"We have seen a significant increase in our results compared to 2003. The acquisitions we have completed to date, coupled with a very strong sales environment for the coal industry, are paying real dividends for our unit-holders,” company chief Nick Carter said.

“Our fourth quarter production and revenues, however, were lower than we anticipated, due to the simultaneous occurrence of events experienced by several of our lessees late in the fourth quarter.

“These included a shortage of personnel, geologic problems, moving of longwall panels, transportation delays, and greater than usual downtime during the holidays at some mines."

Net income for 2004 was 60% above 2003 results, with coal royalty revenues increasing 44% to $106.5 million.

Net income for the fourth quarter was $13.3 million, with coal royalty revenues increased 48% to $27.1 million.

NRP said it expected to generate 2005 net income between $68-78 million.