Southlake, Texas
- March 2, 2015 - Emerge Energy Services LP ("Emerge
Energy") today announced fourth quarter 2014 financial and
operating results.
Highlights
-
Adjusted EBITDA of $36.3 million for the three
months ended December 31, 2014.
-
Distributable Cash Flow of $33.4 million for the
three months ended December 31, 2014.
-
Cash available for distribution of $33.4
million, or $1.41 per unit, for the three months ended
December 31, 2014.
-
Full quarter sales of 1,233,000 tons of
sand.
-
Arland facility opened in early December 2014
quickly ramped up to full capacity.
Overview
Emerge Energy reported net income
of $24.4 million, or $1.01 per diluted unit for the three months
ended December 31, 2014. For that same period, Emerge
Energy reported Adjusted EBITDA of $36.3 million and Distributable
Cash Flow of $33.4 million. Net income, net income per unit
and Adjusted EBITDA for the three months ended December 31,
2013, were $14.0 million, $0.58 per diluted unit and $24.6 million,
respectively. For the year ended December 31, 2014,
Emerge Energy reported net income of $89.1 million, net income of
$3.70 per diluted unit and Adjusted EBITDA of $131.9 million.
Net income, net income per unit and Adjusted EBITDA for the year
ended December 31, 2013 were $35.2 million, $0.92 and $85.2
million, respectively. Adjusted EBITDA and Distributable Cash
Flow are non-GAAP financial measures that Emerge Energy uses to
assess its performance on an ongoing basis.
Previously, Emerge Energy declared
a distribution of $1.41 per unit for the fourth quarter of 2014,
which represents an increase of 2.2% over the third quarter 2014
distribution of $1.38 per unit.
"Emerge Energy had a tremendous
year, and we are extremely proud of the performance of and cash
flow generated by our employees," said Ted W. Beneski, Chairman of
the Board of Directors of the general partner of Emerge
Energy. "Our sand segment continued to deliver strong per-ton
margins and brought the Arland facility up to full capacity in
record time. Our fuel segment continued to suffer from
falling refined product prices but was able to mitigate much of the
damage by accelerating inventory turns and through our hedging
program."
"Our sand segment turned in a
record year," added Rick Shearer, CEO of Emerge Energy. "The
sand segment generated Adjusted EBITDA of $40.3 million for the
three months ended December 31, 2014 and $121.9 million for
the year ended December 31, 2014. We brought two new mine and
wet plant complexes online, acquired a third, and closed the year
by opening our 2.5 million ton-per-year Arland dry plant, which we
were able to bring to full capacity in four days. We added
in-basin transload locations, increased our rail yard capacity by
50%, and added several thousand rail cars. We also just added
another rail loadout location and are now shipping directly onto
four Class One rail lines.
"Demand for frac sand continues to
be strong, but lower crude oil prices have had a chilling effect on
the market. We continue to work with customers to improve our
position in the market, as well as to help them lower their total
cost of sand on a delivered per-ton basis. This includes
moving more product through our transload terminals, using our
logistics network to lower the cost of delivery of the sand, and
offering other temporary concessions that allow us to recover
margin as the price of crude oil recovers. We have also been
able to amend and extend a number of contracts, and now have 8.3
million tons under contract, including commitments for plants that
we expect to be operational in the future, for a weighted average
remaining life of 4.0 years. At the same time, we are
investing time and some capital in projects that we believe will
allow us to continue to lower our sand production costs on a
per-ton basis.
"Our Fuel segment generated
Adjusted EBITDA of $(1.9) million for the three months ended
December 31, 2014 primarily because of the continued decline
in refined product prices. However, we believe that the worst
of that market is behind us, and we are taking several proactive
measures that we believe will position the fuel segment for a solid
performance in 2015 and beyond.
"As we look toward our major
capital projects for 2015 and beyond, we still intend to bring
online a new 2.5 million ton per year dry plant in Wisconsin.
In addition to our Independence facility, we are well down the road
toward constructing a second dry plant, and expect to have one of
these two facilities online by the end of the year. In the
fuel segment, we plan to spend $20 million for new hydrotreaters
that will allow us to process more high-sulfur transmix into
gasoline and ultra-low sulfur diesel, which we believe will make
our facilities more competitive and allow us to capture additional
margin. In all, our capital expenditure plans for 2015 total
$110 million, approximately $10 million of which is scheduled as
maintenance capital expenditures."
Conference Call
Emerge Energy will host its 2014
fourth quarter and year end results conference call later today,
Monday, March 2, 2015 at 10 a.m. CDT. Callers may listen to the
live presentation, which will be followed by a question and answer
segment, by dialing (800) 798-2864 or (617) 614-6206 and entering
pass code 32273070. An audio webcast of the call will be available
at www.emergelp.com within the Investor Relations portion of the
website under the Webcasts & Presentations section. A replay
will be available by audio webcast and teleconference from 2:00
p.m. CDT on March 2 through 11:59 p.m. CDT on March 9, 2015. The
replay teleconference will be available by dialing (888) 286-8010
or (617) 801-6888 and the reservation number 13546219.
Operating Results
The following table summarizes
Emerge Energy's unaudited consolidated operating results for the
three months and year ended ended December 31, 2014 and 2013 (in
thousands).
|
Three Months Ended
December 31, |
|
Year Ended
December 31, |
|
2014 |
|
|
2013 |
|
|
2014 |
|
|
2013 |
|
REVENUES |
$ |
242,562 |
|
|
$ |
246,030 |
|
|
$ |
1,111,254 |
|
|
$ |
873,255 |
|
OPERATING EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
Cost of goods sold |
197,049 |
|
|
214,927 |
|
|
950,006 |
|
|
767,911 |
|
Depreciation, depletion and amortization |
6,901 |
|
|
6,362 |
|
|
24,803 |
|
|
20,828 |
|
Selling, general and administrative expenses |
11,695 |
|
|
9,439 |
|
|
38,723 |
|
|
26,835 |
|
IPO
transaction-related costs |
- |
|
|
- |
|
|
- |
|
|
10,966 |
|
Total operating expenses |
215,645 |
|
|
230,728 |
|
|
1,013,532 |
|
|
826,540 |
|
Operating income |
26,917 |
|
|
15,302 |
|
|
97,722 |
|
|
46,715 |
|
OTHER EXPENSE (INCOME) |
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
2,388 |
|
|
1,278 |
|
|
7,394 |
|
|
10,586 |
|
Loss on extinguishment of debt |
- |
|
|
- |
|
|
- |
|
|
907 |
|
Other |
(13 |
) |
|
(57 |
) |
|
611 |
|
|
(334 |
) |
Total other expense |
2,375 |
|
|
1,221 |
|
|
8,005 |
|
|
11,159 |
|
Income
before provision for income taxes |
24,542 |
|
|
14,081 |
|
|
89,717 |
|
|
35,556 |
|
Provision for income taxes |
124 |
|
|
90 |
|
|
638 |
|
|
386 |
|
NET
INCOME |
$ |
24,418 |
|
|
$ |
13,991 |
|
|
$ |
89,079 |
|
|
$ |
35,170 |
|
Adjusted EBITDA (a) |
$ |
36,311 |
|
|
$ |
24,626 |
|
|
$ |
131,866 |
|
|
$ |
85,191 |
|
(a) See section entitled
"Adjusted EBITDA and Distributable Cash Flow" that includes a
definition of Adjusted EBITDA and provides reconciliation to GAAP
net income.
Sand Segment
|
Three Months Ended
December 31, |
|
Year Ended
December 31, |
|
2014 |
|
|
2013 |
|
|
2014 |
|
|
2013 |
|
REVENUES |
$ |
104,249 |
|
|
$ |
53,796 |
|
|
$ |
341,836 |
|
|
$ |
167,768 |
|
OPERATING EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
Cost of goods sold |
57,799 |
|
|
30,224 |
|
|
204,282 |
|
|
91,416 |
|
Depreciation, depletion and amortization |
3,935 |
|
|
2,786 |
|
|
12,777 |
|
|
10,458 |
|
Selling, general and administrative expenses |
6,253 |
|
|
3,652 |
|
|
15,821 |
|
|
10,556 |
|
Operating income |
$ |
36,262 |
|
|
$ |
17,134 |
|
|
$ |
108,956 |
|
|
$ |
55,338 |
|
Adjusted EBITDA (a) |
$ |
40,333 |
|
|
$ |
20,652 |
|
|
$ |
121,893 |
|
|
$ |
66,623 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume of sand sold (tons in thousands): |
1,233 |
|
|
765 |
|
|
4,306 |
|
|
2,651 |
|
Volume
of sand produced (tons in thousands): |
|
|
|
|
|
|
|
|
|
|
|
Arland, Wisconsin facility |
124 |
|
|
- |
|
|
124 |
|
|
- |
|
Barron, Wisconsin facility |
570 |
|
|
453 |
|
|
2,224 |
|
|
1,334 |
|
New Auburn, Wisconsin facility |
379 |
|
|
359 |
|
|
1,394 |
|
|
1,330 |
|
Kosse,
Texas facility |
81 |
|
|
17 |
|
|
299 |
|
|
115 |
|
Total volume of sand produced |
1,154 |
|
|
829 |
|
|
4,041 |
|
|
2,779 |
|
(a) See section entitled
"Adjusted EBITDA and Distributable Cash Flow" that includes a
definition of Adjusted EBITDA and provides reconciliation to GAAP
net income.
For the quarter ended
December 31, 2014, Emerge Energy sold 1,233,000 tons of sand,
compared to 765,000 tons for the same period in the prior
year. The Barron facility produced 570,000 tons, compared to
453,000 tons for the same period in 2013, while the New Auburn
facility produced 379,000 tons, compared to 359,000 tons for the
same period in 2013. After starting up in early December
2014, the Arland facility produced 124,000 tons, while the Kosse
facility increased sales to 81,000 tons, up from 17,000 for the
same period in 2013. Sand segment Adjusted EBITDA was $40.3
million for the fourth quarter 2014, compared to $20.7 million for
the same quarter in 2013. This 95% increase in Adjusted
EBITDA was due to the increase in total sand sales at all company
facilities, the start-up of the Arland facility, a decrease in sand
production costs, an increase in average selling price, and an
increase in margin contribution from our logistics services.
Fuel Segment
|
Three Months Ended
December 31, |
|
Year Ended
December 31, |
|
2014 |
|
|
2013 |
|
|
2014 |
|
|
2013 |
|
REVENUES |
$ |
138,313 |
|
|
$ |
192,234 |
|
|
$ |
769,418 |
|
|
$ |
705,487 |
|
OPERATING EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
Cost of goods sold |
139,250 |
|
|
184,703 |
|
|
745,724 |
|
|
676,495 |
|
Depreciation, depletion and amortization |
2,959 |
|
|
3,575 |
|
|
11,998 |
|
|
10,369 |
|
Selling, general and administrative expenses |
1,043 |
|
|
1,767 |
|
|
5,319 |
|
|
6,057 |
|
Operating income |
$ |
(4,939 |
) |
|
$ |
2,189 |
|
|
$ |
6,377 |
|
|
$ |
12,566 |
|
Adjusted EBITDA (a) |
$ |
(1,939 |
) |
|
$ |
5,781 |
|
|
$ |
18,514 |
|
|
$ |
23,056 |
|
Volume
of refined fuels sold (gallons in thousands) |
58,201 |
|
|
63,413 |
|
|
264,364 |
|
|
224,484 |
|
Volume of terminal throughput (gallons in
thousands) |
43,337 |
|
|
55,872 |
|
|
210,665 |
|
|
207,280 |
|
Volume
of transmix refined (gallons in thousands) |
24,834 |
|
|
32,421 |
|
|
116,611 |
|
|
91,813 |
|
Refined transmix as a percent of total refined
fuels sold |
42.7 |
% |
|
51.1 |
% |
|
44.1 |
% |
|
40.9 |
% |
(a) See section entitled
"Adjusted EBITDA and Distributable Cash Flow" that includes a
definition of Adjusted EBITDA and provides reconciliation to GAAP
net income.
For the quarter ended
December 31, 2014, Emerge Energy sold 58 million gallons of
refined fuel, compared to 63 million gallons for the same period
last year, and had additional third-party volume of 43 million
gallons pass through its terminals, compared to 56 million gallons
for the same period last year. Emerge Energy refined 25
million gallons of transmix for the three months ended
December 31, 2014, compared to 32 million gallons for the same
period last year. Adjusted EBITDA for Fuel was $(1.9) million
for the fourth quarter 2014, compared to $5.8 million for the
comparable quarter in 2013. This 134% decrease in Adjusted
EBITDA was due, in part, to a sharp and prolonged backwardated
period of refined product prices.
Capital Expenditures
For the three months ended
December 31, 2014, Emerge Energy's capital expenditures
totaled $18.8 million. This includes approximately $433,000
of maintenance capital expenditures.
Distributable Cash Flow
For the three months ended
December 31, 2014, Emerge Energy generated $33.4 million in
Distributable Cash Flow. On January 23, 2015, we
announced a distribution of $1.41 per unit, which was paid on
February 13, 2015 to common unitholders of record on
February 5, 2015.
About Emerge Energy Services
LP
Emerge Energy Services LP (NYSE: EMES) is a
growth-oriented limited partnership engaged in the businesses of
mining, producing, and distributing silica sand, a key input for
the hydraulic fracturing of oil and natural gas wells. Emerge
Energy also processes transmix, distributes refined motor fuels,
operates bulk motor fuel storage terminals, and provides
complementary fuel services. Emerge Energy operates its sand
segment through its subsidiary Superior Silica Sands LLC and its
fuel segment through its subsidiaries Direct Fuels LLC and Allied
Energy Company LLC.
Forward-Looking
Statements
This release contains certain
statements that are "forward-looking statements." These statements
can be identified by the use of forward-looking terminology
including "may," "believe," "will," "expect," "anticipate," or
"estimate." These forward-looking statements involve risks and
uncertainties, and there can be no assurance that actual results
will not differ materially from those expected by management of
Emerge Energy Services LP. When considering these
forward-looking statements, you should keep in mind the risk
factors and other cautionary statements in Emerge Energy's Annual
Report on Form 10-K filed with the SEC. The risk factors and
other factors noted in the Annual Report could cause actual results
to differ materially from those contained in any forward-looking
statement. Except as required by law, Emerge Energy Services
LP does not undertake any obligation to update or revise such
forward-looking statements to reflect events or circumstances that
occur after the date hereof.
PRESS CONTACT
Robert Lane
(817) 865-2541
EMERGE ENERGY
SERVICES LP
CONSOLIDATED STATEMENTS OF
OPERATIONS
($ in thousands except per unit data)
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|
2014 |
|
|
2013 |
|
|
2014 |
|
|
2013 |
|
REVENUES |
$ |
242,562 |
|
|
$ |
246,030 |
|
|
$ |
1,111,254 |
|
|
$ |
873,255 |
|
OPERATING EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
Cost of goods sold |
197,049 |
|
|
214,927 |
|
|
950,006 |
|
|
767,911 |
|
Depreciation, depletion and amortization |
6,901 |
|
|
6,362 |
|
|
24,803 |
|
|
20,828 |
|
Selling, general and administrative expenses |
11,695 |
|
|
9,439 |
|
|
38,723 |
|
|
26,835 |
|
IPO
transaction-related costs |
- |
|
|
- |
|
|
- |
|
|
10,966 |
|
Total operating expenses |
215,645 |
|
|
230,728 |
|
|
1,013,532 |
|
|
826,540 |
|
Operating income |
26,917 |
|
|
15,302 |
|
|
97,722 |
|
|
46,715 |
|
OTHER EXPENSE (INCOME) |
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
2,388 |
|
|
1,278 |
|
|
7,394 |
|
|
10,586 |
|
Loss on extinguishment of debt |
- |
|
|
- |
|
|
- |
|
|
907 |
|
Other |
(13 |
) |
|
(57 |
) |
|
611 |
|
|
(334 |
) |
Total other expense |
2,375 |
|
|
1,221 |
|
|
8,005 |
|
|
11,159 |
|
Income
before provision for income taxes |
24,542 |
|
|
14,081 |
|
|
89,717 |
|
|
35,556 |
|
Provision for income taxes |
124 |
|
|
90 |
|
|
638 |
|
|
386 |
|
NET
INCOME |
$ |
24,418 |
|
|
$ |
13,991 |
|
|
$ |
89,079 |
|
|
$ |
35,170 |
|
Less Predecessor net income before May 14,
2013 |
- |
|
|
- |
|
|
- |
|
|
13,124 |
|
POST-IPO NET INCOME |
$ |
24,418 |
|
|
$ |
13,991 |
|
|
$ |
89,079 |
|
|
$ |
22,046 |
|
Earnings per common unit (basic) |
$ |
1.01 |
|
|
$ |
0.58 |
|
|
$ |
3.70 |
|
|
$ |
0.92 |
|
Earnings per common unit (diluted) |
$ |
1.01 |
|
|
$ |
0.58 |
|
|
$ |
3.70 |
|
|
$ |
0.92 |
|
Weighted average number of common units outstanding
including participating securities (basic) |
24,116,923 |
|
|
24,015,662 |
|
|
24,070,418 |
|
|
24,015,562 |
|
Weighted average number of common units outstanding (diluted) |
24,121,956 |
|
|
24,023,891 |
|
|
24,076,437 |
|
|
24,021,957 |
|
EMERGE ENERGY
SERVICES LP
CONSOLIDATED BALANCE SHEETS
($ in thousands)
|
December 31, 2014 |
|
December 31, 2013 |
ASSETS |
Current Assets: |
|
|
|
|
|
Cash and cash equivalents |
$ |
6,876 |
|
|
$ |
2,167 |
|
Restricted cash and equivalents |
- |
|
|
6,188 |
|
Trade and other receivables, net |
75,708 |
|
|
49,645 |
|
Inventories |
32,278 |
|
|
41,320 |
|
Direct financing lease receivable |
- |
|
|
555 |
|
Prepaid expenses and other current assets |
9,262 |
|
|
4,157 |
|
Total current assets |
124,124 |
|
|
104,032 |
|
Property, plant and equipment, net |
238,657 |
|
|
146,131 |
|
Intangible assets, net |
31,158 |
|
|
39,415 |
|
Goodwill |
29,264 |
|
|
29,264 |
|
Other assets, net |
13,765 |
|
|
4,174 |
|
Total
assets |
$ |
436,968 |
|
|
$ |
323,016 |
|
LIABILITIES AND
PARTNERS' EQUITY |
Current Liabilities: |
|
|
|
|
|
Accounts payable |
$ |
21,341 |
|
|
$ |
36,096 |
|
Accrued liabilities |
24,411 |
|
|
17,274 |
|
Current portion of long-term debt |
53 |
|
|
233 |
|
Current portion of capital lease liability |
930 |
|
|
3,469 |
|
Total current liabilities |
46,735 |
|
|
57,072 |
|
Long-term debt, net of current portion |
221,864 |
|
|
93,809 |
|
Obligation for business acquisition, net of current
portion |
10,737 |
|
|
- |
|
Capital lease liability, net of current portion |
57 |
|
|
- |
|
Asset retirement obligations |
2,386 |
|
|
1,414 |
|
Total
liabilities |
281,779 |
|
|
152,295 |
|
Commitments and contingencies |
|
|
|
|
|
Partners' Equity: |
|
|
|
|
|
General partner |
- |
|
|
- |
|
Limited partner common units |
155,189 |
|
|
170,721 |
|
Total partners' equity |
155,189 |
|
|
170,721 |
|
Total
liabilities and partners' equity |
$ |
436,968 |
|
|
$ |
323,016 |
|
Adjusted EBITDA and Distributable
Cash Flow
We define Adjusted EBITDA
generally as: net income (loss) plus interest expense, income tax
expense, depreciation, depletion and amortization expense, non-cash
charges and losses that are unusual or non-recurring less interest
income, income tax benefits and gains that are unusual or
non-recurring. We report Adjusted EBITDA (which as defined includes
certain other adjustments, none of which impacted the calculation
of Adjusted EBITDA herein) to our lenders under our revolving
credit facility in determining our compliance with the interest
coverage ratio test and certain senior consolidated indebtedness to
Adjusted EBITDA tests thereunder. Adjusted EBITDA should not be
considered as an alternative to net income, operating income, cash
flow from operating activities or any other measure of financial
performance presented in accordance with GAAP. The following tables
(in thousands) reconcile net income (loss) to Adjusted EBITDA.
|
Three Months Ended December 31, |
|
Sand Segment |
|
Fuel Segment |
|
Corporate |
|
Total |
|
2014 |
|
|
2013 |
|
|
2014 |
|
|
2013 |
|
|
2014 |
|
|
2013 |
|
|
2014 |
|
|
2013 |
|
|
($ in thousands) |
Net income (loss) |
$ |
36,262 |
|
|
$ |
17,134 |
|
|
$ |
(4,939 |
) |
|
$ |
2,189 |
|
|
$ |
(6,905 |
) |
|
$ |
(5,332 |
) |
|
$ |
24,418 |
|
|
$ |
13,991 |
|
Interest expense, net |
- |
|
|
- |
|
|
- |
|
|
- |
|
|
2,388 |
|
|
1,278 |
|
|
2,388 |
|
|
1,278 |
|
Loss on extinguish-
ment of debt |
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
Other
loss |
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(13 |
) |
|
(57 |
) |
|
(13 |
) |
|
(57 |
) |
Provision for income taxes |
- |
|
|
- |
|
|
- |
|
|
- |
|
|
124 |
|
|
90 |
|
|
124 |
|
|
90 |
|
Operating income (loss) |
36,262 |
|
|
17,134 |
|
|
(4,939 |
) |
|
2,189 |
|
|
(4,406 |
) |
|
(4,021 |
) |
|
26,917 |
|
|
15,302 |
|
Depreciation, depletion and amortization |
3,935 |
|
|
2,786 |
|
|
2,959 |
|
|
3,575 |
|
|
7 |
|
|
1 |
|
|
6,901 |
|
|
6,362 |
|
Equity-based compensation expense |
- |
|
|
- |
|
|
- |
|
|
- |
|
|
2,316 |
|
|
2,213 |
|
|
2,316 |
|
|
2,213 |
|
Loss (gain) on disposal of equipment |
- |
|
|
777 |
|
|
4 |
|
|
(18 |
) |
|
- |
|
|
- |
|
|
4 |
|
|
759 |
|
Provision for doubtful accounts |
115 |
|
|
(45 |
) |
|
37 |
|
|
35 |
|
|
- |
|
|
- |
|
|
152 |
|
|
(10 |
) |
Accretion of asset retirement obligations |
21 |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
21 |
|
|
- |
|
Adjusted EBITDA |
$ |
40,333 |
|
|
$ |
20,652 |
|
|
$ |
(1,939 |
) |
|
$ |
5,781 |
|
|
$ |
(2,083 |
) |
|
$ |
(1,807 |
) |
|
$ |
36,311 |
|
|
$ |
24,626 |
|
|
Year Ended December 31, |
|
Sand Segment |
|
Fuel Segment |
|
Corporate |
|
Total |
|
2014 |
|
|
2013 |
|
|
2014 |
|
|
2013 |
|
|
2014 |
|
|
2013 |
|
|
2014 |
|
|
2013 |
|
|
($ in thousands) |
Net income (loss) |
$ |
108,956 |
|
|
$ |
55,338 |
|
|
$ |
6,377 |
|
|
$ |
12,566 |
|
|
$ |
(26,254 |
) |
|
$ |
(32,734 |
) |
|
$ |
89,079 |
|
|
$ |
35,170 |
|
Interest expense, net |
- |
|
|
- |
|
|
- |
|
|
- |
|
|
7,394 |
|
|
10,586 |
|
|
7,394 |
|
|
10,586 |
|
Loss on extinguish-
ment of debt |
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
907 |
|
|
- |
|
|
907 |
|
Other
(income) loss |
- |
|
|
- |
|
|
- |
|
|
- |
|
|
611 |
|
|
(334 |
) |
|
611 |
|
|
(334 |
) |
Provision for income taxes |
- |
|
|
- |
|
|
- |
|
|
- |
|
|
638 |
|
|
386 |
|
|
638 |
|
|
386 |
|
Operating income (loss) |
108,956 |
|
|
55,338 |
|
|
6,377 |
|
|
12,566 |
|
|
(17,611 |
) |
|
(21,189 |
) |
|
97,722 |
|
|
46,715 |
|
Depreciation, depletion and amortization |
12,777 |
|
|
10,458 |
|
|
11,998 |
|
|
10,369 |
|
|
28 |
|
|
1 |
|
|
24,803 |
|
|
20,828 |
|
IPO
transaction-related costs |
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
10,966 |
|
|
- |
|
|
10,966 |
|
Equity-based compensation expense |
- |
|
|
- |
|
|
- |
|
|
- |
|
|
9,042 |
|
|
5,734 |
|
|
9,042 |
|
|
5,734 |
|
Loss
(gain) on disposal of equipment |
19 |
|
|
773 |
|
|
(11 |
) |
|
(18 |
) |
|
- |
|
|
- |
|
|
8 |
|
|
755 |
|
Provision for doubtful accounts |
103 |
|
|
51 |
|
|
150 |
|
|
139 |
|
|
- |
|
|
- |
|
|
253 |
|
|
190 |
|
Accretion of asset retirement obligations |
38 |
|
|
3 |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
38 |
|
|
3 |
|
Adjusted EBITDA |
$ |
121,893 |
|
|
$ |
66,623 |
|
|
$ |
18,514 |
|
|
$ |
23,056 |
|
|
$ |
(8,541 |
) |
|
$ |
(4,488 |
) |
|
$ |
131,866 |
|
|
$ |
85,191 |
|
We define Distributable Cash Flow
generally as net income plus (i) non-cash net interest
expense, (ii) depreciation, depletion and amortization
expense, (iii) non-cash charges, and (iv) selected losses
that are unusual or non-recurring; less (v) selected principal
repayments, (vi) selected gains that are unusual or
non-recurring, and (vii) maintenance capital expenditures. In
addition, our Board of Directors utilizes reserves for future
capital expenditures, compliance with law or debt agreements, and
to provide funds for distributions to unitholders in respect to any
one or more of the next four quarters. Distributable Cash Flow does
not reflect changes in working capital balances. The
following table (in thousands) reconciles net income to
Distributable Cash Flow.
|
Three Months Ended December 31,
2014 |
Net income |
$ |
24,418 |
|
|
|
|
Add (less) reconciling
items: |
|
|
Add
depreciation, depletion and amortization expense |
6,901 |
|
Add amortization of deferred financing costs |
271 |
|
Add
income taxes accrued, net of payments |
113 |
|
Add equity-based compensation expense |
2,316 |
|
Add
provision for doubtful accounts |
152 |
|
Add unrealized loss on fair value of interest rate
swaps |
282 |
|
Add
loss on disposal of assets |
4 |
|
Add accretion of asset retirement obligations |
21 |
|
Less
cash distribution on participating securities |
(549 |
) |
Less maintenance capital expenditures |
(433 |
) |
Other |
(52 |
) |
|
|
|
Cash available for distribution |
$ |
33,444 |
|
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX 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: Emerge Energy Services LP via Globenewswire
HUG#1898376
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