Partnership to Host Third-Quarter Conference Call on November 4
WALTHAM, Mass., Oct 28, 2010 (BUSINESS WIRE) --
Global
Partners LP (NYSE: GLP) today announced that it expects to amend and
restate its financial statements for the first and second quarters of
2010 to adjust for a coding error that resulted in an over accrual of
fuels tax liability of approximately $6.6 million in the aggregate and a
consequent understatement of sales and net income by $6.6 million.
The over accrual was the result of an internal coding error and was
discovered by Global Partners' management during a normal course control
procedure. Management estimates that the Partnership:
-
over accrued its fuels tax liability for the three months ended March
31, 2010 by approximately $2.4 million and consequently understated
its sales and net income by approximately $2.4 million; and
-
over accrued its fuels tax liability for the three months ended June
30, 2010 by approximately $4.2 million and consequently understated
its sales and net income by approximately $4.2 million.
Thomas J. Hollister, Chief Operating Officer and Chief Financial Officer
of Global Partners, said, "It is worth noting that the error was
discovered by the Partnership and has been corrected. Bills to customers
were not affected by this error and the error did not cause an
overpayment of fuels taxes. The error had no impact on our previously
reported net cash provided by operating activities."
The Partnership's previously reported financial statements for these
periods should no longer be relied upon. As soon as practicable, Global
Partners will file amended Quarterly Reports on Form 10-Q for the three
months ended March 31, 2010 and June 30, 2010, previously filed with the
Securities and Exchange Commission.
Partnership to Host Third-Quarter Conference Call
The Partnership plans to release its third-quarter 2010 financial
results before the market opens on Thursday, November 4 and host a
conference call for investors and analysts at 10:00 a.m. ET that day. To
participate in the live call, dial (877) 709-8155 (U.S. and Canada) or
(201) 689-8881 (International). The call also will be webcast live and
archived on the Global Partners' website, www.globalp.com.
About Global Partners LP
Global
Partners LP, a publicly traded master limited partnership based in
Waltham, Massachusetts, owns, controls or 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 New
England states and New York. In addition, the Partnership owns and
supplies fuel to 190 Mobil branded retail gas stations in New England,
and also supplies Mobil branded fuel to 31 independently-owned stations.
Global Partners LP, a FORTUNE 500(R) company, trades on the New
York Stock Exchange under the ticker symbol "GLP." For additional
information, please visit www.globalp.com.
Forward-looking Statements
Some of the information contained in this news release may contain
forward-looking statements. Forward-looking statements do not relate
strictly to historical or current facts and include, without limitation,
any statement that may project, indicate or imply future results,
events, performance or achievements, and may contain the words "may, "
"believe," "should," "could," "expect," "anticipate," "plan," "intend,"
"estimate," "foresee," "continue," "will likely result," or other
similar expressions. In addition, any statement made by Global Partners
LP's management concerning future financial performance (including
future revenues, earnings or growth rates), ongoing business strategies
or prospects and possible actions by Global Partners LP or its
subsidiaries are also forward-looking statements. Forward-looking
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 future results to be
materially different from the results stated or implied in this news
release. For additional information about 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, 2009, Quarterly Report on Form 10-Q
for the period ended June 30, 2010 and subsequent filings the
Partnership makes with the Securities and Exchange Commission.
Developments in any of these areas could cause Global Partners LP's
results to differ materially from results that have been or may be
anticipated or projected. 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 of
this news release or, in the case of forward-looking statements,
contained in any document incorporated by reference, the date of such
document, and Global Partners LP expressly disclaims any obligation or
undertaking to update these statements to reflect any change in its
expectations or beliefs or any change in events, conditions or
circumstances on which any forward-looking statement is based.
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 Faneuil, 781-894-8800
Executive Vice President,
General Counsel and Secretary