TULSA, Okla.--(BUSINESS WIRE)--
Alliance Resource Partners, L.P. (NASDAQ: ARLP) today reported record
operating and financial results for the quarter ended March 31, 2010
(the "2010 Quarter"). Led by strong increases to revenues in the 2010
Quarter, compared to the quarter ended March 31, 2009 (the "2009
Quarter"), EBITDA jumped 10.4% to a record $119.0 million and net income
rose 3.4% to a record $75.0 million, or $1.56 of net income per basic
and diluted limited partner unit. (For a discussion of our net income
presentation and 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 2010
Quarter to $0.79 per unit (an annualized rate of $3.16 per unit),
payable on May 14, 2010 to all unitholders of record as of the close of
trading on May 7, 2010. The announced distribution represents an 8.2%
increase over the cash distribution of $0.73 for the 2009 Quarter and a
1.9% increase over the cash distribution of $0.775 for the fourth
quarter of 2009.
"ARLP entered 2010 optimistic about performance this year and our first
quarter results confirm that our expectations were well founded," said
Joseph W. Craft III, President and Chief Executive Officer. "Record
operating and financial results for the first quarter reflect the
strength of ARLP's coal supply contracts and the benefits realized from
increased production at our new River View mine. We are particularly
proud that these results were accomplished during the safest quarter in
ARLP's history."
Consolidated Financial Results
Three Months Ended March 31, 2010 Compared to Three Months Ended
March 31, 2009
ARLP continued to benefit from strong contracted coal pricing and
commitments as revenues in the 2010 Quarter increased 15.6% to a record
$380.7 million. Record revenues reflect higher coal sales volumes, which
jumped 14.8% to a record 7.4 million tons in the 2010 Quarter, compared
to 6.4 million tons sold in the 2009 Quarter, and increased average coal
sales prices, which rose $0.75 per ton sold to a record $49.34.
Production volumes also rose 9.8% in the 2010 Quarter to a record 7.5
million tons, compared to 6.9 million tons in the 2009 Quarter,
primarily due to increased production levels at the River View mine. As
expected, operating expenses increased in the 2010 Quarter as record
coal production volumes drove costs higher, particularly labor-related
expenses, materials and supplies expenses and sales-related expenses.
Higher costs associated with beginning coal inventories also contributed
to increased operating expenses in the 2010 Quarter. These increases
were partially offset by reduced contract mining expenses, which were
$2.2 million lower in the 2010 Quarter compared to the 2009 Quarter.
Financial results for the 2010 Quarter were also impacted by higher
depreciation, depletion and amortization, which increased to $36.3
million, compared to $27.4 million in the 2009 Quarter, primarily as a
result of capital expenditures related to ARLP's continuing growth
initiatives.
Regional Results and Analysis
(in millions, except per 2010 First 2009 First % Change 2009 % Change
ton data) Quarter Quarter Quarter / Fourth Sequential
Quarter Quarter
Illinois Basin
Tons sold 6.076 4.963 22.4 % 4.710 29.0 %
Coal sales price per ton $ 47.14 $ 44.64 5.6 % $ 42.47 11.0 %
(1)
Segment Adjusted EBITDA $ 28.45 $ 26.48 7.4 % $ 26.00 9.4 %
Expense per ton (2)
Segment Adjusted EBITDA $ 114.1 $ 90.8 25.7 % $ 77.7 46.8 %
(2)
Central Appalachia
Tons sold 0.607 0.764 (20.5 )% 0.658 (7.8 )%
Coal sales price per ton $ 65.32 $ 70.41 (7.2 )% $ 65.69 (0.6 )%
(1)
Segment Adjusted EBITDA $ 54.11 $ 48.56 11.4 % $ 48.06 12.6 %
Expense per ton (2)
Segment Adjusted EBITDA $ 6.9 $ 16.8 (58.9 )% $ 11.7 (41.0 )%
(2)
Northern Appalachia
Tons sold 0.698 0.700 (0.3 )% 0.740 (5.7 )%
Coal sales price per ton $ 54.59 $ 52.13 4.7 % $ 51.87 5.2 %
(1)
Segment Adjusted EBITDA $ 45.83 $ 43.65 5.0 % $ 47.60 (3.7 )%
Expense per ton( 2)
Segment Adjusted EBITDA $ 7.0 $ 6.7 4.5 % $ 4.0 75.0 %
(2)
Total (3)
Tons sold 7.381 6.427 14.8 % 6.122 20.6 %
Coal sales price per ton $ 49.34 $ 48.59 1.5 % $ 46.12 7.0 %
(1)
Segment Adjusted EBITDA $ 32.69 $ 31.26 4.6 % $ 31.52 3.7 %
Expense per ton (2)
Segment Adjusted EBITDA $ 129.7 $ 117.5 10.4 % $ 94.8 36.8 %
(2)
(1) Sales price per ton is defined as total coal sales divided by total
tons sold.
(2) For definitions of Segment Adjusted EBITDA expense per ton and
Segment Adjusted EBITDA and related reconciliations to comparable GAAP
financial measures, please see the end of this release.
(3) Total includes other, corporate and eliminations.
Spurred by increased coal sales volumes in the Illinois Basin region,
ARLP sold a record 7.4 million tons in the 2010 Quarter, compared to 6.4
million tons in the 2009 Quarter and 6.1 million tons in the fourth
quarter of 2009 (the "Sequential Quarter"). Higher Illinois Basin coal
sales volumes primarily reflect increased sales from the new River View
mine as ARLP continued to expand production capacity at this operation
during the 2010 Quarter. Lower coal sales volumes in Central Appalachia
reflect continued weak market demand as well as transportation
disruptions to coal shipments in the 2010 Quarter. The timing of
shipments and transportation disruptions also pushed Northern Appalachia
coal sales volumes lower in the 2010 Quarter, compared to the Sequential
Quarter. In addition, transportation issues impacted coal inventories,
which continued to build during the 2010 Quarter to a total of
approximately 1.5 million tons, an increase of approximately 713,000
tons over the 2009 Quarter and 216,000 tons over the Sequential Quarter.
Despite recent increases, ARLP currently expects coal inventories will
return to near normal levels by the end of this year.
ARLP continued to benefit from higher contract pricing in the Illinois
Basin as the average coal sales price realized in the 2010 Quarter
increased by $2.50 per ton compared to the 2009 Quarter and $4.67 per
ton compared to the Sequential Quarter. The weak market conditions
discussed above also impacted pricing in Central Appalachia as average
coal sales prices fell by $5.09 per ton in the 2010 Quarter compared to
the 2009 Quarter. In Northern Appalachia, significantly improved pricing
in the export markets pushed the average realized price per ton higher
in the 2010 Quarter by $2.46 per ton and $2.72 per ton compared to the
2009 Quarter and Sequential Quarter, respectively.
Total Segment Adjusted EBITDA Expense per ton in the 2010 Quarter
increased 4.6% and 3.7% compared to the 2009 and Sequential Quarters,
respectively. Higher total Segment Adjusted EBITDA Expense per ton in
the 2010 Quarter was in line with expectations and reflects the
previously discussed increases in consolidated coal sales, coal
production and operating expenses. Increased Segment Adjusted EBITDA
Expense per ton in the Illinois Basin also reflects these dynamics. In
Central Appalachia, lower coal sales volumes also contributed to higher
Segment Adjusted EBITDA Expense per ton in the 2010 Quarter and more
than offset reduced outside coal purchases, compared to the 2009
Quarter. In Northern Appalachia, Segment Adjusted EBITDA Expense per ton
declined in the 2010 Quarter as a result of improved mining conditions
and increased longwall run days at the Mountain View mine, compared to
the Sequential Quarter.
Outlook
Commenting on ARLP's outlook, Mr. Craft said, "Although the U.S. economy
is showing signs of improvement, including modest increases in
industrial activity and electricity demand, we remain guarded in our
assessment of the strength and depth of the recovery in general. The
domestic steam coal markets, in particular, continue to be hampered by
low natural gas prices, above normal utility stockpiles and
transportation constraints, which we expect will likely slow improvement
in customer demand over the short-term. On a positive note, growth in
international demand for U.S. metallurgical and PCI coal has
significantly strengthened the export markets and ARLP has successfully
capitalized on this strength by recently securing commitments to deliver
one million tons of metallurgical coal into the export market over the
fiscal year beginning April 2010."
"We are continuing to implement our growth initiatives," Mr. Craft
continued. "Development production has begun at Tunnel Ridge and ARLP
continues to expect longwall operations will begin at this new mine in
late 2011. At River View we are on schedule to bring the sixth
continuous mining unit into production next month and production levels
year-to-date have exceeded our expectations. Our first quarter
performance, combined with improved production at River View and the
benefit to coal revenues from our recent export market sales
commitments, give me confidence that ARLP is on track for a tenth
consecutive year of record performance in 2010."
Based on results to date and updated estimates, ARLP is increasing
anticipated ranges for 2010 coal production and sales volumes to
approximately 29.9 to 30.6 million tons and 30.8 to 31.5 million tons,
respectively. Reflecting these estimates and current expectations for
coal sales prices, ARLP is also increasing its anticipated range for
2010 revenues, excluding transportation revenues, to approximately $1.50
to $1.60 billion. In addition, ARLP is increasing estimated ranges for
EBITDA and net income to approximately $440.0 to $480.0 million and
$270.0 to $300.0 million, respectively. ARLP continues to closely manage
capital expenditures through changing market conditions and is currently
maintaining its previously stated range for 2010 capital expenditures of
$275.0 to $315.0 million, including maintenance capital expenditures.
A conference call regarding ARLP's 2010 Quarter financial results is
scheduled for today at 10:00 a.m. Eastern. To participate in the
conference call, dial (800) 435-1261 and provide pass code 35830395.
International callers should dial (617) 614-4076 and provide the same
pass code. Investors may also listen to the call via the "investor
information" section of ARLP's website at http://www.arlp.com.
An audio replay of the conference call will be available for
approximately one week. To access the audio replay, dial (888) 286-8010
and provide pass code 38659156. International callers should dial (617)
801-6888 and provide the same pass code.
This announcement is intended to be a qualified notice under Treasury
Regulation Section 1.1446-4(b), with 100% of the partnership's
distributions to foreign investors attributable to income that is
effectively connected with a United States trade or business.
Accordingly, ARLP's distributions to foreign investors are subject to
federal income tax withholding at the highest applicable tax rate.
About Alliance Resource Partners, L.P.
ARLP is a diversified producer and marketer of coal to major United
States utilities and industrial users. As the nation's only publicly
traded master limited partnership involved in the production and
marketing of coal, ARLP is currently the fifth largest coal producer in
the eastern United States with mining operations in the Illinois Basin,
Northern Appalachian and Central Appalachian coal producing regions.
ARLP operates nine mining complexes in Illinois, Indiana, Kentucky,
Maryland and West Virginia and is also constructing a new mining complex
in West Virginia. In addition, ARLP operates a coal loading terminal on
the Ohio River at Mount Vernon, Indiana.
News, unit prices and additional information about ARLP, including
filings with the Securities and Exchange Commission, are available at http://www.arlp.com.
For more information, contact the investor relations department of ARLP
at (918) 295-7674 or via e-mail at investorrelations@arlp.com.
The statements and projections used throughout this release are based on
current expectations. These statements and projections are
forward-looking, and actual results may differ materially. These
projections do not include the potential impact of any mergers,
acquisitions or other business combinations that may occur after the
date of this release. At the end of this release, we have included more
information regarding business risks that could affect our results.
FORWARD-LOOKING STATEMENTS: With the exception of historical
matters, any matters discussed in this press release are forward-looking
statements that involve risks and uncertainties that could cause actual
results to differ materially from projected results. These risks,
uncertainties and contingencies include, but are not limited to, the
following: increased competition in coal markets and our ability to
respond to the competition; decreases in coal prices, which could
adversely affect our operating results and cash flows; risks associated
with the expansion of our operations and properties; deregulation of the
electric utility industry or the effects of any adverse change in the
coal industry, electric utility industry, or general economic
conditions; dependence on significant customer contracts, including
renewing customer contracts upon expiration of existing contracts;
weakness in global economic conditions or in industries in which our
customers operate; liquidity constraints, including those resulting from
the cost or unavailability of financing due to current capital market
conditions; customer bankruptcies, cancellations or breaches to existing
contracts, or other failures to perform; customer delays, failure to
take coal under contracts or defaults in making payments; adjustments
made in price, volume or terms to existing coal supply agreements;
fluctuations in coal demand, prices and availability due to labor and
transportation costs and disruptions, equipment availability,
governmental regulations, including those related to carbon dioxide
emissions, and other factors; legislation, regulatory and court
decisions and interpretations thereof, including issues related to
climate change and miner health and safety; our productivity levels and
margins that we earn on our coal sales; greater than expected increases
in raw material costs; greater than expected shortage of skilled labor;
our ability to maintain satisfactory relations with our employees; any
unanticipated increases in labor costs, adverse changes in work rules,
or unexpected cash payments associated with post-mine reclamation and
workers compensation claims; any unanticipated increases in
transportation costs and risk of transportation delays or interruptions;
greater than expected environmental regulation, costs and liabilities; a
variety of operational, geologic, permitting, labor and weather-related
factors; risks associated with major mine-related accidents, such as
mine fires, or interruptions; results of litigation, including claims
not yet asserted; difficulty maintaining our surety bonds for mine
reclamation as well as workers compensation and black lung benefits;
difficulty in making accurate assumptions and projections regarding
pension and other post-retirement benefit liabilities; coal market's
share of electricity generation, including as a result of environmental
concerns related to coal mining and combustion and the cost and
perceived benefits of alternative sources of energy, such as natural
gas, nuclear energy and renewable fuels; replacement of coal reserves; a
loss or reduction of benefits from certain tax credits; difficulty
obtaining commercial property insurance, and risks associated with our
participation (excluding any applicable deductible) in the commercial
insurance property program.
Additional information concerning these and other factors can be
found in ARLP's public periodic filings with the Securities and Exchange
Commission ("SEC"), including ARLP's Annual Report on Form 10-K for the
year ended December 31, 2009, filed on February 26, 2010 with the SEC.
Except as required by applicable securities laws, ARLP does not
intend to update its forward-looking statements.
ALLIANCE RESOURCE PARTNERS, L.P. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND OPERATING DATA
(In thousands, except unit and per unit data)
(Unaudited)
Three Months Ended
March 31,
2010 2009
Tons Sold 7,381 6,427
Tons Produced 7,544 6,871
SALES AND OPERATING REVENUES:
Coal sales $ 364,159 $ 312,260
Transportation revenues 9,705 10,890
Other sales and operating revenues 6,797 6,150
Total revenues 380,661 329,300
EXPENSES:
Operating expenses (excluding depreciation, 239,267 196,376
depletion and amortization)
Transportation expenses 9,705 10,890
Outside coal purchases 1,842 4,760
General and administrative 10,701 9,734
Depreciation, depletion and amortization 36,296 27,350
Total operating expenses 297,811 249,110
INCOME FROM OPERATIONS 82,850 80,190
Interest expense, net (7,595 ) (7,981 )
Interest income 51 631
Other income (expense) (150 ) 226
INCOME BEFORE INCOME TAXES 75,156 73,066
INCOME TAX EXPENSE 168 426
NET INCOME 74,988 72,640
LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING - (129 )
INTEREST
NET INCOME ATTRIBUTABLE TO ALLIANCE RESOURCE $ 74,988 $ 72,511
PARTNERS, L.P. ("NET INCOME OF ARLP")
GENERAL PARTNERS' INTEREST IN NET INCOME OF ARLP $ 17,042 $ 14,857
LIMITED PARTNERS' INTEREST IN NET INCOME OF ARLP $ 57,946 $ 57,654
BASIC AND DILUTED NET INCOME OF ARLP PER LIMITED $ 1.56 $ 1.56
PARTNER UNIT
DISTRIBUTIONS PAID PER LIMITED PARTNER UNIT $ 0.775 $ 0.715
BASIC AND DILUTED WEIGHTED AVERAGE NUMBER
36,690,803 36,638,829
OF UNITS OUTSTANDING
ALLIANCE RESOURCE PARTNERS, L.P. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except unit data)
(Unaudited)
March 31, December 31,
ASSETS
2010 2009
CURRENT ASSETS:
Cash and cash equivalents $ 34,470 $ 21,556
Trade receivables 123,731 91,223
Other receivables 2,906 3,159
Due from affiliates 1,906 83
Inventories 61,274 64,357
Advance royalties 3,629 3,629
Prepaid expenses and other assets 5,862 8,801
Total current assets 233,778 192,808
PROPERTY, PLANT AND EQUIPMENT:
Property, plant and equipment, at cost 1,445,367 1,378,914
Less accumulated depreciation, depletion and (585,455 ) (556,370 )
amortization
Total property, plant and equipment, net 859,912 822,544
OTHER ASSETS:
Advance royalties 29,148 26,802
Other long-term assets 9,509 9,246
Total other assets 38,657 36,048
TOTAL ASSETS $ 1,132,347 $ 1,051,400
LIABILITIES AND PARTNERS' CAPITAL
CURRENT LIABILITIES:
Accounts payable $ 73,456 $ 62,821
Due to affiliates 360 27
Accrued taxes other than income taxes 14,662 10,777
Accrued payroll and related expenses 26,104 22,101
Accrued interest 6,725 2,918
Workers' compensation and pneumoconiosis benefits 10,046 9,886
Current capital lease obligation 317 324
Other current liabilities 12,382 11,062
Current maturities, long-term debt 18,000 18,000
Total current liabilities 162,052 137,916
LONG-TERM LIABILITIES:
Long-term debt, excluding current maturities 445,250 422,000
Pneumoconiosis benefits 35,261 34,344
Accrued pension benefit 19,688 19,696
Workers' compensation 56,836 53,845
Asset retirement obligations 53,656 53,116
Due to affiliates 1,147 1,148
Long-term capital lease obligation 388 460
Other liabilities 7,968 7,895
Total long-term liabilities 620,194 592,504
Total liabilities 782,246 730,420
COMMITMENTS AND CONTINGENCIES
PARTNERS' CAPITAL:
Alliance Resource Partners, L.P. ("ARLP")
Partners' Capital:
Limited Partners - Common Unitholders 36,716,855 658,925 630,165
and 36,661,029 units outstanding, respectively
General Partners' deficit (291,944 ) (293,153 )
Accumulated other comprehensive loss (16,880 ) (17,149 )
Total ARLP Partners' Capital 350,101 319,863
Noncontrolling interest - 1,117
Total Partners' Capital 350,101 320,980
TOTAL LIABILITIES AND PARTNERS' CAPITAL $ 1,132,347 $ 1,051,400
ALLIANCE RESOURCE PARTNERS, L.P. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Three Months Ended
March 31,
2010 2009
CASH FLOWS PROVIDED BY OPERATING ACTIVITIES $ 106,646 $ 75,278
CASH FLOWS FROM INVESTING ACTIVITIES:
Property, plant and equipment:
Capital expenditures (77,457 ) (85,597 )
Changes in accounts payable and accrued liabilities 6,048 17,784
Proceeds from sale of property, plant and equipment 101 -
Receipts of prior advances on Gibson rail project 562 535
Net cash used in investing activities (70,746 ) (67,278 )
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under revolving credit facilities 33,250 -
Payments under revolving credit facilities (10,000 ) -
Payments on capital lease obligation (79 ) (86 )
Net settlement of employee withholding taxes on (1,265 ) (791 )
vesting of Long-Term Incentive Plan
Cash contributions by General Partners 43 31
Distributions paid to Partners (44,653 ) (40,121 )
Net cash used in financing activities (22,704 ) (40,967 )
EFFECT OF CURRENCY TRANSLATION ON CASH (282 ) 60
NET CHANGE IN CASH AND CASH EQUIVALENTS 12,914 (32,907 )
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 21,556 244,875
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 34,470 $ 211,968
Presentation of Net Income
Consolidated net income includes earnings attributable to both ARLP and
noncontrolling interests. Consolidated net income less earnings
attributable to noncontrolling interest is referred to as "net income
attributable to ARLP." Unless otherwise noted, any reference to net
income in this release represents net income attributable to ARLP.
Reconciliation of GAAP "Cash Flows
Provided by Operating Activities" to non-GAAP "EBITDA", Reconciliation
of non-GAAP "EBITDA" to GAAP "Net Income" and "Net Income Attributable
to ARLP" (in thousands).
EBITDA is defined as net income before net interest expense, income
taxes, depreciation, depletion and amortization and net income
attributable to noncontrolling interest. EBITDA is used as a
supplemental financial measure by our management and by external users
of our financial statements such as investors, commercial banks,
research analysts and others, to assess:
-- the financial performance of our assets without regard to financing
methods, capital structure or historical cost basis;
-- the ability of our assets to generate cash sufficient to pay interest
costs and support our indebtedness;
-- our operating performance and return on investment as compared to those
of other companies in the coal energy sector, without regard to
financing or capital structures; and
-- the viability of acquisitions and capital expenditure projects and the
overall rates of return on alternative investment opportunities.
EBITDA should not be considered as an alternative to net income, income
from operations, cash flows from operating activities or any other
measure of financial performance presented in accordance with generally
accepted accounting principles. EBITDA is not intended to represent cash
flow and does not represent the measure of cash available for
distribution. Our method of computing EBITDA may not be the same method
used to compute similar measures reported by other companies, or EBITDA
may be computed differently by us in different contexts (i.e. public
reporting versus computation under financing agreements).
Three Months Ended Three Months Year Ended
March 31, Ended December 31,
December 31,
2010E
2010 2009 2009
Midpoint
Cash flows provided by $ 106,646 $ 75,278 $ 44,392 $ 428,600
operating activities
Non-cash compensation (856 ) (842 ) (906 ) (3,500 )
expense
Asset retirement (644 ) (675 ) (670 ) (2,500 )
obligations
Coal inventory adjustment - (9 ) (2,139 ) -
to market
Net gain (loss) on foreign (282 ) 60 466 -
currency exchange
Net gain (loss) on sale of
property, plant and (70 ) 1 (19 ) -
equipment
Other (130 ) (143 ) (137 ) (600 )
Net effect of working 6,620 26,320 34,470 5,000
capital changes
Interest expense, net 7,544 7,350 7,370 32,000
Income tax expense 168 426 (103 ) 1,000
(benefit)
EBITDA 118,996 107,766 82,724 460,000
Depreciation, depletion (36,296 ) (27,350 ) (33,757 ) (142,000 )
and amortization
Interest expense, net (7,544 ) (7,350 ) (7,370 ) (32,000 )
Income tax (expense) (168 ) (426 ) 103 (1,000 )
benefit
Net income 74,988 72,640 41,700 285,000
Net income attributable to - (129 ) 42 -
noncontrolling interest
Net income attributable to $ 74,988 $ 72,511 $ 41,742 $ 285,000
ARLP
Reconciliation of GAAP "Operating
Expenses" to non-GAAP "Segment Adjusted EBITDA Expense per ton" and
Reconciliation of non-GAAP "EBITDA" to "Segment Adjusted EBITDA" (in
thousand, except per ton data).
Segment Adjusted EBITDA Expense per ton represents the sum of operating
expenses, outside coal purchases and other income divided by tons sold.
Transportation expenses are excluded as these expenses are passed
through to our customers and, consequently, we do not realize any margin
on transportation revenues. Segment Adjusted EBITDA Expense is used as a
supplemental financial measure by our management to assess the operating
performance of our segments. Segment Adjusted EBITDA Expense is a key
component of EBITDA in addition to coal sales and other sales and
operating revenues. The exclusion of corporate general and
administrative expenses from Segment Adjusted EBITDA Expense allows
management to focus solely on the evaluation of segment operating
performance as it primarily relates to our operating expenses. Outside
coal purchases are included in Segment Adjusted EBITDA Expense because
tons sold and coal sales include sales from outside coal purchases.
Three Months Ended Three Months
March 31, Ended
December 31,
2010 2009 2009
Operating expense $ 239,267 $ 196,376 $ 191,834
Outside coal purchases 1,842 4,760 1,815
Other (income) expense 150 (226 ) (693 )
Segment Adjusted EBITDA Expense $ 241,259 $ 200,910 $ 192,956
Divided by tons sold 7,381 6,427 6,122
Segment Adjusted EBITDA Expense per ton $ 32.69 $ 31.26 $ 31.52
Segment Adjusted EBITDA is defined as net income before net interest
expense, income taxes, depreciation, depletion and amortization, general
and administrative expenses and income attributable to noncontrolling
interest.
Three Months Ended Three Months
March 31, Ended
December 31,
2010 2009 2009
EBITDA (See reconciliation to GAAP above) $ 118,996 $ 107,766 $ 82,724
General and administrative 10,701 9,734 12,117
Segment Adjusted EBITDA $ 129,697 $ 117,500 $ 94,841
Source: Alliance Resource Partners, L.P.
Contact: Alliance Resource Partners, L.P.
Brian L. Cantrell,918-295-7673