Genesis Energy, L.P. (NYSE: GEL) today announced its second quarter results. Results for the quarter ended June 30, 2012 included the following items:
- For the second quarter of 2012, we generated record total Available Cash before Reserves of $43.2 million, an increase of $11.3 million, or 35%, over the second quarter of 2011. Adjusted EBITDA increased $13.6 million to $54.3 million, or 33%, over the prior year period. Available Cash before Reserves and Adjusted EBITDA are non-GAAP measures that are defined and reconciled later in this press release to the most directly comparable GAAP financial measure, net income.
- The partnership recorded net income for the quarter ended June 30, 2012 of $18.6 million, or $0.23 per unit, compared to $17.4 million, or $0.27 per unit, for the same period in 2011.
- In July 2012, we amended and restated our senior secured credit facility with a syndicate of banks to, among other things, increase the committed amount from $775 million to $1 billion and the accordion feature from $225 million to $300 million. The changes also extended the term of our credit facility to July 2017.
- On August 14, 2012, we will pay a total quarterly distribution of $36.6 million attributable to our financial and operational results for the second quarter of 2012, based on our quarterly declared distribution of $0.46 per unit. Our Available Cash before Reserves provided 1.18 times coverage for this quarterly distribution.
Grant Sims, CEO of Genesis Energy, said, "We are very pleased to once again announce a record quarter of Available Cash before Reserves for the partnership. We're very proud of the stability and insensitivity of our base businesses to commodity price levels or volatility. This stable performance, in combination with increasing contributions from our integration and growth initiatives, allowed us to increase our distribution to unitholders for the twenty-eighth consecutive quarter, twenty-three of which have been 10% or greater over the year earlier quarter."