Blueknight Energy Partners, L.P. (“BKEP” or the “Partnership”) (NASDAQ: BKEP and BKEPP), a midstream energy company focused on providing integrated services for companies engaged in the production, distribution and marketing of crude oil, asphalt and other petroleum products, today announced adjusted EBITDA of $13.1 million for the fourth quarter of 2012 as compared to $18.6 million for the same period in 2011. Adjusted EBITDA for the twelve months ended December 31, 2012 was $61.4 million as compared to adjusted EBITDA of $65.2 million for the year ended December 31, 2011. An explanation of adjusted EBITDA, including a reconciliation of such measure to net income, is provided in the section of this release entitled “Non-GAAP Financial Measures.”
The Partnership reported net income of $5.5 million on total revenues of $46.9 million for the three months ended December 31, 2012, compared to net income of $7.6 million on total revenues of $45.6 million for the three months ended December 31, 2011. For the twelve months ended December 31, 2012, the Partnership reported net income of $31.6 million on total revenues of $182.4 million, compared to net income of $33.5 million on total revenues of $176.7 million for the twelve months ended December 31, 2011.
The Partnership's financial results for twelve months ended December 31, 2011 were impacted by non-cash gains of approximately $22.1 million related to the change in estimated fair market value of the embedded derivative related to convertible debentures redeemed in the fourth quarter of 2011 and the rights offering liability settled in the fourth quarter of 2011.
The Partnership previously announced a fourth quarter 2012 cash distribution of $0.1150 per common unit, a 2.2% increase over the previous quarter’s distribution, and a $0.17875 distribution per preferred unit which were paid on February 14, 2013 on all outstanding common and preferred units to unitholders of record at the close of business on February 4, 2013. Additional information regarding the Partnership’s results of operations will be provided in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2012, to be filed with the Securities and Exchange Commission on March 14, 2013.
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