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Alliance Resource Partners, L.P.: Rebound Continued in the Fourth Quarter 2020 with Sequential Increases to Coal Volumes, Revenues, Net Income and EBITDA
TULSA, Okla.--(BUSINESS WIRE)-- Alliance Resource Partners, L.P. (NASDAQ: ARLP) today reported improved financial and operating performance for the quarter
About this update from Alliance Resource Partners, L.p.
[{"type":"text","content":" TULSA, Okla.--(BUSINESS WIRE)--\nAlliance Resource Partners, L.P. (NASDAQ: ARLP) today reported improved financial and operating performance for the quarter ended December 31, 2020 (the “2020 Quarter”) compared to the quarter ended September 30, 2020 (the “Sequential Quarter”). Increased coal sales and oil & gas royalty revenues drove total consolidated revenues higher by 3.1% to $366.5 million compared to the Sequential Quarter. Higher revenues led to increased net income and EBITDA, which rose 28.8% to $35.0 million and 2.1% to $121.4 million, respectively, each compared to the Sequential Quarter. (Unless otherwise noted, all references in the text of this release to “net income (loss)” refer to “net income (loss) attributable to ARLP.” For a definition of EBITDA and related reconciliation to the comparable GAAP financial measure, please see the end of this release.)\n\nTotal revenues in the 2020 Quarter were 19.2% lower compared to the quarter ended December 31, 2019 (the “2019 Quarter”), reflecting the impacts of reduced global energy demand resulting from the COVID-19 pandemic. Lower revenues were more than offset by ARLP’s expense reduction initiatives implemented during 2020 in response to the pandemic, leading to a 35.6% increase in net income for the 2020 Quarter compared to the 2019 Quarter. EBITDA declined by 3.8% compared to the 2019 Quarter due to lower oil & gas volumes and prices in the 2020 Quarter.\n\nARLP’s performance and results for the year ended December 31, 2020 (the “2020 Year”) were also impacted by the effects of pandemic-related disruptions. Compared to the year ended December 31, 2019 (the “2019 Year”), total revenues for the 2020 Year decreased 32.3% to $1.33 billion. Lower revenues and a non-cash goodwill impairment charge of $132.0 million, partially offset by lower operating expenses, resulted in a net loss of $129.2 million. This compares to net income of $399.4 million for the 2019 Year, which included a non-cash net gain of $170.0 million related to the AllDale Acquisition. Excluding the impact of non-cash items, Adjusted net income and Adjusted EBITDA for the 2020 Year decreased to $27.8 million and $386.7 million, respectively, compared to $244.6 million and $599.0 million, respectively, for the 2019 Year. (For definitions of Adjusted net income and Adjusted EBITDA and related reconciliation...