This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Blueknight Energy Partners, L.P. Announces Second Quarter 2012 Results

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.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs