$NRP
NATURAL RESOURCE PARTNERS LP

2012 Q4 Form 10-Q Financial Statement

#000119312512456241 Filed on November 07, 2012

View on sec.gov

Income Statement

Concept 2012 Q4 2012 Q3 2011 Q3
Revenue $102.4M $94.18M $103.2M
YoY Change 9.99% -8.71% 27.68%
Cost Of Revenue $1.000M $1.000M $800.0K
YoY Change 25.0% 25.0% -11.11%
Gross Profit $101.5M $93.20M $102.4M
YoY Change 4.86% -8.98% 28.16%
Gross Profit Margin 99.09% 98.96% 99.26%
Selling, General & Admin $9.500M $13.10M $9.400M
YoY Change -13.64% 39.36% -29.32%
% of Gross Profit 9.36% 14.06% 9.18%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $16.16M $14.49M $19.82M
YoY Change 19.3% -26.91% 23.1%
% of Gross Profit 15.92% 15.54% 19.35%
Operating Expenses $25.60M $28.53M $29.30M
YoY Change -3.4% -2.62% -0.68%
Operating Profit $73.21M $65.64M -$17.80M
YoY Change -2915.62% -468.86% -135.31%
Interest Expense -$13.10M $13.68M $12.78M
YoY Change -2.24% 7.03% -225.28%
% of Operating Profit -17.89% 20.84%
Other Income/Expense, Net
YoY Change
Pretax Income $60.10M $52.00M -$30.60M
YoY Change -548.51% -269.93% -176.12%
Income Tax $0.00 $0.00
% Of Pretax Income 0.0%
Net Earnings $60.11M $52.00M -$30.56M
YoY Change -455.6% -270.17% -176.02%
Net Earnings / Revenue 58.68% 55.22% -29.62%
Basic Earnings Per Share
Diluted Earnings Per Share $5.670M $4.906M -$2.887M
COMMON SHARES
Basic Shares Outstanding 106.0M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2012 Q4 2012 Q3 2011 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $149.4M $122.4M $150.1M
YoY Change -30.48% -18.45% 107.89%
Cash & Equivalents $149.4M $122.4M $150.1M
Short-Term Investments
Other Short-Term Assets $1.042M $218.0K $400.0K
YoY Change 25.24% -45.5% 100.0%
Inventory
Prepaid Expenses
Receivables $35.12M $36.76M $46.90M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $196.2M $169.5M $197.4M
YoY Change -23.6% -14.15% 80.6%
LONG-TERM ASSETS
Property, Plant & Equipment $32.40M $33.97M $1.364B
YoY Change -29.85% -97.51% 2.54%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00
YoY Change
Other Assets $630.0K $849.0K $5.400M
YoY Change 4.3% -84.28% 68.75%
Total Long-Term Assets $1.568B $1.544B $1.479B
YoY Change 11.33% 4.42% -0.99%
TOTAL ASSETS
Total Short-Term Assets $196.2M $169.5M $197.4M
Total Long-Term Assets $1.568B $1.544B $1.479B
Total Assets $1.765B $1.714B $1.676B
YoY Change 5.95% 2.23% 4.57%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.000M $600.0K $0.00
YoY Change 150.0% -100.0%
Accrued Expenses $18.00M $15.60M $15.80M
YoY Change -5.76% -1.27% 83.72%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $87.23M $87.23M $30.80M
YoY Change 183.21% 183.21% -2.22%
Total Short-Term Liabilities $117.8M $112.2M $53.70M
YoY Change 98.03% 108.94% 10.95%
LONG-TERM LIABILITIES
Long-Term Debt $897.0M $852.0M $786.3M
YoY Change 7.27% 8.36% 29.73%
Other Long-Term Liabilities $132.4M $132.6M $118.5M
YoY Change 5.92% 11.9% 12.86%
Total Long-Term Liabilities $897.0M $852.0M $904.8M
YoY Change 7.27% -5.83% 27.24%
TOTAL LIABILITIES
Total Short-Term Liabilities $117.8M $112.2M $53.70M
Total Long-Term Liabilities $897.0M $852.0M $904.8M
Total Liabilities $1.015B $964.2M $963.2M
YoY Change 13.3% 0.11% 25.63%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $614.6M $614.0M $713.1M
YoY Change
Total Liabilities & Shareholders Equity $1.765B $1.714B $1.676B
YoY Change 5.95% 2.23% 4.57%

Cashflow Statement

Concept 2012 Q4 2012 Q3 2011 Q3
OPERATING ACTIVITIES
Net Income $60.11M $52.00M -$30.56M
YoY Change -455.6% -270.17% -176.02%
Depreciation, Depletion And Amortization $16.16M $14.49M $19.82M
YoY Change 19.3% -26.91% 23.1%
Cash From Operating Activities $77.50M $61.90M $79.60M
YoY Change -11.23% -22.24% 28.18%
INVESTING ACTIVITIES
Capital Expenditures -$46.10M -$40.20M -$8.100M
YoY Change 260.16% 396.3% 170.0%
Acquisitions
YoY Change
Other Investing Activities $10.10M $16.20M $4.400M
YoY Change 268.18% 450.0%
Cash From Investing Activities -$36.00M -$23.90M -$3.700M
YoY Change 181.25% 545.95% 68.18%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -14.50M -37.50M -71.50M
YoY Change 49.48% -47.55% 8.17%
NET CHANGE
Cash From Operating Activities 77.50M 61.90M 79.60M
Cash From Investing Activities -36.00M -23.90M -3.700M
Cash From Financing Activities -14.50M -37.50M -71.50M
Net Change In Cash 27.00M 500.0K 4.400M
YoY Change -58.33% -88.64% -170.97%
FREE CASH FLOW
Cash From Operating Activities $77.50M $61.90M $79.60M
Capital Expenditures -$46.10M -$40.20M -$8.100M
Free Cash Flow $123.6M $102.1M $87.70M
YoY Change 23.48% 16.42% 34.72%

Facts In Submission

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dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2012
dei Document Type
DocumentType
10-Q
dei Document Period End Date
DocumentPeriodEndDate
2012-09-30
dei Entity Central Index Key
EntityCentralIndexKey
0001171486
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Trading Symbol
TradingSymbol
NRP
dei Entity Registrant Name
EntityRegistrantName
NATURAL RESOURCE PARTNERS LP
dei Amendment Flag
AmendmentFlag
false
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
42066000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
30800000
us-gaap Net Income Loss Allocated To General Partners
NetIncomeLossAllocatedToGeneralPartners
-3065000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-369000
us-gaap Profit Loss
ProfitLoss
153248000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-176707000
us-gaap Investment Income Interest
InvestmentIncomeInterest
104000
us-gaap Payments To Acquire Oil And Gas Property
PaymentsToAcquireOilAndGasProperty
51300000
us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
15047000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-666000
us-gaap Increase Decrease In Property And Other Taxes Payable
IncreaseDecreaseInPropertyAndOtherTaxesPayable
-714000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
11867000
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
59000
us-gaap Payments To Acquire Mineral Rights
PaymentsToAcquireMineralRights
134463000
us-gaap Interest Paid
InterestPaid
43113000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-92503000
us-gaap Recognition Of Deferred Revenue
RecognitionOfDeferredRevenue
13748000
us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
-3544000
us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
13452000
us-gaap Operating Income Loss
OperatingIncomeLoss
193959000
CY2011Q3 us-gaap Profit Loss
ProfitLoss
-30559000
us-gaap Net Income Loss
NetIncomeLoss
153248000
us-gaap Net Income Loss Allocated To Limited Partners
NetIncomeLossAllocatedToLimitedPartners
150183000
us-gaap Costs And Expenses
CostsAndExpenses
82752000
us-gaap Taxes Other
TaxesOther
13640000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
24204000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-109668000
us-gaap Royalty Revenue
RoyaltyRevenue
5061000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
153285000
us-gaap Distribution Made To Member Or Limited Partner Cash Distributions Paid
DistributionMadeToMemberOrLimitedPartnerCashDistributionsPaid
181309000
us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
-2771000
us-gaap Tenant Reimbursements
TenantReimbursements
11421000
us-gaap Partners Capital Account Distributions
PartnersCapitalAccountDistributions
181309000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
1055000
us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
7230000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
681000
us-gaap Sales Revenue Net
SalesRevenueNet
276711000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
3264000
us-gaap Depreciation
Depreciation
5259000
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
8823000
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
600000
us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
153285000
us-gaap Weighted Average Limited Partnership Units Outstanding
WeightedAverageLimitedPartnershipUnitsOutstanding
106028000 shares
us-gaap Interest Expense
InterestExpense
40815000
us-gaap Royalty Revenue From Coal
RoyaltyRevenueFromCoal
193053000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
193872000
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
37000
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
103000000
nrp Minimum Interest Coverage Ratio
MinimumInterestCoverageRatio
3.5 Ratio
nrp Notes Receivable From Sale Of Assets
NotesReceivableFromSaleOfAssets
1808000
nrp Area Of Land Acquired
AreaOfLandAcquired
15600 acre
nrp Partnership Leverage Ratio
PartnershipLeverageRatio
3.75 Ratio
nrp Incentive Plan By Unit Based Compensation Arrangement Vesting Period
IncentivePlanByUnitBasedCompensationArrangementVestingPeriod
P4Y
nrp Number Of Companies Acquired
NumberOfCompaniesAcquired
3 PartnershipUnit
CY2011Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
16000
CY2011Q3 us-gaap Recognition Of Deferred Revenue
RecognitionOfDeferredRevenue
2429000
CY2011Q3 us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
2764000
CY2011Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-17796000
CY2011Q3 us-gaap Net Income Loss
NetIncomeLoss
-30559000
nrp Number Of Coal Reserves
NumberOfCoalReserves
3 Coal_Reserves
nrp Return On Direct Financing Lease And Contractual Override
ReturnOnDirectFinancingLeaseAndContractualOverride
2399000
nrp Proceeds From Royalty Payments In Current Year
ProceedsFromRoyaltyPaymentsInCurrentYear
20800000
nrp Repayment Of Purchase Obligations
RepaymentOfPurchaseObligations
500000
nrp Partners Capital Account Equity Transactions Related Cost
PartnersCapitalAccountEquityTransactionsRelatedCost
59000
nrp Override Royalties
OverrideRoyalties
11998000
nrp Payments To Acquire Contractual Override Affiliates
PaymentsToAcquireContractualOverrideAffiliates
59009000
nrp Transportation Costs
TransportationCosts
1446000
nrp Unrecouped Minimum Royalty Payments
UnrecoupedMinimumRoyaltyPayments
57700000
nrp Coal Royalty And Override Payments
CoalRoyaltyAndOverridePayments
1396000
nrp Amortization Expense Current Year
AmortizationExpenseCurrentYear
503000
nrp Expenses Related To Incentive Plan To Be Reimbursed To General Partner
ExpensesRelatedToIncentivePlanToBeReimbursedToGeneralPartner
3600000
nrp Depletion And Amortization Expense On Coal And Other Mineral Rights
DepletionAndAmortizationExpenseOnCoalAndOtherMineralRights
33547000
nrp Non Cash Interest Charge Net
NonCashInterestChargeNet
453000
nrp Incentive Distribution Payments Made
IncentiveDistributionPaymentsMade
6600000
nrp Minimum Percentage Of Revenue Derived From Major Two Lessees
MinimumPercentageOfRevenueDerivedFromMajorTwoLessees
0.46 pure
nrp Percentage Of Consolidated Net Tangible Assets Debt Of Subsidiaries Not Permitted To Exceed
PercentageOfConsolidatedNetTangibleAssetsDebtOfSubsidiariesNotPermittedToExceed
0.10 pure
nrp Basic And Diluted Net Income Per Limited Partner Unit
BasicAndDilutedNetIncomePerLimitedPartnerUnit
1.42
nrp Incentive Plans By Unit Based Compensation Arrangement Common Units Forfeited During Period
IncentivePlansByUnitBasedCompensationArrangementCommonUnitsForfeitedDuringPeriod
27196 shares
nrp Incentive Plans By Unit Based Compensation Arrangement Common Units Granted During Period
IncentivePlansByUnitBasedCompensationArrangementCommonUnitsGrantedDuringPeriod
272150 shares
nrp Incentive Plans By Unit Based Compensation Arrangement Common Units Vested During Period
IncentivePlansByUnitBasedCompensationArrangementCommonUnitsVestedDuringPeriod
189736 shares
nrp Market Value Of Common Units Under Incentive Plan
MarketValueOfCommonUnitsUnderIncentivePlan
Average closing price over the last 20 trading days prior to the vesting date
nrp Partnerships Leverage Ratio
PartnershipsLeverageRatio
3.75 to 1.00
nrp Related Party Transaction Membership Interest Description
RelatedPartyTransactionMembershipInterestDescription
Right to nominate two members of Taggart's 5-person board of directors
nrp Ratio Of Ebitda To Consolidated Fixed Charges
RatioOfEbitdaToConsolidatedFixedCharges
Not less than 3.5 to 1.0
nrp Ratio Of Indebtedness
RatioOfIndebtedness
No more than 4.0 to 1.0
CY2011Q3 us-gaap Net Income Loss Allocated To Limited Partners
NetIncomeLossAllocatedToLimitedPartners
-29948000
CY2011Q3 us-gaap Costs And Expenses
CostsAndExpenses
120960000
CY2011Q3 nrp Mineral Processing Fees
MineralProcessingFees
3967000
CY2011Q3 nrp Mineral Transportation Fees
MineralTransportationFees
4765000
CY2011Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
19819000
CY2011Q3 us-gaap Net Income Loss Allocated To General Partners
NetIncomeLossAllocatedToGeneralPartners
611000
CY2011Q3 us-gaap Royalty Revenue
RoyaltyRevenue
2099000
CY2011Q3 us-gaap Tenant Reimbursements
TenantReimbursements
2974000
CY2012Q3 nrp Basic And Diluted Net Income Per Limited Partner Unit
BasicAndDilutedNetIncomePerLimitedPartnerUnit
0.48
CY2012Q3 nrp Mineral Processing Fees
MineralProcessingFees
1641000
CY2011Q3 us-gaap Taxes Other
TaxesOther
3915000
CY2011Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
5521000
CY2011Q3 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
2050000
CY2011Q3 us-gaap Sales Revenue Net
SalesRevenueNet
103164000
CY2011Q3 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
-30545000
CY2011Q3 us-gaap Weighted Average Limited Partnership Units Outstanding
WeightedAverageLimitedPartnershipUnitsOutstanding
106028000 shares
CY2011Q3 us-gaap Interest Expense
InterestExpense
12779000
CY2011Q3 us-gaap Royalty Revenue From Coal
RoyaltyRevenueFromCoal
74976000
nrp Mineral Processing Fees
MineralProcessingFees
6905000
nrp Mineral Transportation Fees
MineralTransportationFees
14361000
nrp Royalty Revenue From Oil And Gas
RoyaltyRevenueFromOilAndGas
6712000
CY2011Q3 us-gaap Asset Impairment Charges
AssetImpairmentCharges
90932000
CY2011Q3 nrp Override Royalties
OverrideRoyalties
4131000
CY2011Q3 nrp Transportation Costs
TransportationCosts
540000
CY2011Q3 nrp Coal Royalty And Override Payments
CoalRoyaltyAndOverridePayments
233000
CY2011Q3 nrp Expenses Related To Incentive Plan To Be Reimbursed To General Partner
ExpensesRelatedToIncentivePlanToBeReimbursedToGeneralPartner
600000
CY2011Q3 nrp Basic And Diluted Net Income Per Limited Partner Unit
BasicAndDilutedNetIncomePerLimitedPartnerUnit
-0.28
CY2011Q3 nrp Royalty Revenue From Oil And Gas
RoyaltyRevenueFromOilAndGas
5059000
CY2012Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
14485000
CY2012Q3 us-gaap Net Income Loss Allocated To General Partners
NetIncomeLossAllocatedToGeneralPartners
-1040000
CY2012Q3 us-gaap Profit Loss
ProfitLoss
52001000
CY2012Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
35000
CY2012Q3 us-gaap Recognition Of Deferred Revenue
RecognitionOfDeferredRevenue
1096000
CY2012Q3 us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
6322000
CY2012Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
65643000
CY2012Q3 us-gaap Net Income Loss
NetIncomeLoss
52001000
CY2012Q3 us-gaap Net Income Loss Allocated To Limited Partners
NetIncomeLossAllocatedToLimitedPartners
50961000
CY2012Q3 us-gaap Costs And Expenses
CostsAndExpenses
28532000
CY2012Q3 us-gaap Taxes Other
TaxesOther
4853000
CY2012Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
8225000
CY2012Q3 us-gaap Royalty Revenue
RoyaltyRevenue
1643000
CY2012Q3 us-gaap Tenant Reimbursements
TenantReimbursements
3602000
CY2012Q3 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
2303000
CY2012Q3 us-gaap Sales Revenue Net
SalesRevenueNet
94175000
CY2012Q3 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
52015000
CY2012Q3 us-gaap Weighted Average Limited Partnership Units Outstanding
WeightedAverageLimitedPartnershipUnitsOutstanding
106028000 shares
CY2012Q3 us-gaap Interest Expense
InterestExpense
13677000
CY2012Q3 us-gaap Royalty Revenue From Coal
RoyaltyRevenueFromCoal
70259000
CY2012Q3 nrp Override Royalties
OverrideRoyalties
3359000
CY2012Q3 nrp Transportation Costs
TransportationCosts
446000
CY2012Q3 nrp Coal Royalty And Override Payments
CoalRoyaltyAndOverridePayments
523000
CY2012Q3 nrp Expenses Related To Incentive Plan To Be Reimbursed To General Partner
ExpensesRelatedToIncentivePlanToBeReimbursedToGeneralPartner
1200000
CY2012Q3 nrp Mineral Transportation Fees
MineralTransportationFees
5007000
CY2012Q3 nrp Royalty Revenue From Oil And Gas
RoyaltyRevenueFromOilAndGas
1246000

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