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Suburban Propane's CEO Discusses F3Q12 Results - Earnings Call Transcript

Stocks in this article: SPH

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 June 23, 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 those 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. Form 8-K can be accessed through a link on our website at suburbanpropane.com.

At this point, I will turn the call over to Mike Dunn for some opening remarks. Mike?

Michael J. Dunn, Jr.

Thanks, Davin, and thanks to everyone for joining us this morning. Before I turn the call over to Mike Stivala to take you through our third quarter results, let me start with a few comments on our announcement this morning regarding the closing of the acquisition of Inergy’s Retail Propane assets and operations. This transaction was first announced on April the 26 th, and we have now had a little over three months to refine our integration and communication plans. We are extremely pleased to welcome the more than 2,000 Inergy employees and over 600,000 customers into Suburban. We are excited about the benefits of this combination which effectively doubles the size of Suburban and enhances our growth prospects and cash flow profile as we seek to achieve $50 million in synergies once fully integrated.

Over the past several years, Suburban has primarily focused internally to generate increased cash flow and reduce leverage by streamlining our cost structure, improving our customer service and becoming more efficient operators. This approach has served us well. We all three have built a reputation as solid operators in a well-established industry.

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