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Ferrellgas Partners L P (FGP) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, July 31, 2013

Ferrellgas Partners L P

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CIK: 922358 Ticker: FGP

Exhibit 99.1

 

FERRELLGAS PARTNERS REPORTS RECORD

FOURTH QUARTER AND FISCAL 2013 RESULTS

 

OVERLAND PARK, KAN., September 26, 2013/PR Newswire/ — Ferrellgas Partners, L.P. (NYSE:FGP), one of the nation’s largest distributors of propane, today reported record Gross Profit, Adjusted EBITDA and Distributable Cash Flow to equity investors for fiscal 2013, as well as for the fiscal fourth quarter.  For both periods, gains were primarily driven by improved margins, increased propane sales volumes and operating efficiencies.

 

Adjusted EBITDA climbed 41% for the year to a record $272.2 million from $193.1 million the year before.  Distributable Cash Flow to equity investors nearly doubled to a record $183.1 million from $94.4 million, representing cash distribution coverage of 1.13x on all outstanding common units.

 

Gross profit for the year was up 15% to a record $738.8 million, with margins improving to $0.82 per gallon from $0.73 per gallon in fiscal 2012.  Propane gallon sales increased to 901.4 million from 878.1 million.  Net earnings totaled $55.9 million, or $0.71 per unit, versus a loss of $10.8 million, or $0.14 per unit, in fiscal 2012.

 

Fourth-quarter results basically mirrored the full year’s trends, as Adjusted EBITDA increased 44% to a record $26.0 million; Distributable Cash Flow was a record $2.8 million, versus a loss of $6.5 million in fiscal 2012; gross profit rose 8% to a record $140.4 million; and gross profit margins improved to $0.90 per gallon from $0.86 per gallon. Propane gallon sales rose 3.6% to 156.3 million.  The seasonal net loss was trimmed to $28.5 million, or $0.36 per unit, from $35.2 million, or $0.45 per unit, the year before.

 

Operating expense for the year rose 2.8% to $410.1 million on increased sales volumes.  Excluding performance-based incentives, on a cost-per-gallon basis, operations were slightly more efficient improving to $0.44 per gallon from $0.45 per gallon, in fiscal 2012.

 

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The following information was filed by Ferrellgas Partners L P (FGP) on Thursday, September 26, 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.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Schedule I Parent Only Balance Sheets, Statements Of Earnings And Cash Flows
Schedule I Parent Only Balance Sheets, Statements Of Earnings And Cash Flows (balance Sheets) (details)
Schedule I Parent Only Balance Sheets, Statements Of Earnings And Cash Flows (balance Sheets) (parenthetical) (details)
Schedule I Parent Only Balance Sheets, Statements Of Earnings And Cash Flows (cash Flows) (details)
Schedule I Parent Only Balance Sheets, Statements Of Earnings And Cash Flows (cash Flows) (parenthetical) (details)
Schedule I Parent Only Balance Sheets, Statements Of Earnings And Cash Flows (statement Of Earnings) (details)
Schedule I Parent Only Balance Sheets, Statements Of Earnings And Cash Flows (tables)
Schedule Ii Valuation And Qualifying Accounts
Schedule Ii Valuation And Qualifying Accounts (details)
Schedule Ii Valuation And Qualifying Accounts (tables)
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Cash Flows Consolidated Statements Of Cash Flows (parenthetical)
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Earnings
Consolidated Statements Of Earnings (parenthetical)
Consolidated Statements Of Partners' Capital (deficit)
Accounts And Notes Receivable, Net And Accounts Receivable Securitization
Accounts And Notes Receivable, Net And Accounts Receivable Securitization (accounts And Notes Receivable) (details)
Accounts And Notes Receivable, Net And Accounts Receivable Securitization (narrative) (details)
Accounts And Notes Receivable, Net And Accounts Receivable Securitization (tables)
Business Combinations
Business Combinations (aggregate Fair Value) (details)
Business Combinations (narrative) (details)
Business Combinations (schedule Of Funding Of Acquisitions) (details)
Business Combinations (tables)
Contingencies And Commitments
Contingencies And Commitments (contractual Operating Lease Commitments And Buyouts) (details)
Contingencies And Commitments (narrative) (details)
Contingencies And Commitments (tables)
Debt
Debt (components Of Long-term Debt) (details)
Debt (interest Rate Swaps Narrative) (details)
Debt (scheduled Annual Principal Payments On Long-term Debt) (details)
Debt (secured Credit Facility Narrative) (details)
Debt (senior Notes Narrative) (details)
Debt (short-term Borrowings Narrative) (details)
Debt (tables)
Derivative Instruments And Hedging Activities
Derivative Instruments And Hedging Activities (cash Flow Hedge Derivative Effect On Comprehensive Income) (details)
Derivative Instruments And Hedging Activities (changes In Derivative Value Effect On Other Comprehensive Income Loss) (details)
Derivative Instruments And Hedging Activities (fair Value Hedge Derivative Effect On Earnings) (details)
Derivative Instruments And Hedging Activities (fair Value Of Financial Derivatives Balance Sheet Locations) (details)
Derivative Instruments And Hedging Activities (narrative) (details)
Derivative Instruments And Hedging Activities Derivative Instruments And Hedging Activities (tables)
Employee Benefits
Employee Benefits (details)
Fair Value Measurement (tables)
Fair Value Measurements
Fair Value Measurements (assets And Liabilities Fair Value Hierarchy) (details)
Fair Value Measurements (narrative) (details)
Goodwill And Intangible Assets, Net
Goodwill And Intangible Assets, Net (aggregate Amortization Expense) (details)
Goodwill And Intangible Assets, Net (estimated Amortization Expense) (details)
Goodwill And Intangible Assets, Net (goodwill And Intangible Assets, Net) (details)
Goodwill And Intangible Assets, Net (narrative) (details)
Goodwill And Intangible Assets, Net (tables)
Goodwill And Intangible Assets, Net Goodwill And Intangible Assets, Net (goodwill Rollforward) (details)
Income Taxes
Income Taxes (narrative) (details)
Net Earnings (loss) Per Common Unitholders' Interest
Net Earnings (loss) Per Common Unitholders' Interest (schedule Of Earnings Per Share) (details)
Net Earnings (loss) Per Common Unitholders' Interest (tables)
Net Earnings (loss) Per Common Unitholders' Interest Net Earnings (loss) Per Common Unitholders' Interest (narrative) (details)
Partners' Capital
Partners' Capital (dividends Expected To Be Paid To Related Parties) (details)
Partners' Capital (ferrellgas Paid Cash Distributions) (details)
Partners' Capital (limited Partner Units) (details)
Partners' Capital (narrative) (details)
Partners' Capital (tables)
Partnership Organization And Formation
Partnership Organization And Formation (details)
Quarterly Data (unaudited)
Quarterly Data (unaudited) (summarized Unaudited Quarterly Data) (details)
Quarterly Data (unaudited) (tables)
Quarterly Distributions Of Available Cash
Quarterly Distributions Of Available Cash (details)
Subsequent Events
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (deferred Taxes Assets And Liabilities) (details)
Summary Of Significant Accounting Policies (narrative) (details)
Summary Of Significant Accounting Policies (policy)
Summary Of Significant Accounting Policies (significant Cash And Non-cash Activities) (details)
Summary Of Significant Accounting Policies (summary Of Income Tax Expense) (details)
Summary Of Significant Accounting Policies (tables)
Supplemental Financial Statement Information
Supplemental Financial Statement Information (narrative) (details)
Supplemental Financial Statement Information (other Current Liabilities) (details)
Supplemental Financial Statement Information (property, Plant And Equipment) (details)
Supplemental Financial Statement Information (schedule Of Inventories) (details)
Supplemental Financial Statement Information (shipping And Handling Expenses) (details)
Supplemental Financial Statement Information (tables)
Transactions With Related Parties
Transactions With Related Parties (allocation Of Transactions With Related Parties) (details)
Transactions With Related Parties (narrative) (details)
Transactions With Related Parties (tables)
Ticker: FGP
CIK: 922358
Form Type: 10-K Annual Report
Accession Number: 0000922358-13-000014
Submitted to the SEC: Thu Sep 26 2013 6:59:27 AM EST
Accepted by the SEC: Thu Sep 26 2013
Period: Wednesday, July 31, 2013
Industry: Retail Miscellaneous Retail

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