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Genesis Energy, L.P. Reports Record Fourth Quarter And Full Year 2012 Results

Stocks in this article: GEL

Proceeds from the sales of surplus assets decreased $1.9 million and $5.7 million for the fourth quarter and full year of 2012, respectively over the comparable 2011 periods.

Several adjustments to net income are required to calculate Available Cash before Reserves.

The calculations of Available Cash before Reserves for the fourth quarters and full years of 2012 and 2011 were as follows:

         
Three Months Ended Year Ended
December 31, December 31,
2012     2011 2012     2011
(in thousands)
Net income $ 26,937 $ 7,773 $ 96,319 $ 51,249
Depreciation and amortization 15,719 19,090 61,166 62,190
Cash received from direct financing leases not included in income 1,268 1,194 5,016 4,615
Cash effects of sales of certain assets 106 1,979 773 6,424
Effects of distributable cash generated by equity method investees not included in income 5,366 4,756 24,464 16,681
Cash effects of equity-based compensation plans (760 ) (194 ) (3,280 ) (2,394 )
Non-cash equity-based compensation expense 988 998 4,978 311
Expenses related to acquiring or constructing assets that provide new sources of cash flow 663 847 1,679 4,376
Unrealized loss on derivative transactions excluding fair value hedges 1,337 5,373 86 724
Maintenance capital expenditures (1,710 ) (604 ) (4,430 ) (4,237 )
Non-cash tax benefit (66 ) (2,048 ) (9,222 ) (2,075 )
Other items, net   620     (1,816 )   1,609     335  
Available Cash before Reserves $ 50,468   $ 37,348   $ 179,158   $ 138,199  
 

Other Components of Net Income

In the fourth quarter of 2012, we recorded net income of $26.9 million compared to $7.8 million for the fourth quarter of 2011. Net income for the full year of 2012 was $96.3 million compared to $51.2 million for the full year of 2011. Other items affecting net income between the fourth quarters and full years of 2012 and 2011, other than those factors impacting Available Cash before Reserves, include depreciation and amortization, unrealized loss on derivative transactions (excluding fair value hedges), income tax benefit and non-cash expense related to certain equity-based compensation plans.

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