Natural Resource Partners L.P. (NRP, Financial) filed Quarterly Report for the period ended 2010-03-31.
Natural Resource Partners L.p. has a market cap of $1.64 billion; its shares were traded at around $23.67 with a P/E ratio of 18.7 and P/S ratio of 6.4. The dividend yield of Natural Resource Partners L.p. stocks is 9.2%. Natural Resource Partners L.p. had an annual average earning growth of 20.5% over the past 10 years.NRP is in the portfolios of Chuck Royce of Royce& Associates, Jim Simons of Renaissance Technologies LLC.
As of March 31, 2010, our coal and aggregate reserves were subject to 215 leases with 77 lessees. For the three months ended March 31, 2010, our lessees produced 11.4 million tons of coal and aggregates, generating $48.1 million in royalty revenues from our properties, and our total revenues were $63.5 million.
Northgate-Thayer. In March 2010, we acquired approximately 100 acres of mineral and surface rights related to dolomite reserves in White County, Indiana from a local operator for a purchase price of $7.5 million. As of March 31, 2010 we had funded $3.0 million of the acquisition. The remaining payments are expected to be paid over the next three months upon completion of certain development milestones.
Coal Processing and Transportation Revenues. We generated $1.6 million and $1.9 million in processing revenues for the three month periods ended March 31, 2010 and 2009. We do not operate the preparation plants, but receive a fee for coal processed through them. Similar to our coal royalty structure, the throughput fees are based on a percentage of the ultimate sales price for the coal that is processed through the facilities
Net cash flows used in financing for the three months ended March 31, 2010 was $15.5 million. During the first three months of 2010, we had proceeds from loans of $46.0 million offset by repayment of debt of $15.2 million and retirement of a $3.0 million obligation related to the purchase of coal reserves and infrastructure. We also paid distributions of $43.3 million. During the same period for 2009, net cash provided in financing activities was $64.4 million, which included proceeds from loans of $303.0 million, principal repayments of $151.2 million, retirement of obligation related to acquisitions of $40.0 million and $46.7 million for distributions to partners.
Credit Facility. We have a $300 million revolving credit facility, and at March 31, 2010 we had approximately $226 million available to us under the facility. Under an accordion feature in the credit facility, we may request our lenders to increase their aggregate commitment to a maximum of $450 million on the same terms. However, under current market conditions, we cannot be certain that our lenders will elect to participate in the accordion feature. To the extent the lenders decline to participate, we may elect to bring new lenders into the facility, but cannot make any assurance that the additional credit capacity will be available to us on existing terms.
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Natural Resource Partners L.p. has a market cap of $1.64 billion; its shares were traded at around $23.67 with a P/E ratio of 18.7 and P/S ratio of 6.4. The dividend yield of Natural Resource Partners L.p. stocks is 9.2%. Natural Resource Partners L.p. had an annual average earning growth of 20.5% over the past 10 years.NRP is in the portfolios of Chuck Royce of Royce& Associates, Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
As of March 31, 2010, we had $226 million in available capacity under our existing credit facility, which does not mature until March 2012, as well as approximately $62.9 million in cash. On April 7, 2010, we completed an equity offering in which we received net proceeds of $110.2 million excluding our general partners proportionate capital contribution. We used these proceeds to pay down all of our borrowings under our credit facility, and intend to use the remaining cash for general partnership purposes and to fund acquisitions, including three aggregates acquisitions that we announced in April and the Colt acquisition discussed below.As of March 31, 2010, our coal and aggregate reserves were subject to 215 leases with 77 lessees. For the three months ended March 31, 2010, our lessees produced 11.4 million tons of coal and aggregates, generating $48.1 million in royalty revenues from our properties, and our total revenues were $63.5 million.
Northgate-Thayer. In March 2010, we acquired approximately 100 acres of mineral and surface rights related to dolomite reserves in White County, Indiana from a local operator for a purchase price of $7.5 million. As of March 31, 2010 we had funded $3.0 million of the acquisition. The remaining payments are expected to be paid over the next three months upon completion of certain development milestones.
Coal Processing and Transportation Revenues. We generated $1.6 million and $1.9 million in processing revenues for the three month periods ended March 31, 2010 and 2009. We do not operate the preparation plants, but receive a fee for coal processed through them. Similar to our coal royalty structure, the throughput fees are based on a percentage of the ultimate sales price for the coal that is processed through the facilities
Net cash flows used in financing for the three months ended March 31, 2010 was $15.5 million. During the first three months of 2010, we had proceeds from loans of $46.0 million offset by repayment of debt of $15.2 million and retirement of a $3.0 million obligation related to the purchase of coal reserves and infrastructure. We also paid distributions of $43.3 million. During the same period for 2009, net cash provided in financing activities was $64.4 million, which included proceeds from loans of $303.0 million, principal repayments of $151.2 million, retirement of obligation related to acquisitions of $40.0 million and $46.7 million for distributions to partners.
Credit Facility. We have a $300 million revolving credit facility, and at March 31, 2010 we had approximately $226 million available to us under the facility. Under an accordion feature in the credit facility, we may request our lenders to increase their aggregate commitment to a maximum of $450 million on the same terms. However, under current market conditions, we cannot be certain that our lenders will elect to participate in the accordion feature. To the extent the lenders decline to participate, we may elect to bring new lenders into the facility, but cannot make any assurance that the additional credit capacity will be available to us on existing terms.
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