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NGL Energy Partners LP Announces Earnings And Filing Of Form 10-K

The following tables reconcile net income (loss) or net income (loss) to parent equity to our EBITDA and Adjusted EBITDA, each of which are non-GAAP financial measures, for the periods indicated:

                             
NGL Energy Partners LP

 

NGL Supply, Inc.
  Year Ended    

 

Six Months Ended

 

Six Months Ended
Year Ended
March 31,

 

March 31,

 

September 30,
March 31,
  2012     2011     2010     2010  
(in thousands)
EBITDA:
Net income (loss) to parent $ 7,876 $ 12,679 $ (2,515 ) $ 3,636
Provision (benefit) for income taxes 601 - (1,417 ) 2,478
Interest expense 7,620 2,482 372 668
Depreciation and amortization   15,911     3,841     1,789     3,752  
EBITDA $ 32,008 $ 19,002 $ (1,771 ) $ 10,534
Unrealized (gain) loss on derivative contracts 4,384 (1,357 ) 200 (563 )
Loss (gain) on sale of assets (71 ) 16 (124 ) 11
Share-based compensation expense   -     -     -     -  
Adjusted EBITDA $ 36,321   $ 17,661   $ (1,695 ) $ 9,982  
 

NGL Energy defines EBITDA as net income (loss) or net income (loss) attributable to parent equity, plus income taxes, interest expense and depreciation and amortization expense. NGL Energy defines Adjusted EBITDA as EBITDA excluding the unrealized gain or loss on derivative contracts and the gain or loss on the disposal of assets and share-based compensation expenses. EBITDA and Adjusted EBITDA should not be considered an alternative to net income, income before income taxes, cash flows from operating activities, or any other measure of financial performance calculated in accordance with GAAP as those items are used to measure operating performance, liquidity or the ability to service debt obligations. NGL Energy believes that EBITDA provides additional information for evaluating its ability to make quarterly distributions to its unitholders and is presented solely as a supplemental measure. NGL Energy believes that Adjusted EBITDA provides additional information for evaluating its financial performance without regard to its financing methods, capital structure and historical cost basis. Further, EBITDA and Adjusted EBITDA, as NGL Energy defines them, may not be comparable to EBITDA and Adjusted EBITDA or similarly titled measures used by other entities.

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