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PBF Energy Reports 2012 Fourth Quarter And Full Year Results, Announces Board Approval For Rail Expansion Project, Declares Fourth Quarter 2012 Dividend Of $0.30 Per Share And Provides Other Updates

About PBF Energy Inc.

PBF Energy Inc. (NYSE:PBF) is one of the largest independent refiners in North America, operating, through its subsidiaries, oil refineries and related facilities in Delaware City, Delaware, Paulsboro, New Jersey and Toledo, Ohio. Our mission is to operate our facilities in a safe, reliable and environmentally sensitive manner, provide employees with a safe and rewarding workplace, become a positive influence in the communities where we do business, and provide superior returns to our investors.

   
PBF ENERGY INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in thousands, except share data)
                       
Three Months Ended Year Ended
December 31, December 31,

 

2012     2011     2012     2011  
 
Revenues $ 4,950,360 $ 4,776,441 $ 20,138,687 $ 14,960,338
 
Costs and expenses:
Cost of sales, excluding depreciation 4,397,194 4,708,100 18,269,078 13,855,163
Operating expenses, excluding depreciation 200,944 201,109 738,824 658,831
General and administrative expenses 42,401 14,650 120,443 86,183
Gain on sale of assets 101 - (2,329 ) -
Acquisition related expenses - 44 - 728
Depreciation and amortization expense   24,819     18,107     92,238     53,743  
  4,665,459     4,942,010     19,218,254     14,654,648  
 
Income (loss) from operations 284,901 (165,569 ) 920,433 305,690
 
Other income (expense)

Change in fair value of contingent consideration

(692 ) (386 ) (2,768 ) (5,215 )
Change in fair value of catalyst lease 3,205 2,468 (3,724 ) 7,316
Interest and dividend expense , net   (21,876 )   (20,993 )   (108,629 )   (65,120 )
Income before income taxes 265,538 (184,480 ) 805,312 242,671
Income tax expense   (1,275 )   -     (1,275 )   -  
Net income (loss) $ 264,263 $ (184,480 ) $ 804,037 $ 242,671  

Less: net income (loss) attributable to noncontrolling and former controlling interest

  262,307     802,081  
Net income attributable to PBF Energy Inc. $ 1,956   $ 1,956  
 

The table below shows our earnings per share based on 1) GAAP net income attributable to PBF Energy Inc. for the period from December 18, 2012, the date of the completion of our IPO, through December 31, 2012, or $1.956 million; and 2) our Pro Forma earnings per share on Pro Forma Adjusted Net Income for the full fourth quarter and full year 2012 of $165.7 million and $492.5 million, respectively,assuming a fully exchanged, fully diluted share count, as shown in the table entitled, "Reconciliation of Amounts Reported Under U.S. GAAP - Adjusted Pro Forma Net income."

            Adjusted Pro Forma Fully Exchanged    
Fully Diluted Earnings Per Share
Three months      
December 18 - ended Year ended

 

Dec. 31, 2012 Dec. 31, 2012 Dec. 31, 2012

Net income available to Class A common stock per share:

Basic $ 0.08
Diluted $ 0.08 $ 1.70 $ 5.07
 

Weighted-average shares of Class A common stock outstanding:

Basic   23,570,240
Diluted   97,230,904   97,230,904   97,230,904
 

   
PBF ENERGY INC. AND SUBSIDIARIES
RECONCILIATION OF AMOUNTS REPORTED UNDER U.S. GAAP
ADJUSTED PRO FORMA NET INCOME
(Unaudited, in thousands, except share data)
                         
 
Three Months Ended Year Ended
December 31, December 31,
  2012     2011     2012     2011  
 
Pro forma net income
Net income (loss) attributable to PBF Energy Inc. $ 1,956 $ - $ 1,956 $ -

Add: IPO-related expenses (1)

8,187 - 8,187 -

Add: Net income (loss) attributable to the noncontrolling interest (2)

262,307 (184,480 ) 802,081 242,671
Less: Income tax (expense) benefit (3)   (106,737 )   72,796     (319,732 )   (95,758 )
Adjusted pro forma net income (loss) $ 165,713   $ (111,684 ) $ 492,492   $ 146,913  
 
 
Pro forma shares outstanding - diluted (4)   97,230,904     97,230,904     97,230,904     97,230,904  
 

Adjusted pro forma net income (loss) per fully exchanged, fully diluted shares outstanding

$ 1.70   $ (1.15 ) $ 5.07   $ 1.51  
 

(1) Represents the elimination of one-time charges associated with the company's IPO.

(2) Represents the elimination of the noncontrolling interest associated with the ownership of existing Series A Unit holders of PBF Energy Company LLC, as if the holders had fully exchanged their Series A Units for shares of the company's Class A common stock.

(3) Represents an adjustment to reflect the company's current effective corporate tax rate of approximately 39.46% applied to all periods presented. The adjustment assumes the full exchange of existing PBF Energy Company LLC Series A Units as described in (2) above.

(4) Represents the weighted-average fully diluted shares outstanding assuming the exchange of all PBF Energy Company LLC Series A Units and common stock equivalents for shares of PBF Energy Inc. Class A common stock.

Non-GAAP Financial Measures

Adjusted Pro Forma information is presented in the table above as management believes that these Pro Forma measures when presented in conjunction with comparable U.S. GAAP measures, are useful to investors to compare the company’s results across the periods presented and facilitates an understanding of the company’s operating results. The company also uses this measure to evaluate its operating performance. These measures should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with U.S. GAAP. The differences between Adjusted Pro Forma and U.S. GAAP results are explained in the footnotes to the table above.

   
PBF ENERGY INC. AND SUBSIDIARIES
RECONCILIATION OF AMOUNTS REPORTED UNDER U.S. GAAP
EBITDA AND ADJUSTED EBITDA
(Unaudited, in thousands)
                       
 
Three Months Ended Year Ended
December 31,   December 31,  
  2012     2011     2012   2011  
 
Reconciliation of net income (loss) to EBITDA
Net income (loss) $ 264,263 $ (184,480 ) $ 804,037 $ 242,671
Add: Depreciation and amortization expense 24,819 18,107 92,238 53,743
Add:Interest expense, net 21,876 20,993 108,629 65,120
Add:Income tax expense   1,275     -     1,275   -  
EBITDA $ 312,233   $ (145,380 ) $ 1,006,179 $ 361,534  
 
 
 
Reconciliation of EBITDA to Adjusted EBITDA
EBITDA $ 312,233 $ (145,380 ) $ 1,006,179 $ 361,534
Stock based compensation 1,247 605 2,954 2,516
Acquisition related expenses - 44 - 728

Non-cash change in fair value of catalyst lease obligations

(3,205 ) (2,468 ) 3,724 (7,316 )

Non-cash change in fair value of contingent consideration

692 386 2,768 5,215

Non-cash change in fair value of inventory repurchase obligations

(445 ) 23,703 9,271 18,771

Non-cash deferral of gross profit on finished product sales

  948     4,259     19,177   6,771  
Adjusted EBITDA $ 311,470   $ (118,851 ) $ 1,044,073 $ 388,219  
 

Non-GAAP Financial Measures

EBITDA (Earnings before Income Taxes, Depreciation and Amortization) and Adjusted EBITDA, as presented in the tables above, are supplemental measures of performance that are not required by, or presented in accordance with, GAAP. We use these non-GAAP financial measures as a supplement to our GAAP results in order to provide a more complete understanding of the factors and trends affecting our business. EBITDA and Adjusted EBITDA are measures of operating performance that are not defined by GAAP and should not be considered substitutes for net income as determined in accordance with GAAP.

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