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Ferrellgas Partners L P (FGP) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, July 31, 2019

Ferrellgas Partners L P

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CIK: 922358 Ticker: FGP

Exhibit 99.1

 

NOT FOR IMMEDIATE RELEASE

 

FERRELLGAS PARTNERS, L.P. REPORTS FISCAL

THIRD QUARTER 2019 RESULTS

 

·                  Total Retail propane sales volume for the quarter increased approximately 8 percent leading to almost 7 percent increase in gross margin dollars over the prior year on weather that was approximately 1 percent colder than the prior year

·                  Retail customer growth of nearly 26,000, or 4 percent over prior year

·                  Tank Exchange sale locations now exceed 54,300, up 600 locations from last quarter and 6 percent compared to prior year.

 

LIBERTY, Mo., June 10, 2019 (GLOBE NEWSWIRE) — Ferrellgas Partners, L.P. (NYSE:FGP) (“Ferrellgas” or the “Company”) today reported financial results for its fiscal third quarter ended April 30, 2019.

 

For the quarter, the Company reported a net earnings attributable to Ferrellgas Partners, L.P. of $20.5 million, or $.21 per common unit, compared to prior year period net loss of $10.9 million, or $.11 per common unit.

 

Adjusted EBITDA, a non-GAAP measure, was $88.6 million compared to $86.9 million in the prior year. The following table represents the contribution to adjusted EBITDA from ongoing propane operations as well as from assets that were sold during 2018.

 

(in millions)

 

Q3 2019

 

Q3 2018

 

Propane Operations and Corporate Support

 

$

88.6

 

$

84.6

 

Results from Assets Sold in 2018

 

—

 

$

2.3

 

Consolidated Adjusted EBITDA

 

$

88.6

 

$

86.9

 

 

On a trailing twelve month basis, adjusted EBITDA from ongoing propane operations and corporate support as of April 30, 2019 is $234.2 million compared to $229.4 million as of January 31, 2019.

 

The Company’s propane operations reported that total gallons sold of 264.1 million were 7% higher than prior year. Margin cents per gallon were 1.7¢, or 2.2 percent higher than the prior year despite increased competitive pressure in the tank exchange business. The Company continues its aggressive approach to gaining market share.  This strategic focus resulted in nearly 26,000 new customers, or approximately 4 percent more than prior year. Additionally, the Company’s current Blue Rhino tank exchange sales locations have increased over 6 percent from prior year to over 54,300 locations. Overall, the increase in sales volume growth and margins per gallon resulted in an increase in gross margin dollars

 

1

The following information was filed by Ferrellgas Partners L P (FGP) on Monday, June 10, 2019 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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Inside Ferrellgas Partners L P's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income (Loss)
Consolidated Statements Of Operations
Consolidated Statements Of Partners' Deficit
Accounts And Notes Receivable, Net And Accounts Receivable Securitization
Accounts And Notes Receivable, Net And Accounts Receivable Securitization (Details)
Accounts And Notes Receivable, Net And Accounts Receivable Securitization (Tables)
Accounts And Notes Receivable, Net And Accounts Receivable Securitization - Additional Information (Details)
Acquisitions, Dispositions And Other Significant Transactions
Acquisitions, Dispositions And Other Significant Transactions (Tables)
Acquisitions, Dispositions And Other Significant Transactions - Acquisitions Funding (Details)
Acquisitions, Dispositions And Other Significant Transactions - Aggregate Fair Value (Details)
Acquisitions, Dispositions And Other Significant Transactions - Dispositions (Details)
Acquisitions, Dispositions And Other Significant Transactions - Loss On Sales (Details)
Contingencies And Commitments
Contingencies And Commitments (Details)
Contingencies And Commitments (Tables)
Contingencies And Commitments - Contractual Operating Lease Commitments And Buyout Maturities (Details)
Contingencies And Commitments - Exit Costs (Details)
Debt
Debt (Tables)
Debt - Components Of Long-Term Debt (Details)
Debt - Covenants (Details)
Debt - Interest Rate Swaps (Details)
Debt - Long-Term Debt (Details)
Debt - Senior Secured Credit Facilities (Details)
Debt - Short-Term Borrowings (Details)
Debt Maturities (Details)
Derivative Instruments And Hedging Activities
Derivative Instruments And Hedging Activities (Tables)
Derivative Instruments And Hedging Activities - Aoci Rollforward (Details)
Derivative Instruments And Hedging Activities - Balance Sheet (Details)
Derivative Instruments And Hedging Activities - Credit Risk (Details)
Derivative Instruments And Hedging Activities - Derivative Collateral (Details)
Derivative Instruments And Hedging Activities - Effect On Comprehensive Income And Change In Fv (Details)
Derivative Instruments And Hedging Activities - Effect On Earnings (Details)
Employee Benefits
Employee Benefits (Details)
Fair Value Measurement (Tables)
Fair Value Measurements
Fair Value Measurements - Assets And Liabilities (Details)
Fair Value Measurements - Other Financial Instruments (Details)
Goodwill And Intangible Assets, Net
Goodwill And Intangible Assets, Net (Tables)
Goodwill And Intangible Assets, Net - Aggregate Amortization Expense (Details)
Goodwill And Intangible Assets, Net - Components (Details)
Goodwill And Intangible Assets, Net - Estimated Amortization Expense (Details)
Goodwill And Intangible Assets, Net - Goodwill Rollforward (Details)
Goodwill And Intangible Assets, Net - Lives (Details)
Guarantor Financial Information
Guarantor Financial Information (Details)
Guarantor Financial Information (Tables)
Guarantor Financial Information - Balance Sheets (Details)
Guarantor Financial Information - Statements Of Cash Flows (Details)
Guarantor Financial Information - Statements Of Earnings (Details)
Income Taxes
Income Taxes (Details)
Net Earnings (Loss) Per Common Unitholders' Interest
Net Earnings (Loss) Per Common Unitholders' Interest (Tables)
Net Loss Per Common Unitholders' Interest (Details)
Partners' Deficit
Partners' Deficit (Tables)
Partners' Deficit - Contributions And Aoci (Details)
Partners' Deficit - Limited Partner Units (Details)
Partners' Deficit - Ownership (Details)
Partners' Deficit - Paid Distributions (Details)
Partnership Organization And Formation
Partnership Organization And Formation (Details)
Quarterly Data (Unaudited)
Quarterly Data (Unaudited) (Details)
Quarterly Data (Unaudited) (Tables)
Quarterly Distributions Of Available Cash
Quarterly Distributions Of Available Cash (Details)
Revenue From Contracts With Customers
Revenue From Contracts With Customers (Details)
Revenue From Contracts With Customers (Tables)
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 (Cash Flows) (Details)
Schedule I Parent Only Statements - Operations (Details)
Schedule Ii Valuation And Qualifying Accounts
Schedule Ii Valuation And Qualifying Accounts (Details)
Segment Reporting
Segment Reporting (Tables)
Segment Reporting - Assets (Details)
Segment Reporting - Capital Expenditures (Details)
Segment Reporting - Reconciliation Of Segment Earnings To Consolidated (Details)
Segment Reporting - Reporting Information By Segment (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 (New Accounting Standards) (Details)
Summary Of Significant Accounting Policies (Policy)
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 (Tables)
Supplemental Financial Statement Information - Assets (Details)
Supplemental Financial Statement Information - Cash Flow Information (Details)
Supplemental Financial Statement Information - Inventories (Details)
Supplemental Financial Statement Information - Other Current Liabilities (Details)
Supplemental Financial Statement Information - Property, Plant And Equipment (Details)
Supplemental Financial Statement Information - Shipping And Handling (Details)
Transactions With Related Parties
Transactions With Related Parties (Details)
Transactions With Related Parties (Tables)
Ticker: FGP
CIK: 922358
Form Type: 10-K Annual Report
Accession Number: 0001558370-19-008908
Submitted to the SEC: Tue Oct 15 2019 12:24:49 PM EST
Accepted by the SEC: Tue Oct 15 2019
Period: Wednesday, July 31, 2019
Industry: Retail Miscellaneous Retail

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