CVR Partners' CEO Discusses Q2 2012 Results - Earnings Call Transcript

So with that, I’ll turn the call over to Byron Kelley, our Chief Executive Officer. Byron?

Byron Kelley

Well, thank you, Wes, and let me add my welcome to you this morning we’re very pleased that you could join us. Before I get in the presentation, I may be want to apologize upfront a little bit for my voice, that may deteriorate only, I like a lot of people in Houston have been fighting broncos cold issue, seem like it’s an epidemic around Houston.

So I do have a lingering cough pretends to come in every now and then and so my apologies, if I have to cough a little bit and stop and drink water through appetizers, but we certainly want to cover the bases today, and I am going to give you a quick review of the second quarter and talk a little bit about our current business, Frank, will then discuss the financial results and I’ll conclude our opening remark for discussion concerning some industry trends and then our outlook. And then after that Frank, Stan, and I will all be available to answer questions that you may have this morning.

We posted another period of very solid financial results for the second quarter of 2012, including a net income of $35.1 million on net sales of $81.4 million. This is compared to 2011 second quarter with the net income of $38.2 million on net sales of $80.7 million.

2012 second quarter adjusted EBITDA, which as you recall represents net income adjusted for depreciation and amortization, interest expense and income as well as financing costs, income tax expenses and any share-based compensation that adjusted EBITDA was $44.1 million for the second quarter of this year, compared to $45 million in the prior year.

Driven by our strong financial performance in this year’s second quarter. Last week, we announced a distribution of $0.60 per common unit and this distribution will be paid on August of 14 to unitholders of record on August 7.

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