Alliance Resource Partners, L.P.: Another Quarter Of Record Revenues, EBITDA And Net Income Keep ARLP On Track For Eleventh Consecutive Year Of Record Financial Performance; Quarterly Cash Distribution Increased 3.5% To $0.955 Per Unit
Alliance Resource Partners, L.P. (NASDAQ: ARLP) today reported record financial results for the quarter ended September 30, 2011 (the "2011 Quarter"). Record coal sales volumes and pricing drove revenues in the 2011 Quarter to a record $487.7 million, an increase of 18.8% compared to the quarter ended September 30, 2010 (the “2010 Quarter”). ARLP also posted records in the 2011 Quarter for EBITDA, which increased 28.0% to $152.8 million; net income, which climbed 42.2% to $104.1 million; and net income per basic and diluted partner unit, which increased 45.9% to $2.16 per unit, each as compared to the 2010 Quarter. (For a definition of EBITDA and related reconciliations to comparable GAAP financial measures, please see the end of this release).
ARLP also announced that the Board of Directors of its managing general partner increased the cash distribution to unitholders for the 2011 Quarter to $0.955 per unit (an annualized rate of $3.82 per unit), payable on November 14, 2011 to all unitholders of record as of the close of trading on November 7, 2011. The announced distribution represents a 15.1% increase over the cash distribution of $0.83 per unit for the 2010 Quarter and a 3.5% increase over the cash distribution of $0.9225 per unit for the second quarter of 2011 (the “Sequential Quarter”).
"ARLP enjoyed another strong quarter on several fronts," said Joseph W. Craft III, President and Chief Executive Officer. "In addition to posting record financial results, ARLP also continued to build for the future. During the quarter, we sold approximately 28.4 million tons of coal to be delivered over the next five years. We also completed the recently announced transactions with White Oak Resources and began construction of the new Gibson South mine. With record setting performance to date, a solid sales contract portfolio and significant growth on the horizon, ARLP was once again able to deliver another distribution increase to our unitholders."
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