Alliance Resource Partners, L.P. Reports Increased Coal Sales And Production Volumes, Revenues, Net Income And EBITDA; Raises Quarterly Unitholder Distribution By 2.0% To $1.175 Per Unit
Alliance Resource Partners, L.P. (NASDAQ: ARLP) today reported increased financial and operating results for the quarter ended September 30, 2013 (the "2013 Quarter"). Led by higher coal sales volumes in the 2013 Quarter, revenues climbed to $537.2 million, an increase of 5.0% compared to the quarter ended September 30, 2012 (the "2012 Quarter"). Increased revenues and coal sales volumes contributed to higher net income, which jumped 44.1% to $87.2 million, or $1.50 per basic and diluted limited partner unit, and EBITDA, which rose 24.3% to $158.5 million. Comparative results were also impacted by a non-cash asset impairment charge of $19.0 million at the Pontiki mining complex in the 2012 Quarter. (For a definition of EBITDA, Adjusted EBITDA and related reconciliations 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 $1.175 per unit (an annualized rate of $4.70 per unit), payable on November 14, 2013 to all unitholders of record as of the close of trading on November 7, 2013. The announced distribution represents an 8.3% increase over the cash distribution of $1.085 per unit for the 2012 Quarter and a 2.0% increase over the cash distribution of $1.1525 per unit for the 2013 second quarter (the "Sequential Quarter").
"Posting increases to coal sales and production volumes, revenues, EBITDA and net income, ARLP once again delivered growth in the 2013 Quarter," said Joseph W. Craft III, President and Chief Executive Officer. "The high performance of our teams and continued focus on expanding ARLP's presence in the Illinois Basin and Northern Appalachian markets has allowed us to succeed in the current challenging market environment. Our solid contract portfolio and ongoing growth projects also leave ARLP well positioned for the future. We are pleased to share these successes with our unitholders, as the Board elected to increase quarterly cash distributions for the twenty-second consecutive quarter."
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