RICHMOND, Va., May 4, 2015 /PRNewswire/ -- Dominion
Midstream Partners (NYSE: DM) reported unaudited net income
attributable to DM of $11.8 million,
or $0.19 per limited partner unit for
the three months ended March 31,
2015. Adjusted earnings before interest, income taxes,
depreciation and amortization (Adjusted EBITDA) was $11.8 million and distributable cash flow was
$11.9 million for the quarter.
Dominion Midstream uses adjusted EBITDA and distributable cash
flow as the primary performance measurement of its earnings and
results for public communications with analysts and
investors. Dominion Midstream also uses adjusted EBITDA and
distributable cash flow internally for budgeting, reporting to the
Board of Directors and other purposes. Dominion Midstream
management believes adjusted EBITDA and distributable cash flow
provide a more meaningful representation of the company's financial
performance.
On April 1, the partnership
acquired Dominion Carolina Gas Transmission, LLC, from Dominion
Resources, Inc. (NYSE: D), for approximately $495 million, subject to working capital
adjustments. Dominion Midstream issued approximately $200 million of limited partnership units to
Dominion and entered into a two-year note with Dominion for the
remaining $295 million in transaction
consideration.
QUARTERLY DISTRIBUTION
On April 22, the board of directors
declared a quarterly distribution of $0.175 per unit, payable May 15, 2015, to unit holders of record at the
close of business on May 5, 2015.
CONFERENCE CALL TODAY
Dominion Midstream will host its first-quarter earnings conference
call at 10 a.m. ET on Monday, May
4. Management will discuss its first-quarter financial
results and other matters of interest to the financial
community.
Domestic callers should dial (877) 410-5657. The passcode
for the conference call is "Dominion." International callers
should dial (334) 323-9872. Participants should dial
in 10 to 15 minutes prior to the scheduled start time.
Members of the media also are invited to listen.
A live webcast of the conference call, including accompanying
slides, will be available on the company's investor information
page at www.dommidstream.com/investors.
A replay of the conference call will be available beginning
about 1 p.m. ET May 4 and lasting until 11
p.m. ET May 11. Domestic callers may access the
recording by dialing (877) 919-4059.
International callers should dial (334)
323-0140. The PIN for the replay is
55497470. Additionally, a replay of the webcast will
be available on the company's investor information page by the end
of the day May 4.
ABOUT DOMINION MIDSTREAM
Dominion Midstream is a growth-oriented Delaware limited partnership formed by
Dominion Resources, Inc., in March
2014 to own, operate, develop and acquire natural gas
import, storage, regasification, transportation and related assets.
It is headquartered in Richmond,
Va. For more information about Dominion Midstream, visit its
website at www.dommidstream.com.
Dominion Midstream
Partners, LP
|
Schedule A -
Selected Financial Data
|
(Unaudited)
|
|
|
|
|
|
Presented below are
selected amounts related to Dominion Midstream's results of
operations:
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
2015
|
|
2014
|
(millions)
|
|
|
|
|
Operating
revenue
|
|
$ 67.2
|
|
$ 68.9
|
Purchased
gas
|
|
3.9
|
|
5.3
|
Net
revenue
|
|
63.3
|
|
63.6
|
Other operations and
maintenance
|
|
8.5
|
|
10.4
|
Depreciation and
amortization
|
|
9.3
|
|
7.8
|
Other
taxes
|
|
5.1
|
|
5.6
|
Other
income
|
|
0.1
|
|
-
|
Income tax
expense
|
|
-
|
|
15.2
|
Net income including
noncontrolling interest
|
|
$ 40.5
|
|
$ 24.6
|
Less: Net income
attributable to noncontrolling interest
|
|
28.7
|
|
|
Net income
attributable to Dominion Midstream
|
|
$ 11.8
|
|
|
|
|
|
|
|
EBITDA
|
|
$ 49.8
|
|
$ 47.6
|
Adjusted
EBITDA
|
|
$ 11.8
|
|
|
Distributable cash
flow
|
|
$ 11.9
|
|
|
|
|
|
|
|
Distributions
declared to public common unitholders
|
|
$ 3.5
|
|
|
Distributions
declared to Dominion
|
|
|
|
|
Common
units*
|
|
2.1
|
|
|
Subordinated
units
|
|
5.6
|
|
|
Total distributions
declared*
|
|
$ 11.2
|
|
|
|
|
|
|
|
Coverage
ratio
|
|
1.06x
|
|
|
|
|
|
|
|
*Distributions declared to common units is based on
outstanding units at March 31, 2015, and excludes
$0.9 million of distributions that will
be paid on 5,112,139 common units issued to Dominion on April 1,
2015, in connection with the acquisition of
DCGT.
|
Dominion Midstream
Partners, LP
|
Schedule B -
Consolidated Statements of Income*
|
(Unaudited)
|
|
|
|
|
|
Three Months
Ended March 31,
|
|
2015
|
|
2014
|
|
|
|
(Predecessor)
|
(millions, except per
unit data)
|
|
|
|
Operating
Revenue
|
$
67.2
|
|
$ 68.9
|
Operating
Expenses
|
|
|
|
Purchased
gas
|
3.9
|
|
5.3
|
Other operations and
maintenance
|
8.5
|
|
10.4
|
Depreciation and
amortization
|
9.3
|
|
7.8
|
Other
taxes
|
5.1
|
|
5.6
|
Total operating
expenses
|
26.8
|
|
29.1
|
Income from
operations
|
40.4
|
|
39.8
|
Other
income
|
0.1
|
|
-
|
Income from
operations including noncontrolling interest before income
taxes
|
40.5
|
|
39.8
|
Income tax
expense
|
-
|
|
15.2
|
Net income
including noncontrolling interest
|
$
40.5
|
|
$ 24.6
|
Less: Net income
attributable to noncontrolling interest
|
28.7
|
|
|
Net income
attributable to limited partners
|
$
11.8
|
|
|
Net income
attributable to partners' ownership interest
|
|
|
|
Common
unitholders' interest in net income
|
$
5.9
|
|
|
Subordinated
unitholder's interest in net income
|
5.9
|
|
|
|
|
|
|
Net income per
unit (basic and diluted)
|
|
|
|
Common
Units
|
$
0.19
|
|
|
Subordinated
Units
|
$
0.19
|
|
|
|
|
|
|
* The notes contained
in Dominion Midstream's most recent quarterly report on Form 10-Q
or annual report on Form
10-K are an integral part of the Consolidated Financial
Statements.
|
HOW WE EVALUATE OUR OPERATIONS
Distributable cash flow is defined as EBITDA adjusted for known
timing differences between cash and income, less maintenance
capital expenditures, plus cash attributable to the noncontrolling
interest used to fund maintenance capital expenditures, and less
cash attributable to the noncontrolling interest in Cove Point held
by Dominion subsequent to the initial public offering. During the
first quarter of 2015, all of the remaining net proceeds from the
initial public offering were used to fund capital
expenditures. As a result, the reconciliation of
distributable cash flow no longer includes adjustments for
expansion capital expenditures or the use of net proceeds from the
initial public offering.
Dominion Midstream
Partners, LP
|
Schedule C -
Reconciliation of EBITDA and Adjusted EBITDA to Net
Income
|
(Unaudited)
|
|
|
|
|
|
|
The following table
presents a reconciliation of EBITDA and Adjusted EBITDA to the most
directly comparable GAAP financial
measure for each period. The Adjusted EBITDA measure is
not applicable to the three months
period ended March 31, 2014.
|
|
|
|
|
Three Months Ended
March 31,
|
|
2015
|
|
2014
|
(millions)
|
|
|
|
|
|
Net income
including noncontrolling interest
|
|
|
$ 40.5
|
|
$ 24.6
|
Add:
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
9.3
|
|
7.8
|
Income tax
expense
|
|
|
-
|
|
15.2
|
EBITDA
|
|
|
$ 49.8
|
|
$ 47.6
|
EBITDA attributable
to noncontrolling interest
|
|
|
38.0
|
|
|
Adjusted
EBITDA
|
|
|
$ 11.8
|
|
|
Dominion Midstream
Partners, LP
|
Schedule D -
Reconciliation of Distributable Cash Flow to Net Cash from
Operating Activities*
|
(Unaudited)
|
|
|
|
|
The following table
presents a reconciliation of distributable cash flow to the most
directly comparable GAAP financial measure for the three month period ended March 31,
2015. The distributable cash flow measure is not applicable
to the three months period ended March
31, 2014.
|
|
|
|
|
|
|
|
Three Months
Ended March 31,
|
|
2015
|
(millions)
|
|
|
|
Net cash provided
by operating activities
|
|
|
$
46.3
|
Add:
|
|
|
|
Changes in working
capital
|
|
|
3.5
|
EBITDA
|
|
|
49.8
|
Adjustments to
cash:
|
|
|
|
Plus:
Other taxes
|
|
|
3.7
|
Less:
Renegotiated contract payments
|
|
|
(3.2)
|
Less:
Maintenance capital expenditures
|
|
|
(4.7)
|
Plus:
Cash attributable to noncontrolling interest used to
fund maintenance capital expenditures
|
|
|
4.7
|
Plus:
Non-cash director compensation
|
|
|
0.1
|
Cash available to
Dominion Midstream and noncontrolling interest
|
|
|
50.4
|
Cash attributable to
noncontrolling interest
|
|
|
38.5
|
Distributable cash
flow
|
|
|
$
11.9
|
|
|
|
|
* The notes contained
in Dominion Midstream's most recent quarterly report on Form 10-Q
or annual report on Form
10-K are an integral part of the Consolidated Financial
Statements.
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/dominion-midstream-partners-announces-first-quarter-2015-earnings-300076073.html
SOURCE Dominion Midstream Partners