SUGAR LAND, Texas, July 27, 2017 /PRNewswire/ -- CVR Partners,
LP (NYSE: UAN), a manufacturer of ammonia and urea ammonium nitrate
(UAN) solution fertilizer products, today announced a second
quarter 2017 net loss of $3.5
million, or 3 cents per common
unit, on net sales of $97.9 million,
compared to a net loss of $17.0
million, or 15 cents per
common unit, on net sales of $119.8
million for the second quarter a year earlier. Adjusted
EBITDA, a non-GAAP financial measure, was $32.3 million for the second quarter of 2017,
compared to adjusted EBITDA of $29.1
million for the second quarter of 2016.
For the first six months of 2017, CVR Partners had a net loss of
$13.8 million, or 12 cents per common unit, on net sales of
$183.2 million, compared to net
income of $1.0 million, or
1 cent per common unit, on net sales
of $192.9 million for the comparable
period a year earlier. Adjusted EBITDA for the first six months of
2017 was $53.1 million, compared to
adjusted EBITDA of $57.0 million for
the first six months of 2016.
CVR Partners' results include the results of the East Dubuque fertilizer facility beginning
April 1, 2016.
"The East Dubuque fertilizer
facility continued to achieve high on-stream rates during the 2017
second quarter, with the ammonia plant posting a record on-stream
rate of 100 percent," said Mark
Pytosh, chief executive officer. "The gasification and
ammonia plants at our Coffeyville
facility operated at on-stream rates above 98 percent, however, we
experienced approximately 11 days of downtime in the UAN plant
related to outages at Linde's air separation facility.
"Nitrogen fertilizer pricing continues to be impacted by
additional production, particularly in the United States. In the U.S., we saw a
marked decrease in imported nitrogen product as the spring
progressed," Pytosh said. "The last of the large U.S. capacity
expansions is expected to come online and enter production during
the third quarter and trade flows have been adjusting to the new
capacity. While the market completes this transition, we will
continue to focus on operating our plants at high on-stream rates,
maximizing our marketing and logistics efforts and prudently
managing costs and capital spending."
Consolidated Operations
For the second quarter of 2017, consolidated average realized
gate prices for UAN and ammonia were $174 per ton and $333 per ton, respectively. Consolidated average
realized gate prices for UAN and ammonia were $199 per ton and $417 per ton, respectively, for the same period
in 2016.
CVR Partners' fertilizer facilities produced a combined 215,300
tons of ammonia during the second quarter of 2017, of which 77,500
net tons were available for sale while the rest was upgraded to
other fertilizer products, including 313,800 tons of UAN. In the
2016 second quarter, the fertilizer facilities produced 171,500
tons of ammonia, of which 45,600 net tons were available for sale
while the remainder was upgraded to other fertilizer products,
including 296,500 tons of UAN.
Distributions
CVR Partners will not pay a cash distribution for the 2017
second quarter. CVR Partners is a variable distribution master
limited partnership. As a result, its quarterly distributions, if
any, will vary from quarter to quarter due to several factors,
including, but not limited to, its operating performance,
fluctuations in the prices received for its finished products,
maintenance capital expenditures, and cash reserves deemed
necessary or appropriate by the board of directors of its general
partner.
2017 Second Quarter Earnings Conference Call
CVR Partners previously announced that it will host its 2017
second quarter Earnings Conference Call for analysts and investors
on Thursday, July 27, at 11 a.m. Eastern. The Earnings Conference Call may
also include discussion of the Partnership's developments,
forward-looking information and other material information about
business and financial matters.
The Earnings Conference Call will be broadcast live over the
Internet at https://www.webcaster4.com/Webcast/Page/1004/21796. For
investors or analysts who want to participate during the call, the
dial-in number is (877) 407-8029.
For those unable to listen live, the webcast will be archived
and available for 14 days at
https://www.webcaster4.com/Webcast/Page/1004/21796. A repeat of the
conference call can be accessed by dialing (877) 660-6853,
conference ID 13666027.
This release serves as a qualified notice to nominees and
brokers as provided for under Treasury Regulation Section
1.1446-4(b). Please note that 100 percent of CVR Partners'
distributions to foreign investors are attributable to income that
is effectively connected with a United
States trade or business. Accordingly, CVR Partners'
distributions to foreign investors are subject to federal income
tax withholding at the highest effective tax rate.
Forward-Looking Statements
This news release contains
forward-looking statements. You can generally identify
forward-looking statements by our use of forward-looking
terminology such as "outlook," "anticipate," "believe," "continue,"
"could," "estimate," "expect," "intend," "may," "might," "plan,"
"potential," "predict," "seek," "should," or "will," or the
negative thereof or other variations thereon or comparable
terminology. These forward-looking statements are only predictions
and involve known and unknown risks and uncertainties, many of
which are beyond our control. For a discussion of risk factors
which may affect our results, please see the risk factors and other
disclosures included in our most recent Annual Report on
Form 10-K, any subsequently filed Quarterly Reports on Form
10-Q and our other SEC filings. These risks may cause our actual
results, performance or achievements to differ materially from any
future results, performance or achievements expressed or implied by
these forward-looking statements. Given these risks and
uncertainties, you are cautioned not to place undue reliance on
such forward-looking statements. The forward-looking statements
included in this press release are made only as of the date hereof.
CVR Partners disclaims any intention or obligation to update
publicly or revise its forward-looking statements, whether as a
result of new information, future events or otherwise, except to
the extent required by law.
About CVR Partners, LP
Headquartered in Sugar Land, Texas, CVR Partners, LP is a
Delaware limited partnership
focused on the production, marketing and distribution of nitrogen
fertilizer products. It primarily produces urea ammonium nitrate
(UAN) and ammonia, which are predominantly used by farmers to
improve the yield and quality of their crops. CVR Partners'
Coffeyville, Kansas, nitrogen
fertilizer manufacturing facility includes a 1,300 ton-per-day
ammonia unit, a 3,000 ton-per-day UAN unit and a dual-train
gasifier complex having a capacity of 89 million standard cubic
feet per day of hydrogen. CVR Partners' East Dubuque, Illinois, nitrogen fertilizer
manufacturing facility includes a 1,075 ton-per-day ammonia unit
and a 1,100 ton-per-day UAN unit.
For further information, please contact:
Investor Contact:
Jay
Finks
CVR Partners, LP
(281) 207-3588
InvestorRelations@CVRPartners.com
Media Relations:
Brandee
Stephens
CVR Partners, LP
(281) 207-3516
MediaRelations@CVRPartners.com
CVR Partners, LP
Financial and Operational Data (all information in this
release is unaudited other than the balance sheet data as of
December 31, 2016). On
April 1, 2016, CVR Partners, LP (the
"Partnership") completed the merger (the "East Dubuque Merger")
whereby the Partnership acquired a nitrogen fertilizer
manufacturing facility located in East
Dubuque, Illinois (the "East Dubuque Facility"). The
consolidated financial statements and key operating metrics include
the results of the East Dubuque Facility beginning on April 1, 2016, the date of the closing of the
acquisition.
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Three Months
Ended
June 30,
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Six Months
Ended
June 30,
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2017
|
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2016
|
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2017
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2016
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(in millions,
except unit data)
|
Consolidated
Statements of Operations Data:
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|
|
|
|
|
|
Net sales
(1)
|
$
|
97.9
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|
|
$
|
119.8
|
|
|
$
|
183.2
|
|
|
$
|
192.9
|
|
|
|
|
|
|
|
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Cost of materials and
other - Affiliates
|
1.6
|
|
|
0.5
|
|
|
3.8
|
|
|
1.4
|
|
Cost of materials and
other - Third parties
|
20.5
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|
|
35.5
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|
|
40.1
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|
|
51.0
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Direct operating
expenses - Affiliates (2)
|
1.0
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1.2
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|
|
1.8
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2.1
|
|
Direct operating
expenses - Third parties (2)
|
36.8
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|
|
53.0
|
|
|
71.9
|
|
|
75.8
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Depreciation and
amortization
|
20.0
|
|
|
17.6
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35.4
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|
24.5
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Cost of
sales
|
79.9
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|
|
107.8
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|
|
153.0
|
|
|
154.8
|
|
Selling, general and
administrative expenses - Affiliates (3)
|
3.6
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|
|
3.9
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7.5
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7.4
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|
Selling, general and
administrative expenses - Third parties (3)
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2.2
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4.4
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5.2
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7.3
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Operating
income
|
12.2
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|
3.7
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|
|
17.5
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|
23.4
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Interest expense and
other financing costs
|
(15.7)
|
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|
(15.5)
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(31.4)
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(17.2)
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Loss on
extinguishment of debt
|
—
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(5.1)
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—
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(5.1)
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Other income,
net
|
—
|
|
|
—
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|
|
0.1
|
|
|
—
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Income (loss) before
income tax expense
|
(3.5)
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|
(16.9)
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(13.8)
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|
1.1
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|
Income tax
expense
|
—
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|
0.1
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|
|
—
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|
0.1
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|
Net income
(loss)
|
$
|
(3.5)
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|
|
$
|
(17.0)
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|
|
$
|
(13.8)
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|
|
$
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1.0
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Net income (loss) per
common unit - basic and diluted
|
$
|
(0.03)
|
|
|
$
|
(0.15)
|
|
|
$
|
(0.12)
|
|
|
$
|
0.01
|
|
|
|
|
|
|
|
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Adjusted
EBITDA*
|
$
|
32.3
|
|
|
$
|
29.1
|
|
|
$
|
53.1
|
|
|
$
|
57.0
|
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Available cash for
distribution*
|
$
|
—
|
|
|
$
|
19.7
|
|
|
$
|
1.8
|
|
|
$
|
50.4
|
|
|
|
|
|
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|
Weighted average
common units outstanding - basic and diluted (in
thousands)
|
113,283
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|
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113,283
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113,283
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93,206
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________________________________
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* See "Use of
Non-GAAP Financial Measures" below.
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(1)
|
Below are the
components of net sales:
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Three Months
Ended
June 30,
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|
Six Months
Ended
June 30,
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|
2017
|
|
2016
|
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2017
|
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2016
|
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(in millions)
|
Reconciliation to
net sales:
|
|
|
|
|
|
|
|
Fertilizer sales net
at gate
|
$
|
87.6
|
|
|
$
|
103.3
|
|
|
$
|
163.6
|
|
|
$
|
168.1
|
|
Freight in
revenue
|
8.2
|
|
|
8.7
|
|
|
15.3
|
|
|
15.6
|
|
Hydrogen
revenue
|
—
|
|
|
0.5
|
|
|
0.1
|
|
|
1.6
|
|
Other, including the
impact of purchase accounting
|
2.1
|
|
|
7.3
|
|
|
4.2
|
|
|
7.6
|
|
Total net
sales
|
$
|
97.9
|
|
|
$
|
119.8
|
|
|
$
|
183.2
|
|
|
$
|
192.9
|
|
|
|
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|
(2)
|
Direct operating
expenses are reflected exclusive of depreciation and
amortization.
|
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(3)
|
The Partnership
incurred legal and other professional fees and other merger related
expenses that are referred to herein as expenses associated with
the East Dubuque Merger, which are included in selling, general and
administrative expenses. The Partnership incurred approximately
$1.2 million and $2.5 million, respectively, of expenses associated
with the East Dubuque Merger for the three and six months ended
June 30, 2016.
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As
of June
30, 2017
|
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As
of December
31, 2016
|
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(audited)
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(in millions)
|
Balance Sheet
Data:
|
|
|
|
Cash and cash
equivalents
|
$
|
51.7
|
|
|
$
|
55.6
|
|
Working
capital
|
87.9
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|
|
71.5
|
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Total
assets
|
1,280.6
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|
|
1,312.2
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Total debt, net of
current portion
|
624.5
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623.1
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Total partners'
capital
|
608.9
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624.9
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|
|
|
|
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|
|
Three Months
Ended
June 30,
|
|
Six Months
Ended
June 30,
|
|
2017
|
|
2016
|
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2017
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2016
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(in millions)
|
Cash Flow
Data:
|
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|
Net cash flow
provided by (used in):
|
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|
|
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Operating
activities
|
$
|
(23.0)
|
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|
$
|
5.5
|
|
|
$
|
7.0
|
|
|
$
|
29.1
|
|
Investing
activities
|
(4.5)
|
|
|
(74.0)
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|
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(8.6)
|
|
|
(75.7)
|
|
Financing
activities
|
(2.3)
|
|
|
92.8
|
|
|
(2.3)
|
|
|
72.9
|
|
Net increase
(decrease) in cash and cash equivalents
|
$
|
(29.8)
|
|
|
$
|
24.3
|
|
|
$
|
(3.9)
|
|
|
$
|
26.3
|
|
|
|
|
|
|
|
|
|
Capital expenditures
for property, plant and equipment:
|
|
|
|
|
|
|
|
Maintenance capital
expenditures
|
$
|
4.4
|
|
|
$
|
4.1
|
|
|
$
|
8.4
|
|
|
$
|
4.9
|
|
Growth capital
expenditures
|
0.1
|
|
|
6.0
|
|
|
0.2
|
|
|
7.0
|
|
Total capital
expenditures
|
$
|
4.5
|
|
|
$
|
10.1
|
|
|
$
|
8.6
|
|
|
$
|
11.9
|
|
Operating Data
The following tables set forth information about our
consolidated operations and our nitrogen fertilizer manufacturing
facility located in Coffeyville,
Kansas (the "Coffeyville Facility") and the East Dubuque
Facility.
|
|
Three Months
Ended
June 30,
|
|
Six Months
Ended
June 30,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Key Operating
Statistics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated sales
(thousand tons):
|
|
|
|
|
|
|
|
Ammonia
|
74.6
|
|
|
73.6
|
|
|
136.5
|
|
|
98.0
|
|
UAN
|
330.9
|
|
|
339.4
|
|
|
652.5
|
|
|
606.4
|
|
|
|
|
|
|
|
|
|
Consolidated product
pricing at gate (dollars per ton) (1):
|
|
|
|
|
|
|
|
Ammonia
|
$
|
333
|
|
|
$
|
417
|
|
|
$
|
322
|
|
|
$
|
405
|
|
UAN
|
$
|
174
|
|
|
$
|
199
|
|
|
$
|
167
|
|
|
$
|
204
|
|
|
|
|
|
|
|
|
|
Consolidated
production volume (thousand tons):
|
|
|
|
|
|
|
|
Ammonia (gross
produced) (2)
|
215.3
|
|
|
171.5
|
|
|
434.5
|
|
|
285.1
|
|
Ammonia (net available
for sale) (2)
|
77.5
|
|
|
45.6
|
|
|
157.5
|
|
|
60.7
|
|
UAN
|
313.8
|
|
|
296.5
|
|
|
655.7
|
|
|
544.7
|
|
|
|
|
|
|
|
|
|
Feedstock:
|
|
|
|
|
|
|
|
Petroleum coke used
in production (thousand tons)
|
124.0
|
|
|
130.6
|
|
|
256.6
|
|
|
257.5
|
|
Petroleum coke used
in production (dollars per ton)
|
$
|
21
|
|
|
$
|
12
|
|
|
$
|
17
|
|
|
$
|
15
|
|
Natural gas used in
production (thousands of MMBtus)
|
2,134.0
|
|
|
1,396.1
|
|
|
4,225.3
|
|
|
1,396.1
|
|
Natural gas used in
production (dollars per MMBtu) (3)
|
$
|
3.18
|
|
|
$
|
2.41
|
|
|
$
|
3.29
|
|
|
$
|
2.41
|
|
Natural gas in cost
of materials and other (thousands of MMBtus)
|
2,487.4
|
|
|
1,063.0
|
|
|
3,963.4
|
|
|
1,063.0
|
|
Natural gas in cost
of materials and other (dollars per MMBtu) (3)
|
$
|
3.24
|
|
|
$
|
2.33
|
|
|
$
|
3.37
|
|
|
$
|
2.33
|
|
|
|
|
|
|
|
|
|
Coffeyville Facility
on-stream factors (4):
|
|
|
|
|
|
|
|
Gasification
|
98.8
|
%
|
|
98.0
|
%
|
|
98.8
|
%
|
|
97.8
|
%
|
Ammonia
|
98.2
|
%
|
|
96.6
|
%
|
|
98.3
|
%
|
|
96.9
|
%
|
UAN
|
87.3
|
%
|
|
93.7
|
%
|
|
92.0
|
%
|
|
92.5
|
%
|
|
|
|
|
|
|
|
|
East Dubuque Facility
on-stream factors (4):
|
|
|
|
|
|
|
|
Ammonia
|
100.0
|
%
|
|
68.6
|
%
|
|
99.8
|
%
|
|
68.6
|
%
|
UAN
|
99.4
|
%
|
|
69.1
|
%
|
|
98.8
|
%
|
|
69.1
|
%
|
|
|
|
|
|
|
|
|
Market
Indicators:
|
|
|
|
|
|
|
|
Ammonia - Southern
plains (dollars per ton)
|
$
|
316
|
|
|
$
|
419
|
|
|
$
|
352
|
|
|
$
|
397
|
|
Ammonia - Corn belt
(dollars per ton)
|
$
|
365
|
|
|
$
|
489
|
|
|
$
|
395
|
|
|
$
|
465
|
|
UAN - Corn belt
(dollars per ton)
|
$
|
196
|
|
|
$
|
239
|
|
|
$
|
205
|
|
|
$
|
234
|
|
Natural gas NYMEX
(dollars per MMBtu)
|
$
|
3.14
|
|
|
$
|
2.25
|
|
|
$
|
3.10
|
|
|
$
|
2.12
|
|
______________________________
|
|
|
(1)
|
Product pricing at
gate represents net sales less freight revenue divided by product
sales volume in tons and is shown in order to provide a pricing
measure that is comparable across the fertilizer
industry.
|
|
|
(2)
|
Gross tons produced
for ammonia represent total ammonia produced, including ammonia
produced that was upgraded into other fertilizer products. Net tons
available for sale represent ammonia available for sale that was
not upgraded into other fertilizer products.
|
|
|
(3)
|
The cost per MMBtu
excludes derivative activity, when applicable. The impact of
natural gas derivative activity during the periods presented was
not material.
|
|
|
(4)
|
On-stream factor is
the total number of hours operated divided by the total number of
hours in the reporting period and is included as a measure of
operating efficiency.
|
Coffeyville Facility
The Linde air separation unit
experienced a shut down during the second quarter of 2017.
Following the Linde outage, the Coffeyville Facility UAN unit
experienced a number of operational challenges, resulting in
approximately 11 days of UAN downtime during the three months ended
June 30, 2017. Excluding the impact
of the Linde air separation unit outage at the Coffeyville
Facility, the UAN unit on-stream factors at the Coffeyville
Facility would have been 99.5% and 98.1%, respectively, for the
three and six months ended June 30, 2017.
East Dubuque Facility
Excluding the impact of the full
facility turnaround at the East Dubuque Facility, the on-stream
factors at the East Dubuque Facility would have been 100% for
ammonia and 99.6% for UAN for the three months ended June 30, 2016.
Use of Non-GAAP Financial Measures
To supplement our actual results calculated in accordance with
GAAP for the applicable periods, the Partnership also uses the
non-GAAP financial measures noted above, which are reconciled to
our GAAP based results below. These non-GAAP financial measures
should not be considered as an alternative to GAAP results.
EBITDA is defined as net income (loss) before (i) interest
(income) expense, (ii) income tax expense and (iii) depreciation
and amortization expense.
Adjusted EBITDA is defined as EBITDA further adjusted for the
impact of major scheduled turnaround expenses, gain or loss on
extinguishment of debt, loss on disposition of assets, expenses
associated with the East Dubuque Merger, and business interruption
insurance recovery, when applicable.
We present EBITDA because we believe it allows users of our
financial statements, such as investors and analysts, to assess our
financial performance without regard to financing methods, capital
structure or historical cost basis. We present Adjusted EBITDA
because we have found it helpful to consider an operating measure
that excludes amounts, such as major scheduled turnaround expenses,
gain or loss on extinguishment of debt, loss on disposition of
assets, expenses associated with the East Dubuque Merger, and
business interruption insurance recovery, relating to transactions
not reflective of our core operations. When applicable, each of
these amounts is discussed in the Management's Discussion and
Analysis of Financial Condition and Results of Operations section
of our SEC reports, so that investors have complete information
about these amounts. We also present Adjusted EBITDA because it is
the starting point used by the board of directors of our general
partner when calculating our available cash for distribution.
EBITDA and Adjusted EBITDA are not recognized terms under GAAP
and should not be substituted for net income (loss) or cash flows
from operations. Management believes that EBITDA and Adjusted
EBITDA enable investors and analysts to better understand our
ability to make distributions to common unitholders, help investors
and analysts evaluate our ongoing operating results and allow for
greater transparency in reviewing our overall financial,
operational and economic performance by allowing investors to
evaluate the same information used by management. EBITDA and
Adjusted EBITDA presented by other companies may not be comparable
to our presentation, since each company may define these terms
differently.
A reconciliation of consolidated Net income (loss) to
consolidated EBITDA and consolidated Adjusted EBITDA is as
follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
June 30,
|
|
Six Months
Ended
June 30,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
(in millions)
|
Net income
(loss)
|
$
|
(3.5)
|
|
|
$
|
(17.0)
|
|
|
$
|
(13.8)
|
|
|
$
|
1.0
|
|
Add:
|
|
|
|
|
|
|
|
Interest expense and
other financing costs, net
|
15.7
|
|
|
15.5
|
|
|
31.4
|
|
|
17.2
|
|
Income tax
expense
|
—
|
|
|
0.1
|
|
|
—
|
|
|
0.1
|
|
Depreciation and
amortization
|
20.0
|
|
|
17.6
|
|
|
35.4
|
|
|
24.5
|
|
EBITDA
|
$
|
32.2
|
|
|
$
|
16.2
|
|
|
$
|
53.0
|
|
|
$
|
42.8
|
|
Add:
|
|
|
|
|
|
|
|
Major scheduled
turnaround expenses
|
0.1
|
|
|
6.6
|
|
|
0.1
|
|
|
6.6
|
|
Loss on
extinguishment of debt
|
—
|
|
|
5.1
|
|
|
—
|
|
|
5.1
|
|
Expenses associated
with the East Dubuque Merger
|
—
|
|
|
1.2
|
|
|
—
|
|
|
2.5
|
|
Adjusted
EBITDA
|
$
|
32.3
|
|
|
$
|
29.1
|
|
|
$
|
53.1
|
|
|
$
|
57.0
|
|
Available cash for distribution is not a recognized term under
GAAP. Available cash for distribution should not be considered in
isolation or as an alternative to net income (loss) or operating
income, or any other measure of financial performance or operating
performance. In addition, available cash for distribution is not
presented as, and should not be considered, an alternative to cash
flows from operations or as a measure of liquidity. Available cash
for distribution as reported by the Partnership may not be
comparable to similarly titled measures of other entities, thereby
limiting its usefulness as a comparative measure.
Available cash begins with Adjusted EBITDA reduced for cash
needed for (i) net cash interest expense (excluding
capitalized interest) and debt service and other contractual
obligations; (ii) maintenance capital expenditures; and
(iii) to the extent applicable, major scheduled turnaround
expenses, reserves for future operating or capital needs that the
board of directors of the general partner deems necessary or
appropriate, and expenses associated with the East Dubuque Merger,
if any. Available cash for distribution may be increased by the
release of previously established cash reserves, if any, at the
discretion of the board of directors of our general partner, and
available cash is increased by the business interruption insurance
proceeds and the impact of purchase accounting. Actual
distributions are set by the board of directors of our general
partner. The board of directors of our general partner may modify
our cash distribution policy at any time, and our partnership
agreement does not require us to make distributions at all.
A reconciliation of consolidated Adjusted EBITDA to Available
cash for distribution is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
June 30,
|
|
Six Months
Ended
June 30,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
(in millions,
except units and per unit data)
|
Adjusted
EBITDA
|
$
|
32.3
|
|
|
$
|
29.1
|
|
|
$
|
53.1
|
|
|
$
|
57.0
|
|
Adjustments:
|
|
|
|
|
|
|
|
Less:
|
|
|
|
|
|
|
|
Net cash interest
expense (excluding capitalized interest) and debt
service
|
(14.9)
|
|
|
(14.5)
|
|
|
(29.9)
|
|
|
(15.9)
|
|
Maintenance capital
expenditures
|
(4.4)
|
|
|
(4.1)
|
|
|
(8.4)
|
|
|
(4.9)
|
|
Major scheduled
turnaround expenses
|
(0.1)
|
|
|
(6.6)
|
|
|
(0.1)
|
|
|
(6.6)
|
|
Cash reserves for
future operating needs
|
(12.9)
|
|
|
—
|
|
|
(12.9)
|
|
|
—
|
|
Expenses associated
with the East Dubuque Merger
|
—
|
|
|
(1.2)
|
|
|
—
|
|
|
(2.5)
|
|
Add:
|
|
|
|
|
|
|
|
Insurance recovery -
business interruption
|
—
|
|
|
4.0
|
|
|
—
|
|
|
4.0
|
|
Impact of purchase
accounting
|
—
|
|
|
13.0
|
|
|
—
|
|
|
13.0
|
|
Available cash
associated with East Dubuque 2016 first quarter
|
—
|
|
|
—
|
|
|
—
|
|
|
6.3
|
|
Available cash for
distribution
|
$
|
—
|
|
|
$
|
19.7
|
|
|
$
|
1.8
|
|
|
$
|
50.4
|
|
Available cash for
distribution, per common unit
|
$
|
—
|
|
|
$
|
0.17
|
|
|
$
|
0.02
|
|
|
$
|
0.44
|
|
Distribution
declared, per common unit
|
$
|
—
|
|
|
$
|
0.17
|
|
|
$
|
0.02
|
|
|
$
|
0.44
|
|
Common units
outstanding (in thousands)
|
113,283
|
|
|
113,283
|
|
|
113,283
|
|
|
113,283
|
|
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SOURCE CVR Partners, LP