Core Viewpoint - Natural Resource Partners L.P. (NRP) has faced significant challenges in the fourth quarter of 2024, with declining revenues and earnings primarily due to weaker coal and soda ash pricing, although the company remains focused on deleveraging and maintaining free cash flow generation [2][3][17]. Financial Performance - NRP reported diluted earnings per share of $3.15 for Q4 2024, a 27% decrease from $4.31 in the prior-year quarter [2]. - Revenues for Q4 2024 were $65.7 million, down 29.5% from $93.2 million in Q4 2023 [2]. - Full-year revenues declined 27.5% year over year to $268 million from $370 million [2]. - Net income for Q4 2024 was $42.8 million, a 34.2% decrease from $65 million in the prior-year period [3]. - Operating cash flow for Q4 2024 was $66.2 million, down from $77.8 million in the prior-year quarter [3]. - Free cash flow also declined to $66.9 million in Q4 from $78.4 million in the year-ago quarter [3]. Segment Performance - The Mineral Rights segment saw a 17% decline in net income to $52.4 million from $63.1 million a year ago [4]. - The Soda Ash segment's net income plummeted 94.1% to $0.9 million from $14.7 million in the prior-year quarter, with full-year net income down 75.4% to $18 million from $73.1 million [7]. Cash Distributions and Shareholder Returns - NRP distributed $5.44 per common unit in 2024, including regular quarterly distributions of 75 cents per unit and a special distribution of $2.44 per unit [15]. - In February 2025, the company declared a fourth-quarter distribution of 75 cents per unit, alongside a special distribution of $1.21 per unit [15]. Management Strategy - The company has reduced over $1.3 billion in financial obligations over the past decade, leaving only $142 million of debt as of the end of 2024 [9]. - NRP increased its credit facility by $45 million to $200 million and extended its maturity to 2029 [10]. - Management expects continued price pressures in 2025 but remains confident in generating significant free cash flow as debt obligations decline [13]. Market Outlook - Management acknowledged weak metallurgical and thermal coal prices, which are unlikely to rebound soon due to soft global steel demand and high coal inventory levels [11]. - Soda ash pricing is expected to remain subdued due to excess supply, but NRP's low-cost positioning in Sisecam Wyoming provides some resilience [12]. - The company is pursuing carbon-neutral initiatives, although the market for carbon sequestration has been slower to develop than anticipated [14].

Revenue and Production - Total revenues for 2024 amounted to $268,007,000, with 93% from Mineral Rights and 7% from Soda Ash [28]. - The Mineral Rights segment primarily generates revenue from coal royalties, with significant contributions from the Appalachia Basin, Illinois Basin, and Northern Powder River Basin [30]. - In 2024, total coal production reached 27,720,000 tons, comprising 12,233,000 tons of thermal coal and 15,487,000 tons of metallurgical coal [39]. - Revenue from coal transportation and processing assets was recorded at $10.9 million for the year ended December 31, 2024 [56]. - Oil and gas royalty revenues amounted to $8.6 million in 2024, while aggregates royalty revenues were $2.9 million [58]. - Net sales for Sisecam Wyoming were $578.1 million in 2024, down from $773.6 million in 2023 and $720.1 million in 2022, reflecting a decrease of approximately 25.3% year-over-year [80]. - Significant coal lessees accounted for approximately 28% of total revenues in 2024, with other lessees contributing 16% and 12% respectively [150]. Properties and Assets - The Alpha-CAPP (VA) property had a book value of $44,000,000 as of December 31, 2024, with substantial coal sales primarily from metallurgical coal [41]. - The Williamson property, located in Illinois, had a book value of $34,400,000 as of December 31, 2024, and is leased for thermal coal production [48]. - The current lease for the Oak Grove property in Alabama expires in 2029, with a book value of $3,000,000 as of December 31, 2024 [46]. - The book value of the Hillsboro property was $203.9 million as of December 31, 2024 [51]. - Proven and probable trona reserves at the Big Island Mine increased by 6.4 million short tons, or 3.0%, to 217.7 million short tons as of December 31, 2024, compared to 211.3 million short tons in 2023 [84]. - The total measured and indicated mineral resources exclusive of reserves decreased to 153.3 million short tons as of December 31, 2024, from 162.3 million short tons in 2023 [84]. Market and Competition - The company faces competition from larger soda ash producers with greater market share and resources, which could impact customer retention and demand [102]. - The volatility in coal prices and competition from natural gas and renewable energy sources have adversely affected thermal coal prices [144]. - The market price of soda ash is volatile, and substantial declines could adversely impact the company's ability to make distributions and its overall results [149]. - The company's ability to compete may be impacted by fluctuations in transportation costs, which represent a significant portion of the total delivered cost for lessees' customers [168]. Environmental and Regulatory Factors - The company is involved in carbon neutral initiatives, including the sale of carbon offset credits and potential geothermal energy generation [30]. - The EPA's methane emissions fee starts at $900 per metric ton in 2024, increasing to $1,200 in 2025 and $1,500 in 2026 [110]. - The Clean Air Act regulations have led to a reduction in coal's share of power generating capacity, negatively impacting coal-related revenues [109]. - Compliance with federal, state, and local regulations is expected to continue to significantly increase operational costs for the company [106]. - The Inflation Reduction Act imposes a fee on excess methane emissions, which could increase operating costs for oil and gas companies [110]. - The company faces risks from potential bankruptcies in the coal industry, which could disrupt operations and affect revenue [151]. Financial Condition and Indebtedness - As of December 31, 2024, the company had approximately $142.3 million in total indebtedness, with $14 million due in principal repayments during 2025 [139]. - The company recorded impairment charges of approximately $0.1 million for the year ended December 31, 2024, related to properties that may not be operated profitably [146]. - The partnership agreement requires a consolidated leverage ratio of less than 3.25x to make quarterly distributions exceeding $0.45 per unit [138]. - The company has adopted certain valuation methodologies for income allocation, which may be challenged by the IRS, potentially affecting the timing and amount of taxable income allocated to unitholders [207]. Operational and Management Aspects - The company does not operate mines directly, thus limiting exposure to operational costs and environmental risks [33]. - The company relies on its lessees to manage operations effectively; any failure could lead to decreased production volumes and royalty revenues [164]. - As of December 31, 2024, the company employed 54 individuals directly supporting operations, with no collective bargaining agreements in place [134]. - The company is committed to a culture of integrity and professional growth, emphasizing respect and dignity for all individuals [135]. Tax and Distribution Issues - Unitholders may face tax liabilities on allocated taxable income even if no cash distributions are received [194]. - Changes in U.S. federal income tax laws could negatively impact the value of investments in the company's units [190]. - The company may engage in transactions that generate taxable income for unitholders without corresponding cash distributions [196]. - Non-U.S. unitholders will be subject to U.S. federal income taxes and withholding on distributions and sale proceeds, with a combined withholding tax rate that may include a 10% tax on excess distributions [204].

Financial Data and Key Metrics Changes - In Q4 2024, the company generated $43 million of net income, $66 million of operating cash flow, and $67 million of free cash flow [16] - For the full year 2024, net income was $184 million, operating cash flow was $248 million, and free cash flow was $251 million [16] - Free cash flow generation in 2024 was lower compared to previous years due to lower commodity prices [14] Business Line Data and Key Metrics Changes - The Mineral Rights segment generated $52 million of net income in Q4 2024, a decrease of $11 million compared to the prior year [16][17] - For the full year, the Mineral Rights segment's net income decreased by $39 million, primarily due to weaker coal markets [18] - The Soda Ash segment's net income decreased by $14 million in Q4 and $55 million for the full year, driven by lower sales prices due to an oversupplied market [20] Market Data and Key Metrics Changes - Metallurgical and thermal coal prices dropped by half from the highs seen in 2023, with expectations of continued low prices due to soft global steel demand and high coal inventory levels [8][9] - Global soda ash prices fell roughly 60% from record highs in 2023, attributed to new production capacity and weakened demand for flat glass [11] Company Strategy and Development Direction - The company is focused on deleveraging and derisking the partnership to maximize intrinsic value per unit, having paid off over $1.3 billion of financial obligations over the last decade [8] - The company is exploring opportunities in carbon-neutral initiatives, including leasing assets for carbon sequestration and renewable energy generation [12][13] Management's Comments on Operating Environment and Future Outlook - Management expects 2025 to be a challenging year for key commodities, with lower prices leading to reduced free cash flow generation [14] - Despite the challenges, the company is in a more attractive financial position than in over a decade due to significant deleveraging efforts [14] Other Important Information - The company redeemed all remaining preferred units and warrants, leaving only $142 million of debt obligations at year-end [21] - A special distribution of $1.21 per common unit was announced to cover tax liabilities associated with owning NRP common units in 2024 [23] Q&A Session Summary - No specific questions or answers were recorded in the provided content, as the call concluded without a Q&A segment [24][25][26]

Financial Data and Key Metrics Changes - In Q4 2024, the company generated $43 million of net income, $66 million of operating cash flow, and $67 million of free cash flow [12] - For the full year 2024, net income was $184 million, operating cash flow was $248 million, and free cash flow was $251 million [12] - Free cash flow generation is expected to decline in 2025 due to lower commodity prices, but the company is in a stronger financial position compared to the past decade [11] Business Line Data and Key Metrics Changes - The Mineral Rights segment generated $52 million of net income in Q4 2024, with a decrease of $11 million compared to the previous year [13] - For the full year, the Mineral Rights segment's net income decreased by $39 million, primarily due to weaker coal demand [13] - The soda ash business segment saw a decrease in net income of $14 million in Q4 and $55 million for the full year, attributed to lower sales prices and oversupply in the market [14] Market Data and Key Metrics Changes - Metallurgical and thermal coal prices dropped by 50% from the highs of 2023, with expectations of continued low prices due to soft global steel demand and high coal inventories [7] - Global soda ash prices fell approximately 60% from record highs in 2023, driven by new production capacity and reduced demand for flat glass [8] Company Strategy and Development Direction - The company is focused on deleveraging and reducing risk, having paid off over $1.3 billion in financial obligations over the last decade [6] - The company is exploring opportunities in carbon neutral initiatives, including leasing for carbon dioxide sequestration and renewable energy generation [10] Management's Comments on Operating Environment and Future Outlook - Management anticipates a challenging year in 2025 for key commodities, with lower prices impacting free cash flow generation [11] - Despite the challenges, the company believes it is well-positioned financially due to significant deleveraging efforts [11] Other Important Information - The company redeemed all remaining preferred units and warrants, leaving $142 million of debt at year-end [15] - A special distribution of $1.21 per common unit was announced to cover tax liabilities associated with owning common units in 2024 [17] Q&A Session Summary - No specific questions or answers were documented in the provided content, as the call transitioned directly to closing remarks after the financial updates [18][19]

Financial Performance - NRP reported a net income of $42.772 million for Q4 2024 and $183.644 million for the full year 2024[2]. - Total revenues and other income for Q4 2024 were $65,726, a decrease of 29.5% from $93,163 in Q4 2023[26]. - Net income for Q4 2024 was $42,772, down 34.1% from $64,980 in Q4 2023[26]. - For the year ended December 31, 2024, total revenues and other income amounted to $268,007,000, a decrease of 27.8% compared to $370,009,000 in 2023[39]. - Net income for the year ended December 31, 2024, was $183,644,000, down from $278,435,000 in 2023, representing a decline of 34.1%[39]. - Basic net income per common unit for Q4 2024 was $3.21, a decrease from $4.87 in Q4 2023[26]. - The company reported a comprehensive income of $42,058 for Q4 2024, down from $59,613 in Q4 2023, a decline of 29.5%[26]. - Adjusted EBITDA for 2024 was $235,466,000, compared to $319,664,000 in 2023, reflecting a decrease of 26.4%[39]. Cash Flow and Liquidity - The company generated $251 million of free cash flow in 2024, with total distributions of $5.44 per common unit[5]. - NRP's liquidity was $116.7 million at the end of 2024, consisting of $30.4 million in cash and $86.3 million in borrowing capacity[4]. - Cash flows from operating activities for the year ended December 31, 2024, were $248,493, down 20.1% from $310,978 in 2023[28]. - The net cash provided by operating activities for the year ended December 31, 2024, was $248,493, a decrease from $310,978 in 2023, representing a decline of approximately 20%[50]. - The distributable cash flow for the year ended December 31, 2024, was $256,004, compared to $316,394 in 2023, indicating a decrease of about 19%[50]. - The free cash flow for the year ended December 31, 2024, was $251,158, down from $313,431 in 2023, reflecting a reduction of approximately 20%[50]. - The net cash provided by (used in) operating activities for the three months ended December 31, 2024, was $66,220, down from $77,786 in the same period of 2023, a decrease of approximately 15%[48]. Segment Performance - Mineral Rights segment net income decreased by $10.7 million in Q4 and $39.1 million for the full year compared to the prior year, primarily due to lower coal pricing[6]. - Soda Ash segment net income decreased by $13.9 million in Q4 and $55.2 million for the full year, driven by lower international sales prices[9]. - The company expects soda ash prices to remain low due to increased global capacity and weak demand[10]. - Total coal sales volumes for the three months ended December 31, 2024, were 6,244 thousand tons, a decrease of 30.6% compared to 8,980 thousand tons in the same period of 2023[42]. - Coal royalty revenue per ton in the Northern Appalachia region for the three months ended December 31, 2024, was $4.50, significantly up from $2.18 in the same period of 2023[42]. - Total coal royalty revenues for the year ended December 31, 2024, were $159,033 thousand, down from $218,011 thousand in 2023, reflecting a decrease of 27%[42]. Capital Management - NRP redeemed $72 million of preferred units and repurchased 1.54 million warrants for $65.7 million cash and 287,826 common units[5]. - The balance at December 31, 2024, showed total partners' capital of $551,108,000, an increase from $477,457,000 at December 31, 2022[33]. - The total distributions from unconsolidated investments for the year ended December 31, 2024, were $38,781 thousand, compared to $81,478 thousand in 2023, indicating a decline of 52.4%[46]. Debt and Leverage - The consolidated leverage ratio was 0.6x at December 31, 2024[13]. - The leverage ratio at December 31, 2024, was 0.6x, an increase from 0.5x in 2023, indicating a rise in debt relative to EBITDA[52]. Other Financial Metrics - Operating expenses for Q4 2024 totaled $19,430, a decrease of 19.1% compared to $24,262 in Q4 2023[26]. - Cash and cash equivalents at the end of Q4 2024 were $30,444, an increase from $11,989 at the end of Q4 2023[30]. - Total assets decreased to $772,907 in Q4 2024 from $797,876 in Q4 2023, reflecting a decline of 3.1%[30]. - Total current liabilities decreased to $31,865 in Q4 2024 from $49,840 in Q4 2023, a reduction of 36.0%[30]. - The company recognized a gain on asset sales and disposals of $4,845,000 for the year ended December 31, 2024, compared to $2,956,000 in 2023[39].

Natural Resource Partners L.P. (NRP) has reported its second-quarter 2024 financial results, revealing mixed performances across its segments. While NRP faced considerable headwinds in the reported quarter due to declining coal and soda ash prices, the partnership's strategic focus on deleveraging and exploring revenue opportunities positions it to weather ongoing market volatility. Here is a detailed breakdown of the key metrics and management commentary that investors should consider. Q2 Results Natural R ...

Financial Performance - The company reported a net income of $46.1 million for Q2 2024, compared to $231.1 million in the same period last year[1]. - Total revenues and other income for the three months ended June 30, 2024, were $65,540,000, a decrease of 28.1% compared to $91,260,000 for the same period in 2023[19]. - Net income for the three months ended June 30, 2024, was $46,064,000, down 34.5% from $70,334,000 in the same quarter of 2023[19]. - Net income attributable to common unitholders for the six months ended June 30, 2024, was $52,982,000, a decrease of 36.4% compared to $83,318,000 for the same period in 2023[19]. - Comprehensive income for the three months ended June 30, 2024, was $47,303,000, down from $71,245,000 in the same quarter of 2023, reflecting a decline of 33.7%[19]. - Net income for the three months ended June 30, 2024, was $46,064,000, compared to $70,334,000 for the same period in 2023, representing a decrease of approximately 34.5%[20]. - Net income for the six months ended June 30, 2024, was $102,277, down from $149,609 in the same period of 2023, representing a decline of approximately 32%[30]. Cash Flow and Liquidity - Natural Resource Partners L.P. generated $57.3 million of free cash flow in Q2 2024, totaling $287 million over the last twelve months[2]. - Operating cash flow for Q2 2024 was $56.6 million, down from $284.9 million year-over-year[1]. - Cash flows from operating activities provided $56,629,000 for the three months ended June 30, 2024, down from $81,350,000 in the previous year, a decline of about 30.4%[20]. - Free cash flow for the three months ended June 30, 2024, was $57,288, down from $81,952 in the same period of 2023, indicating a decrease of about 30%[28]. - The company reported a net cash used in financing activities of $40,581,000 for the three months ended June 30, 2024, compared to $88,882,000 in the previous year, a decrease of approximately 54.4%[20]. - The net cash provided by operating activities for the six months ended June 30, 2024, was $128,128, slightly lower than $154,250 for the same period in 2023[36]. - NRP's available liquidity was $64.7 million as of June 30, 2024, consisting of $32.3 million in cash and $32.3 million in borrowing capacity[8]. Revenue and Sales - Soda Ash net income decreased by $23.3 million in Q2 2024 due to lower sales prices driven by new supply from China[6]. - Transportation and processing services revenue for the three months ended June 30, 2024, was $2,661,000, a decrease of 18.6% from $3,270,000 in the same quarter of 2023[19]. - Total coal sales volumes for Appalachia reached 4,294 tons in June 2024, a slight decrease from 4,435 tons in March 2024[32]. - Coal royalty revenue per ton in the Northern Appalachia segment was $4.74 for June 2024, down from $6.87 in March 2024, indicating a 31% decline[32]. - Total coal royalty revenues amounted to $39,685,000 for June 2024, down from $47,960,000 in March 2024, representing a 17% decrease[32]. - Other revenues increased to $14,906,000 for June 2024, compared to $13,047,000 in March 2024, marking a 14% growth[32]. Expenses and Liabilities - Operating expenses for the three months ended June 30, 2024, totaled $15,127,000, a decrease of 13.2% from $17,434,000 in the same period of 2023[19]. - Long-term debt increased to $196,112,000 in 2024 from $124,273,000 in 2023, marking a significant rise of about 58%[21]. - The total liabilities increased to $270,304,000 in 2024 from $219,641,000 in 2023, representing an increase of about 23%[21]. - The company reported asset impairments totaling $4,464,000 for the last twelve months, with significant impairments recorded in the last quarter[40]. Strategic Initiatives - The company continues to explore carbon neutral revenue opportunities, including carbon sequestration and renewable energy generation[5]. - The company plans to continue focusing on market expansion and new product development to enhance revenue streams in the upcoming quarters[32].

Revenue Performance - For the three months ended March 31, 2024, total revenues decreased by $22.8 million, or 23%, to $76.4 million compared to $99.2 million in the prior year period[116] - Mineral Rights segment revenues decreased by $9.0 million, or 11%, primarily due to lower metallurgical coal sales prices[111] - Soda Ash segment revenues decreased by $13.8 million, or 72%, due to lower sales prices and volumes driven by new supply from China[114] - Revenues from the Soda Ash segment decreased by $13.8 million in Q1 2024 compared to the prior year quarter due to lower sales prices[119] - Coal royalty revenues decreased by 19% to $46.818 million in Q1 2024 from $58.023 million in Q1 2023, primarily due to lower metallurgical coal sales prices[118] - Coal royalty revenue per ton decreased by 26% to $6.12 in Q1 2024 from $8.26 in Q1 2023[117] Cash Flow and Distributions - Operating cash flow for the quarter was $71.5 million, while free cash flow was $72.1 million[107] - The company paid a cash distribution of $0.75 per common unit and a special cash distribution of $2.44 per common unit in March 2024[110] - The company received a higher distribution from Sisecam Wyoming in Q1 2024, contributing to an increase in cash flow despite lower revenues in the Soda Ash segment[114] - Distributable cash flow (DCF) decreased by $1.3 million to $72.311 million in Q1 2024 compared to $73.597 million in Q1 2023[125] - Free cash flow (FCF) decreased by $1.4 million to $72.146 million in Q1 2024 from $73.496 million in Q1 2023[125] - Operating cash flow decreased by $1.4 million from $72.9 million in Q1 2023 to $71.5 million in Q1 2024, primarily due to lower cash flow in the Mineral Rights segment[127] Financial Position and Debt - As of March 31, 2024, the company had a leverage ratio of 0.6x[107] - Total debt as of March 31, 2024, was $188.8 million, an increase from $155.1 million as of December 31, 2023[128] - The leverage ratio as of March 31, 2024, was 0.6x, indicating a stable financial position[126] - The company has been in compliance with the financial covenants in its debt agreements[128] - There were no off-balance sheet arrangements or risks to liquidity from unconsolidated entities[129] Operating Performance - Adjusted EBITDA decreased by $4.6 million to $73.114 million in Q1 2024 from $77.737 million in Q1 2023, driven by lower revenues in the Mineral Rights segment[123] - Operating expenses decreased by 2% to $16.714 million in Q1 2024 from $17.091 million in Q1 2023, mainly due to reduced operating and maintenance expenses[120] - Operating cash flow, DCF, and FCF in the Mineral Rights segment decreased by $4.1 million due to lower metallurgical coal sales prices[126] - Operating cash flow, DCF, and FCF in the Soda Ash segment increased by $3.5 million due to higher distributions from Sisecam Wyoming[126] Market Outlook - The company expects continued price volatility in metallurgical and thermal coal due to global demand fluctuations and production limitations[112] - The company continues to explore carbon neutral revenue opportunities, including carbon sequestration and renewable energy generation[113] - If interest rates increase by 1%, annual interest expense would rise by approximately $1.5 million based on $146.2 million in borrowings under the Opco Credit Facility[137] - The company does not expect the adoption of ASU 2023-07 to materially affect its consolidated financial statements[133] Liquidity - Total liquidity as of March 31, 2024, was $64.8 million, consisting of $11.0 million in cash and cash equivalents and $53.8 million in borrowing capacity[126]

Financial Data and Key Metrics Changes - In Q1 2024, the company generated $72 million of free cash flow and $312 million over the last 12 months, with total remaining obligations at approximately $240 million, a 45% decrease from the previous year [8][9] - Operating cash flow for Q1 2024 was $71 million, with net income of $56 million despite market weaknesses [20] - The diluted net income per common unit increased by 11% compared to the prior year quarter, while basic earnings per unit decreased by 6% [29] Business Line Data and Key Metrics Changes - The mineral rights segment generated $70 million of operating cash flow and $61 million of net income in Q1 2024, with net income and operating cash flow decreasing by $8 million and $4 million respectively compared to the prior year due to lower metallurgical coal prices [21] - The soda ash business saw a $14 million decrease in net income compared to the prior year due to increased supply from China, resulting in lower international and domestic sales prices [23] Market Data and Key Metrics Changes - Metallurgical coal prices declined in Q1 2024 but remained at or above historical norms, with metallurgical coal making up approximately 75% of coal royalty revenues [12][23] - Thermal coal prices experienced significant volatility due to high inventory levels and low natural gas prices, with expectations that prices will not rebound to previous record highs [13][14] - The soda ash market remains oversupplied, leading to downward pressure on prices, a trend that began in the second half of the previous year [16] Company Strategy and Development Direction - The company continues to focus on eliminating financial obligations, having settled 100% of outstanding warrants and paid off nearly 90% of its debt since 2015 [9] - The long-term outlook for the soda ash investment remains positive, driven by urbanization and renewable energy trends, despite current market challenges [17] - The company is exploring opportunities in carbon storage, lithium production, and renewable energy generation, with potential significant upside requiring no capital investment [18] Management's Comments on Operating Environment and Future Outlook - Management expects free cash flow to decline from record levels due to market pressures but believes the capital structure is solid and will continue to generate robust cash flow [11] - The company anticipates that the domestic thermal market will continue its long-term decline, while international demand should provide price support [14] Other Important Information - The company utilized the accordion feature on its credit facility to increase borrowing capacity by 54% from the previous year, reaching a total of $200 million [27] - In Q1 2024, the company settled 1.2 million warrants with $56 million in cash and issued common units, with no warrants remaining outstanding after April settlements [26][28] Q&A Session Summary Question: Any updates on carbon storage agreements? - Management stated that there are no updates available on the permitting process or existing agreements related to carbon storage [34][35]

Natural Resource Partners L.P. Reports First Quarter 2024 Results and Declares First Quarter 2024 Distribution of $0.75 per Common Unit HOUSTON, May 7, 2024 - Natural Resource Partners L.P. (NYSE:NRP) today reported first quarter 2024 results as follows: Exhibit 99.1 Natural Resource Partners L.P. 1415 Louisiana St., Suite 3325, Houston, TX 77002 NEWS RELEASE | | For the Three Months | | Last Twelve Months | | | --- | --- | --- | --- | --- | | | Ended | | Ended | | | (In thousands) (Unaudited) | March 31, 2 ...