Gross Profit Improves 13% to $29.3 Million
WALTHAM, Mass.--(BUSINESS WIRE)--Nov. 5, 2009--
Global Partners LP (NYSE:GLP) today reported financial results for the
quarter ended September 30, 2009.
Net income for the third quarter of 2009 was $2.1 million, or $0.15 per
diluted limited partner unit, compared with net income of $1.0 million,
or $0.07 per diluted limited partner unit, for the same period in 2008.
The Partnership had approximately 13.3 million diluted weighted average
limited partner units outstanding for the three months ended September
30, 2009 and 13.1 million diluted weighted average limited partner units
outstanding for the comparable quarter in 2008.
Earnings before interest, taxes, depreciation and amortization (EBITDA)
for the three months ended September 30, 2009 was $10.0 million,
compared with $10.1 million for the same period in 2008.
Distributable cash flow for the third quarter of 2009 increased 20% to
$5.0 million, compared with $4.2 million for the comparable quarter in
2008.
“Margin gains in our wholesale and commercial product segments helped to
drive a 13% increase in gross profit in the third quarter,” said Eric
Slifka, president and chief executive officer of Global Partners. “We
continued to enhance margins through initiatives at our rack locations
and storage terminals.”
Sales for the third quarter of 2009 decreased to $1.3 billion from $2.3
billion for the same period in 2008 due to lower refined petroleum
product prices this year compared with last year. Wholesale segment
sales were $1.2 billion, or 94% of total sales, for the third quarter of
2009, compared with $2.2 billion, or 96% of total sales, for the third
quarter of 2008. Commercial segment sales were $77.6 million, or 6% of
total sales, for the third quarter of 2009, compared with $102.1
million, or 4% of total sales, for the third quarter of 2008.
Combined product volume totaled 697.7 million gallons in the third
quarter of 2009, compared with 751.6 million gallons in the third
quarter of 2008. Wholesale segment volume decreased 9% to 651.0 million
gallons from 713.2 million gallons for the same period last year.
Commercial segment volume increased 22% to 46.7 million gallons from
38.4 million gallons for the same period last year.
“Although we experienced slightly lower wholesale volumes year-over-year
in the third quarter, we were pleased with the strong performance from
our commercial business,” Slifka said.
Combined gross profit improved 13% to $29.3 million in the third quarter
of 2009 from $25.9 million for the same period in 2008. Within Global
Partners’ wholesale segment, the net product margin for distillates
increased 29% to $15.5 million in the third quarter of 2009 from $12.0
million in the year-earlier period. Wholesale gasoline net product
margin decreased 19% to $11.0 million in the third quarter of 2009 from
$13.6 million in the comparable period of 2008. Wholesale residual oil
net product margin increased to $1.8 million in the third quarter of
2009 from $0.4 million in the third quarter of 2008.
Financial Results for the Nine Months Ended September 30, 2009 and
2008
Net income for the nine months ended September 30, 2009 was $21.9
million, or $1.60 per diluted limited partner unit, compared with net
income of $8.4 million, or $0.62 per diluted limited partner unit, for
the same period in 2008. The Partnership had approximately 13.3 million
and 13.1 million diluted weighted average limited partner units
outstanding for the nine months ended September 30, 2009 and 2008,
respectively.
EBITDA for the nine months ended September 30, 2009 increased 30% to
$45.9 million, compared with $35.3 million for the same period in 2008.
Distributable cash flow for the first nine months of 2009 increased 66%
to $30.3 million, compared with $18.2 million for the comparable period
in 2008.
EBITDA and distributable cash flow are non-GAAP (Generally Accepted
Accounting Principles) financial measures, which are explained in
greater detail below under “Use of Non-GAAP Financial Measures.” Please
refer to Financial Reconciliations included in this news release for
reconciliations of these non-GAAP financial measures to their most
directly comparable GAAP financial measures for the three and nine
months ended September 30, 2009 and 2008.
Sales for the nine months ended September 30, 2009 decreased to $4.1
billion compared with $7.3 billion for the same period in 2008 due to
lower refined petroleum product prices. Wholesale segment sales were
$3.9 billion, or 94% of total sales, for the first nine months of 2009,
compared with $7.0 billion, or 96% of total sales, for the same period
of 2008. Commercial segment sales were $260.7 million, or 6% of total
sales, for the first nine months of 2009, compared with $331.5 million,
or 4% of total sales, for the same period of 2008.
Combined product volume was 2.5 billion gallons through the first nine
months of 2009, unchanged from the same period of 2008. Wholesale
segment volume was 2.4 billion gallons through September 30, 2009, flat
compared with same period of 2008. Commercial segment volume increased
18% to 168.0 million gallons for the nine-month period of 2009, compared
with 142.0 million gallons for the first nine months of 2008.
Combined gross profit increased 28% to $107.8 million for the first nine
months of 2009 from $84.2 million for the same period in 2008. Within
Global Partners’ wholesale segment, the net product margin for
distillates increased 41% to $62.8 million from $44.4 million in the
year-earlier period. Wholesale gasoline net product margin rose 7% to
$34.9 million for the first nine months of 2009 from $32.5 million in
the comparable period of 2008. Wholesale residual oil net product margin
decreased to $6.9 million for the first nine months of 2009 from $7.5
million for the same period of 2008.
Recent Developments
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As previously announced, the Board of Directors of Global Partners’
general partner, Global GP LLC, declared a quarterly cash distribution
of $0.4875 per unit ($1.95 per unit on an annualized basis) on all of
its outstanding common and subordinated units for the period from July
1 through September 30, 2009. The distribution will be paid November
13, 2009 to unitholders of record as of the close of business November
4, 2009.
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The Partnership has filed a definitive proxy statement with the
Securities Exchange Commission ("SEC") in connection with a
proposal to amend its partnership agreement. The definitive proxy
materials will be mailed to unitholders of record as of November 5,
2009. BEFORE MAKING ANY VOTING DECISION WITH RESPECT TO SUCH PROPOSAL,
UNITHOLDERS ARE ADVISED TO READ THE PROXY STATEMENT BECAUSE IT
CONTAINS IMPORTANT INFORMATION. Unitholders may obtain a
free-of-charge copy of the proxy statement and other relevant
documents filed with the SEC from the SEC’s web site at www.sec.gov.
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Global Partners launched an offshore bunkering service off the coast
of Boston. The Partnership began offering around-the-clock refueling
via a 3,000 metric ton barge that provides a cost-effective refueling
option for the hundreds of cargo and container ships that travel
through and around the Port of Boston annually.
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The Federal Trade Commission (FTC) has initiated a review of Global
Partners’ planned purchase of three refined petroleum terminals from
Warex Terminals Corp. As a result of the FTC review, the transaction
will not be completed in 2009. The transaction remains subject to the
FTC review, receipt of certain regulatory approvals and various other
customary closing conditions.
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Global Partners received BQ-9000 marketer certification from the
National Biodiesel Board. BQ-9000 certification, which followed an
independent audit, is a quality assurance program that evaluates
biodiesel standards as well as a company’s storage, sampling, testing,
blending, shipping, distribution, and fuel management practices. The
designation ensures Global’s control standards have passed the
National Biodiesel Accreditation Program’s rigorous review and
inspections process.
Business Outlook
“Through the first nine months of 2009, we have delivered solid results
for unitholders across all of our key earnings metrics, and we have
positioned the company for a strong year,” Slifka said. “The margin
growth we have seen in both our wholesale and commercial businesses
underscores our ability to enhance the value of our terminal assets as
we further broaden our product mix. We are optimistic about our ability
to build on that financial and operational success in the quarters
ahead.”
Financial Results Conference Call
Management will review Global Partners’ third-quarter 2009 financial
results in a teleconference call for analysts and investors today.
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Time:
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10:00 a.m. ET
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Dial-in numbers:
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(877) 407-5790 (U.S. and Canada)
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(201) 689-8328 (International)
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The call also will be webcast live and archived on the Global Partners’
website, www.globalp.com.
Use of Non-GAAP Financial Measures
EBITDA
EBITDA is a non-GAAP financial measure used as a supplemental financial
measure by management and external users of Global Partners’
consolidated financial statements, such as investors, commercial banks
and research analysts, to assess the Partnership’s:
-
compliance with certain financial covenants included in its debt
agreements;
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financial performance without regard to financing methods, capital
structure, income taxes or historical cost basis;
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ability to generate cash sufficient to pay interest on its
indebtedness and to make distributions to its partners;
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operating performance and return on invested capital as compared to
those of other companies in the wholesale, marketing and distribution
of refined petroleum products, without regard to financing methods and
capital structure; and
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the viability of acquisitions and capital expenditure projects and the
overall rates of return of alternative investment opportunities.
EBITDA should not be considered as an alternative to net income,
operating income, cash flow from operating activities or any other
measure of financial performance or liquidity presented in accordance
with GAAP. EBITDA excludes some, but not all, items that affect net
income, and this measure may vary among other companies. Therefore,
EBITDA may not be comparable to similarly titled measures of other
companies.
Distributable Cash Flow
Distributable cash flow is an important non-GAAP financial measure for
Global Partners’ limited partners since it serves as an indicator of the
Partnership’s success in providing a cash return on their investment.
Distributable cash flow means the Partnership’s net income plus
depreciation and amortization less its maintenance capital expenditures.
Specifically, this financial measure indicates to investors whether or
not the Partnership has generated sufficient earnings on a current or
historic level that can sustain or support an increase in its quarterly
cash distribution. Distributable cash flow is a quantitative standard
used by the investment community with respect to publicly traded
partnerships. Distributable cash flow should not be considered as an
alternative to net income, cash flow from operations, or any other
measure of financial performance presented in accordance with GAAP. In
addition, Global Partners’ distributable cash flow may not be comparable
to distributable cash flow or similarly titled measures of other
companies.
About Global Partners LP
Global
Partners LP, a publicly traded master limited partnership based in
Waltham, Massachusetts, owns, controls and has access to one of the
largest terminal
networks of refined
petroleum products in the Northeast. The Partnership is one of the
largest wholesale distributors of gasoline,
distillates (such as home
heating oil, diesel
and kerosene) and residual
oil to wholesalers, retailers and commercial customers in the
region. Global Partners LP, a FORTUNE 500® company, trades on
the New York Stock Exchange under the ticker symbol “GLP.” For
additional information, please visit www.globalp.com.
Forward-looking Statements
This news release contains certain “forward-looking statements” within
the meaning of the federal securities laws. These forward-looking
statements are identified as any statements that do not relate strictly
to historical or current facts and can generally be identified by the
use of forward-looking terminology including “will,” “may,” “believe,”
“expect,” “anticipate,” “estimate,” “continue” or other similar words.
Such statements may discuss business prospects, goals, new developments
and future expectations or contain projections of results of operations,
financial condition and Global Partners LP’s ability to make
distributions to unitholders. These statements are not guarantees of
performance. Although Global Partners LP believes these forward-looking
statements are based on reasonable assumptions, statements made
regarding future results are subject to a number of assumptions,
uncertainties and risks, many of which are beyond the control of Global
Partners LP, which may cause actual results to be materially different
from the forward-looking statements contained in this news release. For
specific risks and uncertainties that could cause actual results to
differ materially from forward-looking statements, please refer to
Global Partners LP’s Annual Report on Form 10-K for the year ended
December 31, 2008, Form 10-Q for the quarter ended June 30, 2009 and
subsequent filings the Partnership makes with the Securities and
Exchange Commission. All forward-looking statements included in this
news release and all subsequent written or oral forward-looking
statements attributable to Global Partners LP or persons acting on its
behalf are expressly qualified in their entirety by these cautionary
statements. The forward-looking statements speak only as of the date
made, and Global Partners LP undertakes no obligation to publicly update
or revise any forward-looking statements, whether as a result of new
information, future events or otherwise.
The financial statements and financial information presented below
reflect the operations of Global Partners LP.
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GLOBAL PARTNERS LP
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CONSOLIDATED STATEMENTS OF INCOME
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(In thousands, except per unit data)
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(Unaudited)
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Three Months Ended
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Nine Months Ended
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September 30,
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September 30,
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2009
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2008
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2009
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2008
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Sales
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$
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1,285,331
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$
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2,272,079
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$
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4,119,435
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$
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7,290,780
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Cost of sales
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1,256,058
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2,246,151
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4,011,659
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7,206,563
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Gross profit
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29,273
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25,928
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107,776
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84,217
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Costs and operating expenses:
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Selling, general and administrative expenses
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13,859
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10,457
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45,233
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31,712
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Operating expenses
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8,666
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8,429
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26,278
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26,225
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Amortization expenses
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747
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738
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2,350
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2,199
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Total costs and operating expenses
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23,272
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19,624
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73,861
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60,136
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Operating income
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6,001
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6,304
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33,915
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24,081
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Interest expense
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(3,742
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(5,297
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(10,940
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(15,414
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)
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Income before income tax expense
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2,259
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1,007
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22,975
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8,667
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Income tax expense
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(200
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-
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(1,075
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(295
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Net income
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2,059
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1,007
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21,900
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8,372
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Less: General partner's interest in net income, including
incentive distribution rights
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(86
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(67
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(529
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(294
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Limited partners' interest in net income
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$
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1,973
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$
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940
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$
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21,371
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$
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8,078
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Basic net income per limited partner unit(1)
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$
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0.15
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$
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0.07
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$
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1.64
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$
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0.62
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Diluted net income per limited partner unit(1)
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$
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0.15
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$
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0.07
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$
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1.60
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$
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0.62
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Basic weighted average limited partner units outstanding
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12,979
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13,071
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13,037
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13,071
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Diluted weighted average limited partner units outstanding
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13,304
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13,071
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13,334
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13,071
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(1) On January 1, 2009, the Partnership adopted guidance issued by
the Financial Accounting Standards Board to the calculation of
earnings per unit. This guidance provides that net income for the
current period is to be reduced by the amount of available cash that
will be distributed with respect to that period for purposes of
calculating net income per unit. Any residual amount representing
undistributed net income (or losses) is assumed to be allocated to
the ownership interests in accordance with the contractual
provisions of the partnership agreement. Under the Partnership's
partnership agreement, for any quarterly period, the incentive
distribution rights ("IDRs") participate in net income only to the
extent of the amount of cash distributions actually declared,
thereby excluding the IDRs from participating in the Partnership's
undistributed net income or loss. Accordingly, the Partnership's
undistributed net income is assumed to be allocated to the limited
partners' interest and to the general partner's interest. The
Partnership adopted this guidance on a retroactive basis which had
an immaterial impact on the limited partners' interest in net income
and net income per limited partner unit (basic and diluted) for the
three and nine months ended September 30, 2008.
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GLOBAL PARTNERS LP
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CONSOLIDATED BALANCE SHEETS
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(In thousands)
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(Unaudited)
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September 30,
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December 31,
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2009
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2008
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Assets
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Current assets:
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Cash and cash equivalents
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$
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684
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$
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945
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Accounts receivable, net
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195,544
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249,418
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Accounts receivable - affiliates
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4,721
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2,518
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Inventories
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420,301
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240,346
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Brokerage margin deposits
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5
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8,991
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Fair value of forward fixed price contracts
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4,063
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161,787
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Prepaid expenses and other current assets
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35,733
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29,302
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Total current assets
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661,051
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693,307
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Property and equipment, net
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161,208
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161,988
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Intangible assets, net
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29,193
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31,403
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Other assets
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2,800
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2,564
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Total assets
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$
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854,252
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$
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889,262
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Liabilities and partners' equity
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Current liabilities:
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Accounts payable
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$
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165,745
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$
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219,783
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Working capital revolving credit facility - current portion
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113,497
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208,210
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Environmental liabilities - current portion
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3,296
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|
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|
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4,191
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Accrued expenses and other current liabilities
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65,303
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|
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|
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54,054
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Income taxes payable
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48
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520
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Obligations on forward fixed price contracts
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12,254
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7,954
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Total current liabilities
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360,143
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494,712
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Working capital revolving credit facility - less current portion
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254,203
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|
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154,090
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Acquisition facility
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71,200
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71,200
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Environmental liabilities - less current portion
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|
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2,280
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|
|
|
|
2,377
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Accrued pension benefit cost
|
|
|
7,440
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|
|
|
|
8,853
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Deferred compensation
|
|
|
1,796
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|
|
|
|
1,663
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Other long-term liabilities
|
|
|
9,871
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|
|
|
|
12,899
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Total liabilities
|
|
|
706,933
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|
|
|
|
745,794
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|
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|
|
|
|
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Partners' equity
|
|
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147,319
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|
|
|
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143,468
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|
|
|
|
|
|
Total liabilities and partners' equity
|
|
$
|
854,252
|
|
|
|
$
|
889,262
|
|
GLOBAL PARTNERS LP
|
|
FINANCIAL RECONCILIATIONS
|
|
(In thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
|
|
September 30,
|
|
|
September 30,
|
|
|
|
2009
|
|
2008
|
|
|
2009
|
|
2008
|
|
Reconciliation of net income to EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
2,059
|
|
$
|
1,007
|
|
|
$
|
21,900
|
|
$
|
8,372
|
|
Depreciation and amortization and amortization of deferred financing
fees
|
|
3,979
|
|
|
3,749
|
|
|
|
12,017
|
|
|
11,241
|
|
Interest expense
|
|
|
3,742
|
|
|
5,297
|
|
|
|
10,940
|
|
|
15,414
|
|
Income tax expense
|
|
|
200
|
|
|
-
|
|
|
|
1,075
|
|
|
295
|
|
EBITDA
|
|
$
|
9,980
|
|
$
|
10,053
|
|
|
$
|
45,932
|
|
$
|
35,322
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of cash flow provided by operating activities to
EBITDA
|
|
|
Cash flow provided by operating activities
|
|
$
|
5,597
|
|
$
|
60,097
|
|
|
$
|
25,778
|
|
$
|
54,124
|
|
Net changes in operating assets and liabilities and certain non-cash
items
|
|
441
|
|
|
(55,341)
|
|
|
|
8,139
|
|
|
(34,511)
|
|
Interest expense
|
|
|
3,742
|
|
|
5,297
|
|
|
|
10,940
|
|
|
15,414
|
|
Income tax expense
|
|
|
200
|
|
|
-
|
|
|
|
1,075
|
|
|
295
|
|
EBITDA
|
|
$
|
9,980
|
|
$
|
10,053
|
|
|
$
|
45,932
|
|
$
|
35,322
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of net income to distributable cash flow
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
2,059
|
|
$
|
1,007
|
|
|
$
|
21,900
|
|
$
|
8,372
|
|
Depreciation and amortization and amortization of deferred financing
fees
|
|
3,979
|
|
|
3,749
|
|
|
|
12,017
|
|
|
11,241
|
|
Maintenance capital expenditures
|
|
|
(1,060)
|
|
|
(605)
|
|
|
|
(3,655)
|
|
|
(1,405)
|
|
Distributable cash flow
|
|
$
|
4,978
|
|
$
|
4,151
|
|
|
$
|
30,262
|
|
$
|
18,208
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of cash flow provided by operating activities to
distributable cash flow
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flow provided by operating activities
|
|
$
|
5,597
|
|
$
|
60,097
|
|
|
$
|
25,778
|
|
$
|
54,124
|
|
Net change in operating assets and liabilities and certain non-cash
items
|
|
441
|
|
|
(55,341)
|
|
|
|
8,139
|
|
|
(34,511)
|
|
Maintenance capital expenditures
|
|
|
(1,060)
|
|
|
(605)
|
|
|
|
(3,655)
|
|
|
(1,405)
|
|
Distributable cash flow
|
|
$
|
4,978
|
|
$
|
4,151
|
|
|
$
|
30,262
|
|
$
|
18,208
|
Source: Global Partners LP
Global Partners LP
Thomas J. Hollister, 781-894-8800
Chief
Operating Officer and
Chief Financial Officer
or
Global
Partners LP
Edward J. Faneuil, 781-894-8800
Executive Vice
President,
General Counsel and Secretary