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Natural Resource Partners L.P. Reports First Quarter 2015 Results

05/07/2015
Highlights
- Revenues of $109.7 million
- Net income per unit of $0.14
- Distributable cash flow of $53.3 million
- Adjusted EBITDA of $64.2 million

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. 

Natural Resource Partners LP logo

"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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To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/natural-resource-partners-lp-reports-first-quarter-2015-results-300079312.html

SOURCE Natural Resource Partners L.P.

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