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Inergy Reports Record Fourth Quarter and Annual Results
Management Conference Call Scheduled for 10:00 a.m. CT Today
Kansas City, MO (December 1, 2008) Inergy, L.P. (NASDAQ:NRGY) and Inergy Holdings, L.P. (NASDAQ:NRGP) today each reported record results of operations for the fiscal fourth quarter and year ended September 30, 2008.
Inergy, L.P. (Inergy) reported Adjusted EBITDA of $239.0 million for the year ended September 30, 2008, an increase of $27.8 million, or approximately 13.2% from $211.2 million for the year ended September 30, 2007. Distributable cash flow was $174.3 million in fiscal 2008 compared to $155.8 million in fiscal 2007, an increase of approximately 11.9%.
Net income, excluding certain items as discussed below, was $76.7 million for the year ended September 30, 2008, or $0.81 per diluted limited partner unit, and $74.4 million or $0.98 per diluted limited partner unit for the year ended September 30, 2007. Distributable cash flow per unit on a fully distributed basis increased to $2.60 per diluted limited partner unit in 2008 from $2.47 per diluted limited partner unit in 2007.
As previously announced, the Board of Directors of Inergys general partner increased Inergys quarterly cash distribution to $0.635 per limited partner unit ($2.54 annually) for the quarter ended September 30, 2008. This represents an approximate 7% increase over the distribution for the same quarter of the prior year. The distribution was paid on November 14, 2008.
Our performance in 2008 builds on our track record of consistently delivering on our financial and operating objectives, said John Sherman, President and CEO of Inergy. More importantly, fiscal 2009 is off to a good start. The current energy price environment is favorable to our propane business, and our midstream business is fee-based with virtually no commodity price exposure. Our cash earnings are very stable, our capital projects are discretionary, and we have visibility to increased distributable cash flow from capital previously invested. We are well positioned to navigate in the current environment on behalf of our investors.
Inergy also reiterates its previously announced adjusted EBITDA guidance range for the full fiscal year ended September 30, 2009, of $277 million to $294 million.
The following information was filed by Crestwood Equity Partners Lp (CEQP) on Monday, December 1, 2008 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.
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