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|FOR IMMEDIATE RELEASE|
Green Plains Partners Reports First Quarter 2017 Financial Results
|||Net income of $15.0 million, or $0.46 per common unit|
|||Quarterly cash distribution increased 1.0 cent to $0.44 per unit|
|||Adjusted EBITDA of $17.6 million and distributable cash flow of $16.2 million, LTM distribution coverage ratio of 1.19x|
OMAHA, Neb., May 1, 2017 (GLOBE NEWSWIRE) Green Plains Partners LP (NASDAQ:GPP) today announced financial and operating results for the first quarter of 2017. Net income was $15.0 million, or $0.46 per common unit, for the first quarter of 2017 compared with $12.2 million, or $0.38 per common unit, for the same period in 2016. The partnership reported adjusted EBITDA of $17.6 million and distributable cash flow of $16.2 million for the first quarter of 2017, compared with adjusted EBITDA of $13.9 million and distributable cash flow of $13.3 million for the same period in 2016. Distribution coverage for the twelve months ended March 31, 2017, (LTM), was 1.19x.
The partnership delivered another strong quarter supported by Green Plains production and downstream distribution volumes, said Todd Becker, president and chief executive officer of Green Plains Partners. As a result of the dropdown transactions completed last year, we continue to build our distribution coverage ratio while increasing our quarterly distributions.
First Quarter Highlights
|||On April 20, 2017, the board of directors of the partnerships general partner declared a quarterly cash distribution of $0.44 per unit, or approximately $14.3 million, for the first quarter ended March 31, 2017. The first quarter distribution will be paid on May 15, 2017, to unitholders of record at the close of business on May 5, 2017.|
Results of Operations
Consolidated revenues increased $3.4 million for the three months ended March 31, 2017, compared with the same period last year. Revenues generated from the partnerships storage and throughput agreement with Green Plains Trade increased $3.7 million due to higher throughput volumes resulting from ethanol storage assets acquired in September 2016, partially offset by decreased railcar transportation services and other revenue. Operating expenses decreased by $0.1 million for the three months ended March 31, 2017, compared with the same period for last year.
During the first quarter of 2017, Green Plains Trade increased its ethanol inventories in the partnerships storage facilities by approximately 7.0 million gallons, which increased deferred revenues by approximately $0.4 million. The partnership expects inventories to return to normal levels during the second quarter.
GREEN PLAINS PARTNERS LP
SELECTED OPERATING DATA
(unaudited, in million gallons)
|Three Months Ended
Storage and throughput services
Railcar capacity billed (daily average)
The following information was filed by Green Plains Partners Lp (GPP) on Monday, May 1, 2017 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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