(Source: PRNewswire-FirstCall)
BREINIGSVILLE, Pa., April 30 /PRNewswire-FirstCall/ -- Buckeye GP Holdings L.P. ("BGH") today reported its financial results for the first quarter of 2009. BGH's net income for the first quarter of 2009 was $10.1 million, or $0.36 per common unit, compared with net income of $5.8 million, or $0.21 per common unit, for the first quarter of 2008. Revenue in the first quarter of 2009 increased to $416.8 million from revenue of $380.3 million in the first quarter of 2008. Operating income increased in the first quarter of 2009 to $68.9 million from $56.1 million in the fourth quarter of 2008.
BGH owns the general partner interest and incentive distribution rights associated with Buckeye Partners, L.P. ("Buckeye") and reports its financial results on a consolidated basis with the financial results of Buckeye. BGH currently has no operating activities separate from those conducted by Buckeye, and its cash flow is derived solely from cash distributions received from Buckeye and Buckeye's operating subsidiaries.
The Board of Directors of MainLine Management LLC, the general partner of BGH, declared a regular quarterly partnership cash distribution of $0.35 per common unit, or $1.40 per common unit on an annualized basis, payable on May 29, 2009 to unitholders of record on May 11, 2009. This cash distribution represents an increase in the quarterly distribution of 6.1 percent compared to the quarterly cash distribution of $0.33 paid in February 2009 and an increase of 16.7 percent compared to the quarterly cash distribution of $0.30 paid in May 2008.
BGH will host a conference call to discuss its financial results for the first quarter of 2009 on Friday, May 1, 2009, at 11:00 a.m. Eastern Time. Investors are invited to listen to the conference call via the Internet, on either a live or replay basis, at: http://www.videonewswire.com/event.asp?id=57887. Interested parties may participate in the call by joining the conference at (888) 600-4861 and referencing conference ID 8577944. An audio replay of the conference call also will be available through May 6, 2009 by dialing (719) 457-0820 and referencing conference ID 8577944.
Buckeye GP Holdings L.P. is a limited partnership that owns Buckeye GP LLC, the general partner of Buckeye Partners, L.P., and 100 percent of the incentive distribution rights in Buckeye Partners, L.P. Buckeye GP Holdings L.P. also owns the general partnership interests in certain of the operating subsidiaries of Buckeye Partners, L.P. More information concerning Buckeye GP Holdings L.P. is available at http://www.buckeyegp.com/. More information concerning Buckeye Partners, L.P. is available at http://www.buckeye.com/.
