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Genesis Energy, L.P. Reports Third Quarter 2012 Results

Stocks in this article: GEL

Several adjustments to net income are required to calculate Available Cash before Reserves.

The calculation of Available Cash before Reserves for the quarters ended September 30, 2012 and 2011 was as follows:

  Three Months EndedSeptember 30,
2012   2011
(in thousands)
Net income $ 31,194 $ 19,088
Depreciation and amortization 14,838 14,706
Cash received from direct financing leases not included in income 1,278 1,167
Cash effects of sales of certain assets 13 3,269
Effects of distributable cash generated by equity method investees not included in income 5,613 3,701
Cash effects of equity-based compensation plans (466 ) (306 )
Non-cash equity-based compensation expense (benefit) 2,001 (930 )
Expenses related to acquiring or constructing assets that provide new sources of cash flow 228 1,008
Unrealized gain on derivative transactions excluding fair value hedges (75 ) (4,355 )
Maintenance capital expenditures (701 ) (2,244 )
Non-cash tax benefit (8,717 ) (48 )
Other items, net 653   1,985  
Available Cash before Reserves $ 45,859   $ 37,041  

Other Components of Net Income

In the 2012 Quarter, we recorded net income of $31.2 million compared to $19.1 million for the third quarter of 2011. In addition to the factors impacting Available Cash before Reserves, income tax expense decreased $8.7 million between the quarterly periods primarily due to the reversal of uncertain tax positions as a result of tax audit settlements and the expiration of statutes of limitations. Our derivative positions resulted in a $0.1 million non-cash unrealized gain in the 2012 Quarter compared to a $4.4 million non-cash unrealized gain in the 2011 Quarter. In the 2012 Quarter, we recorded a non-cash expense related to certain equity-based compensation plans of $2 million. In the 2011 Quarter, we recorded a non-cash benefit of $0.9 million. Fluctuations in the market price of our common units were the reasons for the difference.

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