Risks and uncertainties are inherentin EHI's future performance. Factors that could cause the Company's actualresults to differ materially from those indicated by such forward-lookingstatements include, among other things, those discussed or identified fromtime to time in our public filings with the SEC, including the risks detailedin the Company's Quarterly Reports on Form 10-Q and the Company's AnnualReports on Form 10-K.All forward-looking statements made in this news release reflect EHI's currentviews with respect to future events, business transactions and businessperformance and are made pursuant to the safe harbor provisions of the PrivateSecurities Litigation Reform Act of 1995. Such statements involve risks anduncertainties, which may cause actual results to differ materially from thoseset forth in these statements. EHI assumes no obligation toupdate this release or the information contained herein, which speaks as ofthe date issued.All rights reserved. EMPLOYERS(R) and America's small business insurancespecialist.(R) are registered trademarks of Employers Insurance Company ofNevada Employers Holdings, Inc.
is a holding company with subsidiaries thatare specialty providers of workers' compensation insurance and servicesfocused on select, small businesses engaged in low to medium hazardindustries. The company, through its subsidiaries, operates in 30 states.Insurance subsidiaries include Employers Insurance Company of Nevada,Employers Compensation Insurance Company, Employers Preferred InsuranceCompany, and Employers Assurance Company, all rated A- (Excellent) by A.M.Best Company. Employers Preferred Insurance Company and Employers AssuranceCompany are also known as AmCOMP Preferred Insurance Company and AmCOMPAssurance Company in some jurisdictions. Additional information can be foundat: http:// Holdings, Inc.
Highlights: - Distributable cash flow of $35.5 million, up 2% over 1Q08 - Revenues of $66.7 million, up 4%- Net income attributable to limited partners of $21.6 million, down 13%- Distribution increases for 23rd consecutive quarter to $0.54 per unitHOUSTON, May 6 /PRNewswire-FirstCall/ -- Natural Resource Partners L.P. (NYSE:NRP) today reported distributable cash flow, a non-GAAP measure, of $35.5million, up two percent from the $34.9 million reported for the first quarterof 2008. Net income attributable to the limited partners decreased 13% to$21.6 million for the first quarter of 2009, compared to $24.8 million for thefirst quarter of 2008.This represents a $0.05 decrease in earnings per unitto $0.33 in first quarter 2009 compared to $0.38 in the first quarter of 2008. Appalachia declined approximately 1.6million tons for a multitude of reasons, but mainly due to shut-in productionwaiting for increases in demand.The Northern Powder River Basin declinedapproximately 500 thousand tons due to more production on federal coalreserves rather than NRP's reserves.In the Illinois Basin, NRP saw a modestincrease in production due to the longwall at the Williamson mine.While thelongwall was not in place in the first quarter of 2008, the first quarter of2009 included a longwall move that reduced normal production levels. Metallurgical coal production accounted for 24% of this quarter's productionand 32% of revenue even though production and revenue from met coal was down25% and 6%, respectively, from the 2008 first quarter. The decline in aggregateswas partially offset by higher property tax revenues and increases in coaltransportation fees due to higher volumes.
"Our initial guidance incorporated both reduced prices for non-contracted metcoal and some reductions in anticipated production. We will continue tomonitor our lessees' reactions to the current market environment and willissue updated annual guidance at the time of our second quarter earningsrelease if necessary," said Nick Carter.DistributionsOn April 22, the partnership announced its twenty-third consecutive increasein its quarterly distribution to $0.54 per unit.This distribution representsa 9% increase over the first quarter 2008. The distribution will be paid onMay 14, 2009 to unitholders of record on May 4, 2009. AcquisitionsDuring the first quarter of 2009, NRP completed acquisitions totaling $156.8million. These acquisitions were funded through cash and borrowings, and areexpected to be accretive to earnings and cash flow over the long-term.Theseacquisitions, encompassing both coal reserves and infrastructure assets,further the partnership's commitment to diversifying its asset base, anddemonstrate the financial strength of NRP in these difficult economic times.Market Conditions and Liquidity"With our private placement of $200 million of senior unsecured notescompleted in March, we now have the full $300 million available on our creditfacility.That together with our substantial cash balance gives us tremendousflexibility to take advantage of opportunities in this market environment,"said Dwight Dunlap, Chief Financial Officer Company ProfileNatural Resource Partners L.P. is headquartered in Houston, TX, with itsoperations headquarters in Huntington, WV.NRP is a master limitedpartnership that is principally engaged in the business of owning and managingmineral reserve properties.NRP owns coal reserves and coal handling andtransportation infrastructure in the three major coal producing regions of theUnited States: Appalachia, the Illinois Basin and the Powder River Basin.Inaddition, the partnership owns and manages aggregate reserves being mined inWest Virginia and Washington.For additional information, please contact Kathy H.