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Exterran Partners Reports Third-Quarter 2012 Results

Stocks in this article: EXH EXLP

Exterran Partners, L.P. (NASDAQ: EXLP) today reported financial results for the third quarter 2012.

EBITDA, as further adjusted (as defined below), was $46.2 million for the third quarter 2012, compared to $45.0 million for the second quarter 2012 and $38.6 million for the third quarter 2011. Distributable cash flow (as defined below) totaled $29.5 million for the third quarter 2012, compared to $27.3 million for the second quarter 2012 and $25.7 million for the third quarter 2011.

Revenue was $99.3 million for the third quarter 2012, compared to $97.2 million for the second quarter 2012 and $84.4 million for the third quarter 2011.

Net income was $10.4 million for the third quarter 2012, or $0.21 per diluted limited partner unit, compared to a net loss of $19.1 million, or $0.47 per diluted limited partner unit, for the second quarter 2012, and net income of $3.3 million, or $0.06 per diluted limited partner unit, for the third quarter 2011.

“Exterran Partners reported improved activity levels during the third quarter 2012 as operating horsepower increased by 33,000,” said Brad Childers, Chairman, President and Chief Executive Officer of Exterran Partners’ managing general partner. “Our growth strategies are enhanced by attractive investment opportunities in liquids rich and shale plays and encouraging long-term natural gas market trends in the United States.”

For the third quarter 2012, Exterran Partners’ quarterly cash distribution was $0.5075 per limited partner unit, or $2.03 per limited partner unit on an annualized basis. The third-quarter 2012 distribution was $0.005 per limited partner unit higher than the second-quarter 2012 distribution of $0.5025 per limited partner unit and $0.02 per limited partner unit higher than the third-quarter 2011 distribution of $0.4875 per limited partner unit.

Conference Call Details

Exterran Partners and Exterran Holdings will host a joint conference call regarding third-quarter results:

  • Teleconference: Thursday, Nov. 1, 2012 at 11:00 a.m. Eastern Time, 10:00 a.m. Central Time. To access the call, United States and Canadian participants should dial 800-446-2782. International participants should dial +1-847-413-3235 at least 10 minutes before the scheduled start time. Please reference Exterran conference call number 33535569.
  • Live Webcast: The webcast will be available in listen-only mode via the companies’ website: www.exterran.com.
  • Webcast Replay: For those unable to participate, a replay will be available from 2:00 p.m. Eastern Time on Thursday, Nov. 1, 2012, until 2:00 p.m. Eastern Time on Thursday, Nov. 8, 2012. To listen to the replay, please dial 888-843-7419 in the United States and Canada, or +1-630-652-3042 internationally, and enter access code 33535569#.

EBITDA, as further adjusted, a non-GAAP measure, is defined as net income (loss) excluding income taxes, interest expense (including debt extinguishment costs and gain or loss on termination of interest rate swaps), depreciation and amortization expense, impairment charges, other charges, non-cash selling, general and administrative (“SG&A”) costs and any amounts by which cost of sales and SG&A costs are reduced as a result of caps on these costs contained in the omnibus agreement to which Exterran Holdings and Exterran Partners are parties (the “Omnibus Agreement”), which amounts are treated as capital contributions from Exterran Holdings for accounting purposes.

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