Please wait while we load the requested 10-K report or click the link below:
Brian L. Cantrell
Alliance Resource Partners, L.P.
1717 South Boulder Avenue, Suite 400
Tulsa, Oklahoma 74119
FOR IMMEDIATE RELEASE
ALLIANCE RESOURCE PARTNERS, L.P.
Reports Record Annual Operating and Financial Results; Increases Quarterly Cash Distribution to $0.715 Per Unit; and Provides Guidance for 2009
TULSA, OKLAHOMA, January 28, 2009 Alliance Resource Partners, L.P. (NASDAQ: ARLP) today reported records for tons produced, tons sold and revenues for the year ended December 31, 2008 (the 2008 Period). After normalizing for the non-recurring synfuel benefits realized in 2007, ARLP also reported record EBITDA for the 2008 Period. (For a definition of EBITDA and related reconciliations to GAAP, 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 quarter ended December 31, 2008 (the 2008 Quarter) to $0.715 per unit (an annualized rate of $2.86 per unit), payable on February 13, 2009 to all unitholders of record as of the close of trading on February 6, 2009. The announced distribution represents a 22.2% increase over the cash distribution of $0.585 for the quarter ended December 31, 2007 (the 2007 Quarter) and a 2.1% increase over the third quarter 2008 cash distribution of $0.70 per unit.
For the eighth consecutive year, ARLP posted new records for coal sales, production volumes and revenues, said Joseph W. Craft III, President and Chief Executive Officer. With a solid customer base, substantial coal supply commitment levels, visible cash flow growth and ample liquidity, ARLP is well positioned to build on this strong performance in 2009. While we are pleased with our results and optimistic about ARLPs future, we are also well aware of the near term challenges caused by the current global recession. The depth of the economic decline and the resulting impact on coal demand and prices has been greater than we previously anticipated. It now appears ARLPs coal price realizations for 2009 and beyond will be lower than previously expected. Fortunately, we have substantial future production committed under contracts at price levels that should allow ARLP to achieve substantial growth over 2008 results. Predicting future coal prices is, however, currently very difficult. The uncertain demand requirements combined with the evolving supply response have resulted in a lack of new contracts for physical deliveries of coal and, thus, any reliable price discovery to anticipate the future coal price curve. ARLP expects the coal markets to remain volatile until we see signs of an economic rebound.
In this environment, Mr. Craft continued, the Board believes the most prudent course of action is to temporarily moderate managements previously stated goals for unitholder distribution growth. We will continue to monitor the markets and economy and, as circumstances warrant, will be prepared to reassess our views in the coming quarters. Although we are faced with challenges
The following information was filed by Alliance Resource Partners Lp (ARLP) on Wednesday, January 28, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
View differences made from one year to another to evaluate Alliance Resource Partners Lp's financial trajectory
Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were
removed , and by Alliance Resource Partners Lp.