Segment Information

9 Months Ended

Jun. 23, 2012

Segment Information [Abstract]

Segment Information

14. Segment Information

The Partnership manages and evaluates its operations in five operating segments, three of which are reportable segments: Propane, Fuel Oil and Refined Fuels and Natural Gas and Electricity. The chief operating decision maker evaluates performance of the operating segments using a number of performance measures, including gross margins and income before interest expense and provision for income taxes (operating profit). Costs excluded from these profit measures are captured in Corporate and include corporate overhead expenses not allocated to the operating segments. Unallocated corporate overhead expenses include all costs of back office support functions that are reported as general and administrative expenses within the condensed consolidated statements of operations. In addition, certain costs associated with field operations support that are reported in operating expenses within the condensed consolidated statements of operations, including purchasing, training and safety, are not allocated to the individual operating segments. Thus, operating profit for each operating segment includes only the costs that are directly attributable to the operations of the individual segment. The accounting policies of the operating segments are otherwise the same as those described in the summary of significant accounting policies Note in the Partnership's Annual Report on Form 10-K for the fiscal year ended September 24, 2011.

The propane segment is primarily engaged in the retail distribution of propane to residential, commercial, industrial and agricultural customers and, to a lesser extent, wholesale distribution to large industrial end users. In the residential and commercial markets, propane is used primarily for space heating, water heating, cooking and clothes drying. Industrial customers use propane generally as a motor fuel burned in internal combustion engines that power over-the-road vehicles, forklifts and stationary engines, to fire furnaces and as a cutting gas. In the agricultural markets, propane is primarily used for tobacco curing, crop drying, poultry brooding and weed control.

The fuel oil and refined fuels segment is primarily engaged in the retail distribution of fuel oil, diesel, kerosene and gasoline to residential and commercial customers for use primarily as a source of heat in homes and buildings.

The natural gas and electricity segment is engaged in the marketing of natural gas and electricity to residential and commercial customers in the deregulated energy markets of New York and Pennsylvania. Under this operating segment, the Partnership owns the relationship with the end consumer and has agreements with the local distribution companies to deliver the natural gas or electricity from the Partnership's suppliers to the customer.

Activities in the "all other" category include the Partnership's service business, which is primarily engaged in the sale, installation and servicing of a wide variety of home comfort equipment, particularly in the areas of heating and ventilation, and activities from the Partnership's HomeTown Hearth & Grill and Suburban Franchising subsidiaries.

The following table presents certain relevant financial information by reportable segment and provides a reconciliation of total operating segment information to the corresponding consolidated amounts for the periods presented:

	Three Months Ended						Nine Months Ended
	June 23, 2012			June 25, 2011			June 23, 2012			June 25, 2011
Revenues:
Propane	$	142,681		$	169,258		$	666,796		$	786,968
Fuel oil and refined fuels		17,533			22,528			92,262			124,448
Natural gas and electricity		12,119			16,691			51,878			68,348
All other		7,268			8,086			26,177			29,208
Total revenues	$	179,601		$	216,563		$	837,113		$	1,008,972
Operating income:
Propane	$	25,270		$	20,434		$	139,251		$	193,700
Fuel oil and refined fuels		(1,789	)		(318	)		4,142			14,437
Natural gas and electricity		1,416			1,789			5,759			10,409
All other		(4,029	)		(3,433	)		(10,358	)		(8,947	)
Corporate		(23,612	)		(18,119	)		(55,123	)		(51,672	)
Total operating income		(2,744	)		353			83,671			157,927
Reconciliation to net income:
Loss on debt extinguishment		-			-			507			-
Interest expense, net		6,479			6,867			19,742			20,532
Provision for income taxes		100			273			(60	)		737
Net income	$	(9,323	)	$	(6,787	)	$	63,482		$	136,658
Depreciation and amortization:
Propane	$	5,142		$	5,011		$	14,997		$	15,326
Fuel oil and refined fuels		1,433			1,378			2,595			2,691
Natural gas and electricity		79			225			382			672
All other		19			34			72			192
Corporate		1,799			3,022			5,860			7,423
Total depreciation and amortization	$	8,472		$	9,670		$	23,906		$	26,304

	As of
	June 23, 2012		September 24, 2011
Assets:
Propane	$	685,576	$	706,008
Fuel oil and refined fuels		38,765		44,973
Natural gas and electricity		14,599		18,675
All other		3,693		3,719
Corporate		153,431		183,084
Total assets	$	896,064	$	956,459