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|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 Quarterly and Annual Financial Results with Net Income Up 109.3% in the 2010 Fourth Quarter and 67.1% for the 2010 Year; Increases Quarterly Cash Distribution 3.6% to $0.86 Per Unit; and Provides Guidance for Continued Growth in 2011
TULSA, OKLAHOMA, January 28, 2011 Alliance Resource Partners, L.P. (NASDAQ: ARLP) today reported records for revenues, EBITDA and net income for the quarter ended December 31, 2010 (the 2010 Quarter). Revenues for the 2010 Quarter climbed to $418.6 million, an increase of 40.4% compared to the quarter ended December 31, 2009 (the 2009 Quarter). Increased revenues contributed to higher EBITDA, up 59.8% to $132.2 million, Net Income of ARLP, which jumped 109.3% to $87.4 million, and net income per basic and diluted limited partner unit, which rose 160.0% to $1.82 per unit.
ARLP also set new records for revenues, EBITDA and net income for the year ended December 31, 2010 (the 2010 Period), all of which were previously set in the year ended December 31, 2009 (the 2009 Period). Revenues for the 2010 Period rose 30.8% to a record $1.6 billion, compared to the 2009 Period. EBITDA, Net Income of ARLP and net income per basic and diluted limited partner unit also climbed to record levels in the 2010 Period, as EBITDA increased 46.7% to $499.5 million, Net Income of ARLP jumped 67.1% to $321.0 million and net income per basic and diluted limited partner unit increased 87.6% to $6.68, all as compared to the 2009 Period. (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.)
For the eleventh consecutive quarter, the Board of Directors of ARLPs managing general partner increased the cash distribution to unitholders. The distribution for the 2010 Quarter rose to $0.86 per unit (an annualized rate of $3.44 per unit), payable on February 14, 2011 to all unitholders of record as of the close of trading on February 7, 2011. The announced distribution represents an 11.0% increase over the cash distribution of $0.775 for the 2009 Quarter and a 3.6% increase over the cash distribution of $0.83 for the 2010 third quarter (the Sequential Quarter).
For 2010, ARLP continued to show strength in numbers as we delivered our tenth consecutive year of record growth and posted new benchmarks for production and sales volumes, revenues, EBITDA and net income, said Joseph W. Craft III, President and Chief Executive Officer. We are particularly proud that these results were accomplished during a year in which our lost-time accident rate was one-third below the industry average and the lowest in ARLPs history. This strong performance, combined with expectations for another record year in 2011 and opportunities
The following information was filed by Alliance Resource Partners Lp (ARLP) on Friday, January 28, 2011 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.
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