Acquisition of Inergy Propane

3 Months Ended

Dec. 29, 2012

Acquisition of Inergy Propane [Abstract]

Acquisition of Inergy Propane

3. Acquisition of Inergy Propane

As described in Note 1, the Partnership completed the acquisition of Inergy Propane on August 1, 2012.  The acquisition of Inergy Propane was consummated pursuant to a definitive agreement dated April 25, 2012 with Inergy, Inergy GP, LLC and Inergy Sales and Service, Inc., as amended.  See Note 3, "Acquisition of Inergy Propane," included within the Notes to Consolidated Financial Statements section of our Annual Report on Form 10-K for the fiscal year ended September 29, 2012.

The Inergy Propane acquisition is consistent with key elements of the Partnership's strategy for operational growth, which is to focus on businesses with a relatively steady cash flow that will extend the Partnership's presence in strategically attractive markets and complement its existing business segments.

The consolidated balance sheets at December 29, 2012 and September 29, 2012 both reflect a preliminary allocation of the purchase price to the assets acquired and liabilities assumed.  The Partnership is in the process of obtaining information required to determine the fair values of certain assets and liabilities acquired, principally non-current tangible and intangible assets. The Partnership expects to finalize the determination of the Acquisition Date fair value amounts by July 31, 2013.

The following presents a comparison of the actual results for the three months ended December 29, 2012 with the unaudited pro forma combined financial information for the three months ended December 24, 2011 as if the Inergy Propane acquisition had occurred on September 26, 2010, the first day of the Partnership's 2011 fiscal year.  The unaudited pro forma combined financial information is not necessarily indicative of the results that would have occurred had the Inergy Propane acquisition occurred on the date indicated, nor is it necessarily indicative of future operating results.

	Three Months Ended
	December 29, 2012		December 24, 2011
Revenues	$	490,703	$	595,368
Net income	$	59,788	$	32,568
Income per Common Unit
Basic	$	1.05	$	0.58
Diluted	$	1.04	$	0.58