HOUSTON, Nov. 4, 2014 /PRNewswire/ -- Natural Resource Partners L.P. (NYSE: NRP) today reported revenues of $91.6 million for the third quarter of 2014 compared to $82.2 million for the third quarter of 2013, and distributable cash flow, a non-GAAP measure, of $57.8 million compared to $104.6 million for the third quarter of 2013. Net income per unit was $0.32 for both the third quarter of 2014 and 2013. NRP reported EBITDA, a non-GAAP measure, of $78.3 million in the third quarter of 2014 compared to $72.9 million for the third quarter of 2013. Reconciliations of the non-GAAP measures of distributable cash flow and EBITDA are included in the tables at the end of this release.
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"We continued to benefit in the third quarter from our diverse portfolio of natural resource assets," said Wyatt Hogan, President. "All of our commodities performed in line with our expectations for the quarter, and we remain on track to meet our guidance for the year. Our acquisition of the VantaCore construction aggregates business and the recently announced acquisition of oil and gas interests in the Sanish Field in the Williston Basin will even further diversify NRP and contribute to our future growth. In addition, we saw increased coal production from our properties in all of our regions in the third quarter as compared to the second quarter, which is especially impressive in light of the continuing difficult market conditions for the coal industry."
Third Quarter 2014 compared to Third Quarter 2013
Highlights Quarter Ended For the Nine Months Ended ------------- ------------------------- September September % September September % 2014 2013 Change 2014 2013 Change ---- ---- ------ ---- ---- ------ (in thousands except per (in thousands except per unit and per ton) unit and per ton) ------------------------- ------------------------- Revenues -------- Total revenues and other income $91,609 $82,237 11% $262,479 $263,373 0% ------------------ ------- ------- --- -------- -------- --- Coal production (tons) 13,370 13,476 -1% 37,473 42,203 -11% --------------- ------ ------ --- ------ ------ --- Average coal royalty revenue per ton $3.80 $3.88 -2% $3.74 $3.91 -4% -------------------- ----- ----- --- ----- ----- --- Coal royalty revenues $50,870 $52,305 -3% $140,169 $164,957 -15% ------------ ------- ------- --- -------- -------- --- Other coal related revenue $14,323 $9,699 48% $32,758 $42,279 -23% ------------------ ------- ------ --- ------- ------- --- Total coal related revenues $65,193 $62,004 5% $172,927 $207,236 -17% ------------------ ------- ------- --- -------- -------- --- Aggregates and industrial minerals related revenue(1) $12,340 $11,027 12% $38,479 $31,830 21% -------------------- ------- ------- --- ------- ------- --- Oil and gas related revenue $9,601 $3,886 147% $37,481 $9,742 285% ------------------- ------ ------ --- ------- ------ --- Operating Expenses $36,582 $30,613 19% $104,610 $93,889 11% ------------------ ------- ------- --- -------- ------- --- Net income ---------- Net income to limited partners $35,450 $35,403 0% $98,181 $122,595 -20% ----------------- ------- ------- --- ------- -------- --- Net income per unit $0.32 $0.32 0% $0.89 $1.12 -21% ------------------- ----- ----- --- ----- ----- --- Average units outstanding 111,244 109,812 1% 110,504 109,507 1% ------------- ------- ------- --- ------- ------- --- Net income before considering any impairments(2) ----------------- Net income to limited partners 35,450 35,403 0% 103,693 123,314 -16% ----------------- ------ ------ --- ------- ------- --- Net income per unit $0.32 $0.32 0% $0.94 $1.13 -17% ------------------- ----- ----- --- ----- ----- --- Distributable cash flow(2) $57,773 $104,613 -45% $161,644 $239,748 -33% ------------------ ------- -------- --- -------- -------- --- EBITDA(2) $78,284 $72,860 7% 227,182 229,543 -1% -------- ------- ------- --- ------- ------- --- EBITDA margin(2) 85% 89% -4% 87% 87% 0% --------------- --- --- --- --- --- ---
(1) Aggregates and industrial minerals include the equity and other unconsolidated investment income associated with the OCI Wyoming soda ash business. (2) See "Non-GAAP Financial Measures" and reconciliation tables at the end of the release.
Revenues and other income
Third quarter 2014 total revenues and other income increased 11% from the same period of 2013 due largely from NRP's diversification into other asset classes.
Average coal royalty revenue per ton decreased 3% on unchanged production resulting in a 3% reduction in coal royalty revenues in 2014 versus 2013. Gain on a reserve swap of $5.7 million more than offset reductions in total coal related revenues, resulting in an increase of $3.2 million over the third quarter 2013. Metallurgical coal accounted for 32% of NRP's coal production and 39% of its coal royalty revenues for the third quarter of 2014 compared to 35% of production and 47% of coal royalty revenues in the third quarter of 2013.
Revenues other than coal related revenues increased 31% from the third quarter of 2013 primarily due to increased oil and gas revenues and our investment in the soda ash business.
Oil and gas revenues more than doubled over the third quarter of 2013 to $9.6 million, primarily due to the revenues generated by NRP's Williston Basin properties acquired in the second half of 2013. NRP also recognized a 34% increase in the equity income associated with NRP's investment in the soda ash business due to an increase in OCI Wyoming's net income.
Operating expenses
Total operating expenses for the third quarter 2014 rose $6.0 million to $36.6 million from the third quarter 2013. The increase was mainly due to $1.7 million of additional operating expenses associated with NRP's Williston Basin oil and gas properties and a $2.5 million accrued liability relating to a payment due to a royalty owner on one of NRP's properties recorded in 2014.
Net income attributable to the limited partners
Net income attributable to the limited partners for both periods was approximately $35 million.
Distributable cash flow
Distributable cash flow decreased to $57.8 million from $104.6 million mainly due to a one-time special distribution of $44.8 million received from OCI Wyoming in 2013.
EBITDA
EBITDA for the third quarter 2014 grew $5.4 million to $78.3 million compared to EBITDA generated in the third quarter 2013 of $72.9 million.
Third Quarter 2014 compared to Second Quarter 2014
Highlights Quarter Ended ------------- September 2014 June 2014 % Change -------------- --------- -------- (in thousands, except per ton and per unit) ---------------------- Revenues and other income -------- Total revenues and other income $91,609 $90,561 1% --------- ------- ------- --- Coal production (tons) 13,370 11,851 13% ----------- ------ ------ --- Average coal royalty revenue per ton $3.80 $3.86 -1% -------- ----- ----- --- Coal royalty revenues $50,870 $45,763 11% --------- ------- ------- --- Other coal related revenue $14,323 $9,598 49% -------- ------- ------ --- Total coal related revenue $65,193 $55,361 18% -------- ------- ------- --- Aggregates and industrial minerals related revenue(1) $12,340 $12,964 -5% ---------- ------- ------- --- Oil and gas related revenue $9,601 $17,822 -46% -------- ------ ------- --- Operating expenses $36,582 $40,158 -9% --------- ------- ------- --- Net income ------- Net income to limited partners $35,450 $30,779 15% --------- ------- ------- --- Net income to the limited partners, before considering any impairments(2) $35,450 $36,290 -2% --------------- ------- ------- --- Net income per unit $0.32 $0.28 14% --------- ----- ----- --- Net income per unit, before considering any impairments(2) $0.32 $0.33 -3% --------------- ----- ----- --- Average units outstanding 111,244 110,403 1% ------------ ------- ------- --- Distributable cash flow(2) $57,773 $64,944 -11% ------------- ------- ------- --- EBITDA(2) $78,284 $77,178 1% -------- ------- ------- --- EBITDA margin(2) 85% 85% 0% ---------- --- --- ---
(1) Aggregates and industrial minerals include the equity and other unconsolidated investment income associated with the OCI Wyoming soda ash business. (2) See "Non-GAAP Financial Measures" and reconciliation tables at the end of the release.
Revenues and other income
Total revenues and other income for the third quarter increased $1.0 million or 1% from the second quarter, predominantly due to a $9.8 million increase in coal related revenues, offset by an $8.2 million decrease in oil and gas revenues. In the third quarter, NRP realized increased coal royalty revenues due to increased tonnage of 1.6 million tons over the second quarter resulting in a $5.1 million increase in coal royalty revenues. In addition, NRP realized a $5.7 million gain on a reserve swap related to coal properties. Oil and gas declined $8.2 million due to higher volumes and revenues recorded in the second quarter. These large fluctuations in oil and gas volumes and revenues are expected to moderate on a percentage basis following the acquisition of the additional Williston Basin assets that are scheduled to close in mid-November.
Operating expenses
Operating expenses decreased $3.6 million from the second quarter predominantly due to a $5.6 million asset impairment recognized in the second quarter, partially offset by a $2.5 million accrued liability associated with a payment due to a royalty owner on one of NRP's properties recorded in the third quarter.
Net income attributable to the limited partners
Net income attributable to the limited partners and net income per unit increased in the third quarter from the previous quarter by $4.7 million and $0.04 per unit, respectively. Before considering the non-cash impairment charge taken in the second quarter, net income attributable to the limited partners would have decreased by $0.8 million to $35.5 million while net income per unit would have decreased by $0.01 to $0.32 per unit.
Distributable cash flow
Distributable cash flow decreased $7.2 million to $57.8 million, down from $64.9 million reported in the second quarter due in part to a non-recurring distribution of $3.6 million received from OCI Wyoming in the second quarter as part of the completion of a restructuring that began in 2013.
EBITDA
EBITDA for the third quarter 2014 increased modestly over the second quarter to $78.3 million due to increased revenues.
Acquisitions and Liquidity
During the third quarter of 2014, NRP reduced its debt by $15.7 million bringing the total net reduction for the first nine months of the year to $69.2 million. Following the end of the quarter, NRP closed the VantaCore acquisition, issuing 2,426,690 common units and borrowing $169 million on NRP Operating's revolving credit facility. In addition, on October 6, NRP announced a definitive agreement to purchase certain non-operated working interests in the Williston Basin for $340 million. This acquisition is expected to close mid-November. In anticipation of this closing, NRP completed a common equity offering, issuing 8.5 million common units for net proceeds of $100.4 million and issued an additional $125 million of its 9.125% senior notes due 2018 in a private offering for net proceeds of $122.1 million. NRP anticipates funding the remainder of the purchase price using additional borrowings under the expected upsized NRP Oil and Gas revolving credit facility. Following these transactions, the current units outstanding are 122,278,412.
"After closing the VantaCore acquisition in October, and upon completion of the acquisition of the non-operated working interests in the Williston Basin, we anticipate combined borrowing capacity of approximately $145 million," said Dwight Dunlap, Chief Financial Officer. "That capacity along with our cash balance of $78 million as of September 30, 2014 will provide ample liquidity for NRP."
Distributions
As reported on October 20, 2014, the Board of Directors of NRP's general partner declared a quarterly distribution of $0.35 per unit for the third quarter 2014.
Company Profile
Natural Resource Partners L.P. is a master limited partnership headquartered in Houston, TX. NRP is a diversified natural resource company that owns interests in oil and gas, coal, aggregates and industrial minerals across the United States. A large percentage of NRP's revenues are generated from royalties and other passive income. In addition, NRP owns an equity investment in OCI Wyoming, a trona/soda ash operation, owns non-operated working interests in oil and gas properties and owns VantaCore, making NRP one of the top 25 aggregates producers in the United States.
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.
Non-GAAP Financial Measures
"Distributable cash flow" represents cash flow from operations plus any proceeds from the sale of assets plus the return on direct financing lease and contractual overrides shown in the cash flows from investing activities section of the cash flow statement. 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 make quarterly cash distributions 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.
"EBITDA" is a non-GAAP financial measure that we define as earnings before interest, taxes, depreciation, depletion and amortization and asset impairment, including interest, taxes, depreciation, depletion and amortization relating to OCI Wyoming. "EBITDA," as used and defined by us, may not be comparable to similarly titled measures employed by other companies and is not a measure of performance calculated in accordance with GAAP. EBITDA should not be considered in isolation or as a substitute for operating income, net income or loss, cash flows provided by operating, investing and financing activities, or other income or cash flow statement data prepared in accordance with GAAP. EBITDA provides no information regarding a company's capital structure, borrowings, interest costs, capital expenditures, and working capital movement or tax positions. EBITDA does not represent funds available for discretionary use because those funds may be required for debt service, capital expenditures, working capital and other commitments and obligations. Our management team believes EBITDA is useful in evaluating our financial performance because this measure is widely used by analysts and investors for comparative purposes. EBITDA is a financial measure widely used by investors in the high-yield bond market. There are significant limitations to using EBITDA as a measure of performance, including the inability to analyze the effect of certain recurring and non-recurring items that materially affect our net income or loss, the lack of comparability of results of operations of different companies and the different methods of calculating EBITDA reported by different companies.
"EBITDA margin" represents NRP's EBITDA as a percentage of total revenues and other income.
Forward-Looking Statements
This press release includes "forward-looking statements" as defined by the Securities and Exchange Commission. 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, oil and gas, and aggregates and industrial minerals, including trona/soda ash; changes in operating conditions and costs; production cuts by our lessees; commodity prices; unanticipated geologic problems; changes in the legislative or regulatory environment, risks relating to recent acquisitions 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 - Coal Related Revenue (in thousands except per ton data) Quarter Ended For the Nine Months Ended ------------- ------------------------- September September September September 2014 2013 2014 2013 ---- ---- ---- ---- (unaudited) (unaudited) ---------- ---------- Regional Statistics Coal royalty production (tons): Appalachia Northern 2,060 2,779 6,537 10,051 Central 5,432 5,116 15,096 16,062 Southern 1,017 921 2,950 3,188 ----- --- ----- ----- Total Appalachia 8,509 8,816 24,583 29,301 Illinois Basin 3,526 3,635 10,064 9,541 Northern Powder River Basin 1,054 735 2,106 2,499 Gulf Coast 281 290 720 862 Total 13,370 13,476 37,473 42,203 ====== ====== ====== ====== Average royalty revenue per ton: Appalachia Northern $0.90 $1.04 $0.91 $1.19 Central 4.69 4.94 4.59 5.10 Southern 5.04 6.05 5.24 6.47 Total Appalachia 3.81 3.83 3.69 3.91 Illinois Basin 4.08 4.23 4.07 4.28 Northern Powder River Basin 2.91 3.10 2.87 2.68 Gulf Coast 3.40 3.24 3.43 3.36 Combined average royalty revenue per ton $3.80 $3.88 $3.74 $3.91 Coal royalty revenues: Appalachia Northern $1,844 $2,882 $5,941 $12,008 Central 25,470 25,270 69,289 81,861 Southern 5,130 5,571 15,469 20,623 ----- ----- ------ ------ Total Appalachia $32,444 $33,723 $90,699 $114,492 Illinois Basin 14,403 15,364 40,956 40,864 Northern Powder River Basin 3,069 2,279 6,041 6,703 Gulf Coast 954 939 2,473 2,898 Total coal royalty revenues $50,870 $52,305 $140,169 $164,957 ======= ======= ======== ======== Other coal related revenues: Override revenue 771 2,269 3,516 8,713 Transportation and processing fees 5,589 6,005 16,682 17,010 Minimums recognized as revenue 1,396 626 4,204 5,613 Reserve swap 5,690 - 5,690 8,149 Wheelage 877 799 2,666 2,794 Total other coal related revenues $14,323 $9,699 $32,758 $42,279 ======= ====== ======= ======= Total coal related revenues $65,193 $62,004 $172,927 $207,236 ======= ======= ======== ========
Natural Resource Partners L.P. Operating Statistics - Aggregates and Industrial Minerals (in thousands except per ton data) Quarter Ended For the Nine Months Ended ------------- ------------------------- September September September September 2014 2013 2014 2013 ---- ---- ---- ---- (unaudited) (unaudited) ---------- ---------- Aggregate royalty revenues and production Tonnage 702 1,767 2,844 4,513 Average royalty per ton $0.79 $1.13 $0.94 $1.17 Total aggregate royalty revenues $553 $1,996 $2,678 $5,299 Other aggregate related revenue Override revenue $1,708 $658 $3,908 $2,298 Bonus revenue - 570 562 570 Processing fees 142 114 448 375 Minimums recognized as revenue 110 372 1,617 812 Wheelage 142 79 401 308 Total other aggregate related revenue $2,102 $1,793 $6,936 $4,363 ------ ------ ------ ------ Total aggregate related revenues $2,655 $3,789 $9,614 $9,662 ------ ------ ------ ------ Equity and other unconsolidated investment earnings $9,685 $7,238 $28,865 $22,168 Total aggregates and industrial minerals related revenue $12,340 $11,027 $38,479 $31,830 ======= ======= ======= ======= Cash distributions received from OCI Wyoming $10,290 $46,007 $35,858 $72,946
Natural Resource Partners L.P. Operating Statistics - Oil and Gas (in thousands except per unit data) Quarter Ended Nine Months Ended ------------- ----------------- September September September September 2014 2013 2014 2013 ---- ---- ---- ---- (unaudited) (unaudited) ---------- ---------- Williston Basin non-operated working interests Production volumes Oil (MBbls) 77 N/A 284 N/A Natural gas (Mcf) 90 N/A 202 N/A NGL (MBoe) 8 N/A 20 N/A Average sales price per unit Oil ($/Bbl) $84.65 N/A $92.82 N/A Natural gas ($/Mcf) $5.11 N/A $6.45 N/A NGL ($/Boe) $41.00 N/A $45.55 N/A Revenues Oil $6,518 N/A $26,360 N/A Natural gas $460 N/A $1,303 N/A NGL $328 N/A $911 N/A ---- --- ---- --- Total $7,306 N/A $28,574 N/A Other oil and gas related revenues Royalty and overriding revenues $2,295 $3,886 $8,907 $9,742 Total oil and gas revenues $9,601 $3,886 $37,481 $9,742 ====== ====== ======= ======
Natural Resource Partners L.P. Consolidated Statements of Comprehensive Income (in thousands, except per unit data) Quarter Ended For the Nine Months Ended ------------- ------------------------- September September September September 2014 2013 2014 2013 ---- ---- ---- ---- (unaudited) (unaudited) ---------- ---------- Revenues and other income: Coal related revenues $65,193 $62,004 $172,927 $207,236 Aggregate related revenues 2,655 3,789 9,614 9,662 Oil and gas related revenues 9,601 3,886 37,481 9,742 Equity and other unconsolidated investment income 9,685 7,238 28,865 22,168 Property taxes 3,520 4,009 10,865 11,805 Other 955 1,311 2,727 2,760 Total revenues and other income 91,609 82,237 262,479 263,373 Operating expenses: Depreciation, depletion and amortization 18,621 17,852 49,618 50,025 Asset impairments - - 5,624 734 General and administrative 7,664 7,305 22,550 27,769 Property, franchise and other taxes 4,767 4,234 15,836 12,810 Oil and gas lease operating expenses 2,147 483 6,359 483 Transportation costs 354 455 1,238 1,242 Royalty payments 3,029 284 3,385 826 Total operating expenses 36,582 30,613 104,610 93,889 ------ ------ ------- ------ Income from operations 55,027 51,624 157,869 169,484 Other income (expense) - Interest expense (18,862) (15,516) (57,759) (44,619) Interest income 8 18 75 232 Income before non-controlling interest $36,173 $36,126 $100,185 $125,097 Non- controlling interest - - - - Net income $36,173 $36,126 $100,185 $125,097 ======= ======= ======== ======== Net income attributable to: General partner $723 $723 $2,004 $2,502 Limited partners $35,450 $35,403 $98,181 $122,595 Basic and diluted net income per limited partner unit: $0.32 $0.32 $0.89 $1.12 Weighted average number of units outstanding: 111,244 109,812 110,504 109,507 ======= ======= ======= ======= Comprehensive income $36,543 $36,167 $100,291 $125,243 ======= ======= ======== ========
Natural Resource Partners L.P. Consolidated Statements of Cash Flow (in thousands, except per unit data) Quarter Ended For the Nine Months Ended ------------- ------------------------- September September September September 2014 2013 2014 2013 ---- ---- ---- ---- (unaudited) (unaudited) ---------- ---------- Cash flows from operating activities: Net income $36,173 $36,126 $100,185 $125,097 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation, depletion and amortization 18,621 17,852 49,618 50,025 Gain on reserve swap (5,690) - (5,690) (8,149) Equity and other unconsolidated investment income (9,685) (7,238) (28,865) (22,168) Distributions of earnings from unconsolidated investments 10,290 7,951 32,225 24,113 Non-cash interest charge, net 677 899 2,145 1,454 Gain on sale of assets (3) (401) (3) (551) Asset impairment - - 5,624 734 Change in operating assets and liabilities: Accounts receivable (3,857) 5,227 (7,542) 9,477 Other assets 432 3,849 750 864 Accounts payable and accrued liabilities 2,036 571 1,623 792 Accrued interest 4,964 (2,022) 3,192 (2,598) Deferred revenue 4,246 3,380 11,345 13,331 Accrued incentive plan expenses 471 1,139 (5,445) (80) Property, franchise and other taxes payable (1,217) (1,467) (2,066) (2,826) Net cash provided by operating activities: 57,458 65,866 157,096 189,515 ------ ------ ------- ------- Cash flows from investing activities: Acquisition of plant and equipment (72) - (207) - Acquisition of land, coal, other mineral rights, and related intangibles - (38,303) (768) (38,303) Oil and gas capital expenditures (5,144) - (13,267) - Acquisition of equity interests - (98) - (293,077) Distributions from unconsolidated investments - 38,056 3,633 48,833 Proceeds from sale of assets 5 405 5 559 Return on direct financing lease and contractual override 310 286 910 841 Net cash used in investing activities (4,901) 346 (9,694) (281,147) ------ --- ------ -------- Cash flows from financing activities: Proceeds from loans - 304,020 2,000 547,020 Repayment of loans (15,692) (306,692) (69,175) (386,230) Deferred financing costs - (7,440) - (9,061) Proceeds from issuance of common units 10,984 - 24,826 75,000 Capital contribution by general partner 160 - 507 1,531 Costs associated with equity transactions (163) - (601) (60) Distributions to partners (39,733) (61,629) (119,346) (186,317) Net cash provided by (used in) financing activities (44,444) (71,741) (161,789) 41,883 ------- ------- -------- ------ Net increase (decrease) in cash and cash equivalents 8,113 (5,529) (14,387) (49,749) Cash and cash equivalents at beginning of period 70,013 105,204 92,513 149,424 Cash and cash equivalents at end of period $78,126 $99,675 $78,126 $99,675 ======= ======= ======= ======= Supplemental cash flow information: Cash paid during the period for interest $13,131 $16,631 $52,266 $45,716 ======= ======= ======= =======
Natural Resource Partners L.P. Consolidated Balance Sheets (in thousands, except for unit information) ASSETS September December 31, 2014 2013 ---- ---- (unaudited) Current assets: Cash and cash equivalents $78,126 $92,513 Accounts receivable, net of allowance for doubtful accounts 33,954 33,737 Accounts receivable - affiliates 10,547 7,666 Other 899 1,691 Total current assets 123,526 135,607 Land 24,338 24,340 Plant and equipment, net 22,839 26,435 Mineral rights, net 1,385,919 1,405,455 Intangible assets, net 58,696 66,950 Equity and other unconsolidated investments 262,414 269,338 Loan financing costs, net 9,841 11,502 Long-term contracts receivable - affiliate 50,411 51,732 Other assets 560 497 Total assets $1,938,544 $1,991,856 ========== ========== LIABILITIES AND PARTNERS' CAPITAL Current liabilities: Accounts payable and accrued liabilities $13,907 $8,659 Accounts payable - affiliates 485 391 Current portion of long-term debt 80,983 80,983 Accrued incentive plan expenses - current portion 6,535 8,341 Property, franchise and other taxes payable 5,764 7,830 Accrued interest 20,376 17,184 Total current liabilities 128,050 123,388 Deferred revenue 153,931 142,586 Accrued incentive plan expenses 6,887 10,526 Other non-current liabilities 9,712 14,341 Long-term debt 1,017,498 1,084,226 Partners' capital: Common units outstanding ( 111,351,722 and 109,812,408) 613,176 606,774 General partner's interest 10,212 10,069 Non- controlling interest (650) 324 Accumulated other comprehensive loss (272) (378) Total partners' capital 622,466 616,789 ------- ------- Total liabilities and partners' capital $1,938,544 $1,991,856 ========== ==========
Natural Resource Partners L.P. Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures (in thousands) Reconciliation of GAAP "Net cash provided by operating activities" to Non-GAAP "Distributable cash flow" Quarter Ended For the Nine Months Ended ------------- ------------------------- September September September September 2014 2013 2014 2013 ---- ---- ---- ---- (unaudited) (unaudited) ---------- ---------- Net cash provided by operating activities $57,458 $65,866 $157,096 $189,515 Return on direct financing lease and contractual override 310 286 910 841 Distributions from unconsolidated investments - 38,056 3,633 48,833 Proceeds from sale of assets 5 405 5 559 Distributable cash flow $57,773 $104,613 $161,644 $239,748 ======= ======== ======== ======== Reconciliation of GAAP "Net cash provided by operating activities" to Non-GAAP "Distributable cash flow" Quarter Ended ------------- September June 2014 2013 ---- ---- (unaudited) ---------- Net cash provided by operating activities $57,458 $61,008 Return on direct financing lease and contractual override 310 303 Distributions from unconsolidated investments - 3,633 Proceeds from sale of assets 5 - Distributable cash flow $57,773 $64,944 ======= =======
Natural Resource Partners L.P. Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures (in thousands) Reconciliation of GAAP "Net income" to Non-GAAP "EBITDA" Quarter Ended For the Nine Months Ended ------------- ------------------------- September September September September 2014 2013 2014 2013 ---- ---- ---- ---- (unaudited) (unaudited) ---------- ---------- Net income $36,173 $36,126 $100,185 $125,097 Add depreciation, depletion and amortization 18,621 17,852 49,618 50,025 Add asset impairments - - 5,624 734 Add interest expense, gross 18,862 15,516 57,759 44,619 Add depreciation, depletion and amortization, taxes and interest relating to OCI Wyoming 4,628 3,366 13,996 9,068 EBITDA $78,284 $72,860 $227,182 $229,543 ======= ======= ======== ======== EBITDA margin EBITDA $78,284 $72,860 $227,182 $229,543 Total revenues $91,609 $82,237 $262,479 $263,373 EBITDA margin 85% 89% 87% 87% Reconciliation of GAAP "Net income" to Non-GAAP "EBITDA" Quarter Ended ------------- September June 2014 2014 ---- ---- (unaudited) ---------- Net income $36,173 $31,407 Add depreciation, depletion and amortization 18,621 16,350 Add asset impairments - 5,624 Add interest expense, gross 18,862 19,037 Add depreciation, depletion and amortization, taxes and interest relating to OCI Wyoming 4,628 4,760 EBITDA $78,284 $77,178 ======= ======= EBITDA margin EBITDA $78,284 $77,178 Total revenues $91,609 $90,561 EBITDA margin 85% 85%
Reconciliation of GAAP "Total operating costs and expenses" to Non-GAAP "Total operating expenses before considering any impairments" Quarter Ended For the Nine Months Ended ------------- ------------------------- September September September September 2014 2013 2014 2013 ---- ---- ---- ---- (unaudited) (unaudited) ---------- ---------- Operating expenses ------------------ Total operating expenses as reported $36,582 $30,613 $104,610 $93,889 Impairments $ - $ - $(5,624) $(734) Total operating costs before considering any impairments $36,582 $30,613 $98,986 $93,155 Reconciliation of GAAP "Net income attributable to the limited partners" to Non-GAAP "Net income attributable to the limited partners before considering any impairments" Quarter Ended For the Nine Months Ended ------------- ------------------------- September September September September 2014 2013 2014 2013 ---- ---- ---- ---- (unaudited) (unaudited) ---------- ---------- Net income attributable to the limited partners -------------------------------- Net income as reported $36,173 $36,126 $100,185 $125,097 Impairments - - $5,624 $734 Net income before considering any impairments $36,173 $36,126 $105,809 $125,831 Net income, before considering any impairments, attributable to: General partner $723 $723 $2,116 $2,517 Limited partners $35,450 $35,403 $103,693 $123,314 Reconciliation of GAAP "Basic and diluted net income per unit" to Non-GAAP "Net income per unit before considering any impairments" Quarter Ended For the Nine Months Ended ------------- ------------------------- September September September September 2014 2013 2014 2013 ---- ---- ---- ---- (unaudited) (unaudited) ---------- ---------- Net income per unit * ------------------- Net income per unit as reported $0.32 $0.32 $0.89 $1.12 Adjustment for impairments - - $0.05 $0.01 Net income per limited partner unit, before considering any impairments $0.32 $0.32 $0.94 $1.13 Weighted number of units outstanding 111,244 109,812 110,504 109,507 * Numbers may not add due to rounding
Reconciliation of GAAP "Total operating costs and expenses" to Non-GAAP "Total operating expenses before considering any impairments" Quarter Ended ------------- September June 2014 2014 ---- ---- (unaudited) ---------- Operating expenses ------------------ Total operating expenses as reported $36,582 $40,158 Impairments - (5,624) Total operating costs before considering any impairments $36,582 $34,534 Reconciliation of GAAP "Net income attributable to the limited partners" to Non-GAAP "Net income attributable to the limited partners before considering any impairments" Quarter Ended ------------- September June 2014 2014 ---- ---- (unaudited) ---------- Net income attributable to the limited partners -------------------------- Net income as reported $36,173 $31,407 Impairments - 5,624 Net income before considering any impairments $36,173 $37,031 Net income, before considering any impairments, attributable to: General partner $723 $741 Limited partners $35,450 $36,290 Reconciliation of GAAP "Basic and diluted net income per unit" to Non-GAAP "Net income per unit before considering any impairments" Quarter Ended ------------- September June 2014 2014 ---- ---- (unaudited) ---------- Net income per unit ------------------- Net income per unit as reported $0.32 $0.28 Adjustment for impairments - 0.05 Net income per limited partner unit, before considering any impairments $0.32 $0.33 Weighted number of units outstanding 111,244 110,403 * Numbers may not add due to rounding
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SOURCE Natural Resource Partners L.P.