This Day On The Street
Continue to site right-arrow
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Genesis Energy, L.P. Reports Fourth Quarter And Full Year 2011 Results

Stocks in this article: GEL

Genesis Energy, L.P. (NYSE:GEL) today announced its fourth quarter and annual results. Results for the quarterly and annual periods included the following:

  • For the fourth quarter of 2011, we generated total Available Cash before Reserves of $37.3 million, an increase of $8.1 million, or 28%, over the fourth quarter of 2010. For the full year of 2011, we generated Available Cash before Reserves of $138.2 million compared to $101.5 million for 2010. Available Cash before Reserves is a non-GAAP measure that is defined and reconciled later in this press release to its most directly comparable GAAP financial measure, net cash provided by operating activities. Net cash provided by operating activities was $19.2 million and $56.4 million for the fourth quarters of 2011 and 2010, respectively, and $58.3 million and $90.5 million for the full years of 2011 and 2010, respectively. The decreases in net cash by operating activities primarily reflect higher working capital requirements during the 2011 periods.
  • The Partnership reported net income for the quarter ended December 31, 2011 of $7.8 million compared to a net loss of $74.7 million for the quarter ended December 31, 2010. Net income per common unit was $0.10 for the 2011 fourth quarter. Included in net loss in the 2010 quarterly period was $75.6 million related to non-cash management compensation expense that was borne entirely by our general partner. As a result, our common unitholders’ share of our net income for the fourth quarter of 2010 was $1.0 million, or $0.02 per unit.
  • For the year ended December 31, 2011, we had net income of $51.2 million. For the year ended December 31, 2010, we had a net loss attributable to the Partnership of $48.5 million. Net income per common unit for the year ended December 31, 2011 was $0.75. Included in the 2010 annual period was $76.9 million of non-cash management compensation expense borne by our general partner. Net income allocable to our common unitholders was $19.9 million, or $0.49 per unit for 2010.
  • Our performance allowed us to make a distribution in February of $0.44 per unit, a 10% increase over the 2010 fourth quarter distribution. This represents the twenty-sixth consecutive quarter in which Genesis has increased its distribution. During this period, twenty-one of these quarterly increases have been 10% or greater year-over-year.

Grant Sims, CEO said “We successfully completed several growth initiatives and strategic acquisitions during 2011 and into early 2012. In August, we expanded our black oil service capabilities by adding 30 barges and 14 push boats to our existing fleet. In fact, earlier this week, we purchased outright the seven barges that had been subleased since the transaction had closed.”

1 of 12

Select the service that is right for you!

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 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • 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