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Quarterly Data
 12 Months Ended
Jul. 31, 2011
Quarterly Data

O. Quarterly data (unaudited)

 

The following summarized unaudited quarterly data includes all adjustments (consisting only of normal recurring adjustments, with the exception of those items indicated below), which Ferrellgas considers necessary for a fair presentation. Due to the seasonality of the propane distribution industry, first and fourth quarter Revenues, gross margin from propane and other gas liquids sales, Net earnings attributable to Ferrellgas Partners, L.P. and Common unitholders' interest in net earnings are consistently less than the second and third quarter results. Other factors affecting the results of operations include competitive conditions, demand for product, timing of acquisitions, variations in the weather and fluctuations in propane prices. The sum of Common unitholders' interest in net earnings by quarter in fiscal 2010 do not equal the total Common unitholders' interest in net earnings for the year due to the effect of guidance issued by the FASB regarding participating securities and the two-class method on quarterly computations of Common unitholders' interest in net earnings in the second quarter of fiscal 2010. See Note N – Net earnings (loss) per common unitholders' interest – for further discussion of this calculation. The sum of Basic and diluted net earnings (loss) per common unitholders' interest by quarter may not equal the Basic and diluted net earnings (loss) per common unitholders' interest for the year due to variations in the weighted average units outstanding used in computing such amounts.

 

                                 

 

For the year ended July 31, 2011

 

 

 

 

 

 

 

 

 

 

First  quarter

 

Second quarter (b)

 

Third quarter (c)

 

Fourth

quarter

 

Revenues

$

400,192

$

840,992

$

732,373

$

449,658

 

Gross margin from propane and other gas liquids sales (a)

 

$

 

112,137

 

$

 

214,763

 

$

 

164,608

 

$

 

111,405

 

Net earnings (loss)

$

(28,265)

$

22,419

$

3,369

$

(41,283)

 

Net earnings (loss) attributable to Ferrellgas Partners, L.P.

 

$

 

(28,043)

 

$

 

22,129

 

$

 

3,173

 

$

 

(40,907)

 

Common unitholders' interest in net earnings (loss)

 

$

 

(27,763)

 

$

 

21,908

 

$

 

3,141

 

$

 

(40,498)

 

 

 

Basic and diluted net earnings (loss) per common unitholders' interest

 

$

 

(0.40)

 

$

 

0.31

 

$

 

0.04

 

$

 

(0.53)

 

                                 

 

 

                                 

 

For the year ended July 31, 2010

 

 

 

 

 

 

 

 

 

 

First  quarter (d)

 

Second quarter

 

Third quarter (e)

 

Fourth

quarter

 

Revenues

$

352,070

$

777,852

$

615,290

$

353,848

 

Gross margin from propane and other gas liquids sales (a)

 

$

 

126,746

 

$

 

220,368

 

$

 

180,708

 

$

 

114,962

 

Net earnings (loss)

$

(32,937)

$

77,858

$

29,264

$

(40,846)

 

Net earnings (loss) attributable to Ferrellgas Partners, L.P.

 

$

 

(32,665)

 

$

 

77,011

 

$

 

28,863

 

$

 

(40,500)

 

Common unitholders' interest in net earnings (loss)

 

$

 

(32,338)

 

$

 

64,397

 

$

 

28,574

 

$

 

(40,095)

 

 

 

Basic and diluted net earnings (loss) per common unitholders' interest

 

$

 

(0.47)

 

$

 

0.93

 

$

 

0.41

 

$

 

(0.58)

 

 

 

                                 

(a)   Gross margin from "Propane and other gas liquids sales" represents "Revenues - Propane and other gas liquids sales" less "Cost of product sold – propane and other gas liquids sales."

 

 

(b)   Includes "Loss on extinguishment of debt," which decreased Net earnings by $36.4 million, decreased Net earnings attributable to Ferrellgas Partners, L.P. by $36.1 million, decreased Common unitholders' interest in net earnings by $35.7 million and decreased Basic and diluted net earnings per common unitholders' interest by $0.50. See Note H – Debt – for a discussion of make-whole payments and non-cash write-offs of debt.

 

(c)   Includes litigation accrual and related legal fees, which decreased Net earnings by $10.5 million, decreased Net earnings attributable to Ferrellgas Partners, L.P. by $10.4 million, decreased Common unitholders' interest in net earnings by $10.3 million and decreased Basic and diluted net earnings per common unitholders' interest by $0.14. Also includes "Loss on extinguishment of debt," which decreased Net earnings by $10.5 million, decreased Net earnings attributable to Ferrellgas Partners, L.P. by $10.5 million, decreased Common unitholders' interest in net earnings by $10.4 million and decreased Basic and diluted net earnings per common unitholders' interest by $0.14. See Note L – Contingencies and commitments - for a discussion of the litigation accrual and related legal fees. See Note H – Debt – for a discussion of make-whole payments and non-cash write-offs of debt.

 

 

(d)   Includes "Loss on extinguishment of debt" which increased Net loss by $17.3 million, increased Net loss attributable to Ferrellgas Partners, L.P. by $17.1 million, increased Common unitholders' interest in net loss by $17.0 million and increased Basic and diluted net loss per common unitholders' interest by $0.25.

 

(e)   Includes "Loss on extinguishment of debt," which decreased Net earnings by $3.4 million, decreased Net earnings attributable to Ferrellgas Partners, L.P. by $3.4 million, decreased Common unitholders' interest in net earnings by $3.4 million and decreased Basic and diluted net earnings per common unitholders' interest by $0.05.

Ferrellgas, L.P. And Subsidiaries [Member]
  
Quarterly Data

N.   Quarterly data (unaudited)

 

The following summarized unaudited quarterly data includes all adjustments (consisting only of normal recurring adjustments, with the exception of those items indicated below), which Ferrellgas, L.P. considers necessary for a fair presentation. Due to the seasonality of the propane distribution industry, first and fourth quarter Revenues, gross margin from propane and other gas liquids sales and Net earnings are consistently less than the second and third quarter results. Other factors affecting the results of operations include competitive conditions, demand for product, timing of acquisitions, variations in the weather and fluctuations in propane prices. 

           

                   

For the year ended July 31, 2011

 

 

 

First  quarter

 

Second quarter

(b)

 

Third quarter

(c)

 

Fourth quarter

 

 

 

 

 

 

 

 

 

Revenues

$

400,192

$

840,992

$

732,373

$

449,658

Gross margin from propane and other gas liquids sales (a)

 

 

$

 

 

 112,137

 

 

$

 

 

214,763

 

 

$

 

 

164,608

 

 

$

 

 

111,405

Net earnings (loss)

$

(21,999)

$

  28,688

$

  19,416

$

(37,167)

                   

 

                   

For the year ended July 31, 2010

 

 

First  quarter (d)

 

Second quarter

 

Third quarter

 

Fourth quarter

 

 

 

 

 

 

 

 

 

 

 

Revenues

$

352,070

$

777,852

$

615,290

$

353,848

 

Gross margin from propane and other gas liquids sales    (a)

 

 

$

 

 

126,746

 

 

$

 

 

220,368

 

 

$

 

 

180,708

 

 

$

 

 

114,962

 

Net earnings (loss)

$

(26,887)

$

  83,849

$

  39,661

$

(34,262)

 

 

(a) Gross margin from "Propane and other gas liquids sales" represents "Revenues - Propane and other gas liquids sales" less "Cost of product sold – propane and other gas liquids sales."

 

(b) Includes "Loss on extinguishment of debt," which decreased Net earnings by $36.4 million. See Note H – Debt – for a discussion of make-whole payments and non-cash write-offs of debt.

 

(c) Includes litigation accrual and related legal fees, which decreased Net earnings by $10.5 million. See Note L – Contingencies and commitments - for a discussion of the litigation accrual and related legal fees.

 

(d) Includes "Loss on extinguishment of debt," which increased Net loss by $17.3 million. See Note H – Debt – for a discussion of make-whole payments and non-cash write-offs of debt.