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Global Partners Reports Financial Results For The Second Quarter Of 2013

Stocks in this article: GLP

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, 2012 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 Six Months Ended
June 30, June 30,
  2013     2012     2013     2012  
Sales $ 4,771,756 $ 3,916,063 $ 10,360,946 $ 7,891,544
Cost of sales   4,673,899     3,825,388     10,167,237     7,745,550  
Gross profit 97,857 90,675 193,709 145,994
 
Costs and operating expenses:
Selling, general and administrative expenses 27,077 24,036 53,837 46,503
Operating expenses 47,367 37,138 90,707 60,496
Amortization expense   5,677     2,288     10,053     3,862  
Total costs and operating expenses   80,121     63,462     154,597     110,861  
 
Operating income 17,736 27,213 39,112 35,133
 
Interest expense   (9,024 )   (9,148 )   (17,940 )   (18,468 )
 
Income before income tax benefit 8,712 18,065 21,172 16,665
 
Income tax benefit   -     450     1,875     450  
 
Net income 8,712 18,515 23,047 17,115
 
Net (income) loss attributable to noncontrolling interest   (18 )   -     472     -  
 
Net income attributable to Global Partners LP 8,694 18,515 23,519 17,115
 

Less: General partner's interest in net income, including incentive distribution rights (1)

  (796 )   (309 )   (1,602 )   (417 )
 
Limited partners' interest in net income $ 7,898   $ 18,206   $ 21,917   $ 16,698  
 
Basic net income per limited partner unit (2) $ 0.29   $ 0.67   $ 0.80   $ 0.66  
 
Diluted net income per limited partner unit (2) $ 0.29   $ 0.66   $ 0.80   $ 0.65  
 
Basic weighted average limited partner units outstanding   27,394     27,376     27,358     25,466  
 
Diluted weighted average limited partner units outstanding   27,491     27,549     27,454     25,638  
 
 

(1) Calculation includes the effect of the March 1, 2012 issuance of 5,850,000 common units in connection with the acquisition of Alliance. As a result, the general partner interest was 0.83% for the three months ended June 30, 2013 and 2012 and for the six months ended June 30, 2013 and, based on a weighted average, 0.95% for the six months ended June 30, 2012.

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