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

That being said, the steps we have taken over the past several years to streamline our operating platform drive operating efficiencies and strengthen our balance sheet, helped us navigate through this very challenging period.

Additionally, our patience and discipline over the years put us in the position to make the recent announcement of our agreement to acquire the retail propane assets and operations of Inergy LP for approximately $1.8 billion. Once completed, this acquisition effectively doubles the size of Suburban and expands our geographic reach into 11 new states.

These transactions supports our growth strategy as we look to leverage our technology platform and combine the talent and resources and best practices of the two organizations in order to drive significant operating synergies.

In a moment, I will comment more on our thoughts regarding this exciting opportunity. However, at this point, I would like to turn the call over to Mike Stivala to discuss our second quarter results in more detail. Mike?

Mike Stivala

Thanks Mike and good morning everyone. As we discuss our second quarter results to be consistent with our previous reporting, I’m excluding the impact of unrealized non-cash mark-to-market adjustments from derivative instruments used in risk management activities under FAS 133 accounting, which resulted in a de minimus amount in the second quarter of fiscal 2012, compared to an unrealized gain of $4.1 million in the prior second quarter.

Additionally, net income and EBITDA for the fiscal 2012 second quarter included $2.1 million non-cash charge for the write-off of capitalized cost associated with an abandoned software project for our natural gas and electric segment as well as the $500,000 loss on debt extinguishment associated with the amendment of our revolving credit facility which was completed in January 2012.

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