Natural Resource Partners (NRP) 8-K Natural Resource Partners L.P. Reports Third Quarter Results

Exhibit 99.1

Natural Resource Partners L.P.
601 Jefferson St., Suite 3600, Houston, TX 77002

NEWS RELEASE

Natural Resource Partners L.P.
Reports Third Quarter Results

Third Quarter 2010 Highlights:

• Record revenues of $80.8 million, up 26% from 3Q09

• Distributable cash flow of $54.2 million, up 80% from 3Q09

• Net income attributable to the limited partners of $39.4 million, up 56% from 3Q09

• Net income per unit of $0.51, up 42% from 3Q09

• Excluding the impact of the elimination of the incentive distribution rights, adjusted net income attributable to the limited partners of $26.6 million or $0.36 per unit, unchanged from 3Q09

• Distribution of $0.54 per unit

HOUSTON, November 3, 2010—Natural Resource Partners L.P. (NYSE:NRP)today reported that for the second consecutive quarter, improved coal markets led to record revenues and higher third quarter 2010 results. Distributable cash flow, a non-GAAP measure, increased 80% over the third quarter of 2009 to $54.2 million. Net income attributable to the limited partners of $39.4 million increased 56% over the same period last year. Net income per unit improved 42% to $0.51 from the $0.36 per unit reported for the third quarter 2009. Excluding the impact of the elimination of the incentive distribution rights, adjusted net income per unit was $0.36 in the third quarter 2010, or flat with the same period in 2009. Reconciliations of distributable cash flow to GAAP and adjusted net income per unit are provided in the tables at the end of the release.

“NRP’s lessees have continued to receive much higher prices for coal leading to another great quarter,” said Nick Carter, President and Chief Operating Officer. “The gradual improvements in the economy evidenced by improving commercial/industrial electricity usage, coupled with the continuing strength of the steel sector, led to our record revenue and an improving outlook.”

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	Three		Three					Nine		Nine
	Months		Months		%			Months		Months		%
	Ended		Ended		Change			Ended		Ended		Change
	Sep. 30,		Sep. 30,		Three			Sep. 30,		Sep. 30,		Nine
Highlights	2010		2009		Months			2010		2009		Months
			(in thousands except per unit, per ton and %)
Revenues
Total revenues:	$	80,752	$	63,962		26	%	$	223,859	$	190,182		18	%
Coal production:		12,367		11,283		10	%		34,936		35,549		(2	%)
Coal royalty revenues:	$	60,142	$	49,307		22	%	$	165,135	$	148,294		11	%
Average coal royalty revenue per ton:	$	4.86	$	4.37		11	%	$	4.73	$	4.17		13	%
Revenues other than coal royalties	$	20,610	$	14,655		41	%	$	58,724	$	41,888		40	%
Net income
Net income to limited partners:	$	39,350	$	25,161		56	%	$	84,269	$	51,563		63	%
Net income per unit:	$	0.51	$	0.36		42	%	$	1.14	$	0.77		48	%
Average units outstanding:		77,896		69,451		12	%		73,792		67,113		10	%
Distributable cash flow:	$	54,197	$	30,061		80	%	$	151,841	$	114,622		32	%

Revenues

Third Quarter

NRP reported record quarterly revenues of $80.8 million for the third quarter 2010, a 26% rise over the third quarter 2009 due to increases in both the production of and realized prices for coal. Production in the third quarter 2010 was up 10% to 12.4 million tons and the average coal royalty revenue per ton increased 11% over the same quarter last year to $4.86. NRP’s lessees realized higher prices for both steam and metallurgical coal in the third quarter.

Revenues other than coal royalties increased 41%, or approximately $6.0 million, from the third quarter 2009 mainly due to:

• increased throughput on the coal processing and transportation assets generating a $2.1 million increase in fees; and

• a $3.1 million quarterly non-recoupable minimum recognized as income for each quarter of 2010, which after this year, will only be recognized as revenues when recouped through production;

Nine Months

The improvements seen in the third quarter are reflected in the nine month numbers. The increases in realized prices for coal more than offset the slight decline in production for the nine month period. Metallurgical coal accounted for 33% of NRP’s production and 39% of its coal royalty revenues for the first nine months of 2010.

NRP Reports 3Q10 Results Page 3 of 12

Operating Expenses

Third Quarter

NRP incurred total operating costs and expenses of $30.4 million in the third quarter of 2010, up by $7.8 million mainly due to a $3.2 million increase in depreciation, depletion and amortization and a $4.2 million increase in general and administrative expenses. The $4.2 million increase in third quarter 2010 general and administrative expenses over third quarter 2009 included $2.7 million for increased accruals on the long term incentive plan associated with the increase in NRP’s unit price and additional expenses related to the venture with International Paper.

Nine Months

Operating costs for the first nine months of 2010 increased by $941 thousand due to increased general and administrative expenses offset by decreased depreciation, depletion and amortization due to lower production in the nine month period of 2010 versus the same period last year.

Net income

Third Quarter

Net income to the limited partners increased $14.2 million to $39.4 in the third quarter 2010 over the third quarter 2009 net income of $25.2 million. Nearly 65% of this increase was associated with increased revenues while $5.0 million was associated with the elimination of the incentive distribution rights announced by NRP in late September 2010. Net income per unit increased to $0.51 per unit even though there was a 12% increase in the average number of units outstanding in the third quarter 2010 versus the same period last year. Adjusting for the elimination of the incentive distribution rights, the net income per unit remained flat with that of the third quarter 2009 at $0.36 per unit.

Nine Months

Net income to the limited partners increased $32.7 million, or 63%, for the first nine months of 2010 when compared to the same period in 2009 due to improved revenues. Net income per unit rose by $0.37 per unit, to $1.14 per unit, despite a 10% increase in the number of units outstanding during the respective time periods. Excluding the impact of the elimination of incentive distribution rights, adjusted net income per unit rose by $0.10 per unit.

Distributable cash flow

Third Quarter

Distributable cash flow rose $24.2 million, or 80%, to $54.2 million over the second quarter of 2009, mainly due to the improved revenues of $16.8 million and a $6.6 million increase in receipts of minimum royalties period over period.

NRP Reports 3Q10 Results Page 4 of 12

Nine Months

Distributable cash flow increased $37.2 million, or 32% during the nine months ended September 30, 2010 versus the same period last year predominantly due to improved revenues.

Third Quarter 2010 compared to Second Quarter 2010

	3Q10		2Q10		% Change
	(in thousands, except per ton
	and per unit)
Total revenues:	$	80,752	$	79,587		1	%
Coal production:		12,367		11,767		5	%
Coal royalty revenues:	$	60,142	$	57,832		4	%
Average coal royalty revenue per ton:	$	4.86	$	4.91		(1	%)
Revenues other than coal royalty:	$	20,610	$	21,755		(5	%)
Net income to limited partners:	$	39,350	$	28,054		40	%
Net income per unit:	$	0.51	$	0.38		34	%
Average units outstanding:		77,896		74,028		5	%
Distributable cash flow:	$	54,227	$	63,792		(15	%)

Revenues

Total revenues for the third quarter 2010 increased modestly over the second quarter 2010, to a record $80.8 million, mainly due to increased shipments of coal offset somewhat by a slight decrease in the realized coal royalty revenue per ton. Coal production increased 5% while average coal royalty revenue per ton decreased 1% to $4.86. NRP experienced increased production in all regions except Northern and Southern Appalachia. The largest increase occurred in the Illinois Basin where, for the second consecutive quarter, production increased approximately 600 thousand tons. The increase in the Illinois Basin was due to increased shipments of coal at both the Williamson and Macoupin properties. Revenues other than coal royalty decreased $1.1 million primarily due to $1.9 million received in the second quarter from a right of way easement offset by minor improvements across several categories.

Operating Expenses

Operating expenses for the third quarter of 2010 increased $2.8 million over the second quarter mainly due to general and administrative expenses. General and administrative costs for the third quarter increased $2.0 million which included an increase in the long-term incentive plan accrual for both additional grants for new employees and the additional accrual associated with a 13% increase in NRP’s unit price during the third quarter.

Net income

Net income to the limited partners increased $11.3 million in the third quarter to $39.4 million, mainly due to the elimination of the incentive distribution rights in the third quarter. Excluding the impact of the elimination of the incentive distribution rights, the net income to the limited partners would have been $26.6 million or $0.36 per unit compared to $28.1 million or $0.38 per unit in the second quarter 2010.

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Distributable cash flow

Distributable cash flow decreased $9.6 million, or 15% to $54.2 million from last quarter due solely to a scheduled interest payment that was made on NRP’s senior notes that offset the improvements in revenue.

Current Market

The coal markets continue to improve. Metallurgical coal prices increased substantially in the first half of the year and have now stabilized at prices approximately twice that of a year ago. In addition, we have seen record coal burns at the utilities, causing stockpiles to be significantly lower than six to nine months ago. The weather over the last nine months in the coal consuming region, coupled with steadily improving commercial/industrial usage, has contributed significantly to the lowering of these stockpiles. Demand for steam coal and for metallurgical coal has improved significantly over the last year.

Guidance — Update

NRP updated its guidance at the end of the second quarter both increasing and narrowing the ranges. In the third quarter, NRP has continued to see improvements in prices and is now anticipating meeting or exceeding the upper limits of all the ranges except production which is anticipated to be near the middle of the previously announced range. In addition, net income per unit is now anticipated to be in a range of $1.40 to $1.50 per unit, an increase of $0.30 to $0.40 per unit, of which approximately $0.15 to $0.20 is due to the elimination of the incentive distribution rights that occurred during the third quarter.

Acquisitions and Liquidity

In the third quarter, NRP took a major step in simplifying its corporate structure. On September 20, NRP issued 32 million units to the holders of the incentive distribution rights in exchange for the permanent retirement of those rights. This transaction not only simplifies NRP’s structure but it also lowers NRP’s cost of capital, which is critical to completion of acquisitions and growing the partnership’s cash flows and distributions.

Early in the fourth quarter, NRP completed the third acquisition of the coal reserves associated with the Deer Run mine in the Illinois Basin. This property, currently under development, will increase coal royalty production for NRP in 2011 and dramatically increase production in 2012 as the longwall production commences.

“With the improvements in the coal markets leading to increased revenues, the cash balance of $72.2 million and the $261.0 million that we had available on our credit facility at the end of the quarter, NRP has the capital available to fund its committed capital obligations and pursue additional acquisitions,” said Dwight Dunlap, Chief Financial Officer. “Our capital structure has been strengthened throughout the year due to our improved financial performance, our equity issuance at the beginning of the second

NRP Reports 3Q10 Results Page 6 of 12

quarter as well as the elimination of the incentive distribution rights during the third quarter. The elimination of the incentive distribution rights will enhance our ability to continue to make accretive acquisitions and grow our distribution.”

Distributions

As reported on October 22, the Board of Directors of NRP’s general partner declared a quarterly distribution of $0.54 per unit, unchanged from the second quarter 2010.

Company Profile

Natural Resource Partners L.P. is a master limited partnership headquartered in Houston, TX, with its operations headquarters in Huntington, WV. NRP is principally engaged in the business of owning and managing mineral reserve properties. NRP primarily owns coal, aggregate and oil and gas reserves across the United States that generate royalty income for the partnership.

For additional information, please contact Kathy H. Roberts at 713-751-7555 orkroberts@nrplp.com. Further information about NRP is available on the partnership’s website athttp://www.nrplp.com.

Disclosure of Non-GAAP Financial Measures

Distributable cash flow represents cash flow from operations less actual principal payments and cash reserves set aside for scheduled principal payments on the senior notes. Distributable cash flow is a “non-GAAP financial measure” that is presented because management believes it is a useful adjunct to net cash provided by operating activities under GAAP. Distributable cash flow is a significant liquidity metric that is an indicator of NRP’s ability to generate cash flows at a level that can sustain or support an increase in quarterly cash distributions paid to its partners. Distributable cash flow is also the quantitative standard used throughout the investment community with respect to publicly traded partnerships. Distributable cash flow is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operating, investing or financing activities. A reconciliation of distributable cash flow to net cash provided by operating activities is included in the tables attached to this release. Distributable cash flow may not be calculated the same for NRP as other companies.

Forward-Looking Statements

This press release may include “forward-looking statements” as defined by the Securities and Exchange Commission. Such statements include the current coal market conditions and borrowing capacity. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the partnership expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made by the partnership based on its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the partnership. These risks include, but are not limited to, decreases in demand for coal; changes in operating conditions and costs; production cuts by our lessees; commodity prices; unanticipated geologic problems; changes in the legislative or regulatory environment and other factors detailed in Natural Resource Partners’ Securities and Exchange Commission filings. Natural Resource Partners L.P. has no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

10-20 -Financial statements follow-

NRP Reports 3Q10 Results Page 7 of 12

Natural Resource Partners L.P.
Operating Statistics
(In thousands except per ton data)

	Three Months Ended				For the Nine Months Ended
	September 30,				September 30,
	2010		2009		2010			2009
	(unaudited)				(unaudited)
Coal Royalties:
Coal royalty revenues:
Appalachia
Northern	$	4,883	$	3,998	$	14,224		$	9,931
Central		38,418		33,688		108,751			101,874
Southern		5,530		4,849		15,805			14,755
Total Appalachia	$	48,831	$	42,535	$	138,780		$	126,560
Illinois Basin		9,278		5,413		20,307			16,234
Northern Powder River Basin		2,033		1,359		6,048			5,500
Total	$	60,142	$	49,307	$	165,135		$	148,294
Coal royalty production (tons):
Appalachia
Northern		1,177		1,238		3,676			3,304
Central		7,051		6,984		20,417			21,962
Southern		763		799		2,297			2,438
Total Appalachia		8,991		9,021		26,390			27,704
Illinois Basin		2,389		1,723		5,287			5,005
Northern Powder River Basin		987		539		3,259			2,840
Total		12,367		11,283		34,936			35,549
Average royalty revenue per ton:
Appalachia
Northern	$	4.15	$	3.23	$	3.87		$	3.01
Central		5.45		4.82		5.33			4.64
Southern		7.25		6.07		6.88			6.05
Total Appalachia		5.43		4.72		5.26			4.57
Illinois Basin		3.88		3.14		3.84			3.24
Northern Powder River Basin		2.06		2.52		1.86			1.94
Combined average royalty revenue per ton	$	4.86	$	4.37	$	4.73		$	4.17
Aggregates:
Royalty revenues	$	1,606	$	1,400	$	3,486		$	3,377
Aggregate royalty bonus	$	—	$	300	$	(639	)	$	1,320
Production:		973		1,148		2,356			2,629
Average base royalty per ton:	$	1.65	$	1.22	$	1.48		$	1.28

NRP Reports 3Q10 Results Page 8 of 12

Natural Resource Partners L.P.
Consolidated Statements of Income
(In thousands, except per unit data)

	Three Months Ended						For the Nine Months Ended
	September 30,						September 30,
	2010			2009			2010			2009
	(Unaudited)						(Unaudited)
Revenues:
Coal royalties	$	60,142		$	49,307		$	165,135		$	148,294
Aggregate royalties		1,606			1,700			2,847			4,697
Coal processing fees		2,343			1,508			6,680			5,808
Transportation fees		4,285			3,049			11,103			8,634
Oil and gas royalties		1,013			1,203			4,200			3,649
Property taxes		3,552			3,311			8,985			9,036
Minimums recognized as revenue		3,782			775			10,574			1,065
Override royalties		2,625			2,077			8,749			5,961
Other		1,404			1,032			5,586			3,038
Total revenues		80,752			63,962			223,859			190,182
Operating costs and expenses:
Depreciation, depletion and amortization		16,195			12,952			44,048			48,026
General and administrative		8,761			4,586			22,103			17,926
Property, franchise and other taxes		4,580			4,273			11,812			11,399
Transportation costs		614			403			1,436			1,144
Coal royalty and override payments		258			353			1,251			1,214
Total operating costs and expenses		30,408			22,567			80,650			79,709
Income from operations		50,344			41,395			143,209			110,473
Other income (expense)
Interest expense		(10,204	)		(10,762	)		(31,279	)		(29,516	)
Interest income		13			18			25			196
Income before non-controlling interest		40,153		$	30,651			111,955		$	81,153
Non-controlling interest		—			—			—			—
Net income	$	40,153		$	30,651		$	111,955		$	81,153
Net income attributable to:
General partner	$	803		$	513		$	1,720		$	1,052
Holders of incentive distribution rights	$	—		$	4,977		$	25,966		$	28,538
Limited partners	$	39,350		$	25,161		$	84,269		$	51,563
Basic and diluted net income per limited partner unit:	$	0.51		$	0.36		$	1.14		$	0.77
Weighted average number of units outstanding:		77,896			69,451			73,792			67,113

NRP Reports 3Q10 Results Page 9 of 12

Natural Resource Partners L.P.
Statements of Cash Flows
(In thousands)

	Three Months Ended						For the Nine Months Ended
	September 30,						September 30,
	2010			2009			2010			2009
	(Unaudited)						(Unaudited)
Cash flows from operating activities:
Net income	$	40,153		$	30,651		$	111,955		$	81,153
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization		16,195			12,952			44,048			48,026
Non-cash interest charge, net		124			326			415			1,336
Change in operating assets and liabilities:
Accounts receivable		(256	)		(1,885	)		(5,341	)		(20	)
Other assets		501			312			620			579
Accounts payable and accrued liabilities		205			104			303			(143	)
Accrued interest		(7,136	)		(7,123	)		(7,458	)		(3,214	)
Deferred revenue		8,613			1,996			29,254			10,306
Accrued incentive plan expenses		3,765			840			2,425			2,408
Property, franchise and other taxes payable		(58	)		(53	)		(561	)		(1,632	)
Net cash provided by operating activities		62,107			38,120			175,660			138,799
Cash flows from investing activities:
Acquisition of land, coal and other mineral rights		(365	)		(19,345	)		(111,176	)		(114,986	)
Acquisition or construction of plant and equipment		(2,218	)		—			(4,320	)		(1,157	)
Disposition of assets		408			—			808			—
Net cash used in investing activities		(2,175	)		(19,345	)		(114,688	)		(116,143	)
Cash flows from financing activities:
Proceeds from loans		4,000			22,000			85,000			325,000
Proceeds from issuance of units		—			—			110,436			—
Capital contribution by general partner		—			—			2,350			—
Deferred financing costs		—			—			—			(661	)
Repayments of loans		(7,692	)		(7,693	)		(106,234	)		(168,235	)
Retirement of obligation related to acquisitions		(6,200	)		(3,000	)		(9,169	)		(63,000	)
Costs associated with issuance of units		—			—			(152	)		(21	)
Fees associated with the elimination of the IDRs		(2,170	)		—			(2,170	)		—
Distributions to partners		(54,040	)		(50,697	)		(151,427	)		(144,787	)
Net cash (used in) provided by financing activities		(66,102	)		(39,390	)		(71,366	)		(51,704	)
Net increase or (decrease) in cash and cash equivalents		(6,170	)		(20,615	)		(10,394	)		(29,048	)
Cash and cash equivalents at beginning of period		78,410			81,495			82,634			89,928
Cash and cash equivalents at end of period	$	72,240		$	60,880		$	72,240		$	60,880
SUPPLEMENTAL INFORMATION:
Cash paid during the period for interest	$	17,222		$	17,556		$	38,292		$	31,316
Non-cash investing activities:
Mineral rights to be received	$	—		$	—		$	13,249		$	—
Liability associated with acquisitions		1,268			—			1,268			1,170
Equity issued for acquisitions		—			—			—			95,910
Non-controlling interest		—			—			(7,355	)		—
Non-cash financing activities:
Obligation related to purchase of reserves and infrastructure	$	—		$	14,802		$	6,200		$	74,022

NRP Reports 3Q10 Results Page 10 of 12

Natural Resource Partners L.P.
Consolidated Balance Sheets
(In thousands, except for unit information)

	September 30,			December 31,
	2010			2009
	(unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	72,240		$	82,634
Accounts receivable, net of allowance for doubtful accounts		28,974			27,141
Accounts receivable — affiliate		7,850			4,342
Other		197			930
Total current assets		109,261			115,047
Land		24,343			24,343
Plant and equipment, net		63,701			64,351
Coal and other mineral rights, net		1,241,714			1,151,835
Intangible assets		160,751			164,554
Loan financing costs, net		2,550			2,891
Other assets, net		682			569
Total assets	$	1,603,002		$	1,523,590
LIABILITIES AND PARTNERS’ CAPITAL
Current liabilities:
Accounts payable and accrued liabilities	$	2,486		$	914
Accounts payable — affiliates		178			179
Obligation related to acquisitions		—			2,969
Current portion of long-term debt		31,518			32,235
Accrued incentive plan expenses — current portion		5,734			4,627
Property, franchise and other taxes payable		5,603			6,164
Accrued interest		2,842			10,300
Total current liabilities		48,361			57,388
Deferred revenue		96,272			67,018
Accrued incentive plan expenses		8,689			7,371
Long-term debt		606,070			626,587
Partners’ capital:
Common units (106,027,836 in 2010, 69,451,136 in 2009)		822,365			747,437
General partner’s interest		14,450			13,409
Holders of incentive distribution rights		—			4,977
Non-controlling interest		7,355			—
Accumulated other comprehensive loss		(560	)		(597	)
Total partners’ capital		843,610			765,226
Total liabilities and partners’ capital	$	1,603,002		$	1,523,590

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Natural Resource Partners L.P.
Reconciliation of GAAP Financial Measurements
to Non-GAAP Financial Measurements
(In thousands)

Reconciliation of GAAP “Net cash provided by operating activities”
To Non-GAAP “Distributable cash flow”

	Three Months Ended						For the Nine Months Ended
	September 30,						September 30,
	2010			2009			2010			2009
	(unaudited)						(unaudited)
Net cash provided by operating activities	$	62,107		$	38,120		$	175,660		$	138,799
Less scheduled principal payments		(7,692	)		(7,693	)		(32,234	)		(17,235	)
Less reserves for future principal payments		(7,880	)		(8,059	)		(23,819	)		(24,177	)
Add reserves used for scheduled principal payments		7,692			7,693			32,234			17,235
Distributable cash flow	$	54,227		$	30,061		$	151,841		$	114,622

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Reconciliation of GAAP “Net income attributable to the limited partners”
To Non-GAAP “Adjusted net income attributable to the limited partners”

	Three Months Ended					For the Nine Months Ended
	September 30,					September 30,
	2010			2009		2010			2009
	(unaudited)					(unaudited)
Non-GAAP
GAAP net income	$	40,153		$	30,651	$	111,955		$	81,153
Add write-off of property due to mine closure		—			—		—			8,195
Adjusted net income	$	40,153		$	30,651	$	111,955		$	89,348
Adjusted net income attributable to:
General partner	$	543		$	513	$	1,460		$	1,216
Holders of incentive distribution rights:	$	12,983		$	4,977	$	38,949		$	28,538
Limited partners	$	26,627		$	25,161	$	71,546		$	59,594
GAAP basic and diluted net income per limited partner unit	$	0.51		$	0.36	$	1.14		$	0.77
Adjusted basic and diluted net income per limited partner unit	$	0.36		$	0.36	$	0.99		$	0.89
GAAP weighted average number of units outstanding:		77,896			69,451		73,792			67,113
Adjustment for units issued during the third quarter in exchange for the elimination of the incentive distribution rights		(3,868	)		—		(1,289	)		—
Adjusted weighted average number of units outstanding:		74,028			69,451		72,503			67,113

Reconciliation of GAAP “Net income attributable to the limited partners”
To Non-GAAP “Adjusted net income attributable to the limited partners”

	Three Months Ended
	September 30, 2010			June 30, 2010
	(unaudited)
Non-GAAP
GAAP net income	$	40,153		$	41,610
Adjusted net income attributable to:
General partner	$	543		$	573
Holders of incentive distribution rights:	$	12,983		$	12,983
Limited partners	$	26,627		$	28,054
GAAP basic and diluted net income per limited partner unit	$	0.51		$	0.38
Adjusted basic and diluted net income per limited partner unit	$	0.36		$	0.38
GAAP weighted average number of units outstanding:		77,896			74,028
Adjustment for units issued during third quarter in exchange for the elimination of the incentive distribution rights		(3,868	)		—
Adjusted weighted average number of units outstanding		74,028			74,028

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