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Fourth Quarter Adjusted EBITDA Increased 4% Over Previous Quarter and 14% Year-Over-Year
TULSA, Okla., Feb. 28, 2013 (GLOBE NEWSWIRE) -- Rose Rock Midstream, L.P. (NYSE:RRMS) today announced its financial results for the three months and year ended December 31, 2012.
Rose Rock Midstream reported fourth quarter 2012 Adjusted EBITDA of $9.9 million, up 4% from third quarter 2012 of $9.5 million, and up 2% from the fourth quarter 2011 of $9.7 million. Adjusted EBITDA for the year ended December 31, 2012, totaled $39.5 million, compared to Adjusted EBITDA of $34.8 million for the year ended December 31, 2011, an increase of 14%.
"Rose Rock Midstream finished the year strong, delivering results in the upper end of our guidance range, and we are pleased with the company's growth and financial performance," said Norm Szydlowski, chief executive officer of Rose Rock Midstream's general partner. "We set out to achieve certain goals during 2012 and we are confident that year-end results, quarterly cash distribution increases of 11% since the IPO and our recent acquisition of 17% of the White Cliffs Pipeline are all steps in the right direction."
Adjusted gross margin was $19.2 million for the fourth quarter 2012, flat compared to third quarter 2012 and 5% above fourth quarter 2011 Adjusted gross margin of $18.3 million. Adjusted gross margin for the year ended December 31, 2012, totaled $74.6 million, compared to Adjusted gross margin of $64.3 million for the year ended December 31, 2011. Adjusted gross margin and Adjusted EBITDA, which are non-GAAP measures, are reconciled to their most directly comparable GAAP measures below.
Fourth quarter 2012 net income totaled $4.6 million, compared to $6.5 million for the third quarter 2012 and $6.8 million for the fourth quarter 2011. Net income for the year ended December 31, 2012, totaled $24.0 million, compared to net income of $23.2 million for the year ended December 31, 2011.