Alliance Resource Partners, L.P. (NASDAQ: ARLP) today reported record operating and financial results, as it set new annual benchmarks for coal sales and production volumes, revenues, net income and EBITDA for the year ended December 31, 2013 (the "2013 Year"). On the strength of record coal sales volumes, revenues climbed to a record $2.2 billion for the 2013 Year, an increase of 8.4% compared to the year ended December 31, 2012 (the "2012 Year"). Higher revenues contributed to record EBITDA of $685.9 million for the 2013 Year, an increase of 18.0% compared to the 2012 Year. Net income was also higher in the 2013 Year, increasing 17.3% to a record $393.5 million, or $7.26 per basic and diluted unit. (For a discussion of EBITDA and related reconciliations to comparable GAAP financial measures, please see the end of this release.)
For the quarter ended December 31, 2013 (the "2013 Quarter"), revenues increased 3.1% to a record $566.7 million, compared to the quarter ended December 31, 2012 (the "2012 Quarter"). Net income and EBITDA were also higher in the 2013 Quarter, as net income increased 2.7% to $99.3 million, or $1.85 per basic and diluted limited partner unit, and EBITDA increased 5.6% to $175.9 million.
ARLP also announced that the Board of Directors of its managing general partner increased the cash distribution to unitholders for the 2013 Quarter to $1.1975 per unit (an annualized rate of $4.79 per unit), payable on February 14, 2014 to all unitholders of record as of the close of trading on February 7, 2014. The announced distribution represents an 8.1% increase over the cash distribution of $1.1075 per unit for the 2012 Quarter and a 1.9% increase over the cash distribution of $1.175 per unit for the 2013 third quarter (the "Sequential Quarter").
"For the thirteenth consecutive year, ARLP posted record results and set new annual benchmarks in 2013 for our major operating and financial measures," said Joseph W. Craft III, President and Chief Executive Officer. "These superior results reflect the exceptional capabilities and execution of our employees and I want to thank the entire Alliance team for their individual contributions to our success. Looking ahead, market dynamics continue to favor the Illinois Basin and Northern Appalachia coal markets and we remain encouraged that our strategy of expanding ARLP's presence as a low-cost operator in these regions will create growth opportunities in the future. Based on this outlook and our record setting results, ARLP's Board of Directors elected to increase quarterly unitholder distributions for the twenty-third consecutive quarter."