Natural Resource Partners L.P. Reports 2013 Results

2013 Highlights

? Revenues of $358.1 million

? Net income per unit of $1.54

? Distributable cash flow of $309.4 million

? EBITDA of $316.7 million

12 Feb, 2014, 17:05 ET from Natural Resource Partners L.P.

HOUSTON, Feb. 12, 2014 /PRNewswire/ -- Natural Resource Partners L.P. (NYSE: NRP) today reported 2013 revenues of $358.1 million compared to $379.1 million for 2012 and net income per unit of $1.54 versus $1.97 reported for 2012.  Distributable cash flow was $309.4 million for 2013 compared to $298.9 million for 2012.  NRP also reported EBITDA of $316.7 million for 2013 versus $328.1 million for 2012.  Reconciliations of the non-GAAP measures of distributable cash flow and EBITDA are included in the tables at the end of this release.

For the quarter ended December 31, 2013, revenues totaled $94.7 million compared to $102.4 million reported for the same period 2012.  Net income per unit for the fourth quarter was $0.42 per unit compared to $0.56 per unit for the fourth quarter 2012.  Distributable cash flow for the fourth quarter was $69.6 million and EBITDA was $87.1 million compared to $87.6 million and $92.0 million, respectively, for the fourth quarter 2012.

"In 2013, NRP made big strides in our diversification process with over $365 million of acquisitions outside of the coal space," said Nick Carter, President and Chief Operating Officer.  "Our investment in OCI Wyoming, a trona and soda ash operation, helped to dampen the impact of a decline in coal revenues in Appalachia.  While coal related revenues remain a large portion of NRP's business, the investments made to diversify our revenues, including the two Williston Basin oil and gas acquisitions completed in 2013, will continue to minimize the impact of the weaker coal markets until a recovery is experienced in both the metallurgical and thermal coal markets. The results of NRP's operations reported today were in the middle to upper end of the 2013 guidance ranges released in August and reconfirmed in early January."

Highlights

Quarter Ended

For the Year Ended

December

December

%

December

December

%

2013

2012

Change

2013

2012

Change

(in thousands except per unit and per ton)

(in thousands except per unit and per ton)

Revenues

Total revenues and other income

$   94,744

$ 102,436

-8%

$ 358,117

$ 379,147

-6%

Coal production (tons)

11,089

17,012

-35%

53,292

54,444

-2%

Coal royalty revenues

$   47,706

$   67,681

-30%

$ 212,663

$ 260,734

-18%

Average coal royalty revenue per ton

$       4.30

$       3.98

8%

$       3.99

$       4.79

-17%

Revenues other than coal royalties

$   47,038

$   34,755

35%

$ 145,454

$ 118,413

23%

Operating Expenses

$   27,992

$   29,230

-4%

$ 121,881

$ 111,982

9%

Net income 

Net income to limited partners

$   46,041

$   58,905

-22%

$ 168,636

$ 209,088

-19%

Net income per unit

$        0.42

$       0.56

-25%

$       1.54

$       1.97

-22%

Average units outstanding

109,812

106,028

4%

109,584

106,028

3%

Distributable cash flow(1)

$   69,646

$   87,581

-20%

$ 309,394

$ 298,899

4%

EBITDA(1)

$   87,113

$   91,987

-5%

316,657

328,116

-3%

EBITDA margin(1)

92%

90%

2%

88%

87%

2%

(1) See "Non-GAAP Financial Measures" and reconciliation tables at the end of the release.

Twelve Months 2013 compared to Twelve Months 2012

Revenues Total revenues for 2013 declined 6% to $358.1 million from the same period of 2012 due to a decrease in coal related revenues offset by equity income from the OCI investment and increased oil and gas revenues.  Coal royalty revenues decreased $48.1 million, or 18%, from 2012 to $212.7 million due primarily to decreases in prices for both metallurgical and steam coal. Coal production volumes decreased slightly to 53.3 million tons, while average coal royalty revenue per ton decreased 17% to $3.99 per ton.  Metallurgical coal represented 31% of coal production and 41% of coal royalty revenues for 2013.   

NRP benefitted from its diversification into other asset classes, as revenues other than coal royalty revenues increased to 41% of total revenues in 2013 as compared to 31% of total revenues in 2012.  The increase was primarily due to revenues associated with the investment in OCI Wyoming, as well as increases in aggregates and oil and gas revenues.  These increases more than offset the slight decreases experienced in infrastructure revenues and overriding royalties, as well as the larger decrease in minimums recognized as revenue, all of which are primarily coal related. 

Operating Expenses Total operating expenses increased by 9% mainly due to increased depreciation, depletion and amortization resulting from production from higher cost properties and increased general and administrative expense.  

Net Income Net income attributable to the limited partners and net income per unit decreased 19% and 22% respectively in 2013 compared to the 2012 period. In addition to lower revenues and higher expenses, a small portion of the decrease in net income per unit was due to an increase in the number of units outstanding in 2013 versus the same period in 2012. 

Distributable Cash Flow Distributable cash flow increased by 4% to $309.4 million mainly due to cash distributions received from OCI Wyoming, which offset other declines. 

EBITDA EBITDA declined 3% in 2013 to $316.7 million from the $328.1 million generated in 2012.  The decrease is mainly related to decreased coal related revenues.  NRP, due to its unique business structure that generates predominantly royalty income, realized an EBITDA margin of 88% in 2013 versus 87% in 2012. 

Fourth Quarter 2013 compared to Third Quarter 2013

Highlights

Quarter Ended

December 2013

September 2013

% Change

(in thousands, except per ton and per unit)

Revenues

Total revenues and other income

$            94,744

$             82,237

15%

Coal production (tons)

11,089

13,476

-18%

Coal royalty revenues

$            47,706

$             52,305

-9%

Average coal royalty revenue per ton

$                4.30

$                 3.88

11%

Revenues other than coal royalty

$            47,038

$             29,932

57%

Operating expenses

$            27,992

$             30,613

-9%

Net income

Net income to limited partners

$            46,041

$             35,403

30%

Net income per unit

$                0.42

$                 0.32

31%

Average units outstanding

109,812

109,812

0%

Distributable cash flow(1)

$            69,646

$           104,613

-33%

EBITDA(1)

$            87,113

$             72,860

20%

EBITDA margin(1)

92%

89%

3%

(1) See "Non-GAAP Financial Measures" and reconciliation tables at the end of the release.

Revenues Total revenues for the fourth quarter increased 15% to $94.7 million from the third quarter due to increased revenue from our equity investment in OCI, increased oil and gas revenues, and the receipt of a right-of-way condemnation payment of $10.4 million in the fourth quarter.  These increases more than offset the 18% decline in coal production, a significant portion of which was due to lessees mining on adjacent property not owned by NRP, and the resultant decrease in coal royalty revenues. The 11% increase in coal royalty revenue per ton over the third quarter is predominantly due to lower production allocable to NRP in the fourth quarter on properties that receive lower royalty rates than the remainder of the production.  These properties are currently mining on adjacent reserves.

Operating Expenses Operating expenses were less than the third quarter predominantly due to lower depreciation, depletion and amortization on lower production volumes. 

Net Income Net income to the limited partners and net income per unit increased 30% in the fourth quarter from the previous quarter mainly due to higher revenues other than coal royalty revenues, decreased depreciation, depletion and amortization partially offset by declines in coal related revenues and increased interest expense related to the high-yield notes issued in September 2013. 

Distributable Cash Flow Distributable cash flow decreased $35.0 million in the fourth quarter, as NRP received a special one-time distribution of $44.8 million from OCI during the third quarter.

EBITDA EBITDA for the fourth quarter 2013 increased to $87.1 million over the $72.9 million generated in the third quarter 2013.  The EBITDA margin for the fourth quarter was 92%, up from 89% in the third quarter.

Market Outlook

As a result of the exceptionally cold winter of 2013-2014, natural gas prices have increased substantially and natural gas storage levels have dropped below the five-year average.  In addition, utilities have been running their coal units, including those units expected to be retired in 2015, at near full capacity, and coal stockpiles have been reduced below their 2013 levels.  The impact of the high natural gas prices and cold weather on thermal coal prices has been muted so far, but utilities have entered 2014 with larger spot positions than in the past, and the reduced stockpiles could force them to purchase coal on the spot market at higher prices during the peak heating and cooling seasons in 2014.  "Higher natural gas prices and the possibility of improving thermal coal prices due to the weather, benefits NRP in both our interests in natural gas as well as our coal business," said Nick Carter.  "On the other hand, federal government policy and regulations are continuing to be challenging." 

On the metallurgical side of the market, NRP continues to have substantial exposure to metallurgical coal, from which it derived 31% of its coal production and 41% of its coal royalty revenues during 2013.  The market remains weak, with the first quarter 2014 benchmark price at a multi-year low of $143 per metric ton.  Although global demand for steel continues to increase, global production continues to outpace demand. In addition, rising exports of metallurgical coal from Australia continue to have a negative effect on prices received for metallurgical coal produced in the United States.  "NRP does not anticipate metallurgical coal prices to recover in 2014, due to the continued high global production levels and currently weak Australian and Canadian dollars," said Nick Carter.

As indicated in the guidance issued in January, NRP anticipates significant growth in its oil and gas revenues in 2014, primarily due to increased crude oil production derived from the two recent Williston Basin acquisitions.  As NRP completes additional oil and gas acquisitions and the current assets become developed further, NRP will report more detailed information to the market related to the reserves, production and commodity prices.  NRP is currently not hedged with respect to any of its oil and gas assets.  In addition to the coal and oil and gas markets, NRP now has exposure to the soda ash market through its investment in OCI Wyoming.  NRP anticipates receiving approximately $42.5 million in distributions from OCI in 2014, and believes that the domestic soda ash market will remain stable throughout the year.  Market reports indicate that the international soda ash market should show improvement over 2013, primarily due to anticipated price increases in the Asian market.

Distributions

In January 2014, the Board of Directors of NRP's general partner declared a quarterly distribution of $0.35 per unit for the fourth quarter 2013.  This $0.20 per unit reduction in the quarterly distribution will reduce NRP's total distributions by approximately $90 million in 2014. The reduction was predicated by the lower budgeted revenues and increased interest expense expected in 2014 and will allow NRP to preserve its liquidity for acquisitions.

Acquisitions and Liquidity

In 2013, NRP invested more than $365 million in non-coal-related acquisitions in an effort to diversify its revenues.

At year-end 2013, NRP's liquidity was approximately $390 million, consisting of $93 million in cash and $296 million available under its credit facilities.  This positions NRP to continue to make accretive acquisitions that will create value for its unitholders.

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.  In addition, NRP owns an equity investment in OCI Wyoming, a trona/soda ash operation, and owns non-operated working interests in oil and gas properties.

For additional information, please contact Kathy H. Roberts at 713-751-7555 or kroberts@nrplp.com.  Further information about NRP is available on the partnership's website at http://www.nrplp.com.

Non-GAAP Financial Measures

"Distributable cash flow" represents cash flow from operations plus any distributions received in excess of equity income recognized  for OCI Wyoming,  plus any proceeds from the sale of assets plus the return on direct financing lease and contractual overrides shown in the cash flows from investing activities section of the cash flow statement.  Distributable cash flow is a "non-GAAP financial measure" that is presented because management believes it is a useful adjunct to net cash provided by operating activities under GAAP. Distributable cash flow is a significant liquidity metric that is an indicator of NRP's ability to make quarterly cash distributions to its partners. Distributable cash flow is also the quantitative standard used throughout the investment community with respect to publicly traded partnerships. Distributable cash flow is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operating, investing or financing activities. A reconciliation of distributable cash flow to net cash provided by operating activities is included in the tables attached to this release.  Distributable cash flow may not be calculated the same for NRP as other companies.

"EBITDA" is a non-GAAP financial measure that we define as earnings before interest, taxes, depreciation, depletion and amortization and asset impairment. "EBITDA," as used and defined by us, may not be comparable to similarly titled measures employed by other companies and is not a measure of performance calculated in accordance with GAAP. EBITDA should not be considered in isolation or as a substitute for operating income, net income or loss, cash flows provided by operating, investing and financing activities, or other income or cash flow statement data prepared in accordance with GAAP. EBITDA provides no information regarding a company's capital structure, borrowings, interest costs, capital expenditures, and working capital movement or tax positions. EBITDA does not represent funds available for discretionary use because those funds may be required for debt service, capital expenditures, working capital and other commitments and obligations. Our management team believes EBITDA is useful in evaluating our financial performance because this measure is widely used by analysts and investors for comparative purposes. NRP has not previously included EBITDA as a financial measure in its press releases. However, NRP entered the high-yield bond market in 2013, and EBITDA is a financial measure widely used by investors in that market.  There are significant limitations to using EBITDA as a measure of performance, including the inability to analyze the effect of certain recurring and non-recurring items that materially affect our net income or loss, the lack of comparability of results of operations of different companies and the different methods of calculating EBITDA reported by different companies.

"EBITDA margin" represents NRP's EBITDA as a percentage of total revenues.

Forward-Looking Statements

This press release includes "forward-looking statements" as defined by the Securities and Exchange Commission.  All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the partnership expects, believes or anticipates will or may occur in the future are forward-looking statements.  These statements are based on certain assumptions made by the partnership based on its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances.  Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the partnership.  These risks include, but are not limited to, decreases in demand for coal, oil and gas, and aggregates and industrial minerals, including trona/soda ash; changes in operating conditions and costs; production cuts by our lessees; commodity prices; unanticipated geologic problems; changes in the legislative or regulatory environment 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 Year Ended

December

December

December

December

2013

2012

2013

2012

(unaudited)

(unaudited)

Coal Royalties:

Coal royalty revenues:

Appalachia

Northern

$     2,635

$     4,772

$      14,643

$   15,768

Central

23,143

36,510

105,004

156,390

Southern

5,533

8,631

26,156

29,325

Total Appalachia

$   31,311

$   49,913

$    145,803

$ 201,483

Illinois Basin

15,137

14,652

56,001

49,538

Northern Powder River Basin

866

2,237

7,569

8,501

Gulf Coast 

392

879

3,290

1,212

Total

$   47,706

$   67,681

$    212,663

$ 260,734

Coal royalty production (tons):

Appalachia

Northern

1,454

4,620

11,505

10,486

Central

4,739

6,466

20,801

26,098

Southern

963

1,171

4,151

3,718

Total Appalachia

7,156

12,257

36,457

40,302

Illinois Basin

3,546

3,391

13,087

11,299

Northern Powder River Basin

279

930

2,778

2,377

Gulf Coast 

108

434

970

466

Total

11,089

17,012

53,292

54,444

Average royalty revenue per ton:

Appalachia

Northern

$       1.81

$       1.03

$          1.27

$       1.50

Central

4.88

5.65

5.05

5.99

Southern

5.75

7.37

6.30

7.89

Total Appalachia

4.38

4.07

4.00

5.00

Illinois Basin

4.27

4.32

4.28

4.38

Northern Powder River Basin

3.10

2.41

2.72

3.58

Gulf Coast 

3.63

2.03

3.39

2.60

Combined average royalty revenue per ton

$       4.30

$       3.98

$          3.99

$       4.79

Aggregates:

Royalty revenues

$     1,774

$     1,537

$        7,073

$     6,598

Aggregate royalty bonus

$              -

$              -

$           570

$              -

Production

1,642

1,234

6,155

5,287

Average base royalty per ton

$       1.08

$       1.25

$          1.15

$       1.25

Oil and gas:

Revenues

$     7,338

$     2,448

$      17,080

$     9,160

Investment in OCI Wyoming:

Equity and other unconsolidated investment earnings

$   12,018

$              -

$      34,186

$              -

Cash distributions received

$              -

$              -

$      72,946

$              -

 

 

 

Natural Resource Partners L.P.

Consolidated Statements of Comprehensive Income

(in thousands, except per unit data)

Quarter Ended

For the Year Ended

December

December

December

December

2013

2012

2013

2012

(unaudited)

(unaudited)

Revenues and other income:

Coal royalties

$   47,706

$   67,681

$    212,663

$ 260,734

Equity and other unconsolidated investment income

12,018

-

34,186

-

Aggregate royalties

1,774

1,537

7,643

6,598

Processing fees

1,163

1,394

5,049

8,299

Transportation fees

4,478

5,152

17,977

19,513

Oil and gas revenues

7,338

2,448

17,080

9,160

Property taxes

3,611

3,852

15,416

15,273

Minimums recognized as revenue

1,860

10,208

8,285

23,956

Override royalties

2,488

3,529

13,499

15,527

Other

12,308

6,635

26,319

20,087

Total revenues and other income

94,744

102,436

358,117

379,147

Operating expenses:

Depreciation, depletion and amortization

14,352

16,155

64,377

58,221

Asset impairments

-

2,568

734

2,568

General and administrative

9,052

5,460

36,821

29,714

Property, franchise and other taxes

3,653

4,088

16,463

17,678

Lease operating expenses

256

-

739

-

Transportation costs

402

498

1,644

1,944

Coal royalty and override payments

277

461

1,103

1,857

Total operating expenses

27,992

29,230

121,881

111,982

Income from operations

66,752

73,206

236,236

267,165

Other income (expense)

-

Interest expense

(19,777)

(13,157)

(64,396)

(53,972)

Interest income

6

58

238

162

Income before non-controlling interest

$   46,981

$   60,107

$    172,078

$ 213,355

Non-controlling interest

-

-

-

-

Net income 

$   46,981

$   60,107

$    172,078

$ 213,355

Net income attributable to:

General partner

$         940

$      1,202

$        3,442

$     4,267

Limited partners

$   46,041

$   58,905

$    168,636

$ 209,088

Basic and diluted net income per

limited partner unit:

$       0.42

$       0.56

$          1.54

$       1.97

Weighted average number of units outstanding:

109,812

106,028

109,584

106,028

Comprehensive income 

$   46,900

$   60,120

$    172,143

$ 213,405

 

 

 

Natural Resource Partners L.P.

Consolidated Statements of Cash Flow

(in thousands, except per unit data)

Quarter Ended

For the Year Ended

December

December

December

December

2013

2012

2013

2012

(unaudited)

(unaudited)

Cash flows from operating activities:

Net income 

$   46,981

$   60,107

$    172,078

$ 213,355

Adjustments to reconcile net income to 

net cash provided by operating activities:

Depreciation, depletion and amortization

14,352

16,155

64,377

58,221

Gain on reserve swap

-

-

(8,149)

-

Equity and other unconsolidated investment income

(12,018)

-

(34,186)

-

Distributions from unconsolidated investments

-

-

24,113

-

Non-cash interest charge, net

746

152

2,200

605

Gain on sale of assets

(10,370)

(4,752)

(10,921)

(13,575)

Asset impairment

-

2,568

734

2,568

Change in operating assets and liabilities:

Accounts receivable

(2,651)

(1,468)

6,826

(802)

Other assets

(1,380)

(605)

(516)

(236)

Accounts payable and accrued liabilities

1,405

854

2,197

1,909

Accrued interest

9,517

2,275

6,919

(496)

Deferred revenue

5,909

(183)

19,240

11,684

Accrued incentive plan expenses

2,364

83

2,284

(3,461)

Property, franchise and other taxes payable

2,704

2,350

(122)

1,636

Net cash provided by operating activities:

57,559

77,536

247,074

271,408

Cash flows from investing activities:

Acquisition of land and mineral rights

(33,697)

(46,071)

(72,000)

(180,534)

Acquisition or construction of plant and equipment

-

-

-

(681)

Acquisition of equity interests

(8)

-

(293,085)

-

Distributions from unconsolidated investments

-

-

48,833

-

Proceeds from sale of assets

10,370

9,775

10,929

24,822

Return on direct financing lease and contractual override

1,717

270

2,558

2,669

Investment in direct financing lease

-

-

-

(59,009)

Net cash used in investing activities

(21,618)

(36,026)

(302,765)

(212,733)

Cash flows from financing activities:

Proceeds from loans

20,000

45,000

567,020

148,000

Repayment of loans

-

-

(386,230)

(30,800)

Deferred financing costs

(148)

-

(9,209)

-

Proceeds from issuance of common units

-

-

75,000

-

Capital contribution by general partner

-

-

1,531

-

Costs associated with equity transactions

(233)

-

(293)

(59)

Repayment of obligation related to acquisitions

-

-

(500)

Distributions to partners

(62,722)

(59,505)

(249,039)

(240,814)

Net cash used in financing activities

(43,103)

(14,505)

(1,220)

(124,173)

Net increase (decrease)  in cash and cash equivalents

(7,162)

27,005

(56,911)

(65,498)

Cash and cash equivalents at beginning of period

99,675

122,419

149,424

214,922

Cash and cash equivalents at end of period

$   92,513

$ 149,424

$      92,513

$ 149,424

Supplemental cash flow information:

Cash paid during the period for interest

$     9,475

$   10,729

$      55,191

$   53,842

Non-cash  activities:

Notes receivable related to sale of asset

$               -

$                 -

$     1,808

Non-cash contingent consideration on equity investments

$   15,000

$      15,000

 

 

 

Natural Resource Partners L.P.

Consolidated Balance Sheets

(in thousands, except for unit information)

ASSETS

December 31,

December 31,

2013

2012

(unaudited)

Current assets:

Cash and cash equivalents

$         92,513

$       149,424

Accounts receivable, net of allowance for doubtful accounts

33,737

35,116

Accounts receivable - affiliates

7,666

10,613

Other

1,691

1,042

Total current assets

135,607

196,195

Land

24,340

24,340

Plant and equipment, net

26,435

32,401

Mineral rights, net

1,405,455

1,380,473

Intangible assets, net

66,950

70,766

Equity and other unconsolidated investments

269,338

-

Loan financing costs, net

11,502

4,291

Long-term contracts receivable - affiliate

51,732

55,576

Other assets, net

497

630

Total assets

$    1,991,856

$    1,764,672

LIABILITIES AND PARTNERS' CAPITAL

Current liabilities:

Accounts payable and accrued liabilities

$           8,659

$           3,693

Accounts payable - affiliates

391

957

Current portion of long-term debt

80,983

87,230

Accrued incentive plan expenses - current portion

8,341

7,718

Property, franchise and other taxes payable

7,830

7,952

Accrued interest

17,184

10,265

Total current liabilities

123,388

117,815

Deferred revenue

142,586

123,506

Accrued incentive plan expenses

10,526

8,865

Other non-current liabilities

14,341

-

Long-term debt

1,084,226

897,039

Partners' capital:

Common units outstanding (109,812,408 and 106,027,836)

606,774

605,019

General partner's interest

10,069

10,026

Non-controlling interest

324

2,845

Accumulated other comprehensive loss

(378)

(443)

Total partners' capital

616,789

617,447

Total liabilities and partners' capital

$    1,991,856

$    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 Year Ended

December

December

December

December

2013

2012

2013

2012

(unaudited)

(unaudited)

Net cash provided by operating activities

$   57,559

$    77,536

$ 247,074

$ 271,408

Distributions from unconsolidated investments(1)

-

-

48,833

-

Return on direct financing lease and contractual override

1,717

270

2,558

2,669

Proceeds from sale of assets

10,370

9,775

10,929

24,822

Distributable cash flow

$   69,646

$    87,581

$ 309,394

$ 298,899

(1) The cash distributions that NRP received were $72.9 million for the twelve months ended December 31, 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

December

September

2013

2013

(unaudited)

Net cash provided by operating activities

$   57,559

$    65,866

Distributions from unconsolidated investments(1)

-

38,056

Return on direct financing lease and contractual override

1,717

286

Proceeds from sale of assets

10,370

405

Distributable cash flow

$   69,646

$  104,613

(1) NRP received no cash distributions in the fourth quarter 2013 and $46.0 million for the third 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.

 

 

 

Natural Resource Partners L.P.

Reconciliation of GAAP Financial Measures

to Non-GAAP Financial Measures

(in thousands)

Reconciliation of GAAP "Net income"

to Non-GAAP "EBITDA"

Quarter Ended

For the Year Ended

December

December

December

December

2013

2012

2013

2012

(unaudited)

(unaudited)

Net income

$   46,981

$    60,107

$  172,078

$ 213,355

Add depreciation, depletion and amortization

14,352

16,155

64,377

58,221

Add asset impairments

-

2,568

734

2,568

Add interest expense, gross

19,777

13,157

64,396

53,972

Add depreciation, depletion and amortization and interest relating to OCI Wyoming

6,003

-

15,072

-

EBITDA

$   87,113

$    91,987

$  316,657

$ 328,116

EBITDA margin

EBITDA

$   87,113

$    91,987

$  316,657

$ 328,116

Total revenues

94,744

102,436

358,117

379,147

EBITDA margin

92%

90%

88%

87%

Reconciliation of GAAP "Net income"

to Non-GAAP "EBITDA"

Quarter Ended

December

September

2013

2013

(unaudited)

Net income

$   46,981

$    36,126

Add depreciation, depletion and amortization

14,352

17,852

Add asset impairments

-

-

Add interest expense, gross

19,777

15,516

Add depreciation, depletion and amortization and interest relating to OCI Wyoming

6,003

3,366

EBITDA

$   87,113

$    72,860

EBITDA margin

EBITDA

$   87,113

$    72,860

Total revenues

94,744

82,237

EBITDA margin

92%

89%

 

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SOURCE Natural Resource Partners L.P.



RELATED LINKS

http://www.nrplp.com