Inergy, L.P. (NASDAQ: NRGY) and Inergy Holdings, L.P. (NASDAQ:
NRGP) today each reported results of operations for the quarter
ended December 31, 2009, the first quarter of fiscal 2010.
Inergy, L.P.
Inergy, L.P. (“Inergy”) reported Adjusted EBITDA of $106.3
million for the quarter ended December 31, 2009, an increase of
$4.3 million, or approximately 4% from $102.0 million for the
quarter ended December 31, 2008. Net income attributable to
controlling partners, excluding certain items as discussed below,
was $46.0 million for the quarter ended December 31, 2009, or $0.49
per diluted limited partner unit, and $58.3 million or $0.92 per
diluted limited partner unit in the same quarter of last year.
As previously announced, the Board of Directors of Inergy’s
managing general partner increased Inergy’s quarterly cash
distribution to $0.685 per limited partner unit ($2.74 annually)
for the quarter ended December 31, 2009. This represents an
approximate 6% increase over the distribution for the same quarter
of the prior year. The distribution will be paid on February 12,
2010.
“Our first quarter operating and financial performance was right
on target, building on our track record of delivering stable,
predictable results,” said John Sherman, President and CEO of
Inergy. “Our recently announced acquisitions are performing well,
and our natural gas business continues to execute its growth
objectives. These accomplishments further position us to achieve
our full-year objectives; and when coupled with our recent capital
markets activity, Inergy is very well positioned from a balance
sheet perspective to execute our growth strategy on behalf of
unitholders.”
In the quarter ended December 31, 2009, retail propane gallon
sales were 102.5 million gallons compared to 104.4 million gallons
sold in the same quarter of the prior year. Retail propane gross
profit, excluding certain items as discussed below, was $110.0
million for the quarter ended December 31, 2009, compared to $120.7
million for the quarter ended December 31, 2008. Gross profit from
other propane operations, including wholesale, appliances, service,
transportation, distillates, and other was $30.7 million in the
quarter ended December 31, 2009, compared to $32.0 million for the
same quarter in the prior year.
Gross profit from midstream operations increased to $32.5
million for the quarter ended December 31, 2009, from $22.0 million
for the same quarter in the prior year.
Exclusions from net income attributable to controlling partners
discussed above included losses of $2.0 million and $0.7 million on
the disposal of excess property, plant, and equipment during the
three months ended December 31, 2009 and 2008, respectively. Also
excluded from net income and gross profit discussed above was a
non-cash gain of $2.0 million and a non-cash charge of $0.4 million
during the three months ended December 31, 2009 and 2008,
respectively, resulting from the derivative contracts associated
with retail propane fixed price sales.
For the quarter ended December 31, 2009, operating and
administrative expenses decreased to $68.5 million compared to
$72.8 million in the same period of fiscal 2009.
As previously disclosed, inclusive of the partial year
contribution of its recently closed acquisitions, Inergy increased
its Adjusted EBITDA guidance to a range of $340 million to $350
million from a range of $313 million to $332 million for the full
fiscal year ended September 30, 2010.
Inergy Holdings,
L.P.
As discussed above, the $0.685 per limited partner unit
distribution by Inergy, L.P. results in Inergy Holdings, L.P.
receiving a total distribution of $20.0 million with respect to the
first fiscal quarter of 2010. As a result of this Inergy, L.P.
distribution, Inergy Holdings, L.P. declared a quarterly
distribution of $0.94 per limited partner unit, or $3.76 on an
annualized basis. This represents an approximate 39% increase over
the $0.675 per limited partner unit paid for the same quarter of
the prior year. The distribution will be paid on February 12,
2010.
Inergy, L.P. and Inergy Holdings, L.P. will conduct a live
conference call and internet webcast today, February 2, 2010, to
discuss results of operations for the first fiscal quarter of 2010
and its business outlook. The call will begin at 10:00 a.m. CT. The
call-in number for the earnings call is 1-877-405-3427, and the
conference name is Inergy. The live internet webcast and the replay
can be accessed on Inergy’s website, www.inergylp.com. A digital
recording of the call will be available for one week following the
call by dialing 1-800-642-1687 and entering the pass code
52323599.
Inergy, L.P., with headquarters in Kansas City, Mo., is among
the fastest growing master limited partnerships in the country. The
Company’s operations include the retail marketing, sale, and
distribution of propane to residential, commercial, industrial, and
agricultural customers. Today, Inergy serves approximately 700,000
retail customers from over 300 customer service centers throughout
the eastern half of the United States. The Company also operates a
natural gas storage business; a supply logistics, transportation,
and wholesale marketing business that serves independent dealers
and multi-state marketers in the United States and Canada; and a
solution-mining and salt production company.
Inergy Holdings, L.P.’s assets consist of its ownership interest
in Inergy, L.P., including limited partnership interests, ownership
of the general partners, and the incentive distribution rights.
EBITDA is a non-GAAP financial measure and is defined as income
before income taxes, plus net interest expense and depreciation and
amortization expense. Adjusted EBITDA represents EBITDA excluding
the gain or loss on derivative contracts associated with retail
propane fixed price sales contracts, the gain or loss on the
disposal of fixed assets, and long-term incentive and equity
compensation expenses. Item 6 to the Partnership’s Annual Report on
Form 10-K provides a historical reconciliation of net income to
EBITDA and Adjusted EBITDA.
EBITDA and Adjusted EBITDA should not be considered an
alternative to net income, income before income taxes, cash flows
from operating activities, or any other measure of financial
performance calculated in accordance with generally accepted
accounting principles as those items are used to measure operating
performance, liquidity, or ability to service debt obligations. We
believe that EBITDA and Adjusted EBITDA provide additional
information for evaluating our financial performance without regard
to our financing methods, capital structure, and historical cost
basis. Further, we believe that EBITDA and Adjusted EBITDA provide
additional information for evaluating our ability to make the
minimum quarterly distribution and are presented solely as a
supplemental measure. EBITDA and Adjusted EBITDA, as we define
them, may not be comparable to EBITDA and Adjusted EBITDA or
similarly titled measures used by other corporations or
partnerships.
This press release contains forward-looking statements, which
are statements that are not historical in nature such as our
Adjusted EBITDA guidance and our business outlook. Forward-looking
statements are subject to certain risks, uncertainties, and
assumptions. Should one or more of these risks or uncertainties
materialize or any underlying assumption proves incorrect, actual
results may vary materially from those anticipated, estimated, or
projected. Among the key factors that could cause actual results to
differ materially from those referred to in the forward-looking
statements are: weather conditions that vary significantly from
historically normal conditions; the general level of petroleum
product demand and the availability of propane supplies; the price
of propane to the consumer compared to the price of alternative and
competing fuels; the demand for high deliverability natural gas
storage capacity in the Northeast; our ability to successfully
implement our business plan; the outcome of rate decisions levied
by the Federal Energy Regulatory Commission; our ability to
generate available cash for distribution to unitholders; and the
costs and effects of legal, regulatory, and administrative
proceedings against us or which may be brought against us. These
and other risks and assumptions are described in Inergy’s annual
reports on Form 10-K and other reports that are available from the
United States Securities and Exchange Commission.
Inergy, L.P. and
Subsidiaries
Consolidated Statements of Operations For the Three
Months Ended December 31, 2009 and 2008 (in millions,
except per unit data
) Three Months
Ended December 31, 2009 2008 (Unaudited)
Revenue: Propane $ 372.3 $ 409.2 Other 129.4
124.8 501.7 534.0 Cost of product sold (excluding
depreciation and amortization as shown below): Propane 252.3 283.2
Other 74.2 76.5 326.5 359.7
Gross profit 175.2 174.3 Expenses: Operating and administrative
68.5 72.8 Depreciation and amortization 37.1 26.3 Loss on disposal
of assets 2.0 0.7 Operating income
67.6 74.5 Other income
(expense): Interest expense, net (21.1 ) (16.8 )
Income before income taxes 46.5 57.7 Provision for income taxes
0.1 0.1 Net income 46.4 57.6 Net income
attributable to non-controlling partners in ASC’s consolidated net
income 0.4 0.4 Net income attributable
to controlling partners $ 46.0 $ 57.2
Partners’ interest information: Non-managing general partner and
affiliate interest in net income $ 16.6 $ 11.3 Total
limited partners’ interest in net income $ 29.4 $ 45.9
Net income per limited partner unit: Basic $ 0.49
$ 0.90 Diluted $ 0.49 $ 0.90
Weighted average limited partners’ units outstanding (in
thousands): Basic 59,837 51,084 Diluted
59,885 51,096
Three
Months Ended December 31, 2009 2008
(Unaudited)
Supplemental Information:
Retail gallons sold 102.5 104.4 Cash and cash
equivalents $ 15.8 $ 18.9 Outstanding debt: Working capital
facility $ 25.0 $ 116.0 Acquisition facility 245.0 212.0 Senior
unsecured notes 1,050.0 825.0 Fair value hedge adjustment on senior
unsecured notes 5.0 8.3 Net bond premium (discount) (e) (g) (15.6 )
3.7 ASC credit agreement 7.7 10.1 Other debt 25.8
19.8 Total debt $ 1,342.9 $ 1,194.9
Total partners’ capital $ 803.0 $ 624.6
EBITDA: Net income attributable to controlling partners $ 46.0 $
57.2 Interest expense, net 21.1 16.8 Interest of non-controlling
partners in ASC’s consolidated ITDA(f) (0.1 ) (0.1 ) Provision for
income taxes 0.1 0.1 Depreciation and amortization 37.1
26.3 EBITDA (a) $ 104.2 $ 100.3 Non-cash
(gain) loss on derivative contracts (2.0 ) 0.4 Loss on disposal of
assets 2.0 0.7 Long-term incentive and equity compensation expense
2.1 0.6 Adjusted EBITDA (a) $ 106.3
$ 102.0 Distributable cash flow: Adjusted
EBITDA (a) $ 106.3 $ 102.0 Cash interest expense (b) (20.0 ) (16.2
) Maintenance capital expenditures (c) (2.3 ) (1.5 ) Income tax
expense (0.1 ) (0.1 ) Distributable cash flow (d) $
83.9 $ 84.2 EBITDA: Net cash provided by
operating activities $ 49.1 $ 11.4 Net changes in working capital
balances 39.5 74.0 Provision for doubtful accounts 0.9 0.4
Amortization of deferred financing costs and net bond discount (1.9
) (0.6 ) Long-term incentive and equity compensation expense (2.1 )
(0.6 ) Loss on disposal of assets (2.0 ) (0.7 ) Interest of
non-controlling partners in ASC’s consolidated EBITDA (0.5 ) (0.5 )
Interest expense, net 21.1 16.8 Provision for income taxes
0.1 0.1 EBITDA $ 104.2 $ 100.3 Non-cash (gain)
loss on derivative contracts (2.0 ) 0.4 Long-term incentive and
equity compensation expense 2.1 0.6 Loss on disposal of assets
2.0 0.7 Adjusted EBITDA $ 106.3
$ 102.0
(a) EBITDA is defined as income (loss) before taxes, plus net
interest expense and depreciation and amortization expense. As
indicated in the table, Adjusted EBITDA represents EBITDA excluding
the gain or loss on derivative contracts associated with retail
propane fixed price sales contracts, the gain or loss on the
disposal of assets and long-term incentive and equity compensation
expenses. EBITDA and Adjusted EBITDA should not be considered an
alternative to net income, income before income taxes, cash flows
from operating activities, or any other measure of financial
performance calculated in accordance with generally accepted
accounting principles as those items are used to measure operating
performance, liquidity or the ability to service debt obligations.
We believe that EBITDA and Adjusted EBITDA provide additional
information for evaluating our financial performance without regard
to our financing methods, capital structure, and historical cost
basis. Further, we believe that EBITDA and Adjusted EBITDA provide
additional information for evaluating our ability to make the
minimum quarterly distribution and are presented solely as
supplemental measures. EBITDA and Adjusted EBITDA, as we define
them, may not be comparable to EBITDA and Adjusted EBITDA or
similarly titled measures used by other corporations or
partnerships.
(b) Cash interest expense is book interest expense less
amortization of deferred financing costs.
(c) Maintenance capital expenditures are defined as those
capital expenditures which do not increase operating capacity or
revenues from existing levels.
(d) Distributable cash flow is defined as Adjusted EBITDA, less
cash interest expense, maintenance capital expenditures and income
taxes. Distributable cash flow should not be considered an
alternative to cash flows from operating activities or any other
measure of financial performance calculated in accordance with
generally accepted accounting principles as those items are used to
measure operating performance, liquidity or the ability to service
debt obligations. We believe that distributable cash flow provides
additional information for evaluating our ability to declare and
pay distributions to unitholders. Distributable cash flow, as we
define it, may not be comparable to distributable cash flow or
similarly titled measures used by other corporations and
partnerships.
(e) In April 2008, the Company announced the placement of a $200
million add-on to its existing 8.25% senior unsecured notes under
Rule 144A to eligible purchasers. The proceeds from the bond
issuance were $204 million, representing a premium of $4 million to
par. The $4 million premium will be amortized on a non-cash basis
over the term of the senior notes.
(f) ITDA – Interest, taxes, depreciation and amortization.
(g) In February 2009, the Company closed on a $225 million
offering of senior notes under Rule 144A to eligible purchasers.
The 8 ¾% notes were issued at 90.191%, which resulted in a discount
of $22.1 million. The discount will be amortized on a non-cash
basis over the term of the senior notes.
Inergy Holdings, L.P. and Subsidiaries
Consolidated Statements of Operations For the Three
Months Ended December 31, 2009 and 2008 (in millions,
except per unit data
) Three Months
Ended December 31, 2009 2008 (Unaudited)
Revenue: Propane $ 372.3 $ 409.2 Other 129.4
124.8 501.7 534.0 Cost of product sold (excluding
depreciation and amortization as shown below): Propane 252.3 283.2
Other 74.2 76.5 326.5
359.7 Gross profit 175.2 174.3
Expenses: Operating and administrative 68.7 73.0 Depreciation and
amortization 37.1 26.3 Loss on disposal of assets 2.0
0.7 Operating income 67.4 74.3 Other income
(expense): Interest expense, net (21.3 ) (17.2 )
Income before gain on issuance of units in Inergy, L.P. and income
taxes 46.1 57.1 Gain on issuance of units in Inergy, L.P. - 0.3
Provision for income taxes (0.3 ) (0.5 ) Net income
45.8 56.9 Net income attributable to non-controlling partners in
Inergy, L.P.’s net income 28.9 42.1 Net income attributable to
non-controlling partners in ASC’s consolidated net income
0.4 0.4 Net income attributable to controlling
partners $ 16.5 $ 14.4 Total limited partners’
interest in net income $ 16.5 $ 14.4 Net
income per limited partner unit: Basic $ 0.81 $ 0.71
Diluted $ 0.80 $ 0.71 Weighted average limited
partners’ units outstanding (in thousands): Basic 20,302
20,240 Diluted 20,584
20,240
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