XTXI Crosstex Energy, Inc. (MM)

DALLAS, Aug. 9 /PRNewswire-FirstCall/ -- Crosstex Energy, Inc. (NASDAQ:XTXI) (the Corporation) today reported net income of $1.7 million for the second quarter of 2005, compared to net income of $2.4 million for the comparable period in 2004. The Corporation's net income before income taxes and interest of non-controlling partners in the net income of Crosstex Energy, L.P. (NASDAQ:XTEX) (the Partnership) was $4.4 million in the second quarter of 2005 and $5.9 million in the second quarter of 2004. The Corporation's share of distributions, including distributions on its ten million limited partner units, its two percent general partner interest, and the incentive distribution rights, was $7.1 million for the second quarter. Its share of the distribution in the second quarter of 2004 was $5.7 million. The recently announced increase in the Partnership's distribution of $0.01 per unit increased the Corporation's share of distributions by $0.3 million, from $6.8 million in the first quarter of 2005 to $7.1 million in the second quarter of 2005. About Crosstex Crosstex Energy, Inc. owns the general partner, a 51 percent limited partner interest in and the incentive distribution rights of Crosstex Energy, L.P. Crosstex Energy, L.P., a mid-stream natural gas company headquartered in Dallas, operates over 4,500 miles of pipeline, five processing plants, and approximately 100 natural gas amine treating plants. Crosstex currently provides services for approximately 1.9 BCF/day of natural gas. Additional information about the Crosstex companies can be found at http://www.crosstexenergy.com/ . (table to follow) CROSSTEX ENERGY, INC. Selected Financial and Operating Data (All amounts in thousands except per share numbers) Quarter Ended Six Months Ended June 30, June 30, 2005 2004 2005 2004 Revenues Midstream $619,432 $507,744 $1,158,996 $825,957 Treating 11,040 7,568 20,947 14,712 Profit on Energy Trading Activities 399 826 444 1,246 630,871 516,138 1,180,387 841,915 Cost of Gas Midstream 594,482 485,212 1,110,898 788,088 Treating 1,711 1,487 3,204 2,863 596,193 486,699 1,114,102 790,951 Gross Margin 34,678 29,439 66,285 50,964 Operating Expenses 12,183 10,377 23,731 16,653 General & Administrative 8,144 5,213 14,824 9,234 Loss (Gain) on Sale of Property (120) (22) (164) 274 Depreciation and Amortization 7,384 5,921 14,330 10,339 Total 27,591 21,489 52,721 36,500 Operating Income 7,087 7,950 13,564 14,464 Interest Expense (3,057) (2,180) (6,345) (3,297) Other Income 320 112 346 204 Total Other Expense (2,737) (2,068) (5,999) (3,093) Income Before Income Taxes and Interest of Non-controlling Partners in the Partnership's Net Income 4,350 5,882 7,565 11,371 Income Tax Provision (1,047) (1,365) (2,034) (2,547) Interest of Non-controlling Partners in the Partnership's Net Income (1,557) (2,101) (2,213) (4,211) Net Income $ 1,746 $ 2,416 $ 3,318 $ 4,613 Preferred Stock Dividends $ --- $ --- $ --- $ (132) Net Income Available to Common Shareholders $ 1,746 $ 2,416 $ 3,318 $ 4,481 Basic Earnings per Common Share $ 0.14 $ 0.20 $ 0.26 $ 0.39 Diluted Earnings per Common Share $ 0.14 $ 0.19 $ 0.26 $ 0.36 Weighted Average Shares Outstanding: Basic 12,736 12,096 12,542 11,521 Diluted 12,878 12,830 12,929 12,796 Contact: Barry E. Davis, President and Chief Executive Officer William W. Davis, Executive V.P. and Chief Financial Officer Phone: (214) 953-9500 DATASOURCE: Crosstex Energy, Inc. CONTACT: Barry E. Davis, President and Chief Executive Officer, or William W. Davis, Executive V.P. and Chief Financial Officer, both of Crosstex Energy, Inc., +1-214-953-9500 Web site: http://www.crosstexenergy.com/

Copyright