At this point I will turn it over to Hugh.
Thanks Lon. As Lon mentioned in his opening remarks, we were pleased with the results for the quarter given the warm spring weather. We are also pleased with the progress made in advancing our strategic initiatives across all of our business units and John and Jerry will prove more color on this progress in their portion of the presentation.
But first let me give the quick summary of operations and liquidity for the quarter. UGI reported a seasonal net loss of $6.3 million or $0.06 per share for the quarter compared to a loss of $7.2 million or $0.06 per share for the third quarter of 2011. The results for the current quarter include the acquisitions and transition costs of $3.4 million or $0.03 per share related to the Heritage Propane acquisitions at AmeriGas and the Shell acquisition at UGI’s international propane business. Excluding these items the seasonal net loss for the quarter would have been about $2.9 million or $0.03 per share, a solid improvement over the prior year quarter.Year-to-date June earnings per share was $1.89 on a GAAP basis which includes $0.10 per share from the loss on extinguishment of debt and transition expenses already incurred. We continue to expect to report GAAP earnings in the range of $1.65 to $1.75 per share for the full fiscal year ending September 30, 2012. This means that we expect to incur a seasonal loss during the fourth quarter in the range of $0.10 to $0.20 per share and we also expect to incur an additional $0.04 per share in acquisition and transition costs during the quarter.Now I’ll turn to each business unit’s results for the quarter. AmeriGas’ results were significantly impacted by extremely warm weather that persisted from Q2 into April and May. This warm weather and a greater seasonal loss associated with the Heritage acquisition were the primary drivers of AmeriGas’ lower earnings for the quarter.Read the rest of this transcript for free on seekingalpha.com
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