Arc Logistics Partners LP (NYSE:ARCX) ("Arc Logistics" or the
"Partnership") today reported its financial and operating results
for the first quarter ended March 31, 2017.
During the first quarter of 2017, the
Partnership accomplished the following:
- Realized throughput of 159.5 thousand barrels per day
(“mbpd”)
- Reported revenues, net income and Adjusted EBITDA of $25.9
million, $3.8 million and $13.3 million, respectively
- Invested $2.9 million of expansion capital expenditures to
support existing, new and future customer initiatives
- Generated cash flows from operating activities of $11.5 million
and Distributable Cash Flow of $9.2 million
- Declared a quarterly cash distribution of $0.44 per unit for
the first quarter ended March 31, 2017
For additional information regarding the
Partnership’s calculation of Adjusted EBITDA and Distributable Cash
Flow, which are non-GAAP financial measures, and a reconciliation
of net income to Adjusted EBITDA and cash flows from operating
activities to Distributable Cash Flow, please see below in this
release and the accompanying tables.
First Quarter 2017 Operational and
Financial Results
The Partnership’s first quarter 2017 reported
revenues, net income and Adjusted EBITDA of $25.9 million, $3.8
million and $13.3 million, respectively, represents a decrease over
the Partnership’s first quarter 2016 reported revenues, net income
and Adjusted EBITDA of $26.1 million, $5.0 million and $13.5
million, respectively. Operating income decreased by $0.9 million
to $4.1 million for the first quarter 2017 when compared to the
first quarter 2016 operating income of $5.0 million, which decrease
was principally due to the following:
- Revenues decreased by $0.1 million, or 1%, to $25.9 million as
compared to $26.1 million, which decrease was related to a $1.1
million decrease in minimum storage and throughput services fees
primarily due to transitioning customers from short-term agreements
to long-term agreements, customers reducing short-term storage
capacity needs and/or total minimum take-or-pay contract terms at
Altoona, Blakeley, Chickasaw, Dupont, Mechanicsburg, Mobile,
Portland and Williamsport terminals, offset by (i) $0.7 million
increase in excess throughput and handling fees primarily due to
execution of new agreements and incremental existing customer
throughput and handling fees at the Partnership’s Altoona,
Baltimore, Chickasaw, Cleveland, Dupont, Mechanicsburg, Mobile,
Norfolk, Pawnee, Selma, Toledo and Williamsport terminals and (ii)
a $0.3 million increase in ancillary services fees primarily due to
services provided to existing customers at the Partnership’s
Baltimore, Brooklyn, Dupont, Mechanicsburg, Norfolk, Pawnee, Selma
and Spartanburg terminals due to increased activity.
- Operating expenses increased by $0.2 million, or 2%, to $8.9
million as compared to $8.7 million, which increase was the result
of a (i) $0.2 million increase attributable to increased throughput
activity including additive, utility and supply expenses, (ii) $0.1
million increase in repair and maintenance expense, (iii) $0.2
million increase in contract labor in support of customer
activities at the Joliet terminal and (iv) an increase in
compliance expense of $0.1 million, offset by (i) reduced payroll
expenses of $0.1 million due to a realignment and optimization of
the Partnership’s workforce, (ii) $0.1 million related to a
reduction in office expenses, (iii) $0.1 million related to prior
period tank cleaning projects and (iv) $0.1 million related to a
reduction in estimated property taxes related to prior year
acquisitions.
- Selling, general and administrative expenses decreased by
approximately $0.7 million, or 14%, to $4.5 million as compared to
$5.2 million, which was a result of a (i) $0.3 million decrease in
due diligence expenses, (ii) $0.2 million decrease in professional
fees associated with a customer dispute, (iii) $0.2 million
decrease related to a reduction in compensation expense under the
Partnership’s long-term incentive plan and (iv) less than $0.1
million decrease related to a reduction in allocation of expenses
from the Partnership’s general partner.
- Depreciation expense increased by $0.8 million, or 22%, to $4.5
million as compared to $3.7 million, which increase was primarily
due to the impact of the expansion project at our Pennsylvania
terminals which were acquired in 2016, customer expansion
activities and incremental maintenance projects. Amortization
expense decreased by less than $0.1 million, or 1%, to $3.7
million, which decrease was primarily due to an intangible asset
related to the Mobile terminal acquisition becoming fully amortized
in the first quarter of 2016.
As of March 31, 2017, the Partnership's storage
capacity was approximately 7.8 million barrels, which represents an
approximately 0.1 million barrel, or 1%, increase when compared to
the Partnership’s capacity at March 31, 2016. The increase in
storage capacity is related to three newly constructed biodiesel
tanks at the Pennsylvania terminals and the completion of the third
100,000 barrel tank at the Pawnee terminal.
The Partnership's throughput activity increased
by 14.5 mbpd, or 10%, to 159.5 mbpd during the first quarter of
2017 compared to the first quarter of 2016. The increase was due to
(i) 2.9 mbpd increase in asphalt and industrial products throughput
related to existing customer activity in the Gulf Coast, (ii) 0.5
mbpd decrease in crude oil throughput as customer activity at the
Joliet terminal offset a reduction in customer activity at the
Pawnee and Portland terminals, (iii) 5.0 mbpd increase in
distillates throughput is the result of recently executed
agreements and increased existing customer activity in Baltimore,
Chickasaw, Cleveland and the Pennsylvania terminals, partially
offset by reduced customer activity and customer non-renewals in
the Partnership’s Blakeley, Madison, Mobile, Portland, Selma,
Toledo terminals, (iv) 7.1 mbpd increase in gasoline throughput as
a result of 8.3 mbpd of recently executed agreements and increased
commercial activity across the entire network providing gasoline
service offset by 1.2 mbpd of reduced customer activity in the
Partnership’s Dupont and Selma terminals.
In April 2017, the Partnership declared a
quarterly cash distribution of $0.44 per unit, or $1.76 per unit on
an annualized basis, for the period from January 1, 2017 through
March 31, 2017. The distribution will be paid on May 15, 2017
to unitholders of record on May 8, 2017.
Conference Call
Arc Logistics will hold a conference call and
webcast to discuss the first quarter 2017 financial and operating
results on May 4, 2017, at 5:00 p.m. Eastern. Interested parties
may listen to the conference call by dialing (855) 433-0931.
International callers may access the conference call by dialing
(484) 756-4279. The call may also be accessed live over the
internet by visiting the “Investor Relations” page of the
Partnership’s website at www.arcxlp.com and will be available for
replay for approximately one month.
About Arc Logistics Partners LP
Arc Logistics is a fee-based, growth-oriented
limited partnership that owns, operates, develops and acquires a
diversified portfolio of complementary energy logistics assets. Arc
Logistics is principally engaged in the terminalling, storage,
throughput and transloading of petroleum products and other
liquids. For more information, please visit www.arcxlp.com.
Forward-Looking Statements
Certain statements and information in this press
release constitute “forward-looking statements.” Certain
expressions including “believe,” “expect,” “intends,” or other
similar expressions are intended to identify the Partnership’s
current expectations, opinions, views or beliefs concerning future
developments and their potential effect on the Partnership. While
management believes that these forward-looking statements are
reasonable when made, there can be no assurance that future
developments affecting the Partnership will be those that it
anticipates. The forward-looking statements involve significant
risks and uncertainties (some of which are beyond the Partnership’s
control) and assumptions that could cause actual results to differ
materially from the Partnership’s historical experience and its
present expectations or projections. Important factors that could
cause actual results to differ materially from forward-looking
statements include but are not limited to: (i) adverse economic,
capital markets and political conditions; (ii) changes in the
market place for the Partnership’s services; (iii) changes in
prices and supply and demand of crude oil and petroleum products;
(iv) actions and performance of the Partnership’s customers,
vendors or competitors; (v) nonrenewal, nonpayment or
nonperformance by the Partnership’s customers and the Partnership’s
ability to replace such contracts and/or customers; (vi) changes in
the cost of or availability of capital; (vi) unanticipated capital
expenditures in connection with the construction, repair or
replacement of the Partnership’s assets; (viii) operating hazards,
unforeseen weather events or matters beyond the Partnership’s
control; (ix) inability to consummate acquisitions, pending or
otherwise, on acceptable terms and successfully integrate acquired
businesses into the Partnership’s operations; (x) effects of
existing and future laws or governmental regulations; and (xi)
litigation. Additional information concerning these and other
factors that could cause the Partnership’s actual results to differ
from projected results can be found in the Partnership’s public
periodic filings with the Securities and Exchange Commission
(“SEC”), including the Partnership’s Annual Report on Form 10-K for
the year ended December 31, 2016, as filed with the SEC on March
14, 2017 and any updates thereto in the Partnership’s subsequent
quarterly reports on Form 10-Q and current reports on Forms
8-K. Readers are cautioned not to place undue reliance
on forward-looking statements, which speak only as of the date
thereof. The Partnership undertakes no obligation to publicly
update or revise any forward-looking statements after the date they
are made, whether as a result of new information, future events or
otherwise.
Non-GAAP Financial Measures
The Partnership defines Adjusted EBITDA as net
income before interest expense, income taxes and depreciation and
amortization expense, as further adjusted for other non-cash
charges and other charges that are not reflective of its ongoing
operations. Adjusted EBITDA is a non-GAAP financial measure that
management and external users of the Partnership’s consolidated
financial statements, such as industry analysts, investors, lenders
and rating agencies, may use to assess (i) the performance of the
Partnership’s assets without regard to the impact of financing
methods, capital structure or historical cost basis of the
Partnership’s assets; (ii) the viability of capital expenditure
projects and the overall rates of return on alternative investment
opportunities; (iii) the Partnership’s ability to make
distributions; (iv) the Partnership’s ability to incur and service
debt and fund capital expenditures; and (v) the Partnership’s
ability to incur additional expenses. The Partnership believes that
the presentation of Adjusted EBITDA provides useful information to
investors in assessing its financial condition and results of
operations.
The Partnership defines Distributable Cash Flow
as Adjusted EBITDA less (i) cash interest expense paid; (ii) cash
income taxes paid; (iii) maintenance capital expenditures paid; and
(iv) equity earnings from the Partnership’s interests in Gulf LNG
Holdings Group, LLC (the “LNG Interest”); plus (v) cash
distributions from the LNG Interest. Distributable Cash Flow is a
non-GAAP financial measure that management and external users of
the Partnership’s consolidated financial statements may use to
evaluate whether the Partnership is generating sufficient cash flow
to support distributions to its unitholders as well as to measure
the ability of the Partnership’s assets to generate cash sufficient
to support its indebtedness and maintain its operations.
The GAAP measure most directly comparable to
Adjusted EBITDA is net income and to Distributable Cash Flow is
cash flows from operating activities. Neither Adjusted EBITDA nor
Distributable Cash Flow should be considered an alternative to net
income or cash flows from operating activities, respectively.
Adjusted EBITDA and Distributable Cash Flow have important
limitations as analytical tools because they exclude some but not
all items that affect net income. You should not consider Adjusted
EBITDA or Distributable Cash Flow in isolation or as a substitute
for analysis of the Partnership’s results as reported under GAAP.
Additionally, because Adjusted EBITDA and Distributable Cash Flow
may be defined differently by other companies in the Partnership’s
industry, the Partnership’s definitions of Adjusted EBITDA and
Distributable Cash Flow may not be comparable to similarly titled
measures of other companies, thereby diminishing their utility.
Please see the reconciliation of net income to Adjusted EBITDA and
cash flows from operating activities to Distributable Cash Flow in
the accompanying tables.
|
|
ARC LOGISTICS PARTNERS LP |
|
CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE INCOME |
|
(In thousands, except per unit
amounts) |
|
(Unaudited) |
|
|
|
|
|
Three Months Ended |
|
|
|
March 31, |
|
|
|
|
2017 |
|
|
|
2016 |
|
|
Revenues: |
|
|
|
|
|
Third-party customers |
|
$ |
24,448 |
|
|
$ |
22,584 |
|
|
Related
parties |
|
|
1,477 |
|
|
|
3,483 |
|
|
|
|
|
25,925 |
|
|
|
26,067 |
|
|
Expenses: |
|
|
|
|
|
Operating
expenses |
|
|
8,873 |
|
|
|
8,687 |
|
|
Selling,
general and administrative |
|
|
3,239 |
|
|
|
3,924 |
|
|
Selling,
general and administrative - affiliate |
|
|
1,262 |
|
|
|
1,322 |
|
|
Depreciation |
|
|
4,456 |
|
|
|
3,652 |
|
|
Amortization |
|
|
3,672 |
|
|
|
3,697 |
|
|
(Gain)
loss on revaluation of contingent consideration, net |
|
|
318 |
|
|
|
(189 |
) |
|
Total
expenses |
|
|
21,820 |
|
|
|
21,093 |
|
|
Operating (loss)
income |
|
|
4,105 |
|
|
|
4,974 |
|
|
Other income
(expense): |
|
|
|
|
|
Equity
earnings from unconsolidated affiliate |
|
|
2,371 |
|
|
|
2,461 |
|
|
Interest
expense |
|
|
(2,654 |
) |
|
|
(2,367 |
) |
|
Total
other income (expenses), net |
|
|
(283 |
) |
|
|
94 |
|
|
(Loss)
income before income taxes |
|
|
3,822 |
|
|
|
5,068 |
|
|
Income
taxes |
|
|
31 |
|
|
|
28 |
|
|
Net (loss) income |
|
|
3,791 |
|
|
|
5,040 |
|
|
Net
income attributable to non-controlling interests |
|
|
(1,328 |
) |
|
|
(1,811 |
) |
|
Net (loss) income attributable to partners'
capital |
|
|
2,463 |
|
|
|
3,229 |
|
|
Other
comprehensive (loss) income |
|
|
448 |
|
|
|
(896 |
) |
|
Comprehensive (loss) income attributable to partners’
capital |
$ |
2,911 |
|
|
$ |
2,333 |
|
|
|
|
|
|
|
|
Earnings (loss)
per limited partner unit: |
|
|
|
|
|
Common
units (basic and diluted) |
|
$ |
0.12 |
|
|
$ |
0.15 |
|
|
Subordinated units (basic and diluted) |
|
$ |
- |
|
|
$ |
0.15 |
|
|
|
|
|
|
|
|
ARC LOGISTICS PARTNERS LP |
|
CONSOLIDATED BALANCE SHEETS |
|
(In thousands, except unit
amounts) |
|
(Unaudited) |
|
|
|
|
March 31, |
|
December 31, |
|
|
|
2017 |
|
|
2016 |
|
Assets: |
|
|
|
|
Current
assets: |
|
|
|
|
Cash and
cash equivalents |
$ |
1,762 |
|
$ |
4,584 |
|
Trade
accounts receivable |
|
9,216 |
|
|
8,257 |
|
Due from
related parties |
|
549 |
|
|
1,321 |
|
Inventories |
|
369 |
|
|
397 |
|
Other
current assets |
|
2,341 |
|
|
2,060 |
|
Total
current assets |
|
14,237 |
|
|
16,619 |
|
Property,
plant and equipment, net |
|
395,006 |
|
|
395,511 |
|
Investment in unconsolidated affiliate |
|
76,807 |
|
|
75,716 |
|
Intangible assets, net |
|
114,121 |
|
|
117,716 |
|
Goodwill |
|
39,871 |
|
|
39,871 |
|
Other
assets |
|
2,599 |
|
|
2,980 |
|
Total
assets |
$ |
642,641 |
|
$ |
648,413 |
|
Liabilities and partners' capital: |
|
|
|
|
Current
liabilities: |
|
|
|
|
Accounts
payable |
$ |
4,609 |
|
$ |
2,455 |
|
Accrued
expenses |
|
4,741 |
|
|
5,684 |
|
Due to
general partner |
|
1,557 |
|
|
2,082 |
|
Other
liabilities |
|
2,855 |
|
|
2,961 |
|
Total
current liabilities |
|
13,762 |
|
|
13,182 |
|
Credit
facility |
|
249,500 |
|
|
249,000 |
|
Other
non-current liabilities |
|
19,391 |
|
|
19,805 |
|
Total
liabilities |
|
282,653 |
|
|
281,987 |
|
Commitments and contingencies |
|
|
|
|
Partners'
capital: |
|
|
|
|
General
partner interest |
|
- |
|
|
- |
|
Limited
partners' interest |
|
|
|
|
Common
units – (19,515,678 and 19,477,021 units issued and outstanding at
March 31, 2017 and December 31, 2016, respectively) |
|
276,614 |
|
|
282,228 |
|
Non-controlling interests |
|
80,269 |
|
|
81,541 |
|
Accumulated other comprehensive income |
|
3,105 |
|
|
2,657 |
|
Total
partners' capital |
|
359,988 |
|
|
366,426 |
|
Total
liabilities and partners' capital |
$ |
642,641 |
|
$ |
648,413 |
|
|
|
|
|
|
ARC LOGISTICS PARTNERS LP |
CONSOLIDATED STATEMENTS OF CASH
FLOWS |
(In thousands) |
(Unaudited) |
|
|
|
Three Months Ended |
|
|
March 31, |
|
|
|
2017 |
|
|
|
2016 |
|
Cash
flow from operating activities: |
|
|
|
|
Net
income |
|
$ |
3,791 |
|
|
$ |
5,040 |
|
Adjustments to reconcile net income to net cash provided by (used
in) operating activities: |
|
|
|
|
Depreciation |
|
|
4,456 |
|
|
|
3,652 |
|
Amortization |
|
|
3,672 |
|
|
|
3,697 |
|
Equity
earnings from unconsolidated affiliate, net of distributions |
|
|
(719 |
) |
|
|
(282 |
) |
Amortization of deferred financing costs |
|
|
406 |
|
|
|
359 |
|
Unit-based compensation |
|
|
839 |
|
|
|
1,095 |
|
Net loss
(gain) on revaluation of contingent consideration |
|
|
318 |
|
|
|
(189 |
) |
Changes
in operating assets and liabilities: |
|
|
|
|
Trade
accounts receivable |
|
|
(960 |
) |
|
|
(219 |
) |
Due from
related parties |
|
|
772 |
|
|
|
195 |
|
Inventories |
|
|
27 |
|
|
|
(101 |
) |
Other
current assets |
|
|
(281 |
) |
|
|
56 |
|
Accounts
payable |
|
|
415 |
|
|
|
(792 |
) |
Accrued
expenses |
|
|
(448 |
) |
|
|
(1,447 |
) |
Due to
general partner |
|
|
(525 |
) |
|
|
383 |
|
Other
liabilities |
|
|
(220 |
) |
|
|
1,073 |
|
Net cash provided by operating activities |
|
|
11,543 |
|
|
|
12,520 |
|
Cash
flows from investing activities: |
|
|
|
|
Capital
expenditures |
|
|
(2,557 |
) |
|
|
(5,715 |
) |
Investment in unconsolidated affiliate |
|
|
- |
|
|
|
(8,000 |
) |
Net cash used in investing activities |
|
|
(2,557 |
) |
|
|
(13,715 |
) |
Cash
flows from financing activities: |
|
|
|
|
Distributions |
|
|
(8,570 |
) |
|
|
(8,473 |
) |
Deferred
financing costs |
|
|
(25 |
) |
|
|
(192 |
) |
Repayments to credit facility |
|
|
(5,000 |
) |
|
|
- |
|
Proceeds
from credit facility |
|
|
5,500 |
|
|
|
14,250 |
|
Payments
of earn-out liability |
|
|
(951 |
) |
|
|
(341 |
) |
Distributions paid to non-controlling interests |
|
|
(2,600 |
) |
|
|
(2,800 |
) |
Distribution equivalent rights paid on unissued units |
|
|
(162 |
) |
|
|
(231 |
) |
Net cash (used in) provided by financing activities |
|
|
(11,808 |
) |
|
|
2,213 |
|
Net
increase in cash and cash equivalents |
|
|
(2,822 |
) |
|
|
1,018 |
|
Cash and
cash equivalents, beginning of period |
|
|
4,584 |
|
|
|
5,870 |
|
Cash and
cash equivalents, end of period |
|
$ |
1,762 |
|
|
$ |
6,888 |
|
|
|
|
|
|
ARC LOGISTICS PARTNERS LP |
|
RECONCILIATIONS OF ADJUSTED EBITDA AND
DISTRIBUTABLE CASH FLOW |
|
(In thousands) |
|
(Unaudited) |
|
|
|
|
|
Three Months Ended |
|
|
|
March 31, |
|
|
|
|
2017 |
|
|
|
2016 |
|
|
|
|
|
|
|
|
Net Income Attributable to Partners' Capital |
|
$ |
2,463 |
|
|
$ |
3,229 |
|
|
Income
taxes |
|
|
31 |
|
|
|
28 |
|
|
Interest
expense |
|
|
2,654 |
|
|
|
2,367 |
|
|
Depreciation (a) |
|
|
3,978 |
|
|
|
3,202 |
|
|
Amortization (a) |
|
|
3,055 |
|
|
|
3,081 |
|
|
One-time
non-recurring expenses (b) |
|
|
- |
|
|
|
559 |
|
|
Non-cash
unit-based compensation |
|
|
840 |
|
|
|
1,088 |
|
|
Non-cash
loss (gain) on revaluation of contingent consideration, net
(a),(c) |
|
|
191 |
|
|
|
(113 |
) |
|
Non-cash
deferred rent expense (d) |
|
|
65 |
|
|
|
65 |
|
|
Adjusted EBITDA |
|
$ |
13,277 |
|
|
$ |
13,506 |
|
|
Cash
interest expense |
|
|
(2,273 |
) |
|
|
(2,138 |
) |
|
Cash
income taxes |
|
|
(31 |
) |
|
|
(27 |
) |
|
Maintenance capital expenditures |
|
|
(1,096 |
) |
|
|
(2,080 |
) |
|
Equity
earnings from the LNG Interest |
|
|
(2,371 |
) |
|
|
(2,461 |
) |
|
Cash
distributions received from the LNG Interest |
|
|
1,652 |
|
|
|
2,179 |
|
|
Distributable Cash Flow |
|
$ |
9,158 |
|
|
$ |
8,979 |
|
|
Maintenance capital expenditures |
|
|
1,096 |
|
|
|
2,080 |
|
|
Distributable cash flow attributable to non-controlling
interests |
|
|
2,423 |
|
|
|
2,803 |
|
|
Changes
in operating assets and liabilities |
|
|
(1,220 |
) |
|
|
(852 |
) |
|
One-time
non-recurring expenses (b) |
|
|
- |
|
|
|
(559 |
) |
|
Other
non-cash adjustments |
|
|
86 |
|
|
|
69 |
|
|
Net Cash Provided by Operating Activities |
|
$ |
11,543 |
|
|
$ |
12,520 |
|
|
|
|
|
|
|
|
___________
(a) The (gain) loss on revaluation of contingent consideration,
depreciation and amortization have been adjusted to remove the
non-controlling interest portion related to the GE EFS affiliate’s
ownership interest in Arc Terminals Joliet Holdings LLC.
(b) The one-time non-recurring expenses relate to amounts
incurred as due diligence expenses from acquisitions and other
infrequent or unusual expenses incurred.
(c) The non-cash (gain) loss on revaluation of contingent
consideration is related to the earn-out obligations incurred as a
part of the Joliet terminal acquisition.
(d) The non-cash deferred rent expense relates to the accounting
treatment for the Portland terminal lease transaction termination
fees.
|
|
|
|
ARC LOGISTICS PARTNERS LP |
|
SUPPLEMENTAL INFORMATION |
|
(In thousands, except operating
data) |
|
(Unaudited) |
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
March 31, |
|
|
|
|
|
2017 |
|
|
2016 |
|
Selected Operating Data: |
|
|
|
|
|
|
Storage capacity
(bbls) |
|
|
|
7,842,600 |
|
|
7,741,100 |
|
Throughput (bpd) |
|
|
|
159,476 |
|
|
144,980 |
|
|
|
|
|
|
|
|
Throughput Data (bpd): |
|
|
|
|
|
|
Asphalts and industrial products |
|
|
17,324 |
|
|
14,452 |
|
Crude
oil |
|
|
|
69,714 |
|
|
70,195 |
|
Distillates |
|
|
|
24,206 |
|
|
19,183 |
|
Gasoline |
|
|
|
48,232 |
|
|
41,150 |
|
Total Throughput |
|
|
|
159,476 |
|
|
144,980 |
|
|
|
|
|
|
|
|
Revenue Summary: |
|
|
|
|
|
|
Minimum storage & throughput services fees
|
$ |
20,919 |
|
$ |
22,018 |
|
Excess throughput & handling fees |
|
|
3,316 |
|
|
2,656 |
|
Total
storage & throughput fees |
|
|
24,235 |
|
|
24,674 |
|
Ancillary services
fees |
|
|
|
1,690 |
|
|
1,393 |
|
Total revenue |
|
|
$ |
25,925 |
|
$ |
26,067 |
|
|
|
|
|
|
|
|
Capital Expenditures: |
|
|
|
|
|
|
Maintenance capital expenditures |
|
$ |
1,096 |
|
$ |
2,080 |
|
Growth capital expenditures |
|
|
2,854 |
|
|
4,177 |
|
Total capital
expenditures |
|
|
$ |
3,950 |
|
$ |
6,257 |
|
|
|
|
|
|
|
|
Investor Contact:
IR@arcxlp.com
www.arcxlp.com
212-993-1290
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