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AmeriGas Partners Reports Fiscal 2012 Results

Stocks in this article: APU

AmeriGas Propane, Inc., general partner of AmeriGas Partners, L.P. (NYSE: APU), reported net income attributable to AmeriGas Partners for the fiscal year ended September 30, 2012 of $11.0 million, compared to net income of $138.5 million for the fiscal year ended September 30, 2011. Net income attributable to AmeriGas Partners for fiscal 2012 includes the impact of a previously reported $13.3 million loss on extinguishments of debt and $46.2 million in acquisition and transition expenses associated with the acquisition of Heritage Propane. Net income attributable to AmeriGas Partners for fiscal 2011 includes the effects of a $38.1 million loss related to extinguishments of debt.

The Partnership’s adjusted earnings before interest expense, income taxes, and depreciation and amortization (Adjusted EBITDA) was $384.3 million for fiscal 2012 compared with $335.3 million in fiscal 2011. Adjusted EBITDA for fiscal 2012 excludes the impact of the loss on extinguishments of debt and acquisition and transition expenses. Adjusted EBITDA for fiscal 2011 excludes the impact of the loss on extinguishments of debt.

Jerry E. Sheridan, chief executive officer of AmeriGas, said, “I am pleased to report results in line with the guidance we issued in March. Although fiscal 2012 will certainly be remembered for its record breaking warmth, we will also look back on it as a year of significant accomplishment, as we completed the largest acquisition in the company’s history and made significant progress integrating two businesses into a new AmeriGas. With our management team and structure now in place and the return of more normal seasonal weather during October, we are hitting the ground running in the new fiscal year. Assuming normal weather patterns continue into the heating season, we are confident in our Adjusted EBITDA guidance of $630 million to $660 million in fiscal 2013 and we look forward to demonstrating the benefits of the acquisition throughout this year.”

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