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.