NRP reports net income up 46%

HOUSTON -- Natural Resource Partners L.P. Thursday reported distributable cash flow of $34.9 million in the first quarter of 2008, up 23 percent from $28.3 million for the same period last year.

Net income increased 46 percent to $25.9 million for the first quarter, reflecting a $0.12 increase in earnings per unit to $0.40, according to a press release.

"It is an exciting time to be in the coal business," said Nick Carter, president and chief operating officer. "Coal prices continue to improve month over month and since our royalty structure is based on top line sales price and not margin, we benefit proportionally as our lessees' sales prices increase."

Carter said the company believes indicators point toward a higher global coal demand and a supply shortfall. Total revenues increased 28 percent to a record $64.1 million for the first quarter of 2008, compared to $50.2 million reported for the same period last year.

Natural Resource Partners is headquartered in Houston with its operations headquarters in Huntington.