Jerry E. Sheridan, chief executive officer of AmeriGas, said, “Our results for the quarter reflect the adverse effects of the very warm spring weather which followed one of the warmest winters on record. Our management team did an excellent job of remaining focused on the day-to-day operations of the business while at the same time making significant progress during the quarter on the Heritage Propane acquisition integration. Our field managers are in place, we have consolidated most of our back office functions, and begun the first phase of field integration efforts to be completed by the end of summer. Given our results thus far, we now expect Adjusted EBITDA for fiscal year 2012 to be in the range of $375 million to $385 million, including the impact of approximately $15 million in net synergies expected to be recognized from the Heritage Propane acquisition during the fourth quarter of fiscal 2012. I am pleased to announce that we are increasing our Adjusted EBITDA forecast for fiscal 2013 to be in the range of $620 million to $660 million, assuming essentially normal weather patterns. Our expectations continue to include the impact of at least $50 million in net synergies expected to be recognized from the Heritage Propane acquisition in fiscal 2013. The change to our fiscal 2013 guidance reflects our current assessment of acquisition integration efforts and business conditions for next year, and underscores our confidence in our ability to continue to achieve significant synergies related to the Heritage acquisition.”
EBITDA, Adjusted EBITDA, and total margin are non-GAAP financial measures. Adjusted EBITDA is defined herein as earnings before interest expense, income taxes, depreciation and amortization, losses on extinguishment of debt and Heritage Propane acquisition and transition expenses. Total margin represents total revenues less total cost of sales. Management believes the presentation of these measures provides useful information to investors to more effectively evaluate the year-over-year results of operations of the Partnership. These measures are not comparable to measures used by other entities and should only be considered in conjunction with net income attributable to AmeriGas Partners, L.P. A reconciliation of EBITDA and Adjusted EBITDA to the most comparable GAAP financial measure is included on the last page of this press release.
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