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Calumet Specialty Products' Management Discusses Q1 2012 Results - Earnings Call Transcript

We believe the non-GAAP measures of EBITDA, adjusted EBITDA, and distributable cash flow are important financial performance measures for the Partnership. EBITDA and adjusted EBITDA, as defined by our debt instruments, were $90.2 million and $69.7 million respectively for the first quarter 2012 as compared to $26.4 million and $34.7 million respectively for the same quarter in 2011.

The Partnership’s distributable cash flow for the first quarter was $39.2 million as compared to $18.2 million for the same period last year. The increase in adjusted EBITDA quarter-over-quarter was due primarily to a $37.4 million increase in gross profit and $9 million of increased realized derivative gains. Partially offset by a $7.6 million increase in selling, general and administrative expenses and a $4.5 million increase in transportation expense.

We encourage investors to review the section of our earnings press release found on our website entitled non-GAAP financial measures and the attached tables for discussion and definitions of EBITDA, adjusted EBITDA, and distributable cash flow, financial measures, and reconciliations of these non-GAAP measures to the comparable GAAP measures.

Gross profit by segment for the first quarter of 2012 for specialty products and fuel products was $66.5 million and $17.8 million respectively compared to gross profit of $47.9 million and a loss of $1 million respectively for the same period in 2011.

The increase in specialty products segment gross profit of $18.6 million quarter-over-quarter was due primarily to a 29.4% increase in sales volume, 9.5% increase in the average selling prices per barrel, partially offset by a 12.8% increase in the average cost of crude oil per barrel and higher operating costs, largely repairs and maintenance.

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