Delaware | 1-14222 | 22-3410353 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) | (IRS Employer Identification No.) |
240 Route 10 West Whippany, New Jersey |
07981 |
|
(Address of principal executive offices) | (Zip Code) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
ITEM 2.02. | RESULTS OF OPERATIONS AND FINANCIAL CONDITION |
ITEM 9.01. | FINANCIAL STATEMENTS AND EXHIBITS |
99.1 | Press Release of Suburban Propane Partners, L.P. dated November 10, 2011,
describing the Fiscal 2011 Fourth Quarter Financial Results. |
November 10, 2011 | SUBURBAN PROPANE PARTNERS, L.P. |
|||
By: | /s/ MICHAEL A. STIVALA | |||
Name: | Michael A. Stivala | |||
Title: | Chief Financial Officer |
Exhibit No. | Exhibit | |||
99.1 | Press Release of Suburban Propane Partners, L.P. dated November 10, 2011,
describing the Fiscal 2011 Fourth Quarter Financial Results. |
News Release | ||
Contact: Michael Stivala | ||
![]() |
Chief Financial Officer P.O. Box 206, Whippany, NJ 07981-0206 Phone: 973-503-9252 |
|
2
| The impact of weather conditions on the demand for propane, fuel oil and other refined fuels, natural gas and electricity; |
| Volatility in the unit cost of propane, fuel oil and other refined fuels and natural gas, the impact of the Partnerships hedging and risk management activities, and the adverse impact of price increases on volumes as a result of customer conservation; |
| The ability of the Partnership to compete with other suppliers of propane, fuel oil and other energy sources; |
3
| The impact on the price and supply of propane, fuel oil and other refined fuels from the political, military or economic instability of the oil producing nations, global terrorism and other general economic conditions; |
| The ability of the Partnership to acquire and maintain reliable transportation for its propane, fuel oil and other refined fuels; |
| The ability of the Partnership to retain customers or acquire new customers; |
| The impact of customer conservation, energy efficiency and technology advances on the demand for propane, fuel oil and other refined fuels, natural gas and electricity; |
| The ability of management to continue to control expenses; |
| The impact of changes in applicable statutes and government regulations, or their interpretations, including those relating to the environment and global warming, derivative instruments and other regulatory developments on the Partnerships business; |
| The impact of changes in tax regulations that could adversely affect the tax treatment of the Partnership for federal income tax purposes; |
| The impact of legal proceedings on the Partnerships business; |
| The impact of operating hazards that could adversely affect the Partnerships operating results to the extent not covered by insurance; |
| The Partnerships ability to make strategic acquisitions and successfully integrate them; |
| The impact of current conditions in the global capital and credit markets, and general economic pressures; and |
| Other risks referenced from time to time in filings with the Securities and Exchange Commission (SEC) and those factors listed or incorporated by reference into the Partnerships Annual Report under Risk Factors. |
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Three Months Ended | Twelve Months Ended | |||||||||||||||
September 24, | September 25, | September 24, | September 25, | |||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Revenues |
||||||||||||||||
Propane |
$ | 142,524 | $ | 127,049 | $ | 929,492 | $ | 885,459 | ||||||||
Fuel oil and refined fuels |
15,124 | 14,411 | 139,572 | 135,059 | ||||||||||||
Natural gas and electricity |
16,373 | 18,276 | 84,721 | 77,587 | ||||||||||||
All other |
7,559 | 8,293 | 36,767 | 38,589 | ||||||||||||
181,580 | 168,029 | 1,190,552 | 1,136,694 | |||||||||||||
Costs and expenses |
||||||||||||||||
Cost of products sold |
107,208 | 92,999 | 678,719 | 598,451 | ||||||||||||
Operating |
65,498 | 67,938 | 279,329 | 289,567 | ||||||||||||
General and administrative |
14,249 | 14,275 | 51,648 | 61,656 | ||||||||||||
Severance charges |
| | 2,000 | | ||||||||||||
Pension settlement charge |
| 2,818 | | 2,818 | ||||||||||||
Depreciation and amortization |
9,324 | 7,740 | 35,628 | 30,834 | ||||||||||||
196,279 | 185,770 | 1,047,324 | 983,326 | |||||||||||||
Operating (loss) income |
(14,699 | ) | (17,741 | ) | 143,228 | 153,368 | ||||||||||
Loss on debt extinguishment |
| | | 9,473 | ||||||||||||
Interest expense, net |
6,846 | 6,798 | 27,378 | 27,397 | ||||||||||||
(Loss) income before provision for income taxes |
(21,545 | ) | (24,539 | ) | 115,850 | 116,498 | ||||||||||
Provision for income taxes |
147 | 292 | 884 | 1,182 | ||||||||||||
Net (loss) income |
$ | (21,692 | ) | $ | (24,831 | ) | $ | 114,966 | $ | 115,316 | ||||||
Net (loss) income per Common Unit basic |
$ | (0.61 | ) | $ | (0.70 | ) | $ | 3.24 | $ | 3.26 | ||||||
Weighted average number of Common Units outstanding basic |
35,552 | 35,397 | 35,525 | 35,374 | ||||||||||||
Net (loss) income per Common Unit diluted |
$ | (0.61 | ) | $ | (0.70 | ) | $ | 3.22 | $ | 3.24 | ||||||
Weighted average number of Common Units outstanding diluted |
35,552 | 35,397 | 35,723 | 35,613 | ||||||||||||
Supplemental Information: |
||||||||||||||||
EBITDA (a) |
$ | (5,375 | ) | $ | (10,001 | ) | $ | 178,856 | $ | 174,729 | ||||||
Adjusted EBITDA (a) |
$ | (4,569 | ) | $ | (6,642 | ) | $ | 179,425 | $ | 192,420 | ||||||
Retail gallons sold: |
||||||||||||||||
Propane |
43,953 | 47,431 | 298,902 | 317,906 | ||||||||||||
Refined fuels |
3,978 | 5,128 | 37,241 | 43,196 | ||||||||||||
Capital expenditures: |
||||||||||||||||
Maintenance |
$ | 2,748 | $ | 2,792 | $ | 10,146 | $ | 9,699 | ||||||||
Growth |
$ | 2,295 | $ | 3,348 | $ | 12,138 | $ | 9,432 |
(a) | EBITDA represents net income before deducting interest expense, income taxes, depreciation and amortization. Adjusted EBITDA represents EBITDA excluding the unrealized net gain or loss on mark-to-market activity for derivative instruments, loss on debt extinguishment, pension settlement charge and severance charges. Our management uses EBITDA and Adjusted EBITDA as measures of liquidity and we are including them because we believe that they provide our investors and industry analysts with additional information to evaluate our ability to meet our debt service obligations and to pay our quarterly distributions to holders of our Common Units. | |
In addition, certain of our incentive compensation plans covering executives and other employees utilize Adjusted EBITDA as the performance target. Moreover, our revolving credit agreement requires us to use Adjusted EBITDA as a component in calculating our leverage and interest coverage ratios. EBITDA and Adjusted EBITDA are not recognized terms under accounting principles generally accepted in the United States of America (US-GAAP) and should not be considered as an alternative to net income or net cash provided by operating activities determined in accordance with US-GAAP. Because EBITDA and Adjusted EBITDA as determined by us excludes some, but not all, items that affect net income, they may not be comparable to EBITDA and Adjusted EBITDA or similarly titled measures used by other companies. |
5
The following table sets forth (i) our calculations of EBITDA and Adjusted EBITDA and (ii) a reconciliation of Adjusted EBITDA, as so calculated, to our net cash provided by operating activities: |
Three Months Ended | Twelve Months Ended | |||||||||||||||
September 24, | September 25, | September 24, | September 25, | |||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Net (loss) income |
$ | (21,692 | ) | $ | (24,831 | ) | $ | 114,966 | $ | 115,316 | ||||||
Add: |
||||||||||||||||
Provision for income taxes |
147 | 292 | 884 | 1,182 | ||||||||||||
Interest expense, net |
6,846 | 6,798 | 27,378 | 27,397 | ||||||||||||
Depreciation and amortization |
9,324 | 7,740 | 35,628 | 30,834 | ||||||||||||
EBITDA |
(5,375 | ) | (10,001 | ) | 178,856 | 174,729 | ||||||||||
Unrealized (non-cash) losses (gains) on changes in fair value
of derivatives |
806 | 541 | (1,431 | ) | 5,400 | |||||||||||
Severance charges |
| | 2,000 | | ||||||||||||
Loss on debt extinguishment |
| | | 9,473 | ||||||||||||
Pension settlement charge |
| 2,818 | | 2,818 | ||||||||||||
Adjusted EBITDA |
(4,569 | ) | (6,642 | ) | 179,425 | 192,420 | ||||||||||
Add / (subtract): |
||||||||||||||||
Provision for income taxes |
(147 | ) | (292 | ) | (884 | ) | (1,182 | ) | ||||||||
Interest expense, net |
(6,846 | ) | (6,798 | ) | (27,378 | ) | (27,397 | ) | ||||||||
Unrealized (non-cash) (losses) gains on changes in fair value
of derivatives |
(806 | ) | (541 | ) | 1,431 | (5,400 | ) | |||||||||
Severance charges |
| | (2,000 | ) | | |||||||||||
Compensation cost recognized under Restricted Unit Plans |
786 | 852 | 3,922 | 4,005 | ||||||||||||
Loss (gain) on disposal of property, plant and equipment, net |
72 | (111 | ) | (2,772 | ) | 38 | ||||||||||
Changes in working capital and other assets and liabilities |
34,455 | 39,605 | (18,958 | ) | (6,687 | ) | ||||||||||
Net cash provided by operating activities |
$ | 22,945 | $ | 26,073 | $ | 132,786 | $ | 155,797 | ||||||||
6
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