Second Quarter 2010 Highlights:
-- Distributable cash flow of $63.8 million, up 30% from 2Q09
-- Record revenues of $79.6 million, up 34% from 2Q09
-- Net income attributable to the limited partners of $28.1 million, up 484% from 2Q09
-- Net income per unit of $0.38, up 443% from 2Q09
-- Distribution of $0.54 per unit
-- Year-to-date metallurgical coal accounts for 33% of coal production and 40% of coal royalty revenues
HOUSTON, Aug 04, 2010 /PRNewswire via COMTEX/ --
Natural Resource Partners L.P. (NYSE: NRP)today reported that improved coal markets led to record revenues and significantly higher second quarter 2010 results. Distributable cash flow, a non-GAAP measure, increased 30% over the second quarter of 2009 to $63.8 million. Net income attributable to the limited partners of $28.1 million increased $23.3 million or 484% over the same period last year. Net income per unit increased significantly to $0.38 from the $0.07 per unit reported for the second quarter 2009. Adjusting for a one-time write-off in 2009, net income attributable to limited partners increased $15.2 million and net income per unit in 2010 doubled that of 2009. Reconciliations of distributable cash flow to GAAP and adjusted net income per unit are provided in the tables at the end of the release.
"NRP's financial performance improved for both the quarter and the first half, as prices realized by our lessees for both metallurgical and steam coal were higher than those experienced since the start of this recession. As a result of the higher prices, revenues and coal royalty realizations per ton were at record levels for the second quarter," said Nick Carter, President and Chief Operating Officer. "The metallurgical coal market is much stronger than a year ago and has stabilized at relatively high levels and the steam coal market is improving fairly significantly. The cold winter and the hot summer weather experienced so far in the coal consuming regions of the country have led to lower stockpiles at the utilities and increasing demand."
Three Three %
Highlights Months Months Change
Ended Ended Three
June 30, June 30, Months
2010 2009 ------
---- ----
(in thousands except per unit, per ton and %)
Revenues
Total revenues: $79,587 $59,487 34%
Coal production: 11,767 11,784 -
Coal royalty
revenues: $57,832 $46,380 25%
Average coal
royalty revenue
per ton: $4.91 $3.94 25%
Revenues other
than coal
royalties $21,755 $13,107 66%
Net income
Net income to
limited
partners: $28,054 $4,804 484%
Net income per
unit: $0.38 $0.07 443%
Average units
outstanding: 74,028 66,946 11%
Distributable
cash flow: $63,792 $49,068 30%
Six Six %
Highlights Months Months Change
Ended Ended Six
June 30, June 30, Months
2010 2009 ------
---- ----
(in thousands except per unit, per ton and %)
Revenues
Total revenues: $143,106 $126,220 13%
Coal production: 22,569 24,266 (7%)
Coal royalty
revenues: $104,993 $98,987 6%
Average coal
royalty revenue
per ton: $4.65 $4.08 14%
Revenues other
than coal
royalties $38,113 $27,233 40%
Net income
Net income to
limited
partners: $44,918 $26,402 70%
Net income per
unit: $0.63 $0.40 58%
Average units
outstanding: 71,752 65,924 9%
Distributable
cash flow: $97,614 $84,561 15%
Revenues
Second Quarter
NRP reported record quarterly revenues for the second quarter 2010 of $79.6 million, a $20.1 million increase, or 34%, over the second quarter 2009 mainly due to increases in the realized prices for coal. While production in the second quarter was virtually flat with that of last year's second quarter, average coal royalty revenue per ton increased 25% over the same quarter last year to a record $4.91. NRP's lessees realized higher prices for both steam and metallurgical coal in the second quarter.
Revenues other than coal royalties increased 66%, or approximately $8.6 million, from the second quarter last year mainly due to:
- increased throughput on the coal processing and transportation assets generating an $847 thousand increase in fees;
- an increase of approximately $1.1 million in oil and gas royalties mainly due to the new venture with International Paper;
- a $3.1 million quarterly non-recoupable minimum recognized as income for each quarter of 2010, which after this year, will only be recognized as revenues when recouped through production;
- $1.8 million from additional production on override royalty properties; and
- a $1.9 million payment for granting a right-of-way easement in the second quarter 2010.
Six Months
The improvements seen in the second quarter are reflected in the six month numbers. The increases in realized prices for coal more than offset the slight decline in production for the six month period. Metallurgical coal accounted for 33% of NRP's production and 40% of its coal royalty revenues for the first six months of 2010.
Operating Expenses
Second Quarter
NRP incurred total operating costs and expenses of $27.6 million in the second quarter of 2010, down by $4.2 million or 13% mainly due to lower depreciation, depletion and amortization expense realized in the second quarter of 2010 versus the second quarter 2009. In addition, the second quarter of 2009 included a one-time write-off of $8.2 million associated with a closed mine. Second quarter 2010 general and administrative expenses also included $1.2 million for costs associated with the formation of the venture with International Paper.
Six Months
Operating costs for the first six months of 2010, net of depreciation, depletion and amortization, were virtually flat with that of the prior year first six months.
Net income
Second Quarter
Net income to the limited partners increased significantly to $28.1 million in the second quarter 2010 over the second quarter 2009 of $4.8 million. Net income per unit increased to $0.38 per unit even though there was an 11% increase in the average number of units outstanding in the second quarter 2010 versus the same period last year. Excluding the write-off of a mine in the second quarter of 2009, earnings per unit for the second quarter of 2009 would have been $0.19, resulting in the second quarter 2010 earnings doubling over that of 2009.
Distributable cash flow
Second Quarter
Distributable cash flow increased $14.7 million, or 30% over the second quarter of 2009, to $63.8 million in the second quarter of 2010 due to the improved revenues period over period.
Second Quarter 2010 compared to First Quarter 2010
2Q10 1Q10 % Change
(in thousands, except per ton
and per unit)
Total revenues: $79,587 $63,519 25%
Coal production: 11,767 10,802 9%
Coal royalty
revenues: $57,832 $47,161 23%
Average coal royalty
revenue per ton: $4.91 $4.37 12%
Revenues other than
coal royalty: $21,755 $16,358 33%
Net income to
limited partners: $28,054 $16,864 66%
Net income per unit: $0.38 $0.24 58%
Average units
outstanding: 74,028 69,451 7%
Distributable cash
flow: $63,792 $33,822 89%
Revenues
Total revenues for the second quarter 2010 improved 25% over the first quarter 2010, to a record $79.6 million, mainly due to improvements in coal royalty revenues. Coal production increased 9% while average coal royalty revenue per ton increased 12% to a record of $4.91. NRP experienced increased production in all regions except the Northern Powder River Basin. The largest increases occurred in Central Appalachia and the Illinois Basin where production increased approximately 600 thousand tons in each region. Increased shipments in Central Appalachia were equally split between metallurgical and steam coal production as the markets began to improve. The increase in the Illinois Basin was due to improved production following a longwall move that occurred predominantly in the first quarter. Revenues other than coal royalty increased $5.4 million primarily due to increased throughput on the coal processing and transportation assets accounting for a $2.3 million increase, approximately $900 thousand from the one month of the new joint venture and $1.9 million from the right of way easement discussed earlier. Aggregate royalties were basically flat for the two periods but a negative accrual adjustment for the aggregates bonus received with respect to the 2009 performance of the DuPont Washington property caused the reduction in the total.
Operating Expenses
Operating expenses for the second quarter of 2010 were comparable with the first quarter except for depreciation, depletion and amortization, which included increased amortization of certain intangibles due to increased production for the second quarter and changes in estimate on our contract amortization.
Net income
Net income to the limited partners increased 66% in the second quarter to $28.1 million, reflecting the improved production and the pricing experienced in the coal industry this quarter, while per unit increased slightly less than net income on a percentage basis, due to the additional units issued in early April.
Distributable cash flow
Distributable cash flow increased 89% this quarter to $63.8 million from last quarter due to the improvements in revenues as well as increased minimums received this quarter.
Current Market
The coal markets have improved significantly over the last six months. Metallurgical coal prices increased substantially in the first half of the year and have now stabilized at prices approximately twice that of a year ago. In addition, the steam coal stockpiles at utilities are significantly lower than six to nine months ago. The weather over the last nine months in the coal producing region has contributed significantly to the lowering of these stockpiles. Demand for steam coal has been increasing domestically and, while the growth in demand for metallurgical coal has slowed somewhat recently, it has improved significantly over the last year. Utilizations at steel mills have improved domestically and there has been strong demand globally.
Guidance - Update
Revised Original
2010 Guidance 2010 Guidance
(Range) (Range)
------- -------
Coal royalty
revenues $195.0 - $210.0 $175.0 - $205.0
Coal production(mm
tons) 42.0 - 48.0 41.0 - 50.0
Total revenues $265.0 - $295.0 $235.0 - $285.0
Distributable cash
flow(1) $190.0 - $210.0 $150.0 - $185.0
Net income per unit $1.00 - $1.20 $0.75 - $1.25
(1) Estimated distributable cash flow includes $37.1 million for
minimums received in 2010
that have not been recognized as revenue.
NRP is narrowing the ranges and increasing its guidance for the remainder of the year due to the record revenues experienced in the first half of 2010. While NRP has modestly reduced its production forecast for the second half, improved pricing for metallurgical as well as steam coal has allowed it to increase all other guidance.
Metallurgical coal accounts for 37% of total coal royalty revenues and 32% of production for the revised forecast.
Acquisitions and Liquidity
As previously announced, early in the second quarter 2010 NRP issued 4,576,700 units generating $112.5 million in proceeds, $74 million of which was used to repay the outstanding balance on the credit facility at that time and the remainder was used to fund acquisitions in the second quarter.
During the second quarter, NRP completed four acquisitions totaling $72.7 million, $66.5 million of which was funded during the quarter. An additional $2.7 million has been paid since the end of the quarter and another $3.5 million will be paid before year-end. The largest of these acquisitions was the $42.5 million invested in the new venture with International Paper that will own, manage and develop the more than 7 million mineral acres formerly owned by International Paper. The remaining three acquisitions included aggregate properties in California and Georgia and the construction of a limestone processing facility in Indiana for a combined purchase price of $30.2 million.
"With the equity offering completed at the beginning of the second quarter, the $265 million that we have available on our credit facility, the $78 million in cash at the end of the second quarter, and the improvements in the coal markets, NRP believes it has the capital available to fund its committed capital obligations and maintain its distribution at the current level through the remainder of 2010," said Dwight Dunlap, Chief Financial Officer.
Distributions
As reported on July 21, the Board of Directors of NRP's general partner declared a quarterly distribution of $0.54 per unit, unchanged from the first quarter 2010.
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.
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 less actual principal payments and cash reserves set aside for scheduled principal payments on the senior notes. 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 may include "forward-looking statements" as defined by the Securities and Exchange Commission. Such statements include the current coal market conditions and borrowing capacity. 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.
Natural Resource Partners L.P.
Operating Statistics
(In thousands except per ton data)
Three Months Ended
June 30,
--------
2010 2009
---- ----
(unaudited)
Coal Royalties:
Coal royalty revenues:
Appalachia
Northern $4,924 $2,890
Central 38,526 30,308
Southern 6,074 4,809
----- -----
Total Appalachia $49,524 $38,007
Illinois Basin 6,819 6,570
Northern Powder River
Basin 1,489 1,803
----- -----
Total $57,832 $46,380
======= =======
Coal royalty production
(tons):
Appalachia
Northern 1,251 967
Central 6,971 6,989
Southern 833 798
--- ---
Total Appalachia 9,055 8,754
Illinois Basin 1,751 1,956
Northern Powder River
Basin 961 1,074
--- -----
Total 11,767 11,784
====== ======
Average royalty revenue
per ton:
Appalachia
Northern $3.94 $2.99
Central 5.53 4.34
Southern 7.29 6.03
Total Appalachia 5.47 4.34
Illinois Basin 3.89 3.36
Northern Powder River
Basin 1.55 1.68
Combined average
royalty revenue per
ton $4.91 $3.94
Aggregates:
Royalty revenues $1,064 $1,047
Aggregate royalty bonus $(714) $300
Production: 778 791
Average base royalty
per ton: $1.37 $1.32
For the Six Months
Ended
June 30,
--------
2010 2009
---- ----
(unaudited)
Coal Royalties:
Coal royalty revenues:
Appalachia
Northern $9,340 $5,933
Central 70,334 68,186
Southern 10,275 9,906
------ -----
Total Appalachia $89,949 $84,025
Illinois Basin 11,029 10,821
Northern Powder River
Basin 4,015 4,141
----- -----
Total $104,993 $98,987
======== =======
Coal royalty production
(tons):
Appalachia
Northern 2,498 2,066
Central 13,367 14,978
Southern 1,534 1,639
----- -----
Total Appalachia 17,399 18,683
Illinois Basin 2,898 3,282
Northern Powder River
Basin 2,272 2,301
----- -----
Total 22,569 24,266
====== ======
Average royalty revenue
per ton:
Appalachia
Northern $3.74 $2.87
Central 5.26 4.55
Southern 6.70 6.04
Total Appalachia 5.17 4.50
Illinois Basin 3.81 3.30
Northern Powder River
Basin 1.77 1.80
Combined average
royalty revenue per
ton $4.65 $4.08
Aggregates:
Royalty revenues $1,880 $1,977
Aggregate royalty bonus $(639) $1,020
Production: 1,383 1,481
Average base royalty
per ton: $1.36 $1.33
Natural Resource Partners L.P.
Consolidated Statements of Income
(In thousands, except per unit data)
For the Six Months
Three Months Ended Ended
June 30, June 30,
-------- --------
2010 2009 2010 2009
---- ---- ---- ----
(Unaudited) (Unaudited)
Revenues:
Coal royalties $57,832 $46,380 $104,993 $98,987
Aggregate
royalties 350 1,347 1,241 2,997
Coal processing
fees 2,693 2,400 4,337 4,300
Transportation
fees 4,043 3,489 6,818 5,585
Oil and gas
royalties 2,087 953 3,186 2,446
Property taxes 2,782 2,514 5,433 5,725
Minimums
recognized as
revenue 3,418 67 6,792 290
Override
royalties 3,157 1,336 6,124 3,884
Other 3,225 1,001 4,182 2,006
----- ----- ----- -----
Total revenues 79,587 59,487 143,106 126,220
Operating costs
and expenses:
Depreciation,
depletion and
amortization 16,485 21,996 27,853 35,074
General and
administrative 6,794 5,834 13,342 13,340
Property,
franchise and
other taxes 3,498 3,151 7,232 7,126
Transportation
costs 557 473 822 741
Coal royalty
and override
payments 301 372 993 861
--- --- --- ---
Total operating
costs and
expenses 27,635 31,826 50,242 57,142
------ ------ ------ ------
Income from
operations 51,952 27,661 92,864 69,078
Other income
(expense)
Interest
expense (10,346) (10,675) (21,075) (18,754)
Interest income 4 96 12 178
--- --- --- ---
Income before
non-
controlling
interest 41,610 17,082 71,801 50,502
------ ------ ------ ------
Non-
controlling
interest - - - -
--- --- --- ---
Net income $41,610 $17,082 $71,801 $50,502
======= ======= ======= =======
Net income
attributable
to:
General partner $573 $98 $917 $539
==== === ==== ====
Holders of
incentive
distribution
rights $12,983 $12,180 $25,966 $23,561
======= ======= ======= =======
Limited
partners $28,054 $4,804 $44,918 $26,402
======= ====== ======= =======
Basic and
diluted net
income per
limited
partner unit: $0.38 $0.07 $0.63 $0.40
===== ===== ===== =====
Weighted
average number
of units
outstanding: 74,028 66,946 71,752 65,924
====== ====== ====== ======
Natural Resource Partners L.P.
Statements of Cash Flows
(In thousands)
Three Months Ended
June 30,
--------
2010 2009
---- ----
(Unaudited)
Cash flows from operating
activities:
Net income $41,610 $17,082
Adjustments to reconcile net
income to net
cash provided by operating
activities:
Depreciation, depletion and
amortization 16,485 21,996
Non-cash interest charge, net 141 128
Loss from disposition of assets
Change in operating assets and
liabilities:
Accounts receivable (2,966) 5,328
Other assets (101) -
Accounts payable and accrued
liabilities 331 148
Accrued interest 6,814 7,054
Deferred revenue 7,628 2,798
Accrued incentive plan expenses 1,181 2,034
Property, franchise and other
taxes payable 549 559
--- ---
Net cash provided by operating
activities 71,672 57,127
------ ------
Cash flows from investing
activities:
Acquisition of land, coal and
other mineral rights (64,261) -
Acquisition or construction of
plant and equipment (2,102) -
------ ---
Net cash used in investing
activities (66,363) -
------- ---
Cash flows from financing
activities:
Proceeds from loans 35,000 -
Proceeds from issuance of units 110,436 -
Capital contribution by general
partner 2,350 -
Deferred financing costs - -
Repayments of loans (83,350) (9,350)
Retirement of obligation related
to acquisitions (20,000)
Costs associated with issuance
of units (152) (21)
Distributions to partners (54,039) (47,370)
------- -------
Net cash (used in) provided by
financing activities 10,245 (76,741)
------ -------
Net increase or (decrease) in
cash and cash equivalents 15,554 (19,614)
Cash and cash equivalents at
beginning of period 62,856 101,109
------ -------
Cash and cash equivalents at end
of period $78,410 $81,495
======= =======
SUPPLEMENTAL INFORMATION:
Cash paid during the period for
interest $3,370 $3,480
====== ======
Non-cash investing activities:
Mineral rights to be received $13,249 $-
Liability assumed in
acquisitions - 1,170
Equity issued for acquisitions - 95,910
Non-controlling interest (7,355) -
Non-cash financing activities: $1,723 $-
Obligation related to purchase
of reserves and
infrastructure
For the Six Months Ended
June 30,
--------
2010 2009
---- ----
(Unaudited)
Cash flows from operating
activities:
Net income $71,801 $50,502
Adjustments to reconcile net
income to net
cash provided by operating
activities:
Depreciation, depletion and
amortization 27,853 35,074
Non-cash interest charge, net 291 1,010
Loss from disposition of assets - -
Change in operating assets and
liabilities:
Accounts receivable (5,085) 1,865
Other assets 119 267
Accounts payable and accrued
liabilities 98 (247)
Accrued interest (322) 3,909
Deferred revenue 20,641 8,310
Accrued incentive plan expenses (1,340) 1,568
Property, franchise and other
taxes payable (503) (1,579)
---- ------
Net cash provided by operating
activities 113,553 100,679
------- -------
Cash flows from investing
activities:
Acquisition of land, coal and
other mineral rights (110,411) (95,641)
Acquisition or construction of
plant and equipment (2,102) (1,157)
------ ------
Net cash used in investing
activities (112,513) (96,798)
-------- -------
Cash flows from financing
activities:
Proceeds from loans 81,000 303,000
Proceeds from issuance of units 110,436 -
Capital contribution by general
partner 2,350 -
Deferred financing costs - (661)
Repayments of loans (98,542) (160,542)
Retirement of obligation related
to acquisitions (2,969) (60,000)
Costs associated with issuance
of units (152) (21)
Distributions to partners (97,387) (94,090)
------- -------
Net cash (used in) provided by
financing activities (5,264) (12,314)
------ -------
Net increase or (decrease) in
cash and cash equivalents (4,224) (8,433)
Cash and cash equivalents at
beginning of period 82,634 89,928
------ ------
Cash and cash equivalents at end
of period $78,410 $81,495
======= =======
SUPPLEMENTAL INFORMATION:
Cash paid during the period for
interest $21,070 $13,760
======= =======
Non-cash investing activities:
Mineral rights to be received $13,249 $-
Liability assumed in
acquisitions - 1,170
Equity issued for acquisitions - 95,910
Non-controlling interest (7,355) -
Non-cash financing activities: $6,200 $59,220
Obligation related to purchase
of reserves and
infrastructure
Natural Resource Partners L.P.
Consolidated Balance Sheets
(In thousands, except for unit information)
ASSETS
December
June 30, 31,
2010 2009
---- ----
(unaudited)
Current assets:
Cash and cash equivalents $78,410 $82,634
Accounts receivable, net of
allowance for doubtful accounts 29,144 27,141
Accounts receivable - affiliate 7,424 4,342
Other 498 930
Total current assets 115,476 115,047
Land 24,343 24,343
Plant and equipment, net 62,295 64,351
Coal and other mineral rights, net 1,251,551 1,151,835
Intangible assets 165,072 164,554
Loan financing costs, net 2,663 2,891
Other assets, net 882 569
Total assets $1,622,282 $1,523,590
========== ==========
LIABILITIES AND PARTNERS' CAPITAL
Current liabilities:
Accounts payable and accrued
liabilities $944 $914
Accounts payable - affiliates 247 179
Obligation related to acquisitions 6,200 2,969
Current portion of long-term debt 31,518 32,235
Accrued incentive plan expenses -
current portion 4,209 4,627
Property, franchise and other taxes
payable 5,661 6,164
Accrued interest 9,978 10,300
------
Total current liabilities 58,757 57,388
Deferred revenue 87,659 67,018
Accrued incentive plan expenses 6,449 7,371
Long-term debt 609,762 626,587
Partners' capital:
Common units (74,027,836 in 2010,
69,451,136 in 2009) 825,160 747,437
General partner's interest 14,728 13,409
Holders of incentive distribution
rights 12,983 4,977
Non-controlling interest 7,355 -
Accumulated other comprehensive loss (571) (597)
---- ----
Total partners' capital 859,655 765,226
--- -------
Total liabilities and partners'
capital $1,622,282 $1,523,590
========== ==========
Natural Resource Partners L.P.
Reconciliation of GAAP Financial Measurements
to Non-GAAP Financial Measurements
(In thousands)
Reconciliation of GAAP "Net cash provided by operating activities"
To Non-GAAP "Distributable cash flow"
For the Six Months
Three Months Ended Ended
June 30, June 30,
-------- --------
2010 2009 2010 2009
---- ---- ---- ----
(unaudited) (unaudited)
Net cash provided
by operating
activities $71,672 $57,127 $113,553 $100,679
Less scheduled
principal
payments (9,350) (9,350) (24,542) (9,542)
Less reserves for
future principal
payments (7,880) (8,059) (15,939) (16,118)
Add reserves used
for scheduled
principal
payments 9,350 9,350 24,542 9,542
----- ----- ------ -----
Distributable cash
flow $63,792 $49,068 $97,614 $84,561
======= ======= ======= =======
Reconciliation of GAAP "Net income attributable to the limited partners"
To Non-GAAP "Adjusted net income attributable to the limited partners"
For the Six Months
Three Months Ended Ended
June 30, June 30,
-------- --------
2010 2009 2010 2009
---- ---- ---- ----
(unaudited) (unaudited)
Non-GAAP
GAAP net income $41,610 $17,082 $71,801 $50,502
Add write-off of
property due to mine
closure 8,195 8,195
--- ----- --- -----
Adjusted net income $41,610 $25,277 $71,801 $58,697
======= ======= ======= =======
Adjusted net income
attributable to:
General partner $573 $262 $917 $703
==== ==== ==== ====
Holders of incentive
distribution rights: $12,983 $12,180 $25,966 $23,561
======= ======= ======= =======
Limited partners $28,054 $12,835 $44,918 $34,433
======= ======= ======= =======
Adjusted basic and
diluted net income per
limited partner unit $0.38 $0.19 $0.63 $0.52
===== ===== ===== =====
Weighted average number
of units outstanding: 74,028 66,946 71,752 65,924
====== ====== ====== ======
SOURCE Natural Resource Partners L.P.