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

For additional information about risks and uncertainties that could cause actual results to differ materially from the expectations Global Partners LP describes in its forward-looking statements, please refer to Global Partners LP’s Annual Report on Form 10-K for the year ended December 31, 2011 and subsequent filings the Partnership makes with the Securities and Exchange Commission.

Readers are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date on which they are made. Global Partners LP expressly disclaims any obligation or undertaking to update forward-looking statements to reflect any change in its expectations or beliefs or any change in events, conditions or circumstances on which any forward-looking statement is based.
GLOBAL PARTNERS LP
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per unit data)
(Unaudited)
               
 
Three Months Ended Twelve Months Ended
December 31, December 31,
2012   2011   2012   2011  
 
Sales $ 5,117,259 $ 4,106,744 $ 17,625,997 $ 14,835,729
Cost of sales   5,012,385     4,047,246     17,292,509     14,626,131  
Gross profit 104,874 59,498 333,488 209,598
 
Costs and operating expenses:
Selling, general and administrative expenses 30,855 21,520 101,463 78,605
Operating expenses 39,721 18,602 140,413 73,534
Restructuring charges - 311 - 2,030
Amortization expense   1,651     1,217     7,024     4,800  
Total costs and operating expenses   72,227     41,650     248,900     158,969  
 
Operating income 32,647 17,848 84,588 50,629
 
Interest expense   (8,563 )   (7,731 )   (36,268 )   (31,209 )
 
Income before income tax expense 24,084 10,117 48,320 19,420
 
Income tax expense   (1,349 )   (68 )   (1,577 )   (68 )
 
Net income 22,735 10,049 46,743 19,352
 

Less: General partner's interest in net income, including incentive distribution rights (1)(2)
  (479 )   (229 )   (1,212 )   (684 )
 
Limited partners' interest in net income $ 22,256   $ 9,820   $ 45,531   $ 18,668  
 
Basic net income per limited partner unit (3) $ 0.81   $ 0.46   $ 1.73   $ 0.88  
 
Diluted net income per limited partner unit (3) $ 0.81   $ 0.45   $ 1.71   $ 0.87  
 
Basic weighted average limited partner units outstanding   27,311     21,550     26,393     21,280  
 
Diluted weighted average limited partner units outstanding   27,487     21,723     26,567     21,474  
 

(1) Calculations for 2012 include the effect of the March 1, 2012 issuance of 5,850,000 common units in connection with the acquisition of Alliance Energy LLC. As a result, the general partner interest was reduced to 0.83% for the three months ended December 31, 2012 and, based on a weighted average, 0.86% for the twelve months ended December 31, 2012.

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