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Blueknight Energy Partners, L.P. (“BKEP” or the “Partnership”) (NASDAQ: BKEP) (NASDAQ: BKEPP), a midstream energy company focused on providing integrated services for companies engaged in the production, distribution and marketing of crude oil, asphalt and other petroleum products, today announced adjusted EBITDA of $15.7 million and $31.5 million for the three and six months ended June 30, 2012, respectively. Reported adjusted EBITDA represents an increase of $1.9 million or 14% and $3.7 million or 13% as compared to the three and six months ended June 30, 2011, respectively. An explanation of adjusted EBITDA, including a reconciliation of such measure to net income (loss), is provided in the section of this release entitled “Non-GAAP Financial Measures.”
The Partnership reported net income of $6.1 million on total revenues of $43.8 million for the three months ended June 30, 2012, compared to a net loss of $5.3 million on total revenues of $43.1 million for the three months ended June 30, 2011. For the six months ended June 30, 2012, the Partnership reported net income of $18.1 million on total revenues of $88.3 million, compared to a net loss of $2.7 million on total revenues of $84.6 million for the six months ended June 30, 2011. Net income for the six months ended June 30, 2012 was impacted by a $12.2 million decrease in non-cash interest expense primarily related to the redemption of the subordinated convertible debentures which occurred in the fourth quarter of 2011. The Partnership also previously announced a quarterly cash distribution of $0.11 per common unit and $0.17875 per preferred unit payable on August 15, 2012 on all outstanding common and preferred units to unitholders of record as of the close of business on August 3, 2012. For further information regarding the Partnership's results of operations, please see the Partnership's Quarterly Report on Form 10-Q for the quarter ended June 30, 2012, which was filed with the Securities and Exchange Commission.