Delaware | 1-13692 | 23-2787918 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) | (IRS Employer Identification No.) |
460 No. Gulph Road, King of Prussia, Pennsylvania |
19406 |
|
(Address of principal executive offices) | (Zip Code) |
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)) |
99.1 | Press Release of AmeriGas Partners, L.P. dated November 8, 2011. |
AmeriGas Partners, L.P. |
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November 8, 2011 | By: | /s/ Hugh J. Gallagher | ||
Name: | Hugh J. Gallagher | |||
Title: | Treasurer of AmeriGas Propane,
Inc., the general partner of AmeriGas Partners, L.P. |
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EXHIBIT NO. | DESCRIPTION | |||
99.1 | Press Release of AmeriGas Partners, L.P. dated November 8 2011. |
Contact:
|
610-337-7000 | For Immediate Release: | ||
Hugh J. Gallagher, ext. 1029 | November 8, 2011 | |||
Brenda A. Blake, ext. 3202 |
AmeriGas Partners Reports Fiscal 2011 Results, Issues 2012 Guidance | Page 2 |
AP-19 | ### | 11/08/11 |
Three Months Ended | Twelve Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Revenues: |
||||||||||||||||
Propane |
$ | 418,746 | $ | 342,564 | $ | 2,360,439 | $ | 2,158,800 | ||||||||
Other |
41,387 | 38,469 | 177,520 | 161,542 | ||||||||||||
460,133 | 381,033 | 2,537,959 | 2,320,342 | |||||||||||||
Costs and expenses: |
||||||||||||||||
Cost of sales propane |
289,123 | 215,228 | 1,546,161 | 1,340,615 | ||||||||||||
Cost of sales other |
15,224 | 14,687 | 59,126 | 54,456 | ||||||||||||
Operating and administrative expenses |
146,537 | 158,096 | 620,576 | 609,710 | ||||||||||||
Depreciation |
21,124 | 20,026 | 82,977 | 79,679 | ||||||||||||
Amortization |
3,217 | 2,268 | 11,733 | 7,721 | ||||||||||||
Other income, net |
(5,159 | ) | (3,955 | ) | (25,563 | ) | (7,704 | ) | ||||||||
470,066 | 406,350 | 2,295,010 | 2,084,477 | |||||||||||||
Operating (loss) income |
(9,933 | ) | (25,317 | ) | 242,949 | 235,865 | ||||||||||
Loss on extinguishments of debt |
(19,316 | ) | 0 | (38,117 | ) | 0 | ||||||||||
Interest expense |
(16,153 | ) | (14,922 | ) | (63,518 | ) | (65,106 | ) | ||||||||
(Loss) income before income taxes |
(45,402 | ) | (40,239 | ) | 141,314 | 170,759 | ||||||||||
Income tax benefit (expense) |
97 | (887 | ) | (390 | ) | (3,265 | ) | |||||||||
Net (loss) income |
(45,305 | ) | (41,126 | ) | 140,924 | 167,494 | ||||||||||
Less: net loss (income) attributable to noncontrolling interests |
110 | 269 | (2,401 | ) | (2,281 | ) | ||||||||||
Net (loss) income attributable to AmeriGas Partners, L.P. |
$ | (45,195 | ) | $ | (40,857 | ) | $ | 138,523 | $ | 165,213 | ||||||
General partners interest in net income (loss) attributable
to AmeriGas Partners, L.P. |
$ | 1,114 | $ | 543 | $ | 6,422 | $ | 4,691 | ||||||||
Limited partners interest in net (loss) income attributable
to AmeriGas Partners, L.P. |
$ | (46,309 | ) | $ | (41,400 | ) | $ | 132,101 | $ | 160,522 | ||||||
(Loss) income per limited partner unit (a) |
||||||||||||||||
Basic |
$ | (0.81 | ) | $ | (0.73 | ) | $ | 2.30 | $ | 2.80 | ||||||
Diluted |
$ | (0.81 | ) | $ | (0.73 | ) | $ | 2.30 | $ | 2.80 | ||||||
Average limited partner units outstanding: |
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Basic |
57,130 | 57,090 | 57,119 | 57,076 | ||||||||||||
Diluted |
57,130 | 57,090 | 57,170 | 57,123 | ||||||||||||
SUPPLEMENTAL INFORMATION: |
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Retail gallons sold (millions) |
146.4 | 146.7 | 874.2 | 893.4 | ||||||||||||
EBITDA (b) |
$ | (4,798 | ) | $ | (2,754 | ) | $ | 297,141 | $ | 320,984 | ||||||
Expenditures for property, plant and equipment: |
||||||||||||||||
Maintenance capital expenditures |
$ | 10,011 | $ | 13,215 | $ | 38,172 | $ | 41,084 | ||||||||
Growth capital expenditures |
$ | 8,016 | $ | 10,159 | $ | 39,056 | $ | 42,086 |
(a) | Income (loss) per limited partner unit is computed in accordance with accounting guidance regarding the application of the two-class method for determining earnings per share as it relates to master limited partnerships. Refer to Note 2 to the consolidated financial statements included in the AmeriGas Partners, L.P. Annual Report on Form 10-K for the fiscal year ended September 30, 2010. | |
(continued) |
1
(continued) | ||
(b) | Earnings before interest expense, income taxes, depreciation and amortization (EBITDA) should not be considered as an alternative to net income (loss) attributable to AmeriGas Partners, L.P. (as an indicator of operating performance) and is not a measure of performance or financial condition under accounting principles generally accepted in the United States (GAAP). Management believes EBITDA is a meaningful non-GAAP financial measure used by investors to (1) compare the Partnerships operating performance with other companies within the propane industry and (2) assess its ability to meet loan covenants. The Partnerships definition of EBITDA may be different from that used by other companies. | |
Management uses EBITDA to compare year-over-year profitability of the business without regard to capital structure as well as to compare the relative performance of the Partnership to that of other master limited partnerships without regard to their financing methods, capital structure, income taxes or historical cost basis. In view of the omission of interest, income taxes, depreciation and amortization from EBITDA, management also assesses the profitability of the business by comparing net income attributable to AmeriGas Partners, L.P. for the relevant years. | ||
Management also uses EBITDA to assess the Partnerships profitability because its parent, UGI Corporation, uses the Partnerships EBITDA to assess the profitability of the Partnership. UGI Corporation discloses the Partnerships EBITDA as the profitability measure to comply with the GAAP requirement to provide profitability information about its domestic propane segment. EBITDA in the three and twelve months ended September 30, 2011 includes pre-tax losses of $19,316 and $38,117 from extinguishments of debt, respectively. EBITDA for the three and twelve months ended September 30, 2010 includes a $12,193 pre-tax loss on discontinuance of hedge accounting for interest rate protection agreements. EBITDA in the three and twelve months ended September 30, 2010 also includes a $7,000 pre-tax loss associated with increased litigation reserves. | ||
The following table includes reconciliations of net (loss) income attributable to AmeriGas Partners, L.P. to EBITDA and Adjusted EBITDA (1) for all periods presented: |
Three Months Ended | Twelve Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Net (loss) income attributable
to AmeriGas Partners, L.P |
$ | (45,195 | ) | $ | (40,857 | ) | $ | 138,523 | $ | 165,213 | ||||||
Income tax (benefit) expense |
(97 | ) | 887 | 390 | 3,265 | |||||||||||
Interest expense |
16,153 | 14,922 | 63,518 | 65,106 | ||||||||||||
Depreciation |
21,124 | 20,026 | 82,977 | 79,679 | ||||||||||||
Amortization |
3,217 | 2,268 | 11,733 | 7,721 | ||||||||||||
EBITDA |
$ | (4,798 | ) | $ | (2,754 | ) | $ | 297,141 | $ | 320,984 | ||||||
Loss on interest rate hedges |
0 | 0 | 0 | 12,193 | ||||||||||||
Loss on extinguishments of debt |
19,316 | 0 | 38,117 | 0 | ||||||||||||
Litigation reserve |
n.a. | 7,000 | n.a. | 7,000 | ||||||||||||
Adjusted EBITDA (1) |
$ | 14,518 | $ | 4,246 | $ | 335,258 | $ | 340,177 | ||||||||
(1) | Adjusted EBITDA is a non-GAAP financial measure. Management believes the presentation of this measure provides useful information to investors to more effectively evaluate the year-over-year results of operations of the Partnership. This measure is not comparable to measures used by other entities and should only be considered in conjunction with net income attributable to AmeriGas Partners, L.P. for the relevant periods. | |
The following table includes a reconciliation of forecasted net income to forecasted EBITDA for the fiscal year ending September 30, 2012: |
Forecast | ||||
Fiscal | ||||
Year | ||||
Ending | ||||
September 30, | ||||
2012 | ||||
Net income (estimate) |
$ | 183,000 | ||
Interest expense (estimate) |
66,000 | |||
Income tax expense (estimate) |
2,000 | |||
Depreciation (estimate) |
85,000 | |||
Amortization (estimate) |
14,000 | |||
EBITDA |
$ | 350,000 | ||
2