Tulsa-based Alliance Resource Partners reports net income of $43.2M

Journal Record, The (Oklahoma City), Apr 29, 2008

Alliance Resource Partners on Monday reported net income for the first quarter of $43.2 million, or 93 cents per diluted share, down from $45.5 million, or $1.03 per diluted share, for the first quarter of 2007.

Revenues for the quarter increased 10.3 percent to $283.6 million from $257.1 million a year earlier.

The Tulsa-based operator of eight underground coal mining complexes in Illinois, Indiana, Kentucky, Maryland and West Virginia reported coal sales for the quarter of 7 million tons, up 13.2 percent from 6.2 million tons a year earlier.

Alliance Resource Partners declared a cash distribution for the first quarter of 58.5 cents per unit, payable May 15 to unitholders of record on May 8.

Alliance Holdings, which owns the managing general partner of Alliance Resource Partners, reported net income for the first quarter of $23 million, down from $23.1 million for the first quarter of 2007.

Alliance Holdings declared a cash distribution for the first quarter of 28.75 cents per unit. The distribution is payable May 20 to unitholders of record on May 13.