HOUSTON, May 10, 2017 /PRNewswire/ --
First Quarter 2017 Highlights
- Completion of recapitalization and extension of 2018 debt
maturities
- Net income attributable to the common unitholders and
general partner of $14.3
million
- Basic net income per common unit of $1.15
- Net cash provided by operating activities of $20.2 million
- Net income from continuing operations of $17.0 million
- Adjusted EBITDA of $51.3
million
Natural Resource Partners L.P. (NYSE:NRP) today reported
net income attributable to the common unitholders and general
partner for the first quarter of 2017 of $14.3 million, a decrease of $9.1 million from the first quarter of
2016. NRP's first quarter 2017 results were impacted by costs
associated with the recapitalization transactions and asset
impairments, while both first quarter and fourth quarter 2016
results include impairment charges and gains on asset sales related
to NRP's deleveraging activities. Please see table (in
millions) below for comparative financial information:
|
|
Three Months
Ended
|
|
|
|
Three Months
Ended
|
|
|
|
|
March
31,
|
|
|
|
March
31,
|
|
December
31,
|
|
|
|
|
2017
|
|
2016
|
|
Variance
|
|
2017
|
|
2016
|
|
Variance
|
Net income
attributable to common unitholders and general partner
|
|
$
|
14.3
|
|
|
$
|
23.4
|
|
|
$
|
(9.1)
|
|
|
$
|
14.3
|
|
|
$
|
3.5
|
|
|
$
|
10.8
|
|
Plus:
Recapitalization transaction expenses
|
|
17.4
|
|
|
—
|
|
|
17.4
|
|
|
17.4
|
|
|
3.7
|
|
|
13.7
|
|
Plus: Asset
impairments
|
|
1.8
|
|
|
1.9
|
|
|
(0.1)
|
|
|
1.8
|
|
|
9.2
|
|
|
(7.4)
|
|
Less: Fair value
adjustments for warrant liabilities
|
|
16.6
|
|
|
—
|
|
|
16.6
|
|
|
16.6
|
|
|
—
|
|
|
16.6
|
|
Less: Gains on asset
sales
|
|
—
|
|
|
21.9
|
|
|
(21.9)
|
|
|
—
|
|
|
1.8
|
|
|
(1.8)
|
|
Adjusted net
income
|
|
$
|
16.9
|
|
|
$
|
3.4
|
|
|
$
|
13.5
|
|
|
$
|
16.9
|
|
|
$
|
14.6
|
|
|
$
|
2.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
operating activities
|
|
$
|
20.2
|
|
|
$
|
26.7
|
|
|
$
|
(6.5)
|
|
|
$
|
20.2
|
|
|
$
|
25.2
|
|
|
$
|
(5.0)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA(1)
|
|
$
|
51.3
|
|
|
$
|
63.9
|
|
|
$
|
(12.6)
|
|
|
$
|
51.3
|
|
|
$
|
51.1
|
|
|
$
|
0.2
|
|
Less: Gains on asset
sales
|
|
—
|
|
|
21.9
|
|
|
(21.9)
|
|
|
—
|
|
|
1.8
|
|
|
(1.8)
|
|
Adjusted EBITDA
excluding gains on asset sales
|
|
$
|
51.3
|
|
|
$
|
42.0
|
|
|
$
|
9.3
|
|
|
$
|
51.3
|
|
|
$
|
49.3
|
|
|
$
|
2.0
|
|
|
|
|
|
|
(1) Reconciliations for all
non-GAAP items are shown in the table above or in the tables at the
end of this release.
|
"The first quarter of 2017 was a transformational quarter for
NRP, as we completed the recapitalization transactions that
strengthened our balance sheet, extended our debt maturities, and
enhanced our liquidity," said Wyatt
Hogan, President and Chief Operating Officer. "From an
operations perspective, we realized the benefits of materially
higher metallurgical coal pricing, as well as increased production
from our Illinois Basin
properties, reflecting a stronger thermal coal market. In
addition, our soda ash business posted a solid quarter relative to
the first quarter of 2016."
Business Results and Outlook
The table below presents NRP's business results by segment for
the three months ended March 31, 2017, March 31, 2016 and December 31, 2016:
|
|
Operating Business
Segments
|
|
|
|
|
|
Coal
Royalty
and Other
|
|
|
|
|
|
Corporate
and
Financing
|
|
|
|
|
|
Soda
Ash
|
|
VantaCore
|
|
|
Total
|
|
|
($ In
thousands)
|
Three Months Ended
March 31, 2017
|
|
|
|
|
|
|
|
|
|
|
Revenues and other
income
|
|
51,138
|
|
|
10,294
|
|
|
27,221
|
|
|
—
|
|
|
88,653
|
|
Gains on asset
sales
|
|
29
|
|
|
—
|
|
|
15
|
|
|
—
|
|
|
44
|
|
Total revenues and
other income
|
|
51,167
|
|
|
10,294
|
|
|
27,236
|
|
|
—
|
|
|
88,697
|
|
Asset
impairments
|
|
1,778
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,778
|
|
Net income (loss)
from continuing operations
|
|
35,094
|
|
|
10,294
|
|
|
(1,539)
|
|
|
(26,878)
|
|
|
16,971
|
|
Adjusted EBITDA
(1)
|
|
43,845
|
|
|
12,250
|
|
|
2,375
|
|
|
(7,185)
|
|
|
51,285
|
|
Net cash provided by
(used in) operating activities of continuing operations
|
|
37,932
|
|
|
12,250
|
|
|
4,046
|
|
|
(33,739)
|
|
|
20,489
|
|
Net cash provided by
(used in) investing activities of continuing operations
|
|
6
|
|
|
—
|
|
|
(2,074)
|
|
|
—
|
|
|
(2,068)
|
|
Net cash provided by
(used in) financing activities of continuing operations
|
|
16
|
|
|
—
|
|
|
(96)
|
|
|
54,233
|
|
|
54,153
|
|
Distributable Cash
Flow (1)
|
|
37,937
|
|
|
12,250
|
|
|
2,099
|
|
|
(33,739)
|
|
|
18,547
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2016
|
|
|
|
|
|
|
|
|
|
|
Revenues and other
income
|
|
39,418
|
|
|
9,801
|
|
|
24,682
|
|
|
—
|
|
|
73,901
|
|
Gains on asset
sales
|
|
21,925
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
21,925
|
|
Total revenues and
other income
|
|
61,343
|
|
|
9,801
|
|
|
24,682
|
|
|
—
|
|
|
95,826
|
|
Asset
impairments
|
|
1,893
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,893
|
|
Net income (loss)
from continuing operations
|
|
44,418
|
|
|
9,801
|
|
|
(1,057)
|
|
|
(26,811)
|
|
|
26,351
|
|
Adjusted EBITDA
(1)
|
|
53,251
|
|
|
12,250
|
|
|
2,505
|
|
|
(4,153)
|
|
|
63,853
|
|
Net cash provided by
(used in) operating activities of continuing operations
|
|
21,561
|
|
|
12,250
|
|
|
6,113
|
|
|
(17,236)
|
|
|
22,688
|
|
Net cash provided by
(used in) investing activities of continuing operations
|
|
42,959
|
|
|
—
|
|
|
(1,418)
|
|
|
—
|
|
|
41,541
|
|
Net cash used in
financing activities of continuing operations
|
|
—
|
|
|
(7,232)
|
|
|
(800)
|
|
|
(46,782)
|
|
|
(54,814)
|
|
Distributable Cash
Flow (1)
|
|
64,520
|
|
|
12,250
|
|
|
4,866
|
|
|
(17,236)
|
|
|
64,400
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2016
|
|
|
|
|
|
|
|
|
|
|
Revenues and other
income
|
|
44,271
|
|
|
9,319
|
|
|
32,721
|
|
|
—
|
|
|
86,311
|
|
Gains on asset
sales
|
|
1,798
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
1,801
|
|
Total revenues and
other income
|
|
46,069
|
|
|
9,319
|
|
|
32,724
|
|
|
—
|
|
|
88,112
|
|
Asset
impairments
|
|
8,180
|
|
|
—
|
|
|
1,065
|
|
|
—
|
|
|
9,245
|
|
Net income (loss)
from continuing operations
|
|
24,014
|
|
|
9,319
|
|
|
997
|
|
|
(30,519)
|
|
|
3,811
|
|
Adjusted EBITDA
(1)
|
|
40,464
|
|
|
12,250
|
|
|
5,555
|
|
|
(7,214)
|
|
|
51,055
|
|
Net cash provided by
(used in) operating activities of continuing operations
|
|
43,118
|
|
|
12,250
|
|
|
3,720
|
|
|
(32,992)
|
|
|
26,096
|
|
Net cash provided by
(used in) investing activities of continuing operations
|
|
7,223
|
|
|
—
|
|
|
(790)
|
|
|
—
|
|
|
6,433
|
|
Net cash provided by
(used in) financing activities of continuing operations
|
|
16
|
|
|
—
|
|
|
(232)
|
|
|
(84,334)
|
|
|
(84,550)
|
|
Distributable Cash
Flow (1)
|
|
50,341
|
|
|
12,250
|
|
|
3,132
|
|
|
(32,992)
|
|
|
32,731
|
|
|
|
|
|
|
(1) See "Non-GAAP Financial
Measures" and reconciliation tables at the end of this
release.
|
Segment Information
Coal Royalty and Other
NRP continued to benefit from higher metallurgical coal prices
in the first quarter of 2017, with substantially increased price
realizations in Central and Southern Appalachia as compared to the
first quarter of 2016. Metallurgical coal prices increased
significantly over the course of 2016, peaking in the fourth
quarter primarily as a result of supply rationalizations in
China. While prices retreated in the first quarter of 2017 as
more production came on the market, they remained significantly
higher than in the comparable period in 2016. Following
another recent spike caused by Cyclone Debbie at the end of March,
metallurgical coal prices are in the process of again returning to
more sustainable long-term levels. Over the remainder of
2017, NRP expects prices to remain above the lows experienced in
the first half of 2016. NRP derived approximately 59% of its
coal royalty revenues and 38% of its coal production from
metallurgical coal in the first quarter. The domestic thermal
coal markets have also shown modest improvements, as production
cuts over the last year have rationalized coal stockpiles, and we
saw increased thermal coal production from our Illinois Basin properties. Although a mild
winter has tempered demand for thermal coal, natural gas prices
remain higher than 2016, causing thermal coal to be more
competitive for electricity generation as compared to recent years.
Despite these improvements, producers of Central Appalachian
thermal coal continue to face challenges, as many still have large
debt burdens and their production costs remain high relative to
sales prices.
Coal royalty and other revenue for the quarter was $51.2 million and coal royalty and other
operating income was $35.1 million,
representing sequential increases of 11% and 46%
respectively. Compared to the same period of 2016, coal
royalty and other revenue declined 17% and coal royalty and other
operating income declined 21%. After adjusting for impairment
charges and gains on asset sales, coal royalty and other revenue
and coal royalty and other operating income posted sequential
increases of 16% and 21% respectively, and year-over-year growth of
30% and 51%, respectively.
Soda Ash
Revenues and other income related to our equity investment in
Ciner Wyoming increased $0.5 million,
or 5%, from $9.8 million in the three
months ended March 31, 2016 to $10.3
million in the three months ended March 31, 2017.
The positive variance was primarily driven by higher sales volumes
combined with lower variable and SG&A costs. In the first
quarter of 2017, Ciner also benefited from higher than anticipated
ANSAC pricing in Asia, which was
offset in part by lower prices in North and South America.
NRP received $12.3 million in cash
distributions from Ciner Wyoming in the first quarter of both 2017
and 2016.
VantaCore
VantaCore's construction aggregates mining business is largely
dependent on the strength of the local markets that it serves and
is seasonal, with the first quarter being the slowest.
Revenue for the first quarter was $27.2
million, and VantaCore recorded a net loss of $1.5 million, which was in line with expectations
for the quarter.
Debt Reduction and Liquidity
During the first quarter of 2017, NRP completed the
recapitalization transactions to improve liquidity and strengthen
its balance sheet. As of April 3,
2017, NRP had reduced its debt by $236 million from December
31, 2016 and extended $575
million of its 2018 debt maturities as of December 31, 2016 to 2020 and 2022. NRP
remains focused on further reducing its debt and repositioning the
partnership for long-term growth. During the three months
ended March 31, 2017, NRP repaid $210
million outstanding under Opco's credit facility,
$40.8 million of Opco's senior notes
and $0.2 million of Opco's utility
local improvement obligation. These repayments were partially
offset by the issuance of $105.0
million of new senior notes due 2022. On April 3, 2017, NRP redeemed $90 million in principal amount of its 2018 notes
at a price of 104.563%. NRP expects to redeem the remaining
$94 million of 2018 notes at par in
October 2017 using cash on hand and
borrowings under Opco's credit facility.
First Quarter 2017 Distributions
On April 25, 2017, the Board of
Directors of GP Natural Resource Partners LLC declared a
distribution of $0.45 per unit
to be paid by the Partnership on May 12,
2017 to common unitholders of record on May 5, 2017. In addition, the Board declared a
distribution on NRP's 12.0% Class A Convertible Preferred Units
with respect to the period such units were outstanding during the
first quarter. One-half of the distribution on the preferred units
will be paid-in-kind through the issuance of 1,250 additional
preferred units.
Conference Call
A conference call will be held today at 11:00 a.m. ET. To join the conference call,
dial (844) 379-6938 and provide the conference code 99679107.
Investors may also listen to the call via the Investor Relations
section of the NRP website at www.nrplp.com.
Audio replays of the conference call will be available for
approximately one week. To access the replay, dial (855)
859-2056 and provide the conference code 99679107 or visit the
Investor Relations section of NRP's website.
Company Profile
Natural Resource Partners L.P., a master limited
partnership headquartered in Houston, TX, is a
diversified natural resource company that owns interests in 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 Ciner Wyoming, a trona/soda ash
operation, 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
"Adjusted EBITDA" is a non-GAAP financial
measure that we define as net income (loss) from continuing
operations less equity earnings from unconsolidated investment,
gain on reserve swaps, fair value adjustments for warrant
liabilities and income to non-controlling interest; plus
distributions from equity earnings in unconsolidated investment,
interest expense, debt modification expense, warrant issuance
expense, depreciation, depletion and amortization and asset
impairments. Adjusted EBITDA should not be considered an
alternative to, or more meaningful than, net income or loss, net
income or loss attributable to partners, operating income, cash
flows from operating activities or any other measure of financial
performance presented in accordance with GAAP as measures of
operating performance, liquidity or ability to service debt
obligations. There are significant limitations to using Adjusted
EBITDA as a measure of performance, including the inability to
analyze the effect of certain recurring items that materially
affect our net income (loss), the lack of comparability of results
of operations of different companies and the different methods of
calculating Adjusted EBITDA reported by different companies.
Adjusted EBITDA is a supplemental performance measure used by our
management and by external users of our financial statements, such
as investors, commercial banks, research analysts and others to
assess the financial performance of our assets without regard to
financing methods, capital structure or historical cost
basis.
"Distributable Cash Flow" is a non-GAAP
financial measure that we define as net cash provided by operating
activities of continuing operations, plus returns of unconsolidated
equity investments, proceeds from sales of assets, including those
included in discontinued operations, and returns of long-term
contract receivables—affiliate; less maintenance capital
expenditures and distributions to non-controlling interest. DCF 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. DCF may not be calculated the
same for us as for other companies. DCF is a supplemental liquidity
measure used by our management and by external users of our
financial statements, such as investors, commercial banks, research
analysts and others to assess the Partnership's ability to
make cash distributions to our common and preferred unitholders and
our general partner and repay debt.
"Adjusted Net Income" is a non-GAAP financial
measure that we define as Net income attributable to common
unitholders and general partner, plus recapitalization transaction
expenses and asset impairments; less fair value adjustments for
warrant liabilities and gains on asset sales. Adjusted net income
should not be considered in isolation or as a substitute for
operating income (loss), net income (loss), cash flows provided by
operating, investing and financial activities, or other income or
cash flow statement data prepared in accordance with GAAP. Our
management team believes Adjusted net income is useful in
evaluating our financial performance because restructuring
transaction expenses are one time charges, gains on asset sales are
not related to the operations of our business and asset impairments
and fair value adjustments for warrant liabilities are non-cash
charges and excluding these from net income allows us to better
compare results period-over-period. Reconciliations of Net income
attributable to common unitholders and general partner to Adjusted
net income are included in the table on the first page of this
release.
"Adjusted EBITDA Excluding Gains on Asset Sales"
is a non-GAAP financial measure that we define as Adjusted
EBITDA (a non-GAAP measure defined above) less gains on asset
sales. Adjusted EBITDA excluding gains on asset sales should not be
considered in isolation or as a substitute for operating income
(loss), net income (loss), cash flows provided by operating,
investing and financial activities, or other income or cash flow
statement data prepared in accordance with GAAP. Our management
team believes Adjusted EBITDA excluding gains on asset sales is
useful in evaluating our financial performance because gains on
asset sales are not related to the operations of our business and
excluding these from net income allows us to better compare results
period-over-period. Reconciliations of Net income (loss) from
continuing operations to Adjusted EBITDA and Adjusted EBITDA to
Adjusted EBITDA excluding gains on asset sales are included in the
tables attached to this release.
"Adjusted Coal Royalty and Other Revenue" is a
non-GAAP financial measure that we define as Coal royalty and other
revenues less gains on asset sales. Adjusted coal royalty and other
revenue should not be considered in isolation or as a substitute
for operating income (loss), net income (loss), cash flows provided
by operating, investing and financial activities, or other income
or cash flow statement data prepared in accordance with GAAP. Our
management team believes Adjusted coal royalty and other revenue
useful in evaluating our financial performance because gains on
asset sales are not related to the operations of our business and
excluding these from Coal royalty and other revenue allows us to
better compare results period-over-period. Reconciliations of Coal
royalty and other revenue to Adjusted coal royalty and other
revenue are included in the tables attached to this
release.
"Adjusted Coal Royalty and Other Operating Income"
is a non-GAAP financial measure that we define as Coal royalty
and other operating income plus asset impairments less gains on
asset sales. Adjusted coal royalty and other operating income
should not be considered in isolation or as a substitute for
operating income (loss), net income (loss), cash flows provided by
operating, investing and financial activities, or other income or
cash flow statement data prepared in accordance with GAAP. Our
management team believes Adjusted coal royalty and other operating
income is useful in evaluating our financial performance because
gains on asset sales are not related to the operations of our
business and asset impairments are non-cash charges and excluding
these from Coal royalty and other operating income allows us to
better compare results period-over-period. Reconciliations of Coal
royalty and other operating income to Adjusted coal royalty and
other operating income are included in the tables attached to this
release.
"Adjusted Revenue and Other Income" is a
non-GAAP financial measure that we define as Revenue and other
income less gains on asset sales. Adjusted revenue and other income
should not be considered in isolation or as a substitute for
operating income (loss), net income (loss), cash flows provided by
operating, investing and financial activities, or other income or
cash flow statement data prepared in accordance with GAAP. Our
management team believes Adjusted revenue and other income is
useful in evaluating our financial performance because gains on
asset sales are not related to the operations of our business and
excluding these from revenues and other income allows us to better
compare results period-over-period. Reconciliations of Revenue and
other income to Adjusted revenue and other income are
included in the tables attached to this release.
"Adjusted Corporate and Financing Costs" is a
non-GAAP financial measure that we define as Corporate and
financing net loss from continuing operations plus debt
modification expense, warrant issuance expense and performance
based incentive compensation expense less fair value
adjustments for warrant liabilities. Adjusted corporate and
financing costs should not be considered in isolation or as a
substitute for operating income (loss), net income (loss), cash
flows provided by operating, investing and financial activities, or
other income or cash flow statement data prepared in accordance
with GAAP. Our management team believes Adjusted corporate and
financing costs is useful in evaluating our financial performance
because debt modification expense, warrant issuance expense and
performance based incentive compensation expense are one time
charges and fair value adjustments for warrant liabilities are
non-cash charges and excluding these from net loss allows us to
better compare results period-over-period. Reconciliations of
Corporate and financing net loss from continuing operations to
Adjusted corporate and financing costs are included in the tables
attached to this release.
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,
commodity prices; decreases in demand for coal, aggregates and
industrial minerals, including trona/soda ash; changes in operating
conditions and costs; production cuts by our lessees; unanticipated
geologic problems; our liquidity, leverage and access to capital
and financing sources; 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 Tables Follow-
Natural Resource
Partners L.P.
|
Financial
Tables
|
|
Consolidated
Statements of Comprehensive Income
|
(In thousands,
except per unit data)
|
(Unaudited)
|
|
|
Three Months
Ended
|
|
March
31,
|
|
December
31,
|
|
2017
|
|
2016
|
|
2016
|
Revenues and other
income:
|
|
|
|
|
|
Coal royalty and
other
|
$
|
34,994
|
|
|
$
|
28,849
|
|
|
$
|
28,184
|
|
Coal royalty and
other—affiliates
|
16,144
|
|
|
10,569
|
|
|
16,087
|
|
VantaCore
|
27,221
|
|
|
24,682
|
|
|
32,721
|
|
Equity in earnings of
Ciner Wyoming
|
10,294
|
|
|
9,801
|
|
|
9,319
|
|
Gain on asset sales,
net
|
44
|
|
|
21,925
|
|
|
1,801
|
|
Total revenues and
other income
|
88,697
|
|
|
95,826
|
|
|
88,112
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
Operating and
maintenance expenses
|
29,628
|
|
|
26,785
|
|
|
31,797
|
|
Operating and
maintenance expenses—affiliates, net
|
2,555
|
|
|
3,484
|
|
|
977
|
|
Depreciation,
depletion and amortization
|
9,724
|
|
|
9,780
|
|
|
10,906
|
|
Amortization
expense—affiliate
|
768
|
|
|
722
|
|
|
857
|
|
General and
administrative
|
6,078
|
|
|
3,235
|
|
|
6,303
|
|
General and
administrative—affiliates
|
1,124
|
|
|
937
|
|
|
921
|
|
Asset
impairments
|
1,778
|
|
|
1,893
|
|
|
9,245
|
|
Total operating
expenses
|
51,655
|
|
|
46,836
|
|
|
61,006
|
|
|
|
|
|
|
|
Income from
operations
|
37,042
|
|
|
48,990
|
|
|
27,106
|
|
|
|
|
|
|
|
Other income
(expense)
|
|
|
|
|
|
Interest
expense
|
(23,141)
|
|
|
(22,196)
|
|
|
(23,305)
|
|
Interest
expense—affiliate
|
—
|
|
|
(462)
|
|
|
—
|
|
Debt modification
expense
|
(7,807)
|
|
|
—
|
|
|
—
|
|
Warrant issuance
expense
|
(5,709)
|
|
|
—
|
|
|
—
|
|
Fair value
adjustments for warrant liabilities
|
16,569
|
|
|
—
|
|
|
—
|
|
Interest
income
|
17
|
|
|
19
|
|
|
10
|
|
Other expense,
net
|
(20,071)
|
|
|
(22,639)
|
|
|
(23,295)
|
|
|
|
|
|
|
|
Net income from
continuing operations
|
16,971
|
|
|
26,351
|
|
|
3,811
|
|
Loss from
discontinued operations
|
(207)
|
|
|
(2,924)
|
|
|
(323)
|
|
Net income
|
$
|
16,764
|
|
|
$
|
23,427
|
|
|
$
|
3,488
|
|
Less: income
attributable to preferred unitholders
|
(2,500)
|
|
|
—
|
|
|
—
|
|
Net income
attributable to common unitholders and general partner
|
$
|
14,264
|
|
|
$
|
23,427
|
|
|
$
|
3,488
|
|
|
|
|
|
|
|
Income from
continuing operations per common unit
|
|
|
|
|
|
Basic
|
$
|
1.17
|
|
|
$
|
2.12
|
|
|
$
|
0.31
|
|
Diluted
|
0.03
|
|
|
2.12
|
|
|
0.31
|
|
|
|
|
|
|
|
Net income per common
unit
|
|
|
|
|
|
Basic
|
$
|
1.15
|
|
|
$
|
1.88
|
|
|
$
|
0.28
|
|
Diluted
|
0.02
|
|
|
1.88
|
|
|
0.28
|
|
|
|
|
|
|
|
Net income
|
$
|
16,764
|
|
|
$
|
23,427
|
|
|
$
|
3,488
|
|
Add: comprehensive
income (loss) from unconsolidated investment and other
|
(1,132)
|
|
|
(545)
|
|
|
1,178
|
|
Comprehensive
income
|
$
|
15,632
|
|
|
$
|
22,882
|
|
|
$
|
4,666
|
|
Natural Resource
Partners L.P.
|
Financial
Tables
|
|
Consolidated
Statements of Cash Flows
|
(In
thousands)
|
(Unaudited)
|
|
|
|
Three Months
Ended
|
|
|
March
31,
|
|
December
31,
|
|
|
2017
|
|
2016
|
|
2016
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
Net income
|
|
$
|
16,764
|
|
|
$
|
23,427
|
|
|
$
|
3,488
|
|
Adjustments to
reconcile net income to net cash provided by operating activities
of continuing operations:
|
|
|
|
|
|
|
Depreciation,
depletion and amortization
|
|
9,724
|
|
|
9,780
|
|
|
10,906
|
|
Amortization
expense—affiliates
|
|
768
|
|
|
722
|
|
|
857
|
|
Distributions from
equity earnings from unconsolidated investment
|
|
12,250
|
|
|
12,250
|
|
|
12,250
|
|
Equity earnings from
unconsolidated investment
|
|
(10,294)
|
|
|
(9,801)
|
|
|
(9,319)
|
|
Gain on asset sales,
net
|
|
(44)
|
|
|
(21,925)
|
|
|
(1,801)
|
|
Fair value
adjustments for warrant liabilities
|
|
(16,569)
|
|
|
—
|
|
|
—
|
|
Debt modification
expense
|
|
7,807
|
|
|
—
|
|
|
—
|
|
Warrant issuance
expense
|
|
5,709
|
|
|
—
|
|
|
—
|
|
Loss from
discontinued operations
|
|
207
|
|
|
2,924
|
|
|
323
|
|
Asset
impairments
|
|
1,778
|
|
|
1,893
|
|
|
9,245
|
|
Other, net
|
|
1,090
|
|
|
2,266
|
|
|
1,590
|
|
Other,
net—affiliates
|
|
887
|
|
|
1,783
|
|
|
145
|
|
Change in operating
assets and liabilities:
|
|
|
|
|
|
|
Accounts
receivable
|
|
(1,267)
|
|
|
3,955
|
|
|
772
|
|
Accounts
receivable—affiliates
|
|
(947)
|
|
|
(1,070)
|
|
|
399
|
|
Accounts
payable
|
|
986
|
|
|
280
|
|
|
72
|
|
Accounts
payable—affiliates
|
|
256
|
|
|
225
|
|
|
110
|
|
Accrued
liabilities
|
|
(8,080)
|
|
|
1,274
|
|
|
(2,669)
|
|
Accrued
liabilities—affiliates
|
|
—
|
|
|
457
|
|
|
—
|
|
Deferred
revenue
|
|
1,077
|
|
|
(4,063)
|
|
|
4,881
|
|
Deferred
revenue—affiliates
|
|
(2,897)
|
|
|
(985)
|
|
|
(3,032)
|
|
Other items,
net
|
|
1,284
|
|
|
(704)
|
|
|
(2,121)
|
|
Net cash provided by
operating activities of continuing operations
|
|
20,489
|
|
|
22,688
|
|
|
26,096
|
|
Net cash provided by
(used in) operating activities of discontinued
operations
|
|
(284)
|
|
|
3,972
|
|
|
(855)
|
|
Net cash provided by
operating activities
|
|
20,205
|
|
|
26,660
|
|
|
25,241
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
Proceeds from sale of
oil and gas royalty properties
|
|
(548)
|
|
|
32,848
|
|
|
6,880
|
|
Proceeds from sale of
coal and aggregates royalty properties
|
|
139
|
|
|
9,802
|
|
|
(25)
|
|
Return of long-term
contract receivables—affiliate
|
|
414
|
|
|
309
|
|
|
391
|
|
Proceeds from sale of
plant and equipment and other
|
|
22
|
|
|
3
|
|
|
164
|
|
Acquisition of plant
and equipment and other
|
|
(2,095)
|
|
|
(1,421)
|
|
|
(977)
|
|
Net cash provided by
(used in) investing activities of continuing operations
|
|
(2,068)
|
|
|
41,541
|
|
|
6,433
|
|
Net cash provided by
(used in) investing activities of discontinued
operations
|
|
29
|
|
|
(2,725)
|
|
|
51
|
|
Net cash provided by
(used in) investing activities
|
|
(2,039)
|
|
|
38,816
|
|
|
6,484
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
Proceeds from
issuance of Convertible Preferred Units and Warrants,
net
|
|
242,100
|
|
|
—
|
|
|
—
|
|
Proceeds from
issuance of 2022 Senior Notes, net
|
|
103,688
|
|
|
—
|
|
|
—
|
|
Repayments of
loans
|
|
(251,010)
|
|
|
(41,166)
|
|
|
(76,967)
|
|
Distributions to
common unitholders and general partner
|
|
(5,615)
|
|
|
(5,616)
|
|
|
(5,616)
|
|
Contributions to
discontinued operations
|
|
(255)
|
|
|
—
|
|
|
(805)
|
|
Debt issue costs and
other
|
|
(34,755)
|
|
|
(8,032)
|
|
|
(1,162)
|
|
Net cash provided by
(used in) financing activities of continuing operations
|
|
54,153
|
|
|
(54,814)
|
|
|
(84,550)
|
|
Net cash provided by
(used in) financing activities of discontinued
operations
|
|
255
|
|
|
(10,338)
|
|
|
805
|
|
Net cash provided by
(used in) financing activities
|
|
54,408
|
|
|
(65,152)
|
|
|
(83,745)
|
|
|
|
|
|
|
|
|
Net increase
(decrease) in cash and cash equivalents
|
|
72,574
|
|
|
324
|
|
|
(52,020)
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents of continuing operations at beginning of
period
|
|
40,371
|
|
|
41,204
|
|
|
92,391
|
|
Cash and cash
equivalents of discontinued operations at beginning of
period
|
|
—
|
|
|
10,569
|
|
|
—
|
|
Cash and cash
equivalents at beginning of period
|
|
40,371
|
|
|
51,773
|
|
|
92,391
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents at end of period
|
|
112,945
|
|
|
52,097
|
|
|
40,371
|
|
Less: cash and cash
equivalents of discontinued operations at end of period
|
|
—
|
|
|
1,478
|
|
|
—
|
|
Cash and cash
equivalents of continuing operations at end of period
|
|
$
|
112,945
|
|
|
$
|
50,619
|
|
|
$
|
40,371
|
|
|
|
|
|
|
|
|
Supplemental cash
flow information:
|
|
|
|
|
|
|
Cash paid during the
period for interest
|
|
$
|
19,851
|
|
|
$
|
13,181
|
|
|
$
|
29,631
|
|
Non-cash financing
activities:
|
|
|
|
|
|
|
Issuance of 2022
Senior Notes in exchange for 2018 Senior Notes
|
|
$
|
240,638
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Natural Resource
Partners L.P.
|
Financial
Tables
|
|
Consolidated
Balance Sheets
|
(In thousands,
except unit data)
|
|
|
March
31,
|
|
December
31,
|
|
2017
|
|
2016
|
|
(Unaudited)
|
|
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
112,945
|
|
|
$
|
40,371
|
|
Accounts receivable,
net
|
44,470
|
|
|
43,202
|
|
Accounts
receivable—affiliates, net
|
7,605
|
|
|
6,658
|
|
Inventory
|
7,624
|
|
|
6,893
|
|
Prepaid expenses and
other
|
4,122
|
|
|
6,137
|
|
Current assets of
discontinued operations
|
991
|
|
|
991
|
|
Current assets held
for sale
|
17,500
|
|
|
—
|
|
Total current
assets
|
195,257
|
|
|
104,252
|
|
Land
|
12,591
|
|
|
25,252
|
|
Plant and equipment,
net
|
48,579
|
|
|
49,443
|
|
Mineral rights,
net
|
895,071
|
|
|
908,192
|
|
Intangible assets,
net
|
3,065
|
|
|
3,236
|
|
Intangible assets,
net—affiliate
|
49,043
|
|
|
49,811
|
|
Equity in
unconsolidated investment
|
252,803
|
|
|
255,901
|
|
Long-term contracts
receivable—affiliate
|
42,619
|
|
|
43,785
|
|
Other
assets
|
9,270
|
|
|
3,791
|
|
Other
assets—affiliate
|
952
|
|
|
1,018
|
|
Total
assets
|
$
|
1,509,250
|
|
|
$
|
1,444,681
|
|
LIABILITIES AND
CAPITAL
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
|
6,538
|
|
|
$
|
6,234
|
|
Accounts
payable—affiliates
|
1,196
|
|
|
940
|
|
Accrued
liabilities
|
33,509
|
|
|
41,587
|
|
Current portion of
long-term debt, net
|
263,502
|
|
|
138,903
|
|
Current liabilities
of discontinued operations
|
304
|
|
|
353
|
|
Total current
liabilities
|
305,049
|
|
|
188,017
|
|
Deferred
revenue
|
46,008
|
|
|
44,931
|
|
Deferred
revenue—affiliates
|
68,735
|
|
|
71,632
|
|
Long-term debt,
net
|
707,424
|
|
|
987,400
|
|
Warrant
liabilities
|
61,417
|
|
|
—
|
|
Other non-current
liabilities
|
3,102
|
|
|
4,565
|
|
Total
liabilities
|
1,191,735
|
|
|
1,296,545
|
|
Commitments and
contingencies
|
|
|
|
Convertible Preferred
Units (250,000 units issued and outstanding at $1,000 par value per
unit; liquidation preference of $1,500 per unit)
|
159,292
|
|
|
—
|
|
Partners'
capital:
|
|
|
|
Common unitholders'
interest (12,232,006 units issued and outstanding)
|
163,304
|
|
|
152,309
|
|
General partner's
interest
|
1,111
|
|
|
887
|
|
Accumulated other
comprehensive loss
|
(2,798)
|
|
|
(1,666)
|
|
Total partners'
capital
|
161,617
|
|
|
151,530
|
|
Non-controlling
interest
|
(3,394)
|
|
|
(3,394)
|
|
Total
capital
|
158,223
|
|
|
148,136
|
|
Total liabilities and
capital
|
$
|
1,509,250
|
|
|
$
|
1,444,681
|
|
Natural Resource
Partners L.P.
|
Financial
Tables
|
|
Operating
Statistics - Coal Royalty and Other
|
(in thousands
except per ton data)
|
(Unaudited)
|
|
|
|
Three Months
Ended
|
|
|
March
31,
|
|
December
31,
|
|
|
2017
|
|
2016
|
|
2016
|
Coal production
(tons)
|
|
|
|
|
|
|
Appalachia
|
|
|
|
|
|
|
Northern
|
|
1,206
|
|
|
1,431
|
|
|
1,833
|
|
Central
|
|
3,699
|
|
|
3,227
|
|
|
3,176
|
|
Southern
|
|
562
|
|
|
745
|
|
|
575
|
|
Total
Appalachia
|
|
5,467
|
|
|
5,403
|
|
|
5,584
|
|
Illinois
Basin
|
|
2,017
|
|
|
1,727
|
|
|
2,060
|
|
Northern Powder River
Basin
|
|
950
|
|
|
974
|
|
|
1,047
|
|
Total coal
production
|
|
8,434
|
|
|
8,104
|
|
|
8,691
|
|
|
|
|
|
|
|
|
Coal royalty revenue
per ton
|
|
|
|
|
|
|
Appalachia
|
|
|
|
|
|
|
Northern
|
|
$
|
0.50
|
|
|
$
|
0.82
|
|
|
$
|
0.36
|
|
Central
|
|
5.46
|
|
|
3.25
|
|
|
4.97
|
|
Southern
|
|
6.46
|
|
|
2.96
|
|
|
5.64
|
|
Illinois
Basin
|
|
3.30
|
|
|
3.29
|
|
|
3.92
|
|
Northern Powder River
Basin
|
|
2.63
|
|
|
2.72
|
|
|
2.22
|
|
|
|
|
|
|
|
|
Coal royalty
revenues
|
|
|
|
|
|
|
Appalachia
|
|
|
|
|
|
|
Northern
|
|
$
|
607
|
|
|
$
|
1,172
|
|
|
$
|
662
|
|
Central
|
|
20,184
|
|
|
10,473
|
|
|
15,788
|
|
Southern
|
|
3,632
|
|
|
2,202
|
|
|
3,241
|
|
Total
Appalachia
|
|
24,423
|
|
|
13,847
|
|
|
19,691
|
|
Illinois
Basin
|
|
6,646
|
|
|
5,686
|
|
|
8,069
|
|
Northern Powder River
Basin
|
|
2,498
|
|
|
2,652
|
|
|
2,323
|
|
Gulf Coast
|
|
—
|
|
|
—
|
|
|
1
|
|
Total coal royalty
revenue
|
|
$
|
33,567
|
|
|
$
|
22,185
|
|
|
$
|
30,084
|
|
|
|
|
|
|
|
|
Other
revenues
|
|
|
|
|
|
|
Minimums recognized
as revenue
|
|
$
|
5,196
|
|
|
$
|
6,964
|
|
|
$
|
4,136
|
|
Transportation and
processing fees
|
|
4,639
|
|
|
4,234
|
|
|
3,673
|
|
Property tax
revenue
|
|
2,698
|
|
|
3,305
|
|
|
1,558
|
|
Wheelage
|
|
1,267
|
|
|
413
|
|
|
577
|
|
Coal override
revenue
|
|
824
|
|
|
210
|
|
|
799
|
|
Hard mineral royalty
revenues
|
|
1,244
|
|
|
890
|
|
|
969
|
|
Oil and gas royalty
revenues
|
|
1,491
|
|
|
373
|
|
|
999
|
|
Other
|
|
212
|
|
|
844
|
|
|
1,476
|
|
Total other
revenues
|
|
$
|
17,571
|
|
|
$
|
17,233
|
|
|
$
|
14,187
|
|
Coal royalty and
other income
|
|
51,138
|
|
|
39,418
|
|
|
44,271
|
|
Gain on coal royalty
and other segment asset sales
|
|
29
|
|
|
21,925
|
|
|
1,798
|
|
Total coal royalty
and other segment revenues and other income
|
|
$
|
51,167
|
|
|
$
|
61,343
|
|
|
$
|
46,069
|
|
Natural
Resource Partners L.P.
|
Reconciliation of
Non-GAAP Measures
|
|
Distributable Cash
Flow
|
(In
thousands)
|
|
|
|
|
|
Coal
Royalty and
Other
|
|
|
|
|
|
Corporate
and
Financing
|
|
|
|
|
|
Soda
Ash
|
|
VantaCore
|
|
|
Total
|
|
|
(Unaudited)
|
Three Months Ended
March 31, 2017
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
(used in) operating activities of continuing operations
|
|
$
|
37,932
|
|
|
$
|
12,250
|
|
|
$
|
4,046
|
|
|
$
|
(33,739)
|
|
|
$
|
20,489
|
|
Add: proceeds from
sale of PP&E
|
|
—
|
|
|
—
|
|
|
22
|
|
|
—
|
|
|
22
|
|
Add: proceeds from
sale of mineral rights
|
|
(409)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(409)
|
|
Add: return on
long-term contract receivables—affiliate
|
|
414
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
414
|
|
Less: maintenance
capital expenditures
|
|
—
|
|
|
—
|
|
|
(1,969)
|
|
|
—
|
|
|
(1,969)
|
|
Distributable cash
flow
|
|
$
|
37,937
|
|
|
$
|
12,250
|
|
|
$
|
2,099
|
|
|
$
|
(33,739)
|
|
|
$
|
18,547
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2016
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
(used in) operating activities of continuing operations
|
|
$
|
21,561
|
|
|
$
|
12,250
|
|
|
$
|
6,113
|
|
|
$
|
(17,236)
|
|
|
$
|
22,688
|
|
Add: proceeds from
sale of PP&E
|
|
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
3
|
|
Add: proceeds from
sale of mineral rights
|
|
42,650
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
42,650
|
|
Add: return on
long-term contract receivables—affiliate
|
|
309
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
309
|
|
Less: maintenance
capital expenditures
|
|
—
|
|
|
—
|
|
|
(1,250)
|
|
|
—
|
|
|
(1,250)
|
|
Distributable cash
flow
|
|
$
|
64,520
|
|
|
$
|
12,250
|
|
|
$
|
4,866
|
|
|
$
|
(17,236)
|
|
|
$
|
64,400
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2016
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
(used in) operating activities of continuing operations
|
|
$
|
43,118
|
|
|
$
|
12,250
|
|
|
$
|
3,720
|
|
|
$
|
(32,992)
|
|
|
$
|
26,096
|
|
Add: proceeds from
sale of PP&E
|
|
—
|
|
|
—
|
|
|
164
|
|
|
—
|
|
|
164
|
|
Add: proceeds from
sale of mineral rights
|
|
6,855
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,855
|
|
Add: proceeds from
sale of assets included in discontinued operations
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(17)
|
|
Add: return on
long-term contract receivables—affiliate
|
|
391
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
391
|
|
Less: maintenance
capital expenditures
|
|
(23)
|
|
|
—
|
|
|
(752)
|
|
|
—
|
|
|
(775)
|
|
Distributable cash
flow
|
|
$
|
50,341
|
|
|
$
|
12,250
|
|
|
$
|
3,132
|
|
|
$
|
(32,992)
|
|
|
$
|
32,714
|
|
Natural Resource
Partners L.P.
|
Reconciliation of
Non-GAAP Measures
|
|
Adjusted
EBITDA
|
(In
thousands)
|
|
|
|
|
|
Coal
Royalty and
Other
|
|
|
|
|
|
Corporate
and
Financing
|
|
|
|
|
|
Soda
Ash
|
|
VantaCore
|
|
|
Total
|
|
|
(Unaudited)
|
Three Months Ended
March 31, 2017
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
from continuing operations
|
|
$
|
35,094
|
|
|
$
|
10,294
|
|
|
$
|
(1,539)
|
|
|
$
|
(26,878)
|
|
|
$
|
16,971
|
|
Less: equity earnings
from unconsolidated investment
|
|
—
|
|
|
(10,294)
|
|
|
—
|
|
|
—
|
|
|
(10,294)
|
|
Less: fair value
adjustments for warrant liabilities
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(16,569)
|
|
|
(16,569)
|
|
Add: distributions
from unconsolidated investment
|
|
—
|
|
|
12,250
|
|
|
—
|
|
|
—
|
|
|
12,250
|
|
Add: interest
expense
|
|
—
|
|
|
—
|
|
|
395
|
|
|
22,746
|
|
|
23,141
|
|
Add: debt
modification expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,807
|
|
|
7,807
|
|
Add: warrant issuance
expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,709
|
|
|
5,709
|
|
Add: depreciation,
depletion and amortization
|
|
6,973
|
|
|
—
|
|
|
3,519
|
|
|
—
|
|
|
10,492
|
|
Add: asset
impairments
|
|
1,778
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,778
|
|
Adjusted
EBITDA
|
|
$
|
43,845
|
|
|
$
|
12,250
|
|
|
$
|
2,375
|
|
|
$
|
(7,185)
|
|
|
$
|
51,285
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2016
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
from continuing operations
|
|
$
|
44,418
|
|
|
$
|
9,801
|
|
|
$
|
(1,057)
|
|
|
$
|
(26,811)
|
|
|
$
|
26,351
|
|
Less: equity earnings
from unconsolidated investment
|
|
—
|
|
|
(9,801)
|
|
|
—
|
|
|
—
|
|
|
(9,801)
|
|
Add: distributions
from unconsolidated investment
|
|
—
|
|
|
12,250
|
|
|
—
|
|
|
—
|
|
|
12,250
|
|
Add: interest
expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
22,658
|
|
|
22,658
|
|
Add: depreciation,
depletion and amortization
|
|
6,940
|
|
|
—
|
|
|
3,562
|
|
|
—
|
|
|
10,502
|
|
Add: asset
impairments
|
|
1,893
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,893
|
|
Adjusted
EBITDA
|
|
$
|
53,251
|
|
|
$
|
12,250
|
|
|
$
|
2,505
|
|
|
$
|
(4,153)
|
|
|
$
|
63,853
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2016
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
from continuing operations
|
|
$
|
24,014
|
|
|
$
|
9,319
|
|
|
$
|
997
|
|
|
$
|
(30,519)
|
|
|
$
|
3,811
|
|
Less: equity earnings
from unconsolidated investment
|
|
—
|
|
|
(9,319)
|
|
|
—
|
|
|
—
|
|
|
(9,319)
|
|
Add: distributions
from unconsolidated investment
|
|
—
|
|
|
12,250
|
|
|
—
|
|
|
—
|
|
|
12,250
|
|
Add: interest
expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
23,305
|
|
|
23,305
|
|
Add: depreciation,
depletion and amortization
|
|
8,270
|
|
|
—
|
|
|
3,493
|
|
|
—
|
|
|
11,763
|
|
Add: asset
impairments
|
|
8,180
|
|
|
—
|
|
|
1,065
|
|
|
—
|
|
|
9,245
|
|
Adjusted
EBITDA
|
|
$
|
40,464
|
|
|
$
|
12,250
|
|
|
$
|
5,555
|
|
|
$
|
(7,214)
|
|
|
$
|
51,055
|
|
Natural Resource
Partners L.P.
|
Reconciliation of
Non-GAAP Measures
|
|
Adjusted Coal
Royalty and Other Revenue
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
March
31,
|
|
December
31,
|
|
|
2017
|
|
2016
|
|
2016
|
|
|
(Unaudited)
|
Coal royalty and
other revenue
|
|
$
|
51,167
|
|
|
$
|
61,343
|
|
|
$
|
46,069
|
|
Less: gains on asset
sales
|
|
(29)
|
|
|
(21,925)
|
|
|
(1,798)
|
|
Adjusted coal royalty
and other revenue
|
|
$
|
51,138
|
|
|
$
|
39,418
|
|
|
$
|
44,271
|
|
Adjusted Coal
Royalty and Other Operating Income
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
March
31,
|
|
December
31,
|
|
|
2017
|
|
2016
|
|
2016
|
|
|
(Unaudited)
|
Coal royalty and
other operating income
|
|
$
|
35,094
|
|
|
$
|
44,418
|
|
|
$
|
24,014
|
|
Add: asset
impairments
|
|
1,778
|
|
|
1,893
|
|
|
8,180
|
|
Less: gains on asset
sales
|
|
(29)
|
|
|
(21,925)
|
|
|
(1,798)
|
|
Adjusted coal royalty
and other operating income
|
|
$
|
36,843
|
|
|
$
|
24,386
|
|
|
$
|
30,396
|
|
Natural Resource
Partners L.P.
|
Reconciliation of
Non-GAAP Measures Included in Conference Call
|
|
Adjusted Revenue
and Other Income
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
March
31,
|
|
December
31,
|
|
|
2017
|
|
2016
|
|
2016
|
|
|
(Unaudited)
|
Revenue and other
income
|
|
$
|
88,697
|
|
|
$
|
95,826
|
|
|
88,112
|
|
Less: gains on asset
sales
|
|
(44)
|
|
|
(21,925)
|
|
|
(1,801)
|
|
Adjusted revenue and
other income
|
|
$
|
88,653
|
|
|
$
|
73,901
|
|
|
$
|
86,311
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Corporate
& Financing Costs
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
March
31,
|
|
December
31,
|
|
|
2017
|
|
2016
|
|
2016
|
|
|
(Unaudited)
|
Net income (loss)
from continuing operations
|
|
$
|
(26,878)
|
|
|
$
|
(26,811)
|
|
|
$
|
(30,519)
|
|
Add: debt
modification expense
|
|
7,807
|
|
|
—
|
|
|
—
|
|
Add: warrant issuance
expense
|
|
5,709
|
|
|
—
|
|
|
—
|
|
Add: performance
based incentive compensation expense
|
|
3,847
|
|
|
—
|
|
|
3,713
|
|
Less: fair value
adjustments for warrant liabilities
|
|
(16,569)
|
|
|
—
|
|
|
—
|
|
Adjusted corporate
and financing costs
|
|
$
|
(26,084)
|
|
|
$
|
(26,811)
|
|
|
$
|
(26,806)
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/natural-resource-partners-lp-announces-first-quarter-2017-results-300455038.html
SOURCE Natural Resource Partners L.P.