Exhibit
99.1
News Release
Hi-Crush Partners LP Reports
Third Quarter 2016 Results
·
3Q 2016 Revenues of $46.6 million vs. $38.4
million in 2Q 2016 and $81.5 million in 3Q 2015
· 3Q
2016 Net loss of $(10.7) million vs. $(10.8) million in 2Q 2016 and
$(18.7) million in 3Q 2015
· 3Q
2016 EBITDA of $(2.9) million vs. $(2.4) million in 2Q 2016 and
$(10.2) million in 3Q 2015
· Completed previously announced acquisition of Hi-Crush
Blair LLC and restarted the Augusta facility
Houston, Texas, October 31,
2016 - Hi-Crush Partners LP (NYSE: HCLP), "Hi-Crush" or the
"Partnership", today reported third quarter 2016 results.
Revenues for the quarter ended September 30, 2016 totaled
$46.6 million on sales of 1,082,974 tons of frac sand. This
compares to revenues in the second quarter of 2016 of $38.4 million
on sales of 849,263 tons of frac sand. The limited partners'
interest in net loss was $(10.7) million for the third quarter of
2016, resulting in basic and diluted loss of $(0.21) per limited
partner unit.
Earnings before interest, taxes,
depreciation and amortization ("EBITDA") for the third quarter 2016
was $(2.9) million, compared to $(2.4) million for the second
quarter of 2016. Distributable cash flow attributable to the
limited partners for the third quarter of 2016 was $(6.7)
million. No distributions to unitholders were declared for
the third quarter of 2016, as the Partnership continued its
distribution suspension to conserve and strategically apply
cash.
"Activity levels with our
customers increased across the board during the third quarter,
resulting in a 28% sequential increase in our volumes of frac sand
sold," said Robert E. Rasmus, Chief Executive Officer of Hi-Crush.
"Our continued focus on profitable market share and efficiency
across our operations was evident in our results for the
quarter. EBITDA moved closer to breakeven when adjusting for
one-time costs associated with business development activities and
the Blair drop down, as well as removing railcars from storage to
service growing sand volumes. Proppant intensity trends and
other factors that support improving demand for frac sand are
expected to continue through the end of the year and into 2017,
even when taking into account offsets from typical seasonal
factors."
Revenues for the third quarter of
2016 increased due to the sequential increase in sales volumes,
offset by a lower percentage of higher-priced volumes purchased
in-basin during the third quarter of 2016. Approximately 47%
of our volumes were sold in-basin for the third quarter of 2016, a
decrease from 49% in the second quarter of 2016 and from 49% in the
third quarter of 2015, reflecting the mix in customer demand.
Average sales price per ton sold decreased slightly to $43 per ton
in the third quarter of 2016 from $45 per ton in the second quarter
of 2016, reflecting the mix impact of a reduction in higher-priced
in-basin sales.
With the completion of the Blair
facility acquisition, virtually all frac sand sold during the third
quarter of 2016 was produced and delivered from the Partnership's
facilities. Contribution margin was $4.47 per ton in the
third quarter of 2016, compared to $4.01 per ton in the second
quarter of 2016. The increase in contribution margin per ton
was the result of higher overall volumes sold, which resulted in a
lower fixed cost per ton, partially offset by variability in
freight costs due to destination mix shift and one-time costs.
Revenues for the nine months ended
September 30, 2016 totaled $137.1 million on sales of
2,895,235 tons of frac sand, compared to revenues of $267.6 million
on sales of 3,794,531 tons of frac sand for the nine months ended
September 30, 2015. Contribution margin was $3.64 per
ton for the nine months ended September 30, 2016, compared to
$21.03 per ton for the nine months ended September 30,
2015. The decrease in contribution margin per ton is
primarily due to lower average sales prices in the comparable
periods.
Acquisition of
Blair Facility
The Partnership completed the
previously announced acquisition of the Blair facility from
Hi-Crush Proppants LLC ("Proppants") on August 31, 2016.
Under the terms of the transaction, the Partnership paid $75
million in cash to Proppants, issued 7,053,292 of common units to
Proppants, and may make payments of up to $10 million of contingent
earnout consideration. The Blair, Wisconsin facility is a
2.86 million ton per year facility located directly on the Canadian
National Railway. Construction of the fully-integrated, unit-train
capable Blair facility, with approximately 43,000 feet of rail
track, was completed in March 2016 and includes approximately 120.1
million tons of 20/100 frac sand reserves located on 1,285
acres.
Amendment to a
Customer Contract and the Restarting of the Augusta
Facility
During the third quarter of 2016,
the Partnership announced that it entered into an amendment to a
material contract with a customer and, as a result, restarted
production at its frac sand facility in Augusta, Wisconsin in order
to meet the growing demand.
"The reopening of the Augusta
facility is a major step on our path as we see opportunities in the
recovery for Hi-Crush," said Robert E. Rasmus. "The contract
amendment reflects the improved outlook for the frac sand industry
and provides the visibility and sustainability of demand to enable
us to operate Augusta at the efficiencies and cost structure we
require."
The Augusta facility is a 2.86
million ton per year facility located in Wisconsin directly on a
Union Pacific mainline. Augusta's 40.9 million tons of reserves
consist solely of high quality Northern White frac sand.
Augusta is 98 percent owned by the Partnership, with the remaining
2 percent held by the Partnership's general partner, Hi-Crush
Proppants LLC.
Launch of
PropStreamTM and
Investment in PropX
Hi-Crush separately announced
today the successful pilot test of its PropStream integrated
delivery solution, which is designed to structurally enhance the
efficiency of sand delivery in the well completion process.
Working with a leading pressure pumper in the Permian Basin,
PropStream delivered proppant for a 30-stage completion utilizing
three grades of proppant per stage. PropStream coordinated
the delivery of proppant from the mine site to the well site and
was staffed by Hi-Crush employees responsible for the transfer of
the proppant into the blender hopper using a proprietary conveyor
system ("PropBeastTM").
Hi-Crush also announced the
formation, with other partners, and initial funding of Proppant
Express Investments, LLC ("PropX"), which was established to
develop critical last-mile logistics equipment for the proppant
industry. PropX is responsible for manufacturing the
containers, or pods, and the conveyor systems used in Hi-Crush's
PropStream integrated delivery solution, designed to allow for safe
and cost-efficient transportation of proppant from in-basin
terminals to the well site while minimizing fugitive dust.
Liquidity and
Capital Expenditures
As of September 30, 2016, the
Partnership had $194.0 million of long-term debt outstanding.
Including the public offering completed in August 2016, the
Partnership raised an aggregate total of $189.0 million in net
proceeds from the sale of 19.6 million common units in 2016.
As of September 30, 2016, Hi-Crush has $91.8 million in cash
and available capacity under its revolving credit facility.
"We have remained proactive and
significantly improved our balance sheet position through a series
of capital markets transactions," said Laura Fulton, Chief
Financial Officer of Hi-Crush. "The actions we have taken have
allowed us to remain competitive in the marketplace, and enhanced
our ability to pursue strategic solutions for the industry,
including the launch of PropStream and our investment in
PropX."
The Partnership expects capital
expenditures in the range of $5 to $10 million for the remainder of
2016. For the nine months ended September 30, 2016 and
recast to include Blair, capital expenditures totaled $37.0 million
consisting primarily of costs associated with the completion of our
Blair facility, completion of distribution terminal facilities in
Colorado and Texas, and expansion of rail capacity at our Wyeville
facility.
Conference
Call
On Tuesday, November 1, 2016, Hi-Crush will hold a conference
call for investors at 7:30 a.m. Central Time (8:30 a.m. Eastern
Time) to discuss Hi-Crush's third quarter 2016 results. Hosting the
call will be Robert E. Rasmus, Chief Executive Officer and Laura C.
Fulton, Chief Financial Officer. The call can be accessed
live over the telephone by dialing (877) 407-0789, or for
international callers, (201) 689-8562. A replay will be available
shortly after the call and can be accessed by dialing (877)
870-5176, or for international callers (858) 384-5517. The
passcode for the replay is 13641985. The replay will be available
until November 15, 2016.
Interested parties may also listen
to a simultaneous webcast of the conference call by logging onto
Hi-Crush's website at www.hicrushpartners.com under the Investors
Relations-Event Calendar and Presentations section. A replay of the
webcast will also be available for approximately 30 days following
the call. The slide presentation to be referenced on the call
will also be on Hi-Crush's website at www.hicrushpartners.com under
the Investors Relations-Event Calendar and Presentations
section.
Non-GAAP
Financial Measures
This news release and the accompanying schedules include the
non-GAAP financial measure of EBITDA, Adjusted EBITDA,
distributable cash flow, adjusted earnings per limited partner unit
and contribution margin, which may be used periodically by
management when discussing our financial results with investors and
analysts. The accompanying schedules of this news release
provide reconciliations of these non-GAAP financial measures to
their most directly comparable financial measures calculated and
presented in accordance with generally accepted accounting
principles in the United States of America ("GAAP").
We define EBITDA as net income
plus depreciation, depletion and amortization and interest expense,
net of interest income. We define Adjusted EBITDA as EBITDA,
adjusted for any non-cash impairments of long-lived assets and
goodwill. We define distributable cash flow as Adjusted
EBITDA less cash paid for interest expense, income attributable to
non-controlling interests and maintenance and replacement capital
expenditures, including accrual for reserve replacement, plus
accretion of asset retirement obligations and non-cash unit-based
compensation. We use distributable cash flow as a performance
metric to compare cash generating performance of the Partnership
from period to period and to compare the cash generating
performance for specific periods to the cash distributions (if any)
that are expected to be paid to our unitholders.
Distributable cash flow will not reflect changes in working capital
balances. We define adjusted earnings per limited partner
unit as earnings per limited partner unit, adjusted for the impact
of non-recurring items.
We use contribution margin, which
we define as total revenues less costs of goods sold excluding
depreciation, depletion and amortization, to measure our financial
and operating performance. Contribution margin excludes other
operating expenses and income, including costs not directly
associated with the operations of our business such as accounting,
human resources, information technology, legal, sales and other
administrative activities.
EBITDA, Adjusted EBITDA,
distributable cash flow, adjusted earnings per limited partner unit
and contribution margin are presented as management believes the
data provides a measure of operating performance that is unaffected
by historical cost basis and provides additional information and
metrics relative to the performance of our business.
About
Hi-Crush
Hi-Crush is an integrated producer, transporter, marketer and
distributor of high-quality monocrystalline sand, a specialized
mineral that is used as a proppant to enhance the recovery rates of
hydrocarbons from oil and natural gas wells. Our reserves,
which are located in Wisconsin, consist of "Northern White" sand, a
resource that exists predominately in Wisconsin and limited
portions of the upper Midwest region of the United States.
Hi-Crush owns and operates the largest distribution network in the
Marcellus and Utica shales, and has distribution capabilities
throughout North America. For more information, visit
www.hicrushpartners.com.
Forward-Looking
Statements
Some of the information in this news release may contain
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended (the "Exchange
Act"). Forward-looking statements give our current
expectations, and contain projections of results of operations or
of financial condition, or forecasts of future events. Words such
as "may," "assume," "forecast," "position," "predict," "strategy,"
"expect," "intend," "plan," "estimate," "anticipate," "could,"
"believe," "project," "budget," "potential," or "continue," and
similar expressions are used to identify forward-looking
statements. They can be affected by assumptions used or by known or
unknown risks or uncertainties. Consequently, no forward-looking
statements can be guaranteed. When considering these
forward-looking statements, you should keep in mind the risk
factors and other cautionary statements in Hi-Crush's reports filed
with the Securities and Exchange Commission ("SEC"), including
those described under 1A of Hi-Crush's Form 10-K for the year ended
December 31, 2015 and any subsequently filed 10-Q. Actual results
may vary materially. You are cautioned not to place undue reliance
on any forward-looking statements. You should also understand that
it is not possible to predict or identify all such factors and
should not consider the risk factors in our reports filed with the
SEC or the following list to be a complete statement of all
potential risks and uncertainties. Factors that could cause our
actual results to differ materially from the results contemplated
by such forward looking statements include: the volume of frac sand
we are able to sell; the price at which we are able to sell frac
sand; the outcome of any litigation, claims or assessments,
including unasserted claims; changes in the price and availability
of natural gas or electricity; changes in prevailing economic
conditions; and difficulty collecting receivables. All
forward-looking statements are expressly qualified in their
entirety by the foregoing cautionary statements. Hi-Crush's
forward-looking statements speak only as of the date made and
Hi-Crush undertakes no obligation to update or revise its
forward-looking statements, whether as a result of new information,
future events or otherwise.
Investor
contact:
Investor Relations
ir@hicrushpartners.com
(713) 980-6270
Marc Silverberg, ICR Inc.
marc.silverberg@icrinc.com
(646) 277-1293
Unaudited Condensed Consolidated
Statements of Operations
(Amounts in thousands, except per unit
amounts)
|
Three Months
Ended |
|
September 30, |
|
2016 |
|
2015 (a) |
Revenues |
$ |
46,556 |
|
|
$ |
81,494 |
|
Cost of
goods sold (including depreciation, depletion and
amortization) |
46,340 |
|
|
66,400 |
|
Gross profit (loss) |
216 |
|
|
15,094 |
|
Operating
costs and expenses: |
|
|
|
General and administrative expenses |
7,896 |
|
|
6,516 |
|
Impairments and other expenses |
148 |
|
|
23,718 |
|
Accretion of asset retirement obligations |
94 |
|
|
84 |
|
Loss from
operations |
(7,922 |
) |
|
(15,224 |
) |
Other income (expense): |
|
|
|
Interest
expense |
(2,845 |
) |
|
(3,438 |
) |
Net loss |
(10,767 |
) |
|
(18,662 |
) |
(Income)
loss attributable to non-controlling interest |
25 |
|
|
(35 |
) |
Net loss attributable to Hi-Crush Partners LP |
$ |
(10,742 |
) |
|
$ |
(18,697 |
) |
Loss per
limited partner unit: |
|
|
|
Basic |
$ |
(0.21 |
) |
|
$ |
(0.49 |
) |
Diluted |
$ |
(0.21 |
) |
|
$ |
(0.49 |
) |
-
Financial information has been recast to include
the financial position and results attributable to Hi-Crush Blair
LLC.
Unaudited Condensed Consolidated
Statements of Operations
(Amounts in thousands, except per unit
amounts)
|
Nine Months
Ended |
|
September 30, |
|
2016 (a) |
|
2015 (a) |
Revenues |
$ |
137,133 |
|
|
$ |
267,563 |
|
Cost of
goods sold (including depreciation, depletion and
amortization) |
138,032 |
|
|
198,737 |
|
Gross profit (loss) |
(899 |
) |
|
68,826 |
|
Operating
costs and expenses: |
|
|
|
General and administrative expenses |
28,310 |
|
|
19,947 |
|
Impairments and other expenses |
33,997 |
|
|
23,718 |
|
Accretion of asset retirement obligations |
274 |
|
|
251 |
|
Income
(loss) from operations |
(63,480 |
) |
|
24,910 |
|
Other income (expense): |
|
|
|
Interest
expense |
(10,398 |
) |
|
(9,739 |
) |
Net income (loss) |
(73,878 |
) |
|
15,171 |
|
(Income)
loss attributable to non-controlling interest |
68 |
|
|
(202 |
) |
Net income (loss) attributable to Hi-Crush Partners
LP |
$ |
(73,810 |
) |
|
$ |
14,969 |
|
Earnings
(loss) per limited partner unit: |
|
|
|
Basic |
$ |
(1.65 |
) |
|
$ |
0.43 |
|
Diluted |
$ |
(1.65 |
) |
|
$ |
0.42 |
|
-
Financial information has been recast to include
the financial position and results attributable to Hi-Crush Blair
LLC.
Unaudited EBITDA, Adjusted EBITDA
and Distributable Cash Flow
(Amounts in thousands)
|
Three Months Ended |
|
September 30, |
|
June
30, |
|
2016 |
|
2015 |
|
2016 |
Reconciliation of distributable cash
flow to net loss: |
|
|
|
|
|
Net
loss |
$ |
(10,767 |
) |
|
$ |
(18,662 |
) |
|
$ |
(10,758 |
) |
Depreciation and depletion expense |
4,623 |
|
|
4,319 |
|
|
3,941 |
|
Amortization expense |
420 |
|
|
733 |
|
|
421 |
|
Interest expense |
2,845 |
|
|
3,438 |
|
|
3,972 |
|
EBITDA |
(2,879 |
) |
|
(10,172 |
) |
|
(2,424 |
) |
Non-cash impairment of goodwill and long-lived
assets |
- |
|
|
23,061 |
|
|
- |
|
Adjusted
EBITDA |
(2,879 |
) |
|
12,889 |
|
|
(2,424 |
) |
Less: Cash interest paid |
(2,472 |
) |
|
(3,023 |
) |
|
(3,245 |
) |
Less:
(Income) loss attributable to non-controlling interest |
25 |
|
|
(35 |
) |
|
20 |
|
Less: Maintenance and replacement capital
expenditures, including accrual for reserve replacement (a) |
(1,550 |
) |
|
(1,282 |
) |
|
(1,145 |
) |
Add:
Accretion of asset retirement obligations |
94 |
|
|
84 |
|
|
92 |
|
Add: Unit-based compensation |
1,155 |
|
|
1,048 |
|
|
930 |
|
Distributable cash flow |
(5,627 |
) |
|
9,681 |
|
|
(5,772 |
) |
Adjusted for: Distributable cash flow attributable to
Hi-Crush Blair LLC, prior to the Blair Contribution (b) |
(1,072 |
) |
|
589 |
|
|
(473 |
) |
Distributable cash flow attributable to Hi-Crush Partners LP |
(6,699 |
) |
|
10,270 |
|
|
(6,245 |
) |
Less: Distributable cash flow attributable to holders
of incentive distribution rights |
- |
|
|
- |
|
|
- |
|
Distributable cash flow attributable to limited partner
unitholders |
$ |
(6,699 |
) |
|
$ |
10,270 |
|
|
$ |
(6,245 |
) |
-
Maintenance and replacement capital
expenditures, including accrual for reserve replacement, were
determined based on an estimated reserve replacement cost of $1.35
per ton produced and delivered during the period. Such expenditures
include those associated with the replacement of equipment and sand
reserves, to the extent that such expenditures are made to maintain
our long-term operating capacity. The amount presented does not
represent an actual reserve account or requirement to spend the
capital.
-
The Partnership's historical financial
information has been recast to consolidate Blair for all periods
presented. For purposes of calculating distributable cash
flow attributable to Hi-Crush Partners LP, the Partnership excludes
the incremental amount of recast distributable cash flow earned
during the periods prior to the Blair Contribution.
Unaudited EBITDA, Adjusted EBITDA
and Distributable Cash Flow
(Amounts in thousands)
|
Nine Months
Ended |
|
September 30, |
|
2016 |
|
2015 |
Reconciliation of distributable cash
flow to net income (loss): |
|
|
|
Net
income (loss) |
$ |
(73,878 |
) |
|
$ |
15,171 |
|
Depreciation and depletion expense |
11,457 |
|
|
10,031 |
|
Amortization expense |
1,261 |
|
|
2,199 |
|
Interest expense |
10,398 |
|
|
9,739 |
|
EBITDA |
(50,762 |
) |
|
37,140 |
|
Non-cash impairment of goodwill and long-lived
assets |
33,745 |
|
|
23,061 |
|
Adjusted
EBITDA |
(17,017 |
) |
|
60,201 |
|
Less: Cash interest paid |
(8,904 |
) |
|
(8,497 |
) |
Less:
(Income) loss attributable to non-controlling interest |
68 |
|
|
(202 |
) |
Less: Maintenance and replacement capital
expenditures, including accrual for reserve replacement (a) |
(3,460 |
) |
|
(3,661 |
) |
Add:
Accretion of asset retirement obligations |
274 |
|
|
251 |
|
Add: Unit-based compensation |
3,015 |
|
|
2,985 |
|
Distributable cash flow |
(26,024 |
) |
|
51,077 |
|
Adjusted for: Distributable cash flow attributable to
Hi-Crush Blair LLC, prior to the Blair Contribution (b) |
(747 |
) |
|
2,058 |
|
Distributable cash flow attributable to Hi-Crush Partners LP |
(26,771 |
) |
|
53,135 |
|
Less: Distributable cash flow attributable to holders
of incentive distribution rights |
- |
|
|
(1,311 |
) |
Distributable cash flow attributable to limited partner
unitholders |
$ |
(26,771 |
) |
|
$ |
51,824 |
|
-
Maintenance and replacement capital
expenditures, including accrual for reserve replacement, were
determined based on an estimated reserve replacement cost of $1.35
per ton produced and delivered during the period. Such expenditures
include those associated with the replacement of equipment and sand
reserves, to the extent that such expenditures are made to maintain
our long-term operating capacity. The amount presented does not
represent an actual reserve account or requirement to spend the
capital.
-
The Partnership's historical financial
information has been recast to consolidate Blair for all periods
presented. For purposes of calculating distributable cash
flow attributable to Hi-Crush Partners LP, the Partnership excludes
the incremental amount of recast distributable cash flow earned
during the periods prior to the Blair Contribution.
Unaudited Condensed Consolidated
Cash Flow Information
(Amounts in thousands)
|
Nine Months
Ended |
|
September 30, |
|
2016 (a) |
|
2015 (a) |
Operating activities |
$ |
(17,603 |
) |
|
$ |
66,357 |
|
Investing
activities |
(116,401 |
) |
|
(92,958 |
) |
Financing activities |
147,736 |
|
|
27,298 |
|
Net
increase in cash |
$ |
13,732 |
|
|
$ |
697 |
|
-
Financial information has been recast to include
the financial position and results attributable to Hi-Crush Blair
LLC.
Unaudited Condensed Consolidated
Balance Sheets
(Amounts in thousands, except unit
amounts)
|
September 30, 2016 |
|
December 31, 2015 (a) |
Assets |
|
|
|
Current
assets: |
|
|
|
Cash |
$ |
24,786 |
|
|
$ |
11,054 |
|
Accounts
receivable, net |
32,872 |
|
|
41,477 |
|
Inventories |
34,741 |
|
|
27,971 |
|
Prepaid
expenses and other current assets |
6,074 |
|
|
4,840 |
|
Total current assets |
98,473 |
|
|
85,342 |
|
Property,
plant and equipment, net |
411,289 |
|
|
393,512 |
|
Goodwill and intangible assets, net |
10,518 |
|
|
45,524 |
|
Equity
method investments |
4,411 |
|
|
- |
|
Other assets |
8,011 |
|
|
9,830 |
|
Total
assets |
$ |
532,702 |
|
|
$ |
534,208 |
|
Liabilities, Equity and Partners' Capital |
|
|
|
Current
liabilities: |
|
|
|
Accounts payable |
$ |
17,134 |
|
|
$ |
24,237 |
|
Accrued
and other current liabilities |
8,099 |
|
|
6,429 |
|
Due to sponsor |
200 |
|
|
106,746 |
|
Current
portion of long-term debt |
3,045 |
|
|
3,258 |
|
Total current liabilities |
28,478 |
|
|
140,670 |
|
Long-term
debt |
190,969 |
|
|
246,783 |
|
Asset retirement obligations |
7,713 |
|
|
7,066 |
|
Other
liabilities |
5,000 |
|
|
- |
|
Total liabilities |
232,160 |
|
|
394,519 |
|
Commitments and contingencies |
|
|
|
Equity and partners' capital: |
|
|
|
General
partner interest |
- |
|
|
- |
|
Limited partners interest, 63,667,519 and 36,959,970
units outstanding, respectively |
297,986 |
|
|
134,096 |
|
Total
partners' capital |
297,986 |
|
|
134,096 |
|
Non-controlling interest |
2,556 |
|
|
5,593 |
|
Total
equity and partners' capital |
300,542 |
|
|
139,689 |
|
Total liabilities, equity and partners' capital |
$ |
532,702 |
|
|
$ |
534,208 |
|
-
Financial information has been recast to include
the financial position and results attributable to Hi-Crush Blair
LLC.
Unaudited Per Ton Operating
Activity
|
Three Months
Ended |
|
Nine Months
Ended |
|
September 30, |
|
September 30, |
|
2016 |
|
2015 |
|
2016 |
|
2015 |
Sand sold (in tons) |
1,082,974 |
|
|
1,409,032 |
|
|
2,895,235 |
|
|
3,794,531 |
|
Sand
produced and delivered (in tons) |
1,147,456 |
|
|
949,238 |
|
|
2,562,792 |
|
|
2,711,806 |
|
Contribution margin ($ in thousands) |
$ |
4,836 |
|
|
$ |
19,724 |
|
|
$ |
10,552 |
|
|
$ |
79,788 |
|
Contribution margin per ton |
$ |
4.47 |
|
|
$ |
14.00 |
|
|
$ |
3.64 |
|
|
$ |
21.03 |
|
Unaudited Net Loss per Limited
Partner Unit
(Amounts in thousands, except units and per unit
amounts)
|
Three Months
Ended |
|
Nine Months
Ended |
|
September 30, |
|
September 30, |
Weighted average limited partner units
outstanding: |
2016 |
|
2015 |
|
2016 |
|
2015 |
Basic |
55,095,464 |
|
|
36,959,020 |
|
|
44,832,652 |
|
|
36,958,692 |
|
Diluted |
55,095,464 |
|
|
36,959,020 |
|
|
44,832,652 |
|
|
37,200,426 |
|
Reconciliation of net loss and the
assumed allocation of net loss under the two-class method for
purposes of computing loss per limited partner unit:
|
Three Months Ended September 30,
2016 |
|
General Partner and IDRs |
|
Limited Partner Units |
|
Total |
Declared distribution |
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
Assumed
allocation of distributions in excess of loss |
- |
|
|
(10,742 |
) |
|
(10,742 |
) |
Add back recast income attributable to Blair through
August 31, 2016 |
- |
|
|
(962 |
) |
|
(962 |
) |
Assumed
allocation of net loss |
$ |
- |
|
|
$ |
(11,704 |
) |
|
$ |
(11,704 |
) |
|
|
|
|
|
|
Loss per
limited partner unit - basic |
|
|
$ |
(0.21 |
) |
|
|
Loss per limited partner unit - diluted |
|
|
$ |
(0.21 |
) |
|
|
|
Nine Months Ended September 30,
2016 |
|
General Partner and IDRs |
|
Limited Partner Units |
|
Total |
Declared distribution |
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
Assumed
allocation of distributions in excess of loss |
- |
|
|
(73,810 |
) |
|
(73,810 |
) |
Add back recast income attributable to Blair through
August 31, 2016 |
- |
|
|
(279 |
) |
|
(279 |
) |
Assumed
allocation of net loss |
$ |
- |
|
|
$ |
(74,089 |
) |
|
$ |
(74,089 |
) |
|
|
|
|
|
|
Loss per
limited partner unit - basic |
|
|
$ |
(1.65 |
) |
|
|
Loss per limited partner unit - diluted |
|
|
$ |
(1.65 |
) |
|
|
Reconciliation of adjusted income
(loss) per limited partner unit to the most directly comparable
GAAP financial measure:
|
Three Months
Ended |
|
Nine Months
Ended |
|
September 30, |
|
September 30, |
|
2016 |
|
2015 (a) |
|
2016 (a) |
|
2015 (a) |
Net income (loss) attributable to Hi-Crush Partners
LP |
$ |
(10,742 |
) |
|
$ |
(18,697 |
) |
|
$ |
(73,810 |
) |
|
$ |
14,969 |
|
Add
back recast (income) losses attributable to Blair through August
31, 2016 |
(962 |
) |
|
589 |
|
|
(279 |
) |
|
2,058 |
|
Add: Impairments and other expenses |
148 |
|
|
23,718 |
|
|
33,997 |
|
|
23,718 |
|
Adjusted net income (loss) attributable to
Hi-Crush Partners LP |
$ |
(11,556 |
) |
|
$ |
5,610 |
|
|
$ |
(40,092 |
) |
|
$ |
40,745 |
|
|
|
|
|
|
|
|
|
Adjusted income (loss) per limited partner unit - basic |
$ |
(0.21 |
) |
|
$ |
0.15 |
|
|
$ |
(0.89 |
) |
|
$ |
1.07 |
|
Adjusted income (loss) per limited partner unit -
diluted (b) |
$ |
(0.21 |
) |
|
$ |
0.15 |
|
|
$ |
(0.89 |
) |
|
$ |
1.06 |
|
-
Financial information has been recast to include
the financial position and results attributable to Hi-Crush Blair
LLC.
-
Diluted earnings per limited partner unit for
the three and nine months ended September 30, 2015 includes the
dilutive effect of 240,404 awards granted and outstanding which
would have vested if the performance period had ended on September
30, 2015.
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Hi-Crush Partners LP via Globenewswire
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