OVERLAND PARK, Kan.,
Dec. 9, 2011 /PRNewswire/
-- Ferrellgas Partners, L.P. (NYSE: FGP), one of the nation's
largest distributors of propane, today reported operating results
for the fiscal first quarter ended October
31, 2011.
Propane sales for the quarter rose 17% to 196.3 million gallons
despite temperatures during the period that were 17% warmer than
normal and customer conservation resulting from wholesale propane
costs that rose more than 33%. Revenues grew 35% to $538.4 million from $400.2
million, reflecting both the increased gallon sales and the
sales price to consumers resulting from the higher wholesale cost
of propane.
"Our first quarter is traditionally slow due to the seasonality
of the retail propane business, and that was certainly the case
again this year," President and Chief Executive Officer
Steve Wambold said. "We were
extremely pleased, however by our growth efforts which lead the
industry helping to offset the continued impact of customer
conservation on sales volumes and lesser retail margins resulting
from sharply higher propane costs."
Gross profit was $128.7 million,
down $2.1 million while operating
expenses were $99.4 million,
improving $0.06 per gallon
delivered. General and administrative expenses were reduced
10% to $9.4 million primarily
reflecting prior year reductions in back office expenses.
Equipment lease expense was materially unchanged at $3.5 million.
"Our focus remains on gaining market share through organic sales
and marketing, supplemented by strategic acquisitions in retail
propane" said Wambold. "In the quarter, these efforts along
with a continued focus on driving operational efficiencies allowed
us to better utilize our fixed overhead while positioning us well
for the upcoming winter heating season." Wambold concluded by
saying, "As our Blue Rhino operations move into their offseason, we
have continued to see growth in propane tank exchange as over the
last 12 months we have increased our nation-wide footprint by
adding 1,400 retail locations, growing sales by more than 4%."
Adjusted EBITDA and the seasonal Net Loss for the quarter were
$16.4 million and $32.9 million, respectively compared to
$21.9 million and $28.3 million, respectively in the prior year's
quarter.
The partnership recently announced the extension of its
$400 million secured credit facility
to September 2016, in addition to two
acquisitions of retail propane operations with customers in
California and Texas.
Ferrellgas Partners, L.P., through its operating partnership,
Ferrellgas, L.P., serves approximately one million customers in all
50 states, the District of
Columbia and Puerto Rico. Ferrellgas employees
indirectly own more than 20 million common units of the partnership
through an employee stock ownership plan. More information
about the partnership can be found online at
www.ferrellgas.com.
Statements in this release concerning expectations for the
future are forward-looking statements. A variety of known and
unknown risks, uncertainties and other factors could cause results,
performance and expectations to differ materially from anticipated
results, performance and expectations. These risks,
uncertainties and other factors are discussed in the Form 10-K of
Ferrellgas Partners, L.P., Ferrellgas Partners Finance Corp.,
Ferrellgas, L.P., and Ferrellgas Finance Corp. for the fiscal year
ended July 31, 2011, and other
documents filed from time to time by these entities with the
Securities and Exchange Commission.
Contact:
Tom Colvin, Investor
Relations, 913-661-1530
Scott Brockelmeyer, Media Relations,
913-661-1830
FERRELLGAS PARTNERS,
L.P. AND SUBSIDIARIES
|
CONSOLIDATED BALANCE
SHEETS
|
(in thousands, except
unit data)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
October 31, 2011
|
|
July 31, 2011
|
|
|
|
|
|
Current Assets:
|
|
|
|
|
Cash and cash
equivalents
|
|
$
13,134
|
|
$
7,437
|
Accounts and notes
receivable, net (including $139,451 and $112,509 of
|
|
|
|
|
accounts
receivable pledged as collateral at October 31, 2011
|
|
|
|
|
and July
31, 2011, respectively)
|
|
205,608
|
|
159,532
|
Inventories
|
|
184,530
|
|
136,139
|
Prepaid expenses and
other current assets
|
|
30,488
|
|
23,885
|
Total
Current Assets
|
|
433,760
|
|
326,993
|
|
|
|
|
|
Property, plant and
equipment, net
|
|
642,711
|
|
642,205
|
Goodwill
|
|
248,944
|
|
248,944
|
Intangible assets, net
|
|
202,778
|
|
204,136
|
Other assets, net
|
|
40,043
|
|
38,308
|
Total
Assets
|
|
$
1,568,236
|
|
$
1,460,586
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
PARTNERS' CAPITAL
|
|
|
|
|
|
|
|
|
|
Current
Liabilities:
|
|
|
|
|
Accounts payable
|
|
$
115,408
|
|
$
67,541
|
Short-term
borrowings
|
|
126,071
|
|
64,927
|
Collateralized note
payable
|
|
81,000
|
|
61,000
|
Other current
liabilities (a)
|
|
135,317
|
|
104,813
|
Total
Current Liabilities
|
|
457,796
|
|
298,281
|
|
|
|
|
|
Long-term debt (a)
|
|
1,069,430
|
|
1,050,920
|
Other liabilities
|
|
23,255
|
|
23,068
|
Contingencies and
commitments
|
|
-
|
|
-
|
|
|
|
|
|
Partners'
Capital:
|
|
|
|
|
Common unitholders
(75,966,353 units outstanding at both
|
|
|
|
|
October 31,
2011 and July 31, 2011)
|
|
74,739
|
|
139,614
|
General partner
unitholder (767,337 units outstanding at both
|
|
|
|
|
October 31,
2011 and July 31, 2011)
|
|
(59,315)
|
|
(58,660)
|
Accumulated other
comprehensive income
|
|
273
|
|
4,633
|
Total
Ferrellgas Partners, L.P. Partners' Capital
|
|
15,697
|
|
85,587
|
Noncontrolling Interest
|
|
2,058
|
|
2,730
|
Total
Partners' Capital
|
|
17,755
|
|
88,317
|
Total
Liabilities and Partners' Capital
|
|
$
1,568,236
|
|
$
1,460,586
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) The principal
difference between the Ferrellgas Partners, L.P. balance sheet and
that of Ferrellgas, L.P., is $182 million of 8.625% notes
|
which are liabilities of
Ferrellgas Partners, L.P. and not of Ferrellgas, L.P.
|
|
|
|
|
FERRELLGAS PARTNERS,
L.P. AND SUBSIDIARIES
|
CONSOLIDATED STATEMENTS
OF EARNINGS
|
FOR THE THREE AND TWELVE
MONTHS ENDED OCTOBER 31, 2011 AND 2010
|
(in thousands, except
per unit data)
|
(unaudited)
|
|
|
Three months
ended
|
|
Twelve months
ended
|
|
|
October 31
|
|
October 31
|
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
Revenues:
|
|
|
|
|
|
|
|
|
Propane and other
gas liquids sales
|
|
$
514,219
|
|
$ 368,623
|
|
$ 2,357,853
|
|
$ 1,941,275
|
Other
|
|
24,207
|
|
31,569
|
|
203,596
|
|
205,907
|
Total
revenues
|
|
538,426
|
|
400,192
|
|
2,561,449
|
|
2,147,182
|
|
|
|
|
|
|
|
|
|
Cost of product
sold:
|
|
|
|
|
|
|
|
|
Propane and other
gas liquids sales
|
|
403,122
|
|
256,486
|
|
1,755,980
|
|
1,313,100
|
Other
|
|
6,626
|
|
12,858
|
|
118,238
|
|
115,316
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
128,678
|
|
130,848
|
|
687,231
|
|
718,766
|
|
|
|
|
|
|
|
|
|
Operating expense
|
|
99,411
|
|
95,260
|
|
411,432
|
|
405,986
|
Depreciation and
amortization expense
|
|
20,674
|
|
20,375
|
|
82,785
|
|
82,339
|
General and administrative
expense
|
|
9,364
|
|
10,387
|
|
51,137
|
|
44,699
|
Equipment lease expense
|
|
3,529
|
|
3,649
|
|
14,315
|
|
13,316
|
Non-cash employee stock
ownership plan compensation charge
|
|
2,579
|
|
2,444
|
|
10,292
|
|
9,764
|
Non-cash stock and
unit-based compensation charge (b)
|
|
2,917
|
|
1,013
|
|
15,392
|
|
6,093
|
Loss (gain) on disposal of
assets and other
|
|
309
|
|
(232)
|
|
4,174
|
|
6,591
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
|
(10,105)
|
|
(2,048)
|
|
97,704
|
|
149,978
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
(23,387)
|
|
(26,877)
|
|
(98,395)
|
|
(105,466)
|
Loss on extinguishment of
debt
|
|
-
|
|
-
|
|
(46,962)
|
|
(3,408)
|
Other income (expense),
net
|
|
(33)
|
|
178
|
|
356
|
|
(1,237)
|
|
|
|
|
|
|
|
|
|
Earnings (loss) before
income taxes
|
|
(33,525)
|
|
(28,747)
|
|
(47,297)
|
|
39,867
|
|
|
|
|
|
|
|
|
|
Income tax expense
(benefit)
|
|
(630)
|
|
(482)
|
|
1,093
|
|
1,856
|
|
|
|
|
|
|
|
|
|
Net earnings
(loss)
|
|
(32,895)
|
|
(28,265)
|
|
(48,390)
|
|
38,011
|
|
|
|
|
|
|
|
|
|
Net earnings (loss)
attributable to noncontrolling interest (a)
|
|
(291)
|
|
(222)
|
|
(181)
|
|
680
|
|
|
|
|
|
|
|
|
|
Net earnings (loss)
attributable to Ferrellgas Partners, L.P.
|
|
(32,604)
|
|
(28,043)
|
|
(48,209)
|
|
37,331
|
|
|
|
|
|
|
|
|
|
Less: General partner's
interest in net earnings (loss)
|
|
(326)
|
|
(280)
|
|
(482)
|
|
373
|
|
|
|
|
|
|
|
|
|
Common unitholders'
interest in net earnings (loss)
|
|
$
(32,278)
|
|
$
(27,763)
|
|
$
(47,727)
|
|
$ 36,958
|
|
|
|
|
|
|
|
|
|
Earnings (loss) Per
Unit
|
|
|
|
|
|
|
|
|
Basic and diluted net
earnings (loss) per common unitholders' interest
|
|
$ (0.42)
|
|
$ (0.40)
|
|
$
(0.65)
|
|
$ 0.53
|
|
|
|
|
|
|
|
|
|
Weighted average common
units outstanding
|
|
75,966.4
|
|
69,559.6
|
|
73,928.5
|
|
69,506.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data and
Reconciliation of Non-GAAP Items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
|
|
Twelve months ended
|
|
|
October 31
|
|
October 31
|
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings (loss)
attributable to Ferrellgas Partners, L.P.
|
|
$
(32,604)
|
|
$
(28,043)
|
|
$
(48,209)
|
|
$ 37,331
|
Income tax expense
(benefit)
|
|
(630)
|
|
(482)
|
|
1,093
|
|
1,856
|
Interest expense
|
|
23,387
|
|
26,877
|
|
98,395
|
|
105,466
|
Depreciation and
amortization expense
|
|
20,674
|
|
20,375
|
|
82,785
|
|
82,339
|
EBITDA
|
|
10,827
|
|
18,727
|
|
134,064
|
|
226,992
|
Loss on
extinguishment of debt
|
|
-
|
|
-
|
|
46,962
|
|
3,408
|
Non-cash employee
stock ownership plan compensation charge
|
|
2,579
|
|
2,444
|
|
10,292
|
|
9,764
|
Non-cash stock and
unit-based compensation charge (b)
|
|
2,917
|
|
1,013
|
|
15,392
|
|
6,093
|
Loss (gain) on
disposal of assets and other
|
|
309
|
|
(232)
|
|
4,174
|
|
6,591
|
Other income
(expense), net
|
|
33
|
|
(178)
|
|
(356)
|
|
1,237
|
Litigation reserve
and related legal fees
|
|
-
|
|
332
|
|
11,788
|
|
332
|
Net earnings (loss)
attributable to noncontrolling interest
|
|
(291)
|
|
(222)
|
|
(181)
|
|
680
|
Adjusted EBITDA
(c)
|
|
16,374
|
|
21,884
|
|
222,135
|
|
255,097
|
Net cash interest
expense (d)
|
|
(22,031)
|
|
(23,722)
|
|
(91,662)
|
|
(97,312)
|
Maintenance
capital expenditures (e)
|
|
(5,327)
|
|
(4,412)
|
|
(16,352)
|
|
(14,267)
|
Cash paid for
taxes
|
|
(3)
|
|
(83)
|
|
(511)
|
|
(1,633)
|
Proceeds from asset
sales
|
|
1,363
|
|
2,078
|
|
5,279
|
|
9,365
|
Distributable cash flow
to equity investors (f)
|
|
$
(9,624)
|
|
$ (4,255)
|
|
$ 118,889
|
|
$ 151,250
|
|
|
|
|
|
|
|
|
|
Propane gallons
sales
|
|
|
|
|
|
|
|
|
Retail - Sales to
End Users
|
|
132,848
|
|
120,561
|
|
667,695
|
|
669,050
|
Wholesale - Sales to
Resellers
|
|
63,421
|
|
47,776
|
|
259,920
|
|
242,263
|
Total propane
gallons sales
|
|
196,269
|
|
168,337
|
|
927,615
|
|
911,313
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Amounts allocated
to the general partner for its 1.0101% interest in the operating
partnership, Ferrellgas, L.P.
|
|
|
|
|
(b) Non-cash stock
and unit-based compensation charges consist of the following:
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Twelve months ended
|
|
|
October 31
|
|
October 31
|
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
Operating expense
|
|
$ 1,167
|
|
$ 136
|
|
$ 4,788
|
|
$ 1,533
|
General and administrative
expense
|
|
1,750
|
|
877
|
|
10,604
|
|
4,560
|
Total
|
|
$ 2,917
|
|
$
1,013
|
|
$ 15,392
|
|
$ 6,093
|
|
|
|
|
|
|
|
|
|
(c)
|
Adjusted EBITDA is calculated as earnings (loss) before income
tax expense (benefit), interest expense, depreciation and
amortization expense, loss on extinguishment of debt, non-cash
employee stock ownership plan compensation charge, non-cash stock
and unit-based compensation charge, loss (gain) on disposal of
assets and other, other income (expense), net, a litigation
reserve and related legal fees and net earnings (loss) attributable
to noncontrolling interest. Management believes the presentation of
this measure is relevant and useful because it allows
investors to view the partnership's performance in a manner similar
to the method management uses, adjusted for items management
believes makes it easier to compare its results with other
companies that have different financing and capital structures.
This method of calculating Adjusted EBITDA may not be
consistent with that of other companies and should be viewed in
conjunction with measurements that are computed in accordance with
GAAP.
|
(d)
|
Net cash interest expense is the sum of interest expense less
non-cash interest expense and other income (expense), net. This
amount includes interest expense related to the accounts
receivable securitization facility.
|
(e)
|
Maintenance capital expenditures include capitalized
expenditures for betterment and replacement of property, plant and
equipment.
|
(f)
|
Management considers Distributable cash flow to equity investors
a meaningful non-GAAP measure of the partnership's ability to
declare and pay quarterly distributions to common unitholders.
Distributable cash flow to equity investors, as management defines
it, may not be comparable to distributable cash flow or similarly
titled measures used by other corporations and partnerships.
|
|
FERRELLGAS PARTNERS,
L.P. AND SUBSIDIARIES
|
|
|
|
CONSOLIDATED STATEMENTS
OF EARNINGS
|
|
|
|
FOR THE THREE AND TWELVE
MONTHS ENDED OCTOBER 31, 2011 AND 2010
|
|
|
|
(in thousands, except
per unit data)
|
|
|
|
(unaudited)
|
|
|
|
|
|
Three months ended Oct 31,
|
|
|
|
|
|
Twelve months ended Oct 31,
|
|
|
|
|
|
|
$
Change
|
%
|
|
|
|
$
Change
|
%
|
|
|
2011
|
|
2010
|
|
F
(U)
|
Change
|
|
|
2011
|
|
2010
|
|
F
(U)
|
Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Propane and other
gas liquids sales
|
|
$ 514,219
|
|
$368,623
|
|
$145,596
|
39%
|
|
|
$ 2,357,853
|
|
$ 1,941,275
|
|
$416,578
|
21%
|
Other
|
|
24,207
|
|
31,569
|
|
(7,362)
|
(23%)
|
|
|
203,596
|
|
205,907
|
|
(2,311)
|
(1%)
|
Total
revenues
|
|
538,426
|
|
400,192
|
|
138,234
|
35%
|
|
|
2,561,449
|
|
2,147,182
|
|
414,267
|
19%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of product
sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Propane and other
gas liquids sales
|
|
403,122
|
|
256,486
|
|
(146,636)
|
(57%)
|
|
|
1,755,980
|
|
1,313,100
|
|
(442,880)
|
(34%)
|
Other
|
|
6,626
|
|
12,858
|
|
6,232
|
48%
|
|
|
118,238
|
|
115,316
|
|
(2,922)
|
(3%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
128,678
|
|
130,848
|
|
(2,170)
|
(2%)
|
|
|
687,231
|
|
718,766
|
|
(31,535)
|
(4%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expense
|
|
99,411
|
|
95,260
|
|
(4,151)
|
(4.4%)
|
|
|
411,432
|
|
405,986
|
|
(5,446)
|
(1%)
|
Depreciation and
amortization expense
|
|
20,674
|
|
20,375
|
|
(299)
|
(1%)
|
|
|
82,785
|
|
82,339
|
|
(446)
|
(1%)
|
General and administrative
expense
|
|
9,364
|
|
10,387
|
|
1,023
|
10%
|
|
|
51,137
|
|
44,699
|
|
(6,438)
|
(14%)
|
Equipment lease expense
|
|
3,529
|
|
3,649
|
|
120
|
3%
|
|
|
14,315
|
|
13,316
|
|
(999)
|
(8%)
|
Employee stock ownership
plan compensation charge
|
|
2,579
|
|
2,444
|
|
(135)
|
(6%)
|
|
|
10,292
|
|
9,764
|
|
(528)
|
(5%)
|
Unit and stock based
non-cash compensation charge
|
|
2,917
|
|
1,013
|
|
(1,904)
|
(188%)
|
|
|
15,392
|
|
6,093
|
|
(9,299)
|
(153%)
|
Loss on disposal of assets
and other
|
|
309
|
|
(232)
|
|
(541)
|
233%
|
|
|
4,174
|
|
6,591
|
|
2,417
|
37%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
|
(10,105)
|
|
(2,048)
|
|
(8,057)
|
(393%)
|
|
|
97,704
|
|
149,978
|
|
(52,274)
|
(35%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
(23,387)
|
|
(26,877)
|
|
3,490
|
13%
|
|
|
(98,395)
|
|
(105,466)
|
|
7,071
|
7%
|
Loss on
extinguishment of debt
|
|
0
|
|
0
|
|
0
|
-
|
|
|
(46,962)
|
|
(3,408)
|
|
(43,554)
|
(1278%)
|
Other income (expense),
net
|
|
(33)
|
|
178
|
|
(211)
|
(119%)
|
|
|
356
|
|
(1,237)
|
|
1,593
|
(129%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) before
income taxes
|
|
(33,525)
|
|
(28,747)
|
|
(4,778)
|
(17%)
|
|
|
(47,297)
|
|
39,867
|
|
(87,164)
|
(219%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
(benefit)
|
|
(630)
|
|
(482)
|
|
(148)
|
31%
|
|
|
1,093
|
|
1,856
|
|
(763)
|
41%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
(32,895)
|
|
(28,265)
|
|
(4,630)
|
(16%)
|
|
|
(48,390)
|
|
38,011
|
|
(86,401)
|
(227%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to noncontrolling interest
|
|
(291)
|
|
(222)
|
|
(69)
|
(31%)
|
|
|
(181)
|
|
680
|
|
(861)
|
(127%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Ferrellgas Partners, L.P.
|
|
(32,604)
|
|
(28,043)
|
|
(4,561)
|
(16%)
|
|
|
(48,209)
|
|
37,331
|
|
(85,540)
|
(229%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: General partner's
interest in net income (loss)
|
|
(326)
|
|
(280)
|
|
(46)
|
(16%)
|
|
|
(482)
|
|
373
|
|
(855)
|
229%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common unitholders'
interest in net income (loss)
|
|
$ (32,278)
|
|
$ (27,763)
|
|
$ (4,515)
|
(16%)
|
|
|
$ (47,727)
|
|
$ 36,958
|
|
$ (84,685)
|
(229%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Unit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per common
unit available to common unitholders
|
|
$ (0.42)
|
|
$ (0.40)
|
|
$ (0.02)
|
5%
|
|
|
$ (0.66)
|
|
$ 0.53
|
|
$ (1.19)
|
(225%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common
units outstanding
|
|
75,966.4
|
|
69,559.6
|
|
|
|
|
|
72,313.6
|
|
69,241.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data and
Reconciliation of Non-GAAP Items:
|
|
|
|
|
|
Three months ended Oct
31,
|
|
|
|
|
|
Twelve months ended Oct
31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2011
|
|
2010
|
|
Change
|
% Change
|
|
|
2011
|
|
2010
|
|
Change
|
% Change
|
Propane gallons
sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail - Sales to
End Users
|
|
132,848
|
|
120,561
|
|
12,287
|
10%
|
|
|
667,695
|
|
669,050
|
|
(1,355)
|
(0%)
|
Wholesale - Sales to
Resellers
|
|
63,421
|
|
47,776
|
|
15,645
|
33%
|
|
|
259,920
|
|
242,263
|
|
17,657
|
7%
|
Propane gallons
|
|
196,269
|
|
168,337
|
|
27,932
|
17%
|
|
|
927,615
|
|
911,313
|
|
16,302
|
2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings (loss)
attributable to Ferrellgas Partners, L.P.
|
|
$ (32,604)
|
|
$ (28,043)
|
|
$
(4,561)
|
(16%)
|
|
|
$ (48,209)
|
|
$ 37,331
|
|
$ (85,540)
|
229%
|
Income tax expense
(benefit)
|
|
(630)
|
|
(482)
|
|
(148)
|
31%
|
|
|
1,093
|
|
1,856
|
|
(763)
|
(41%)
|
Interest expense
|
|
23,387
|
|
26,877
|
|
(3,490)
|
13%
|
|
|
98,395
|
|
105,466
|
|
(7,071)
|
7%
|
Depreciation and
amortization expense
|
|
20,674
|
|
20,375
|
|
299
|
(1%)
|
|
|
82,785
|
|
82,339
|
|
446
|
(1%)
|
EBITDA
|
|
10,827
|
|
18,727
|
|
(7,900)
|
(42%)
|
|
|
134,064
|
|
226,992
|
|
(92,928)
|
(41%)
|
Loss on
extinguishment of debt
|
|
0
|
|
0
|
|
0
|
-
|
|
|
46,962
|
|
3,408
|
|
43,554
|
(1278%)
|
Non-cash employee
stock ownership plan compensation charge
|
|
2,579
|
|
2,444
|
|
135
|
(6%)
|
|
|
11,788
|
|
332
|
|
11,456
|
(3451%)
|
Non-cash stock and
unit-based compensation charge (b)
|
|
2,917
|
|
1,013
|
|
1,904
|
(188%)
|
|
|
(181)
|
|
680
|
|
(861)
|
127%
|
Loss on disposal of
assets and other
|
|
309
|
|
(232)
|
|
541
|
(233%)
|
|
|
4,174
|
|
6,591
|
|
(2,417)
|
(37%)
|
Other income
(expense), net
|
|
33
|
|
(178)
|
|
211
|
119%
|
|
|
(356)
|
|
1,237
|
|
(1,593)
|
129%
|
Litigation reserve
and related legal fees
|
|
0
|
|
332
|
|
(332)
|
(100%)
|
|
|
10,292
|
|
9,764
|
|
528
|
5%
|
Net loss
attributable to noncontrolling interest
|
|
(291)
|
|
(222)
|
|
(69)
|
31%
|
|
|
(181)
|
|
680
|
|
(861)
|
(127%)
|
Adjusted EBITDA
(c)
|
|
16,374
|
|
21,884
|
|
(5,510)
|
(25%)
|
|
|
206,562
|
|
249,684
|
|
(43,122)
|
(17%)
|
Net cash interest
expense (d)
|
|
(22,031)
|
|
(23,722)
|
|
1,691
|
7%
|
|
|
(91,662)
|
|
(97,312)
|
|
5,650
|
6%
|
Maintenance
capital expenditures (e)
|
|
(5,327)
|
|
(4,412)
|
|
(915)
|
(21%)
|
|
|
(16,352)
|
|
(14,267)
|
|
(2,085)
|
(15%)
|
Cash paid for
taxes
|
|
(3)
|
|
(83)
|
|
80
|
96%
|
|
|
(511)
|
|
(1,633)
|
|
1,122
|
69%
|
Proceeds from asset
sales
|
|
1,363
|
|
2,078
|
|
(715)
|
(34%)
|
|
|
5,279
|
|
9,365
|
|
(4,086)
|
(44%)
|
Distributable cash flow
to equity investors (f)
|
|
$ (9,624)
|
|
$ (4,255)
|
|
$ (5,369)
|
(126%)
|
|
|
$ 103,316
|
|
$ 145,837
|
|
$ (42,521)
|
29%
|
SOURCE Ferrellgas Partners, L.P.