HOUSTON, Aug. 7, 2013 /PRNewswire/ --Natural Resource Partners L.P. (NYSE:NRP) today reported revenues of $86.8 million for the second quarter of 2013 compared to $90.7 million for the second quarter of 2012 and distributable cash flow, a non-GAAP measure, of $90.7 million compared to $83.7 million for the second quarter of 2012. Net income per unit was $0.37 in the second quarter of 2013 versus $0.46 per unit in the second 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 lessees continue to perform much better than the industry average. Production by lessees from NRP's properties increased 19% for the first six months of 2013 over the first six months of 2012, compared to a nationwide production decrease of over 4% for the industry for the same period. From an operating perspective, our first six months were virtually in line with our projections," said Nick Carter, President and Chief Operating Officer.
|
Highlights
|
Quarter Ended
|
|
For the Six Months Ended
|
|
June
|
June
|
%
|
|
June
|
June
|
%
|
|
2013
|
2012
|
Change
|
|
2013
|
2012
|
Change
|
|
(in thousands except per unit and per ton)
|
|
|
|
|
|
|
Revenues
|
|
|
|
|
|
|
|
|
Total revenues
|
$ 86,804
|
$ 90,664
|
-4%
|
|
$ 181,136
|
$ 182,536
|
-1%
|
|
Coal production (tons)
|
14,894
|
11,982
|
24%
|
|
28,727
|
24,097
|
19%
|
|
Coal royalty revenues
|
$ 58,210
|
$ 62,878
|
-7%
|
|
$ 112,652
|
$ 122,794
|
-8%
|
|
Average coal royalty revenue per ton
|
$ 3.91
|
$ 5.25
|
-26%
|
|
$ 3.92
|
$ 5.10
|
-23%
|
|
Revenues other than coal royalties
|
$ 28,594
|
$ 27,786
|
3%
|
|
$ 68,484
|
$ 59,742
|
15%
|
|
|
|
|
|
|
|
|
|
Operating Expenses
|
$ 31,472
|
$ 27,172
|
16%
|
|
$ 63,276
|
$ 54,220
|
17%
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
|
|
|
|
|
Net income to limited partners
|
$ 40,244
|
$ 48,939
|
-18%
|
|
$ 87,192
|
$ 99,222
|
-12%
|
|
Net income per unit
|
$ 0.37
|
$ 0.46
|
-20%
|
|
$ 0.80
|
$ 0.94
|
-15%
|
|
Average units outstanding
|
109,812
|
106,028
|
4%
|
|
109,352
|
106,028
|
3%
|
|
|
|
|
|
|
|
|
|
Distributable cash flow(1)
|
$ 90,650
|
$ 83,711
|
8%
|
|
$ 135,135
|
$ 133,196
|
1%
|
|
(1) See Non-GAAP reconciliation
|
|
|
|
|
|
|
Second Quarter 2013 compared to Second Quarter 2012
Revenues
Second quarter 2013 total revenues decreased from the same period of 2012 due to a decrease in coal royalty revenues. Coal royalty revenues decreased 7% from 2012 to $58.2 million due primarily to decreases in realizations for metallurgical coal. Metallurgical coal accounted for 28% of NRP's production and 40% of its coal royalty revenues for the second quarter of 2013 compared to 35% of production and 45% of coal royalty revenues in the second quarter of 2012.
Coal production volumes increased 24% to 14.9 million tons, while average coal royalty revenue per ton decreased 26% to $3.91 per ton. NRP benefitted during the quarter from the diversity of its coal assets, with an increase in production from all regions other than Central Appalachia as compared to the second quarter of 2012. In Southern Appalachia, the increased production was mainly due to sales that were idled for much of 2012 due to the destruction of a preparation plant. In Northern Appalachia, the increased production was due to a longwall that has moved onto NRP property. In the Northern Powder River Basin, the increase was due to the checkerboard nature of our holdings in the mine.
NRP also benefitted from its diversification into other asset classes, as revenues other than coal royalty revenues increased primarily due to revenues associated with the investment in OCI Wyoming in January 2013.
Operating Expenses
Total operating expenses increased mainly due to increased depreciation, depletion and amortization resulting from a reserve swap made in the first quarter of 2013 and increased general and administrative expense relating to new employees.
Net Income
Net income and net income per unit decreased in the second quarter of 2013 compared to the 2012 period. In addition to the 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 mainly due to cash distributions received from OCI Wyoming, which offset other declines.
|
Highlights
|
Quarter Ended
|
|
June 2013
|
March 2013
|
% Change
|
|
(in thousands, except per ton and per unit)
|
|
|
Total revenues
|
$ 86,804
|
$ 94,332
|
-8%
|
|
Coal production (tons)
|
14,894
|
13,833
|
8%
|
|
Coal royalty revenues
|
$ 58,210
|
$ 54,442
|
7%
|
|
Average coal royalty revenue per ton
|
$ 3.91
|
$ 3.94
|
-1%
|
|
Revenues other than coal royalty
|
$ 28,594
|
$ 39,890
|
-28%
|
|
Operating expenses
|
$ 31,472
|
$ 31,804
|
-1%
|
|
Net income to limited partners
|
$ 40,244
|
$ 46,948
|
-14%
|
|
Net income per unit
|
$ 0.37
|
$ 0.43
|
-14%
|
|
Average units outstanding
|
109,812
|
108,887
|
1%
|
|
Distributable cash flow(1)
|
$ 90,650
|
$ 44,485
|
104%
|
|
(1)See Non-GAAP reconciliation
|
|
|
|
Second Quarter 2013 compared to First Quarter 2013
Revenues
Total revenues for the second quarter decreased from the first quarter, predominantly due to an $8.1 million gain on a reserve swap that was recorded in the first quarter. In the second quarter, NRP realized increased coal royalty revenues due to increased production relative to the first quarter and increased oil and gas revenue due to increased oil and gas activity. These increases were offset by lower minimums recognized as revenue and decreased overriding royalties and transportation fees.
Operating Expenses
Operating expenses were virtually flat with the first quarter. Increased depreciation, depletion and amortization offset the decrease in general and administrative expenses.
Net Income
Net income and net income per unit decreased in the second quarter from the previous quarter due to lower revenues.
Distributable Cash Flow
Distributable cash flow more than doubled to $90.7 million from $44.5 million in the first quarter mainly due to working capital changes, including the distributions received from OCI in the second quarter of $26.7 million.
Acquisitions and Liquidity
In 2013, NRP has invested $293 million in acquisitions and has committed to pay approximately $35 million to acquire oil and gas assets in the Bakken/Three Forks play, all in an effort to diversify its revenues. The equity investment in OCI Wyoming in the first quarter has helped soften the decline in the coal-related revenues in the first half of the year. Through the second quarter, NRP received distributions of $26.9 million from OCI Wyoming. In addition, in July, NRP received $46.0 million in dividends and distributions, including a $44.8 million special distribution associated with a restructuring of OCI Wyoming. The special distribution is being used to pay for the previously announced acquisition of non-operated working interests in oil and gas assets located in the Bakken/Three Forks play that is scheduled to close early August and to reduce debt.
At the end of the second quarter, NRP had approximately $214 million in liquidity, consisting of $105 million in cash and $109 million available under its credit facility.
Distributions
As reported on July 23, 2013, the Board of Directors of NRP's general partner declared a quarterly distribution of $0.55 per unit for the second quarter 2013.
Updated 2013 Guidance
NRP is providing updated guidance for 2013. Expected coal royalty revenues have decreased by 4%, resulting in an expected decrease in total 2013 revenues of 2%. The decrease in revenues, together with an increase in operating expenses primarily due to increased depreciation, depletion and amortization relating to a reserve swap made in the first quarter of 2013, result in a $0.20 per unit decrease in expected net income for 2013. Distributable cash flow for 2013 has been increased by $40 million, primarily due to NRP's investment in OCI Wyoming.
"Due to our continued diversification, including the investment in OCI Wyoming, we are raising our distributable cash flow forecast. In addition, even after considering the weakness in the coal markets, our lessees indicate that they are seeing the beginnings of a better market for their coal. However, until expected market improvements materialize into increased royalty payments to us, we have chosen to lower our 2013 guidance for coal royalty revenues," said Carter. "These revenue revisions coupled with higher depreciation, depletion and amortization expenses, because of where our lessees are mining, and general and administrative expense result in a decrease in our guidance on net income per unit."
Following is a table containing the 2013 guidance update.
|
Revised 2013 Guidance
|
|
Original 2013 Guidance
|
|
(Range)
|
|
(Range)
|
|
(in millions except per unit)
|
|
(in millions except per unit)
|
|
Coal royalty revenues
|
$ 205.0
|
-
|
$ 220.0
|
|
$ 210.0
|
-
|
$ 235.0
|
|
Coal production tonnage (mm tons)
|
50.0
|
-
|
56.0
|
|
48.0
|
-
|
56.0
|
|
Total revenues
|
$ 330.0
|
-
|
$ 360.0
|
|
$ 330.0
|
-
|
$ 375.0
|
|
Distributable cash flow
|
$ 290.0
|
-
|
$ 320.0
|
|
$ 250.0
|
-
|
$ 280.0
|
|
Net income per unit
|
$ 1.40
|
-
|
$ 1.60
|
|
$ 1.60
|
-
|
$ 1.80
|
|
Average units outstanding
|
109.6
|
-
|
109.6
|
|
109.6
|
-
|
109.6
|
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 poceeds 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.
-Financial statements follow-
|
Natural Resource Partners L.P.
|
|
Operating Statistics
|
|
(in thousands except per ton data)
|
|
|
|
|
|
Quarter Ended
|
|
For the Six Months Ended
|
|
|
|
|
|
June
|
|
June
|
|
June
|
|
June
|
|
|
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
|
|
|
|
(unaudited)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Coal Royalties:
|
|
|
|
|
|
|
|
|
|
Coal royalty revenues:
|
|
|
|
|
|
|
|
|
|
Appalachia
|
|
|
|
|
|
|
|
|
|
|
Northern
|
|
$ 4,242
|
|
$ 4,689
|
|
$ 9,126
|
|
$ 7,697
|
|
|
Central
|
|
30,185
|
|
38,403
|
|
56,591
|
|
80,475
|
|
|
Southern
|
|
7,352
|
|
6,718
|
|
15,052
|
|
11,021
|
|
|
|
Total Appalachia
|
$ 41,779
|
|
$ 49,810
|
|
$ 80,769
|
|
$ 99,193
|
|
Illinois Basin
|
|
12,843
|
|
12,912
|
|
25,500
|
|
21,681
|
|
Northern Powder River Basin
|
2,295
|
|
310
|
|
4,424
|
|
1,772
|
|
Gulf Coast Lignite
|
|
1,293
|
|
(154)
|
|
1,959
|
|
148
|
|
Total
|
|
|
|
$ 58,210
|
|
$ 62,878
|
|
$ 112,652
|
|
$ 122,794
|
|
Coal royalty production (tons):
|
|
|
|
|
|
|
|
|
Appalachia
|
|
|
|
|
|
|
|
|
|
|
Northern
|
|
3,531
|
|
1,651
|
|
7,272
|
|
4,052
|
|
|
Central
|
|
5,826
|
|
6,507
|
|
10,946
|
|
13,041
|
|
|
Southern
|
|
1,163
|
|
835
|
|
2,267
|
|
1,388
|
|
|
|
Total Appalachia
|
10,520
|
|
8,993
|
|
20,485
|
|
18,481
|
|
Illinois Basin
|
|
3,012
|
|
2,910
|
|
5,906
|
|
5,001
|
|
Northern Powder River Basin
|
969
|
|
126
|
|
1,764
|
|
595
|
|
Gulf Coast Lignite
|
|
393
|
|
(47)
|
|
572
|
|
20
|
|
Total
|
|
|
|
14,894
|
|
11,982
|
|
28,727
|
|
24,097
|
|
Average royalty revenue per ton:
|
|
|
|
|
|
|
|
|
Appalachia
|
|
|
|
|
|
|
|
|
|
|
Northern
|
|
$ 1.20
|
|
$ 2.84
|
|
$ 1.25
|
|
$ 1.90
|
|
|
Central
|
|
5.18
|
|
5.90
|
|
5.17
|
|
6.17
|
|
|
Southern
|
|
6.32
|
|
8.05
|
|
6.64
|
|
7.94
|
|
|
|
Total Appalachia
|
3.97
|
|
5.54
|
|
3.94
|
|
5.37
|
|
Illinois Basin
|
|
4.26
|
|
4.44
|
|
4.32
|
|
4.34
|
|
Northern Powder River Basin
|
2.37
|
|
2.46
|
|
2.51
|
|
2.98
|
|
Gulf Coast Lignite
|
|
3.29
|
|
3.28
|
|
3.42
|
|
7.40
|
|
Combined average royalty
|
|
|
|
|
|
|
|
|
revenue per ton
|
|
$ 3.91
|
|
$ 5.25
|
|
$ 3.92
|
|
$ 5.10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aggregates:
|
|
|
|
|
|
|
|
|
|
Royalty revenues
|
|
$ 1,751
|
|
$ 1,702
|
|
$ 3,303
|
|
$ 3,418
|
|
Production
|
|
1,463
|
|
1,447
|
|
2,746
|
|
2,814
|
|
Average base royalty per ton
|
$ 1.20
|
|
$ 1.18
|
|
$ 1.20
|
|
$ 1.21
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil and gas:
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
$ 4,093
|
|
$ 4,078
|
|
$ 5,856
|
|
$ 5,466
|
|
Natural Resource Partners L.P.
|
|
Consolidated Statements of Comprehensive Income
|
|
(in thousands, except per unit data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
For the Six Months Ended
|
|
|
|
|
|
June
|
|
June
|
|
June
|
|
June
|
|
|
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
|
|
|
|
(unaudited)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
Coal royalties
|
|
|
$ 58,210
|
|
$ 62,878
|
|
$ 112,652
|
|
$ 122,794
|
|
Equity and other unconsolidated investment income, net
|
7,882
|
|
-
|
|
14,930
|
|
-
|
|
Aggregate royalties
|
|
|
1,751
|
|
1,702
|
|
3,303
|
|
3,418
|
|
Processing fees
|
|
|
1,329
|
|
3,138
|
|
2,509
|
|
5,264
|
|
Transportation fees
|
|
|
3,832
|
|
5,246
|
|
8,757
|
|
9,354
|
|
Oil and gas royalties
|
|
|
4,093
|
|
4,078
|
|
5,856
|
|
5,466
|
|
Property taxes
|
|
|
3,849
|
|
3,331
|
|
7,796
|
|
7,819
|
|
Minimums recognized as revenue
|
|
836
|
|
938
|
|
5,427
|
|
12,652
|
|
Override royalties
|
|
|
3,179
|
|
3,497
|
|
8,084
|
|
8,639
|
|
Other
|
|
|
1,843
|
|
5,856
|
|
11,822
|
|
7,130
|
|
|
Total revenues
|
|
|
86,804
|
|
90,664
|
|
181,136
|
|
182,536
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization
|
17,411
|
|
15,172
|
|
32,173
|
|
27,581
|
|
Asset impairments
|
|
|
443
|
|
-
|
|
734
|
|
-
|
|
General and administrative
|
|
|
8,878
|
|
7,029
|
|
20,464
|
|
15,979
|
|
Property, franchise and other taxes
|
|
4,225
|
|
3,771
|
|
8,576
|
|
8,787
|
|
Transportation costs
|
|
|
328
|
|
527
|
|
787
|
|
1,000
|
|
Coal royalty and override payments
|
|
187
|
|
673
|
|
542
|
|
873
|
|
|
Total operating expenses
|
|
31,472
|
|
27,172
|
|
63,276
|
|
54,220
|
|
Income from operations
|
|
|
55,332
|
|
63,492
|
|
117,860
|
|
128,316
|
|
Other income (expense)
|
|
|
|
|
|
|
|
|
-
|
|
Interest expense
|
|
|
(14,440)
|
|
(13,578)
|
|
(29,103)
|
|
(27,138)
|
|
Interest income
|
|
|
173
|
|
24
|
|
214
|
|
69
|
|
Income before non-controlling interest
|
|
$ 41,065
|
|
$ 49,938
|
|
$ 88,971
|
|
$ 101,247
|
|
Non-controlling interest
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Net income
|
|
|
$ 41,065
|
|
$ 49,938
|
|
$ 88,971
|
|
$ 101,247
|
|
Net income attributable to:
|
|
|
|
|
|
|
|
|
|
|
General partner
|
|
|
$ 821
|
|
$ 999
|
|
$ 1,779
|
|
$ 2,025
|
|
Limited partners
|
|
|
$ 40,244
|
|
$ 48,939
|
|
$ 87,192
|
|
$ 99,222
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted net income per
|
|
|
|
|
|
|
|
|
|
limited partner unit:
|
|
|
$ 0.37
|
|
$ 0.46
|
|
$ 0.80
|
|
$ 0.94
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of units outstanding:
|
109,812
|
|
106,028
|
|
109,352
|
|
106,028
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income
|
|
|
$ 41,116
|
|
$ 49,951
|
|
$ 89,076
|
|
$ 101,270
|
|
Natural Resource Partners L.P.
|
|
Consolidated Statements of Cash Flow
|
|
(in thousands, except per unit data)
|
|
|
|
|
Quarter Ended
|
|
For the Six Months Ended
|
|
|
|
|
June
|
|
June
|
|
June
|
|
June
|
|
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
|
|
|
(unaudited)
|
|
(unaudited)
|
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
Net income
|
$ 41,065
|
|
$ 49,938
|
|
$ 88,971
|
|
$ 101,247
|
|
Adjustments to reconcile net income to
|
|
|
|
|
|
|
|
|
|
net cash provided by operating activities:
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization
|
17,411
|
|
15,172
|
|
32,173
|
|
27,581
|
|
|
Gain on reserve swap
|
-
|
|
-
|
|
(8,149)
|
|
-
|
|
|
Equity and other unconsolidated investment income, net
|
(7,882)
|
|
-
|
|
(14,930)
|
|
-
|
|
|
Distributions from unconsolidated investments
|
15,925
|
|
-
|
|
16,162
|
|
-
|
|
|
Non-cash interest charge, net
|
279
|
|
151
|
|
555
|
|
300
|
|
|
Gain on sale of assets
|
-
|
|
(4,108)
|
|
(150)
|
|
(4,108)
|
|
|
Asset impairment
|
443
|
|
-
|
|
734
|
|
-
|
|
Change in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
|
Accounts receivable
|
4,781
|
|
7,088
|
|
4,250
|
|
5,851
|
|
|
Other assets
|
(3,251)
|
|
(176)
|
|
(2,985)
|
|
24
|
|
|
Accounts payable and accrued liabilities
|
1,094
|
|
(521)
|
|
221
|
|
562
|
|
|
Accrued interest
|
1,349
|
|
2,737
|
|
(576)
|
|
(158)
|
|
|
Deferred revenue
|
5,445
|
|
9,000
|
|
9,951
|
|
6,551
|
|
|
Accrued incentive plan expenses
|
2,036
|
|
1,331
|
|
(1,219)
|
|
(5,261)
|
|
|
Property, franchise and other taxes payable
|
1,041
|
|
1,910
|
|
(1,359)
|
|
(582)
|
|
|
|
Net cash provided by operating activities:
|
79,736
|
|
82,522
|
|
123,649
|
|
132,007
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
Acquisition of land and mineral rights
|
-
|
|
(26,727)
|
|
-
|
|
(94,453)
|
|
|
Acquisition or construction of plant and equipment
|
-
|
|
(492)
|
|
-
|
|
(492)
|
|
|
Acquisition of equity interests
|
(40)
|
|
-
|
|
(292,979)
|
|
-
|
|
|
Distributions from unconsolidated investments
|
10,777
|
|
-
|
|
10,777
|
|
-
|
|
|
Proceeds from sale of assets
|
-
|
|
285
|
|
154
|
|
285
|
|
|
Return on direct financing lease and contractual override
|
137
|
|
904
|
|
555
|
|
904
|
|
|
Investment in direct financing lease
|
-
|
|
-
|
|
-
|
|
(59,009)
|
|
|
|
Net cash used in investing activities
|
10,874
|
|
(26,030)
|
|
(281,493)
|
|
(152,765)
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
Proceeds from loans
|
43,000
|
|
26,000
|
|
243,000
|
|
73,000
|
|
|
Repayment of loans
|
(42,916)
|
|
(7,917)
|
|
(79,538)
|
|
(23,108)
|
|
|
Deferred financing costs
|
-
|
|
-
|
|
(1,621)
|
|
-
|
|
|
Proceeds from issuance of common units
|
-
|
|
-
|
|
75,000
|
|
-
|
|
|
Capital contribution by general partner
|
-
|
|
-
|
|
1,531
|
|
-
|
|
|
Costs associated with equity transactions
|
(13)
|
|
-
|
|
(60)
|
|
-
|
|
|
Repayment of obligation related to acquisitions
|
-
|
|
(500)
|
|
|
|
(500)
|
|
|
Distributions to partners
|
(61,630)
|
|
(59,505)
|
|
(124,688)
|
|
(121,582)
|
|
|
|
Net cash provided by (used in) financing activities
|
(61,559)
|
|
(41,922)
|
|
113,624
|
|
(72,190)
|
|
Net (decrease) in cash and cash equivalents
|
29,051
|
|
14,570
|
|
(44,220)
|
|
(92,948)
|
|
Cash and cash equivalents at beginning of period
|
76,153
|
|
107,404
|
|
149,424
|
|
214,922
|
|
Cash and cash equivalents at end of period
|
$ 105,204
|
|
$ 121,974
|
|
$ 105,204
|
|
$ 121,974
|
|
Supplemental cash flow information:
|
|
|
|
|
|
|
|
|
|
Cash paid during the period for interest
|
$ 12,784
|
|
$ 10,684
|
|
$ 29,085
|
|
$ 26,976
|
|
Natural Resource Partners L.P.
|
|
Consolidated Balance Sheets
|
|
(in thousands, except for unit information)
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
June 30,
|
|
December 31,
|
|
|
|
|
|
|
|
2013
|
|
2012
|
|
|
|
|
|
|
|
(unaudited)
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
$ 105,204
|
|
$ 149,424
|
|
Accounts receivable, net of allowance for doubtful accounts
|
29,995
|
|
35,116
|
|
Accounts receivable - affiliates
|
|
|
13,597
|
|
10,613
|
|
Other
|
|
|
|
|
4,097
|
|
1,042
|
|
|
Total current assets
|
|
|
|
152,893
|
|
196,195
|
|
Land
|
|
|
|
|
|
24,340
|
|
24,340
|
|
Plant and equipment, net
|
|
|
|
29,268
|
|
32,401
|
|
Mineral rights, net
|
|
|
|
1,360,386
|
|
1,380,473
|
|
Intangible assets, net
|
|
|
|
69,064
|
|
70,766
|
|
Equity and other unconsolidated investments
|
|
|
279,877
|
|
-
|
|
Loan financing costs, net
|
|
|
|
5,383
|
|
4,291
|
|
Long-term contracts receivable - affiliate
|
|
|
54,080
|
|
55,576
|
|
Other assets, net
|
|
|
|
560
|
|
630
|
|
|
Total assets
|
|
|
|
$ 1,975,851
|
|
$ 1,764,672
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND PARTNERS' CAPITAL
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities
|
|
|
$ 3,399
|
|
$ 3,693
|
|
Accounts payable - affiliates
|
|
|
|
1,472
|
|
957
|
|
Current portion of long-term debt
|
|
|
59,175
|
|
87,230
|
|
Accrued incentive plan expenses - current portion
|
|
7,056
|
|
7,718
|
|
Property, franchise and other taxes payable
|
|
6,593
|
|
7,952
|
|
Accrued interest
|
|
|
|
9,689
|
|
10,265
|
|
|
Total current liabilities
|
|
|
|
87,384
|
|
117,815
|
|
Deferred revenue
|
|
|
|
133,297
|
|
123,506
|
|
Accrued incentive plan expenses
|
|
|
|
8,308
|
|
8,865
|
|
Long-term debt
|
|
|
|
1,088,556
|
|
897,039
|
|
Partners' capital:
|
|
|
|
|
|
|
|
Common units outstanding (109,812,408 and 106,027,836)
|
646,356
|
|
605,019
|
|
General partner's interest
|
|
|
|
10,872
|
|
10,026
|
|
Non-controlling interest
|
|
|
|
1,416
|
|
2,845
|
|
Accumulated other comprehensive loss
|
|
|
(338)
|
|
(443)
|
|
|
Total partners' capital
|
|
|
|
658,306
|
|
617,447
|
|
|
Total liabilities and partners' capital
|
|
|
$ 1,975,851
|
|
$ 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 Six Months Ended
|
|
|
|
|
June
|
|
June
|
|
June
|
|
June
|
|
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
|
|
|
(unaudited)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities
|
|
|
|
$ 79,736
|
|
$ 82,522
|
|
$ 123,649
|
|
$ 132,007
|
|
Distributions from unconsolidated investments
|
|
|
|
$ 10,777
|
|
$ -
|
|
$ 10,777
|
|
$ -
|
|
Return on direct financing lease and contractual override
|
|
|
|
137
|
|
904
|
|
555
|
|
904
|
|
Proceeds from sale of assets
|
|
|
|
-
|
|
285
|
|
154
|
|
285
|
|
Distributable cash flow
|
|
|
|
$ 90,650
|
|
$ 83,711
|
|
$ 135,135
|
|
$ 133,196
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP "Net cash provided by operating activities"
|
|
to Non-GAAP "Distributable cash flow"
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
|
|
|
|
|
June
|
|
March
|
|
|
|
|
|
|
|
|
2013
|
|
2013
|
|
|
|
|
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities
|
|
|
|
$ 79,736
|
|
$ 43,913
|
|
|
|
|
|
Distributions from unconsolidated investments
|
|
|
|
$ 10,777
|
|
$ -
|
|
|
|
|
|
Return on direct financing lease and contractual override
|
|
|
|
137
|
|
418
|
|
|
|
|
|
Proceeds from sale of assets
|
|
|
|
-
|
|
154
|
|
|
|
|
|
Distributable cash flow
|
|
|
|
$ 90,650
|
|
$ 44,485
|
|
|
|
|
SOURCE Natural Resource Partners L.P.