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Inergy Midstream Reports Third Quarter Results

Stocks in this article: NRGM

Inergy Midstream, L.P. (NYSE:NRGM) (“Inergy Midstream”) today reported results of operations for the quarter ended June 30, 2013, the third quarter of fiscal 2013.

Inergy Midstream reported Adjusted EBITDA of $47.7 million for the quarter ended June 30, 2013, an increase of $14.3 million, or 43%, from $33.4 million for the quarter ended June 30, 2012. Net loss was $1.0 million for the quarter ended June 30, 2013, and net income was $18.0 million in the same quarter of last year. A table reconciling Adjusted EBITDA to net income (loss) appears below.

Distributable cash flow was $39.1 million for the quarter ended June 30, 2013, compared to $29.8 million in the same quarter of last year, an increase of $9.3 million, or approximately 31%.

Inergy Midstream reported Adjusted EBITDA of $123.3 million for the nine months ended June 30, 2013, an increase of $29.4 million, or 31%, from $93.9 million for the nine months ended June 30, 2012. Net income was $8.7 million for the nine months ended June 30, 2013, and $52.0 million in the same period of last year.

Distributable cash flow was $101.3 million for the nine months ended June 30, 2013, compared to $80.6 million in the same period of last year, an increase of $20.7 million, or approximately 26%.

“We are pleased with the quarterly results reported by NRGM and the significant progress we have made to complete the transformational merger between NRGM and CMLP,” stated Robert G. Phillips, Chairman, President and Chief Executive Officer of Inergy Midstream. “The combined partnership will have a diverse platform of midstream assets providing broad-ranging services, from gathering and processing to storage and logistics, in most of the premier shale plays in the United States.”

Recent Events

As previously announced, the Board of Directors of Inergy Midstream’s general partner declared a cash distribution of $0.40 per limited partner unit ($1.60 annually) for the quarter ended June 30, 2013. The distribution will be paid on August 14, 2013.

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