Genesis Energy, L.P. (NYSE: GEL) today announced its second quarter results. Results for the quarter ended June 30, 2013 included the following items:
- We generated total Available Cash before Reserves of $45.7 million in the second quarter of 2013, an increase of $2.5 million, or 6%, over the second quarter of 2012. Adjusted EBITDA increased $4.7 million, or 9%, to $59 million over the prior year quarter. Available Cash before Reserves and Adjusted EBITDA are non-GAAP measures that are defined and reconciled later in this press release to the most directly comparable GAAP financial measure, net income.
- We recorded net income of $26.9 million, or $0.33 per unit for the second quarter of 2013, compared to $18.6 million, or $0.23 per unit, for the same period in 2012.
- On August 14, 2013, we will pay a total quarterly distribution of $42.3 million attributable to our financial and operational results for the second quarter of 2013, based on our quarterly declared distribution of $0.51 per unit. Our Available Cash before Reserves provided 1.08 times coverage for this quarterly distribution.
Grant Sims, CEO of Genesis Energy, said, "We have increased distributions to our unitholders for the thirty-second consecutive quarter, twenty-seven of which have been 10% or greater over the prior year quarter and none were less than 8.7%. In the second quarter of 2013, a number of items, as discussed below, combined to negatively impact Available Cash before Reserves. Pro forma Available Cash before Reserves, excluding the effects of those items, for the second quarter of 2013 would have been approximately $52.2 million, providing 1.23 times coverage for our second quarter distribution, which is inclusive of the increase in our outstanding common units due to the conversion of our Class 3 waiver units. Pro forma Adjusted EBITDA, excluding the effects of those items, would have been $65.5 million for the second quarter of 2013. These results are reflective of our underlying businesses performing as expected.