UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): March 10, 2016
Ferrellgas Partners, L.P.
(Exact name of registrant as specified in its charter)
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Delaware |
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001-11331 |
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43-1698480 |
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(State or other jurisdiction |
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(Commission |
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(I.R.S. Employer |
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of incorporation) |
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File Number) |
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Identification No.) |
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7500 College Blvd., Suite 1000, |
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66210 |
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(Address of principal executive offices) |
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(Zip Code) |
Registrant’s telephone number, including area code: 913-661-1500
n/a
Former name or former address, if changed since last report
Ferrellgas Partners Finance Corp.
(Exact name of registrant as specified in its charter)
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Delaware |
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333-06693 |
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43-1742520 |
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(State or other jurisdiction |
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(Commission |
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(I.R.S. Employer |
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of incorporation) |
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File Number) |
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Identification No.) |
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7500 College Blvd., Suite 1000, |
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66210 |
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(Address of principal executive offices) |
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(Zip Code) |
Registrant’s telephone number, including area code: 913-661-1500
n/a
Former name or former address, if changed since last report
Ferrellgas, L.P.
(Exact name of registrant as specified in its charter)
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Delaware |
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000-50182 |
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43-1698481 |
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(State or other jurisdiction |
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(Commission |
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(I.R.S. Employer |
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of incorporation) |
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File Number) |
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Identification No.) |
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7500 College Blvd., Suite 1000, |
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66210 |
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(Address of principal executive offices) |
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(Zip Code) |
Registrant’s telephone number, including area code: 913-661-1500
n/a
Former name or former address, if changed since last report
Ferrellgas Finance Corp.
(Exact name of registrant as specified in its charter)
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Delaware |
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000-50183 |
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14-1866671 |
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(State or other jurisdiction |
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(Commission |
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(I.R.S. Employer |
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of incorporation) |
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File Number) |
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Identification No.) |
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7500 College Blvd., Suite 1000, |
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66210 |
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(Address of principal executive offices) |
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(Zip Code) |
Registrant’s telephone number, including area code: 913-661-1500
n/a
Former name or former address, if changed since last report
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02 Results of Operations and Financial Condition.
The information included in Item 7.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.02 of this Current Report on Form 8-K.
Item 7.01 Regulation FD Disclosure.
On March 10, 2016, Ferrellgas Partners, L.P. issued a press release regarding its financial results for the second fiscal quarter ended January 31, 2016. A copy of this press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
Item 9.01 Financial Statements and Exhibits.
Exhibit 99.1 — Press release of Ferrellgas Partners, L.P. dated March 10, 2016, reporting its financial results for the second fiscal quarter ended January 31, 2016.
Limitation on Materiality and Incorporation by Reference
The information in this Current Report on Form 8-K related to Items 2.02 and 7.01, including Exhibit 99.1 furnished herewith, is being furnished to the SEC pursuant to Item 2.02 and Item 7.01 of Form 8-K and is not deemed to be “filed” with the SEC for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of Section 18. In addition, such information is not to be incorporated by reference into any registration statement of Ferrellgas Partners, L.P., Ferrellgas Partners Finance Corp., Ferrellgas, L.P. or Ferrellgas Finance Corp. or other filings of such entities made pursuant to the Exchange Act or the Securities Act, unless specifically identified as being incorporated therein by reference.
The furnishing of particular information in this Current Report, including Exhibit 99.1 furnished herewith, pursuant to Item 7.01 of Form 8-K is not intended to, and does not, constitute a determination or admission by Ferrellgas Partners, L.P., Ferrellgas Partners Finance Corp., Ferrellgas, L.P. or Ferrellgas Finance Corp. as to the materiality or completeness of any such information that is required to be disclosed solely by Regulation FD of the Exchange Act.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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FERRELLGAS PARTNERS, L.P. | |
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By Ferrellgas, Inc. (General Partner) | |
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Date: |
March 10, 2016 |
By |
/s/ Alan C. Heitmann |
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Alan C. Heitmann |
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Executive Vice President and Chief Financial Officer; Treasurer (Principal Financial and Accounting Officer) |
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FERRELLGAS PARTNERS FINANCE CORP. | |
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Date: |
March 10, 2016 |
By |
/s/ Alan C. Heitmann |
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Alan C. Heitmann |
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Chief Financial Officer and Sole Director |
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FERRELLGAS, L.P. | |
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By Ferrellgas, Inc. (General Partner) | |
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Date: |
March 10, 2016 |
By |
/s/ Alan C. Heitmann |
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Alan C. Heitmann |
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Executive Vice President and Chief Financial Officer; Treasurer (Principal Financial and Accounting Officer) |
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FERRELLGAS FINANCE CORP. | |
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Date: |
March 10, 2016 |
By |
/s/ Alan C. Heitmann |
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Alan C. Heitmann |
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Chief Financial Officer and Sole Director |
Exhibit 99.1
FERRELLGAS PARTNERS, L.P. REPORTS RESULTS FOR SECOND QUARTER FISCAL 2016
Year-Over-Year Increase in Adjusted EBITDA Reflects Successful Execution of Diversification Strategy
OVERLAND PARK, Kan., March 10, 2016 — Ferrellgas Partners, L.P. (NYSE:FGP) today announced Adjusted EBITDA of $138.3 million for the second quarter of fiscal 2016 ended January 31, 2016, an increase from $136.9 million in the prior year period.
President and Chief Executive Officer Stephen L. Wambold commented, “Despite this being one of the warmest winters on record, our ongoing midstream diversification efforts allowed us to deliver a year-over-year increase in Adjusted EBITDA. Bridger continues to exceed our expectations and we are carefully controlling costs to help offset the challenging operating environment for our Propane and related equipment sales segment.”
Mr. Wambold continued, “Looking ahead to the second half of our fiscal year, we will maintain focus on operations and strategic execution. Additionally, we will continue to consider value-enhancing organic and external growth initiatives to mitigate the impact of continued warm weather and capitalize on opportunities created by low crude oil prices. We have ample financial flexibility to drive growth without accessing the capital markets, and we are confident that we have the pieces in place to create significant value for all Ferrellgas unitholders.”
Continued strong expense controls in the Propane and related equipment sales segment helped offset the impact of elevated temperatures, which were 19% warmer than normal and 16% warmer than the prior year period.
Adjusted EBITDA from the Midstream - Crude Oil Logistics segment was $28.7 million during the second fiscal quarter, which exceeded management’s expectations. These results reflect the strength of Bridger’s customer relationships amid sustained volatility in commodity pricing, and management’s ability to carefully control expenses and drive efficiencies.
Operating expense for the second fiscal quarter increased to $116.5 million from $107.1 million in the prior year period, due to incremental operating expenses from Bridger and non-cash items related to the changes in fair value of fuel derivatives and contingent consideration in the current year and prior year, respectively.
Interest expense totaled $34.7 million for the second fiscal quarter, compared to $24.4 million a year ago, largely due to $500 million of notes issued in connection with the Bridger acquisition in June 2015.
Net earnings for the quarter was $57.8 million, or $0.58 per common unit, compared to net earnings of $86.4 million, or $1.02 per common unit, in the prior year quarter. The decrease in net earnings is due in part to the increase in interest expense discussed above and warm weather, as well as depreciation and amortization expenses related primarily to the Bridger transaction.
Ferrellgas also today announced that, due to sustained warmer temperatures and the current commodity price environment, it is revising its previously announced estimates for full-year fiscal 2016 Adjusted EBITDA to a range of $360 million to $375 million. Based on the midpoint of the Company’s
fiscal 2016 estimates for Adjusted EBITDA, Ferrellgas expects its DCF coverage ratio to increase to above 1.0 by the end of the fiscal year.
About Ferrellgas
Ferrellgas Partners, L.P., through its operating partnership, Ferrellgas, L.P., and subsidiaries, serves propane customers in all 50 states, the District of Columbia, and Puerto Rico, and provides midstream services to major energy companies in the United States. Ferrellgas employees indirectly own 22.8 million common units of the partnership, through an employee stock ownership plan. Ferrellgas Partners, L.P. filed a Form 10-K with the Securities and Exchange Commission on September 29, 2015. Investors can request a hard copy of this filing free of charge and obtain more information about the partnership online at www.ferrellgas.com.
Statements in this release concerning expectations for the future are forward-looking statements. A variety of known and unknown risks, uncertainties and other factors could cause results, performance and expectations to differ materially from anticipated results, performance and expectations. These risks, uncertainties and other factors are discussed in the Form 10-K of Ferrellgas Partners, L.P., Ferrellgas Partners Finance Corp., Ferrellgas, L.P., and Ferrellgas Finance Corp. for the fiscal year ended July 31, 2015, in the Form 10-Q of Ferrellgas Partners, L.P., Ferrellgas Partners Finance Corp., Ferrellgas, L.P., and Ferrellgas Finance Corp. for the quarters ended October 31, 2015 and January 31, 2016 and in other documents filed from time to time by these entities with the Securities and Exchange Commission.
FERRELLGAS PARTNERS, L.P. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
FOR THE THREE, SIX AND TWELVE MONTHS ENDED JANUARY 31, 2016 AND 2015
(in thousands, except per unit data)
(unaudited)
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Three months ended |
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Six months ended |
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Twelve months ended |
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January 31 |
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January 31 |
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January 31 |
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2016 |
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2015 |
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2016 |
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2015 |
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2016 |
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2015 |
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Revenues: |
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Propane and other gas liquids sales |
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$ |
376,856 |
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$ |
560,867 |
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$ |
622,157 |
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$ |
955,228 |
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$ |
1,323,945 |
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$ |
1,930,902 |
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Midstream operations |
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188,333 |
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7,153 |
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382,003 |
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15,069 |
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474,123 |
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22,504 |
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Other |
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84,049 |
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97,953 |
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116,224 |
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139,031 |
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237,378 |
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277,069 |
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Total revenues |
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649,238 |
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665,973 |
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1,120,384 |
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1,109,328 |
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2,035,446 |
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2,230,475 |
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Cost of product sold: |
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Propane and other gas liquids sales |
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174,829 |
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330,692 |
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296,580 |
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595,506 |
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678,298 |
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1,241,634 |
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Midstream operations |
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148,443 |
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2,219 |
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302,047 |
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4,187 |
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374,450 |
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6,157 |
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Other |
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55,774 |
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68,071 |
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70,222 |
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89,963 |
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150,956 |
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184,090 |
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Gross profit |
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270,192 |
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264,991 |
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451,535 |
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419,672 |
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831,742 |
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798,594 |
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Operating expense |
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116,463 |
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107,147 |
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231,444 |
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210,030 |
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453,696 |
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436,514 |
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Depreciation and amortization expense |
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37,367 |
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23,943 |
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74,346 |
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47,252 |
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125,673 |
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90,596 |
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General and administrative expense |
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12,062 |
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10,621 |
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24,302 |
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21,449 |
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59,284 |
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44,556 |
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Equipment lease expense |
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7,278 |
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5,795 |
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14,310 |
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11,327 |
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27,256 |
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20,732 |
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Non-cash employee stock ownership plan compensation charge |
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3,141 |
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3,788 |
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8,397 |
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8,162 |
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24,948 |
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23,272 |
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Non-cash stock-based compensation charge (a) |
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(2,456 |
) |
318 |
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5,666 |
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16,430 |
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15,218 |
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30,588 |
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Goodwill impairment charge |
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— |
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— |
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29,316 |
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— |
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29,316 |
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— |
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Loss on disposal of assets and other |
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2,524 |
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1,414 |
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17,441 |
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2,375 |
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22,165 |
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7,167 |
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Operating income |
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93,813 |
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111,965 |
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46,313 |
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102,647 |
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74,186 |
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145,169 |
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Interest expense |
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(34,730 |
) |
(24,375 |
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(68,518 |
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(48,287 |
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(120,627 |
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(90,606 |
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Other expense, net |
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(298 |
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(178 |
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(420 |
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(627 |
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(143 |
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(1,379 |
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Earnings (loss) before income taxes |
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58,785 |
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87,412 |
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(22,625 |
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53,733 |
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(46,584 |
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53,184 |
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Income tax expense (benefit) |
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1,030 |
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1,041 |
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186 |
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531 |
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(660 |
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2,333 |
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Net earnings (loss) |
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57,755 |
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86,371 |
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(22,811 |
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53,202 |
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(45,924 |
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50,851 |
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Net earnings (loss) attributable to noncontrolling interest (b) |
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628 |
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913 |
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(145 |
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619 |
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(295 |
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678 |
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Net earnings (loss) attributable to Ferrellgas Partners, L.P. |
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57,127 |
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85,458 |
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(22,666 |
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52,583 |
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(45,629 |
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50,173 |
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Less: General partner’s interest in net earnings (loss) |
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571 |
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11,955 |
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(227 |
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526 |
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(456 |
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502 |
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Common unitholders’ interest in net earnings (loss) |
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$ |
56,556 |
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$ |
73,503 |
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$ |
(22,439 |
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$ |
52,057 |
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$ |
(45,173 |
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$ |
49,671 |
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Earnings (loss) Per Unit |
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Basic and diluted net earnings (loss) per common unitholders’ interest |
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$ |
0.58 |
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$ |
0.89 |
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$ |
(0.23 |
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$ |
0.63 |
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$ |
(0.48 |
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$ |
0.61 |
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Dilutive effect of two-class method (b) |
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— |
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0.13 |
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— |
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— |
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— |
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— |
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Adjusted net earnings (loss) per unit available to common unitholders |
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$ |
0.58 |
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$ |
1.02 |
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$ |
(0.23 |
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$ |
0.63 |
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$ |
(0.48 |
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$ |
0.61 |
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Weighted average common units outstanding |
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98,334.4 |
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82,716.9 |
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99,355.6 |
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82,448.3 |
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93,169.4 |
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81,337.7 |
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Supplemental Data and Reconciliation of Non-GAAP Items:
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Three months ended |
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Six months ended |
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Twelve months ended |
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January 31 |
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January 31 |
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January 31 |
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2016 |
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2015 |
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2016 |
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2015 |
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2016 |
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2015 |
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Net earnings (loss) attributable to Ferrellgas Partners, L.P. |
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$ |
57,127 |
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$ |
85,458 |
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$ |
(22,666 |
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$ |
52,583 |
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$ |
(45,629 |
) |
$ |
50,173 |
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Income tax expense (benefit) |
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1,030 |
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1,041 |
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186 |
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531 |
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(660 |
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2,333 |
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Interest expense |
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34,730 |
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24,375 |
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68,518 |
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48,287 |
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120,627 |
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90,606 |
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Depreciation and amortization expense |
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37,367 |
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23,943 |
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74,346 |
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47,252 |
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125,673 |
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90,596 |
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EBITDA |
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130,254 |
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134,817 |
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120,384 |
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148,653 |
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200,011 |
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233,708 |
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Non-cash employee stock ownership plan compensation charge |
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3,141 |
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3,788 |
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8,397 |
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8,162 |
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24,948 |
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23,272 |
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Non-cash stock based compensation charge (a) |
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(2,456 |
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318 |
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5,666 |
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16,430 |
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15,218 |
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30,588 |
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Goodwill impairment charge |
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— |
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— |
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29,316 |
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— |
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29,316 |
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— |
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Loss on disposal of assets and other |
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2,524 |
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1,414 |
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17,441 |
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2,375 |
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22,165 |
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7,167 |
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Other expense, net |
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298 |
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178 |
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420 |
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627 |
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143 |
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1,379 |
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Change in fair value of contingent consideration (included in operating expense) |
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— |
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(4,500 |
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(100 |
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(6,300 |
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(100 |
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(1,300 |
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Severance costs ($805 included in operating costs and $51 included in general and administrative costs) |
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— |
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— |
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856 |
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— |
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856 |
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— |
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Litigation accrual and related legal fees associated with a class action lawsuit (included in general and administrative expense) |
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— |
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— |
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— |
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723 |
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83 |
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1,147 |
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Unrealized (non-cash) losses on changes in fair value of derivatives |
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3,870 |
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— |
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4,908 |
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— |
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7,320 |
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— |
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Acquisition and transition expenses (included in general and administrative expense) |
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70 |
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— |
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85 |
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— |
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16,458 |
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— |
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Net earnings (loss) attributable to noncontrolling interest (b) |
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628 |
|
913 |
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(145 |
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619 |
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(295 |
) |
678 |
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Adjusted EBITDA (c) |
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138,329 |
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136,928 |
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187,228 |
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171,289 |
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316,123 |
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296,639 |
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Net cash interest expense (d) |
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(33,905 |
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(23,287 |
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(66,407 |
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(46,177 |
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(116,380 |
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(88,297 |
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Maintenance capital expenditures (e) |
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(3,214 |
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(4,624 |
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(9,429 |
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(9,712 |
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(19,329 |
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(18,802 |
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Cash paid for taxes |
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(5 |
) |
(6 |
) |
(5 |
) |
(266 |
) |
(451 |
) |
(904 |
) | ||||||
|
Proceeds from asset sales |
|
1,863 |
|
1,312 |
|
2,876 |
|
2,729 |
|
6,052 |
|
4,771 |
| ||||||
|
Distributable cash flow to equity investors (f) |
|
103,068 |
|
110,323 |
|
114,263 |
|
117,863 |
|
186,015 |
|
193,407 |
| ||||||
|
Distributable cash flow attributable to general partner and non-controlling interest |
|
2,061 |
|
2,206 |
|
2,285 |
|
2,357 |
|
3,720 |
|
3,868 |
| ||||||
|
Distributable cash flow attributable to common unitholders |
|
101,007 |
|
108,117 |
|
111,978 |
|
115,506 |
|
182,295 |
|
189,539 |
| ||||||
|
Less: Distributions paid to common unitholders |
|
50,223 |
|
41,359 |
|
101,666 |
|
82,715 |
|
184,384 |
|
162,922 |
| ||||||
|
Distributable cash flow excess/(shortage) |
|
$ |
50,784 |
|
$ |
66,758 |
|
$ |
10,312 |
|
$ |
32,791 |
|
$ |
(2,089 |
) |
$ |
26,617 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Propane gallons sales |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Retail - Sales to End Users |
|
189,460 |
|
215,996 |
|
300,433 |
|
340,143 |
|
569,071 |
|
619,320 |
| ||||||
|
Wholesale - Sales to Resellers |
|
60,781 |
|
81,310 |
|
111,347 |
|
143,245 |
|
238,167 |
|
276,756 |
| ||||||
|
Total propane gallons sales |
|
250,241 |
|
297,306 |
|
411,780 |
|
483,388 |
|
807,238 |
|
896,076 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Midstream operations barrels |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Salt water volume processed |
|
4,222 |
|
4,722 |
|
8,956 |
|
8,719 |
|
17,272 |
|
11,219 |
| ||||||
|
Crude oil hauled |
|
24,345 |
|
|
|
48,609 |
|
|
|
59,056 |
|
|
| ||||||
|
Crude oil sold |
|
1,593 |
|
|
|
3,103 |
|
|
|
3,599 |
|
|
| ||||||
(a) Non-cash stock-based compensation charges consist of the following:
|
|
|
Three months ended |
|
Six months ended |
|
Twelve months ended |
| ||||||||||||
|
|
|
January 31 |
|
January 31 |
|
January 31 |
| ||||||||||||
|
|
|
2016 |
|
2015 |
|
2016 |
|
2015 |
|
2016 |
|
2015 |
| ||||||
|
Operating expense |
|
$ |
(466 |
) |
$ |
67 |
|
$ |
752 |
|
$ |
3,612 |
|
$ |
2,315 |
|
$ |
6,610 |
|
|
General and administrative expense |
|
(1,990 |
) |
251 |
|
4,914 |
|
12,818 |
|
12,903 |
|
23,978 |
| ||||||
|
Total |
|
$ |
(2,456 |
) |
$ |
318 |
|
$ |
5,666 |
|
$ |
16,430 |
|
$ |
15,218 |
|
$ |
30,588 |
|
(b) Amounts allocated to the general partner for its 1.0101% interest in the operating partnership, Ferrellgas, L.P.
(c) Adjusted EBITDA is calculated as net earnings attributable to Ferrellgas Partners, L.P., income tax expense (benefit), interest expense, depreciation and amortization expense, non-cash employee stock ownership plan compensation charge, non-cash stock-based compensation charge, goodwill impairment charge, loss on disposal of assets, other expense, net, change in fair value of contingent consideration, litigation accrual and related legal fees associated with a class action lawsuit, unrealized (non-cash) losses on changes in fair value of derivatives, acquisition and transition expenses and net earnings (loss) attributable to noncontrolling interest. Management believes the presentation of this measure is relevant and useful, because it allows investors to view the partnership’s performance in a manner similar to the method management uses, adjusted for items management believes makes it easier to compare its results with other companies that have different financing and capital structures. This method of calculating Adjusted EBITDA may not be consistent with that of other companies and should be viewed in conjunction with measurements that are computed in accordance with GAAP.
(d) Net cash interest expense is the sum of interest expense less non-cash interest expense and other expense, net. This amount includes interest expense related to the accounts receivable securitization facility.
(e) Maintenance capital expenditures include capitalized expenditures for betterment and replacement of property, plant and equipment.
(f) Management considers distributable cash flow to equity investors a meaningful non-GAAP measure of the partnership’s ability to declare and pay quarterly distributions to equity investors. Distributable cash flow to equity investors, as management defines it, may not be comparable to distributable cash flow to equity investors or similarly titled measurements used by other corporations and partnerships. Items added into our calculation of distributable cash flow to equity investors that will not occur on a continuing basis may have associated cash payments. Distributable cash flow to equity investors may not be consistent with that of other companies and should be viewed in conjunction with measurements that are computed in accordance with GAAP.
The following table includes a reconciliation of forecasted net earnings atttributable to Ferrellgas Partners, L.P. to forecasted Adjusted EBITDA for the fiscal year ending July 31, 2016.
|
|
|
Forecast |
| |
|
|
|
Fiscal Year |
| |
|
|
|
Ending |
| |
|
|
|
July 31, |
| |
|
|
|
2016 |
| |
|
Net earnings attributable to Ferrellgas Partners, L.P. (estimate) (g) |
|
$ |
(5,000 |
) |
|
Interest expense (estimate) |
|
135,000 |
| |
|
Income tax expense (estimate) |
|
1,000 |
| |
|
Depreciation and amortization expense (estimate) |
|
150,000 |
| |
|
Non-cash employee stock ownership plan compensation charge (estimate) |
|
26,000 |
| |
|
Non-cash stock based compensation charge (estimate) |
|
18,000 |
| |
|
Loss on disposal of assets and other (estimate) |
|
19,900 |
| |
|
Change in fair value of contingent consideration (included in operating expense) |
|
(100 |
) | |
|
Severance costs |
|
900 |
| |
|
Goodwill impairment charge |
|
29,300 |
| |
|
Adjusted EBITDA (h) |
|
$ |
375,000 |
|
(g) Represents estimated net loss attributable to Ferrellgas Partners, L.P. after adjusting for change in fair value of gains and losses on commodity and interest rate derivative instruments not associated with current-period transactions. It is impracticable to determine actual gains and losses on these instruments not associated with current-period transactions that will be reported in GAAP net income as such gains and losses will depend upon future changesin commodity prices and interest rates which cannot be forecasted.
(h) Represents the midpoint of Adjusted EBITDA guidance range for fiscal 2016.
FERRELLGAS PARTNERS, L.P. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except unit data)
(unaudited)
|
|
|
January 31, 2016 |
|
July 31, 2015 |
| ||
|
ASSETS |
|
|
|
|
| ||
|
Current Assets: |
|
|
|
|
| ||
|
Cash and cash equivalents |
|
$ |
11,754 |
|
$ |
7,652 |
|
|
Accounts and notes receivable, net (including $190,063 and 123,791 of accounts receivable pledged as collateral at January 31, 2016 and July 31, 2015, respectively) |
|
264,382 |
|
196,918 |
| ||
|
Inventories |
|
92,488 |
|
96,754 |
| ||
|
Prepaid expenses and other current assets |
|
57,134 |
|
64,285 |
| ||
|
Total Current Assets |
|
425,758 |
|
365,609 |
| ||
|
|
|
|
|
|
| ||
|
Property, plant and equipment, net |
|
966,995 |
|
965,217 |
| ||
|
Goodwill |
|
445,659 |
|
478,747 |
| ||
|
Intangible assets, net |
|
564,964 |
|
580,043 |
| ||
|
Other assets, net |
|
74,985 |
|
74,440 |
| ||
|
Assets held for sale |
|
3,120 |
|
— |
| ||
|
Total Assets |
|
$ |
2,481,481 |
|
$ |
2,464,056 |
|
|
|
|
|
|
|
| ||
|
LIABILITIES AND PARTNERS’ CAPITAL |
|
|
|
|
| ||
|
|
|
|
|
|
| ||
|
Current Liabilities: |
|
|
|
|
| ||
|
Accounts payable |
|
$ |
136,100 |
|
$ |
83,974 |
|
|
Short-term borrowings |
|
86,200 |
|
75,319 |
| ||
|
Collateralized note payable |
|
119,000 |
|
70,000 |
| ||
|
Other current liabilities |
|
150,934 |
|
180,687 |
| ||
|
Total Current Liabilities |
|
492,234 |
|
409,980 |
| ||
|
|
|
|
|
|
| ||
|
Long-term debt (a) |
|
1,894,790 |
|
1,804,392 |
| ||
|
Other liabilities |
|
40,335 |
|
41,975 |
| ||
|
Contingencies and commitments |
|
|
|
|
| ||
|
|
|
|
|
|
| ||
|
Partners’ Capital: |
|
|
|
|
| ||
|
Common unitholders (98,002,665 and 100,376,789 units outstanding at January 31, 2016 and July 31, 2015) |
|
143,655 |
|
299,730 |
| ||
|
General partner unitholder (989,926 and 1,013,907 units outstanding at January 31, 2016 and July 31, 2015) |
|
(58,619 |
) |
(57,042 |
) | ||
|
Accumulated other comprehensive loss |
|
(33,317 |
) |
(38,934 |
) | ||
|
Total Ferrellgas Partners, L.P. Partners’ Capital |
|
51,719 |
|
203,754 |
| ||
|
Noncontrolling Interest |
|
2,403 |
|
3,955 |
| ||
|
Total Partners’ Capital |
|
54,122 |
|
207,709 |
| ||
|
Total Liabilities and Partners’ Capital |
|
$ |
2,481,481 |
|
$ |
2,464,056 |
|
(a) The principal difference between the Ferrellgas Partners, L.P. balance sheet and that of Ferrellgas, L.P., is $182 million of 8.625% notes which are liabilities of Ferrellgas Partners, L.P. and not of Ferrellgas, L.P.
Contacts
Jack Herrold, Investor Relations — jackherrold@ferrellgas.com or (913) 661-1851
Jim Saladin, Media Relations — jimsaladin@ferrellgas.com or (913) 661-1833
Scott Brockelmeyer, Media Relations — scottbrockelmeyer@ferrellgas.com or (913) 661-1830