Valero GP Holdings, LLC (NYSE:VEH) today announced earnings of $9.7
million, or $0.23 per unit for the three months ended September 30,
2006, in its first earnings report since it closed an initial
public offering of common units on July 19, 2006. Distributable
cash flow available to unitholders for the third quarter of 2006
was $13.5 million or $0.317 per unit. Valero L.P. today announced
an increase in their quarterly distribution from $0.885 per unit to
$0.915 per unit. As a result of this increase in the quarterly
distribution from Valero L.P., Valero GP Holdings, LLC has
declared, for the period from its initial public offering on July
19, 2006 to September 30, 2006, a prorated initial quarterly
distribution of $0.2574 per unit, which is based on an increased
quarterly distribution of $0.32 per unit, or $1.28 per unit on an
annual basis. This represents a 6.7 percent increase over the
expected quarterly distribution rate of $0.30 per unit, or $1.20
per unit on an annual basis, as stated in Valero GP Holdings� IPO
prospectus dated July 14, 2006. The distribution is expected to be
paid on November 17, 2006, to holders of record as of November 7,
2006. A conference call with management is scheduled for 2:30 p.m.
ET (1:30 p.m. CT) today to discuss the financial results for the
third quarter of 2006. Investors interested in listening to the
presentation may call 800/622-7620, passcode 8566945. International
callers may access the presentation by dialing 706/645-0327,
passcode 8566945. The company intends to have a playback available
following the presentation, which may be accessed by calling
800/642-1687, passcode 8566945. A live broadcast of the conference
call will also be available on the company�s website at
www.valerogpholdings.com. Valero GP Holdings, LLC is a publicly
traded limited liability company that owns the 2 percent general
partner interest, a 21.4 percent limited partner interest and the
incentive distribution rights in Valero L.P., one of the largest
independent terminal and petroleum liquids pipeline operators in
the nation with operations in the United States, the Netherlands
Antilles, Canada, Mexico, the Netherlands and the United Kingdom.
For more information, visit Valero GP Holdings, LLC�s web site at
www.valerogpholdings.com. Cautionary Statement Regarding
Forward-Looking Statements This press release includes
forward-looking statements within the meaning of the Securities
Litigation Reform Act of 1995 regarding future events and the
future financial performance of Valero GP Holdings, LLC. All
forward-looking statements are based on the company�s beliefs as
well as assumptions made by and information currently available to
the company. These statements reflect the company's current views
with respect to future events and are subject to various risks,
uncertainties and assumptions. These risks, uncertainties and
assumptions are discussed in Valero GP Holdings, LLC�s filings with
the Securities and Exchange Commission. Valero GP Holdings,
LLCConsolidated Financial InformationSeptember 30, 2006(unaudited,
thousands of dollars, except unit data and per unit data) � Three
Months EndedSeptember 30, 2006 Statement of Income Data: Equity in
earnings of Valero L.P. $ 11,637� � General and administrative
expenses (877) Other expense, net (286) Interest expense (6)
Interest expense - affiliated (901) � Income before income tax
benefit 9,567� Income tax expense benefit 130� Net income $ 9,697�
� Basic net income per unit $ 0.23� Weighted average number of
basic units outstanding 42,500,000� � Diluted net income per unit $
0.23� Weighted average number of diluted units outstanding
42,500,626� � � Equity in Earnings of Valero L.P.: General partner
interest (2%) $ 753� General partner incentive distribution 3,909�
Direct charges to Valero GP Holdings, LLC (Note 1) (352) General
partner's interest in earnings of Valero L.P. 4,310� Limited
partner interest in earnings of Valero L.P. 8,048� Amortization of
step-up in basis related to Valero L.P.'s assets and liabilities
(721) Equity in earnings of Valero L.P. $ 11,637� � � Distributable
Cash (Note 2): Cash distributions expected from Valero L.P.
associated with: General partner interest: General partner interest
(2%) $ 955� Incentive distribution rights 3,909� Limited partner
interest-common units 9,351� Total cash distributions expected from
Valero L.P. 14,215� Deduct expenses of Valero GP Holdings, LLC:
General and administrative expenses (877) Income tax benefit 130�
Interest expense - non-affiliated (6) Distributable cash $ 13,462�
� Cash distributions to be paid to the unitholders of Valero GP
Holdings, LLC: Distribution per unit (prorated $0.32 per unit
distribution) (Note 3) $ 0.2574� � Distributions to be paid to
public unitholders (17,250,000 units) 4,440� Distributions to be
paid to Valero Energy (25,250,000 units) (Note 3) 6,499� Cash
distributions for the period from July 19, 2006 to September 30,
2006 $ 10,939� � Cash distributions to Valero Energy for the period
from July 1, 2006 to July 18, 2006 $ 2,661� � Total distributions $
13,600� Valero GP Holdings, LLCConsolidated Financial
InformationSeptember 30, 2006(unaudited, thousands of dollars,
except per unit data) � Notes: � 1. We reimbursed Valero L.P. for
these costs, and we were in turn reimbursed by Valero Energy.
Generally accepted accounting principles require us to record this
as an increase in our investment of Valero L.P. and for Valero L.P.
to record the full expense and reimbursement as a capital
contribution. Valero L.P. allocated 100% of these costs to us
because we paid the amounts in full. � � 2. Valero GP Holdings, LLC
utilizes distributable cash as a financial measure, which is not
defined in United States generally accepted accounting principles.
Management uses this financial measure because it is a widely
accepted financial indicator used by investors to compare general
partner performance. In addition, management believes that this
measure provides investors an enhanced perspective of the ability
to make a minimum quarterly distribution. Distributable cash is not
intended to represent cash flows for the period, nor is it
presented as an alternative to net income. It should not be
considered in isolation or as substitutes for a measure of
performance prepared in accordance with United States generally
accepted accounting principles. � � The following is a
reconciliation of net income to distributable cash to net cash
provided by operating activities (in thousands): � � Three Months
EndedSeptember 30, 2006 Net Income $ 9,697� � Adjustments to derive
Distributable Cash: Equity in earnings of Valero L.P. (11,637)
Quarterly distribution expected from Valero L.P. 14,215� Other
expense, net 286� Interest expense - affiliated (a) 901�
Distributable cash 13,462� � Adjustments to Distributable Cash to
derive Net Cash Provided by Operating Activities: Quarterly
distribution expected from Valero L.P. (14,215) Cash distribution
of equity earnings received from Valero L.P. 11,637� Interest
expense - affiliated (a) (901) Net effect of changes in operating
accounts 221� Net cash provided by operating activities $ 10,204� �
(a) In connection with our initial public offering, Valero Energy
made a capital contribution to us in the form of a note receivable,
including affiliated interest expense. Therefore, affiliated
interest expense is excluded from the calculation of distributable
cash. � 3. The quarterly distribution for the period between the
closing of the offering on July 19, 2006 and September 30, 2006
based on $0.32 per unit is prorated. The following is the
calculation of the prorated per unit distribution: � (A) (B) (A) /
(B) = (C) (D) (C) x (D) = (E) Days in quarter after IPO(July 19 -
September 30) Total days in quarter Percentage of days after IPO
Per unit distribution Prorated per unit distribution 74 92 80.43%
$0.32 $0.2574 Valero GP Holdings, LLC (NYSE:VEH) today announced
earnings of $9.7 million, or $0.23 per unit for the three months
ended September 30, 2006, in its first earnings report since it
closed an initial public offering of common units on July 19, 2006.
Distributable cash flow available to unitholders for the third
quarter of 2006 was $13.5 million or $0.317 per unit. Valero L.P.
today announced an increase in their quarterly distribution from
$0.885 per unit to $0.915 per unit. As a result of this increase in
the quarterly distribution from Valero L.P., Valero GP Holdings,
LLC has declared, for the period from its initial public offering
on July 19, 2006 to September 30, 2006, a prorated initial
quarterly distribution of $0.2574 per unit, which is based on an
increased quarterly distribution of $0.32 per unit, or $1.28 per
unit on an annual basis. This represents a 6.7 percent increase
over the expected quarterly distribution rate of $0.30 per unit, or
$1.20 per unit on an annual basis, as stated in Valero GP Holdings'
IPO prospectus dated July 14, 2006. The distribution is expected to
be paid on November 17, 2006, to holders of record as of November
7, 2006. A conference call with management is scheduled for 2:30
p.m. ET (1:30 p.m. CT) today to discuss the financial results for
the third quarter of 2006. Investors interested in listening to the
presentation may call 800/622-7620, passcode 8566945. International
callers may access the presentation by dialing 706/645-0327,
passcode 8566945. The company intends to have a playback available
following the presentation, which may be accessed by calling
800/642-1687, passcode 8566945. A live broadcast of the conference
call will also be available on the company's website at
www.valerogpholdings.com. Valero GP Holdings, LLC is a publicly
traded limited liability company that owns the 2 percent general
partner interest, a 21.4 percent limited partner interest and the
incentive distribution rights in Valero L.P., one of the largest
independent terminal and petroleum liquids pipeline operators in
the nation with operations in the United States, the Netherlands
Antilles, Canada, Mexico, the Netherlands and the United Kingdom.
For more information, visit Valero GP Holdings, LLC's web site at
www.valerogpholdings.com. Cautionary Statement Regarding
Forward-Looking Statements This press release includes
forward-looking statements within the meaning of the Securities
Litigation Reform Act of 1995 regarding future events and the
future financial performance of Valero GP Holdings, LLC. All
forward-looking statements are based on the company's beliefs as
well as assumptions made by and information currently available to
the company. These statements reflect the company's current views
with respect to future events and are subject to various risks,
uncertainties and assumptions. These risks, uncertainties and
assumptions are discussed in Valero GP Holdings, LLC's filings with
the Securities and Exchange Commission. -0- *T Valero GP Holdings,
LLC Consolidated Financial Information September 30, 2006
(unaudited, thousands of dollars, except unit data and per unit
data) Three Months Ended September 30, 2006 -------------------
Statement of Income Data: Equity in earnings of Valero L.P. $11,637
General and administrative expenses (877) Other expense, net (286)
Interest expense (6) Interest expense - affiliated (901)
------------------- Income before income tax benefit 9,567 Income
tax expense benefit 130 ------------------- Net income $9,697
=================== Basic net income per unit $0.23 Weighted
average number of basic units outstanding 42,500,000 Diluted net
income per unit $0.23 Weighted average number of diluted units
outstanding 42,500,626 Equity in Earnings of Valero L.P.: General
partner interest (2%) $753 General partner incentive distribution
3,909 Direct charges to Valero GP Holdings, LLC (Note 1) (352)
------------------- General partner's interest in earnings of
Valero L.P. 4,310 Limited partner interest in earnings of Valero
L.P. 8,048 Amortization of step-up in basis related to Valero
L.P.'s assets and liabilities (721) ------------------- Equity in
earnings of Valero L.P. $11,637 =================== Distributable
Cash (Note 2): Cash distributions expected from Valero L.P.
associated with: General partner interest: General partner interest
(2%) $955 Incentive distribution rights 3,909 Limited partner
interest-common units 9,351 ------------------- Total cash
distributions expected from Valero L.P. 14,215 Deduct expenses of
Valero GP Holdings, LLC: General and administrative expenses (877)
Income tax benefit 130 Interest expense - non-affiliated (6)
------------------- Distributable cash $13,462 ===================
Cash distributions to be paid to the unitholders of Valero GP
Holdings, LLC: Distribution per unit (prorated $0.32 per unit
distribution) (Note 3) $0.2574 =================== Distributions to
be paid to public unitholders (17,250,000 units) 4,440
Distributions to be paid to Valero Energy (25,250,000 units) (Note
3) 6,499 ------------------- Cash distributions for the period from
July 19, 2006 to September 30, 2006 $10,939 ===================
Cash distributions to Valero Energy for the period from July 1,
2006 to July 18, 2006 $2,661 =================== Total
distributions $13,600 =================== *T -0- *T Valero GP
Holdings, LLC Consolidated Financial Information September 30, 2006
(unaudited, thousands of dollars, except per unit data) Notes: 1.
We reimbursed Valero L.P. for these costs, and we were in turn
reimbursed by Valero Energy. Generally accepted accounting
principles require us to record this as an increase in our
investment of Valero L.P. and for Valero L.P. to record the full
expense and reimbursement as a capital contribution. Valero L.P.
allocated 100% of these costs to us because we paid the amounts in
full. 2. Valero GP Holdings, LLC utilizes distributable cash as a
financial measure, which is not defined in United States generally
accepted accounting principles. Management uses this financial
measure because it is a widely accepted financial indicator used by
investors to compare general partner performance. In addition,
management believes that this measure provides investors an
enhanced perspective of the ability to make a minimum quarterly
distribution. Distributable cash is not intended to represent cash
flows for the period, nor is it presented as an alternative to net
income. It should not be considered in isolation or as substitutes
for a measure of performance prepared in accordance with United
States generally accepted accounting principles. The following is a
reconciliation of net income to distributable cash to net cash
provided by operating activities (in thousands): Three Months Ended
September 30, 2006 ------------------- Net Income $9,697
Adjustments to derive Distributable Cash: Equity in earnings of
Valero L.P. (11,637) Quarterly distribution expected from Valero
L.P. 14,215 Other expense, net 286 Interest expense - affiliated
(a) 901 ------------------- Distributable cash 13,462 Adjustments
to Distributable Cash to derive Net Cash Provided by Operating
Activities: Quarterly distribution expected from Valero L.P.
(14,215) Cash distribution of equity earnings received from Valero
L.P. 11,637 Interest expense - affiliated (a) (901) Net effect of
changes in operating accounts 221 ------------------- Net cash
provided by operating activities $10,204 =================== (a) In
connection with our initial public offering, Valero Energy made a
capital contribution to us in the form of a note receivable,
including affiliated interest expense. Therefore, affiliated
interest expense is excluded from the calculation of distributable
cash. 3. The quarterly distribution for the period between the
closing of the offering on July 19, 2006 and September 30, 2006
based on $0.32 per unit is prorated. The following is the
calculation of the prorated per unit distribution: (C) x (D) = (A)
(B) (A) / (B) = (C) (D) (E) Days in quarter after IPO Total
Prorated per (July 19 - days in Percentage of Per unit unit
September 30) quarter days after IPO distribution distribution
----------------------------------------------------------------------
74 92 80.43% $0.32 $0.2574 *T
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