- Record Full-Year Gross Profit and Distributable Cash Flow
-Acquisitions Drive Record Annual Volume and 59% Increase in
Wholesale Gasoline Net Product Margin
WALTHAM, Mass., Mar 10, 2011 (BUSINESS WIRE) --
Global Partners LP (NYSE:GLP) today reported financial results for the
quarter and twelve months ended December 31, 2010.
Net income for the fourth quarter of 2010 was $5.9 million, or $0.32 per
diluted limited partner unit, compared with $12.2 million, or $0.91 per
diluted limited partner unit for the same period in 2009. Fourth-quarter
2009 results included a $1.5 million curtailment gain resulting from a
freeze to the Partnership's Pension Plan.
Earnings before interest, taxes, depreciation and amortization (EBITDA)
for the three months ended December 31, 2010 was $22.0 million, compared
with $20.7 million for the same period in 2009.
Distributable cash flow for the fourth quarter of 2010 was $12.5
million, compared with $15.2 million for the comparable quarter in 2009.
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 twelve
months ended December 31, 2010 and 2009.
"As we stated in our SEC filings in February, our fourth quarter 2010
results were affected by adverse market conditions and fewer
advantageous purchasing opportunities, primarily in our distillates
business," said Eric Slifka, president and chief executive officer of
Global Partners. "For the full year, however, we achieved record gross
profit and distributable cash flow, reflecting the quality of our recent
acquisitions and organic projects."
"In 2010, we acquired 190 Mobil stations and the related fuel supply
business in New England, purchased the former Warex terminal facility
along the Hudson River in Newburgh, New York and completed a
multi-million dollar ethanol and rail expansion project at our terminal
in Albany," Slifka said. "These strategic initiatives have increased our
presence in the transportation fuels market, expanded product volumes
and further diversified our product offerings."
Sales for the fourth quarter of 2010 were $2.8 billion, compared with
$1.7 billion for the same period in 2009, due primarily to higher
refined petroleum product prices and the acquisition of the Mobil
assets. Wholesale segment sales were $2.5 billion, or 92% of total
sales, for the fourth quarter of 2010, compared with $1.6 billion, or
94% of total sales, for the fourth quarter of 2009. Commercial segment
sales were $201.9 million, or 7% of total sales, for the fourth quarter
of 2010 compared with $102.6 million, or 6% of total sales, for the
fourth quarter of 2009.
Combined product volume totaled 1.2 billion gallons in the fourth
quarter of 2010, compared with 863.4 million gallons in the fourth
quarter of 2009. Wholesale segment volume increased to 1.1 billion
gallons in the fourth quarter of 2010 from 805.2 million gallons in the
fourth quarter of 2009. Commercial segment volume increased to 96.5
million gallons in the fourth quarter of 2010 from 58.2 million gallons
in the comparable period of 2009.
Combined gross profit improved 23% to $51.9 million in the fourth
quarter of 2010 from $42.1 million in the fourth quarter of 2009. Within
Global Partners' wholesale segment, distillate net product margin
decreased 32% to $22.0 million in the fourth quarter of 2010 versus
$32.3 million in the fourth quarter of 2009, reflecting adverse market
conditions and fewer advantageous purchasing opportunities. Gasoline net
product margin improved 182% to $16.3 million from $5.8 million in the
fourth quarter of 2009. Residual oil net product margin decreased 10% to
$2.2 million in the fourth quarter of 2010 from $2.5 million in the
fourth quarter of 2009.
Financial Results for the Twelve Months Ended December 31, 2010 and
2009
Net income for the twelve months ended December 31, 2010 was $27.0
million, or $1.59 per diluted limited partner unit, compared with $34.1
million, or $2.51 per diluted limited partner unit, for the same period
in 2009. The Partnership had approximately 16.6 million and 13.3 million
diluted weighted average limited partner units outstanding for the
twelve months ended December 31, 2010 and 2009, respectively.
EBITDA for the twelve months ended December 31, 2010 increased 9% to
$72.4 million from $66.7 million for the same period in 2009.
Distributable cash flow for 2010 increased to $46.0 million, compared
with $45.4 million for the comparable period in 2009.
Sales for the twelve months ended December 31, 2010 increased to $7.8
billion, compared with $5.8 billion for the same period in 2009, due
primarily to higher refined petroleum product prices and the acquisition
of the Mobil assets. Wholesale segment sales were $7.3 billion, or 93%
of total sales, for 2010, compared with $5.5 billion, or 94% of total
sales, for 2009. Commercial segment sales were $511.3 million, or 7% of
total sales, for 2010, compared with $363.3 million, or 6% of total
sales, for 2009.
Combined product volume totaled 3.7 billion gallons in 2010, compared
with 3.4 billion gallons in 2009. Wholesale segment volume increased to
3.4 billion gallons versus 3.2 billion gallons in 2009. Commercial
segment volume increased to 273.1 million gallons in 2010, compared with
226.2 million gallons in 2009.
Combined gross profit increased 11% to $166.7 million in 2010 from
$149.8 million in 2009. Within Global Partners' wholesale segment,
distillate net product margin decreased 15% to $80.9 million from $95.1
million in the year-earlier period. Wholesale gasoline net product
margin rose 59% to $64.7 million from $40.7 million in 2009. Wholesale
residual oil net product margin was essentially unchanged at $9.4
million in 2010 and 2009.
Recent Developments
-
Global Partners completed an offering of 2,645,000 common units,
including an option to purchase 345,000 common units to cover
over-allotments, which was exercised in full by the underwriters.The
offering generated net proceeds to the Partnership of approximately
$69.7 million (after deducting underwriting discounts and offering
expenses), which were used to reduce indebtedness outstanding under
its credit agreement. In addition, all 5,642,424 subordinated units
have converted to common units. With the completion of the common unit
offering and the conversion of the subordinated units, the Partnership
has 21,580,563 common units outstanding.
-
The Board of Directors of Global Partners' general partner, Global GP
LLC, increased the Partnership's quarterly cash distribution to $0.50
per unit ($2.00 per unit on an annualized basis) on all of its
outstanding common and subordinated units for the period from October
1 through December 31, 2010.
Business Outlook
"While adverse market conditions and fewer advantageous purchasing
opportunities are factors that have affected our business in the first
quarter, we do not believe they are long-term in nature," Slifka said.
"Our logistical advantages and supply expertise enable us to compete
effectively within what we expect to be a continuing environment of high
commodity prices and price volatility. We are encouraged about the
outlook for our business, particularly as the earnings potential from
our new assets becomes more fully realized."
Financial Results Conference Call
Management will review Global Partners' fourth-quarter 2010 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) 709-8155 (U.S. and Canada)
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(201) 689-8881 (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;
-
financial performance without regard to financing methods, capital
structure, income taxes or historical cost basis;
-
ability to generate cash sufficient to pay interest on its
indebtedness and to make distributions to its partners;
-
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
-
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. In
December 2009, we amended our partnership agreement to restate the
provisions governing conversion of the subordinated units to use
distributable cash flow to test whether we have "earned" the minimum
quarterly distribution. Distributable cash flow means the Partnership's
net income plus depreciation and amortization minus maintenance capital
expenditures, as well as adjustments to eliminate items approved by the
audit committee of the Board of Directors of the Partnership's general
partner that are extraordinary or non-recurring in nature and that would
otherwise increase distributable cash flow. 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 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 September 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.
The financial statements and financial information presented below
reflect the operations of Global Partners LP.
| GLOBAL PARTNERS LP |
| CONSOLIDATED STATEMENTS OF INCOME |
| (In thousands, except per unit data) |
| (Unaudited) |
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Three Months Ended |
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Twelve Months Ended |
|
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December 31, |
|
December 31, |
|
|
2010 |
|
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2009 |
|
2010 |
|
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2009 |
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Sales
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$
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2,755,274
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$
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1,698,976
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$
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7,801,559
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$
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5,818,411
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Cost of sales
|
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2,703,380
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1,656,924
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7,634,841
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5,668,583
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Gross profit
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51,894
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42,052
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166,718
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149,828
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Costs and operating expenses:
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Selling, general and administrative expenses
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18,348
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|
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|
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15,815
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|
|
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66,063
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|
|
|
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61,048
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Operating expenses
|
|
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18,914
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|
|
|
|
8,765
|
|
|
|
47,781
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|
|
|
|
35,043
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|
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Amortization expenses
|
|
|
1,096
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|
|
|
|
636
|
|
|
|
3,526
|
|
|
|
|
2,986
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Total costs and operating expenses
|
|
|
38,358
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|
|
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|
25,216
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117,370
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99,077
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Operating income
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|
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13,536
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|
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|
16,836
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|
|
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49,348
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|
|
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50,751
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|
|
|
|
|
|
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|
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|
|
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Interest expense
|
|
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(7,984
|
)
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(4,248
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)
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(22,310
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)
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(15,188
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)
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Income before income tax expense
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5,552
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12,588
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27,038
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35,563
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|
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Income tax benefit (expense)
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|
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387
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(354
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)
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-
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(1,429
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)
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Net income
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|
5,939
|
|
|
|
|
12,234
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|
|
|
27,038
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|
|
|
|
34,134
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|
|
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|
|
|
|
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Less: General partner's interest in net income, including
incentive distribution rights(1)
|
|
|
(159
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)
|
|
|
|
(262
|
)
|
|
|
(677
|
)
|
|
|
|
(791
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)
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|
|
|
|
|
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|
|
|
|
|
|
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|
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Limited partners' interest in net income
|
|
$
|
5,780
|
|
|
|
$
|
11,972
|
|
|
$
|
26,361
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|
|
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$
|
33,343
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|
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|
|
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Basic net income per limited partner unit(2)
|
|
$
|
0.32
|
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$
|
0.92
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|
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$
|
1.61
|
|
|
|
$
|
2.56
|
|
|
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|
|
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|
|
|
|
|
|
|
|
|
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Diluted net income per limited partner unit(2)
|
|
$
|
0.32
|
|
|
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$
|
0.91
|
|
|
$
|
1.59
|
|
|
|
$
|
2.51
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Basic weighted average limited partner units outstanding
|
|
|
17,896
|
|
|
|
|
12,961
|
|
|
|
16,346
|
|
|
|
|
13,017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Diluted weighted average limited partner units outstanding
|
|
|
18,147
|
|
|
|
|
13,207
|
|
|
|
16,597
|
|
|
|
|
13,279
|
|
|
|
|
|
|
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(1) Calculation includes the effect of the public offerings in
March 2010 and November 2010 and, as a result, the general
partner's interest was reduced to 1.27% for the three months ended
December 31, 2010 and, based on a weighted average, 1.53% for the
twelve months ended December 31, 2010. For the three and twelve
months ended December 31, 2009, the general partner's interest was
1.73%.
|
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|
|
(2) 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
losses. Accordingly, the Partnership's undistributed net income is
assumed to be allocated to the limited partners' interest and to
the General Partner's general partner interest. Limited partners'
interest in net income is divided by the weighted average limited
partner units outstanding in computing the net income per limited
partner unit.
|
|
|
| GLOBAL PARTNERS LP |
| CONSOLIDATED BALANCE SHEETS |
| (In thousands) |
| (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
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|
|
|
|
|
|
|
|
|
December 31, |
|
|
|
December 31, |
|
|
2010 |
|
|
|
2009 |
| Assets |
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
2,361
|
|
|
|
$
|
662
|
|
Accounts receivable, net
|
|
|
553,066
|
|
|
|
|
335,912
|
|
Accounts receivable - affiliates
|
|
|
1,230
|
|
|
|
|
1,565
|
|
Inventories
|
|
|
586,831
|
|
|
|
|
465,923
|
|
Brokerage margin deposits
|
|
|
15,501
|
|
|
|
|
18,059
|
|
Fair value of forward fixed price contracts
|
|
|
1,942
|
|
|
|
|
3,089
|
|
Prepaid expenses and other current assets
|
|
|
36,714
|
|
|
|
|
37,648
|
|
Total current assets
|
|
|
1,197,645
|
|
|
|
|
862,858
|
|
|
|
|
|
|
|
|
|
|
Property and equipment, net
|
|
|
422,684
|
|
|
|
|
159,292
|
|
Intangible assets, net
|
|
|
40,065
|
|
|
|
|
28,557
|
|
Other assets
|
|
|
11,922
|
|
|
|
|
1,996
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
1,672,316
|
|
|
|
$
|
1,052,703
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities and partners' equity |
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
$
|
443,469
|
|
|
|
$
|
243,449
|
|
Working capital revolving credit facility - current portion
|
|
|
193,198
|
|
|
|
|
221,711
|
|
Environmental liabilities - current portion
|
|
|
5,535
|
|
|
|
|
3,296
|
|
Trustee taxes payable
|
|
|
69,828
|
|
|
|
|
41,484
|
|
Accrued expenses and other current liabilities
|
|
|
30,494
|
|
|
|
|
36,120
|
|
Income taxes payable
|
|
|
-
|
|
|
|
|
461
|
|
Obligations on forward fixed price contracts and other derivatives
|
|
|
9,157
|
|
|
|
|
21,114
|
|
Total current liabilities
|
|
|
751,681
|
|
|
|
|
567,635
|
|
|
|
|
|
|
|
|
|
|
Working capital revolving credit facility - less current portion
|
|
|
293,502
|
|
|
|
|
240,889
|
|
Revolving credit facility
|
|
|
300,000
|
|
|
|
|
71,200
|
|
Environmental liabilities - less current portion
|
|
|
28,970
|
|
|
|
|
2,254
|
|
Other long-term liabilities
|
|
|
21,347
|
|
|
|
|
13,305
|
|
Total liabilities
|
|
|
1,395,500
|
|
|
|
|
895,283
|
|
|
|
|
|
|
|
|
|
|
Partners' equity
|
|
|
276,816
|
|
|
|
|
157,420
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and partners' equity
|
|
$
|
1,672,316
|
|
|
|
$
|
1,052,703
|
|
|
|
|
|
|
|
|
|
| GLOBAL PARTNERS LP |
| FINANCIAL RECONCILIATIONS |
| (In thousands) |
| (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Twelve Months Ended |
|
|
December 31, |
|
December 31, |
|
|
2010 |
|
2009 |
|
2010 |
|
2009 |
| Reconciliation of net income to EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
5,939
|
|
|
$
|
12,234
|
|
|
$
|
27,038
|
|
|
$
|
34,134
|
|
|
Depreciation and amortization and amortization of deferred financing
fees
|
|
|
8,428
|
|
|
|
3,892
|
|
|
|
23,089
|
|
|
|
15,909
|
|
|
Interest expense
|
|
|
7,984
|
|
|
|
4,248
|
|
|
|
22,310
|
|
|
|
15,188
|
|
|
Income tax (benefit) expense
|
|
|
(387
|
)
|
|
|
354
|
|
|
|
-
|
|
|
|
1,429
|
|
|
EBITDA
|
|
$
|
21,964
|
|
|
$
|
20,728
|
|
|
$
|
72,437
|
|
|
$
|
66,660
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of net cash used in operating activities to
EBITDA
|
|
|
|
Net cash used in operating activities
|
|
$
|
(54,236
|
)
|
|
$
|
(86,907
|
)
|
|
$
|
(87,194
|
)
|
|
$
|
(61,129
|
)
|
|
Net changes in operating assets and liabilities and certain non-cash
items
|
|
|
68,603
|
|
|
|
103,033
|
|
|
|
137,321
|
|
|
|
111,172
|
|
|
Interest expense
|
|
|
7,984
|
|
|
|
4,248
|
|
|
|
22,310
|
|
|
|
15,188
|
|
|
Income tax (benefit) expense
|
|
|
(387
|
)
|
|
|
354
|
|
|
|
-
|
|
|
|
1,429
|
|
|
EBITDA
|
|
$
|
21,964
|
|
|
$
|
20,728
|
|
|
$
|
72,437
|
|
|
$
|
66,660
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Reconciliation of net income to distributable cash flow |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
5,939
|
|
|
$
|
12,234
|
|
|
$
|
27,038
|
|
|
$
|
34,134
|
|
|
Depreciation and amortization and amortization of deferred financing
fees
|
|
|
8,428
|
|
|
|
3,892
|
|
|
|
23,089
|
|
|
|
15,909
|
|
|
Maintenance capital expenditures
|
|
|
(1,830
|
)
|
|
|
(955
|
)
|
|
|
(4,092
|
)
|
|
|
(4,610
|
)
|
|
Distributable cash flow
|
|
$
|
12,537
|
|
|
$
|
15,171
|
|
|
$
|
46,035
|
|
|
$
|
45,433
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of net cash used in operating activities to
distributable cash flow
|
|
|
|
Net cash used in operating activities
|
|
$
|
(54,236
|
)
|
|
$
|
(86,907
|
)
|
|
$
|
(87,194
|
)
|
|
$
|
(61,129
|
)
|
|
Net changes in operating assets and liabilities and certain non-cash
items
|
|
|
68,603
|
|
|
|
103,033
|
|
|
|
137,321
|
|
|
|
111,172
|
|
|
Maintenance capital expenditures
|
|
|
(1,830
|
)
|
|
|
(955
|
)
|
|
|
(4,092
|
)
|
|
|
(4,610
|
)
|
|
Distributable cash flow
|
|
$
|
12,537
|
|
|
$
|
15,171
|
|
|
$
|
46,035
|
|
|
$
|
45,433
|
|
SOURCE: Global Partners LP
Global Partners LP
Thomas J. Hollister, 781-894-8800
Chief Operating Officer and
Chief Financial Officer
or
Edward J. Faneuil, 781-894-8800
Executive Vice President,
General Counsel and Secretary