-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, SvBvMg3EITKNWg0UF3loQs2ospwxdd2KAaoMzbZnYrqVN8UYUyW0n2VEZvmRSbfc x5h5Q9Dxx0H07RTkZCwj3A== 0001005210-99-000011.txt : 19990426 0001005210-99-000011.hdr.sgml : 19990426 ACCESSION NUMBER: 0001005210-99-000011 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19990422 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19990423 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SUBURBAN PROPANE PARTNERS LP CENTRAL INDEX KEY: 0001005210 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-MISCELLANEOUS RETAIL [5900] IRS NUMBER: 223410353 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-14222 FILM NUMBER: 99599982 BUSINESS ADDRESS: STREET 1: ONE SUBURBAN PLAZA STREET 2: 240 ROUTE 10 WEST CITY: WIPPANY STATE: NJ ZIP: 07981 BUSINESS PHONE: 2018875300 MAIL ADDRESS: STREET 1: ONE SUBURBAN PLZ STREET 2: 240 RTE 10 WEST CITY: WHIPPANY STATE: NJ ZIP: 07981 8-K 1 SUBURBAN PROPANE PRESS RELEASE UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 ----------------------- FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES AND EXCHANGE ACT OF 1934 Date of report (Date of earliest event reported) April 22, 1999 SUBURBAN PROPANE PARTNERS, L.P. ------------------------------- (Exact name of registrant as specified in its charter) DELAWARE 1-14222 22-3410353 - -------------------------------------------------------------------------------- (State or other jurisdiction of (Commission (I.R.S. Employer incorporation or organization) File No.) Identification No.) 240 ROUTE 10 WEST, WHIPPANY, NJ 07981 - -------------------------------------------------------------------------------- (Address of principal executive office) (Zip Code) (973) 887-5300 - -------------------------------------------------------------------------------- (Registrant's telephone number, including area code) Page 1 of 6 Exhibit Index on Page 4 ITEM 5. OTHER EVENTS. On April 22, 1999, Suburban Propane Partners, L.P. issued a press release (the "Press Release") regarding earnings and the regular quarterly distribution for the Common Units for the quarter ended March 27, 1999. A copy of the Press Release has been filed as Exhibit 99.1 to this Current Report. ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS. (C) EXHIBITS. A copy of the Press Release has been filed as Exhibit 99.1 to this Current Report. Page 2 of 6 SIGNATURES PURSUANT TO THE REQUIREMENTS OF THE SECURITIES ACT OF 1934, THE REGISTRANT HAS DULY CAUSED THIS REPORT TO BE SIGNED ON ITS BEHALF BY THE UNDERSIGNED THEREUNTO DULY AUTHORIZED: SUBURBAN PROPANE PARTNERS, L.P. DATE: APRIL 23, 1999 BY: /S/ JANICE G. MEOLA -------------------- JANICE G. MEOLA GENERAL COUNSEL AND SECRETARY Page 3 of 6 EXHIBITS -------- EXHIBIT NO. EXHIBIT - ----------- ------- 99.1 Press Release dated April 22, 1999 Page 4 of 6 EXHIBIT 99.1 ------------ NEWS RELEASE FOR IMMEDIATE RELEASE - --------------------- SUBURBAN PROPANE PARTNERS, L.P. REPORTS 27.4% INCREASE IN SECOND QUARTER NET INCOME AND DECLARES COMMON UNIT QUARTERLY DISTRIBUTION WHIPPANY, New Jersey, April 22, 1999 -- Suburban Propane Partners, L.P. (NYSE:SPH) today announced a 27.4% increase in second quarter net income and declared its regular quarterly distribution of $0.50 per Limited Partner Common Unit. Net income for the three months ended March 27, 1999 increased $10.2 million or 27.4% to $47.2 million, or $1.61 per unit, compared to $37.0 million, or $1.26 per unit, for the comparable period in 1998. EBITDA (earnings before interest, income taxes, depreciation and amortization) increased $9.6 million or 17.8% to $63.5 million compared to $53.9 million in the prior period. Revenues decreased $8.5 million or 3.7% to $222.0 million compared to $230.4 million in the prior period, primarily due to lower selling prices resulting from decreases in the cost of propane. Retail gallons sold increased 14.9 million gallons or 8.3% to 195.0 million gallons compared to 180.1 million gallons in the prior period, reflecting improved results in all operating areas. Nationwide temperatures were 7% warmer than normal during the second quarter of fiscal 1999, as compared to 13% warmer than normal in the prior period. Operating and general & administrative expenses increased $1.1 million or 1.8% to $62.2 million, compared to $61.1 million in the prior period, principally resulting from increased expenditures in the information systems area. In announcing these results, President and Chief Executive Officer Mark A. Alexander said, "We are extremely pleased with these results. Our financial position continues to strengthen as a result of our efforts to improve operating efficiencies and customer satisfaction, despite warmer than normal weather." Suburban also announced its regular quarterly distribution of $0.50 per Limited Partner Common Unit for the second quarter ended March 27, 1999. The distribution is payable on May 11, 1999, to Common Unit holders of record as of April 30, 1999. In conjunction with the pending Recapitalization, the Partnership will not make the quarterly distribution on its Subordinated Units. Suburban Propane Partners, L.P. is a publicly traded Master Limited Partnership listed on the New York Stock Exchange. Headquartered in Whippany, New Jersey, Suburban has been in the customer service business since 1928 and is the nation's third largest propane gas marketer. The Partnership serves over 700,000 residential, commercial, industrial and agricultural customers through more than 340 customer service centers in more than 40 states. Corporate news, unit prices and additional information about Suburban are available 24 hours a day, 7 days a week on the company's web site. Via the Internet, go to WWW.SUBURBANPROPANE.COM. To receive news releases via fax: Dial 800-758-5804 and input extension 112074. Company contact: Robert M. Plante Treasurer (973) 503-9252 (more) Page 5 of 6
SUBURBAN PROPANE PARTNERS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THREE AND SIX MONTHS ENDED MARCH 27, 1999 AND MARCH 28, 1998 (IN THOUSANDS, EXCEPT PER UNIT AMOUNTS) (UNAUDITED) THREE MONTHS ENDED SIX MONTHS ENDED MARCH 27, 1999 MARCH 28, 1998 MARCH 27, 1999 MARCH 28, 1998 -------------- -------------- -------------- -------------- Revenues Propane .................................. $ 203,645 $ 214,134 $ 342,435 $ 397,039 Other .................................... 18,333 16,295 40,759 38,276 --------- --------- --------- -------- 221,978 230,429 383,194 435,315 Costs and Expenses Cost of sales ............................ 96,237 115,351 165,108 221,008 Operating ................................ 54,972 55,136 107,246 109,066 Depreciation and amortization ............ 8,730 9,173 17,512 18,465 General and administrative ............... 7,262 6,012 14,588 12,084 Gain on sale of investment in Dixie Pipeline Co. .................. -- -- -- (5,090) --------- --------- --------- -------- 167,201 185,672 304,454 355,533 Income from operations ..................... 54,777 44,757 78,740 79,782 Interest expense, net ...................... 7,597 7,741 15,183 15,849 --------- --------- --------- -------- Income before provision for income taxes ......................... 47,180 37,016 63,557 63,933 Provision for income taxes ................. 19 5 26 21 --------- --------- --------- -------- Net income ................................. $ 47,161 $ 37,011 $ 63,531 $ 63,912 ========= ========= ========= ======== General Partner's interest in net income ... $ 943 $ 740 $ 1,271 $ 1,278 Limited Partners' interest in net income ... 46,218 36,271 62,260 62,634 Net income per Unit ........................ $ 1.61 $ 1.26 $ 2.17 $ 2.18 (b) Weighted average number of units outstanding 28,726 28,726 28,726 28,726 - ----------------------------------------------------------------------------------------------------------------- Supplemental Information: EBITDA (a) ................................. $ 63,507 $ 53,930 $ 96,252 $ 98,247 Retail gallons sold ........................ 195,045 180,139 332,648 338,417
(a) EBITDA is defined as earnings before interest, income taxes, depreciation and amortization. EBITDA should not be considered as an alternative to net income (as an indicator of operating performance) or as an alternative to cash flow (as a measure of liquidity or ability to service debt obligations) and it is not in accordance with nor superior to generally accepted accounting principles but provides additional information for evaluating the Partnership's ability to distribute the Minimum Quarterly Distribution. (b) Net income per Unit was $2.01 for the six months ended March 28, 1998, excluding the non-recurring gain on the sale of the Partnership's minority interest in the Dixie Pipeline Co. # # # Page 6 of 6 -----END PRIVACY-ENHANCED MESSAGE-----