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Inergy Reports Fiscal 2011 Results
Management to Host Conference Call Today at 10 a.m. CT
Kansas City, MO (November 15, 2011) Inergy, L.P. (NYSE:NRGY) (Inergy) today reported results of operations for the fiscal fourth quarter and year ended September 30, 2011.
Inergy reported Adjusted EBITDA of $372.2 million for the year ended September 30, 2011, an increase of $48.3 million, or approximately 15%, from $323.9 million for the year ended September 30, 2010. Net income (loss) was $(10.6) million for the year ended September 30, 2011, and $46.4 million in fiscal 2010. Net income in the year ended September 30, 2011, was impacted by $52.1 million in costs related to the early extinguishment of debt primarily in connection with Inergys refinancing as previously announced. A table reconciling Adjusted EBITDA to net income (loss) for the three and twelve months ended September 30, 2011, appears below.
Distributable cash flow was $250.4 million for the year ended September 30, 2011, compared to $227.3 million in fiscal 2010, an increase of $23.1 million, or approximately 10%.
While we continued to grow the business, our results in fiscal 2011 were mixed and short of expectations, said John Sherman, President and CEO of Inergy. We confronted challenging operating conditions in our propane and Texas storage businesses while exceeding our objectives in our Northeast natural gas and natural gas liquids operations. I want to thank our employees for their efforts and contributions throughout the year. As we look forward to the coming year, we are focused on executing major growth opportunities and structuring initiatives which will strengthen our balance sheet and position the partnership to create value on behalf of our unitholders.
As previously announced, the Board of Directors of Inergys general partner declared Inergys quarterly cash distribution of $0.705 per limited partner unit ($2.82 annually) for the quarter ended September 30, 2011. The distribution was paid on November 14, 2011.
Fiscal Year-End Results
For the year ended September 30, 2011, there were 325.6 million retail propane gallons sold compared to 340.2 million gallons sold in fiscal 2010. Retail propane gross profit, excluding certain items as discussed below, was $388.0 million for the year ended September 30, 2011, compared to $381.8 million for the year ended September 30, 2010, excluding certain non-cash gains (losses) of $(1.2) million and $1.0 million, respectively. Gross profit from other propane operations, including wholesale, appliances, service, transportation, distillates and other was $107.0 million in the year ended September 30, 2011, compared to $108.1 million in fiscal 2010.
Gross profit from midstream operations increased to $184.0 million for the year ended September 30, 2011, from $129.2 million in fiscal 2010.
For the year ended September 30, 2011, operating and administrative expenses increased to $323.3 million, inclusive of acquisition closing costs of $9.5 million, compared to $310.7 million, inclusive of acquisition closing costs of $3.5 million, in fiscal 2010.
The following information was filed by Crestwood Equity Partners Lp (CEQP) on Tuesday, November 15, 2011 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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