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. (“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 $16.8 million for the three months ended September 30, 2012. While adjusted EBITDA decreased $2.0 million, or 10%, as compared to the three-months ended September 30,2011, adjusted EBITDA for the nine months ended September 30, 2012 increased $1.7 million, or 4%, to $48.3 million over the prior year same nine months. An explanation of adjusted EBITDA, including a reconciliation of such measure to net income, is provided in the section of this release entitled “Non-GAAP Financial Measures.”
The Partnership reported net income of $7.9 million on total revenues of $47.1 million for the three months ended September 30, 2012, compared to net income of $28.7 million on total revenues of $46.5 million for the three months ended September 30, 2011. For the nine months ended September 30, 2012, the Partnership reported net income of $26.0 million on total revenues of $135.5 million, compared to net income of $25.9 million on total revenues of $131.1 million for the nine months ended September 30, 2011. Net income for the three and nine months ended September 30, 2011 included other income of $23.6 million and $22.1 million, respectively, related to the change in fair values of an embedded derivative within convertible debt and a contingent dividend associated with the rights offering conducted in 2011. A $17.1 million decrease in non-cash interest expense primarily related to the redemption of subordinated convertible debentures in the fourth quarter of 2011 also impacted net income for the nine months ended September 30, 2012.
The Partnership previously announced a quarterly cash distribution of $0.1125 per common unit, a 2.3% increase over the previous quarter’s distribution, and $0.17875 per preferred unit payable on November 14, 2012 on all outstanding common and preferred units to unitholders of record as of the close of business on November 2, 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 September 30, 2012, which was filed with the Securities and Exchange Commission on November 6, 2012.