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Inergy Reports Fiscal 2012 Results

Stocks in this article: NRGY

Fiscal Year-End Results

For the year ended September 30, 2012, gross profit associated with the retail propane operations that we sold was $338.5 million, compared to $456.0 million for the year ended September 30, 2011.

NGL marketing, supply and logistics (including West Coast and L&L transportation) gross profit was $85.7 million for the year ended September 30, 2012, compared to $65.2 million in fiscal 2011.

Storage and pipeline transportation gross profit increased to $186.4 million for the year ended September 30, 2012, compared to $156.6 million in fiscal 2011.

For the year ended September 30, 2012, operating and administrative expenses decreased to $300.8 million, compared to $323.3 million in fiscal 2011.

Quarterly Results

Inergy reported Adjusted EBITDA of $42.4 million for the quarter ended September 30, 2012, an increase of $5.7 million, or approximately 16%, from $36.7 million for the quarter ended September 30, 2011. Net income (loss) was $543.2 million for the quarter ended September 30, 2012, and $(50.2) million in fiscal 2011. Net income in the quarter ended September 30, 2012, was impacted by a gain of $589.5 million on the sale of Inergy’s retail propane operations to SPH on August 1, 2012.

For the quarter ended September 30, 2012, gross profit associated with the retail propane operations that we sold was $25.6 million, compared to $53.2 million for the quarter ended September 30, 2011.

NGL marketing, supply and logistics (including West Coast and L&L transportation) gross profit was $28.5 million for the quarter ended September 30, 2012, compared to $14.9 million for the same quarter in the prior year.

Storage and pipeline transportation gross profit increased to $45.8 million for the quarter ended September 30, 2012, compared to $45.0 million for the same quarter in the prior year.

For the quarter ended September 30, 2012, operating and administrative expenses decreased to $53.7 million, compared to $79.7 million for the same quarter in the prior year.

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