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| Penn Virginia Resource Partners LP |
| 100 Matsonford Road, Suite 200, Radnor, PA 19087 * (610) 687-8900 |
| Business Description | The company is principally engaged in the business of managing coal properties in the Central Appalachian region of the United States. We enter into long-term leases with experienced, third-party mine operators for the right to mine our coal reserves in exchange for royalty payments. We currently lease our reserves under 41 leases to 21 different operators who mine coal at 49 mines. Our lessees are generally required to make payments to us based on the amount of coal they produce from our properties and the price at which they sell the coal, subject to fixed minimum royalty rates per ton. We do not operate any mines. In managing our properties, we actively work with our lessees to develop efficient methods to exploit our reserves and to maximize production from our properties. Additionally, we provide fee-based coal preparation and transportation facilities to some of our lessees to enhance their production levels and generate additional coal services revenues. In addition to our coal business, we also generate revenues from the sale of timber growing on our properties. |
| Offering Information Company has | |||
| Trading As | PVR (NYSE) | Industry | Natural Resource (SIC 1222) |
| Type of Stock Offered | Common Units | Filing Date | 7/19/2001 |
| Domestic Shares Offered | 6,500,000 | Offer Date | 10/24/2001 |
| Foreign Shares Offered | 0 | Filing Range | $19.50 - $21.50 |
| Company Shares | 6,500,000 | Offer Price | $21.00 |
| Selling Shrhldrs Shares | 0 | Gross Spread | $1.390 |
| Gross Proceeds | $136,500,000 | Selling | $0.850 |
| Expenses | - - | Reallowance | $0.100 |
| Post-IPO Shares | 7,310,000 | Employees | 24 |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| Lehman Brothers Incorporated | Lead Manager | (212) 526-8100 |
| Banc of America Securities LLC | Co-manager | (415) 627-2100 |
| Dain Rauscher Wessels | Co-manager | (612) 371-2818 |
| First Union Securities, Inc. | Co-manager | |
| UBS Warburg LLC | Co-manager |
| Income Statement and Cash Flow Summary | |||||||
| Prior Audited Income |
Latest Unaudited Income | ||||||
| Full Year Audited Figures | 3 Months Ending | ||||||
| Figures in U.S. millions except per share data | 12/31/1998 | 12/31/1999 | 12/31/2000 | 3/31/2000 | 3/31/2001 | ||
| Revenues | - | - | 14.499 | 21.350 | 29.292 | 8.223 | 9.521 |
| Income from Oper. | - | - | 9.348 | 14.576 | 18.918 | 5.890 | 6.713 |
| Net Income | - | - | 8.816 | 9.269 | 11.555 | 3.428 | 4.025 |
| E.P.S | - | - | - | - | - | - | - |
| Revenue Growth (%) | - | - | 47.25 | 37.199 | 15.78 | ||
| Net Income Growth (%) | - | - | 5.14 | 24.66 | 17.42 | ||
| Oper. Profit Margin (%) | - | - | 64.47 | 68.27 | 64.58 | 70.51 | 71.63 |
| Net Profit Margin (%) | - | - | 60.80 | 43.41 | 39.45 | 42.27 | 41.69 |
| Cash Flow - Oper. | 16.51 | 3.52 | 5.88 | ||||
| Cash Flow - Inv. | -28.01 | -3.61 | -6.16 | ||||
| Cash Flow - Fin. | 10.76 | -0.25 | 0.72 | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 3/31/2001 | Financial Ratios | ||||
| Total Assets | 141.77 | Current Assets | 2.41 | Current Ratio | 5.13 |
| Total Liab. | 111.05 | Current Liab. | 0.47 | Debt Ratio | 78.33% |
| Total Equity | 30.72 | Working Cap. | 1.94 | Debt to Equity Ratio | 3.62 |
| Cash | 1.16 | Return on Assets | 2.84% | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used to repay $103.2 million of debt owed to Penn Virginia Corporation and its affiliates; pay $3.8 million in fees and expenses incurred in connection with this offering and the related transactions; and use $1.0 million for general partnership purposes. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Vinson & Elkins |
| Bank's Law Firm | Baker & Botts |
| Registrar/Transfer Agent | American Stock Transfer & Trust Co |
| Auditor | Arthur Andersen |
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