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Ferrellgas Partners L P (FGP) SEC Filing 10-Q Quarterly report for the period ending Monday, April 30, 2018

Ferrellgas Partners L P

CIK: 909037 Ticker: FGP

Exhibit 99.1

 

Ferrellgas Partners, L.P. Reports Third Quarter Results

 

·                  Net earnings attributable to Ferrellgas Partners, L.P. of $10.9 million, or $0.11 per common unit, an increase of 66.2 percent as compared to $6.5 million, or $0.07 per common unit in the prior year period.

 

·                  Net of non-cash charges due in part to asset sales supporting deleveraging efforts net earnings were $17.1 million, or $0.18 per common unit as compared to $8.9 million, or $0.09 in the prior year period.

 

·                  Adjusted EBITDA of $86.9 million, up 13.0 percent over the prior year period.

 

·                  Trailing twelve-month EBITDA of $253.0 million, up from $230.0 million at the end of fiscal 2017.

 

·                  Total propane sales volume for the nine months ended April 30, 2018 increased approximately 16.1 percent over the prior year period.

 

·                  Tank Exchange volume for the nine months ended April 30, 2018 increased approximately 7.0 percent over the comparable prior year period.

 

·                  Tank Exchange sale locations now exceed 52,000, up 9.5 percent compared to the start of the fiscal year.

 

·                  Customer growth of 11,500, or 1.7 percent over the prior year.

 

·                  Announced recent completion of new $575.0 million secured five-year credit facility and upsized $250.0 million accounts receivable securitization facility.

 

·                  Midstream operations stabilized, focused on growth.

 

·                  Full exits from Bridger Energy and Bridger Rail now completed. Sale process of Global Sourcing business progressing.

 

LIBERTY, Mo., June 7, 2018 (GLOBE NEWSWIRE) — Ferrellgas Partners, L.P. (NYSE:FGP) (“Ferrellgas” or the “Company”) today reported financial results for its third fiscal quarter ended April 30, 2018. The Company reported net earnings attributable to Ferrellgas Partners, L.P. of $10.9 million, or $0.11 per common unit, compared to prior year period net earnings of $6.5 million, or $0.07 per common unit. Adjusted EBITDA increased to $86.9 million, compared to $76.8 million in the prior year period, a 13.0 percent increase.

 

The Company’s propane operations reported that total gallons sold in the third quarter increased 34.1 million gallons, or 16.1 percent, over prior year. Margins were slightly lower as the Company aggressively competes for and wins new customers. This strategic focus resulted in approximately 11,500 new customers, or approximately 1.7 percent more than prior year. Additionally, the Company’s current Blue Rhino tank exchange sales locations have increased 9.5 percent from the start of the fiscal year. Overall, the increase in gross margin from sales volume growth was partially offset by slightly lower margins per gallon and higher operating expenses which were largely the result of increased sales and marketing activity. However, on a per gallon basis operating expenses were 1.7 cents lower than prior year reflecting in part benefits from higher operating efficiency, sales volumes and customer density.

 

The Company’s midstream business has stabilized and is positioning itself for potential growth opportunities stemming from activity associated with recent increases in the price of oil. Stronger results for the quarter compared to prior year reflect primarily the successful exit earlier this year from low-margin

 


The following information was filed by Ferrellgas Partners L P (FGP) on Thursday, June 7, 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.

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Inside Ferrellgas Partners L P's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Earnings
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)
Contingencies And Commitments
Contingencies And Commitments (narrative) (details)
Debt
Debt (secured Credit Facility Narrative) (details)
Debt (short-term Borrowings Narrative) (details)
Debt Debt (components Of Long-term Debt) (details)
Debt Debt (fixed Charge Coverage Ratio) (details)
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 (derivatives Not Designated As Hedging Effect On Earnings) (details)
Derivative Instruments And Hedging Activities Derivative Instruments And Hedging Activities (schedule Of Derivative Collateral) (details)
Derivative Instruments And Hedging Activities Derivative Instruments And Hedging Activities (tables)
Fair Value Measurement (tables)
Fair Value Measurements
Fair Value Measurements (assets And Liabilities Fair Value Hierarchy) (details)
Fair Value Measurements Fair Value Measurements (narrative) (details)
Guarantor Financial Information
Guarantor Financial Information (tables)
Guarantor Financial Information - Condensed Consolidated Balance Sheets (details)
Guarantor Financial Information - Condensed Consolidated Statements Of Cash Flows (details)
Guarantor Financial Information - Condensed Consolidated Statements Of Earnings (details)
Guarantor Financial Information - 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 Per Common Unitholders' Interest Net Earnings (loss) Per Common Unitholders' Interest (earnings Distribution Allocation) (details)
Net Earnings Per Common Unitholders' Interest Net Earnings (loss) Per Common Unitholders' Interest (narrative) (details)
Partners' Capital
Partners' Capital (deficit) Partners' Capital (limited Partner Units) (details)
Partners' Capital (distributions Expected To Be Paid To Related Parties) (details)
Partners' Capital (distributions Paid) (details)
Partners' Capital (narrative) (details)
Partners' Capital (tables)
Partnership Organization And Formation
Partnership Organization And Formation (details)
Segment Reporting Segment Reporting
Segment Reporting Segment Reporting (narrative) (details)
Segment Reporting Segment Reporting (reconciliation Of Assets From Segment To Consolidated) (details)
Segment Reporting Segment Reporting (reconciliation Of Consolidated Ebitda To Consolidated Net Earnings) (details)
Segment Reporting Segment Reporting (schedule Of Capital Expenditure Information, By Segment) (details)
Segment Reporting Segment Reporting (schedule Of Segment Reporting Information, By Segment) (details)
Segment Reporting Segment Reporting (tables)
Subsequent Events
Subsequent Events Subsequent Events (narrative) (details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (policy)
Supplemental Financial Statement Information
Supplemental Financial Statement Information (narrative) (details)
Supplemental Financial Statement Information (other Current Liabilities) (details)
Supplemental Financial Statement Information (schedule Of Inventories) (details)
Supplemental Financial Statement Information (shipping And Handling Expenses) (details)
Supplemental Financial Statement Information (tables)
Supplemental Financial Statement Information Supplemental Financial Statement Information (loss On Asset Sales And Disposals) (details)
Supplemental Financial Statement Information Supplemental Financial Statement Information (other Assets) (details)
Supplemental Financial Statement Information Supplemental Financial Statement Information (significant Cash And Non-cash Activities) (details)
Transactions With Related Parties
Transactions With Related Parties (narrative) (details)
Transactions With Related Parties (schedule Of Transactions With Related Parties) (details)
Transactions With Related Parties (tables)
Ticker: FGP
CIK: 922358
Form Type: 10-Q Quarterly Report
Accession Number: 0000922358-18-000006
Submitted to the SEC: Thu Jun 07 2018 7:04:24 AM EST
Accepted by the SEC: Thu Jun 07 2018
Period: Monday, April 30, 2018
Industry: Retail Miscellaneous Retail

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