MGG Files Annual Report on Form 10-K
February 28 2007 - 6:18PM
PR Newswire (US)
TULSA, Okla., Feb. 28 /PRNewswire-FirstCall/ -- Magellan Midstream
Holdings, L.P. (NYSE:MGG) today filed its Annual Report on Form
10-K for 2006, including audited financial statements, with the
Securities and Exchange Commission. The partnership's audited net
income of $34.5 million for the year ended Dec. 31, 2006 is $3.0
million lower than the amount reported in the preliminary unaudited
earnings released on Jan. 31, 2007 due to an additional non-cash
charge to expense that has no impact on net income per limited
partner unit or cash available to pay distributions. This
additional charge relates to a former executive officer's
investment in MGG Midstream Holdings, L.P., an affiliate currently
owning approximately 65% of the partnership and all of its general
partner interest. This former executive left the company during
fourth quarter 2006 and, as a result, the partnership is required
to recognize compensation expense for certain distribution payments
made by MGG Midstream Holdings, L.P. to this individual over the
past three years related to his investment even though those
distributions were not paid by the partnership. Revised financial
schedules incorporating this incremental expense and the 2006 10-K
are available on the partnership's web site at
http://www.mgglp.com/ . In addition, a printed copy of the 2006
10-K may be requested by contacting investor relations at (877)
934-6571 or . About Magellan Midstream Holdings, L.P. Magellan
Midstream Holdings, L.P. is a publicly traded partnership formed to
own the general partner interest and 100% of the incentive
distribution rights in Magellan Midstream Partners, L.P.
(NYSE:MMP), which primarily transports, stores and distributes
refined petroleum products. More information is available at
http://www.mgglp.com/ . Portions of this document may constitute
forward-looking statements as defined by federal law. Although
management believes any such statements are based on reasonable
assumptions, there is no assurance that actual outcomes will not be
materially different. Additional information about issues that
could lead to material changes in performance is contained in the
partnership's filings with the Securities and Exchange Commission.
Contact: Paula Farrell (918) 574-7650
http://www.newscom.com/cgi-bin/prnh/20060201/DAW022LOGO
http://photoarchive.ap.org/ DATASOURCE: Magellan Midstream
Holdings, L.P. CONTACT: Paula Farrell of Magellan Midstream
Holdings, L.P., +1-918-574-7650, or Web site: http://www.mgglp.com/
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