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

As with any acquisition of this size there will be no shorted of challenges as we work together combining operations and cultures. However, as a result of our investments over the years in people and technology, we are well positioned to now begin the execution of our integration plans.

In a moment, I will provide some additional comments on the completion of this transforming transaction. However, at this point I’d like to turn the call over to Mike Stivala, to discuss our third quarter results and some of the financing related to the acquisition. Mike?

Michael A. Stivala

Thanks, Mike. Good morning everyone. As reported this morning the lingering warm weather patterns continue to have a meaningful impact on our volumes and earnings in the third quarter. In fact, April 2012 was reported as the third warmest April on record. However, on a positive note, putting the more weather sensitive volumes and April aside, our earnings for the remainder of the quarter were slightly ahead of the prior year comparable period. As is typical for this time of the year, we generally generate a seasonal loss.

As we discuss our third quarter results to be consistent with previous reporting, I am excluding the impact of an $8.2 million unrealized non-cash gain applicable to FAS 133 accounting, compared to a non-unrealized non cash loss of $313,000 in the prior year third quarter. Additionally, during the third quarter of fiscal 2012, we had incurred acquisition related costs of approximately $6 million, which are also excluded from adjusted EBITDA.

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