Inergy Reports Third Quarter Results
Gross profit (excluding depreciation and amortization) from midstream operations increased to $57.0 million for the quarter ended June 30, 2012, from $44.8 million for the same quarter in the prior year.
For the quarter ended June 30, 2012, operating and administrative expenses increased to $83.1 million compared to $77.4 million in the same period of fiscal 2011.
For the nine-month period ended June 30, 2012, there were 222.0 million retail propane gallons sold compared to 282.5 million gallons sold during the same period in the prior year. Retail propane gallon sales in the current period were negatively impacted by the above average temperatures experienced in our areas of operations. Weather during the nine months ended June 30, 2012, was approximately 21% warmer than the prior year period and approximately 20% warmer than normal. Retail propane gross profit, excluding certain items as discussed below, was $262.0 million for the nine months ended June 30, 2012, compared to $345.6 million for the nine months ended June 30, 2011. Items excluded from retail propane gross profit as discussed are certain non-cash gains of $0.1 million and $0.2 million, respectively, and depreciation and amortization. Gross profit (excluding depreciation and amortization) from other propane operations, including wholesale, appliances, service, transportation, distillates, and other was $85.7 million in the nine months ended June 30, 2012, compared to $85.8 million for the same prior-year period.Gross profit (excluding depreciation and amortization) from midstream operations increased to $162.9 million for the nine months ended June 30, 2012, from $133.1 million in the prior year. For the nine months ended June 30, 2012, operating and administrative expenses increased to $247.1 million compared to $243.6 million in the same period of fiscal 2011. Inergy and Inergy Midstream, L.P. (NYSE:NRGM) will host a joint conference call and internet webcast today August 2, 2012, at 10 a.m. Central Time to discuss the results of operations for the quarter ended June 30, 2012, and its business outlook. The call-in number for the earnings call is 1-877-405-3427, and the conference name is Inergy. The live internet webcast and the replay can be accessed on Inergy’s website, www.inergylp.com. A digital recording of the call will be available for one week following the call by dialing 1-855-859-2056 and entering the pass code 15034986. Recent Events As previously announced, the Board of Directors of Inergy’s general partner declared Inergy’s quarterly cash distribution of $0.375 per limited partner unit ($1.50 annually) for the quarter ended June 30, 2012. The distribution will be paid on August 14, 2012.
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