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.”
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.