Inergy Midstream Reports First Quarter Results
Inergy Midstream, L.P. (NYSE:NRGM) (“Inergy Midstream”) today reported results of operations for the quarter ended December 31, 2011, the first quarter of fiscal 2012.
Inergy Midstream reported Adjusted EBITDA of $25.7 million for the quarter ended December 31, 2011, an increase of $7.3 million, or approximately 39.7%, from $18.4 million for the quarter ended December 31, 2010. Net income was $14.4 million for the quarter ended December 31, 2011, and $9.0 million in the same quarter of last year.
“Our results for the quarter were as expected,” said John Sherman, President and CEO of Inergy Midstream. “We are excited to execute our strategy on behalf of our new unitholders. With a strong balance sheet and a pipeline of high-return growth projects, we are well positioned to increase cash earnings and create value for our investors.”
As previously announced, the Board of Directors of Inergy Midstream’s general partner declared a prorated cash distribution of $0.04 per limited partner unit for the quarter ended December 31, 2011. The $0.04 cash distribution per limited partner unit corresponds to an initial quarterly cash distribution of $0.37 per quarter ($1.48 annually) and represents the prorated distribution for the period of time from December 21, 2011, the closing of Inergy Midstream’s initial public offering, through December 31, 2011, the end of its first fiscal quarter. The distribution will be paid on February 14, 2012, to unitholders of record as of February 7, 2012.Quarterly Results In the quarter ended December 31, 2011, revenues from firm storage increased to $23.8 million compared to $22.0 million during the same three-month period in 2010. Revenues from transportation increased to $6.5 million for the three months ended December 31, 2011, compared to $3.0 million during the same three-month period in 2010. Revenues from hub services increased to $3.4 million for the three months ended December 31, 2011, compared to $0.9 million during the same three-month period in 2010.
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