DELAWARE
|
001-33503
|
20-8536826
|
(State of incorporation
or organization)
|
(Commission file number)
|
(I.R.S. employer identification number)
|
Two Warren Place
6120 South Yale Avenue, Suite 500
Tulsa, Oklahoma
|
74136
|
(Address of principal executive offices)
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(Zip code)
|
Item 9.01.
|
Financial Statements and Exhibits.
|
EXHIBIT NUMBER
|
DESCRIPTION
|
|
99.1
|
—
|
Press release dated August 5, 2011.
|
BLUEKNIGHT ENERGY PARTNERS, L.P.
|
|||
By:
|
Blueknight Energy Partners G.P., L.L.C.,
|
||
its General Partner
|
|||
Date: August 5, 2011
|
By:
|
/s/ Alex G. Stallings
|
|
Alex G. Stallings
|
|||
Chief Financial Officer and Secretary
|
EXHIBIT NUMBER
|
DESCRIPTION
|
|
99.1
|
—
|
Press release dated August 5, 2011.
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
|||||||||||||||
2010
|
2011
|
2010
|
2011
|
|||||||||||||
Service revenue:
|
||||||||||||||||
Third party revenue
|
$
|
32,820
|
$
|
32,670
|
$
|
66,781
|
$
|
64,624
|
||||||||
Related party revenue
|
5,623
|
10,421
|
8,694
|
19,990
|
||||||||||||
Total revenue
|
38,443
|
43,091
|
75,475
|
84,614
|
||||||||||||
Expenses:
|
||||||||||||||||
Operating
|
24,157
|
29,495
|
50,000
|
58,109
|
||||||||||||
General and administrative
|
3,385
|
4,777
|
7,153
|
9,386
|
||||||||||||
Total expenses
|
27,542
|
34,272
|
57,153
|
67,495
|
||||||||||||
Operating income
|
10,901
|
8,819
|
18,322
|
17,119
|
||||||||||||
Other (income) expenses:
|
||||||||||||||||
Interest expense
|
13,549
|
9,112
|
25,972
|
18,164
|
||||||||||||
Change in fair value of embedded derivative within convertible debt
|
—
|
3,431
|
—
|
(4,866
|
)
|
|||||||||||
Change in fair value of rights offering contingency
|
—
|
1,544
|
—
|
6,386
|
||||||||||||
Loss before income taxes
|
(2,648
|
)
|
(5,268
|
)
|
(7,650
|
)
|
(2,565
|
)
|
||||||||
Provision for income taxes
|
53
|
77
|
102
|
147
|
||||||||||||
Net loss
|
$
|
(2,701
|
)
|
$
|
(5,345
|
)
|
$
|
(7,752
|
)
|
$
|
(2,712
|
)
|
||||
Allocation of net income (loss) for calculation of earnings per unit:
|
||||||||||||||||
General partner interest in net income (loss)
|
$
|
(54
|
)
|
$
|
(46
|
)
|
$
|
(154
|
)
|
$
|
111
|
|||||
Preferred interest in net income
|
—
|
2,975
|
—
|
8,149
|
||||||||||||
Beneficial conversion feature attributable to preferred units
|
—
|
11,021
|
—
|
21,920
|
||||||||||||
Loss available to common and subordinated unitholders
|
$
|
(2,647
|
)
|
$
|
(19,295
|
)
|
$
|
(7,598
|
)
|
$
|
(32,892
|
)
|
||||
Basic and diluted net loss per common unit
|
$
|
(0.08
|
)
|
$
|
(0.55
|
)
|
$
|
(0.22
|
)
|
$
|
(0.94
|
)
|
||||
Basic and diluted net loss per subordinated unit
|
$
|
(0.08
|
)
|
$
|
(0.55
|
)
|
$
|
(0.22
|
)
|
$
|
(0.94
|
)
|
||||
Weighted average common units outstanding - basic and diluted
|
21,728
|
21,890
|
21,728
|
21,890
|
||||||||||||
Weighted average subordinated units outstanding - basic and diluted
|
12,571
|
12,571
|
12,571
|
12,571
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
||||||||||||||
2010
|
2011
|
2010
|
2011
|
||||||||||||
Net loss
|
$
|
(2,701
|
) |
$
|
(5,345
|
)
|
$
|
(7,752
|
)
|
$
|
(2,712
|
)
|
|||
Interest expense
|
13,549
|
9,112
|
25,972
|
18,164
|
|||||||||||
Income taxes
|
53
|
77
|
102
|
147
|
|||||||||||
Depreciation and amortization
|
5,399
|
5,710
|
10,913
|
11,415
|
|||||||||||
Asset impairment charge
|
—
|
—
|
779
|
—
|
|||||||||||
Change in fair value of embedded derivative within convertible debt
|
—
|
3,431
|
—
|
(4,866
|
)
|
||||||||||
Change in fair value of rights offering contingency
|
—
|
1,544
|
—
|
6,386
|
|
||||||||||
Adjusted EBITDA
|
$
|
16,300
|
$
|
14,529
|
$
|
30,014
|
$
|
28,534
|