UGI Corporation interest expense and income taxes
- UGI’s consolidated interest expense was $83.5 million higher in fiscal 2012 primarily reflecting higher AmeriGas Propane interest expense on debt to fund the Heritage Propane acquisition.
- Excluding the impact of AmeriGas Partners’ pre-tax income not subject to tax, UGI’s effective income tax rate was 33.3% in fiscal 2012 compared with 36.0% in the prior year. The lower effective tax rate reflects a lower International Propane income tax rate including the realization of previously unrecognized foreign tax credits. Fiscal 2011 effective tax rate includes the effects of the reversal of the $9.4 million reserve associated with the French Competition Authority matter which was not subject to tax.
UGI is a distributor and marketer of energy products and services. Through subsidiaries, UGI operates natural gas and electric utilities in Pennsylvania, distributes propane both domestically and internationally, manages midstream energy and electric generation assets in Pennsylvania, and engages in energy marketing in the Mid-Atlantic region. UGI, through subsidiaries, is the sole General Partner and owns 26% of AmeriGas Partners, L.P. (NYSE:APU), the nation's largest retail propane distributor.
UGI Corporation will hold a live Internet Audio Webcast of its conference call to discuss fiscal 2012 earnings and other current activities at 4:00 PM ET on Thursday, November 8, 2012. Interested parties may listen to the audio webcast both live and in replay on the Internet at http://investor.shareholder.com/ugi/events.cfm or at the company website http://www.ugicorp.com under Investor Relations. A telephonic replay will be available from 7:00 PM ET on November 8 through 9:00 pm on Tuesday, November 13. The replay may be accessed at 1-877-344-7529, passcode 10019726 and International access 1-412-317-0088, passcode 10019726.Comprehensive information about UGI Corporation is available on the Internet at http://www.ugicorp.com This press release contains certain forward-looking statements that management believes to be reasonable as of today’s date only. Actual results may differ significantly because of risks and uncertainties that are difficult to predict and many of which are beyond management’s control. You should read UGI’s Annual Report on Form 10-K for a more extensive list of factors that could affect results. Among them are adverse weather conditions, cost volatility and availability of all energy products, including propane, natural gas, electricity and fuel oil, increased customer conservation measures, the impact of pending and future legal proceedings, domestic and international political, regulatory and economic conditions including currency exchange rate fluctuations (particularly the euro), the timing of development of Marcellus Shale gas production, the timing and success of our commercial initiatives and investments to grow our business, and our ability to successfully integrate acquired businesses, including Heritage Propane, and achieve anticipated synergies. UGI undertakes no obligation to release revisions to its forward-looking statements to reflect events or circumstances occurring after today.
|REPORT OF EARNINGS|
|(Millions of dollars, except per share)|
|Three Months Ended||Twelve Months Ended|
|September 30,||September 30,|
|Midstream & Marketing||178.5||202.7||853.0||1,059.7|
|Corporate & Other (a)||7.5||5.1||13.2||(21.5||)|
|Operating (loss) income:|
|Midstream & Marketing||3.0||6.2||62.4||82.9|
|Corporate & Other (a)||2.6||1.6||4.6||4.5|
|Total operating (loss) income||(28.6||)||(10.5||)||521.3||616.0|
|Loss from equity investees||(0.1||)||(0.1||)||(0.3||)||(0.9||)|
|Loss on extinguishments of debt||-||(19.3||)||(13.3||)||(38.1||)|
|Midstream & Marketing||(1.2||)||(0.7||)||(4.8||)||(2.7||)|
|Corporate & Other, net (a)||(0.7||)||(0.8||)||(3.1||)||(3.2||)|
|Total interest expense||(58.9||)||(35.4||)||(221.5||)||(138.0||)|
|(Loss) income before income taxes||(87.6||)||(65.3||)||286.2||439.0|
|Income tax benefit (expense)||13.6||16.4||(99.6||)||(130.8||)|
|Net (loss) income||(74.0||)||(48.9||)||186.6||308.2|
Add net loss (deduct net income) attributable to noncontrolling interests, principally in AmeriGas Partners, L.P.
|Net (loss) income attributable to UGI Corporation||$||(14.7||)||$||(22.4||)||$||199.4||$||232.9|
|(Loss) earnings per share attributable to UGI shareholders:|
|Average common shares outstanding (thousands):|
|Net (loss) income attributable to UGI Corporation:|
|Midstream & Marketing||2.2||4.4||36.4||52.5|
|Corporate & Other (a)||4.9||(0.6||)||1.5||0.2|
|Total net (loss) income attributable to UGI Corporation||$||(14.7||)||$||(22.4||)||$||199.4||$||232.9|
|(a) Corporate & Other includes the elimination of certain intercompany transactions.|
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