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