NATURAL RESOURCE PARTNERS LP HOUSTON, May 7, 2015 /PRNewswire/ -- Natural Resource Partners L.P. (NYSE:NRP) today reported first quarter 2015 revenues of $109.7 million, resulting in net income per unit of $0.14 compared to $80.3 million in revenues and net income per unit of $0.29 reported for the first quarter 2014. Distributable cash flow was $53.3 million in the first quarter 2015 compared to $38.9 million for 2014. NRP also reported Adjusted EBITDA of $64.2 million for first quarter 2015 versus $69.0 million for first quarter 2014.
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"As announced on April 22, we are in the initial stages of implementing a long-term strategic plan to reduce NRP's debt and enhance our liquidity through this difficult commodity cycle," said Wyatt Hogan, President and Chief Operating Officer. "During the implementation of this long-term plan, we will remain focused on actively managing our assets and operations in a cost-efficient manner. As demonstrated by our first quarter 2015 results, we have diversified our sources of revenue across a more balanced portfolio of coal royalties, construction aggregates, soda ash and oil and gas, and believe that we are on the right path to achieving our long-term objective of growing NRP while improving our financial profile."
Highlights Quarter Ended
-------------
March 31, March 31, %
2015 2014 Change
---- ---- ------
(in thousands except
per unit and per ton)
---------------------
Revenues
--------
Total
revenues and
other income $109,677 $80,309 37%
------------- -------- ------- ---
Coal
production
(tons) 11,108 12,252 -9%
----------- ------ ------ ---
Average coal
royalty
revenue per
ton $3.35 $3.55 -6%
------------ ----- ----- ---
Total coal
related
revenues $49,482 $52,373 -6%
---------- ------- ------- ---
Aggregates
related
revenue $28,946 $3,396 752%
---------- ------- ------ ---
Oil and gas
related
revenue $15,230 $10,058 51%
----------- ------- ------- ---
Equity in
earnings of
unconsolidated
investment $12,523 $9,779 28%
--------------- ------- ------ ---
Operating
Expenses $69,260 $27,870 149%
--------- ------- ------- ---
Net income
----------
Net income to
limited
partners $17,139 $31,953 -46%
------------- ------- ------- ---
Net income
per common
unit $0.14 $0.29 -52%
----------- ----- ----- ---
Weighted
average
common units
outstanding 122,300 109,848 11%
------------- ------- ------- ---
Net cash
provided by
operating
activities 55,472 38,630 44%
------------ ------ ------ ---
Distributable
cash flow(1) $53,289 $38,927 37%
------------- ------- ------- ---
Adjusted
EBITDA(1) $64,204 $68,978 -7%
---------- ------- ------- ---
(1) See "Non-GAAP Financial
Measures" and reconciliation
tables at the end of the
release.
First Quarter 2015 compared to First Quarter 2014
Revenues and other income
Total revenues and other income for the first quarter 2015 increased 37% to $109.7 million from the same period of 2014 due primarily to increased aggregates related revenues and oil and gas related revenues as a result of the VantaCore construction aggregates and Sanish Field oil and gas acquisitions completed in the fourth quarter of 2014. These increases were partially offset by a decrease in coal related revenues as compared to the first quarter 2014.
The $25.6 million increase in aggregates related revenues included a $26.8 million increase attributable to VantaCore, partially offset by a slight decline in other aggregates related revenues. Equity in earnings of our unconsolidated investment in the soda ash business increased $2.7 million, or 28%, over the first quarter of 2014. In addition, oil and gas revenues increased $5.2 million to $15.2 million.
Coal related revenues decreased 6% to $49.5 million, due to both decreases in coal production volumes by NRP's lessees (9%) and decreases in average coal royalty revenue per ton (6%) as compared to the first quarter 2014. The decrease in coal royalty revenues resulted primarily from a decrease in Northern Appalachian revenues, where coal reserves were exhausted at one higher revenue mine, and also lower sales volumes in the Illinois Basin. Metallurgical coal represented 33% of coal production and 40% of coal royalty revenues for the first quarter of 2015.
Operating Expenses
Total operating expenses increased $41.4 million to $69.3 million. We incurred $22.4 million of operating expenses as well as $2.7 million of general and administrative expenses related to VantaCore's operating construction aggregates business. Depreciation, depletion and amortization increased $10.7 million to $25.4 million mainly due to our recent acquisitions.
Net Income
Net income attributable to the limited partners and net income per unit decreased 46% and 52% respectively in the first quarter 2015 compared to the same period in 2014. In addition to the $12.0 million decrease in income from operations, net income per unit was also lower as a result of an increase in the number of common units outstanding in 2015 versus the same period in 2014.
Distributable Cash Flow
Distributable cash flow increased by 37%, or $14.4 million, to $53.3 million in the first quarter 2015, mainly due to timing of cash payments received by our aggregates related business and approximately $5.2 million related to the sale of some minerals rights and assets. In addition, for the first time, NRP has reduced distributable cash flow for maintenance capital expenditures in the amount of $8.5 million for the first quarter of 2015. A portion of the capital expenditures associated with both our oil and gas working interest business and VantaCore are maintenance capital expenditures, which are capital expenditures made to maintain the long-term production capacity of those businesses. Maintenance capital expenditures are projected to be approximately $22 million for 2015, the majority of which are expected to be related to our Williston Basin oil and gas non-operated working interests and incurred primarily in the first half of the year.
Adjusted EBITDA
Adjusted EBITDA declined approximately $4.8 million in the first quarter 2015 to $64.2 million, compared to the $69.0 million generated in the same period in 2014. The decrease is mainly related to decreased coal related revenues.
First Quarter 2015 compared to Fourth Quarter 2014
Highlights Quarter Ended
-------------
March 31 December 31 % Change
-------- ----------- --------
(in thousands, except
per ton and per unit)
----------------------
Revenues
and
other
income
--------
Total
revenues
and
other
income $109,677 $137,273 -20%
-------- -------- -------- ---
Coal
production
(tons) 11,108 12,986 -14%
----------- ------ ------ ---
Average
coal
royalty
revenue
per
ton $3.35 $3.39 -1%
------- ----- ----- ---
Total
coal
related
revenue $49,482 $53,797 -8%
------- ------- ------- ---
Aggregates
related
revenue $28,946 $44,510 -35%
---------- ------- ------- ---
Oil
and
gas
related
revenue $15,230 $22,085 -31%
-------- ------- ------- ---
Equity
in
earnings
of
unconsolidated
investment $12,523 $12,551 0%
-------------- ------- ------- ---
Operating
expenses $69,260 $106,223 -35%
--------- ------- -------- ---
Net
income
-------
Net
income
to
limited
partners $17,139 $8,472 102%
--------- ------- ------ ---
Net
income
to
the
limited
partners,
before
considering
any
impairments(1) $17,139 $28,645 -40%
--------------- ------- ------- ---
Net
income
per
unit $0.14 $0.07 100%
------- ----- ----- ---
Net
income
per
unit,
before
considering
any
impairments(1) $0.14 $0.24 -42%
--------------- ----- ----- ---
Average
units
outstanding 122,300 121,449 1%
----------- ------- ------- ---
Net
cash
provided
by
operating
activities 55,472 53,659 3%
----------- ------ ------ ---
Distributable
cash
flow(1) $53,289 $56,066 -5%
------------- ------- ------- ---
Adjusted
EBITDA(1) $64,204 $80,143 -20%
--------- ------- ------- ---
(1) See "Non-GAAP Financial
Measures" and reconciliation
tables at the end of the
release.
Revenues and other income
Total revenues and other income for the first quarter of 2015 decreased 20%, to $109.7 million from the fourth quarter of 2014, mainly due to decreases in coal related revenues, a seasonal decline in aggregates related revenues and lower oil and gas revenues. The decrease in coal related revenues resulted from a reduction of 1.9 million tons in production offset partially by recognition of minimums as revenue and condemnation payments. Aggregates related revenues from VantaCore were lower due to winter weather conditions and are expected to improve during the remainder of 2015. While oil and gas production improved modestly, prices declined significantly.
Operating Expenses
Operating expenses declined $37.0 million in the first quarter of 2015 from the previous quarter primarily due to a $20.6 million impairment charge taken in the fourth quarter and $9.9 million of seasonally reduced aggregates operating expenses.
Net Income
Net income to the limited partners decreased 40% to $17.1 million and net income per unit decreased 42% to $0.14 in the first quarter before considering impairments taken in the fourth quarter. This decrease was mainly due to seasonally lower aggregates income, lower oil and gas prices, and lower coal production.
Distributable Cash Flow
Distributable cash flow decreased $2.8 million in the first quarter from the fourth quarter mainly due to the reserve for maintenance capital expenditures of $8.5 million partially offset by asset sales.
Adjusted EBITDA
Adjusted EBITDA for the first quarter 2015 decreased 20% to $64.2 million from the $80.1 million generated in the fourth quarter 2014. This decrease was due to lower income from operations as described above.
Long-Term Strategic Plan and Liquidity
On April 22, 2015, NRP announced its long-term strategic plan to strengthen its balance sheet and enhance liquidity. This plan set forth goals to reduce debt and improve various credit metrics by the end of 2017. At March 31, 2015, NRP had cash of $33.3 million. In addition, NRP currently has $75 million available under Opco's revolving credit facility.
NRP's cash balance and distributable cash flow are typically lower during the first quarter of each year primarily due to significant cash payments during the quarter for semi-annual interest payments and annual long-term incentive plan payments.
Distributions
On April 22, 2015, as part of NRP's long-term strategic plan, the Board of Directors of NRP's general partner declared a reduced quarterly distribution of $0.09 per unit for the first quarter 2015. We intend to use the cash savings from this reduction of approximately $130 million on an annualized basis to repay debt. The distribution is payable on May 14, 2015 to unitholders of record on May 5, 2015.
Company Profile
Natural Resource Partners L.P. is a master limited partnership headquartered in Houston, TX. NRP is a diversified natural resource company that owns interests in oil and gas, coal, aggregates and industrial minerals across the United States. A large percentage of NRP's income from operations is generated from royalties and other passive income. In addition, NRP owns an equity investment in OCI Wyoming, a trona/soda ash operation, owns non-operated working interests in oil and gas properties and owns VantaCore, making NRP one of the top 25 aggregates producers in the United States.
For additional information, please contact Kathy H. Roberts at 713-751-7555 or kroberts@nrplp.com. Further information about NRP is available on the partnership's website at http://www.nrplp.com.
Non-GAAP Financial Measures
Adjusted EBITDA is a non-GAAP financial measure that we define as net income less equity earnings in unconsolidated investment; plus distributions from equity earnings in unconsolidated investment, interest expense, gross, depreciation, depletion and amortization, and asset impairments. Adjusted 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. Adjusted 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 financial activities, or other income or cash flow statement data prepared in accordance with GAAP. Adjusted EBITDA provides no information regarding a partnership's capital structure, borrowings, interest costs, capital expenditures, and working capital movement or tax positions. Adjusted 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 Adjusted EBITDA is useful in evaluating our financial performance because this measure is widely used by financial analysts, investors and rating agencies for comparative purposes. Adjusted EBITDA is also a financial measure widely used by investors in the high-yield bond market. There are significant limitations to using Adjusted EBITDA as a measure of performance, including the inability to analyze the effect of certain recurring items that materially affect our net income or loss, the lack of comparability of results of operations of different companies and the different methods of calculating Adjusted EBITDA reported by different companies. Reconciliations of adjusted EBITDA to net income are included in the table attached to this release.
"Distributable cash flow" represents cash flow from operations, plus returns on unconsolidated equity investments, proceeds from sales of assets, and returns on direct financing lease and contractual overrides, less maintenance capital expenditures. 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 historical 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, commodity prices; decreases in demand for coal, oil, natural gas, and aggregates and industrial minerals, including trona/soda ash; changes in operating conditions and costs; production cuts by our lessees; the pace of development of our oil and natural gas properties; unanticipated geologic problems; our liquidity and access to capital and financing sources; changes in the legislative or regulatory environment and other factors detailed in Natural Resource Partners' Securities and Exchange Commission filings. Natural Resource Partners L.P. has no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
-Financial statements follow-
Natural Resource Partners L.P.
Operating Statistics - Coal Related Revenue
(in thousands except per ton data)
Quarter Ended
-------------
March 31, March 31,
2015 2014
---- ----
(unaudited)
----------
Regional Statistics
Coal royalty production (tons):
Appalachia
Northern 1,745 2,651
Central 4,384 4,376
Southern 974 984
--- ---
Total
Appalachia 7,103 8,011
Illinois
Basin 2,584 3,122
Northern Powder
River Basin 1,304 879
Gulf Coast 117 240
Total 11,108 12,252
====== ======
Average royalty revenue per ton:
Appalachia
Northern $0.36 $0.81
Central 3.99 4.58
Southern 4.81 5.55
Total
Appalachia 3.21 3.45
Illinois
Basin 4.05 3.99
Northern Powder
River Basin 2.69 2.97
Gulf Coast 3.52 3.40
Combined average royalty revenue per
ton $3.35 $3.55
Coal royalty revenues:
Appalachia
Northern $634 $2,139
Central 17,506 20,038
Southern 4,686 5,464
----- -----
Total
Appalachia $22,826 $27,641
Illinois
Basin 10,467 12,470
Northern Powder
River Basin 3,507 2,610
Gulf Coast 412 815
Total coal royalty revenues $37,212 $43,536
======= =======
Other coal related revenues:
Override
revenue 691 1,343
Transportation
and processing
fees 4,597 5,097
Minimums
recognized as
revenue 4,540 1,470
DOH -coal
property sale 1,665 -
Wheelage 777 927
Total other
coal related
revenues $12,270 $8,837
======= ======
Total coal related revenues $49,482 $52,373
======= =======
Coal related revenues $30,421 $33,646
Coal related revenues - affiliates 19,061 18,727
Natural Resource Partners L.P.
Operating Statistics - Aggregates and Industrial Minerals
(in thousands)
Quarter Ended
-------------
March 31, March 31,
2015 2014
---- ----
(unaudited)
----------
VantaCore
Tonnage
Sold 1,486 -
Revenues $26,773 $ -
Operating
expenses $22,407 $ -
Aggregates royalty revenues and
production
Tonnage 633 1,215
Aggregate
royalty
revenues $444 $1,481
Other aggregate related revenue
Override
revenue $1,434 $1,028
Bonus
revenue - -
Processing
fees 153 163
Minimums
recognized
as
revenue 8 616
Wheelage 134 108
Other
aggregate
related
revenue $1,729 $1,915
Total
aggregate
related
revenues $28,946 $3,396
------- ------
Soda ash revenues and
distributions
Equity in
earnings
of
unconsolidated
investment $12,523 $9,779
Cash
distributions
from
equity
earnings
in
unconsolidated
investment $10,903 $11,645
Natural Resource Partners L.P.
Operating Statistics - Oil and Gas
($ in thousands)
Quarter Ended
-------------
March 31, March 31,
2015 2014
---- ----
(unaudited)
----------
Williston Basin non-operated working
interests
------------------------------------
Production volumes
Oil (MBbls) 307 68
Natural gas
(Mcf) 221 15
NGL (MBoe) 40 3
Average sales price per unit
Oil ($/Bbl) 39.34 105.53
Natural gas
($/Mcf) 2.71 5.73
NGL ($/Boe) 12.28 39.00
Revenues
Oil $12,076 7,176
Natural gas 598 86
NGL 491 117
Non-
production
revenue 450 -
Total $13,615 $7,379
Other oil and gas related revenues
Royalty and
overriding
revenues $1,615 2,679
Total oil and
gas related
revenues $15,230 $10,058
======= =======
Natural Resource Partners L.P.
Consolidated Statements of Comprehensive Income
(in thousands, except per unit data)
Quarter Ended
-------------
March 31, March 31,
2015 2014
---- ----
(unaudited)
----------
Revenues and other income:
Coal related
revenues $30,421 $33,646
Coal related
revenues -
affiliates 19,061 18,727
Aggregate
related
revenues 28,946 3,396
Oil and gas
related
revenues 15,230 10,058
Equity in earnings
of unconsolidated
investment 12,523 9,779
Property
taxes 3,004 3,967
Other 492 736
Total
revenues
and other
income 109,677 80,309
Operating expenses:
Coal related
expenses 1,321 577
Aggregate
related
expenses 22,407 73
Oil and gas
related
expenses 3,762 1,921
General and
administrative 7,454 2,690
General and
administrative
-affiliates 3,786 3,094
Depreciation,
depletion and
amortization 25,392 14,647
Property,
franchise and
other taxes 5,138 4,868
Total
operating
expenses 69,260 27,870
Income from operations 40,417 52,439
Other income (expense)
Interest
expense (22,943) (19,860)
Interest
income 15 26
Other
expense, net (22,928) (19,834)
Net Income $17,489 $32,605
Less: net income attributable to non-controlling
interest - -
Net income attributable to NRP $17,489 $32,605
======= =======
Net income attributable to partners:
Limited
partners $17,139 $31,953
General
partner $350 $652
Basic and diluted net income per common unit $0.14 $0.29
===== =====
Weighted average number of units outstanding: 122,300 109,848
======= =======
Net income $17,489 $32,605
Comprehensive loss from unconsolidated investment
and other (965) (101)
---- ----
Comprehensive income attributable to NRP $16,524 $32,504
======= =======
Natural Resource Partners L.P.
Consolidated Statements of Cash Flow
(in thousands, except per unit data)
Quarter Ended
-------------
March 31, March 31,
2015 2014
---- ----
(unaudited)
----------
Cash flows from operating activities:
Net income $17,489 $32,605
Adjustments to
reconcile net
income to net
cash provided by
operating
activities:
Depreciation,
depletion and
amortization 25,392 14,647
Equity
earnings from
unconsolidated
investment (12,523) (9,779)
Distributions
from equity
earnings from
unconsolidated
investments 10,903 11,645
Other, net (1,010) 747
Other net,
affiliates 7 -
Change in
operating assets
and liabilities:
Accounts
receivable 15,110 (4,262)
Accounts
receivable -
affiliates 3,643 (3,098)
Accounts
payable (2,642) (1,568)
Accounts
payable -
affiliates (14) 478
Accrued
liabilities 921 1,256
Deferred
revenue 5,845 330
Deferred
revenue -
affiliates (738) 3,412
Accrued
incentive
plan expenses (6,275) (8,065)
Other items,
net 103 (18)
Other items,
net -
affiliates (739) 300
---- ---
Net cash provided by
operating activities: 55,472 38,630
Cash flows from investing activities:
Acquisition of
mineral
rights (16,788) (1,804)
Acquisition of
plant and
equipment (1,365) -
Proceeds from
sale of
mineral
rights 4,261 -
Proceeds from
sale of plant
and equipment 905 -
Return on
direct
financing
lease and
contractual
override -
affiliate 1,137 297
----- ---
Net cash used in investing
activities (11,850) (1,507)
Cash flows from financing activities:
Proceeds from
loans 25,000 2,000
Repayment of
loans (41,166) (41,166)
Proceeds from
issuance of
common units - 4,513
Capital
contribution
by general
partner - 92
Distributions
to non-
controlling
interests (662) (974)
Distributions
to partners (43,678) (39,218)
Other 83 (57)
Net cash used in financing
activities (60,423) (74,810)
Net decrease in cash and cash equivalents (16,801) (37,687)
Cash and cash equivalents at beginning of
period 50,076 92,513
Cash and cash equivalents at end of period $33,275 $54,826
======= =======
Supplemental cash flow information:
Cash paid during
the period for
interest $14,344 $14,703
Plant, equipment
and mineral
rights funded
with accounts
payable or
accrued
liabilities $3,761 $ -
Natural Resource Partners L.P.
Consolidated Balance Sheets
(in thousands, except for unit information)
ASSETS
March 31 December 31
2015 2014
---- ----
(unaudited) (unaudited)
Current assets:
Cash and cash
equivalents $33,275 $50,076
Accounts
receivable,
net 52,323 66,455
Accounts
receivable -
affiliates 5,851 9,494
Inventory 5,790 5,814
Prepaid
expenses and
other 4,154 4,279
Total current assets 101,393 136,118
Land 25,243 25,243
Plant and equipment, net 78,584 60,093
Mineral rights, net 1,773,449 1,781,852
Intangible assets, net 59,713 60,733
Equity in unconsolidated investment 262,722 264,020
Long-term contracts receivable -
affiliate 49,610 50,008
Goodwill 29,465 52,012
Other assets 13,746 14,645
Total assets $2,393,925 $2,444,724
========== ==========
LIABILITIES AND CAPITAL
Current liabilities:
Accounts
payable $16,862 $22,465
Accounts
payable -
affiliates 936 950
Accrued
liabilities 50,772 43,533
Current
portion of
long-term
debt 155,983 80,983
Total current liabilities 224,553 147,931
Deferred revenue 79,052 73,207
Deferred revenue - affiliates 86,315 87,053
Long-term debt, net 1,283,352 1,374,336
Long-term debt, net - affiliate 19,911 19,904
Other non-current liabilities 8,403 22,138
Partners' capital:
Common
unitholders'
interest
(122,299,825
units
outstanding) 683,354 709,019
General
partner's
interest 11,721 12,245
Accumulated
other
comprehensive
loss (1,424) (459)
Total partners' capital 693,651 720,805
Non-controlling interest (1,312) (650)
------ ----
Total capital 692,339 720,155
Total liabilities and capital $2,393,925 $2,444,724
========== ==========
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
-------------
March 31, March 31,
2015 2014
---- ----
(unaudited)
----------
Net cash provided by
operating activities $55,472 $38,630
Return on direct
financing lease and
contractual overrides 1,137 297
Proceeds from sale of
mineral rights 4,261 -
Proceeds from sale of
plant and equipment 905 -
Maintenance capital
expenditures (8,486) -
Distributable cash flow $53,289 $38,927
======= =======
Reconciliation of GAAP "Net cash provided by operating activities"
to Non-GAAP "Distributable cash flow"
Quarter Ended
-------------
March 31, December 31,
2015 2014
---- ----
(unaudited)
----------
Net cash provided by
operating activities $55,472 $53,659
Return on direct
financing lease and
contractual overrides 1,137 994
Proceeds from sale of
mineral rights 4,261 -
Proceeds from sale of
plant and equipment 905 1,413
Maintenance capital
expenditures (8,486) -
Distributable cash flow $53,289 $56,066
======= =======
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 "Adjusted EBITDA"
Quarter Ended
-------------
March 31, March 31,
2015 2014
---- ----
(unaudited)
----------
Net income $17,489 $32,605
Less equity in earnings of
unconsolidated investment (12,523) (9,779)
Add distributions from equity
earnings in unconsolidated
investment 10,903 11,645
Add depreciation, depletion
and amortization 25,392 14,647
Add interest expense, gross 22,943 19,860
Adjusted EBITDA $64,204 $68,978
======= =======
Reconciliation of GAAP "Net income"
to Non-GAAP "Adjusted EBITDA"
Quarter Ended
-------------
March 31, December 31,
2015 2014
---- ----
(unaudited)
----------
Net income $17,489 $8,645
Less equity in earnings of
unconsolidated investment (12,523) (12,551)
Add distributions from equity
earnings in unconsolidated
investment 10,903 10,780
Add depreciation, depletion
and amortization 25,392 30,258
Add asset impairments - 20,585
Add interest expense, gross 22,943 22,426
Adjusted EBITDA $64,204 $80,143
======= =======
Natural Resource Partners L.P.
Reconciliation of GAAP "Total operating costs and expenses"
to Non-GAAP "Total operating expenses before considering any impairments"
(in thousands)
Quarter Ended
-------------
December 31, March 31, March 31,
2014 2015 2014
---- ---- ----
(unaudited)
----------
Operating expenses
------------------
Total operating
expenses as
reported $106,223 $69,260 $27,870
Impairments (20,585) - -
Total operating
costs before
considering any
impairments 85,638 69,260 27,870
Reconciliation of GAAP "Net income attributable to the limited partners"
to Non-GAAP "Net income attributable to the limited partners before considering any impairments"
(in thousands)
Quarter Ended
-------------
December 31, March 31, March 31,
2014 2015 2014
---- ---- ----
(unaudited)
----------
Net income attributable to the limited
partners
--------------------------------------
Net income as
reported $8,645 $17,489 $32,605
Impairments 20,585 - -
Net income before
considering any
impairments $29,230 $17,489 $32,605
Net income, before considering any
impairments, attributable to:
General partner $585 $350 $652
Limited partners $28,645 $17,139 $31,953
Reconciliation of GAAP "Basic and diluted net income per unit"
to Non-GAAP "Net income per unit before considering any impairments"
(in thousands)
Quarter Ended
-------------
December 31, March 31, March 31,
2014 2015 2014
---- ---- ----
(unaudited)
----------
Net income per unit
-------------------
Net income per
unit as reported $0.07 $0.14 $0.29
Adjustment for
impairments 0.17 - -
Net income per
limited partner
unit, before
considering any
impairments 0.24 0.14 0.29
Weighted number
of units
outstanding 121,449 122,300 109,848
* Numbers may not add due to rounding
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SOURCE Natural Resource Partners L.P.
