RICHMOND, Va., May 4, 2016 /PRNewswire/ -- Dominion Midstream
Partners, LP (NYSE: DM) reported unaudited net income attributable
to the partnership of $23.1 million,
or $0.29 per common limited partner
unit for the three months ended March
31, 2016. Adjusted earnings before interest, income
taxes, depreciation and amortization (Adjusted EBITDA) was
$24.9 million and distributable cash
flow was $20.3 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. Management believes Adjusted
EBITDA and distributable cash flow provide a more meaningful
representation of the company's financial
performance.
QUARTERLY DISTRIBUTION
On April 19, 2016, the Board of
Directors declared a quarterly distribution of $0.2245 per unit, payable on May 13, 2016, to unitholders of record at the
close of business May 3, 2016.
CONFERENCE CALL TODAY
Dominion Midstream and Dominion Resources will jointly host a
first-quarter earnings conference call at 10
a.m. ET on Wednesday, 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. International
callers should dial (334) 323-9872. The passcode for the
conference call is "Dominion." 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
13190640. Additionally, a replay of the webcast will be
available on the investor information pages by the end of the day
May 4.
ABOUT DOMINION MIDSTREAM
Dominion Midstream is a Delaware
limited partnership formed by Dominion Resources, Inc., to grow a
portfolio of natural gas terminaling, processing, storage,
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)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
March
31,
|
|
|
2016
|
|
2015
|
(millions)
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
$
24.9
|
|
$ 11.8
|
Adjustments to
cash1:
|
|
|
|
|
Plus: Deferred
revenue
|
|
2.0
|
|
-
|
Less:
Amortization of regulatory liability
|
|
(0.7)
|
|
-
|
Less:
Maintenance capital expenditures
|
|
(5.5)
|
|
-
|
Less: Interest
expense and AFUDC equity
|
|
(0.5)
|
|
-
|
Plus: Non-cash
director compensation
|
|
0.1
|
|
0.1
|
Distributable Cash
Flow
|
|
$
20.3
|
|
$ 11.9
|
|
|
|
|
|
Distributions:
|
|
|
|
|
Incentive
distribution rights
|
|
0.4
|
|
-
|
Common
unitholders2
|
|
10.3
|
|
5.6
|
Subordinated
unitholder
|
|
7.1
|
|
5.6
|
Total
distributions
|
|
$
17.8
|
|
$ 11.2
|
|
|
|
|
|
Coverage
Ratio
|
|
1.14x
|
|
1.06x
|
|
1 Beginning in the first quarter of 2016,
distributable cash flow no longer reflects an adjustment for the
timing difference between cash paid for property taxes and the
amount recognized into expense. All prior periods presented have
been recalculated to reflect a consistent approach. There was no
change to the amount presented as distributable cash flow for the
quarter ended March 31, 2015.
|
|
2
Distributions declared to common units are based on outstanding
units at March 31, 2015, and exclude $0.9 million of distributions
that were paid on 5,112,139 common units issued to Dominion on
April 1, 2015, in connection with the DCG
Acquisition.
|
|
* 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.
|
|
See schedules C and D
for reconciliations of non-GAAP measures.
|
Dominion Midstream
Partners, LP
|
Schedule B -
Consolidated Statements of Income*
|
(Unaudited)
|
|
|
|
|
|
Three Months
Ended
|
|
March
31,
|
|
2016
|
|
2015
|
(millions, except per
unit data)
|
|
|
|
Operating
Revenue
|
$ 83.0
|
|
$ 78.4
|
Operating
Expenses
|
|
|
|
Purchased
gas
|
0.9
|
|
3.9
|
Other operations and
maintenance
|
20.0
|
|
13.3
|
Depreciation and
amortization
|
10.0
|
|
10.6
|
Other
taxes
|
7.3
|
|
5.9
|
Total operating
expenses
|
38.2
|
|
33.7
|
Income from
operations
|
44.8
|
|
44.7
|
Earnings from equity
method investee
|
6.4
|
|
-
|
Other
income
|
0.5
|
|
0.2
|
Interest and related
charges (benefit)
|
(0.1)
|
|
-
|
Income from
operations including noncontrolling interest before income
taxes
|
51.8
|
|
44.9
|
Income tax
expense
|
-
|
|
2.1
|
Net income
including noncontrolling interest and DCG
Predecessor
|
$ 51.8
|
|
$ 42.8
|
Less: Net income
attributable to DCG Predecessor 1
|
-
|
|
2.3
|
Net income
including noncontrolling interest
|
51.8
|
|
40.5
|
Less: Net income
attributable to noncontrolling interest
|
28.7
|
|
28.7
|
Net income
attributable to partners
|
$ 23.1
|
|
$ 11.8
|
|
|
|
|
Net income
attributable to partners' ownership interest
|
|
|
|
General
partner's interest in net income
|
$ 0.4
|
|
$ -
|
Common
unitholders' interest in net income
|
13.4
|
|
5.9
|
Subordinated
unitholder's interest in net income
|
9.3
|
|
5.9
|
|
|
|
|
Net income per
limited partner unit (basic and diluted)
|
|
|
|
Common
Units
|
$0.29
|
|
$0.19
|
Subordinated
Units
|
$0.29
|
|
$0.19
|
|
1
Represents amounts for the period from January 31, 2015 through
March 31, 2015.
|
|
* 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.
|
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.
|
|
|
|
Three Months
Ended
|
|
|
March
31,
|
|
|
2016
|
|
2015
|
(millions)
|
|
|
|
|
Net income
including noncontrolling interest and DCG
Predecessor
|
|
$
51.8
|
|
$
42.8
|
Add:
|
|
|
|
|
Depreciation and
amortization
|
|
10.0
|
|
10.6
|
Interest and related
charges (benefit)
|
|
(0.1)
|
|
-
|
Income tax
expense
|
|
-
|
|
2.1
|
EBITDA
|
|
$
61.7
|
|
$ 55.5
|
Distributions from
equity method investee
|
|
5.8
|
|
-
|
Less:
|
|
|
|
|
Earnings from equity
method investee
|
|
6.4
|
|
-
|
EBITDA attributable
to DCG Predecessor 1
|
|
-
|
|
5.7
|
EBITDA attributable
to noncontrolling interest
|
|
36.2
|
|
38.0
|
Adjusted
EBITDA
|
|
$
24.9
|
|
$ 11.8
|
|
1
Represents amounts for the period from January 31, 2015 through
March 31, 2015.
|
|
* 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.
|
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 each
period.
|
|
|
Three Months
Ended
|
|
|
|
March
31,
|
|
2016
|
|
2015
|
(millions)
|
|
|
|
|
Net cash provided
by operating activities
|
|
$ 68.5
|
|
$
56.7
|
Less:
|
|
|
|
|
Cash attributable to
noncontrolling interest
|
|
40.7
|
|
35.5
|
Cash attributable to
DCG Predecessor 1
|
|
-
|
|
10.4
|
Other changes in
working capital and noncash adjustments
|
|
(2.9)
|
|
1.0
|
Adjusted
EBITDA
|
|
24.9
|
|
11.8
|
Adjustments to
cash2:
|
|
|
|
|
Plus: Deferred
revenue
|
|
2.0
|
|
-
|
Less:
Amortization of regulatory liability
|
|
(0.7)
|
|
-
|
Less:
Maintenance capital expenditures
|
|
(5.5)
|
|
-
|
Less: Interest
expense and AFUDC equity
|
|
(0.5)
|
|
-
|
Plus: Non-cash
director compensation
|
|
0.1
|
|
0.1
|
Distributable cash
flow
|
|
$ 20.3
|
|
$
11.9
|
|
1
Represents amounts for the period from January 31, 2015 through
March 31, 2015.
|
|
2
Beginning in the first quarter of 2016, distributable cash flow no
longer reflects an adjustment for the timing difference between
cash paid for property taxes and the amount recognized into
expense. All prior periods presented have been recalculated to
reflect a consistent approach. There was no change to the amount
presented as distributable cash flow for the quarter ended March
31, 2015.
|
|
* 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
Subsequent to the acquisition of DCG, we define
distributable cash flow as Adjusted EBITDA less maintenance capital
expenditures, less interest expense and adjusted for known timing
differences between cash and income. All periods presented have
been calculated to reflect a consistent approach.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/dominion-midstream-partners-announces-first-quarter-2016-earnings-300262123.html
SOURCE Dominion Midstream Partners