Genesis Energy, L.P. (NYSE: GEL) today announced its results for the fourth quarter and year ended December 31, 2012. Results for the quarterly and annual periods included the following items:
- We generated a record total Available Cash before Reserves of $50.5 million in the fourth quarter of 2012, an increase of $13.1 million, or 35%, over the fourth quarter of 2011. Adjusted EBITDA increased $16.5 million to $61.8 million, or 36%, over the prior year quarter.
- Available Cash before Reserves for the full year of 2012 was a record $179.2 million compared to $138.2 million for 2011. Adjusted EBITDA increased $51.1 million to $223.8 million, or 30%, over the prior year. Available Cash before Reserves and Adjusted EBITDA are non-GAAP measures that are defined and reconciled later in this press release to the most directly comparable GAAP financial measure, net income.
- We reported net income of $26.9 million, or $0.34 per unit for the fourth quarter of 2012 and net income of $96.3 million, or $1.23 per unit, for the full year of 2012. Net income for the fourth quarter of 2011 was $7.8 million, or $0.10 per unit, and net income for the full year of 2011 was $51.2 million, or $0.75 per unit.
- On February 14, 2013, we paid a total quarterly distribution of $39.4 million attributable to our financial and operational results for the fourth quarter of 2012, based on our quarterly declared distribution of $0.485 per unit. Our Available Cash before Reserves provided 1.28 times coverage for this quarterly distribution.
Grant Sims, CEO of Genesis Energy, said, "We are pleased to announce another quarter and full year of record Available Cash before Reserves. Our measured, stable growth has allowed us to increase distributions to our unitholders for the thirtieth consecutive quarter, twenty-five of which have been 10% or greater over the prior year quarter, and none were less than 8.7%.