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Suburban Propane's CEO Discusses F2Q2012 Results - Earnings Call Transcript

Stocks in this article: SPH

However, before getting started, I would like to reemphasize what the operator has just explained about forward-looking statements. Additional information about factors that could cause actual results to differ materially from those discussed in forward-looking statements is contained in the Partnership’s SEC filings, including its Form 10-K for the fiscal year ended September 24, 2011 and its Form 10-Q for the period ended March 24, 2012, which will be filed by the end of business today. Copies of these filings may be obtained by contacting the Partnership or the SEC.

Certain non-GAAP measures will be discussed on this call. We have provided a description of these measures as well as the discussion why we believe this information to be useful in our Form 8-K furnished to the SEC this morning. The Form 8-K can be accessed through a link on our website at suburbanpropane.com.

Additionally, today we have filed the Form 8-K in connection with the previously announced acquisition of the Inergy LP’s retail propane business and assets. The Form 8-K will include audited financial statements of Inergy Propane LLC through the fiscal year ended September 30, 2011, and the unaudited financial statements as of -- and for the six months ended March 31, 2012 as well as unaudited pro forma condensed combined financial statements to reflect the Inergy Propane acquisition.

At this point, I’d like to get the call started by turning it over to Mike Dunn for some opening remarks. Mike?

Mike Dunn

Thanks, Davin, and thanks everyone for joining us this morning. Results for the second quarter of fiscal 2012 were significantly affected by record warm temperatures across most of the country and in particular, our service territories.

In fact, the period from January through March 2012 was reported by [Noah] as being the warmest on record in the record in the contiguous United States, capped off by the warmest March on record. These record warm temperatures follow the considerably warmer than normal temperatures experienced in the fiscal 2012 first quarter, making the fiscal 2012 heating season one of the most challenging six month periods faced by the industry.

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