with the midpoint of the range approximately flat with 2011. These revenue estimates are based upon an approximate 10% increase in production with a lower average realization per ton. NRP anticipates total revenues in a range of $335 million to $380 million in 2012, with the midpoint of the range representing an approximate 4% decrease in total revenues from 2011.
NRP anticipates distributable cash flow in a range of $210 million to $240 million. The distributable cash flow is impacted by an increase in the reserve for principal payments of approximately $22 million over the reserve for 2011. Net income per unit is anticipated to be in a range of $1.65 per unit to $1.95 per unit.
Following is a table containing the 2012 guidance.
Guidance Full Year 2012
-------- --------------
(Range)
(in millions
except per unit)
-----------------
Coal royalty revenues $265.0 - $295.0
--------------------- ------ --- ------
Coal production tonnage (mm tons) 52.0 - 58.0
--------------------------------- ---- --- ----
Total revenues $335.0 - $380.0
-------------- ------ --- ------
Distributable cash flow $210.0 - $240.0
----------------------- ------ --- ------
Net income per unit $1.65 - $1.95
------------------- ----- --- -----
Distributions
As reported on January 18, 2012, the Board of Directors of NRP's general partner declared a quarterly distribution of $0.55 per unit for the fourth quarter 2011, an increase of 1.9% over the fourth quarter 2010.
Company Profile
Natural Resource Partners L.P. is a master limited partnership headquartered in Houston, TX, with its operations headquarters in Huntington, WV. NRP is principally engaged in the business of owning and managing mineral reserve properties. NRP primarily owns coal, aggregate and oil and gas reserves across the United States that generate royalty income for the partnership.
For additional information, please contact Kathy H. Roberts at 713-751-7555 or kroberts@nrplp.com. Further information about NRP is available on the partnership's website at http://www.nrplp.com.
Disclosure of Non-GAAP Financial Measures
Distributable cash flow represents cash flow from operations less actual principal payments and cash reserves set aside for scheduled principal payments on the senior notes. Distributable cash flow is a "non-GAAP financial measure" that is presented because management believes it is a useful adjunct to net cash provided by operating activities under GAAP. Distributable cash flow is a significant liquidity metric that is an indicator of NRP's ability to generate cash flows at a level that can sustain or support an increase in quarterly cash distributions paid to its partners. Distributable cash flow is also the quantitative standard used throughout the investment community with respect to publicly traded partnerships. Distributable cash flow is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operating, investing or financing activities. A reconciliation of distributable cash flow to net cash provided by operating activities is included in the tables attached to this release. Distributable cash flow may not be calculated the same for NRP as other companies.
Forward-Looking Statements
This press release may include "forward-looking statements" as defined by the Securities and Exchange Commission. Such statements include the 2012 guidance, current coal market conditions and borrowing capacity. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the partnership expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made by the partnership based on its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the partnership. These risks include, but are not limited to, decreases in demand for coal; changes in operating conditions and costs; production cuts by our lessees; commodity prices; unanticipated geologic problems; changes in the legislative or regulatory environment and other factors detailed in Natural Resource Partners' Securities and Exchange Commission filings. Natural Resource Partners L.P. has no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
-Financial statements follow-
Natural Resource Partners L.P.
Operating Statistics
(in thousands except per ton data)
Quarter Ended For the Year Ended
------------- ------------------
Dec Dec Dec Dec
2011 2010 2011 2010
---- ---- ---- ----
(unaudited) (unaudited) (unaudited) (unaudited)
----------- ----------- ----------- -----------
Coal
Royalties:
Coal
royalty
revenues:
Appalachia
Northern $5,986 $4,452 $20,578 $18,676
Central 45,633 36,183 196,789 144,934
Southern 1,975 3,610 11,717 19,405
----- ----- ------ ------
Total
Appalachia $53,594 $44,245 $229,084 $183,015
Illinois
Basin 11,726 9,903 41,324 30,210
Northern
Powder
River
Basin 1,523 2,396 7,658 8,444
Gulf
Coast
Lignite 795 82 1,155 92
--- --- ----- ---
Total $67,638 $56,626 $279,221 $221,761
======= ======= ======== ========
Coal
royalty
production
(tons):
Appalachia
Northern 1,721 1,224 5,251 4,900
Central 6,799 6,639 29,555 27,056
Southern 285 528 1,695 2,824
--- --- ----- -----
Total
Appalachia 8,805 8,391 36,501 34,780
Illinois
Basin 2,327 2,466 9,445 7,753
Northern
Powder
River
Basin 658 1,207 2,682 4,467
Gulf
Coast
Lignite 252 49 523 52
--- --- --- ---
Total 12,042 12,113 49,151 47,052
====== ====== ====== ======
Average
royalty
revenue
per
ton:
Appalachia
Northern $3.48 $3.64 $3.92 $3.81
Central 6.71 5.45 6.66 5.36
Southern 6.93 6.84 6.91 6.87
Total
Appalachia 6.09 5.27 6.28 5.26
Illinois
Basin 5.04 4.02 4.38 3.90
Northern
Powder
River
Basin 2.31 1.99 2.86 1.89
Gulf
Coast
Lignite 3.15 1.67 2.21 1.77
Combined
average
royalty
revenue
per
ton $5.62 $4.67 $5.68 $4.71
Aggregates:
Royalty
revenues $1,610 $1,382 $6,640 $4,869
Aggregate
royalty
bonus - - 94 (639)
Production 1,312 1,789 5,930 4,365
Average
base
royalty
per
ton $1.23 $0.77 $1.12 $1.12
Oil
and
gas:
Royalty
revenues $3,970 $3,521 $14,017 $7,720
Natural Resource Partners L.P.
Consolidated Statements of Income
(in thousands, except per unit data)
Quarter Ended For the Year Ended
------------- ------------------
Dec Dec Dec Dec
2011 2010 2011 2010
---- ---- ---- ----
(unaudited) (unaudited) (unaudited) (audited)
----------- ----------- ----------- ---------
Revenues:
Coal royalties $67,638 $56,626 $279,221 $221,761
Aggregate royalties 1,610 1,382 6,734 4,230
Processing fees 3,246 2,924 13,475 9,604
Transportation fees 4,080 3,461 16,688 14,564
Oil and gas royalties 3,970 3,521 14,017 7,720
Property taxes 3,077 2,285 12,640 11,270
Minimums recognized as
revenue 5,218 3,625 9,148 14,199
Override royalties 3,857 2,509 14,523 11,258
Other 4,955 1,210 11,237 6,795
----- ----- ------ -----
Total revenues 97,651 77,543 377,683 301,401
Operating costs and
expenses:
Depreciation,
depletion and
amortization 15,477 12,930 65,118 56,978
Asset impairments 70,404 - 161,336 -
General and
administrative 7,397 7,791 29,553 29,893
Property, franchise
and other taxes 3,568 3,295 14,486 15,107
Transportation costs 502 428 2,033 1,864
Coal royalty and
override payments 322 247 1,022 1,498
--- --- ----- -----
Total operating costs
and expenses 97,670 24,691 273,548 105,340
------ ------ ------- -------
Income (loss) from
operations (19) 52,852 104,135 196,061
Other income (expense)
Interest expense (13,385) (10,356) (49,180) (41,635)
Interest income 29 10 69 35
--- --- --- ---
Income (loss) before
non-controlling
interest $(13,375) $42,506 $55,024 $154,461
-------- ------- ------- --------
Less non-controlling
interest (947) - (998) -
---- --- ---- ---
Net income (loss) $(14,322) $42,506 $54,026 $154,461
======== ======= ======= ========
Net income (loss)
attributable to:
General partner $(286) $850 $1,081 $2,570
===== ==== ====== ======
Holders of incentive
distribution rights $- $- $- $25,966
=== === === =======
Limited partners $(14,036) $41,656 $52,945 $125,925
======== ======= ======= ========
Basic and diluted net
income (loss) per
limited partner unit: $(0.13) $0.39 $0.50 $1.54
====== ===== ===== =====
Weighted average
number of units
outstanding: 106,028 106,028 106,028 81,917
======= ======= ======= ======
Natural Resource Partners L.P.
Consolidated Statements of Cash Flow
(in thousands, except per unit data)
Quarter Ended For the Year Ended
------------- ------------------
Dec Dec Dec Dec
2011 2010 2011 2010
---- ---- ---- ----
(unaudited) (unaudited) (unaudited) (audited)
----------- ----------- ----------- ---------
Cash flows from operating
activities:
Net income (loss) $(14,322) $42,506 $54,026 $154,461
Adjustments to reconcile
net income (loss) to
net cash provided by
operating activities:
Depreciation, depletion
and amortization 15,477 12,930 65,118 56,978
Non-cash interest
charge, net 132 125 625 540
Non-cash gain on reserve
swap (2,990) (2,990)
Gain on sale of assets - (1,058)
Asset Impairments 70,404 161,336
Non-controlling interest 947 998 -
Change in operating
assets and liabilities:
Accounts receivable 5,819 2,714 (6,951) (2,627)
Other assets (466) (647) 90 (27)
Accounts payable and
accrued liabilities 641 165 854 468
Accrued interest 2,660 6,969 950 (489)
Deferred revenue 5,210 13,237 31,277 42,491
Accrued incentive plan
expenses 1,923 3,712 1,909 6,137
Property, franchise and
other taxes payable 1,817 1,323 (610) 762
----- ----- ---- ---
Net cash provided by
operating activities: 87,252 83,034 305,574 258,694
------ ------ ------- -------
Cash flows from investing
activities:
Acquisition of land, coal
and other mineral rights (12,675) (55,206) (120,184) (166,382)
Acquisition or
construction of plant
and equipment (79) (1,674) (404) (5,994)
Proceeds from sale of
assets - 772 5,500 1,580
--- --- ----- -----
Net cash used in
investing activities (12,754) (56,108) (115,088) (170,796)
------- ------- -------- --------
Cash flows from financing
activities:
Proceeds from loans 50,000 55,000 385,000 140,000
Proceeds from issuance of
units - - - 110,436
Deferred financing costs (183) (2,957) -
Repayment of loans - - (210,519) (106,234)
Payment of obligation
related to acquisitions - - (7,625) (9,169)
Costs associated with
equity transactions - (67) (141) (219)
Capital contribution by
general partner - - - 2,350
Fees associated with
elimination of IDRs (171) (2,341)
Distributions to partners (59,505) (58,422) (234,828) (209,849)
------- ------- -------- --------
Net cash used in
financing activities (9,688) (3,660) (71,070) (75,026)
------ ------ ------- -------
Net increase in cash and
cash equivalents 64,810 23,266 119,416 12,872
Cash and cash equivalents
at beginning of period 150,112 72,240 95,506 82,634
Cash and cash equivalents
at end of period $214,922 $95,506 $214,922 $95,506
======== ======= ======== =======
SUPPLEMENTAL INFORMATION:
Cash paid during the
period for interest $10,579 $3,273 $47,653 $41,565
======= ====== ======= =======
Non-cash activities:
Mineral rights to be
received $- $- $- $-
Stock received as partial
consideration for lease $47 $47
Liability associated with
acquisitions $325 $1,593
Non-controlling interest $- $2,290 $373 (5,065)
Obligation related to
purchase of reserves and
infrastructure $- $- $4,100 $6,200
Natural Resource Partners L.P.
Consolidated Balance Sheets
(in thousands, except for unit information)
ASSETS
December December
31, 31,
2011 2010
---- ----
(unaudited) (audited)
Current assets:
Cash and cash equivalents $214,922 $95,506
Accounts receivable, net of allowance for
doubtful accounts 30,923 26,195
Accounts receivable - affiliates 10,138 7,915
Other 832 910
Total current assets 256,815 130,526
Land 24,534 24,543
Plant and equipment, net 46,185 62,348
Coal and other mineral rights, net 1,257,501 1,281,636
Intangible assets, net 75,164 161,931
Loan financing costs, net 4,846 2,436
Other assets,
net 604 616
--- ---
Total assets $1,665,649 $1,664,036
========== ==========
LIABILITIES AND PARTNERS' CAPITAL
Current
liabilities:
Accounts payable and accrued liabilities $2,366 $1,388
Accounts payable - affiliates 375 499
Obligation related to acquisitions 500 -
Current portion of long-term debt 30,801 31,518
Accrued incentive plan expenses -current
portion 8,374 6,788
Property, franchise and other taxes payable 6,316 6,926
Accrued interest 10,761 9,811
------
Total current liabilities 59,493 56,930
Deferred
revenue 113,303 109,509
Accrued incentive plan expenses 11,670 11,347
Long-term debt 836,268 661,070
Partners'
capital:
Common units outstanding (106,027,836) 629,251 806,529
General partner's interest 10,518 14,132
Non-controlling interest 5,639 5,065
Accumulated other comprehensive loss (493) (546)
-----
Total partners' capital 644,915 825,180
------- -------
Total liabilities and partners' capital $1,665,649 $1,664,036
========== ==========
Natural Resource Partners L.P.
Reconciliation of GAAP Financial Measurements
to Non-GAAP Financial Measurements
(in thousands)
Reconciliation of GAAP "Net cash provided by operating
activities"
to Non-GAAP "Distributable cash flow"
Quarter Ended For the Year Ended
------------- ------------------
Dec Dec Dec Dec
2011 2010 2011 2010
---- ---- ---- ----
(unaudited) (unaudited)
----------- -----------
Net cash provided
by operating
activities $87,252 $83,034 $305,574 $258,694
Less scheduled
principal
payments - (31,518) (32,234)
Less reserves for
future scheduled
principal
payments (7,700) (7,880) (31,159) (31,699)
Add reserves used
for scheduled
principal
payments - 31,518 32,234
Distributable
cash flow $79,552 $75,154 $274,415 $226,995
======= ======= ======== ========
Reconciliation of GAAP "Total operating costs and
expenses"
to Non-GAAP "Total operating costs and expenses
before considering the impairment"
Quarter Ended For the Year Ended
------------- ------------------
Dec Dec Dec Dec
2011 2010 2011 2010
---- ---- ---- ----
(unaudited) (unaudited)
----------- -----------
Operating costs
---------------
Total operating
costs as
reported $97,670 $24,691 $273,548 $105,340
Impairments $(70,404) $- $(161,336) $-
Total operating
costs before
considering
the impairment $27,266 $24,691 $112,212 $105,340
Reconciliation of GAAP "Net income attributable to
the limited partners"
to Non-GAAP "Net income attributable to the limited
partners before considering the impairment"
Quarter Ended For the Year Ended
------------- ------------------
Dec Dec Dec Dec
2011 2010 2011 2010
---- ---- ---- ----
(unaudited) (unaudited)
----------- -----------
Net income (loss)
attributable to the
limited partners
--------------------
Net income
(loss) as
reported $(14,322) $42,506 $54,026 $154,461
Impairments $70,404 $- $161,336 $-
Net income
before
considering
the impairment $56,082 $42,506 $215,362 $154,461
Net income, before
considering the
impairment,
attributable to:
General partner $1,122 $850 $4,307 $2,570
Holders of the
IDRs $- $- $- $25,966
Limited
partners $54,960 $41,656 $211,055 $125,925
Reconciliation of GAAP "Basic and diluted net income
per unit"
to Non-GAAP "Net income per unit before considering
the impairment"
Quarter Ended For the Year Ended
------------- ------------------
Dec Dec Dec Dec
2011 2010 2011 2010
---- ---- ---- ----
(unaudited) (unaudited)
----------- -----------
Net income (loss) per
unit
---------------------
Net income
(loss) per
unit as
reported $(0.13) $0.39 $0.50 $1.54
Adjustment for
impairments $0.65 $- $1.49 $-
Net income per
limited
partner unit,
before
considering
the impairment $0.52 $0.39 $1.99 $1.54
Weighted number
of units
outstanding 106,028 106,028 106,028 81,917
SOURCE Natural Resource Partners L.P.
Copyright © 2012, PRNewswire
Copyright © 2012, NewsBlaze,
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