HOUSTON, Nov. 5, 2013 /PRNewswire/ -- Natural
Resource Partners L.P. (NYSE: NRP) today reported revenues of
$82.2 million for the third quarter
of 2013 compared to $94.2 million for
the third quarter of 2012 and distributable cash flow, a non-GAAP
measure, of $104.6 million compared
to $78.1 million for the third
quarter of 2012. Net income per unit was $0.32 in the third quarter of 2013 versus
$0.48 per unit in the third quarter
of 2012. Reconciliations of all non-GAAP measures are
included in the tables at the end of the release.
(Logo: http://photos.prnewswire.com/prnh/20060109/NRPLOGO)
"Our diversification both within and outside of the coal
business has helped temper the declines in both production and
price of our Central Appalachian coal," said Nick Carter, President and Chief Operating
Officer. "In the third quarter NRP experienced increases in
our Illinois Basin coal royalties
and aggregates and oil and gas revenues in addition to the income
stream from our OCI Wyoming soda ash business, resulting in
revenues and earnings in line with our updated guidance issued in
August."
Third Quarter 2013 compared to Third Quarter 2012
Highlights
|
Quarter
Ended
|
|
For the Nine
Months Ended
|
|
September
2013
|
September
2012
|
%
Change
|
|
September
2013
|
September
2012
|
%
Change
|
|
(in thousands
except per unit and per ton)
|
|
|
(in thousands
except per unit and per ton)
|
|
Revenues
|
|
|
|
|
|
|
|
Total revenues and
other income
|
$
82,237
|
$
94,175
|
-13%
|
|
$
263,373
|
$
276,711
|
-5%
|
Coal production
(tons)
|
13,476
|
13,340
|
1%
|
|
42,203
|
37,437
|
13%
|
Coal royalty
revenues
|
$
52,305
|
$
70,259
|
-26%
|
|
$
164,957
|
$
193,053
|
-15%
|
Average coal royalty
revenue per ton
|
$
3.88
|
$
5.27
|
-26%
|
|
$
3.91
|
$
5.16
|
-24%
|
Revenues other than
coal royalties
|
$
29,932
|
$
23,916
|
25%
|
|
$
98,416
|
$
83,658
|
18%
|
|
|
|
|
|
|
|
|
Operating
Expenses
|
$
30,613
|
$
28,532
|
7%
|
|
$
93,889
|
$
82,752
|
13%
|
|
|
|
|
|
|
|
|
Net
income
|
|
|
|
|
|
|
|
Net income to limited
partners
|
$
35,403
|
$
50,961
|
-31%
|
|
$
122,595
|
$
150,183
|
-18%
|
Net income per
unit
|
$
0.32
|
$
0.48
|
-33%
|
|
$
1.12
|
$
1.42
|
-21%
|
Average units
outstanding
|
109,812
|
106,028
|
4%
|
|
109,507
|
106,028
|
3%
|
|
|
|
|
|
|
|
|
Distributable cash
flow(1)
|
$
104,613
|
$
78,122
|
34%
|
|
$
239,748
|
$
211,318
|
13%
|
(1) See Non-GAAP
reconciliation
|
|
|
|
|
|
|
Revenues
Third quarter 2013 total revenues decreased from the same period
of 2012 due to a decrease in coal royalty revenues. Coal
royalty revenues decreased 26% from 2012 to $52.3 million due primarily to decreases in
prices for both metallurgical and steam coal. Coal production
volumes increased slightly to 13.5 million tons, while average coal
royalty revenue per ton decreased 26% to $3.88 per ton. The production increase was
largely due to higher production from mines with lower prices,
which offset decreased Central Appalachian production.
Metallurgical coal represented 32% of coal production and 42%
of coal royalty revenues for the third quarter 2013.
NRP benefitted from its diversification into other asset
classes, as revenues other than coal royalty revenues increased
approximately 25% in the third quarter 2013 over the third quarter
2012. The increase was primarily due to revenues associated
with our OCI Wyoming soda ash business, as well as increases in
aggregates and oil and gas revenues. These increases more
than offset the slight decreases experienced in infrastructure
revenues, which are primarily coal-related. In addition, NRP
recorded a gain on the sale of a preparation plant in the third
quarter of 2012. Excluding that one time gain, revenues other than
coal royalty revenues increased 56% over the third quarter of
2012.
Operating Expenses
Total operating expenses
increased mainly due to increased depreciation, depletion and
amortization resulting from production from higher cost
properties.
Net Income
Net income and net income per unit
decreased in the third quarter of 2013 compared to the 2012 period.
In addition to lower revenues and higher expenses, which were
predominantly non-cash, a small portion of the decrease was due to
an increase in the number of units outstanding in 2013 versus the
same quarter in 2012.
Distributable Cash Flow
Distributable cash flow
increased due to cash distributions received from OCI Wyoming,
which offset other declines.
Third Quarter 2013 compared to Second Quarter 2013
Highlights
|
Quarter
Ended
|
|
September
2013
|
June
2013
|
%
Change
|
|
(in thousands,
except per ton and per unit)
|
|
Total revenues and
other income
|
$
82,237
|
$
86,804
|
-5%
|
Coal production
(tons)
|
13,476
|
14,894
|
-10%
|
Coal royalty
revenues
|
$
52,305
|
$
58,210
|
-10%
|
Average coal royalty
revenue per ton
|
$
3.88
|
$
3.91
|
-1%
|
Revenues other than
coal royalty
|
$
29,932
|
$
28,594
|
5%
|
Operating
expenses
|
$
30,613
|
$
31,472
|
-3%
|
Net income to limited
partners
|
$
35,403
|
$
40,244
|
-12%
|
Net income per
unit
|
$
0.32
|
$
0.37
|
-14%
|
Average units
outstanding
|
109,812
|
109,812
|
0%
|
Distributable cash
flow(1)
|
$
104,613
|
$
90,650
|
15%
|
(1)See
Non-GAAP reconciliation
|
|
|
|
Revenues
Total revenues for the third quarter
decreased from the second quarter due to decreased coal production
partially offset by improvements in revenues other than coal
royalty revenues.
Operating Expenses
Operating expenses were
slightly less than the second quarter due to lower general and
administrative expenses.
Net Income
Net income and net income per unit
decreased in the third quarter from the previous quarter due to
lower revenues and increased interest expense.
Distributable Cash Flow
Distributable cash flow
increased $14.0 million in the third
quarter mainly due to distributions received from OCI Wyoming that
more than offset the lower revenues.
Acquisitions and Liquidity
Through the third quarter 2013, NRP has invested
approximately $330 million in
acquisitions and has committed to pay approximately $35.5 million to acquire additional oil and gas
assets in the Bakken/Three Forks play, all in an effort to
diversify its revenues.
In the third quarter, NRP issued $300
million of senior notes and used the net proceeds from the
offering to repay $198 million in
borrowings under its the credit facility and pay down a portion of
the term loan incurred in connection with the OCI Wyoming
acquisition.
At the end of the third quarter, NRP's liquidity was
approximately $408 million,
consisting of $100 million in cash
and $308 million available under its
credit facilities.
Distributions
As reported on October 22, 2013,
the Board of Directors of NRP's general partner declared a
quarterly distribution of $0.55 per
unit for the third quarter 2013 to be paid on November 14, 2013 to unitholders of record on
November 5, 2013.
Market Outlook and Guidance
The thermal coal market continues to be weak. NRP believes
that over the next quarter it will be getting some clarity for 2014
and beyond as current contracts roll over or off. The
metallurgical coal market is gradually improving off of its recent
low, with the recent benchmark price of $152 per metric ton being $7 per metric ton above the benchmark price for
the prior quarter. The metallurgical coal recovery will not
be a rapid one, but the global demand for steel continues to
increase, and due to NRP's large exposure to metallurgical coal,
particularly from Central Appalachia, NRP will benefit as the
market steadily improves.
NRP continues to believe that the partnership's diversification
efforts will help to dampen the impact of the weaker coal
markets. NRP's 2013 guidance issued in August reflected the
impact of the weaker coal markets and NRP still believes that its
2013 results will be within the previously issued ranges.
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 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 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
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; 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.
13-17
-Financial statements follow-
Natural Resource
Partners L.P.
Operating
Statistics
(in thousands
except per ton data)
|
|
|
|
|
|
Quarter
Ended
|
|
For the Nine
Months Ended
|
|
|
|
|
September
2013
|
|
September
2012
|
|
September
2013
|
|
September
2012
|
|
|
|
|
|
|
|
|
|
|
|
(unaudited)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Coal
Royalties:
|
|
|
|
|
|
|
|
Coal royalty
revenues:
|
|
|
|
|
|
|
|
|
Appalachia
|
|
|
|
|
|
|
|
|
|
Northern
|
$
2,882
|
|
$
3,300
|
|
$
12,008
|
|
$
10,996
|
|
|
Central
|
25,270
|
|
39,404
|
|
81,861
|
|
119,880
|
|
|
Southern
|
5,571
|
|
9,672
|
|
20,623
|
|
20,694
|
|
|
|
Total
Appalachia
|
$
33,723
|
|
$
52,376
|
|
$
114,492
|
|
$
151,570
|
|
Illinois
Basin
|
15,364
|
|
13,205
|
|
40,864
|
|
34,886
|
|
Northern Powder River
Basin
|
2,279
|
|
4,493
|
|
6,703
|
|
6,264
|
|
Gulf Coast
Lignite
|
939
|
|
185
|
|
2,898
|
|
333
|
Total
|
|
|
$
52,305
|
|
$
70,259
|
|
$
164,957
|
|
$
193,053
|
Coal royalty
production (tons):
|
|
|
|
|
|
|
|
|
Appalachia
|
|
|
|
|
|
|
|
|
|
Northern
|
2,779
|
|
1,814
|
|
10,051
|
|
5,866
|
|
|
Central
|
5,116
|
|
6,590
|
|
16,062
|
|
19,632
|
|
|
Southern
|
921
|
|
1,159
|
|
3,188
|
|
2,547
|
|
|
|
Total
Appalachia
|
8,816
|
|
9,563
|
|
29,301
|
|
28,045
|
|
Illinois
Basin
|
3,635
|
|
2,907
|
|
9,541
|
|
7,908
|
|
Northern Powder River
Basin
|
735
|
|
853
|
|
2,499
|
|
1,447
|
|
Gulf Coast
Lignite
|
290
|
|
17
|
|
862
|
|
37
|
Total
|
|
|
13,476
|
|
13,340
|
|
42,203
|
|
37,437
|
Average royalty
revenue per ton:
|
|
|
|
|
|
|
|
|
Appalachia
|
|
|
|
|
|
|
|
|
|
Northern
|
$
1.04
|
|
$
1.82
|
|
$
1.19
|
|
$
1.87
|
|
|
Central
|
4.94
|
|
5.98
|
|
5.10
|
|
6.11
|
|
|
Southern
|
6.05
|
|
8.35
|
|
6.47
|
|
8.12
|
|
|
|
Total
Appalachia
|
3.83
|
|
5.48
|
|
3.91
|
|
5.40
|
|
Illinois
Basin
|
4.23
|
|
4.54
|
|
4.28
|
|
4.41
|
|
Northern Powder River
Basin
|
3.10
|
|
5.27
|
|
2.68
|
|
4.33
|
|
Gulf Coast
Lignite
|
3.24
|
|
10.88
|
|
3.36
|
|
9.00
|
Combined average
royalty
|
|
|
|
|
|
|
|
|
revenue per
ton
|
$
3.88
|
|
$
5.27
|
|
$
3.91
|
|
$
5.16
|
|
|
|
|
|
|
|
|
|
|
|
Aggregates:
|
|
|
|
|
|
|
|
Royalty
revenues
|
$
1,996
|
|
$
1,643
|
|
$
5,299
|
|
$
5,061
|
Aggregate royalty
bonus
|
570
|
|
-
|
|
570
|
|
-
|
Production
|
1,767
|
|
1,239
|
|
4,246
|
|
4,053
|
Average base royalty
per ton
|
$
1.13
|
|
$
1.33
|
|
$
1.25
|
|
$
1.25
|
|
|
|
|
|
|
|
|
|
|
|
Oil and
gas:
|
|
|
|
|
|
|
|
Revenues
|
|
$
3,886
|
|
$
1,246
|
|
$
9,742
|
|
$
6,712
|
|
|
|
|
|
|
|
|
|
|
|
Investment in
OCI Wyoming:
|
|
|
|
|
|
|
|
Equity and other
unconsolidated investment earnings
|
$
7,238
|
|
$
-
|
|
$
22,168
|
|
$
-
|
Cash distributions
received
|
46,006
|
|
-
|
|
72,946
|
|
-
|
Natural Resource
Partners L.P.
Consolidated
Statements of Comprehensive Income
(in thousands,
except per unit data)
|
|
|
|
|
|
|
Quarter
Ended
|
|
For the Nine
Months Ended
|
|
|
|
|
|
September
2013
|
|
September
2012
|
|
September
2013
|
|
September
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(unaudited)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues and other
income:
|
|
|
|
|
|
|
|
|
|
|
Coal
royalties
|
|
|
$
52,305
|
|
$
70,259
|
|
$
164,957
|
|
$
193,053
|
|
Equity and other
unconsolidated investment income
|
|
7,238
|
|
-
|
|
22,168
|
|
-
|
|
Aggregate
royalties
|
|
|
2,566
|
|
1,643
|
|
5,869
|
|
5,061
|
|
Processing
fees
|
|
|
1,377
|
|
1,641
|
|
3,886
|
|
6,905
|
|
Transportation
fees
|
|
|
4,742
|
|
5,007
|
|
13,499
|
|
14,361
|
|
Oil and gas
royalties
|
|
|
3,886
|
|
1,246
|
|
9,742
|
|
6,712
|
|
Property
taxes
|
|
|
4,009
|
|
3,602
|
|
11,805
|
|
11,421
|
|
Minimums recognized
as revenue
|
|
998
|
|
1,096
|
|
6,425
|
|
13,748
|
|
Override
royalties
|
|
|
2,927
|
|
3,359
|
|
11,011
|
|
11,998
|
|
Other
|
|
|
2,189
|
|
6,322
|
|
14,011
|
|
13,452
|
|
|
Total revenues and
other income
|
|
82,237
|
|
94,175
|
|
263,373
|
|
276,711
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
Depreciation,
depletion and amortization
|
|
17,852
|
|
14,485
|
|
50,025
|
|
42,066
|
|
Asset
impairments
|
|
|
-
|
|
-
|
|
734
|
|
-
|
|
General and
administrative
|
|
|
7,305
|
|
8,225
|
|
27,769
|
|
24,204
|
|
Property, franchise
and other taxes
|
|
4,234
|
|
4,853
|
|
12,810
|
|
13,640
|
|
Lease operating
expenses
|
|
|
483
|
|
-
|
|
483
|
|
-
|
|
Transportation
costs
|
|
|
455
|
|
446
|
|
1,242
|
|
1,446
|
|
Coal royalty and
override payments
|
|
284
|
|
523
|
|
826
|
|
1,396
|
|
|
Total operating
expenses
|
|
|
30,613
|
|
28,532
|
|
93,889
|
|
82,752
|
Income from
operations
|
|
|
51,624
|
|
65,643
|
|
169,484
|
|
193,959
|
Other income
(expense)
|
|
|
|
|
|
|
|
|
-
|
|
Interest
expense
|
|
|
(15,516)
|
|
(13,677)
|
|
(44,619)
|
|
(40,815)
|
|
Interest
income
|
|
|
18
|
|
35
|
|
232
|
|
104
|
Income before
non-controlling interest
|
|
$
36,126
|
|
$
52,001
|
|
$
125,097
|
|
$
153,248
|
|
Non-controlling
interest
|
|
|
-
|
|
-
|
|
-
|
|
-
|
Net
income
|
|
|
$
36,126
|
|
$
52,001
|
|
$
125,097
|
|
$
153,248
|
Net income
attributable to:
|
|
|
|
|
|
|
|
|
|
|
General
partner
|
|
|
$
723
|
|
$
1,040
|
|
$
2,502
|
|
$
3,065
|
|
Limited
partners
|
|
|
$
35,403
|
|
$
50,961
|
|
$
122,595
|
|
$
150,183
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted net
income per
|
|
|
|
|
|
|
|
|
|
|
limited partner
unit:
|
|
|
$
0.32
|
|
$
0.48
|
|
$
1.12
|
|
$
1.42
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of units outstanding:
|
|
109,812
|
|
106,028
|
|
109,507
|
|
106,028
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive
income
|
|
|
$
36,167
|
|
$
52,015
|
|
$
125,243
|
|
$
153,285
|
Natural Resource
Partners L.P.
Consolidated
Statements of Cash Flow
(in thousands,
except per unit data)
|
|
|
|
|
|
|
Quarter
Ended
|
|
For the Nine
Months Ended
|
|
|
|
|
|
September
2013
|
|
September
2012
|
|
September
2013
|
|
September
2012
|
|
|
|
|
|
(unaudited)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
$
36,126
|
|
$
52,001
|
|
$
125,097
|
|
$
153,248
|
|
Adjustments to
reconcile net income to
|
|
|
|
|
|
|
|
|
|
|
net cash provided by
operating activities:
|
|
|
|
|
|
|
|
|
|
|
Depreciation,
depletion and amortization
|
|
17,852
|
|
14,485
|
|
50,025
|
|
42,066
|
|
|
Gain on reserve
swap
|
|
-
|
|
-
|
|
(8,149)
|
|
-
|
|
|
Equity and other
unconsolidated investment income
|
|
(7,238)
|
|
-
|
|
(22,168)
|
|
-
|
|
|
Distributions from
unconsolidated investments
|
|
7,951
|
|
-
|
|
24,113
|
|
-
|
|
|
Non-cash interest
charge, net
|
|
899
|
|
153
|
|
1,454
|
|
453
|
|
|
Gain on sale of
assets
|
|
(401)
|
|
(4,715)
|
|
(551)
|
|
(8,823)
|
|
|
Asset
impairment
|
|
-
|
|
-
|
|
734
|
|
-
|
|
Change in operating
assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
Accounts
receivable
|
|
5,227
|
|
(5,185)
|
|
9,477
|
|
666
|
|
|
Other
assets
|
|
3,849
|
|
345
|
|
864
|
|
369
|
|
|
Accounts payable and
accrued liabilities
|
|
571
|
|
493
|
|
792
|
|
1,055
|
|
|
Accrued
interest
|
|
(2,022)
|
|
(2,613)
|
|
(2,598)
|
|
(2,771)
|
|
|
Deferred
revenue
|
|
3,380
|
|
5,316
|
|
13,331
|
|
11,867
|
|
|
Accrued incentive
plan expenses
|
|
1,139
|
|
1,717
|
|
(80)
|
|
(3,544)
|
|
|
Property, franchise
and other taxes payable
|
|
(1,467)
|
|
(132)
|
|
(2,826)
|
|
(714)
|
|
|
|
Net cash provided by
operating activities:
|
|
65,866
|
|
61,865
|
|
189,515
|
|
193,872
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
|
|
Acquisition of land
and mineral rights
|
|
(38,303)
|
|
(40,010)
|
|
(38,303)
|
|
(134,463)
|
|
|
Acquisition or
construction of plant and equipment
|
|
-
|
|
(189)
|
|
-
|
|
(681)
|
|
|
Acquisition of equity
interests
|
|
(98)
|
|
-
|
|
(293,077)
|
|
-
|
|
|
Distributions from
unconsolidated investments
|
|
38,056
|
|
-
|
|
48,833
|
|
-
|
|
|
Proceeds from sale of
assets
|
|
405
|
|
14,762
|
|
559
|
|
15,047
|
|
|
Return on direct
financing lease and contractual override
|
|
286
|
|
1,495
|
|
841
|
|
2,399
|
|
|
Investment in direct
financing lease
|
|
-
|
|
-
|
|
-
|
|
(59,009)
|
|
|
|
Net cash used in
investing activities
|
|
346
|
|
(23,942)
|
|
(281,147)
|
|
(176,707)
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
|
|
Proceeds from
loans
|
|
304,020
|
|
30,000
|
|
547,020
|
|
103,000
|
|
|
Repayment of
loans
|
|
(306,692)
|
|
(7,692)
|
|
(386,230)
|
|
(30,800)
|
|
|
Deferred financing
costs
|
|
(7,440)
|
|
-
|
|
(9,061)
|
|
-
|
|
|
Proceeds from
issuance of common units
|
|
-
|
|
-
|
|
75,000
|
|
-
|
|
|
Capital contribution
by general partner
|
|
-
|
|
-
|
|
1,531
|
|
-
|
|
|
Costs associated with
equity transactions
|
|
-
|
|
(59)
|
|
(60)
|
|
(59)
|
|
|
Repayment of
obligation related to acquisitions
|
|
-
|
|
-
|
|
|
|
(500)
|
|
|
Distributions to
partners
|
|
(61,629)
|
|
(59,727)
|
|
(186,317)
|
|
(181,309)
|
|
|
|
Net cash provided by
(used in) financing activities
|
|
(71,741)
|
|
(37,478)
|
|
41,883
|
|
(109,668)
|
Net (decrease)
in cash and cash equivalents
|
|
(5,529)
|
|
445
|
|
(49,749)
|
|
(92,503)
|
Cash and cash
equivalents at beginning of period
|
|
105,204
|
|
121,974
|
|
149,424
|
|
214,922
|
Cash and cash
equivalents at end of period
|
|
$
99,675
|
|
$
122,419
|
|
$
99,675
|
|
$
122,419
|
Supplemental cash
flow information:
|
|
|
|
|
|
|
|
|
|
|
Cash paid during the
period for interest
|
|
$
16,631
|
|
$
16,137
|
|
$
45,716
|
|
$
43,113
|
Natural Resource
Partners L.P.
Consolidated Balance Sheets
(in thousands, except for unit information)
|
|
ASSETS
|
|
|
|
|
September
30
2013
|
|
December
31,
2012
|
|
|
|
|
(unaudited)
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
99,675
|
|
$
149,424
|
|
Accounts receivable,
net of allowance for doubtful accounts
|
|
30,639
|
|
35,116
|
|
Accounts receivable -
affiliates
|
|
8,550
|
|
10,613
|
|
Other
|
|
281
|
|
1,042
|
|
|
Total current
assets
|
|
139,145
|
|
196,195
|
Land
|
|
|
24,340
|
|
24,340
|
Plant and equipment,
net
|
|
27,703
|
|
32,401
|
Mineral rights,
net
|
|
1,382,864
|
|
1,380,473
|
Intangible assets,
net
|
|
68,110
|
|
70,766
|
Equity and other
unconsolidated investments
|
|
242,407
|
|
-
|
Loan financing costs,
net
|
|
11,936
|
|
4,291
|
Long-term contracts
receivable - affiliate
|
|
53,603
|
|
55,576
|
Other assets,
net
|
|
527
|
|
630
|
|
|
Total
assets
|
|
$
1,950,635
|
|
$
1,764,672
|
|
|
|
|
|
|
|
LIABILITIES AND
PARTNERS' CAPITAL
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Accounts payable and
accrued liabilities
|
|
$
6,032
|
|
$
3,693
|
|
Accounts payable -
affiliates
|
|
727
|
|
957
|
|
Current portion of
long-term debt
|
|
56,175
|
|
87,230
|
|
Accrued incentive
plan expenses - current portion
|
|
7,522
|
|
7,718
|
|
Property, franchise
and other taxes payable
|
|
5,126
|
|
7,952
|
|
Accrued
interest
|
|
7,667
|
|
10,265
|
|
|
Total current
liabilities
|
|
83,249
|
|
117,815
|
Deferred
revenue
|
|
136,677
|
|
123,506
|
Accrued incentive
plan expenses
|
|
8,981
|
|
8,865
|
Long-term
debt
|
|
1,088,884
|
|
897,039
|
Partners'
capital:
|
|
|
|
|
|
Common units
outstanding (109,812,408 and 106,027,836)
|
|
621,363
|
|
605,019
|
|
General partner's
interest
|
|
10,362
|
|
10,026
|
|
Non-controlling
interest
|
|
1,416
|
|
2,845
|
|
Accumulated other
comprehensive loss
|
|
(297)
|
|
(443)
|
|
|
Total partners'
capital
|
|
632,844
|
|
617,447
|
|
|
Total liabilities and
partners' capital
|
|
$
1,950,635
|
|
$
1,764,672
|
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
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
|
(unaudited)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
Net cash provided by
operating activities
|
|
$
65,866
|
|
$
61,865
|
|
$
189,515
|
|
$
193,872
|
Distributions from
unconsolidated investments(1)
|
|
$
38,056
|
|
$
-
|
|
$
48,833
|
|
$
-
|
Return on direct
financing lease and contractual override
|
|
286
|
|
1,495
|
|
841
|
|
2,399
|
Proceeds from sale of
assets
|
|
405
|
|
14,762
|
|
559
|
|
15,047
|
Distributable cash
flow
|
|
$
104,613
|
|
$
78,122
|
|
$
239,748
|
|
$
211,318
|
|
|
|
|
|
|
|
|
|
(1)The
cash distributions that NRP received were $46.0 million for the
third quarter and $72.9 million for the nine months ended September
30, 2013. The amounts included in the table reflect the
difference between the cash distributions received and the revenues
we recorded from the OCI Wyoming investment, which are included in
net cash provided by operating activities.
|
Reconciliation of
GAAP "Net cash provided by operating activities"
to Non-GAAP
"Distributable cash flow"
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
|
September
2013
|
|
June
2013
|
|
|
(unaudited)
|
|
|
|
|
|
Net cash provided by
operating activities
|
|
$
65,866
|
|
$
79,736
|
Distributions from
unconsolidated investments(1)
|
|
$
38,056
|
|
$
10,777
|
Return on direct
financing lease and contractual override
|
|
286
|
|
137
|
Proceeds from sale of
assets
|
|
405
|
|
-
|
Distributable cash
flow
|
|
$
104,613
|
|
$
90,650
|
|
|
|
|
|
(1)The
cash distributions that NRP received were $46.0 million for the
third quarter and $26.7 million for the second quarter. The amounts
included in the table reflect the difference between the cash
distributions received and the revenues we recorded from the OCI
Wyoming investment, which are included in net cash provided by
operating activities.
|
SOURCE Natural Resource Partners L.P.