For Immediate Release:
Simon Bowman, ext. 3645
Shelly Oates, ext. 3202
AmeriGas Partners Reports Fiscal 2013 Results, Issues 2014 Guidance
VALLEY FORGE, Pa., November 18 - AmeriGas Propane, Inc., general partner of AmeriGas Partners, L.P. (NYSE: APU), reported net income attributable to AmeriGas Partners for the fiscal year ended September 30, 2013 of $221.2 million, compared to net income of $11.0 million for the fiscal year ended September 30, 2012. Results for fiscal 2013 were higher due in large part to winter heating season and early spring temperatures that were closer to normal compared to temperatures that were substantially warmer than normal in fiscal 2012. The improved results also reflect the full-year operations of Heritage Propane which was acquired January 12, 2012. Net income attributable to AmeriGas Partners for fiscal 2013 includes the impact of $26.5 million in transition expenses associated with the integration of Heritage Propane. Net income attributable to AmeriGas Partners for fiscal 2012 includes the impact of a $13.3 million loss on extinguishments of debt and $46.2 million in acquisition and transition expenses associated with Heritage Propane.
Retail volumes sold for fiscal 2013 increased to 1.25 billion gallons from 1.02 billion gallons in the prior fiscal year. The Partnership’s adjusted earnings before interest expense, income taxes, and depreciation and amortization (Adjusted EBITDA) was $617.7 million for fiscal 2013 compared with $384.3 million in fiscal 2012. Adjusted EBITDA for fiscal 2013 excludes the impact of transition expenses. Adjusted EBITDA for fiscal 2012 excludes the impact of the loss on extinguishments of debt and acquisition and transition expenses.
Weather nationally during fiscal 2013 was 4.9% warmer than normal and 16.2% colder than the prior year, according to the National Oceanic and Atmospheric Administration. Propane revenues increased to $2.88 billion versus $2.68 billion a year ago reflecting the higher retail volumes sold partially offset by a decline in average retail selling prices. Total margin increased $304.6 million from the prior fiscal year primarily reflecting the incremental full-year effects of Heritage Propane,
a colder fiscal 2013, and slightly higher average unit margins.
Retail volumes sold during the fourth quarter of fiscal 2013 were 205.4 million gallons, an
increase of 2.2 million gallons, primarily due to increased commercial and industrial volumes.
Adjusted EBITDA for the quarter was $46.5 million compared with $34.1 million for the fourth
quarter of fiscal 2012. The Partnership recorded a seasonal loss attributable to AmeriGas Partners
The following information was filed by Amerigas Partners Lp (APU) on Tuesday, November 19, 2013 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.