This Day On The Street
Continue to site
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

Inergy Reports First Quarter Results

Inergy, L.P. (NYSE:NRGY) (“Inergy”) today reported results of operations for the quarter ended December 31, 2012, the first quarter of fiscal 2013.

Inergy reported Adjusted EBITDA of $57.4 million for the quarter ended December 31, 2012, compared to $102.7 million in the quarter ended December 31, 2011. The reported Adjusted EBITDA in the quarter ended December 31, 2011, includes our retail propane operations which were contributed to Suburban Propane Partners, L.P. (“SPH”) on August 1, 2012. Excluding the retail propane operations from Adjusted EBITDA in the prior year quarter, Inergy’s Adjusted EBITDA of $57.4 million increased $9.7 million, or 20%, from approximately $47.7 million for the quarter ended December 31, 2011.

Net income (loss) was $2.8 million for the quarter ended December 31, 2012, and $(3.6) million in the same quarter of last year. Distributable cash flow was $38.9 million for the quarter ended December 31, 2012, compared to $71.6 million reported in the same quarter of the prior year. Both measures of net loss and distributable cash flow for the prior year period include results from the retail propane operations contributed to SPH.

A table reconciling Adjusted EBITDA to net income (loss) as reported for the quarter ended December 31, 2012, appears below.

“The fiscal 2013 first quarter represents the first full quarter of operations after the sale of Inergy’s retail propane business,” said John Sherman, Chairman and CEO of Inergy. “In our first quarter as a pure play midstream company, the solid performance of our NGL business highlights the diversified cash flow from our operations. As we look forward to the remainder of fiscal 2013, we are focused on executing on our objectives of growing our midstream operations in developing shale plays, maintaining our strong balance sheet, and delivering stable and growing cash earnings to investors.”

Recent Events

As previously announced, the Board of Directors of Inergy’s general partner declared Inergy’s quarterly cash distribution of $0.29 per limited partner unit ($1.16 annually) for the quarter ended December 31, 2012. The distribution will be paid on February 14, 2013.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $95.03 -2.90%
FB $116.73 7.20%
GOOG $691.02 -2.10%
TSLA $247.54 -1.60%
YHOO $36.59 -0.97%


Chart of I:DJI
DOW 17,830.76 -210.79 -1.17%
S&P 500 2,075.81 -19.34 -0.92%
NASDAQ 4,805.2910 -57.85 -1.19%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs