Suburban Propane Partners Lp (SPH) 10-K Annual Report November 2011

Whippany, New Jersey, November 10, 2011 —
Suburban Propane Partners, L.P. (NYSE:SPH), a nationwide distributor of propane, fuel oil and related products and services, as well as a marketer of natural gas and electricity, today announced results for its fourth quarter and fiscal year ended September 24, 2011.

Fiscal Year 2011 Results

Net income for fiscal 2011 amounted to $115.0 million, or $3.24 per Common Unit, compared to $115.3 million, or $3.26 per Common Unit, in fiscal 2010. Earnings before interest, taxes, depreciation and amortization (“EBITDA”) for fiscal 2011 amounted to $178.9 million, compared to $174.7 million for fiscal 2010.

Net income and EBITDA for fiscal 2011 included a $2.0 million charge for severance costs associated with the realignment of the Partnership’s field operations, as well as a non-cash charge of $2.9 million to accelerate depreciation expense on assets taken out of service. By comparison, net income and EBITDA for fiscal 2010 included: (i) a loss on debt extinguishment of $9.5 million associated with a refinancing of the Partnership’s senior notes; (ii) a non-cash pension settlement charge of $2.8 million; and (iii) a non-cash charge of $1.8 million to accelerate depreciation expense on assets taken out of service. Adjusted EBITDA (as defined and reconciled below) amounted to $179.4 million in fiscal 2011, compared to $192.4 million in fiscal 2010.

In announcing the full-year results, President and Chief Executive Officer Michael J. Dunn, Jr., said, “Fiscal 2011 was every bit as challenging as we expected it to be, with continued weakness in the economy and rising commodity prices putting pressure on both volumes and margins. In response to the challenging business environment facing the industry, we continue to adapt our operating model and invest in technology to put our people in the best position to focus on quality customer service and growing our customer base. Following the realignment efforts implemented in the second quarter of fiscal 2011, we have already started to see some of the operational and financial benefits that we anticipated, ending the fiscal year with two consecutive quarters of year-over-year improvement in Adjusted EBITDA.”

Mr. Dunn added, “At the same time, our balance sheet remains strong. We continued to fund all working capital needs from cash on hand, and we ended the quarter with nearly $150 million of cash. While we expect many of the challenges to persist into fiscal 2012, we believe we are well positioned to leverage our strengths to be opportunistic in the marketplace.”

The following information was filed by Suburban Propane Partners Lp (SPH) on Thursday, November 10, 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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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Suburban Propane Partners Lp provided additional information to their SEC Filing as exhibits

Exhibit 21.1: Subsidaries Of The Registrant

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: SPH
CIK: 1005210
Form Type: 10-K Annual Report
Accession Number: 0000950123-11-100194
Submitted to the SEC: Wed Nov 23 2011 1:06:10 PM EST
Accepted by the SEC: Wed Nov 23 2011
Period: Saturday, September 24, 2011
Industry: Retail Miscellaneous Retail

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Suburban Propane Partners Lp (SPH) SEC Filing 10-K Annual report for the fiscal year ending Saturday, September 24, 2011

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