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AmeriGas Partners Reports Third Quarter Results, Updates Guidance

AmeriGas Propane, Inc., general partner of AmeriGas Partners, L.P. (NYSE: APU), reported a seasonal net loss attributable to AmeriGas Partners, L.P. for the third fiscal quarter ended June 30, 2012 of $89.4 million compared to a seasonal net loss of $9.2 million for the third quarter of fiscal 2011. The net loss attributable to AmeriGas Partners, L.P. for the current-year period reflects an increased seasonal loss associated with the operations of Heritage Propane, which was acquired in January, the impact of $15.0 million in acquisition and transition expenses related to the Heritage Propane acquisition, and the effects of extraordinarily warmer than normal spring weather. The Partnership’s adjusted earnings before interest expense, income taxes, depreciation and amortization (Adjusted EBITDA) decreased to $16.8 million for the third quarter of 2012 compared to $31.1 million for the same period last year.

For the three months ended June 30, 2012, retail propane volumes sold were 204.0 million gallons compared with retail propane volumes of 155.1 million gallons in the prior-year period. The increase in volumes sold was largely attributable to incremental volumes resulting from the Heritage Propane acquisition (approximately 69 million gallons) partially offset by the impact of the extraordinarily warm spring weather. Weather during the quarter was approximately 24% warmer than normal and 23% warmer than the prior-year period, according to the National Oceanic and Atmospheric Administration.

Revenues for the quarter increased to $571.9 million, reflecting the impact of the Heritage Propane acquisition partially offset by the volume-related decline in revenues associated with the warm spring weather and lower average selling prices associated with lower propane product costs. Total margin increased $67.9 million in the 2012 three-month period, primarily reflecting incremental total margin from the Heritage Propane acquisition partially offset by the impact of the significantly warmer spring weather.

Operating and administrative expenses increased $95.8 million, primarily reflecting incremental Heritage Propane expenses and acquisition and transition expenses of $15.0 million. Partnership operating loss was $48.3 million, compared to operating income of $6.7 million in the prior-year period, as the increase in total margin was more than offset by the increased operating expenses and a $25.0 million increase in depreciation and amortization expenses principally associated with the Heritage Propane acquisition.

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