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Global Partners Reports Record Fourth-Quarter And Full-Year 2012 Financial Results

Full Year 2012 Financial SummaryNet income for the 12 months ended December 31, 2012 was $46.7 million, or $1.71 per diluted limited partner unit, compared with $19.4 million, or $0.87 per diluted limited partner unit, for the same period in 2011. The Partnership had approximately 26.6 million and 21.5 million diluted weighted average limited partner units outstanding for the 12 months ended December 31, 2012 and 2011, respectively.

Combined net product margin for 2012 was $370.2 million, compared with $234.0 million for 2011.

EBITDA for the 12 months ended December 31, 2012 increased 58% to $135.8 million from $85.7 million for the same period in 2011.

Distributable cash flow for 2012 was $80.8 million, compared with $46.7 million for the comparable period in 2011.

Sales for the 12 months ended December 31, 2012 increased 19% to $17.6 billion, compared with $14.8 billion for the same period in 2011, reflecting the contributions of crude oil activity and the Alliance acquisition. Wholesale segment sales were $13.8 billion, or 78% of total sales, for 2012, compared with $12.6 billion, or 85% of total sales, for 2011. Sales from the Gasoline Distribution and Station Operations segment were $3.1 billion, or 18% of total sales, for 2012, compared with $1.5 billion, or 10% of total sales, for 2011. Commercial segment sales were $716.2 million, or 4% of total sales, for 2012, compared with $775.0 million, or 5% of total sales, for 2011.

Combined product volume totaled 6.1 billion gallons in 2012, compared with 5.2 billion gallons in 2011. Wholesale segment volume increased to 4.8 billion gallons versus 4.4 billion gallons in 2011. Volume in the Gasoline Distribution and Station Operations segment was up 115% to 954.3 million gallons in 2012 from 442.9 million gallons in 2011 . Commercial segment volume increased to 352.2 million gallons in 2012, compared with 338.2 million gallons in 2011.

Combined gross profit increased 59% to $333.5 million in 2012 from $209.6 million in 2011. Total wholesale net product margin grew 17% to $145.4 million in 2012, compared with $123.8 million for the same period in 2011. In the Gasoline Distribution and Station Operations segment, net product margin increased 134% to $206.1 million from $88.2 million in 2011. Commercial segment net product margin decreased to $18.7 million in 2012 compared with $22.0 million in 2011.

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