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TheStreet Open House

Western Refining Announces Fourth Quarter And Full Year 2012 Results

Consolidated Financial Data

The following tables set forth our summary historical financial and operating data for the periods indicated below:

  Three Months Ended Year Ended
  December 31, December 31,
  2012 2011 2012 2011
  (In thousands, except per share data)
Statements of Operations Data        
Net sales (1) $2,248,257 $2,276,426 $9,503,134 $9,071,037
Operating costs and expenses:        
Cost of products sold (exclusive of depreciation and amortization) (1) 1,710,775 1,678,103 8,054,385 7,532,423
Direct operating expenses (exclusive of depreciation and amortization) (1) 122,813 125,992 483,070 463,563
Selling, general, and administrative expenses 34,545 29,781 114,628 105,768
(Gain) loss and impairments on disposal of assets, net 450,796 (1,891) 447,166
Maintenance turnaround expense 13,763 1,107 47,140 2,443
Depreciation and amortization 24,799 30,594 93,907 135,895
Total operating costs and expenses 1,906,695 2,316,373 8,791,239 8,687,258
Operating income 341,562 (39,947) 711,895 383,779
Other income (expense):        
Interest income 136 165 696 510
Interest expense and other financing costs (17,419) (33,410) (81,349) (134,601)
Amortization of loan fees (1,641) (2,057) (6,860) (8,926)
Loss on extinguishment of debt (29,695) (7,654) (34,336)
Other, net (278) 140 359 (3,898)
Income (loss) before income taxes 322,360 (104,804) 617,087 202,528
Provision for income taxes (114,773) 40,247 (218,202) (69,861)
Net income (loss) $207,587 $(64,557) $398,885 $132,667
Basic earnings (loss) per share $2.35 $(0.72) $4.42 $1.46
Diluted earnings (loss) per share (2) $1.92 $(0.72) $3.71 $1.34
Weighted average basic shares outstanding 87,589 89,285 89,270 88,981
Weighted average dilutive shares outstanding 110,250 89,285 111,822 109,792
Cash Flow Data        
Net cash provided by (used in):        
Operating activities $320,056 $107,649 $916,353 $508,200
Investing activities (71,418) (39,149) 18,506 (72,194)
Financing activities (304,515) (300,306) (651,721) (325,089)
Other Data        
Adjusted EBITDA (3) $298,463 $144,656 $1,083,669 $786,239
Capital expenditures 71,434 39,154 202,157 83,809
Balance Sheet Data (at end of period)        
Cash and cash equivalents     $453,967 $170,829
Restricted cash     220,355
Working capital     559,213 544,981
Total assets     2,480,407 2,570,344
Total debt     499,863 803,990
Stockholders' equity     909,070 819,828

(1) Excludes $1,099.0 million, $4,909.4 million, $1,345.1 million, and $5,022.8 million of intercompany sales; $1,096.4 million, $4,901.5 million, $1,342.1 million, and $5,010.9 million of intercompany cost of products sold; and $2.6 million, $7.9 million, $3.0 million and $11.9 million, of intercompany direct operating expenses for the three and twelve months ended December 31, 2012 and 2011, respectively.

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