Star Gas Partners, L.P. Reports Fiscal 2010 Fourth Quarter And Year-End Results
STAMFORD, Conn., Dec. 9, 2010 (GLOBE NEWSWIRE) -- Star Gas Partners, L.P. (the "Partnership" or "Star") (NYSE:SGU), a home energy distributor and services provider specializing in heating oil, filed its fiscal 2010 annual Form 10-K with the SEC today and announced financial results for the fiscal 2010 fourth quarter and twelve-month period ended September 30, 2010.
Three Months Ended September 30, 2010 Compared to Three Months Ended September 30, 2009
The Partnership reported a 17.0 percent increase in total revenue, to $135.5 million, due to an increase in heating oil selling prices and higher installation and service sales. Home heating oil volume was unchanged at 20.9 million gallons as the additional volume from acquisitions, minimal during the summer months, was offset by the impact of net customer attrition.Total gross profit was unchanged at $29.2 million as the additional gross profit from service and installations was offset by lower home heating oil margins. The Partnership's operating loss increased by $4.9 million to a loss of $29.3 million largely due to the impact of acquisitions completed after the heating season. From April 1 through September 30, 2010, the Partnership completed five acquisitions, equating to approximately 56,100 home heating oil, propane and security accounts. While these accounts provided additional revenue in fiscal 2010, the Partnership's profitability was adversely impacted due to the fact that acquisition-related product costs and operating expenses, as expected, exceeded revenue during the non-heating season. Net loss was $14.2 million, versus net income of $32.3 million last year, principally due to the recording of a much higher deferred tax benefit during the fourth quarter of fiscal 2009 from the release of $86.4 million in opening valuation allowance. The Adjusted EBITDA loss increased $5.1 million, to $24.6 million, due to lower home heating oil margins and an Adjusted EBITDA loss from acquisitions of $2.7 million. Adjusted EBITDA is a non-GAAP financial measure (see below reconciliation) that should not be considered as an alternative to net income (as an indicator of operating performance) or as an alternative to cash flow (as a measure of liquidity or ability to service debt obligations) but provides additional information for evaluating the Partnership's ability to make the Minimum Quarterly Distribution.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV