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Ferrellgas Partners, L.P. Reports Full Fiscal Year and Fourth Quarter 2018 Results
· Total propane sales volume for 2018 increased approximately 11.0 percent over the prior year period.
· Tank Exchange sales volume for 2018 increased approximately 6.8 percent over the prior year period.
· Tank Exchange sale locations now exceed 53,000, up over 10.0 percent compared to the start of the fiscal year.
· Retail propane customer growth of 14,128, or 2.2 percent over the prior year.
· During the fourth quarter, announced recent completion of a new $575 million secured five-year credit facility and upsized $250 million accounts receivable securitization facility.
· Full exits from midstream businesses and Global Sourcing business completed in fourth quarter. Cash generated from these activities of approximately $160 million and an $80 million reduction in letters of credit outstanding. At July 31, 2018 the Company had $119.3 million of cash on the balance sheet.
· Five accretive propane acquisitions completed during the fiscal year.
LIBERTY, Mo., September 27, 2018 (GLOBE NEWSWIRE) Ferrellgas Partners, L.P. (NYSE:FGP) (Ferrellgas or the Company) today reported financial results for its full fiscal year and fourth quarter ended July 31, 2018.
For the fiscal year, the Company reported a net loss attributable to Ferrellgas Partners, L.P. of $254.6 million, or $2.59 per common unit, compared to prior year period net loss of $54.2 million, or $0.55 per common unit. Net of non-cash charges due largely to asset sales supporting deleveraging efforts, net loss was $57.2 million, or $0.59 per common unit as compared to a net loss of $39.8 million, or $0.41 per common unit in the prior year period.
Reflecting the non-cash losses from strategic asset sales as well as higher interest expense for the fourth quarter ended July 31, 2018, the Company reported a net loss attributable to Ferrellgas Partners, L.P. of $215.7 million, or $2.20 per common unit compared to prior year period net loss of $55.8 million, or $0.57 per common unit. Adjusted EBITDA, a non-GAAP measure, for the fourth quarter was $8.2 million compared to $19.2 million in the prior year on propane volumes that were 1.6 percent higher than the prior year period. The decrease stemmed from higher operating expenses as the Company continues to position for continued future customer and sales growth with the opening of additional selling locations and related resources to support those locations.
The following information was filed by Ferrellgas L P on Thursday, September 27, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.