Alliance Resource Partners, L.P. Reports Record Quarterly Operating And Financial Results; Increases Quarterly Unitholder Distribution By 2.0% To $1.1525 Per Unit; And Increases 2013 Guidance
Alliance Resource Partners, L.P. (NASDAQ: ARLP) today reported strong financial and operating results, posting new records for coal sales and production volumes, revenues and EBITDA for the quarter ended June 30, 2013 (the "2013 Quarter"). Led by higher coal sales volumes in the 2013 Quarter, revenues climbed to $553.6 million, an increase of 4.5% compared to the quarter ended June 30, 2012 (the "2012 Quarter"). Record revenues and coal sales volumes contributed to record EBITDA of $178.4 million for the 2013 Quarter, an increase of 14.7% compared to the 2012 Quarter. Net income was also higher in the 2013 Quarter, increasing 9.0% to $104.1 million, or $1.96 per basic and diluted unit. (For a definition of EBITDA and related reconciliation to the most comparable GAAP financial measure, please see the end of this release.)
ARLP also announced that the Board of Directors of its managing general partner (the "Board") increased the cash distribution to unitholders for the 2013 Quarter to $1.1525 per unit (an annualized rate of $4.61 per unit), payable on August 14, 2013 to all unitholders of record as of the close of trading on August 7, 2013. The announced distribution represents an 8.5% increase over the cash distribution of $1.0625 per unit for the 2012 Quarter and a 2.0% increase over the cash distribution of $1.13 per unit for the 2013 first quarter (the "Sequential Quarter").
"ARLP continued its strong operating and financial performance in the 2013 Quarter – posting new benchmarks for coal sales and production volumes, revenues and EBITDA," said Joseph W. Craft III, President and Chief Executive Officer. "The ability to deliver these exceptional results, especially in such challenging market conditions, speaks to the soundness of ARLP's strategy, the quality of our assets and the hard work and dedication of our people. These attributes keep ARLP well positioned for the future and gave the Board the confidence to increase distributions to our unitholders for the twenty-first consecutive quarter."
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