This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Blueknight Energy Partners, L.P. Announces Third Quarter 2011 Results

Stocks in this article: BKEP

Blueknight Energy Partners, L.P. (“BKEP” or the “Partnership”) (NASDAQ: BKEP) (NASDAQ: BKEPP), a midstream energy company focused on providing integrated services for companies engaged in the production, distribution and marketing of crude oil, asphalt and other petroleum products, today announced adjusted EBITDA of $19.9 million and $48.4 million for the three and nine months ended September 30, 2011, respectively. This represents increases of $3.8 million or 24% and $2.3 million or 5% as compared to the three and nine months ended September 30, 2010, respectively. An explanation of adjusted EBITDA, including a reconciliation of such measure to net income (loss), is provided in the section of this release entitled “Non-GAAP Financial Measures.”

The Partnership reported net income of $28.6 million on total revenues of $46.5 million for the quarter ended September 30, 2011, compared to a net loss of $2.8 million on total revenues of $38.1 million for the quarter ended September 30, 2010. For the nine months ended September 30, 2011, the Partnership reported net income of $25.9 million on total revenues of $131.1 million, compared to a net loss of $10.6 million on total revenues of $113.5 million for the nine months ended September 30, 2010. The Partnership’s financial results for the three and nine months ended September 30, 2011 were impacted by non-cash gains of approximately $23.6 million and $22.1 million, respectively related to the change in estimated fair market value of the embedded derivative related to its outstanding convertible debentures and the rights offering liability. For further information regarding the Partnership’s results of operations, please see the Partnership’s Quarterly Report on Form 10-Q, which was filed today with the Securities and Exchange Commission.

“We had a solid third quarter bolstered by our asphalt business which recognized incremental revenues of $1.9 million due to several customers exceeding annual contractual thresholds and by the recognition of a $1.1 million gain on the sale of excess equipment and assets. Furthermore, demand for our crude oil pipeline and truck transportation services continues to strengthen as evidenced by increased volumes and revenues on our pipelines and truck transportation assets. The construction of one million barrels of crude oil storage in Cushing, Oklahoma for TransMontaigne and the construction of a one million barrel crude oil terminal in Midland, Texas for Vitol are underway and progressing as scheduled. In addition we are pleased with the outcome of our recently completed rights offering which was significantly over-subscribed. With the imminent issuance of the preferred units, we can finally announce that we have successfully completed our recapitalization plan started in October of 2010. We appreciate our unitholders’ efforts and support for the transaction,” said J. Michael Cockrell, Blueknight Energy Partners’ president and chief operating officer.

1 of 5

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

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.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,380.41 +263.17 1.63%
S&P 500 1,886.76 +24.00 1.29%
NASDAQ 4,258.4380 +41.0480 0.97%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs