Adjusted EBITDA Up Nearly 25% for the Year
Management Conference Call Scheduled for 10:00 a.m. CT Today
Inergy, L.P. (NASDAQ:NRGY) and Inergy Holdings, L.P. (NASDAQ:NRGP) today
each reported record results of operations for the quarter ended March
31, 2009, the second quarter of fiscal 2009.
Inergy, L.P.
Inergy, L.P. (“Inergy”) reported Adjusted EBITDA of $140.1 million for
the quarter ended March 31, 2009, an increase of $19.9 million, or
approximately 17% from $120.2 million for the quarter ended March 31,
2008. Net income, excluding certain items as discussed below, was $94.7
million for the quarter ended March 31, 2009, or $1.62 per diluted
limited partner unit, an increase of approximately 16% from $81.9
million or $1.47 per diluted limited partner unit in the same quarter of
last year.
For the six-month period ended March 31, 2009, Adjusted EBITDA increased
approximately 25% to $242.1 million from $194.3 million for the same
prior-year period. Net income for the six months ended March 31, 2009,
excluding certain items as discussed below, increased approximately 30%
to $153.0 million, or $2.55 per diluted limited partner unit, from
$117.8 million, or $2.00 per diluted limited partner unit in 2008.
"Our businesses produced outstanding results for the quarter,
positioning the Company to achieve its full-year objectives," said John
Sherman, President and CEO of Inergy. "Our propane operating team
completed a very successful winter season, delivering solid earnings.
Our natural gas business performed well and continues to execute its
growth plans. In addition, we raised nearly $300 million of long-term
growth capital. From this strong and flexible financial position, we
intend to continue to execute quality growth on behalf of our investors."
As previously announced, the Board of Directors of Inergy’s managing
general partner increased Inergy’s quarterly cash distribution to $0.655
per limited partner unit ($2.62 annually) for the quarter ended March
31, 2009. This represents an approximate 7% increase over the
distribution for the same quarter of the prior year. The distribution
will be paid on May 15, 2009.
Quarterly Results
In the quarter ended March 31, 2009, retail propane gallon sales were
124.7 million gallons compared to 138.6 million gallons sold in the same
quarter of the prior year. Retail propane gross profit, excluding
certain items as discussed below, was $152.8 million for the quarter
ended March 31, 2009, compared to $137.4 million for the quarter ended
March 31, 2008. Gross profit from other propane operations, including
wholesale, appliances, service, transportation, distillates, and other
was $35.4 million in the quarter ended March 31, 2009, compared to $28.9
million for the same quarter in the prior year.
Gross profit from midstream operations increased to $25.0 million for
the quarter ended March 31, 2009, from $22.3 million for the same
quarter in the prior year.
For the quarter ended March 31, 2009, operating and administrative
expenses increased to $73.4 million compared to $68.3 million in the
same period of fiscal 2008.
Exclusions from net income discussed above included a loss of $2.3
million and a gain of $0.1 million on the disposal of excess property,
plant, and equipment during the three months ended March 31, 2009 and
2008, respectively. Also excluded from net income and gross profit
discussed above was a non-cash charge of $1.1 million during the three
months ended March 31, 2009, resulting from the derivative contracts
associated with retail propane fixed price sales. The non-cash charge
during the three months ended March 31, 2008, was immaterial.
Year-to-Date Results
For the six-month period ended March 31, 2009, there were 229.1 million
retail propane gallons sold compared to 243.0 million gallons sold
during the same period in the prior year. Retail propane gross profit,
excluding certain items as discussed below, was $273.5 million for the
six months ended March 31, 2009, compared to $229.6 million for the six
months ended March 31, 2008. Gross profit from other propane operations,
including wholesale, appliances, service, transportation, distillates,
and other was $67.4 million in the six months ended March 31, 2009,
compared to $53.9 million for the same prior-year period.
Gross profit from midstream operations increased to $47.0 million for
the six months ended March 31, 2009, from $42.4 million in the prior
year.
For the six months ended March 31, 2009, operating and administrative
expenses increased to $146.2 million compared to $131.5 million in the
same period of fiscal 2008.
Exclusions from net income discussed above included a loss of $3.0
million and a gain of $1.2 million on the disposal of excess property,
plant, and equipment during the six months ended March 31, 2009 and
2008, respectively. Also excluded from net income and gross profit
discussed above was a non-cash charge of $1.5 million and $0.1 million
during the six months ended March 31, 2009 and 2008, respectively,
resulting from the derivative contracts associated with retail propane
fixed price sales.
Inergy Holdings, L.P.
As discussed above, the $0.655 per limited partner unit distribution by
Inergy, L.P. results in Inergy Holdings, L.P. receiving a total
distribution of $15.8 million with respect to the second fiscal quarter
of 2009. As a result of this Inergy, L.P. distribution, Inergy Holdings,
L.P. declared a quarterly distribution of $0.75 per limited partner
unit, or $3.00 on an annualized basis. This represents an approximate
28% increase over the $0.585 per limited partner unit paid for the same
quarter of the prior year. The distribution will be paid on May 15, 2009.
Inergy, L.P. and Inergy Holdings, L.P. will conduct a live conference
call and Internet webcast today, May 6, 2009, to discuss results of
operations for the second fiscal quarter of 2009 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.inergypropane.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 97201316.
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 (inclusive of write-off of
deferred financing costs) 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
non-cash 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. 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 and Six Months Ended March 31, 2009 and 2008
|
|
(in millions, except per unit data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|
|
|
March 31,
|
|
March 31,
|
|
|
|
2009
|
|
2008
|
|
2009
|
|
2008
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
Propane
|
|
$
|
443.9
|
|
|
$
|
526.1
|
|
|
$
|
853.1
|
|
|
$
|
928.7
|
|
|
Other
|
|
|
126.2
|
|
|
|
122.1
|
|
|
|
251.0
|
|
|
|
234.1
|
|
|
|
|
|
570.1
|
|
|
|
648.2
|
|
|
|
1,104.1
|
|
|
|
1,162.8
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of product sold (excluding depreciation and amortization as
shown below):
|
|
|
|
|
|
|
|
|
|
Propane
|
|
|
283.6
|
|
|
|
381.6
|
|
|
|
566.8
|
|
|
|
688.9
|
|
|
Other
|
|
|
74.4
|
|
|
|
78.0
|
|
|
|
150.9
|
|
|
|
148.1
|
|
|
|
|
|
358.0
|
|
|
|
459.6
|
|
|
|
717.7
|
|
|
|
837.0
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
212.1
|
|
|
|
188.6
|
|
|
|
386.4
|
|
|
|
325.8
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
|
|
|
|
Operating and administrative
|
|
|
73.4
|
|
|
|
68.3
|
|
|
|
146.2
|
|
|
|
131.5
|
|
|
Depreciation and amortization
|
|
|
26.6
|
|
|
|
23.2
|
|
|
|
52.9
|
|
|
|
46.0
|
|
|
Gain (loss) on disposal of assets
|
|
|
(2.3
|
)
|
|
|
0.1
|
|
|
|
(3.0
|
)
|
|
|
1.2
|
|
|
Operating income
|
|
|
109.8
|
|
|
|
97.2
|
|
|
|
184.3
|
|
|
|
149.5
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
Interest expense, net
|
|
|
(18.1
|
)
|
|
|
(14.9
|
)
|
|
|
(34.9
|
)
|
|
|
(29.8
|
)
|
|
Other income
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
0.1
|
|
|
Income before income taxes and interest of non-controlling partners
in ASC
|
|
|
91.7
|
|
|
|
82.3
|
|
|
|
149.4
|
|
|
|
119.8
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income taxes
|
|
|
(0.1
|
)
|
|
|
(0.1
|
)
|
|
|
(0.2
|
)
|
|
|
(0.4
|
)
|
|
Interest of non-controlling partners in ASC’s consolidated net income
|
|
|
(0.3
|
)
|
|
|
(0.2
|
)
|
|
|
(0.7
|
)
|
|
|
(0.5
|
)
|
|
Net income
|
|
$
|
91.3
|
|
|
$
|
82.0
|
|
|
$
|
148.5
|
|
|
$
|
118.9
|
|
|
|
|
|
|
|
|
|
|
|
|
Partners’ interest information:
|
|
|
|
|
|
|
|
|
|
Non-managing general partner and affiliates interest in net income
|
|
$
|
11.8
|
|
|
$
|
9.4
|
|
|
$
|
22.5
|
|
|
$
|
17.9
|
|
|
Distributions paid on restricted units
|
|
|
0.2
|
|
|
|
0.1
|
|
|
|
0.3
|
|
|
|
0.2
|
|
|
Total interest in net income not attributable to limited partners’
|
|
$
|
12.0
|
|
|
$
|
9.5
|
|
|
$
|
22.8
|
|
|
$
|
18.1
|
|
|
|
|
|
|
|
|
|
|
|
|
Total limited partners’ interest in net income
|
|
$
|
79.3
|
|
|
$
|
72.5
|
|
|
$
|
125.7
|
|
|
$
|
100.8
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per limited partner unit:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
1.55
|
|
|
$
|
1.46
|
|
|
$
|
2.47
|
|
|
$
|
2.03
|
|
|
Diluted
|
|
$
|
1.55
|
|
|
$
|
1.46
|
|
|
$
|
2.46
|
|
|
$
|
2.02
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average limited partners’ units outstanding (in
thousands):
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
51,122
|
|
|
|
49,693
|
|
|
|
50,986
|
|
|
|
49,675
|
|
|
Diluted
|
|
|
51,153
|
|
|
|
49,770
|
|
|
|
51,007
|
|
|
|
49,771
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|
|
March 31,
|
|
March 31,
|
|
|
2009
|
|
2008
|
|
2009
|
|
2008
|
|
Supplemental Information:
|
|
|
|
|
|
|
|
|
Retail gallons sold
|
|
124.7
|
|
|
|
138.6
|
|
|
|
229.1
|
|
|
|
243.0
|
|
|
|
|
|
|
|
|
|
|
|
Cash
|
|
|
|
|
$
|
18.1
|
|
|
$
|
21.1
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding debt:
|
|
|
|
|
|
|
|
|
Working capital facility
|
|
|
|
|
$
|
15.7
|
|
|
$
|
37.7
|
|
|
Acquisition facility
|
|
|
|
|
|
-
|
|
|
|
182.0
|
|
|
Senior unsecured notes
|
|
|
|
|
|
1,050.0
|
|
|
|
625.0
|
|
|
Fair value adjustment on senior unsecured notes
|
|
|
|
|
|
7.7
|
|
|
|
5.1
|
|
|
Net bond discount (e) (g)
|
|
|
|
|
|
(17.9
|
)
|
|
|
-
|
|
|
ASC credit agreement
|
|
|
|
|
|
9.5
|
|
|
|
11.2
|
|
|
Other debt
|
|
|
|
|
|
18.8
|
|
|
|
16.8
|
|
|
Total debt
|
|
|
|
|
$
|
1,083.8
|
|
|
$
|
877.8
|
|
|
|
|
|
|
|
|
|
|
|
Total partners’ capital
|
|
|
|
|
$
|
806.2
|
|
|
$
|
775.3
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA:
|
|
|
|
|
|
|
|
|
Net income
|
$
|
91.3
|
|
|
$
|
82.0
|
|
|
$
|
148.5
|
|
|
$
|
118.9
|
|
|
Interest of non-controlling partners in ASC’s consolidated ITDA (f)
|
|
(0.2
|
)
|
|
|
(0.3
|
)
|
|
|
(0.3
|
)
|
|
|
(0.5
|
)
|
|
Interest expense, net
|
|
18.1
|
|
|
|
14.9
|
|
|
|
34.9
|
|
|
|
29.8
|
|
|
Provision for income taxes
|
|
0.1
|
|
|
|
0.1
|
|
|
|
0.2
|
|
|
|
0.4
|
|
|
Depreciation and amortization
|
|
26.6
|
|
|
|
23.2
|
|
|
|
52.9
|
|
|
|
46.0
|
|
|
EBITDA (a)
|
$
|
135.9
|
|
|
$
|
119.9
|
|
|
$
|
236.2
|
|
|
$
|
194.6
|
|
|
Non-cash loss on derivative contracts
|
|
1.1
|
|
|
|
-
|
|
|
|
1.5
|
|
|
|
0.1
|
|
|
Non-cash compensation expense
|
|
0.8
|
|
|
|
0.4
|
|
|
|
1.4
|
|
|
|
0.8
|
|
|
(Gain) loss on disposal of assets
|
|
2.3
|
|
|
|
(0.1
|
)
|
|
|
3.0
|
|
|
|
(1.2
|
)
|
|
Adjusted EBITDA (a)
|
$
|
140.1
|
|
|
$
|
120.2
|
|
|
$
|
242.1
|
|
|
$
|
194.3
|
|
|
|
|
|
|
|
|
|
|
|
Distributable cash flow:
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
|
$
|
140.1
|
|
|
$
|
120.2
|
|
|
$
|
242.1
|
|
|
$
|
194.3
|
|
|
Cash interest expense (b)
|
|
(17.3
|
)
|
|
|
(14.3
|
)
|
|
|
(33.4
|
)
|
|
|
(28.7
|
)
|
|
Maintenance capital expenditures (c)
|
|
(1.2
|
)
|
|
|
(0.7
|
)
|
|
|
(2.6
|
)
|
|
|
(2.5
|
)
|
|
Income tax expense
|
|
(0.1
|
)
|
|
|
(0.1
|
)
|
|
|
(0.2
|
)
|
|
|
(0.4
|
)
|
|
Distributable cash flow (d)
|
$
|
121.5
|
|
|
$
|
105.1
|
|
|
$
|
205.9
|
|
|
$
|
162.7
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA:
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities
|
$
|
130.2
|
|
|
$
|
88.6
|
|
|
$
|
141.6
|
|
|
$
|
65.6
|
|
|
Net changes in working capital balances
|
|
(6.5
|
)
|
|
|
19.4
|
|
|
|
67.5
|
|
|
|
101.7
|
|
|
Provision for doubtful accounts
|
|
(1.2
|
)
|
|
|
(1.8
|
)
|
|
|
(0.8
|
)
|
|
|
(1.2
|
)
|
|
Amortization of deferred financing costs and net bond discount
|
|
(1.2
|
)
|
|
|
(0.5
|
)
|
|
|
(1.8
|
)
|
|
|
(1.1
|
)
|
|
Non-cash compensation expense
|
|
(0.8
|
)
|
|
|
(0.4
|
)
|
|
|
(1.4
|
)
|
|
|
(0.8
|
)
|
|
Gain (loss) on disposal of assets
|
|
(2.3
|
)
|
|
|
0.1
|
|
|
|
(3.0
|
)
|
|
|
1.2
|
|
|
Interest of non-controlling partners in ASC’s consolidated EBITDA
|
|
(0.5
|
)
|
|
|
(0.5
|
)
|
|
|
(1.0
|
)
|
|
|
(1.0
|
)
|
|
Interest expense, net
|
|
18.1
|
|
|
|
14.9
|
|
|
|
34.9
|
|
|
|
29.8
|
|
|
Provision for income taxes
|
|
0.1
|
|
|
|
0.1
|
|
|
|
0.2
|
|
|
|
0.4
|
|
|
EBITDA
|
$
|
135.9
|
|
|
$
|
119.9
|
|
|
$
|
236.2
|
|
|
$
|
194.6
|
|
|
Non-cash loss on derivative contracts
|
|
1.1
|
|
|
|
-
|
|
|
|
1.5
|
|
|
|
0.1
|
|
|
Non-cash compensation expense
|
|
0.8
|
|
|
|
0.4
|
|
|
|
1.4
|
|
|
|
0.8
|
|
|
(Gain) loss on disposal of assets
|
|
2.3
|
|
|
|
(0.1
|
)
|
|
|
3.0
|
|
|
|
(1.2
|
)
|
|
Adjusted EBITDA
|
$
|
140.1
|
|
|
$
|
120.2
|
|
|
$
|
242.1
|
|
|
$
|
194.3
|
|
|
|
|
|
|
|
|
|
|
|
(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 non-cash 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 and Six Months Ended March 31, 2009 and 2008
|
|
(in millions, except per unit data)
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|
|
|
March 31,
|
|
March 31,
|
|
|
|
2009
|
|
2008
|
|
2009
|
|
2008
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
Propane
|
|
$
|
443.9
|
|
|
$
|
526.1
|
|
|
$
|
853.1
|
|
|
$
|
928.7
|
|
|
Other
|
|
|
126.2
|
|
|
|
122.1
|
|
|
|
251.0
|
|
|
|
234.1
|
|
|
|
|
|
570.1
|
|
|
|
648.2
|
|
|
|
1,104.1
|
|
|
|
1,162.8
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of product sold (excluding depreciation and amortization as
shown below):
|
|
|
|
|
|
|
|
|
|
Propane
|
|
|
283.6
|
|
|
|
381.6
|
|
|
|
566.8
|
|
|
|
688.9
|
|
|
Other
|
|
|
74.4
|
|
|
|
78.0
|
|
|
|
150.9
|
|
|
|
148.1
|
|
|
|
|
|
358.0
|
|
|
|
459.6
|
|
|
|
717.7
|
|
|
|
837.0
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
212.1
|
|
|
|
188.6
|
|
|
|
386.4
|
|
|
|
325.8
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
|
|
|
|
Operating and administrative
|
|
|
73.7
|
|
|
|
68.6
|
|
|
|
146.7
|
|
|
|
132.0
|
|
|
Depreciation and amortization
|
|
|
26.6
|
|
|
|
23.2
|
|
|
|
52.9
|
|
|
|
46.0
|
|
|
Gain (loss) on disposal of assets
|
|
|
(2.3
|
)
|
|
|
0.1
|
|
|
|
(3.0
|
)
|
|
|
1.2
|
|
|
Operating income
|
|
|
109.5
|
|
|
|
96.9
|
|
|
|
183.8
|
|
|
|
149.0
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
Interest expense, net
|
|
|
(18.2
|
)
|
|
|
(15.3
|
)
|
|
|
(35.4
|
)
|
|
|
(30.8
|
)
|
|
Other income
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
0.1
|
|
|
Income before gain on issuance of units in Inergy, income taxes and
interest of non-controlling partners in Inergy, L.P. and ASC
|
|
|
91.3
|
|
|
|
81.6
|
|
|
|
148.4
|
|
|
|
118.3
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on issuance of units in Inergy, L.P.
|
|
|
2.9
|
|
|
|
-
|
|
|
|
3.2
|
|
|
|
-
|
|
|
Provision for income taxes
|
|
|
(0.8
|
)
|
|
|
(0.7
|
)
|
|
|
(1.3
|
)
|
|
|
(1.2
|
)
|
|
Interest of non-controlling partners in Inergy, L.P.’s net income
|
|
|
(72.3
|
)
|
|
|
(65.7
|
)
|
|
|
(114.4
|
)
|
|
|
(91.4
|
)
|
|
Interest of non-controlling partners in ASC’s consolidated net income
|
|
|
(0.3
|
)
|
|
|
(0.2
|
)
|
|
|
(0.7
|
)
|
|
|
(0.5
|
)
|
|
Net income
|
|
$
|
20.8
|
|
|
$
|
15.0
|
|
|
$
|
35.2
|
|
|
$
|
25.2
|
|
|
|
|
|
|
|
|
|
|
|
|
Partners’ interest information:
|
|
|
|
|
|
|
|
|
|
Less distribution paid on restricted units
|
|
$
|
0.1
|
|
|
$
|
-
|
|
|
$
|
0.3
|
|
|
$
|
-
|
|
|
Net income applicable to limited partners’ units
|
|
$
|
20.7
|
|
|
$
|
15.0
|
|
|
$
|
34.9
|
|
|
$
|
25.2
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per limited partner unit:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
1.03
|
|
|
$
|
0.74
|
|
|
$
|
1.74
|
|
|
$
|
1.25
|
|
|
Diluted
|
|
$
|
1.03
|
|
|
$
|
0.73
|
|
|
$
|
1.74
|
|
|
$
|
1.23
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average limited partners’ units outstanding (in
thousands):
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
20,027
|
|
|
|
20,008
|
|
|
|
20,025
|
|
|
|
20,008
|
|
|
Diluted
|
|
|
20,090
|
|
|
|
20,248
|
|
|
|
20,057
|
|
|
|
20,267
|
|
Inergy, L.P.
Mike Campbell, 816-842-8181
investorrelations@inergyservices.com
